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Bob Carey
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  US Stocks Week Ended November 25, 2011
Posted Under: Weekly Market Commentary
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The equity markets had a rough holiday-shortened week after several discouraging reports caused investors to shed some risk sending stocks down almost 5% across the board. The European debt crisis continued to grab headlines as Germany suffered one of its auctions in years and investors sold off 10-year bund futures. Third-quarter GDP in the US was revised down to 2% from 2.5% causing investors to worry that growth in the US will slow to levels seen in the Euro-zone. Then as the congressional supercommittee failed to announce a debt-reduction plan, investors continued to question whether or not Congress is going to be able to accomplish anything meaningful concerning the economy in the months ahead. Shares of AT&T fell sharply after the telecom company set aside $4 billion in cash acknowledging that its proposed takeover of T-Mobile USA has a slim chance of succeeding. Farm-equipment maker Deere & Co. reported strong fiscal fourth-quarter results and stated that it expects "substantial growth" in 2012 which gave the shares a nice lift on Wednesday. After reports emerged that the director of Diamond Foods' audit committee committed suicide during an important review of its financial statements shares fell about 25% on Wednesday. Shares of shipping company Frontline collapsed after the company announced a restructuring plan that will severely dilute existing shareholders. Looking ahead to a busy coming week, investors will be watching for the national purchasing managers' November activity report on Thursday and the US Labor Department's report on November non-farm payrolls on Friday. Tiffany & Co., Aeropostale, Guess?, H&R Block and American Eagle are among the companies due to report earnings this week.
Posted on Tuesday, November 29, 2011 @ 10:30 AM • Post Link Share: 
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These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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