The PremiereTrade Market Wrap for 10/18/07

The number of newly laid off workers filing claims for unemployment benefits shot up by the largest amount since early February. The Labor Department reported that applications for jobless benefits hit 337,000 last week, an increase of 28,000 from the previous week.

The Conference Board said slow growth could continue into the early months of 2008, reporting that a gauge of future economic growth rose 0.3% in September. Seven of the 10 leading economic indicators increased in September, with the largest positive contribution from slow vendor performance.

Wal-Mart Stores Inc. (WMT), the world's largest retailer, said it will reduce prices this week on 15,000 items ahead of the holiday season, increasing cuts by 20 percent compared with last year. Wal-Mart previously made similar price cuts on back-to-school items in July and on toys earlier this month.

Walt Disney Co. (DIS) announced that it is planning a major overhaul of its troubled California Adventure park near its cornerstone Disneyland Park in Anaheim, Calif., and indicated the entire facility may be renamed. According to news reports, the overhaul would cost $1.1 billion and take five years to complete.

Apple Inc. (AAPL) Chief Executive Steve Jobs said that the company will soon make it possible for third-party developers to build their own applications for use on the iPhone. Jobs said that Apple would make a software development kit available sometime in February for developers to write programs for the iPhone and the iPod touch digital media player.

In Earnings News

Bank of America (BAC) said net income fell 32 percent to $3.70 billion, or 82 cents a share. That fell short of estimates of $1.06 a share.

Washington Mutual (WM) reported net income fell 72 percent to $210 million, or 23 cents a share, from $748 million, or 77 cents a share, a year earlier.

Pfizer Inc. (PFE) said third-quarter profit fell 77 percent on costs for discontinuing the diabetes treatment Exubera.

Southwest Airlines Co. (LUV) said net income for the quarter rose to $162 million, or 22 cents per share. Analysts expected 21 cents.

Continental Airlines (CAL) reported a net profit of $241 million, or $2.15 per share.

Nokia (NOK) reported a near-doubling of its third-quarter earnings and a larger share of the global handset market.

Scheduled Economic Reports (Friday)

None Scheduled

Scheduled Earnings Reports (Friday)

Xerox, McDonalds, Burlington Coat Factory, 3M, Alltel, Overstock.com, Caterpillar, Fifth Third Bank, Boston Scientific

Stocks in the News

EBay Inc (EBAY) reported it swung to a loss in the third quarter due to a charge related to its acquisition of Skype in 2005.

Labor Ready Inc?s (LRW) third-quarter net income fell 8.5% to $22.7 million, or 51 cents a share, from $24.8 million, or 48 cents a share, a year earlier.

Packaging Corp pf America (PKG) said its third-quarter net income rose to $48.7 million, or 46 cents a share, compared with $43.6 million, or 42 cents a share, a year ago.