The lack of any significant economic data has investors’ attention turned to the corporate front. Alcoa kicked off earnings season yesterday with an uninspiring report. The company just missed its earnings expectations reporting a first quarter loss of 59 cents per share, slightly wider than the 56 per share expected.
Futures were flat but turned higher this morning following a big merger announcement in the housing industry. Pulte Homes agreed to buy Centex for $1.3 billion in a stock. The deal would create the nation’s largest homebuilder. The companies called the deal a merger, but Pulte stockholders will own about 68% of the combined business and Centex shareholders will own the remaining 32%. More positive news came from the industry with a 4.7% rise in mortgage applications.
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