November 15, 2010

LPL (and GM) IPO; Lame Duck Congress Returns: Advisor Briefing for the Week of Nov. 15, 2010

The big market moving—and advisor-related news—of the week concerns initial public offerings of LPL Financial, now expected on Thursday, Nov. 18, the same day that GM will launch its IPO. The lame duck Congress returns to Washington, while the global economic focus shifts from Asia to Europe, with EU, European Central Bank and NATO meetings, and Greece issuing its budget for 2011. The SEC is expected to rule on several issues emanating from Dodd-Frank in an open meeting on Friday.

On Monday, Nov. 15, comes release of October retail sales numbers and business inventories for October, and the Senate convenes at 2:00 PM for a “morning” session.

Tuesday, Nov. 16, brings release of the October producer price index (PPI) numbers and  industrial production and capacity utilization, while the National Assn. of Home Builders (NAHB) releases its housing market index for November. The Senate Banking, Housing, and Urban Affairs committee meets at 2:30 to vote on the nomination of Peter Diamond as a governor of the Federal Reserve, followed by a hearing to examine mortgage servicing from modification to foreclosure. In Brussels, Eurozone finance ministers meet.

Wednesday, Nov. 17 brings pricing for the LPL IPO; economic reports due are the Consumer Price Index (CPI) for October, and housing starts for the same month. Further prescriptions to reduce the federal deficit comes from the Bipartisan Policy Center’s Debt Reduction Task Force, led by former Sen. Pete Domenici and former OMB and CBO Director Alice Rivlin. The Senate Finance Committee conducts a hearing at 10:00 AM on ways to strengthen Medicare and Medicaid.

Thursday, Nov. 18 is IPO day, with the advisor community focused on the expected initial public offerings of the largest independent broker-dealer, LPL Financial, while the overall market keeps a close watch on GM’s IPO.

Thursday also brings release of the weekly first-time new jobless claims, along with the Conference Board’s release of its index of leading economic indicators. The Senate Small Business and Entrepreneurship committee meets to assess the “regulatory and administrative burdens on America's small businesses.”

Meanwhile, Greece is set to release its final 2011 budget.

The business week ends on Friday, Nov. 19, with the SEC holding an open meeting to address a number of Dodd-Frank-related issues, including hedge funds and venture capital.

Fed Chairman Ben Bernanke delivering a keynote speech at a European Central Bank policy meeting in Frankfurt, while a NATO summit begins in Lisbon; President Barack Obama is scheduled to attend and meet with European leaders over the pre-Thanksgiving Day weekend.

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