Retailers' Q4 Targets Disappoint

1 TJX (NYSE:TJX - News), Target (NYSE:TGT - News) and other retailers issued soft outlooks for the key holiday quarter. TJX, which runs off-price chain TJ Maxx, said Q3 EPS beat views as sales met forecasts. But it sees Q4 EPS of 65-71 cents, the midpoint below views. It fell 1.5%. Target's Q3 EPS beat views, but sales missed. It said early Nov. sales results show tepid consumer demand. Shares slid 3%.

Output, Price Gains Below Views

2 Industrial production rose 0.1% in Oct. vs. forecasts for a 0.4% gain. Manufacturing output dipped. Capacity utilization was the highest since Jan., but remains low. Producer prices rose 0.3%, not as much as analysts thought; core costs sank a surprise 0.6%. Also, 6.25% of home mortgages were delinquent in Q3, the 11th straight gain, says Trans Union.

VanceInfo Tumbles On Outlook

3 The Chinese tech outsourcer lifted Q3 EPS above views. Sales grew 45% to $40 mil, above forecasts. VanceInfo Technologies (NYSE:VIT - News) is among the Chinese firms now competing with Indian giants. VanceInfo raised its full-year outlook, but analysts said investors hoped for a more bullish target. Shares slid 12%.

Salesforce.com Q3 Meets Views

4 After the close, the on-demand software firm said its EPS doubled to 16 cents, meeting views. Revenue rose 20% to $330.5 mil, above views. Salesforce.com's (NYSE:CRM - News) subscription and support revenue climbed 21%. The company expects Q4 EPS of 14-15 cents vs. 15 cents. It also reported a slowdown in new business. Investors wanted more: Salesforce shares fell 4% late.

Indexes Rally Late, Erase Losses

5 The major indexes rallied to close mostly higher, as volume declined across the board. The Dow and Nasdaq composite each finished up 0.3%. The S&P 500 managed a 0.1% gain, while the NYSE composite closed largely unchanged. Soft outlooks from retailers and mixed economic data weighed on stocks early on. Gold and oil prices rose.

Obama Prods China On Currency

6 Pres. Obama, in Beijing, urged Chinese Pres. Hu Jintao to let the yuan appreciate at a summit where trade tensions crept into proclamations of goodwill. After the summit, Hu was mum on currencies. But he stressed the need to avoid protectionism, a thinly veiled reference to new U.S. tariffs on Chinese tires, steel pipes and other goods.

Holder Targets Financial Fraud

7 The Obama administration has formed a task force to target financial fraud -- replacing a corporate fraud task force created by Pres. Bush in '02. Att'y General Eric Holder says the new group will target more business practices and incorporate state investigators as well as federal agencies, like the SEC and Treasury.

Dollar's Gains Still Rangebound

8 The dollar swung higher, rebounding from a 15-month low vs. the euro after production and producer price data pointed to a long, slow recovery. The action left the dollar and other major currencies well within recent trading ranges, with the euro unable to hold above the $1.50 level. Oil edged higher despite the stronger greenback.

UBS Clients Admit To Tax Fraud

9 Some 14,700 rich Americans admitted as part of a U.S. amnesty program that they concealed billions from the IRS in foreign bank accounts, nearly double the number expected, the IRS said. The amnesty offers reduced penalties. Under intense U.S. pressure, Swiss giant UBS (NYSE:UBS - News) agreed to reveal the names of 4,450 U.S.-tied accounts holding over $986,200 each.

Kurds May Boycott Iraq Election

10 Kurdish political leaders threatened to urge their followers not to participate in Jan.'s nat'l elections unless Kurdish areas get more seats in parliament. The new demand coupled with a veto threat earlier in the week by the country's Sunni VP could derail the vote. The election and its aftermath could determine how quickly U.S. troops can go home.