Futures suggest the lower start: S&P futures vs fair value: -17.40. Nasdaq futures vs fair value: -23.00.
GMAC reported
a third quarter net loss of $2.5 billion, versus a net loss of $1.6
billion in the previous year. The result was due to a loss at
Residential Capital and pressure inGMAC's automotive finance operation. The company said absent economic support from GMAC, substantial doubt exists regarding ResCap's ability to continue as a going concern.lower start is expected. Separately, Polo Ralph Lauren (RL) reported better than expected third quarter earnings. In earnings news, Sara Lee (SLE), Devon Energy (DVN), Time Warner (TWX) and Time Warner Cable (TWC) all reported larger than expected earnings per share gains. Arcelor Mittal (MT), Duke Energy (DUK), and Transocean (RIG) missed earnings estimates. Bond insurers Ambac (ABK) and MBIA (MBI) reported wider than expected quarterly losses. On the economic front the October ISM Services Index at 15:00 GMT. In addition, the government will release its weekly energy inventory report at 15:35 GMT.
