Here are the most important things to know about Tuesday before you hit the door.reports third quarter earnings before the bell on Tuesday. Morgan Stanley is expecting the retailer to report earnings per share of $1.01, compared to the 95 cents per share earned in the same period last year. The firm is forecasting domestic same-store sales growth of 1.4%. Morgan Stanley warned that Best Buy could report disappointing fourth-quarter guidance that overshadows an "eventful" Q3.
"Our checks with major consumer electronics brands and e-commerce retailers point to a sales growth deceleration over the past 1-3 months," said Morgan Stanley equity analyst Simeon Gutman in a note to clients on Monday.2. New home sales expected to jump We'll get a slew of housing data tomorrow including the Case-Shiller home prices index and new homes sales, which are expected to rebound in October, boosted by a crunch in existing homes. The much-watched S&P CoreLogic Case-Shiller U.S. National Home Price Index is set to release at 9:00 a.m. on Tuesday. September's home prices are expected to rise 1.9% year-over-year, after rising 2% annually in August.
New home sales data for October comes out at 10 a.m. ET and economists are expecting 705,000 single-family homes sold, up from 701,000 in September, according to Dow Jones. After an 8.8% drop in the seasonally adjusted annual rate in September, economists are estimating a jump of 0.7% month-over-month in October, according to the U.S. Census Bureau.We'll get a read on consumer confidence on Tuesday with the Conference Board's consumer confidence index set to release at 10:00 a.m. Economists polled by Dow Jones are expecting a read of 126.7, up from October's 125.9.
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