70-MPH winds and an eleven-foot anticipated storm surge, exacerbated by the full moon, causes the U.S. securities industries to cancel equity trading on all markets, obviously to try to keep folks out of harm's way. Conditions have to be taken hour by hour with the worst of it hitting from now thru this time tomorrow, specifically Monday afternoon, today, overnight, and into Tuesday, East Coast time. The hurricane should hit U.S. shores early Tuesday morning (overnight tonight). The shutdown should extend thru Tuesday; the situation can only be taken hour to hour. All exchanges are suspending operations. These weather shutdowns are rare, the last one occurring for the blizzard of 1996 with a delayed opening and early close, and then back in 1985 with the Hurricane Gloria full market closure.
Several companies plan on delaying their earnings releases, probably for only a couple of days until trading resumes, but other companies, such as PFE, plan on releasing earnings as scheduled. The banks, such as GS and C, are closing their New York offices. New York buses, subways and trains are already shut down. Airline flights are canceled. The casino's are shutdown, including the largest casino on earth, the NYSE. Halloween is providing the trick this week and not the treat. S&P futures are off seven. The down-time early this week supplies valuable time to catch up and clear the mountain of paperwork off the desks.
Note Added 10/29/12 at 7:10 AM: PFE is postponing their earnings release until Thursday. ETR will release earnings on 11/5/12. NRG will release earnings on Friday. APC should release earnings today as scheduled.
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