This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Sandy Unlikely To Damage US Economy, Analysts Say

As a result, TrueCar isn't changing its forecast for October U.S. auto sales. Toprak predicts that more than 1.1 million vehicles will be sold in October, up 11.5 percent from the same month last year.

Forecasting firm LMC Automotive predicts that 1 percent to 3 percent of new-car sales, around 20,000 vehicles, will be lost because of the storm. But LMC analyst Jeff Schuster predicts that those sales will simply shift to November. So the storm might have little or no overall effect on sales.

Toprak also notes that dealers could gain sales once the storm is over if people need to replace damaged vehicles.

â¿¿ POWER

Energy outages and disruptions in major East Coast cities "may take a toll on (power) demand unlike anything we have seen before," Phil Flynn, a senior market analyst for Price Futures Group, wrote in a report.

Owners of the six biggest refineries in the Northeast shut down two and cut production at most of the others. That includes a full shutdown of the Phillips 66 refinery in Linden, N.J., the second-biggest in the Northeast at 285,000 barrels per day. The biggest refinery in the area, Philadelphia Energy Solutions, was nearly shut. Oil prices fell as it appeared the massive storm will reduce demand by keeping drivers off the road and shutting businesses.

Once the storm passes, gas station managers have to work to make sure they have enough gasoline to sell. Those that operate under a major brand such as Mobil, Shell or BP and have supply agreements may be able to get only a portion of their allotment. They have to compete with non-branded gas station operators for the rest â¿¿ and pay whatever the going rate is.

"The challenge isn't when everyone is hunkered down and there are no cars on the road," says Jeff Lenard of the National Association of Convenience Stores. "The problem is how fast can you be replenished. You don't want to be the guy with the bagged pumps."

5 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,698.18 -77.94 -0.44%
S&P 500 2,059.69 -8.20 -0.40%
NASDAQ 4,880.2280 -20.6570 -0.42%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs