Techs and Retailers Lead Rally
Oct 31, 4:17 PM EST |
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| Broad advances in retailers and tech stocks led surge in market averages. Earnings from Valero, Kellog, ABN Amro, and Humana helped the rally. |
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| In the overnight trading in Japan, Nikkei rose 2% and New Year related rally led 3% rise in Bombay Exchange. European markets advanced by 2% or better in Germany, the U.K., and France. Tech heavy Nasdaq rose 1.46% led by rise of $14 in Google shares. Valero Energy reported profit rise of 90% and Kellogg reported profit of 66 cents. Personal income and spending rose in September. |
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Surging Profits and Markets
Oct 31, 1:05 PM EST |
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| Oil companies continue the drum beat of positive earnings. Valero Energy shares jump 5% on earnings. Kellogg report 66 cents vs 59 cents a year ago. |
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| News on postive earnings, falling oil prices and merer news lift market averages. Valero Energy, Kellogg, Cognizant Technology, Humana, Mercury General an ABN Amro reported better than expected earnings. Personal income and spending was reported to be up for the September month supporting retail stocks. |
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Rebounding Consumer Spending
Oct 31, 10:15 AM EST |
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| The Commerce Department reported that personal income surged up by 1.7% in September , while personal spending rose by 0.5%. |
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| Among the major companies reporting today, oil refiner Valero rose 5.5% on doubled Q3 income, citing high energy prices and 62% revenue growth. Food company Kellogg Co reported an income rise of 66 cents a share, beating estimates of 64. The company raised its full-year guidance. In merger deals, Novartis has agreed to buy Chiron for $5.1 billion. Steve Case resigned from Time Warner Board. |
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Novartis to Buy Chiron for $5B
Oct 31, 9:44 AM EST |
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| Oil prices fell below $61 a barrel on OPEC announcement and lower fuel demand expectations. Gold and dollar were mixed. |
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| Asian-Pacific markets surged with the Nikkei in the lead, rising 2%, followed by markets in Australia, South Korea, and Hong Kong. European stocks also traded higher, boosted by merger-and-acquisition news. Novartis has agreed to acquire all the remaining public shares of Chiron for $5.1 billion. PMC-Sierra Inc. is buying Agilent Technologies for $425 million. |
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GDP Growth at 3.8%
Oct 29, 2:10 PM EDT |
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| Oil majors posted record Q3 profit on soaring oil and gasoline prices. Exxon Mobil's income jumped 75%. Royal Dutch Shell posted 68% income rise. |
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| The U.S. Commerce Department revealed that Gross Domestic Product for the third quarter grew at an annual rate of 3.8%, an acceleration from the 3.3% growth rate shown during the previous 3-month period, and above expectations of 3.6% increase. Personal consumption expenditures climbed by 3.7% in the third quarter, the government said, an acceleration from the 3.3% growth recorded in the previous period. |
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Consumer Spending up 3.7%
Oct 28, 12:43 PM EDT |
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| Microsoft's income rises 24%, Bristol-Myers Squibb's profit grows 37%, but both lower guidance. Deutsche Bank's income up 46%. |
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| The U.S. Commerce Department revealed that Gross Domestic Product for the third quarter grew at an annual rate of 3.8%, an acceleration from the 3.3% growth rate shown during the previous 3-month period, and above expectations of 3.6% increase. Personal consumption expenditures climbed by 3.7% in the third quarter, the government said, an acceleration from the 3.3% growth recorded in the previous period. |
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3.8% Economic Growth in Q3
Oct 28, 10:50 AM EDT |
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| Microsoft's income rises 24%, Bristol-Myers Squibb's profit grows 37%, but both ower guidance. Deutsche Bank's income up 46%, |
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| The U.S. Commerce Department revealed that Gross Domestic Product for the third quarter grew at an annual rate of 3.8%, an acceleration from the 3.3% growth rate shown during the previous 3-month period, and above expectations of 3.6% increase. Personal consumption expenditures climbed by 3.7% in the third quarter, the government said, an acceleration from the 3.3% growth recorded in the previous period. |
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GDP Jumps 3.8%
Oct 28, 9:42 AM EDT |
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| Oil prices steadied round $61 a barrel. Gold futures gained strength. The dollar declined against major currencies. |
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| Asian-Pacific benchmarks closed lower, led by Seoul's Kospi, down by 2.2%. The Nikkei declined 0.5% on economic data. European stocks traded below the flat line with the French CAC declining 0.3%. Microsoft reported Q3 24% earnings rise on strong demand, but lowered its outlook. Data on GDP and consumer spending is expected. |
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Nasdaq Drops 1% on Semiconductors
Oct 27, 4:15 PM EDT |
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| GlaxoSmithKline's profit up, raises outlook. Exxon Mobil, Alcatel post profit rise, miss estimates.Microsoft, MetLife report after the closing bell. |
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| U.S. stock markets have sustained the bearish sentiment throughout the whole trading session. The negative tone was set by news that Dow component GM had been subpoenaed by U.S. regulators. The stock's decline of 5.5% dragged blue chips. The three major averages have extended declines with the Nasdaq down by 1% on weak semiconductors. All sectors trade in the red just before market close. |
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GM Slides 5.5%
Oct 27, 3:54 PM EDT |
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| EARNINGS WIRE: GlaxoSmithKline's Q3 profit up, rases outlook. Exxon Mobil, Baidu and Alcatel post profit rise, miss estimates. Canon's income falls. |
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| Government's weekly natural gas inventory report showed an increase of 77 billion cubic feet. Data on new home sales in September showed a smaller-than-expected rise to 1.22 million units. Initial jobless claims in the week ended October 22 fell to 328,000 from the previous week vs. expectations of jobles claims decline of 340, 000. Durable goods orders fell 2.1% in September, following an upwardly revised 3.8% increase in August. |
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