The Global funds transfer and payment systems company reported net third quarter revenue of $305 million and net loss of $38.6 million or 80 cents a compared to $341 million in revenues and $34 million in net income or 42 cents a share profit. The fund transfer fee rose 18% in the quarter.
U.S. stocks fell with Nasdaq dropping 5%. Weak October sales led the retailers, financials and energy stocks lower. European Union and Hong Kong registered two consecutive quarterly economic growth declines. Berkshire Hathaway takes a stake in ConocoPhillips. Insurer, Hartford Financial buys a bank.
CB Richard Ellis, the largest commercial real estate broker and manager reported third quarter revenues fell 13% to $1.3 billion. Investment management revenue fell 60% to $39.8 million. Third quarter net income fell to $40.4 million or $0.19 per share from $114.9 million or $0.48 per share.
Norfolk Southern, the railroad operator said reported third quarter record revenue of $2.9 billion, up $541 million or 23% from the prior year quarter. Net income was $520 million or $1.37 per diluted share, compared to $386 million or $0.97 per share a year ago.
UK stocks rose despite the European Union economies shrank for the second quarter in a row. Germany led the region with the sharpest decline followed by shrinks in Italy and Ireland. Stocks in London rose 1.5%. Energy stocks lead the gainers. Luxury home prices in London on the decline.
The U.S. retail sales in October declined 2.8% from September and dropped 4.1% from a year ago. Motor vehicles and parts sales fell 23.4% and furniture sales declined 13.5%. The European Union economy shrank in the third quarter declined 0.2% matching the second quarter rate.
Retailers fell after the October sales declined. Nordstrom, Kohls, JC Penney and Abercrombie & Fitch fell on earnings. Qualcomm, Motorola and Nokia fell after Nokia lowered industry unit sales estimates. American Express dropped below $20. Cheesecake Factory fell below $6.
Stocks in Japan rose 2.7% today but dropped 1.4% for the week. Dix Kuroki Co. files for bankruptcy with 18.1 billion yen liabilities. Unemployment insurance claims soar 2.6% in September. Sumitomo Mitsui Financial Group first half profit fell 51% on credit market losses rose to 302 billion yen.
Hong Kong economic growth in the third quarter quarter to 1.7% from 4.2% rise in the second quarter. The economy contracted at seasonally adjusted rate of 0.5% after falling at a rate of 1.4% in the previous quarter. Econony in the first nine months rose at 4.3%.
Stocks in Mumbai continue trade volatile with a downward bias. Rupee lost nearly 2.75% this week and traded near 49 rupees to a dollar. Automakers and real estate stocks fell on the weak demand. United Spirits and Diageo Plc explore partnership possibilities.
