Another New Record is Set for Student Loan Debt

“The average college student who graduated in 2011 had $26,600 in student loans, according to a new report, which estimates two-thirds of last year’s college graduates had student loan debt.”

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ADE JOHNSON | Stringer | Getty Images Apple Store

Apple has lost its appeal against a ruling that cleared rival Samsung Electronics of copying its registered designs for tablet computers, in a decision which could end the two firms’ legal dispute on the subject across Europe.

The world’s two leading smartphone makers are fighting over patents, both for smartphones and for tablets like Apple’s [AAPL  644.6136   -5.1789  (-0.8%)   ] iPad, in courts around the world.

Britain’s Court of Appeal on Thursday upheld the country’s High Court judgment that, despite some similarities, Samsung’s Galaxy tablet did not infringe Apple’s designs, in part because its products were “not as cool.”

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Gapping up

GIVN +9.4%, BWEN +9.2%, NOK +8.8%, CLWR +8.4%, NVAX +7.1%, WCC +6.5%,

ETH +6.1%, BSX +3.9%, EXPO +3%, EWBC +2.7%, CYS +1.7%, VOD +1.6%, WNR +1.9%,

AEO +1.1%, NLY +1%, AEZS +2.1%,  ALU +4.7%,  NVAX +7.1%, GIVN +6.1%, LPI +7.2%,

Gapping down

ALGN -19.8%, CYTR -16.4%, IMUC -12.9%, MLNX -11.4%, GORO -10.1%, MNKD -9.6%,

LXRX -4%, SCSS -3.8%, STLD -3.2%, UL -2.6%, SYK -2.3%, DEO -1.7%, PANW -1.4%,

WAC -1.1%, HHC -1%, XLNX -0.6%, POT -1.4%, CSX -1%, HAL -1.1%, ABT -0.3%,

ALKS, NLY, AAPL, APOL, CMA, COP, DB, DUK, HOG, INTC, LINE, POT, SDRL, STJ, VVUS, Z,

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In Play ,

On the Wires 

“NEW YORK (AP) — Flush with the promise of cash from a Japanese investor, Sprint Nextel Corp. on Thursday said that it’s buying out the founder of Clearwire Corp. to gain majority control of the wireless network operator.

Sprint said in a regulatory filing that it will pay wireless pioneer Craig McCaw and his holding company $100 million for a 5 percent stake in Clearwire, pushing Sprint’s voting stake in the Bellevue, Wash., company to 53 percent.

Clearwire has the right to use a large chunk of the nation’s airwaves, but lacks the money to renovate and expand its network. Sprint has been struggling financially too, and hasn’t been in a position to invest in Clearwire. That changed with Monday’s announcement that Japanese cellphone companySoftbank Corp. will buy 70 percent of Sprint for $20.1 billion.”

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“Newsweek will become an online-only publication next year, ending 80 years as a print magazine.

The last print edition in the U.S. will be the Dec. 31 issue, Tina Brown, editor-in-chief and founder of The Newsweek Daily Beast Company, said today on the company’s website. The all-digital publication, to be called Newsweek Global, will require subscriptions and will be available on tablet computers and on the Web, Brown said.”

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“Travelers Cos. (TRV), the only insurer in the Dow Jones Industrial Average, said third-quarter profit more than doubled on lower claims costs tied to natural disasters. The stock rallied in early trading.

Net income advanced to $864 million, or $2.21 per share, from $333 million, or 79 cents, a year earlier, the New York- based insurer said today in a statement. Operating profit, which excludes some investment results, was $2.22 a share, beating the $1.60 average estimate of 24 analysts surveyed by Bloomberg.

Chief Executive Officer Jay Fishman, 59, has bought back shares, raised rates for coverage and changed policy terms to improve shareholder returns as near record-low interest rates pressure income from the investment portfolio. Property-casualty insurers have benefited from fewer natural disasters this year after record losses in 2011.”

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“Verizon Communications Inc. (VZ), the second-largest U.S. phone company, reported an increase in profitability at its wireless unit that topped analyst estimates as sales of Apple Inc. (AAPL)’s iPhone boosted customers’ bills.

The profit margin in the Verizon Wireless business, based on earnings before interest, taxes, depreciation and amortization, rose to 50 percent in the third-quarter from 49 percent in the previous quarter, the New York-based company said today in a statement. The average estimate of eight analysts compiled by Bloomberg was for 48.4 percent.”

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“Morgan Stanley (MS), the sixth-largest U.S. bank, reported third-quarter results that beat analysts’ estimates as revenue from fixed-income trading almost doubled from the second quarter.

Morgan Stanley posted a loss of $1.01 billion, or 55 cents a share, compared with a profit of $2.2 billion, or $1.15, a year earlier, the New York-based firm said today in a statement. Excluding accounting adjustments and a one-time restructuring cost, profit was about 35 cents a share, compared with the 25- cent average estimate of 22 analysts surveyed by Bloomberg.

Chief Executive Officer James Gorman, 54, is trying to improve returns at the brokerage unit and shrink the fixed- income trading division to reduce capital demands. The bank had the lowest first-half return on equity of the 10 largest U.S. lenders and is trading at two-thirds of its liquidation value, compared with 96 percent at Goldman Sachs Group Inc.”

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“Oil traded close to a one week-high after industrial output and retail sales accelerated last month in China, the world’s second-biggest crude consumer.

West Texas Intermediate futures were little changed after closing at the highest since Oct. 9. China’s industrial production increased 9.2 percent in September and retail sales rose the most since March, the National Bureau of Statistics said in Beijing today. The physical oil market is tight, according to Goldman Sachs Group Inc.

“The China numbers are in line with what people expected, so that’s the good news,” said Andy Sommer, a senior oil analyst at Axpo Trading AG in Dietikon, Switzerland, who predicts Brent crude will trade at $112 a barrel by year-end. “Chinese officials suggested fourth-quarter growth would be better, which is hopeful for demand.”

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EU leaders gathered today in Brussels to make good on promises made this past June. As usual the 27 nations have a hard time agreeing upon a clear course of action.

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The Yen added to recent losses as investors expect easing from the bank of Japan. The yen is down 4.9% in the last 90 days.

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“German Chancellor Angela Merkel proposed a new European aid fund to bolster competitiveness as she highlighted disagreements over budget rules, joint borrowing and bank supervision in a pre-summit address.

Speaking to lawmakers in Berlin before heading to Brussels for a two-day gathering of European Union leaders, Merkel laid out her vision for more economic coordination, while expressing “surprise” at negative reaction to a proposal for a watchdog with veto power over national budgets. Her vision includes a fund “limited in time and project-based” and possibly stocked by the proposed financial transaction tax, she said.”

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“Spanish government bonds rose for a third day after the nation sold more than its maximum target at an auction and as European Union leaders gathered for a two-day summit in Brussels.

Spain’s 10-year yields dropped to the lowest level since April as German Chancellor Angela Merkel told lawmakers in Berlin that stability was taking hold after three years of crisis in the euro area. Spanish securities surged yesterday after Moody’s Investors Service said this week it would keep the country’s credit rating at investment grade. France auctioned notes and inflation-linked bonds today and Ireland sold bills.

“The Spanish auction went as well as could be expected,” said Elisabeth Afseth, a fixed-income analyst at Investec Bank Plc in London. “Yields are a bit lower and the volumes they managed to do on the 10-year was a positive. Some positive comments out of the European meetings today should also offer some support.”

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“China’s stocks rose, driving the benchmark index to a five-week high, after Premier Wen Jiabao said the economy has started to stabilize and industrial production and retail sales data beat estimates.”

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World Markets

Currencies

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USD Libor

Euribor

Yields for Italy, Spain, France,  and Germany …

It’s a conspiracy theory, to be sure, but “Kozy” asserts the Benghazi attack was an “October Surprise” gone awry thanks to two SEALs who weren’t even supposed to be in Benghazi.

The scenario is both simple and plausible:

Read the rest here.