Due to markets being closed some companies are seeing investor reaction based on news from days ago…
$AAPL – $597 down $6.80 in reaction to management shakeup
$BIDU – $$107.50 down $6.34 in reaction to earnings
$FB – $21.31 down $0.63 in reaction to lock up
$HD- $62.50 up $2.46 in reaction to benefits from Sandy
$CAT – $82.50 up $0.85 in reaction to Sandy despite weak earnings report
Comments »
“Generac Holdings Inc. (GNRC), a leading designer and manufacturer of generators and other engine powered products, today reported financial results for its third quarter ended September 30, 2012.
Highlights
ALU, CTRP, D, FLTX, IDTI, NANO, ODFL, RVBD, S, UBS, VLO, DIS, WU, AAPL, ACI, OFC, ARR, ISRG, LOCK, PCS, WIT, LAD, ALL, URI, MPC,
Comments »“JPMorgan Chase & Co. (JPM) sued the executive responsible for supervising Bruno Iksil, the London trader whose market-moving wagers led to him being nicknamed the London Whale and who worked in the division responsible for a $6.2 billion trading loss.
Javier Martin-Artajo, Iksil’s boss in the chief investment office, is a defendant in a London lawsuit filed Oct. 22 by the New York-based bank and made public today. The court filings didn’t reveal any details of the complaint.”
Comments »
“Warren Buffett’s Berkshire Hathaway Inc. (BRK/A) is extending its bet on the U.S. housing market by forming a venture with Brookfield Asset Management Inc. (BAM/A) as low interest rates, inventory and prices spur a real-estate rebound.
Berkshire’s HomeServices of America Inc. unit will be the majority owner of the venture to manage a U.S. residential real- estate affiliate network, according to a statement on the new company’s website. The firms plan to offer a new franchise brand, Berkshire Hathaway Home Services, starting next year. Brookfield’s network has operated under the Prudential Real Estate and Real Living Real Estate brands.”
Comments »“The markets may have been closed for two trading
days this week due to the hurricane, but key economic data is still likely to be released this week from the Labor Department’s read on October’s unemployment and jobs. Each month we get a report from TrimTabs that aims to front-run or project job gains ahead of the formal report, and the projection from this group is that the economy added some 140,000 jobs in the month of October. TrimTabs is also saying that the BLS employment estimates lag the real-time economic data.”
“Disney is paying $4.05 billion to buy Lucasfilm Ltd., the production company behind “Star Wars,” from its chairman and founder, George Lucas. It’s also making a seventh movie in the “Star Wars” series called “Episode 7,” set for release in 2015, with plans to follow it with Episodes 8 and 9 and then one new movie every two or three years.
The Walt Disney Co. announced the blockbuster agreement to make the purchase in cash and stock Tuesday. The deal includes Lucasfilm’s prized high-tech production companies, Industrial Light & Magic and Skywalker Sound, as well as rights to the “Indiana Jones” franchise.”
Comments »
“DETROIT (AP) — General Motors says its third-quarter profit fell 12 percent as losses grew inEurope and North American warranty costs cut into earnings.
The company says it earned $1.5 billion from July through September, down from $1.7 billion a year earlier.
GM earned 89 cents per share compared with $1.03 a year earlier. Revenue grew 2.5 percent to $37.6 billion.
Excluding one-time items, GM made 93 cents per share, easily beating Wall Street expectations of 60 cents.
But GM lost $478 million pretax in Europe, compared with a $292 million loss a year earlier. In North America, pretax profits fell 17 percent to $1.8 billion.”
Comments »“LONDON (Reuters) – Hong Kong was named the world’s top financial center for the second year running by the World Economic Forum (WEF), thanks to the strength of its business environment, infrastructure and a favorable tax regime.
The WEF’s annual Financial Development Report considered a wide range of factors and underscored the rise of Asian trading centers and the influence of China as the world’s second-largest economy.
Rival surveys based purely on the total value of transactions typically put New York or London in top place.
However, stalling capital markets, sputtering economic growth and waning trust in financial organizations served to ensure that the top six positions remained unchanged from 2011, the WEF said.”
Comments »
“European (SXXP) stocks climbed, heading for a fifth straight month of gains, as Air France-KLM (AF) Group and Deutsche Lufthansa AG (LHA) posted earnings that beat estimates. U.S. index futures and Asian shares also advanced.
Air France-KLM and Lufthansa, Europe’s two largest airlines, both rallied at least 7 percent.ArcelorMittal (MT) declined 4.8 percent after the world’s biggest steelmaker posted its lowest quarterly profit in almost three years. BG Group Plc (BG/) sank 17 percent after it forecast production growth that disappointed investors.”
Comments »“The deepest slump in Australian wheat shipments in six years will exacerbate the biggest contraction in global exports in a generation after droughts withered crops around the world.
Sales by Australia, last year’s second-largest supplier, will tumble 31 percent to 17 million metric tons in the 12 months through Sept. 30, based on the median of seven analyst estimates compiled by Bloomberg. The prediction is 1 million tons lower than forecast by the U.S. Department of Agriculture. The most widely held option on the Chicago Board of Trade gives holders the right to buy the grain for delivery in December at $10 a bushel, or 15 percent more than now, bourse data show.”
Comments »
“Potash Corp. of Saskatchewan Inc., the world’s largest fertilizer producer by market value, is in talks with the Israeli government to merge with Israel Chemicals Ltd. (ICL) in a deal that may be valued at $13.5 billion.
Executives of the Saskatoon, Saskatchewan-based company have held talks with Prime Minister Benjamin Netanyahu and met with government agencies about a “possible merger,”Israel Corp., (ILCO) the biggest shareholder in Israel Chemicals, said in a statement to the Tel-Aviv Stock Exchange today. Calcalist reported earlier that Potash Corp. is seeking permission to buy 100 percent of Israel Chemicals, which has a market value of 61 billion shekels ($15.7 billion).”
Comments »“The worst of the declines in Asia- Pacific economies may be moderating, as Taiwan resumed growth last quarter, South Korean production climbed for the first time in four months and Singapore’s jobless rate fell.
Gross domestic product in Taiwan grew 1.02 percent from a year earlier, after a 0.18 percent decline the previous quarter, a report showed today. South Korea’s industrial output rose 0.8 percent last month from August on stronger car and electronics sales, while Singapore’s unemployment rate eased to 1.9 percent, the lowest since the first quarter of 2011.”
Comments »
“The euro rose for a second day versus the dollar and yen amid speculation Portugal’s parliament is coming closer to agreeing on a budget and as euro-area finance chiefs hold a conference call today on Greece.
The 17-nation currency strengthened against 13 of its 16 major counterparts before Portuguese lawmakers hold an initial vote on the 2013 budget proposal. The dollar fell after Federal Reserve Bank of Minneapolis President Narayana Kocherlakota said yesterday monetary policy is currently “too tight,” speaking as the northeast U.S. assessed the damage caused by the tropical cyclone Sandy. Norway’s krone rose after the central bank said it won’t buy foreign currency.
“Positive news from the parliaments of Greece and Portugal — that could be supportive for the euro,” said Jane Foley, a senior currency strategist at Rabobank International in London. “The perception that the Fed could leave policy more accommodative for longer on the back of the rebuild because of the floods is also supportive. If it’s good for risk appetite, you could see it pushing the euro a little bit higher.”
Comments »
“The euro-area jobless rate climbed to a record in September as the fiscal crisis and tougher austerity measures threatened to deepen the economy’s slump.
Unemployment in the 17-nation region rose to 11.6 percent from 11.5 percent in August, the European Union’s statistics office in Luxembourg said today. That’s the highest since the data series started in 1995. The data also showed that youth unemployment is at 23.3 percent, withSpain’s rate more than double that, at 54.2 percent. A separate report showed inflation cooled to 2.5 percent in October from 2.6 percent.”
Comments »“Stocks Historically Move Little Day after Emergency Closures..
If history is any guide, stocks won’t change much when the exchanges re-open, now scheduled for Wednesday.
CNBC compiled a chart of the last 13 emergency-related market closures going back to 1945. On the day that the market re-opened, the Standard & Poor’s 500 inched down an average of 0.05 percent, and the Dow Jones Industrial Average eased 0.17 percent.
If the markets match that average when they re-open now, the S&P 500, currently 1,411.94, would shed less than a point. And the Dow, now 13,107.2, would fall 22 points.”
Comments »
