“Pacific Investment Management Co.’s Mohamed El-Erian said the damage from superstorm Sandy probably won’t trigger a reduction in U.S. gross domestic product.
“The wealth of the country has been impacted, however, there is likely to be catch-up activity,” El-Erian, chief executive officer at Pimco, said during an interview with the Toronto-based BNN television network.
“It’s not clear at the end of the day that GDP, which measures activity, would be negative.”
Comments »Some news outlets are already reporting that Sandy could ultimately be stimulative to the economy. Others say fat chance.
Comments »Government math is always wrong and doctored. A great read on inflation and how this recovery is all smoke and mirrors….unless you run with the 1% crowd; then your golden.
Comments »So far we seem to be missing consensus. Hopefully we climb out of the trough!
Comments »Asia got off to a good start this evening despite some crappy data out of South Korea and Japan.
Comments »No disrespect to those harmed by Sandy, but it is time to get back to biz in the world of equities tomorrow….
Comments »A friend of a friend had an opportunity to snap a pic of a shark on his front lawn all thanks to Sandy Frankenstorm…An opportunistic fucker huh.
NEW YORK (AP) New York Stock Exchange is reopening Wednesday after being shut down for two days by hurricane.
Comments »BPL, IDTI, LAD, MPC, PMTI, ALL, ARR, ACI, OFC, ISRG, COV, HMSY, JAKK, JMI, LOCK, LXFR, PCS, URI, WIT, YZC,
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“LONDON (AP) — Oil company BP is rewarding long-suffering shareholders with a substantial dividend increase just days after it sold a stake in a Russian joint venture for billions of dollars.
BP also revealed Tuesday that it made a net profit of $5.5 billion in the third quarter, more than offsetting the $1.34 billion loss reported in the previous three months when the company wrote down the value of some assets. It was also 5 percent higher than last year’s equivalent of $5.2 billion.
Most interest came with the news that BP was raising its quarterly dividend 12.5 percent to 9 cents per share. The company’s shares were up 5.3 percent to 447.6 pence in late morning trading in London.
“The results were much stronger than we and the market anticipated – almost entirely in refining and marketing where the clean result was $3 billion versus our forecast of $1.8 billion,” said Stuart Joyner at Investec Securities.”
Comments »“MOSCOW (Reuters) – State-owned industrial and defense vehicle Russian Technologies is to buy 35 737 MAX planes from U.S. aerospace company Boeing Co for $3.5 billion, the companies said in a joint statement on Tuesday.
Boeing has predicted that Russia and neighboring states will take delivery of 1,140 new aircraft over the next 20 years, valued at $130 billion.”
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“Archer-Daniels-Midland Co. (ADM), the world’s largest corn processor, reported fiscal first-quarter profit that beat analysts’ estimates because of improvements in its soybean-processing business.
Net income fell 60 percent to $182 million, or 28 cents a share, in the three months through September from $460 million, or 68 cents, a year earlier, the Decatur, Illinois-based company said today in a statement. Profit excluding a charge for a planned divestment of Mexican tortilla maker Gruma SAB and other one-time items was 50 cents a share, exceeding the 44-cent average of eight estimates compiled by Bloomberg.
Operating profit at the unit that processes soybeans and other oilseeds almost tripled to $336 million. U.S. profit margins to crush soybeans more than doubled to $1.06 in September from 47 cents a month earlier and 42 cents a year earlier, as the country’s harvest began, according to an Oct. 12 report from BMO Capital Markets.”
Comments »“Ford Motor Co. (F), the second-largest U.S. automaker, said third-quarter profit exceeded estimates, slipping 1.1 percent, as its North America unit delivered record profits that made up for higher taxes and losses in Europe.
Ford reported its 14th consecutive profitable quarter, with net income of $1.63 billion, or 41 cents a share, compared with $1.65 billion, or 41 cents, a year earlier. Excluding one-time items, the profit was 40 cents a share, exceeding the 30-cent average estimate of 19 analysts surveyed by Bloomberg.”
Comments »“Bayer AG (BAYN) agreed to buy Schiff Nutrition International Inc. (SHF) for $1.1 billion to add a faster- growing vitamins and nutritional supplements business to the German drugmaker’s consumer-health unit.
Investors will receive $34 a share in cash, Leverkusen- based Bayer said in a statement today. The price is 47 percent above Schiff’s closing level Oct. 26, the most recent day of stock tradingin the U.S. Bayer also said its third-quarter profit rose 2.2 percent.”
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