“Asian stocks fell as Panasonic Corp. led declines among Japanese electronics makers after forecasting a loss 30 times bigger than analysts estimated, overshadowing a report China’s manufacturing output expanded for the first time in three months.

Panasonic plunged 19 percent, the most since at least 1974, to lead a retreat on the MSCI Asia Pacific Index. (MXAP) Arrium Ltd. tumbled 13 percent after a consortium that includes Noble Group Ltd. and Posco dropped an attempt to buy the Australian steelmaker. Sands China Ltd. climbed 2.9 percent, pacing gains among Macau casino operators, as gaming revenue in the Chinese city rose to a record last month.”

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” MasterCard Inc. (NYSE: MA) reported third quarter 2012 results before markets opened this morning. The credit card issuer posted adjusted earnings of $6.17 per share on revenues of $1.9 billion. In the same period a year ago, the company reported earnings of $5.63 per share on revenues of $1.82 billion. Third-quarter results compare to the Thomson Reuters consensus estimates for EPS of $5.92 and $1.94 billion in revenues.”

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“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

• Net sales increased year-over-year by 25.6% to $300.6 million as compared to $239.3 million in the third quarter of 2011. Net sales for the third quarter of 2012 were in line with the high end of the Company’s previously announced expected range of $295.0 to $300.0 million as pre-released on October 1st.
  • Residential product sales increased 17.8% compared to the strong third quarter of 2011, in which year-over-year sales growth was 60.5%.
  • Commercial & Industrial (C&I) product sales increased 48.3% compared to the prior year third quarter.
• Strong operating earnings during the quarter were more than offset by higher interest expense from the recent refinancing of the Company’s senior secured credit facilities that closed on May 30, 2012, as well as a normalized effective income tax rate. As a result, net income for the third quarter of 2012 was $25.5 million or $0.37 per share as compared to $37.4 million or $0.55 per share for the same period of 2011.
• Adjusted net income, as defined in the accompanying reconciliation schedules, increased to $54.1 million from $50.6 million in the third quarter of 2011. Adjusted diluted net income per common share was $0.78 as compared to $0.75 per share in the third quarter of 2011.
• Adjusted EBITDA increased to $76.3 million as compared to $61.6 million in the third quarter last year.
• Cash flow from operations in the third quarter of 2012 was $69.5 million as compared to $61.0 million in the prior year quarter. Unlevered free cash flow was $67.7 million as compared to $65.5 million in the third quarter of 2011.
• For the trailing four quarters, net sales were $1.102 billion; net income was $332.1 million, which includes a net $238.0 million income tax benefit in the fourth quarter of 2011; adjusted EBITDA was $268.5 million; cash flow from operations was $209.9 million; and unlevered free cash flow was $214.0 million.”

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“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.”

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So far we seem to be missing consensus. Hopefully we climb out of the trough!

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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.”

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“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.”

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Fun times in banking…..

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“Baidu Inc. (BIDU), owner of China’s most- used search engine, forecast the slowest quarterly sales growth in three years, lower than analysts’ estimates, as a weaker economy deters online advertising spending.

Revenue will range from 6.16 billion yuan ($987 million) to 6.35 billion yuan in the fourth quarter, Beijing-based Baidu said in a statement yesterday. That compares with the 6.41 billion-yuan average of 13 analysts’ estimates compiled by Bloomberg.

The top end of the forecast range represents year-on-year sales growth of 42 percent, the slowest pace since the fourth quarter of 2009, when revenue gained 40 percent, according to data compiled by Bloomberg. Slowing economic growth in China is damping demand for online advertising at the same time Baidu is fending off new competition from Qihoo 360 Technology Co. (QIHU), maker of China’s most-used Web browser.”

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“MIAMI (AP) — Burger King said Monday its third-quarter net income fell 83 percent as revenue was hurt by the stronger dollar, but adjusted results topped expectations.

The No. 2 worldwide fast-food chain said during the quarter, its first since returning to being a public company, revenue in stores open at least one year rose 1.6 percent in the U.S. and Canada, as it lost some business from value-based customers.

Competition in the fast-food industry has been intensifying, with rivals on the one hand like McDonald’s Inc. stepping up its dollar menu and other value-oriented offerings. On the higher-end side, customers are increasingly flocking to newer chains such as Panera Bread Co. and Chipotle Mexican Grill Inc., which offer higher-quality food for a little more money.”

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“NEW YORK (AP) — With Hurricane Sandy bearing down on the East Coast Monday, a number of major U.S. companies have postponed quarterly earnings as financial markets shut down for the first time since 2001.

Acorda Therapeutics Inc., Pfizer Inc., Thomson Reuters and NRG Energy Inc. have already delayed earnings reports. Pfizer and NRG Energy made the decision early, as they were not set to report earnings until Tuesday and Wednesday, respectively.

Acorda will now announce its third-quarter results on Wednesday, while Pfizer and Radian Group Inc. will now report earnings on Thursday. Thomson Reuters and NRG Energy will report their third-quarter results on Friday. Entergy Corp. will report on Nov. 5.”

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Lots to digest. Here is a recap on $AAPL….

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$AMZN lost $0.60 per share on investments like their purchase of Living Social.

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“Shares of Expedia (EXPE) traded with gains of over 15% in after hours trading. The online travel company reported a strong set of third quarter results on Thursday after the close.

Third Quarter Results

Expedia reported third quarter revenues of $1.20 billion, up 17% on the year. Growth was driven by a 27% increase in the number of room nights booked via the company’s websites. The number of air tickets sold rose 11%. Gross bookings rose 19% to $9.05 billion.

Net income fell 18.1% on the year to $171.5 million. Net income per diluted share fell from $1.50 per share last year to $1.21 over the past quarter. Last year’s earnings received a boost of $38.6 million related to discontinued operations. Adjusted earnings per share rose to $1.32 per share, beating analysts expectations of $1.26 per share.

So far this year, Expedia repurchased 10.7 million shares for a total consideration of $397 million. Third quarter repurchase activity slowed down to 1.1 million shares.”

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“SEOUL, South Korea (AP) — Strong sales of Galaxy phones propelled Samsung’s quarterly profit to a record high, but its shares dropped Friday on the prospect its growth will slow in an increasingly crowded smartphone market.

Samsung Electronics Co. said July-September net profit nearly doubled to 6.56 trillion won ($5.97 billion) from 3.44 trillion won a year earlier. Revenue for the third quarter climbed 26 percent to 52.2 trillion won.

The company’s shares fell 2 percent in Seoul after the earnings announcement. Analysts said investors are worried that the widespread adoption of smartphones in developed markets and heightened competition from rivals could squeeze profit from the lucrative smartphone business. Samsung and Apple Inc. together account for nearly half of global smartphone sales.”

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“China Unicom (Hong Kong) Ltd. (762), the nation’s second-largest mobile-phone company, dropped the most in more than three years in Hong Kong trading after third- quarter profit missed analysts’ estimates.

Unicom fell 7.6 percent to HK$12.72, its largest decline since April 1, 2009. The stock has lost 22 percent this year while the benchmark Hang Seng Index has gained 17 percent.

Net income rose 27 percent to 2.02 billion yuan ($324 million), compared with the 2.21 billion-yuan median of seven analysts’ estimates in a Bloomberg News survey. Chairman Chang Xiaobing turned to low-cost smartphones priced at 1,000 yuan or less, luring price-conscious users such as students, after losing the advantage as the only Chinese carrier to offer Apple Inc.’s iPhone with a service plan.

“Monthly data usage of its 3G subscribers appears lackluster,” Steven Liu, an analyst at Standard Chartered Bank, said in a report as he cut his recommendation to underperform.”

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“RICHMOND, Va. (AP) — Marlboro maker Altria Group Inc.’s third-quarter net income fell 44 percent on charges for a loss on early extinguishment of debt. But it sold more cigarettes at higher prices and expanded its industry-leading share of the U.S. market.

The owner of the nation’s biggest cigarette maker, Philip Morris USA, on Thursday reported net income of $657 million, or 32 cents per share, for the three-month period ended Sept. 30, down from $1.17 billion, or 57 cents a share, a year earlier.

Earnings were impacted by previously announced plan to buy back $2 billion in debt, which resulted in a charge of $874 million in the third quarter. Adjusted earnings were 58 cents per share, matching Wall Street expectations.

The Richmond, Va.-based company said revenue, excluding excise taxes, rose about 3 percent to $4.46 billion as higher costs to promote its top-selling Marlboro brand were offset by higher prices and volumes. Analysts polled by FactSet expected revenue of $4.36 billion.

Its shares rose 22 cents to $32.35 in premarket trading. Its shares hit a 52-week peak of $36.29 in early August.”

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“Aetna Inc.’s third-quarter earnings rose 2 percent and trumped expectations as revenue gains outweighed costs tied to paying off debt and the insurer’s purchase of Coventry Health Care.

The Hartford, Conn., insurer said Thursday it earned $499.2 million, or $1.47 per share, in the three months that ended Sept. 30. That’s up from $490.4 million, or $1.30 per share, in last year’s quarter.

Aetna earned $1.55 per share, excluding the one-time costs and capital gains. That topped the average analyst forecast of $1.33 per share, according to FactSet.

Total revenue, which counts capital gains, climbed 5 percent to $8.92 billion. Analysts expected $8.83 billion.”

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“NEW YORK (AP) — Subscriber trends are turning south again for Sprint Nextel as it struggles to compete with Verizon Wireless, the juggernaut of the industry.

The country’s No. 3 wireless carrier on Thursday said it lost overall subscribers for the first time in two and a half years in the third quarter, as customers gave up on the moribund Nextel network and the company failed to sign up enough of them on the Sprint network.

It’s the first time Sprint Nextel Corp.’s is reporting quarterly results since agreeing to sell 70 percent of itself to Japanese cellphone company Softbank Corp. for $20.1 billion. The deal hasn’t closed yet, but Sprint has already borrowed money from Softbank.

Sprint lost an overall 423,000 subscribers in the July to September period, as trends across its product lineup were weak.”

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“(Reuters) – ConocoPhillips on Thursday reported a 31 percent decline in quarterly profit, hit by a drop in prices for crude oil and natural gas.

Profit in the third-quarter was $1.8 billion, or $1.46 per share, compared with $2.6 billion, or $1.91 per share in the same period a year earlier.

Oil and gas output in the quarter was 1.53 million barrels of oil equivalent per day (BOE), down from 1.54 million BOE per day a year earlier.”

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