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Earnings Propel Averages
Oct 12, 7:03 PM EDT |
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| Postive earnings from Yum Brands, Costco, Harley Davidson and same store sales ris at McDonalds helped averages to rise. Record trade deficit. |
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| Market maintained positive trend right at the opening. Positive momentum generated from the rising earnings from Costco, Yum brands and Harley Davidson supported market advance. Market ignored the record trade deficit registered in the month of August. Trade deficit with OPEC and China registered one half of total deficit. |
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Harley Davidson Earnings Up 18%
Oct 12, 2:10 PM EDT |
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| Harley earnings rose on strong rise in international sales and success of its new bikes and engines int he domestic market. |
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| Market averages manitanied a positive bias when less than two hours of trading is left. Advancers led the decliners by a marging of two to one on NYSE. Costco gained on 8% on earnings news. Harley Davidson beat the earnings estimates of $1.10, stock jumped 2%. |
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August Trade Deficit at $69.9B
Oct 12, 11:30 AM EDT |
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| China and OPEC contributed to half the trade deficit in goods with the U.S. Deficit with most trading nations increased in August. |
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| Trade deficit widened to $69.9 billion, $1.9 billion higher than in July. In August, the goods deficit grew $2.1 billion from July to $75.5 billion, and the services surplus rose $0.2 billion to $5.7 billion. Trade deficit with China was recorded at $22 billion and with OPEC at $11.2 billion. Deficit with Mexico, Canada, Brazil, Taiwan and Korea also rose. |
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Industrial Production Up 9.7% in India
Oct 12, 10:33 AM EDT |
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| Expectations of strong quarterly results and falling oil prices helped the market surge above the 12,500 level on Thursday. |
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| Infosys led the earnings parade boosting the investors confidence. Lower but still robust industrail production data helped to boost market confidence. Auto, refinery, IT, metal and cement stocks led the advance. Reliance Industries also helped. Hindustan Lever and HDFC Bank led the decliners. India industrial production in August rose 9.7% from a year earlier. |
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McAfee Upgraded at UBS
Oct 12, 8:07 AM EDT |
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| Security software provider McAfee was upgraded at UBS to buy from neutral. |
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| The broker said that the company is likely to become a potential acquisition target following the executive resignation announced on Wednesday. In addition, UBS told clients that as soon as McAfee has filed its financials, it could reinstitute its share buyback program. |
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Japan Ends Lower, South Korea Higher
Oct 12, 7:37 AM EDT |
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| Asian markets finished mixed Thursday, with South Korea advancing on blue-chip performances, while Japan was lower on banks. |
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| South Korea led the advance as investors pursued LG.Philips LCD, Hanjin Shipping and other blue chips. South Korean retail investors were back to the stock market, lifting the benchmark index. Japan dipped as banking and pharmaceutical shares showed weakness. In Hong Kong, shares ended almost flat, while Australia, Taiwan and Shanghai slipped. In Australia, shares closed lower on Thursday in spite of acquisition talk in several sectors. |
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Europe Edges Higher
Oct 12, 6:53 AM EDT |
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| European stocks edged higher on Thursday as truckmakers jumped boosted by strong results from Scania. |
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| Truckmakers rose on the heels of strong performance from takeover target Scania, which repeated its rejection of the offer of MAN. Scania reported a 31% growth in nine-month pre-tax earnings owing to a near-15% increase in revenues over the period. Technology shares also helped counter earnings-related weakness from French supermarket company Carrefour. By mid morning, the FTSE 100 in London climbed 0.3%, Frankfurt Xetra Dax rose 0.2%, and the CAC 40 in Paris added 0.4%. |
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Gold Climbs, Finishes under $580
Oct 12, 5:17 AM EDT |
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| Gold futures climbed on Wednesday, but finished under $580 an ounce for a second session in a row. |
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| Traders weighed the value of the precious metal as a defensive investment against a backdrop of weaker oil prices and threats of more nuclear tests from North Korea. With international tensions rising, gold for December delivery climbed but failed to pass $580 an ounce on the NYME. If gold does indeed deserve to close out the year on a higher note, it will do so only after having proven to its faithful that it does retain its security blanket attributes. |
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