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Strong Rise in PPI
Oct 18, 7:36 PM EDT |
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| EARNING UPDATE: Motorola 69 cents vs. estimates of 28 cents, Intel 32 cents vs. 33 cents and Yahoo 17 cents vs. 14 cents estimates. |
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| News of good earnings from Johnson & Johnson and 3M were overshadowed by the rise in PPI. The 1.9% jump in September Producer's Price Index dampened the market enthusiasm. Shares of Guidant fell close to 12% after J&J said that $25.4 billion merger may be in doubt. 3M reported 3Q earnings of $1.12 vs. estimates of 4 cents. Wells Fargo, Sun Trust, Merrill Lynch earnings top estimates. Oil fell 2% at close in NY. |
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Inflation Worries Overshadow Earnings
Oct 18, 2:26 PM EDT |
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| A Labor Department report showed that the producer price index rose 1.9 percent in September after rising 0.6 percent in August. |
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| Commodities broker Refco, listed IPO on August 11th, filed for Chapter 11 bankruptcy protection. The financial advisor Merrill Lynch released 51% Q3 earnings rise on strong trading activity, beating estimates. 3M posted better-than-anticipated Q3 results.IBM exceeded profit expectations, but fell short of revenue estimates. |
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Inflation Drags Averages
Oct 18, 3:29 PM EDT |
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| The Labor Department released a report, which shows that the PPI in September rose 1.9%, the biggest increase in 15 years. |
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| Merrill Lynch released 51% Q3 earnings rise of $1.14 a share on strong trading activity, beating estimates of $1.18. 3M reported Q3 profit rise of $1.10 a share vs. 97 cents a year ago, beating estimates. The technology bellwether IBM exceeded profit expectations, posting Q3 earnings increase of $1.26 a share, exluding charges, but fell short of revenue estimates. |
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Merrill Lynch's Profit up 51%
Oct 18, 9:01 AM EDT |
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| Oil prices retreated by $1 on expectations the hurricane will fail to hit key refineries. Gold declined. The dollar is strong. |
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| Asian-Pacific markets closed mostly up, although the Nikkei lost 0.4% on tech stocks.European stocks advance at mid-day on retreating oil with the DAX 30 and CAC 40 up 0.2%. The computer maker Merrill Lynch released 51% Q3 earnings rise of $1.14 a share on strong trading activity, beating estimates of $1.18. 3M reported Q3 profit rise of $1.10 a share vs. 97 cents a year ago, beating estimates. |
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