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Rally Without a Cause
Nov 02, 4:41 PM EST |
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| EARNINGS WIRE: Time Warner, 19 cents vs. 11 cents. Beazer Homes, $3.61 vs. $1.82. Dean Foods, 67 cents vs. 25 cents. Playboy 10 cents vs 6 cents. |
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| Market was in the mood to rally in the morning as bond market weakened and oil fell on inventory report. Earnings news largely supported the postive sentiments. Home builders, casions, retail and tech stocks led a broad rally in the market. In the overnight trading Nikkei index closed at 4-year high. European markets advanced led by DAX index in Germany adding 0.7%. AFTER CLOSE: Nortel narrows Q3 loss. Qualcomm, 32 cents vs. 23 cents. Prudential Financial, $2.59 vs. $1.08. |
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Blue Chip Rally
Nov 02, 1:30 PM EST |
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| Dow is extending gains on brightly shining blue chips Intel, rising 0.4%, American International Group, up 1%, and American Express, up 0.5%. |
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| The Department of Energy reported another increase in crude oil inventories of 2.7 million barrels, rising to 319.1 million barrels in the week ended Oct 28. Time Warner reported 80% Q3 profit jump of 19 cents a share on 6% revenue growth, exceeding estimates of 17 cents a share. The company said it was lifting its stock buyback plan by $7.5 billion to $12.5 billion. Electronic Arts rises 5.3% and Symantec’s shares surge 18%, reflecting quarterly results above expectations. |
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Early Boost in Tech Stocks
Nov 02, 10:57 AM EST |
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| Adding to a recent streak of gains, crude oil inventories climbed by 2.7 million barrels for the week ended Oct 28, rising to 319.1 million barrels. |
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| The Japanese Nikkei hit a new four-year peak for a second consecutive session, rising 0.2% to 13,894,78. Time Warner reported 80% Q3 profit jump of 19 cents a share on 6% revenue growth, exceeding estimates of 17 cents a share. The company said it was lifting its stock buyback plan by $7.5 billion to $12.5 billion. The Nasdaq has risen on gains from Electronic Arts, up 5.3% and Symantec’s shares surge of 18%, reflecting quarterly results above expectations. |
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