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Dollar On the March
Nov 09, 4:42 PM EST |
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| Directionless market listened to energy companies executives defending the recent record profits, oil inventory report, and rising dollar. |
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| AFTER THE CLOSE: Cisco reported 20 cents vs. 21 cents in the fiscal first quarter. Cosi Inc, restaurant chain, reported loss of 6 cents vs. 12 cents in the third quarter. JDS Uniphase reported loss of 4 cents vs. 10 cents a year ago. Tho stock jumps 4%. Whole Foods reported same store sales up 13.4%, increases dividend and issues special dividend of $4 and earnings of 13 cents vs. 45 cents and a two-for-one stock split. Mittal Steel reported 64 cents vs. $2.07 a year ago. |
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Stocks Gain Ground
Nov 09, 2:20 PM EST |
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| Federated posted Q3 fivefold higher profit. Pixar Animation and Bayer also reported income growth. All quarterly results topped estimates. |
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| Heating oil futures reached a four-season high and lifted crude oil prices back over $60 a barrel. The Department of Energy reported Wednesday that crude oil inventories climbed by 4.5 million barrels for the week ended Nov 4, rising to 323.6 million.but distillate inventories, which include heating oil for the winter season, fell 100,000 barrels to 120.8 million barrels. |
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Energy Stocks Under Pressure
Nov 09, 11:00 AM EST |
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| PepsiCo reduced its year-end forecast and announced it will restructure some operations to cut costs. PepsiCo said the changes will cost $65 million. |
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| Federated Department Stores posted that Q3 profit jumped fivefold on large asset-sale gains, and reaffirmed its financial forecast for the fourth quarter. Pixar Animation Studios Inc reported a rise in quarterly profit and revenue above Wall Street expectations. Pharmaceutical company Bayer released strong quarterly eranings of 493 miillion euros on 19% revenue growth, beating estimates of 291 million. |
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Federated's Income up Fivefold
Nov 09, 9:15 AM EST |
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| Oil prices retreated to $59.50 a barrel ahead of weekly petroleum report, expected to show a rise in inventories. Gold and U.S. dollar advanced. |
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| Asian-Pacific markets closed mixed with the Nikkei up 0.3%, supported by tech stocks. Hong Kong was the biggest gainer, up 1.4%. European stocks turned lower at mid-day, dragged by telecom stocks. Pharmaceutical company Bayer released strong quarterly eranings of 493 miillion euros compared with 52 million a year ago on 19% revenue growth, beating estimates of 291 million. |
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