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Hectic Day of Deals
Dec 21, 11:10 PM EST |
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| Several muti-million dollar deals were reported by IBM, Allergan, Google and Segate. Research in Motion report 61 cents after 10 cents charge. |
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| Final read on Q3 GDP was lowered to 4.1% from 4.3% by the Department of Commerce. The latest read on GDP was another indiaction that economic growth is steady despite several shocks from hurricanes, energy prices and outsourcing trends to China and India. Joy Global, Federal Express, Jabil Circuit and CarMax reported stronger than expected earnings. |
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Surprising Rise in Oil Inventories
Dec 21, 1:02 PM EST |
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| The Energy Department said that crude oil inventories rose by 1.3 million barrels for the week ended December 16, climbing to 322.5 million barrels. |
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| Wednesday morning session broke the recent lackluster trading pattern with averages rising on intense merger-and-acquisition activity in the technology and pharmaceutical industries, robust third-quarter GDP growth of 4.1%, easing inflation concerns and strong quarterly earnings from FedEx which posted 33% net income rise for the Q2, well above expectations. |
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FedEx Rises 33% in Q2
Dec 21, 12:09 PM EST |
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| The third-quarter GDP rose at an annual rate of 4.1%, despite surging oil prices and hurricanes, following a 3.3% rise in Q2. |
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| A raft of merger-and-acquisition news lifted market sentiment. Tech stocks gained after computer hard-drive maker Seagate said it will pay $1.9 billion in stock for rival Maxtor Corp. In earnings news, FedEx posted 33% net income rise for the Q2, well above expectations. The company lifted its full-year earnings outlook. Nike Inc reported that Q2 profit advanced 15% to $1.14 a share on 10% revenue growth, beat estimate. |
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Robust GDP Growth
Dec 21, 9:31 AM EST |
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| Oil prices rose 23 cents to $58.32 ahead of report, expected to show a decline in inventories. The dollar edged down vs. the yen. |
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| The U.S. economy grew at fastest pace in a year and a half according to a report, released by the Commerce Dept. The third-quarter GDP rose at an annual rate of 4.1%, despite surging oil prices and hurricanes, following a 3.3% rise in Q2. In earnings news, athletic footwear, Nike Inc reported that Q2 profit advanced 15% to $1.14 a share on 10 revenue growth, beating analyst estimate. ATI Technologies reported an 88% decline in quarterly profit, despite revenue growth, exceeding expectations. |
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