The stock market closed to the downside today, giving up early
gains when the Fed's announcement to leave QE unchanged triggered
an aggressive bout of profit-taking across all sectors of the
market. The late action in the market was proof that not only is
the stock market dependent on real economic growth to fuel new
highs, but the impressive run in the market might be running out of
steam. This was also seen in the bond market which reversed course
from the 2.48% yield low in the 10-year to close at 2.52%, 2 basis
points higher from Tuesday's close.
Earnings continued to pour in with the majority beating
expectations and driving this morning's gains. Although there were
some underperformers such as Yelp (
) and LinkedIn (
), earnings superstars like Dreamworks (
) and Lifelock (
) and the expectation for Facebook (
) and Starbucks (SBUX) to also beat estimates added to yesterday's
Today's economic data was primarily a non-event but did lend
support to the consensus for the Fed to keep stimulus unchanged.
ADP private payrolls increased 130,000 in October, below the
consensus estimate, and down 15,000 from September's revised
Led by a 0.8% gain in energy costs, the September consumer price
index increased an as-expected 0.2%, and only 0.1% excluding the
volatile food and fuel component.
Here's where the markets stood at the close:
Dow Jones Industrial Index was down 61.59 (-0.39%) to
S&P 500 was down 8.64 (-0.49%) to 1,763.31
Nasdaq Composite Index was down 21.72 (-0.55%) to 3,930.62
FTSE 100 was up 0.04%
Nikkei 225 was up 1.23%
Hang Seng Index was up 2.00%
Shanghai China Composite Index was up 1.48%
DWA, Reported Q3 earnings of $0.12 per share, more than half
2012 Q3 EPS of $0.29, but handily topping Capital IQ consensus of
LVLT, Level 3 narrowed its Q3 net loss to $0.09 per share from a
loss of $0.76 the year earlier.
OXBT, A meta-analysis of multiple clinical trials showed that
Oxygen Biotherapeutics' levosimendan can reduce mortality in
SODA, Reported Q3 earnings of $0.90 and revenue of $144.48,
versus the Capital IQ estimates of $0.78 per share on revenue of
BXC, Reported Q3 net loss of $$3.2 million, or $0.04 per diluted
share, from a net income of $3.1 million, or $0.05 per diluted
share, in the prior-year period.
CETV Forecasted 2013 revenue below expectations and warned if it
can't secure additional financing, the company will stop being able
to fund its operations sometime in the next year.
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