Stocks are broadly in positive territory following upbeat
earnings news ahead of key releases from the U.S. Federal Reserve
Bank this afternoon. The triple-digit move for the Dow Jones
Industrial Average pares some of yesterday's losses and showed
positive sentiment wasn't entirely sapped after bloodletting in the
The Fed Beige Book for October will be released at 2 p.m. ET.
Speeches are also expected from Charles Plosser, president of the
Federal Reserve Bank of Philadelphia, and Jeffrey Lacker, president
of the Federal Reserve Bank of Richmond.
In company news, Pfizer (
) hormone replacement therapy treatment Prempro nearly doubled the
risk of death from breast cancer, according to findings in a U.S.
study reported by Bloomberg. The findings are the first to tie
Pfizer's hormone replacement therapy to tumor mortality rate, the
report said. The study comes from Women's Health Initiative.
Novo Nordisk AS (
) is up by double digits on the NYSE after federal regulators
rejected a diabetes drug being developed by rivals. A diabetes
injection, Bydureon, which has been jointly developed by Amylin
), Alkermes Inc. (
) and Eli Lilly & Co (
) was denied approval by the FDA for the second time Monday
Meanwhile, Google's (
) market share in China fell to its lowest level in nearly three
years, Bloomberg reported, citing the Internet search company's
recent dispute with that government over censorship. Google
accounted for 24.6% of China's Internet search market in Q3, the
report said, citing research firm iResearch Inc.
A group of lawyers who performed most of the work on lawsuits
related to Merck & Co.'s (
) Vioxx painkiller litigation will get $315.3 million, Bloomberg
reported, citing a judge's ruling. Other lawyers who filed suits
will receive $1.24 billion, the report said. Merck won 11 of 16
Vioxx suits at trial before the company agreed to settle all
remaining claims in 2007, the report noted.
Marathon Oil (
) said it took a stake in four exploration blocks in Kurdistan,
making the company's first entry into Iraq, Reuters reported. The
Houston-based company signed production-sharing agreements to
operate and take an 80% stake in two open blocks the report said.
No specific value was placed on the deal.
Earnings season pressed on before the bell this morning, moving
stocks throughout the first half of the regular session.
Shares of Wells Fargo & Co. (
) are higher following the company's third-quarter earnings report
this morning. The bank reported Q3 EPS of $0.60 per share, a nickel
better than the Street view. Revenue was $20.87 billion, vs.
expectations of $20.94 billion. "Wells Fargo continues to be one of
our top picks," said Christopher Kotowski, an analyst with
Oppenheimer & Co., in a Sept. 20 report, as reported by
Bloomberg. "Near term, the continued improvement in asset quality
will be the driver."
Shares of Altera (
) are lower even after the company reported third quarter earnings
results that beat Street expectations. Altera (
), the largest U.S. tobacco company, reported Q3 EPS of 69 cents
per share compared to Street estimates of 65 cents a share. Revenue
of $527.5 million is higher than Street estimates of $525.98. For
Q4, company sees sales growth up 3% to 6%. Profit rose by higher
prices for its Marlboro cigarettes and snuff sales, Bloomberg
reported. Altera shares are down 0.59%, or $0.18, to $29.32.
Abbott Labs (
) reports Q3 adjusted EPS at $1.05, just topping the Thomson
Reuters mean analyst estimate for $1.04. Sales of $8.7 billion are
up from $7.8 billion. The Street looked for $8.9 billion. ABT sees
adjusted 2010 EPS at $4.16 to $4.18. The Street is at $4.16.
Yahoo Inc. (
) is higher, even though the Internet group reported disappointing
revenue growth for the fourth quarter. The company expects revenue
to reach between $1.125 billion to $1.225 billion, while analysts
polled by Thomson Reuters on average had expected the figure to
reach $1.26 billion. As a result, speculation is growing that Yahoo
may consider a buyout and start discussions with private equity
Airline stocks are trending higher following positive earnings
) posted a profit of $929 million, or $1.10 a share excluding
one-time items, having posted a loss of $161 million, or 19 cents a
share, a year ago. Analysts polled by Thomson Reuters on average
had expected earnings of 94 cents a share.
US Airways (
), meanwhile, reported a profit of $243 million, or $1.23 a share,
which was above the $1.17 a share expected by analysts.
Commodities are higher as December gold contracts rose $7, or
0.52%, to $1,343 an ounce while November crude contacts are up
1.85%, or $1.47, at $81.65 a barrel.
In energy ETFs, the United States Oil Fund (
) is up 2.02% to $35.32 and the United States Natural Gas fund (
) was up 0.62% to $5.64.
In precious metal ETFs, the SPDR Gold Trust (
) is up 0.76% to $131.10. Market Vectors Gold Miners (
) is up 1.54% to $55.37. iShares Silver Trust (
) is up 1.75% to $23.24.
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