Wall Street is set to extend yesterday's gains as earnings come
back into focus.
Morgan Stanley Profit Rises
) reported today that third quarter profit was up almost 80%
year-over-year to $1 billion,or $0.50 per share, up from $0.28 a
year ago. Analysts had expected $0.40 per share. Revenue was up 7%
to $8.1 billion. As was the case with other major banks last
quarter, Morgan Stanley's fixed income trading was weak. Shares are
up 3.5% before the opening bell.
GE Beats Expectations
) reported adjusted third quarter earnings per share of $0.40,
beating expectations by a nickel. Revenue of $3.2 billion was down
$300 from a year ago. The conglomerate's industrial revenue grew,
but revenue from GE Capital, its financial arm, fell 5.4%. Company
shares rose 2.5% this morning. The Conference Board's index of
leading indicators is due out later today, but since components of
the index include government data that has been forestalled over
the course of the government shutdown, it will be delayed.
Economists expected it to rise 0.6% for September.
Revenue Up at Chipotle
Chipotle Mexican Grill Inc.
) shares rose 8% after the fast food company's earnings report.
Earnings per share came in at $2.66, missing estimates by $0.12.
Revenue rose 18% to $826.9 million, beating the consensus estimate,
and comparable store sales rose 6.2% over the quarter.
Google Goes Higher
After yesterday's earnings release,
) shares are up 9%. Earnings per share at Google were $10.74 from
$14.98 billion in revenue.
US Stocks Benefit From Strong Data in China
US stock index futures were mostly higher this morning.
(INDEXDJX:.DJI) futures were up 0.20% at 15,327.00. Futures on the
(INDEXSP:.INX) gained 0.27% to 1,732.40, extending yesterday's
(INDEXNASDAQ:.IXIC) futures climbed 0.55% to 3,319.00. No major US
economic data is due out today.
The upbeat mood was helped by strong data from China. The country's
gross domestic product grew 7.8% annually, exceeding expectations
slightly. Industrial production in September met forecasts, rising
10.2% on a yearly basis. Retail sales in the country rose 13.3%