Stocks went back on the offensive after bullish Chinese
manufacturing data coupled with mostly strong earnings and lower
U.S. borrowing rates restored investor confidence in US equities.
Buying drove the Dow Industrials up nearly 100 points and put the
S&P and Nasdaq back in positive territory. Today's deluge of
earnings included better-than-expected results from Ford (
), 3M (
), and Southwest Airlines (
), while multi-year highs were reached by Northrop Grumman (
) and Arctic Cat (
Today's economic data was a non-event with initial claims
falling by a less than expected 12,000 to 350,000, and the trade
deficit narrowing to $38.8 billion versus the consensus of a $40.0
billion deficit. The Markit PMI index for October declined to a
much lower than expected 51.1 from 52.8 the month prior. Except for
some brief action following the results, none of the data had any
lingering impact on the financial markets.
Here's where the markets stand at the close:
Dow Jones Industrial Index was up 95 points, or 0.6%, at
S&P 500 was up 5.69 points, or 0.3%, at 1,752
Nasdaq Composite Index was up 21, or 0.6%, at 3,928
FTSE 100 was up 0.58%
Nikkei 225 was up 0.42%
Hang Seng Index was down 0.71%
Shanghai China Composite Index was down 0.86%
CWEI Q3 earnings of $0.90 per share beat the Capital IQ
consensus of $0.73. Revenues were $111.2 million, versus the
analyst estimate of $97.51 million.
TCBI Reported net income of $33.7 million vs. $32.5 million in
the comparable quarter of 2012.
FANG Expects oil and natural gas production to increase more
than 100% to 15.0 and 16.0 MBoe/d.
ACAT Q2 earnings of $1.70 fell short of estimates of $1.96 per
share and revenue of $238.5 million was also below the of $251.6
FIO The stock hit a record low as the company reported a fiscal
Q1 loss, the CFO resigned and the stock was hit with several
NQ The stock plummeted after analysts at Muddy Waters started
coverage at a Strong Sell, and has sent its report to the SEC,
alleging that an estimated 72% of NQ's security revenue is
Copyright (C) 2013 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.