Oct 27, 2010
(The Australian).- THE Australian stockmarket was higher by early afternoon, with positive annual profit results from major local banks driving the gains.
By early afternoon, the benchmark S&P/ASX 200 index was up 48.5 points, or 1.04 per cent, to 4696.6 points while the broader All Ordinaries index had risen 42.3 points, or 0.9 per cent, at 4762.8.
On the ASX24, the December share price index futures contract was 55 points higher at 4698, with 17,384 contracts traded.
Bell Potter senior adviser Stuart Smith said the market was enjoying a "nice surge" after positive profit reports from National Australia Bank on yesterday and ANZ today.
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Personal Finance Daily
OCTOBER 27, 2010
Wednesday's Personal Finance Daily
- Political gridlock is bad for your (stock) portfolio
- Retire in France at 62? In Turkey, it's 45
- Fed zombies hungry for quantitative easing
- To stay up-to-date on food recalls, try Twitter
Read our story that looks at retirement ages in 30 countries, plus read Robert Powell's column on how some market data point to political gridlock being — unlike what you may have read elsewhere — bad news for stocks ... but not for consumer stocks.
—Andrea Coombes , Personal Finance editor
Retire in France at 62? In Turkey, it's 45
n France, workers took to the streets in angry protest when lawmakers first proposed hiking that country's retirement age for full pension benefits to 62, from 60, but in many other countries, workers would welcome an age-62 rule. Except Turkey.
Read more on retire in France at 62? In Turkey, it's 45.
Political gridlock is bad for your (stock) portfolio
f you ask Wall Streeters whether they think political gridlock in Washington is good or bad for investors, they're mostly of the same opinion: Gridlock is generally bad for most stocks and good for bonds.
Read more on political gridlock is bad for your (stock) portfolio.
Giants ballpark rises from Web bubble ashes
It was a brick-and-mortar project in a digital gold rush. A monument to tradition at a time when old ways were consigned to the trash heap. A privately financed endeavor in an age of public stock feeding frenzies.
Read more on Giants ballpark rises from Web bubble ashes.
The hunt for TV's lost baseball treasures
Even in the earliest days of televised baseball, the late Ernie Harwell understood that less could be more.
Read more on the hunt for TV's lost baseball treasures.
World Series set to open: a pictorial
Workers prepare a sign on the field as the San Francisco Giants practiced in preparation for their Major League Baseball World Series in San Francisco. The Giants will face the Texas Rangers in the opening game Wednesday.
See World Series set to open: a pictorial.
To stay up-to-date on food recalls, try Twitter
The recent salmonella outbreak that triggered the recall of a half-billion eggs generated headlines across the globe, but less reported are the small volume of food and drug recalls that take place almost every day.
Read more on to stay up-to-date on food recalls, try Twitter.
ECONOMY & POLITICS
Fed zombies hungry for quantitative easing
The easy-money policies of Federal Reserve chairmen Ben Bernanke and Alan Greenspan have rarely impressed veteran fund manager Jeremy Grantham, but now the chief investment strategist at GMO, a Boston investment firm, is likening Fed actions to an economic horror show.
Read more on Fed zombies hungry for quantitative easing.
Economy is running out of gas
The U.S. economy is in danger of sliding back into another recession, even before we're fully recovered from the last one.
Read more on economy is running out of gas.
Fiscal disaster set to explode
American states face a perpetual Sophie's Choice of sorts.
Read more on fiscal disaster set to explode.
Close state races to shape U.S. political future
When voters go to the polls next week, there's a lot more at stake than just who controls Congress next year. The outcome could also decide who holds power in the House of Representatives — and maybe even the Oval office — over the next decade.
Read more on close state races to shape U.S. political future.
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Stocks to Watch: Stocks in focus Thursday: ExxonMobil, Microsoft
By Wallace Witkowski MarketWatch
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QE2 a Ponzi scheme, says Pimcos Gross
By Deborah Levine MarketWatch
By LIZ ALDERMAN
Beyond its skyscrapers and artificial ski slopes, Dubai offers a cautionary tale in the pitfalls of constructing metropolises in the parched desert.
By JAD MOUAWAD
Labor talks with the newly merged United and Continental Airlines could serve as bellwether for the industry.
By JULIA WERDIGIER
Executives of airports and carriers called for an overhaul of security procedures a day after the chairman of British Airways faulted Britain for kowtowing to American demands.
By MICHAEL CIEPLY and COLIN PEACOCK
New Zealand officials agreed to an extraordinary deal that will keep the filming of "The Hobbit" from slipping off to another country.
By TIM ARANGO
The company lost nearly 300,000 basic cable TV subscribers in the quarter. It exceeded forecasts because it added high-speed Internet and voice customers, and charged TV customers more.
FROM: REUTERS - DAILY INVESTOR UPDATE
U.S. Markets At Close Snapshot
Source: The Wall Street Journal
|DJ Total Stock Market*||12398.89||-32.36||-0.26|
Most Viewed Articles on washingtonpost.com
PROVIDENCE, R.I. -- The three opponents of Democratic gubernatorial candidate Frank Caprio criticized him in a televised debate Tuesday for saying President Barack Obama can "shove it," with one calling him a "knucklehead" and another saying he acted like a "petulant little child."
A growing number of creatures could disappear from the earth, with one-fifth of all vertebrates and as many as a third of all sharks and rays now facing the threat of extinction, according to a new survey assessing nearly 26,000 species across the globe.
TAKING AND tracking inventory is a basic component of many businesses. Imagine, for example, a pharmacy that routinely could not account for its drugs. The store would quickly run into trouble with regulators.
Let's hope Clarence Thomas has enough faith to survive his second lynching -- and to forgive poor Ginni.
Just before Thanksgiving 1998, John A. Boehner hit bottom. The Ohio congressman, once a comer in the Republican Party, was unceremoniously removed from his post in the House leadership. Boehner's colleagues had a win-at-all-costs mind-set he saw no point in antagonizing the Democratic minority j...
When the movement identifies how America has changed and to whose benefit, it gets it almost all wrong.
An intense military campaign aimed at crippling the Taliban has so far failed to inflict more than fleeting setbacks on the insurgency or put meaningful pressure on its leaders to seek peace, according to U.S. military and intelligence officials citing the latest assessments of the war in Afghani...
GREER, S.C. - When German automaker BMW put out the call recently to hire a thousand factory workers here, the people who responded reflected the upheaval occurring in the U.S. economy.
Two shootings that targeted U.S. military buildings in Northern Virginia have been conclusively linked to the same weapon, and law enforcement officials think a third attack on a Marine Corps recruiting office this week could be part of the same unexplained spree.
The president may be destined to repeat Clinton's history, but at least he hasn't surrendered to it.
At this point, that seems largely up to the Federal Reserve. So reports that the Fed is likely to kick off its effort to reinvigorate the economy with $500 billion in asset purchases are arguably the most important news on jobs this week, and the Fed's announcement of its actual policy choice -- and not the election results -- will be the most important news on jobs next week. It's true, of course, that the Fed's asset purchases, which give the economy access to new money, would do much more if Congress would commit to actually spending that money so that it creates jobs in the real economy rather than sitting around in the Treasury Department. But since no such commitment seems to be forthcoming no matter who wins on Tuesday, all eyes are -- or should be -- on Ben Bernanke.
Welcome to Wonkbook.
The Fed will likely announce $500 billion in new asset purchases over six months, reports Robin Harding: "William Dudley, president of the New York Fed, suggested in a recent speech that $500bn of asset purchases 'would provide about as much stimulus as a reduction in the federal funds rate of between half a point and three-quarters of a point'...Given that the central bank also needs to buy about $30bn of Treasuries a month to reinvest early repayments from its portfolio of mortgage-backed bonds, if the target figure were $500bn, six months is likely to be the minimum time needed to get there. The big question for markets - and the big debate within the Fed - is about what to do beyond the initial move. The immediate issue for November is whether to signal a bias towards further easing."
Tea Partiers might be disappointed by the GOP House's committee chairmen, reports Janet Hook: "The most politically sensitive post is leading the House Appropriations Committee, which has been a central target of the tea-party critique of earmarks and growth of spending even during years of GOP control of Congress...The leading candidates for the panel's chairmanship, Reps. Jerry Lewis (R., Calif.) and Rep. Harold Rogers (R., Ky.), are longtime members of the panel who have been stalwart defenders of earmarks."
The White House should have been more aggressive at combating unemployment, writes David Leonhardt: "White House officials respond to these criticisms by pointing out that they helped break the back of the worst financial crisis in 80 years and that Republicans opposed nearly every tax cut or spending increase Democrats proposed. That’s all true. But I keep coming back to the fact that this administration is full of people who knew that financial crises tended to produce weak recoveries -- and that the typical policy mistake was being too timid. 'We’re just not going to make that mistake,' Timothy Geithner, the incoming Treasury secretary, told me, as Mr. Obama was preparing to take office. 'We’re not going to do that. We’ll keep at it until it’s done, whatever it takes.'"
A $1.2 trillion stimulus wouldn't have saved Democrats, writes Kevin Drum: "For calendar 2010, CBO estimates that the stimulus bill reduced unemployment by something between 0.7 and 1.8 points. Split the difference and the consensus average is about 1.2 points. A stimulus bill that was 50% bigger would therefore probably have reduced unemployment by 0.6 points more than the actual bill. If this is in the ballpark, it means that with a bigger stimulus bill unemployment today would be 9%, not 9.6%. That would have been well worth the price, but just because it was worth doing doesn't mean it would have made a big electoral difference."
Got tips, additions, or comments? E-mail me.
Acoustic version interlude: Superchunk plays "Detroit Has a Skyline".
Still to come: The GOP might be wiling to go after tax deductions; education reform doesn't look good in the next Congress; an non-governmental panel wields considerable power over Medicare spending; better chairs might save our schools; and a walrus does situps.
Spending cuts alone won't balance the budget, so the GOP might accept backdoor increases in taxes:, writes Lori Montgomery: "GOP leaders concede that point and say they are open to broader bipartisan approaches to tackling the nation's budget problems. Boehner, for instance, has embraced the possibility of higher taxes, suggesting in a speech in Cleveland this summer that lawmakers should look at clearing out the 'undergrowth of deductions, credits, and special carve-outs' in the tax code that are little more than 'poorly disguised spending programs.'"
Sources in China suggest government support for the US's trade imbalance plan, report Geoff Dyer and James Lamont: "Li Daokui, a member of the central bank’s monetary policy committee and professor at Tsinghua University, said on Tuesday there had been 'good progress' at the weekend meeting of G20 finance ministers in South Korea which had moved debate from the 'surface issue' of nominal exchange rates to 'talking about the substance of rebalancing world trade'...His comments suggest support in China for the US proposal of setting limits on current account surpluses and deficits at around 4 per cent of GDP...Several articles in the Chinese business press have also indicated the government would be comfortable with the surplus target at that level."
New Democrats have forged an alliance with the pharmaceutical and financial industries, report Sebastian Jones and Marcus Stern: "Over the past two years, their members have helped biotech companies win lucrative patent extensions during healthcare reform, fought to ensure that banks receiving TARP money didn't have to trim executive bonuses, and helped block a proposal to allow bankruptcy judges to adjust home mortgages--a step many experts believe would have reduced foreclosures. As they gathered for their May retreat, the New Democrats were working on what would become their biggest victory yet: weakening key components of financial-services reform legislation."
European manufacturing jobs are being outsourced to the US, reports Peter Whoriskey: "The trade debate in the United States usually focuses on the jobs lost to factories in the developing world. But the recession has forced countless skilled workers in this country to consider jobs they would have rejected in the past. They now offer foreign manufacturers a resource that was far less common just a few years ago: cheaper wages for better talent. 'We are a low-wage country compared to Germany,' said Kristin Dziczek, director of Labor and Industry Group at the Center for Automotive Research. 'And that helps put jobs here.' But the price of having a more globally competitive workforce means more in America could fall well short of the middle-class living standards that manufacturing workers once could expect."
The Fed won't help keep the government's emergency loans from 2008 secret: http://bit.ly/bCYgIY
Lowering interest rates can't kick the economic recovery into gear, writes Martin Feldstein: "Previous downturns were caused by the central bank’s efforts to reverse or prevent inflation by hiking short-term interest rates. When the central bank succeeded, it lowered those rates and the economy bounced back. Because the downturn was not caused by high interest rates, lowering them could not lift the economy out of recession. The Obama administration therefore turned to fiscal policy - tax cuts and a range of spending programs. Unfortunately, the fiscal stimulus was not well enough designed to get the economy onto a strong, self-sustaining growth path. And, now that those stimulus programs are coming to an end, there is a danger that the economy will slide back into slow growth or even recession."
Adorable animals getting fit interlude: A walrus does exercises.
An American Medical Association panel may drive up Medicare costs, report Anna Wilde Mathews and Tom McGinty: "The Centers for Medicare and Medicaid Services, which oversee Medicare, typically follow at least 90% of its recommendations in figuring out how much to pay doctors for their work. Medicare spends over $60 billion a year on doctors and other practitioners. Many private insurers and Medicaid programs also use the federal system in creating their own fee schedules...Its critics fault the committee for contributing to a system that spends too much money on sophisticated procedures, while shorting the type of nuts-and-bolts primary care that could keep patients healthier from the start--and save money."
Education reform's prospects aren't good under a GOP Congress, writes Seyward Darby: "The administration’s blueprint for NCLB, which is already several years overdue for reauthorization and desperately needs restructuring, probably won’t pass, maybe not even in pared-down form. Congressman John Kline, the top House Republican on the Education and Labor Committee, told Education Week in September that, while he supports reauthorization in principle, teachers and superintendents in his Minnesota district are 'frankly not real thrilled with the blueprint.'...And what about new pre-K legislation? It would require more federal dollars, so don’t count on it."
Lobbyists are already chatting up would-be Republican committee chairs, report Eric Lipton and David Herszenhorn: "Mr. Camp is slated to take over the powerful, tax-writing House Ways and Means Committee if Republicans win the majority next week, transforming this low-key conservative Republican almost overnight into one of the most powerful men in town...Former aides to Mr. Camp, who now work as lobbyists, are checking in with their onetime boss, chatting with him and his aides about staff appointments he might make when he takes over the Ways and Means Committee, and what tax or health care issues will be at the top of his agenda. Other lobbyists have gone to his staff to try to get to the head of the line in presenting proposed tax changes that will benefit their clients."
Credit cards increase junk food consumption: http://bit.ly/b12zhX
Darrell Issa would focus on trivialities as House oversight chair, writes Ruth Marcus: "In Issa's world, the Securities and Exchange Commission's lawsuit against Goldman Sachs in the midst of congressional debate about financial reform 'reeks of a political motive,' as he told CNBC. Issa demanded an investigation and told Don Imus that the SEC's inspector general launched a probe 'because he sees there's something rotten in how [the SEC] did it and when they did it.' Five months, a review of 3.4 million e-mails and 32 sworn interviews later, the inspector general found zero evidence of political considerations or collusion. Issa was hardly contrite that his accusations had proved groundless."
Obama shouldn't dismiss personal investment accounts for Social Security, write William Shipman and Peter Ferrara: http://bit.ly/bSPp0X
Better chairs could improve school performance, writes Linda Perlstein: "It's very rare for students to actually have a chair and desk that fit them right--one study put the number at one in five. In fifth grade...it's not uncommon for the shortest student to be 18 inches shorter than the tallest. If a chair is too big for a child, his or her feet dangle and the hard edge of the seat digs into the hamstrings, both of which, Dennerlein says, forces the brain to pay attention to something other than geometry worksheets. A too-high backrest and too-deep seat kill any chance at lumbar support. Furniture that's too small isn't any better."
Electronics hacking interlude: A see-through t-shirt, using an LCD screen and a tiny camera.
The White House will announce $2.5 billion in high speed rail funding, reports Josh Mitchell: "California will receive more than $900 million mostly to build a route running through the Central Valley, Sen. Barbara Boxer (D., Calif.) said. That project is part of broader plans for a 790-mile system extending from San Diego to Sacramento. The state earlier was awarded $2.25 billion in federal stimulus funds for the project, with construction possibly set to begin in 2012...Florida will receive $800 million for a proposed passenger-rail line extending from Orlando to Tampa...The state won a $1.25 billion award in stimulus money to develop the 84-mile link. Both projects are part of President Barack Obama's effort to build a national 'high-speed' rail network."
The US and Europe are working together to reduce dependence on Chinese rare earth minerals: http://nyti.ms/bmsuTN
A public-private partnership is boosting electric cars in six cities, writes Emily Badger: "The Department of Energy last year put up a $100 million grant, funded by the stimulus bill, for the most ambitious experiment to date deploying electric vehicles and infrastructure in America. The public-private partnership, called the EV Project, expects by next fall to have humming 8,300 vehicles, thousands of at-home chargers and hundreds of commercial plug-in sites in six states -- or 'laboratories.'."
Environmentalists should want expensive dirty energy but also cheap clean energy, writes Adam Werbach: http://bit.ly/aRlRWh
Geothermal is a carbon-light energy source, writes Nina Shen Rastogi: "According to recent life-cycle analyses by Argonne National Laboratory, geothermal power plants emit between 18.7 grams to 103 grams of CO2-equivalent per kilowatt-hour--polite little hiccups compared with the 1,234.9 g/kWh belched out by coal or the 487 g/kWh by natural gas. (Those figures include building and running the power plants as well as extracting the fuel.) Unlike conventional coal-fired plants, geothermal plants emit very little sulfur dioxide and no nitrogen oxides, which are the precursors of acid rain. And unlike wind or solar power installations, geothermal power doesn't fluctuate with the weather."
Closing credits: Wonkbook is compiled and produced with help from Dylan Matthews, Mike Shepard, and Michelle Williams.
Sales of new, single-family homes in September 2010 were at a seasonally adjusted annual rate of 307,000, up 6.6% from the prior month but 21.5% below the year-ago level.
|Daily Market Analysis||Wed Oct 27 09:21 2010|
Oct 27, 2010 Mixed Data And Uncertainty Around Fed Action May Stir Anxiety The major U.S. index futures are pointing to a lower opening on Wednesday, reflecting the nervousness among traders amid uncertainty around the likely course of action the Fed's monetary policy setting arm will adopt when it meets next week. An economic report released earlier in the day showed that core capital goods orders declined despite a bigger than expected jump in the headline number. The data is a stark reminder of the wobbly nature of the economic recovery. Full Article
New orders for manufactured durable goods in September 2010 rose 3.3%, to $199.2 billion. Excluding transportation, new orders increased 0.8%. Capital goods shipments increased 0.1%, while overall shipments fell 0.4% and inventories rose 0.5% in September.
RTTNews: Morning Market Briefing.-Stocks Primed For Modest Losses In Early Trading - U.S. Commentary
|Morning Market Briefing||Wed Oct 27 09:01 2010|
Oct 27, 2010 Stocks Primed For Modest Losses In Early Trading - U.S. Commentary Stock futures are pointing to a modestly lower open on Wall Street on Wednesday, as the markets are digesting mixed durable goods orders data while awaiting data on new home sales. The major index futures are all in negative territory, with the Dow futures down by 55 points. Full Article
Oct 27, 2010 French Consumer Spending Growth Tops Expectations On Rebound In Car Sales The recovery in French consumer spending was stronger than expected in September, as car purchases recorded double-digit growth,reversing the decline in August. Full Article
Oct 27, 2010 Australia Inflation Eases More Than ExpectedAustralian inflation rose at a weaker than expected pace between July and September, official data showed on Wednesday. Full Article
Oct 27, 2010 South Korea GDP Growth Slows To 0.7% In Q3South Korea's gross domestic product added 0.7 percent in the third quarter of 2010 compared to the previous three months, the Bank of Korea said on Wednesday in a preliminary reading. Full Article
Oct 27, 2010 U.S. Durable Goods Orders Increase More Than Expected Orders for U.S. manufactured durable goods increased by much more than expected in the month of September, according to a report released by the Commerce Department on Wednesday, with the increase largely due to a rebound in orders for transportation equipment. Full Article
Oct 27, 2010 Sprint Nextel Q3 Revenue Rises 1.4%, but Posts Wider LossWednesday, Sprint Nextel Corp. (S) posted a bigger loss for the third quarter, despite 1.4% growth in revenue that surpassed the Street view. The year-ago results benefited from a large tax benefit. Looking ahead to the fourth quarter, Sprint Nextel expects total subscriber base to rise sequentially. Full Article
Oct 27, 2010 Whirlpool Q3 Profit Dips 9%; Backs FY10 EPS guidanceWednesday, Whirlpool Corp. (WHR) reported a 9.2% decline in its third-quarter profit, hit by higher interest and sundry costs. Quarterly sales managed to increase only 0.5% from last year, but came in above the Street view. Looking ahead, the firm maintained its fiscal 2010 earnings guidance. Full Article
Oct 27, 2010 Northrop Grumman Q3 Profit edges up 1.4%; Lifts FY10 EPS OutlookWednesday, Northrop Grumman Corp. (NOC) reported a 1.4% rise in profit for the third quarter, as revenue grew 4% from last year, and as the company curtailed costs. Looking ahead, the firm lifted its earnings outlook for the full year. Full Article
Oct 27, 2010 SAP Q3 Profit Climbs 12%Wednesday, SAP AG (SAP) reported a 12% rise in profit for the third quarter, as revenue grew 20%, reflecting mainly strong growth in the U.S and emerging markets. Looking ahead, the firm also maintained its outlook for the full year. Full Article
Oct 27, 2010 Deutsche Bank Slips To Loss In Q3 On Postbank WritedownWednesday, Deutsche Bank AG (DB) slipped to loss in the third quarter, hurt by hefty charge related to Postbank. Excluding special items, profit dropped over 24% from last year. Net interest income after provision for credit losses climbed 17.7%, but quarterly net revenue dropped 31% from last year. Full Article
Oct 27, 2010 Procter & Gamble Q1 Profit Declines 7%, Yet beats Street; Guides Q2 EarningsWednesday, Procter & Gamble Co. (PG) reported a 7% decline in profit for the first quarter, although sales grew 2% from last year, hurt by the sale of its pharmaceutical business.. Earnings per share came in above the Street view, but revenue fell short of estimates. Looking ahead to the second quarter, the company provided earnings outlook, with the current estimate of analysts at the top end of its guidance range. Full Article
Oct 27, 2010 Comcast Q3 profit slides 8% on chargesWednesday, Comcast Corp. (CMCSA) reported an 8% decline in profit for the third quarter, despite a 7% growth in revenue, hurt by charges. However, earnings per share came a penny above the Street view. The firm noted that average revenue per customer improved over 10% from last year. Full Article
Oct 27, 2010 Praxair Q3 Profit Up 16%, Beats Street; Boosts FY10 EPS ViewWednesday, Praxair, Inc. (PX) reported a 16% rise in profit for the third quarter, reflecting a 11% growth in sales on higher volumes across the globe. Earnings per share came in above the Street view, while revenue fell short of estimates. Looking ahead, the company lifted its adjusted earnings outlook for the full year. Full Article
Oct 27, 2010 General Dynamics Q3 Profit Rises 14%, Tops EstimateWednesday, General Dynamics Corp. (GD) reported a 14% rise in profit for the third quarter, as revenue grew 3.8% from last year. Earnings from continuing operations came in above the Street view, but revenue fell short of estimates. The firm noted that operating margins expanded 80 basis points to 12.1% from last year. Full Article
Oct 27, 2010 Thermo Fisher Q3 Profit Moves Up 21%, Beats Estimate; Raises FY10 ViewWednesday, Thermo Fisher Scientific Inc. (TMO) reported a 21.4% rise in its third-quarter profit, reflecting robust business in both instruments and equipment as well as clinical diagnostics and biosciences segments. Both adjusted earnings and revenue came in above the Street view. Looking ahead, the firm lifted its earnings and revenue guidance for fiscal 2010. Full Article
Oct 27, 2010 Teck Resources Q3 Profit down 46%Tuesday, Teck Resources Ltd. (TCK) reported a 46% drop in profit for the third quarter, hurt mainly by charges related to refinancing of a part of its debt. However, adjusted earnings climbed year-over-year on much higher coal and base metal prices. Revenue for the period grew 18%. Looking ahead to the full year, the firm trimmed its outlook for coal sales volumes. Full Article
Oct 27, 2010 Aflac Profit Almost Doubles, Beats StreetTuesday, Aflac Inc. (AFL) reported a 90% jump in profit for the third quarter, helped chiefly by a stronger yen/dollar exchange rate. Both operating earnings and revenues came in above the Street view. Looking ahead, the firm guided fourth-quarter earnings to come in line with the Street view, and also reiterated its earnings guidance for the full year. Full Article
Oct 27, 2010 Broadcom Q3 Profit Almost Quadruples; Guides Q4 Revenue Above ConsensusTuesday, Broadcom Corp. (BRCM) said its third-quarter profit almost increased four-folds, reflecting a sharp growth in chip sales. Revenue surged 44% and came in above the Street view. Looking ahead, the firm guided its fourth-quarter revenue to surpass the current estimate of analysts. Full Article
Oct 27, 2010 McKesson Q2 Earnings rise 9%, Yet Misses Street; Backs FY11 guidanceTuesday McKesson Corp. (MCK) reported 9% climb in profit for the second quarter, aided principally by a huge gain from the sale of its its Asia Pacific healthcare services unit. However, both earnings and revenue, which edged up 1% from last year, came in below the Street view. Further, the firm reiterated its earnings outlook for the full year. Full Article
Oct 27, 2010 Boston Properties Q3 FFO dips 5%, Yet Beats Street; Guides Q4 Above ConsensusTuesday, Boston Properties Inc. (BXP) reported nearly a 5% decline in Funds From Operations for the third quarter, despite higher rental revenues, hurt by higher costs. Revenue for the period grew 2.9% from last year. Both FFO and revenue came in ahead of the Street view. Looking ahead to the fourth quarter, the company guided its FFO to surpass estimates. Full Article
Oct 27, 2010 Western Union Q3 Profit Up 32%, Beats Street; Boosts FY10 EPS ViewTuesday, The Western Union Co. (WU) reported a 32% rise in its third-quarter profit, reflecting a slight increase in revenues as well as lower expenses. Both earnings and revenues came in above the Street view. Looking ahead to the full year, the firm lifted its earnings outlook, with the estimate of analyst at the low end of Western Union's guidance range. Full Article
Oct 27, 2010 ConocoPhillips Q3 Profit Doubles On Higher PricesConocoPhillips (COP) said its third-quarter profit doubled from last year, on higher crude oil and natural gas prices. Production for the quarter dropped about 4%, when measured in terms of barrels of oil equivalent a day. Full Article
Oct 27, 2010 GlaxoSmithKline to dole out US$750 mln in lawsuit settlementWednesday, GlaxoSmithKline plc (GSK) said it agreed to pay GBP 500 million or US$750 in settlement related to the charges that alleged the company of knowingly selling bad quality drugs and products. The company's unit had sold "adulterated" drugs made at its plant in Puerto Rico. The U.S. Justice Department said that Glaxo will defray a criminal fine of $150 million and civil charges of $600 million to federal and state authorities. Full Article
Broker Ratings Changes
Todays WS Events
Oct 27, 2010 Procter & Gamble Q1 11 Earnings Conference Call At 8:30 AM ET Procter & Gamble Co (PG) will host a conference call at 8:30 AM ET, October 27, 2010, to discuss its Q1 11 financial results. To access the live audio webcast, log on at www.pg.com/investors
Oct 27, 2010 Automatic Data Q1 11 Earnings Conference Call At 8:30 AM Et Automatic Data Processing Inc. (ADP) will host a conference call at 8:30 AM ET, October 27, 2010, to discuss its Q1 11 earnings result. To access the webcast, log on to www.adp.com
Oct 27, 2010 Marriott Investor And Security Analyst Meeting At 9:00 AM ET Marriott International, Inc. (MAR) will host its investor and security analyst conference, on October 27, 2010. The event is scheduled to begin at 9:00 AM ET. To access the webcast, log on to www.marriott.com/investor
Oct 27, 2010 International Paper Q3 10 Earnings Conference Call At 9:00 AM ET International Paper Co. (IP) will host a conference call at 9:00 AM ET, to discuss Q3 10 earnings results, on October 27, 2010. To access the live webcast, log on at www.internationalpaper.com To hear the live call, dial +1 (706) 679-8242 or (877) 316-2541 and ask to be connected to the International Paper Third Quarter Earnings Call, with passcode 11919083. A replay of the call can be heard by dialing +1 (706) 645-9291 or (800) 642-1687 with conference ID 11919083.
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Asian stocks, currencies fall amid jitters over QE
By V. Phani Kumar MarketWatch