MENAFN - ProactiveInvestors - Australia
Dow in holding pattern as nation awaits U.S. election
U.S. stocks were higher on the eve of the U.S. presidential elections, although investors are hesitant to make any big moves before the outcome is known. Gold was higher overnight - last trading at US$1685 an ounce.
(MENAFN - ProactiveInvestors - Australia) Many investors are keeping their money off the table until the fate of the U.S. presidential elections between incumbent President Barack Obama and Republican Mitt Romney has been decided.
The race is neck and neck, with investors hoping that the outcome is decided late tomorrow night, and that the decision is not dragged out for days. A decisive election, regardless of the outcome, could start an equities rally.
U.S. did however trend higher overnight, and by the close the Dow Jones had added 20 points (0.15%) to 13,113, while the NASDAQ rallied 18 points (0.59%) to 3000 (almost, currently exactly 2999.66).
On a slow economic news day the Institute for Supply Management reported its index of non-manufacturing activity fell to 54.2 in October, from 55.1 the previous month - but importantly a reading above 50 indicates expansion.
U.S. Corporate News
In corporate news, shares of Apple (NASDAQ:AAPL) rose after the company said it sold three million iPads in just three days since the launch of its new iPad mini and the updated 10-inch version of the iPad - double the previous first weekend milestone for the third generation iPad in March.
The company, however, did not specify how many units of each iPad it sold. Gene Munster of Piper Jaffray estimated that between 2 and 2.5 million units of the weekend's sales were of the iPad mini, above his initial estimate of 1 to 1.5 million units.
It was also reported later in the day by Reuters that a federal judge threw out a lawsuit by Apple against Google (NASDAQ:GOOG). The suit alleged Google's Motorola patent licensing practices were unfair.
Shares of Tesla Motors (NASDAQ:TSLA) rose even after the company posted a wider loss than anticipated. On an adjusted basis, the California-based company's loss would have been 97 million, or 92 cents a share.
Analysts polled by FactSet were forecasting a loss of 89 cents a share on revenue of 55.7 million. The company also stood by its full year revenue forecast and in a letter to investors, it described the third quarter as a "fundamental turning point" since it is now able to mass produce around 100 cars per week - compared with five per week at the beginning of the quarter.
Health insurer Humana (NYSE:HUM) topped Street views when it reported its profit for the third quarter, and raised its full year earnings forecast. The company also announced two acquisitions, and said president Bruce Broussard would be promoted to CEO, effective at the start of next year.
IntercontinentalExchange (NYSE:ICE) reported a 1% decline in quarterly profit on account of lower trading volumes in over-the-counter North American natural gas and power contracts, as well as a decline in credit default swap transactions. The commodities exchange reported earnings of 1.79 per share, compared to 1.80 a year earlier, but topped estimates of 1.72 per share, according to Thomson Reuters.
Time Warner Cable (NYSE:TWC) reported third quarter earnings that missed Street views, as it lost more video subscribers, with shares down more than 6%. The second largest US cable television operator said net income rose to 808 million, or 2.60 per share, from 356 million, or 1.08 per share, a year earlier. Excluding special items, earnings were 1.41 per share, trailing the 1.43 per share analyst estimate.
Heavyweight bank HSBC (LON:HSBA) has set aside a further 500 mln (US800 mln) to cover the costs of a potential fine for money laundering. In July, US authorities accused the bank of aiding "drug kingpins and rogue nations" in a 340-page report slamming its "pervasively polluted" culture.
The committee attacked the bank for allowing Middle Eastern terrorist financiers access to US dollars, while it also failed to control the laundering of Mexican drug money.
Today, the company said it is working towards an agreement with the authorities, which are expected to make a decision on the size of the fine in the coming weeks. The extra provisions were revealed in its third quarter results, which showed that pre-tax profits were down 51% to US3.5 bln (2.2 bln).
In other news, Silver Wheaton (TSE:SLW) (NYSE:SLW) Monday said its third quarter profit and revenue fell as silver prices declined, but production increased 26 per cent as the company stood by its full year output forecast.
Netflix's (NASDAQ:NFLX) shares rose 1.08 per cent Monday afternoon, after it announced a stockholder rights plan to protect against a potential hostile takeover of the company.
The plan was announced in response to activist investor Carl Icahn's disclosure last week that he had acquired an almost 10 per cent stake in the company.
MENA News Headlines
|Mar 11 2014||Kuwait - Labor keen on addressing visa trading problem ,Arab Times|
|(MENAFN - Arab Times) Assistant Undersecretary for Labor Affairs at the Ministry of Social Affairs and Labor Jamal Al-Dosari has affirmed that the ministry is keen on addressing the visa trading ...|
|Mar 11 2014||Kuwait - Hearing postponed ,Arab Times|
|(MENAFN - Arab Times) The Cassation Court, chaired by Judge Faisal Khureibet, postponed deliberations on the State Security case filed against former MPs Falah Al-Sawagh, Khalid Al-Tahous and Bader ...|
|Mar 11 2014||Kuwait - Case transfer sought ,Arab Times|
|(MENAFN - Arab Times) The Criminal Court, presided over by Judge Hassan Al-Shemmeri, referred the case filed by former Qatari prime minister Sheikh Jassem bin Hamad Al Thani and several Qatari ...|
|Mar 11 2014||Kuwait - Verdict in protest by ex-MPs put on hold ,Arab Times|
|(MENAFN - Arab Times) The Misdemeanor Court acquitted two citizens - Badr Muhammad Al-Sebaei and Faleh Badr Al-Sebaei - of participating in an illegal gathering. Meanwhile, the court adjourned until ...|
|Mar 11 2014||Kuwait - Car thief caught ,Arab Times|
|(MENAFN - Arab Times) Jahra securitymen arrested a man for stealing a vehicle
Security sources revealed a Kuwaiti noticed three vehicles parked near the camp of his neighbor, so he went there to ...|
|Mar 11 2014||Kuwait - Iraqi arrested ,Arab Times|
|(MENAFN - Arab Times) Hawally securitymen arrested an Iraqi for violating the Residency Law; in addition to a financial case filed against him and for the possession of a roll of hashish, along with ...|
|Mar 11 2014||Kuwait - Drugs, KD 26,500 found on man ,Arab Times|
|(MENAFN - Arab Times) Jahra securitymen arrested a Kuwaiti for possession of shabu (kind of drug) and cash amounting to KD 26,500.
While patrolling the area, the officers flagged down a red ...|
|Mar 11 2014||Kuwait - Police hunt motorist in kidnap of Jahra hospital female nurse ,Arab Times|
|(MENAFN - Arab Times) Six youths were injured, including a 16-year-old Kuwaiti boy who sustained an eye injury, when a police officer with the rank of major employed at the Interior Ministry stormed ...|
|Mar 10 2014||Cash-strapped Morocco courts US investment ,AFP|
(MENAFN - AFP) Morocco's finance minister on Monday urged US businesses to boost investment in the country and take advantage of "unprecedented" regional growth, as the cash-strapped government ...|
|Mar 10 2014||Doha Insurance to launch rights issue at USD120m ,MENAFN|
|(MENAFN) Doha Insurance announced its intention to offer additional shares to shareholders, Arabian Business reported.
The company"s bid aims to raise around USD119.9 million and double its ...|
|Mar 10 2014||ME oil, gas transactions led by Oman, UAE, Iraq ,MENAFN|
|(MENAFN) Combined oil and gas transactions in the UAE, Oman and Iraq accounted for around 60 percent if total upstream transactions in the Middle East, Times of Oman reported.
The number of ...|
|Mar 10 2014||Oman plans to divest stakes in state-owned firms ,MENAFN|
|(MENAFN) The Omani government announced its intention to divest its stake in state-owned companies through initial public offerings (IPO), Times of Oman reported.
Executive President of Capital ...|
|Mar 10 2014||Makkah hotel industry posts steady growth ,MENAFN|
|(MENAFN) The city of Makkah is confident that it will continue to enjoy steady business growth, pushed by the positive presence of convenient room occupancy rates, Saudi Gazette reported.
The city ...|
|Mar 10 2014||Saudi construction projects at USD195b in 3 years ,MENAFN|
|(MENAFN) Planned construction projects in Saudi Arabia in the following three years are estimated at USD195.4 billion, Saudi Gazette reported.
The Big 5 Saudi has launched and is expected to ...|
|Mar 10 2014||Dubai non-oil trade up to USD361b in 2013 ,MENAFN|
|(MENAFN) Dubai"s non-oil foreign trade surged USD25.58 billion last year, hitting a record USD361.7 billion, Khaleej Times reported.
India was the emirate"s top trading partner in the year as ...|
|Mar 10 2014||SW China Forest on Fire, Casualties Unknown ,Qatar News Agency|
|(MENAFN - Qatar News Agency) Firefighters are battling to extinguish a forest fire in southwest China's Yunnan Province, according to China's News (Xinhua). A total of 2,320 people, including 250 ...|
|Mar 10 2014||Waiting and Searching for Missing Malaysian Flight Continue ,Qatar News Agency|
|(MENAFN - Qatar News Agency) Chinese warship Mianyang has arrived at the waters suspected to be the site of the missing Beijing-bound Malaysian jetliner, military sources said on Monday. The warship ...|
|Mar 10 2014||Amnesty Accuses Syrian Forces of Committing War Crimes in Yarmouk ,Qatar News Agency|
|(MENAFN - Qatar News Agency) Amnesty International has accused the Syrian government forces of starving the population and targeting doctors in Yarmouk refugee camp in the outskirts of the capital ...|
|Mar 10 2014||Qatar's Mutaz Essa Barshim Wins Men's High Jump Gold Medal ,Qatar News Agency|
|(MENAFN - Qatar News Agency) Qatar's Mutaz Essa Barshim claimed gold medal in the Men's High Jump Final during day three of the IAAF World Indoor Championships at Ergo Arena on Sunday. The ...|
|Mar 10 2014||Al Sadd and Al Arabi Share Spoils in Qatar Stars League ,Qatar News Agency|
|(MENAFN - Qatar News Agency) Al Arabi and Al Sadd drew Saturday 1-1 in the 22nd round of Qatar Stars League.
Ibrahim Khalfan took the lead for Al Sadd in the 70th minute. It took Al Arabi only ...|