Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Dow in holding pattern as nation awaits U.S. election  Join our daily free Newsletter

MENAFN - ProactiveInvestors - Australia - 06/11/2012

No. of Ratings : 0
Add to Mixx!


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
Apr 24 2014Qatar- HH Sheikha Moza Meets Mayor of Kobe Visits RIKEN Research Institution ,Qatar News Agency
(MENAFN - Qatar News Agency) Kobe April 24 - Her Highness Sheikha Moza bint Nasser Chairperson of Qatar Foundation for Education Science and Community Development (QF) today held a meeting with the ...

Apr 24 2014Qatar- Sidra-BMC Event Boosts Biomedical Research Publishing ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - A symposium organised jointly by Sidra Medical Research Centre and BioMed Central (BMC) mulled trends in research and on open access publishing here ...

Apr 24 2014Qatar- Mannai Corp Q1 Net Profit up 73% to QR 150.1 Million ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - Qatar Exchange listed Mannai Corporation (QE: MCCS) net profit is up 73% to QR 150.1 Million for the first quarter of fiscal year 2014 ending March 31 ...

Apr 24 2014Bahraini firms forecasted to grow 10 pct ,MENAFN
(MENAFN) In a report based on a study of over 650 companies across GCC, Kuwait Financial Centre (Markaz) forecasts a growth of the Bahraini companies' earnings by 10 percent in 2014, Gulf Daily News ...

Apr 24 2014Israeli Army Storms Deir Samit Village West of Hebron ,Qatar News Agency
(MENAFN - Qatar News Agency) bron April 24 - Israeli army forces stormed at dawn Thursday Deir Samit village southwest of Hebron city in the West Bank. The Israeli forces conducted raid and search ...

Apr 24 2014Qatar Airways to add more seats on Doha-Vienna route ,MENAFN
(MENAFN) Qatar Airways plans to offer more 1.700 seats on its Doha-Vienna route beginning from September 2014, according to Gulf News. The company aims to expand the growing passenger demand from ...

Apr 24 2014Qatar- QFC Authority Five-a-Side Football Tournament Kicks Off ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - Qatar Financial Centre (QFC) Authority's first Five-a-side Football Tournament is displaying dribbling skills of executives from Doha's financial ...

Apr 24 2014Georgian Justice Minister Leaves Doha ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - HE Minister of Justice of Georgia Tia Tsulukiana left Doha on Thursday morning wrapping up a two-day official visit to the country. An agreement on ...

Apr 24 2014Egyptian Premier Off to Chad ,Qatar News Agency
(MENAFN - Qatar News Agency) Cairo April 24 - Egyptian Prime Minister Ibrahim Mehlib left cairo on Thursday for Chad the first leg of a three-day two-state trip that will also take him to Tanzania ...

Apr 24 2014Australian Federal Parliament Deputy Speaker Meets HE Qatari Ambassador ,Qatar News Agency
(MENAFN - Qatar News Agency) Canberra April 24 - Australian Federal Parliament Deputy Speaker Bruce Scott met here Thursday with HE Qatar's Ambassador to Australia Yousef bin Ali Al ...

Apr 24 20143 GCC countries among top 30 on network readiness index ,MENAFN
(MENAFN) According to an annual global technology survey for network readiness index for 2014, three GCC countries have made it to the top 30 list for the third year in a row, Gulf Daily News ...

Apr 24 2014Morocco Admitted As Observer Member to SICA ,Qatar News Agency
(MENAFN - Qatar News Agency) La Romana Dominican April 24 - Morocco has been admitted as an observer member in the Central American Integration System (SICA) which also includes each of Belize ...

Apr 24 2014UN Chief: All Parties in Syria Blocking Aid ,Qatar News Agency
(MENAFN - Qatar News Agency) w York April 24 - The UN Secretary General Ban Ki-moon has accused all parties in Syria's civil war of "flagrant violations" of international law over the delivery of ...

Apr 24 2014Qatar Stock Exchange Down 0.05% ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - The Qatar Exchange ended in the red area when trading closed Thursday at 12954.93 points (0.05%) down 6.63 points from the previous closing of 12961.56 ...

Apr 24 2014Afghan Guard Shoots Dead 3 Foreigners in Hospital ,Qatar News Agency
(MENAFN - Qatar News Agency) Kabul April 24 - Three foreigners including a doctor were shot dead and their colleague wounded when a guard of a private Cure Hospital opened fire on them in the ...

Apr 24 2014Israeli Tanks Enter Gaza Border area ,Qatar News Agency
(MENAFN - Qatar News Agency) Gaza April 24 - Six Israeli military tanks on Thursday entered a border area in the southern Gaza Strip witnesses said. The tanks crossed into Gaza in an area called ...

Apr 24 2014President Salva Kiir Relieves his Chief of the General Staff ,Qatar News Agency
(MENAFN - Qatar News Agency) Juba April 24 -South Sudanese President Salva Kiir relieved Chief of the General Staff of south sudan army James Hoth Mai. This came in a presidential decree aired ...

Apr 24 2014Omani non-oil exports to enter African markets ,MENAFN
(MENAFN) A senior official at the Oman Chamber of Commerce and Industry (OCCI) said that the Sultanate is seeking expansion in new African markets, in a time it is looking forward to reduce its ...

Apr 24 2014US Secretary of State Meets Egyptian Intelligence Chief ,Qatar News Agency
(MENAFN - Qatar News Agency) shington April 24 - US Secretary of State John Kerry has met with the Egyptian Intelligence Chief Major General Mohammed Ahmed Fareed al-Tohami who is currently ...

Apr 24 2014Aqaba Container Terminal Contributes to Elevating Standards of Pre-School Education ,MENAFN Press
(MENAFN Press) Aqaba Container Terminal (ACT), the world's gateway to Jordan and beyond, recently held a charity dinner in collaboration with the Aqaba Intercontinental Hotel. The event, held at the ...





Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Investment Game
Economic Calendar
Financial Glossary

Portfolio Tracker


Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help