US Market Has Worst Round of Sessions Since June, Earnings Disappoint
On Friday, US consumer sentiment unexpectedly jumped, most likely due to the current elections season and recent encouraging signs for the economy. The US Postal Service also has been positively affected by the elections, increasing their expected profit. IPOs continued today with Workday Inc. (WDAY) trading more than 20%. JPMorgan (JPM) announced it started using a new risk formula, its third this year, after its previous $5.8 billion loss. Wells Farfo (WFC) showed strong data with their third-quarter revenue report and rose 22%.Despite several record quarterly profits, many investors still have concerns that overall it will be a weak earnings season. Speculation over a Spanish bailout also continues and caused the euro to make slight gains against the US dollar. Also on Friday crude-oil prices dropped but finished 2.2% higher for the week.
Word on the Street
- Wells Fargo & Co (WFC) reports a third quarter profit of $4.9 billion and jumps 22%.
- US consumer confidence rises unexpectedly to the highest in five years after election hopes.
- Attention turns to Spain as many question whether or not a bailout will come in the near future.
- Workday Inc. (WDAY) soars like many other initial public offerings this week.
- Jamie Dimon says the US housing market shows how the economy is improving.
- Best Buy (BBY) plans to drop prices to match those of competitors like Amazon (AMZN).
- The US Postal Service while still low on cash is on track to beat estimated revenue due to the 2012 election season.
- 2012 fiscal deficit in the US finishes above $1 trillion despite continued shrinking.
- Why this sector of the energy industry is overlooked and how it is becoming increasingly appealing.
- Some experts suggest that the traditional standard of work and passion is totally backwards.
Published on Oct 12, 2012By InvestorGuide Staff