Markets Eke Out Small Gains; Apple Misses Earnings Expectations (AAPL, PG)
US indices were able to rise slightly on Thursday despite many continuing worries over earnings and economic growth. Topping expectations was Proctor & Gamble (PG), pushing the Dow up for the day and health insurer Aetna Inc. (AET) who saw a 2% rise in net profit. Amazon (AMZN) reported a third-quarter loss of $274 million. After the bell Apple (AAPL) announced a 24% jump in earnings but fell short of market expectations.US durable goods orders rose 9.9% in the month of September and there was a drop in applications for jobless aid over the last week. Uncertainty over quarterly earnings and election results have caused many analysts to have gloomy predictions for the fourth quarter. Investors are looking towards Friday, when the government will release its first estimate of Q3 growth.
Word on the Street
- Moderate but not great job growth shows after jobless claims drop by 23,000.
- Ford Motor Co. (F) announces European job cuts and plant closures to help halt losses.
- P&G (PG) exceeds forecasted earnings, releasing pressure on CEO McDonald.
- Best Buy (BBY) readies itself for competition, increases online sales efforts.
- After reporting a 85% drop in Q3 net income The New York Times Co. (NYT) sees stock fall.
- Amazon (AMZN) reports a $274 million loss for the third quarter.
- Fannie Mae and Freddie Mac are predicting 2013 home sales will grow, boosting mortgage demand.
- Facebook (FB) Beats on Both Top and Bottom Lines as Mobile Ad Revenue Soars.
Published on Oct 25, 2012By InvestorGuide Staff