Wall Street plans on reopening tomorrow after two consecutive closed days due to Hurricane Sandy. The storm hit the Northeast US hard as well as pulled down oil prices to the lowest level since July. Many corporations chose to delay earnings reports, while Ford Motor Co. (F) came out with a large net profit in North America, beating many investors’ expectations for the third quarter. UBS AG (UBS) also released earnings, but reported a significant loss and Archer-Daniels (ADM) announced a first-quarter net profit drop of 60%. Also on Tuesday, the People’s Bank of China pumped record high cash into the financial system to help deal with a large surge in demand. Many are saying that due to the short week for trading, the US markets will be slightly more volatile by the end of the week after slowing down the world’s largest economy for several days.
Word on the Street
- With rising new home demand comes rising home prices as well.
- Markets in the US to reopen on Wednesday after Hurricane Sandy wreaks havoc.
- UBS AG (UBS) reports a third quarter loss and plans to cut more than 15% of its workforce.
- Ford (F) beats investor expectations with quarterly results and a 12% profit margin in North America.
- European markets rally after corporate results and economic data from Spain.
- After hitting the lowest level since July, oil rises on Tuesday.
- After working at Apple (AAPL) for less than a year, SVP of Retail Operations Browett to resign.
- Burger King Worldwide (BKW) beats estimates despite a large drop in profits.