Google, Apple Help Stocks Hit Weekly Gains (GOOG, AAPL)

Weekly Wrap Up

Markets manage to rally late in the week on strong earnings from the tech sector. The start of earnings season was not optimistic, as Alcoa (AA: Charts, News) came in below estimates. But Google (GOOG: Charts, News) and (AAPL: Charts, News) helped push indices higher Thursday and Friday.
Google announced a 25% increase in profits due to increased search advertising revenue, and Apple announced record breaking sales of the new iPhone 4S.

In other news, the US budget gap continues to widen, for the third straight year, topping $1 trillion again. And the "Occupy Wall Street" initiative appears set to migrate to Europe, as well, as protestors attempt make their dismay known. More Market News

Economic News

Alcoa Profit Trails Estimates as Europe Trims Aluminum Orders
Alcoa Inc. (AA: Charts, News), the first company in the Dow Jones Industrial Average to report earnings this quarter, posted profit that trailed analysts' estimates, saying European customers "dramatically" cut orders on economic uncertainty.

The largest U.S. aluminum producer's third-quarter earnings, excluding restructuring costs and tax benefits, were about 14 cents a share. The average of 15 analyst estimates compiled by Bloomberg was for 22 cents. Chief Executive Officer Klaus Kleinfeld said yesterday European aluminum demand will decline 13 percent in the second half from the first. (Source: Business Week) Click here to read the full article
US budget gap widens, tops $1 trln for 3rd year
The U.S. budget gap widened slightly in fiscal 2011, staying above $1 trillion for a third straight year and providing fodder for a political battle over taxes and spending ahead of next year's presidential election.

The Treasury Department report on Friday comes just over two months after an epic showdown over the nation's debt ceiling that pushed the United States close to a debt default and led to a downgrade of America's prized AAA credit rating. (Source: Reuters) Click here to read the full article

Business News

Wal-Mart on track to reverse 2-year US slump
Wal-Mart's (WMT: Charts, News)effort to reverse a two-year sales slump at its U.S. namesake stores is working.

The world's largest retailer said Wednesday during a meeting with analysts that revenue at its namesake stores in the U.S. that have been open at least a year rose three months in a row in July, August and September. Wal-Mart had promised a quarterly increase by the end of this year, ending nine quarters of declines, and Wednesday's news indicates it could make good on that vow in the current quarter, which ends Oct. 28. (Source: Yahoo Finance) Click here to read the full article
Google Earnings Beat Estimates on Search Advertising Growth
Google Inc. (GOOG: Charts, News), owner of the world's most popular search engine, reported sales and profit that beat estimates as businesses spent more to reach online consumers through advertisements. The shares climbed in late trading.

Third-quarter sales, excluding revenue passed on to partner sites, rose to $7.51 billion, Mountain View, California-based Google said on its website. That topped the $7.23 billion average of analysts' estimates compiled by Bloomberg. Profit, excluding some items, was $9.72 a share, beating the $8.76 average estimate. (Source. San Francisco Gate) Click here to read the full article

Technology Focus

Blackberry problems spread to US
Problems with the Blackberry smartphone system appear have to spread to the United States.

Users began to report loss of services on Wednesday, with many turning to Twitter to complain about their lack of email.

The latest development follows two days of sporadic blackouts across Europe, the Middle East and Africa. (Source: BBC) Click here to read the full article
Disappointment? Apple’s iPhone 4S Breaks Sales Records
It has the repetition of a Hollywood movie script: Apple releases a new product. Some in the media and analysts quickly bemoan the new product, saying it didn’t live up to the hype they created.

Then the new product breaks all previous sales records.

Guess what? Apple(AAPL: Charts, News) announced Monday that orders for the iPhone 4S already broke records for previous iPhone sales. The company said it processed more than one million orders for the iPhone 4S in the first 24 hours it was on sale. (Source: New York Times) Click here to read the full article

Your Money

Stop Procrastinating...Now
It seems that no one is immune to the tendency to procrastinate. When someone asked Ernest Hemingway how to write a novel, his response was "First you defrost the refrigerator." But putting off tasks takes a big hit on our productivity, and psyche. Procrastination is not inevitable. Figuring out why you postpone work and then taking concrete steps to prevent it will help you get more done and feel good about yourself. (Source: Harvard Business Review) Click here to read the full article
QWIK FAILS: 15 Disastrous Product Launches That Were Quickly Killed
This morning, Netflix NFLX CEO Reed Hastings announced that Qwikster is no longer. Hastings decided to listen to shareholders and consumers and kill Qwikster before even giving it a chance. (Source: Business Insider) Click here to read the full article
Published on Oct 14, 2011
By InvestorGuide Staff

Copyrighted 2020. Content published with author's permission.

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