Stocks on Wall Street Off Highs, but Still Green
Thursday, October 21, 2021 12:30 PM

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Stocks on Wall Street have slid off their lows which happened to coincide with a climb in the dollar in early afternoon trading. The dollar, which was down early, has made a comeback and is slightly up for the day now as energy, financials and materials have cooled off.

The Dow Jones Industrial Average is up by 40.22 points, or .36% to 11,147.93. The S&P 500 is up by 3.24 points, or .28%, to 1,181.41. The NASDAQ is also in the green; up 6.51 points, or .27%, to 2,463.77.

The US Dollar is up against the euro by .0003 and gaining ground against the yen; up .0250.

Oil futures for November delivery are down $1.26 to $81.28.

The 10-year bond yield is up .05 to 2.52%.


The U.S. Labor Department announced that initial jobless claims declined by 23,000 to 452,000 in the week ended Oct. 15. The prior week's figures were revised up by 13,000, to the highest level since late August.

By climbing .3% in September, the index of U.S. leading indicators climbed for the third straight month, signaling the recovery will extend into 2011.

For the first time since July, manufacturing in the Philadelphia Fed region expanded this month as factory payrolls grew, a report from the branch of the Bank of Tokyo-Mitsubishi UFJ Ltd. in New York showed today. The general economic index rose to 1 from minus 0.7 in September. Figures greater than zero signal growth.


Telecom stocks have been a drag on the market today. Verizon is down .43% at $32.50 and while coming back up off its lows, shares of AT&T are still in the red after average earnings results. Shares of T are down .87% at $28.36.

Drug giant, Eli Lilly stumbled again today on weak revenue growth, even though its third-quarter profit rose 38% from a year earlier. Shares of LLY are down .92% at $35.68.

Shares of Travelers are trading up after reporting third-quarter earnings and revenue that topped Wall Street estimates and raising its full-year guidance. Shares of TRV are up .97% to $55.17.

Credit Suisse is seeing share price fall upon reporting a 74% drop in third-quarter net profit. The Company said the biggest drop was in investment banking, where pretax profit slumped 77% to 395 million francs as clients elected to steer clear of the markets. Shares of CS are off by 4.98% at $42.78.

Bob Howard and a team of Goldman Sachs proprietary traders are being hired by private-equity firm KKR & Co. Shares of KKR are up 2.81% to $11.70, +0.32.


Caterpillar Inc. reported that third-quarter profit increased by 96% to $792 million, or $1.22 a share, from $404 million, or $.64 per share, for the same period in 2009. Sales rose 53% to $11.13 billion. Both figures beat Wall Street analysts which expected earnings of $1.09 a share and revenue of $10.5 billion. Shares of CAT are trading down .21% at $80.15.

Pharmaceutical giant GlaxoSmithKline announced that its third-quarter net profit fell 3.5% to 1.29 billion pounds ($2.04 billion) from 1.34 billion pounds for 2009 as revenue increased 0.8% to 6.81 billion pounds. Shares of GSK are trading down 1.05% at $40.49.

Fast food giant, McDonald's Corp. reported that third-quarter earnings rose to $1.39 billion, or $1.29 a share, from $1.26 billion, or $1.15 a share, for the same period in 2009. Earnings totaled $1.32 a share excluding $.03 a share in currency impact for the quarter. Revenue rose 4% to $6.3 billion. Wall Street estimates expected $1.25 a share, on revenue of $6.22 billion. Shares of MCD are trading up 2.45% at $79.31.

Diamond Offshore Drilling Inc. reported this morning that third-quarter net income fell to $198.5 million, or $1.43 a share, from $364.1 million, or $2.62 a share, for the same period in 2009. Revenue dropped to $799.7 million, from $908.4 million. Both figures beat Wall Street estimates of net income of $1.34 a share and revenue of $796.5 million. Shares of DO are trading up 2.69% at $70.72.

Newly merged after the Continental and United Airlines joined as one, United Continental Holdings, reported its two carrier units tallied up profits during their last quarter as independent operators. For the third quarter, Continental Airlines had a net income of $367 million, or $2.24 a share as compared to a loss of $18 million, or $.14 per share in the year earlier quarter. United posted a quarterly profit of $367 million, or $2.24 a share as compared to the same quarter in 2009 which resulted in a loss of $57 million, or $.39 per share. Shares of UAL are trading up 2.42% at $28.30.

United Parcel Service reported its third-quarter net income launched 81% to $991 million, or $.99 per share, from $549 million, or $.55 a share, for the same period in 2009. The delivery giant's adjusted earnings rose to $.93 per share, from $.55 per share. Revenue rose 9% to $12.19 billion from $11.15 billion. The reported numbers were close to estimates of $.88 a share on revenue of $12.35 billion. Shares of UPS are trading up .32% at $69.87.

The Children's Place Retail Stores cut its third-quarter outlook this morning, citing weaker than expected sales in the quarter to date. The Company now expects quarterly earnings from continuing operations to be between $1.10 and $1.13 as opposed to previously forecast earnings of $1.38 to $1.43. Shares of PLCE are trading down 12.05% at $45.63.

EBay Inc. shares are launching as third quarter net income rose 23%, beating Wall Street forecasts, on the strength of its PayPal payments business. Shares of EBAY are trading up 8.53% at $27.85.

Netflix shares are soaring as well upon reporting that third quarter net income rose 26% as the DVD rental firm's streaming business gained momentum. Shares of NFLX are trading up 13.05% at $173.14.

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(Source: Quotemedia)


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Market news:

  • NKorea warns region is on brink of war Nov 26, 2021 09:15 AM

    • YEONPYEONG ISLAND, South Korea - North Korea warned Friday that U.S.-South Korean plans for military maneuvers put the peninsula on the brink of war, and appeared to launch its own artillery drills within sight of an island it showered with a deadly barrage this week.
    • The fresh artillery blasts were especially defiant because they came as the U.S. commander in South Korea, Gen. Walter Sharp, toured the South Korean island to survey damage from Tuesday's hail of North Korean artillery fire that killed four people.
    • None of the latest rounds hit the South's territory, and U.S. military officials said Sharp did not even hear the concussions, though residents on other parts of the island panicked and ran back to the air raid shelters where they huddled earlier in the week as white smoke rose from North Korean territory.
      • Another US missile strike kills 3 in Pakistan Nov 26, 2021 08:56 AM

        • MIR ALI, Pakistan - Pakistani intelligence officials say a suspected U.S. missile strike has killed three alleged militants in the country's northwest.
        • It's the latest in a barrage of attacks by unmanned drones on the stronghold of Taliban fighters targeting American and NATO forces in Afghanistan.
        • The area is home to a mix of Afghan and Pakistani Taliban.
          • Officials pull out of CA bomb factory, cite danger Nov 26, 2021 08:49 AM

            • ESCONDIDO, Calif. - Explosives experts have pulled out of a northern San Diego County home with a large quantity of bomb-making materials because it's too dangerous.
            • The Sheriff's Department says "proactive operations on site have been suspended" and local, state and federal explosives experts are making plans to re-enter the home and remove hazardous materials.
            • Among other things, bomb technicians found what is believed to Pentaerythritol tetranitrate, or PETN, which was used in the 2001 airliner shoe-bombing attempt as well as in last month's airplane cargo bombs.
              • All-night shop-a-thon: Black Friday draws crowds Nov 26, 2021 08:42 AM

                • Bargain shoppers, braving rain or frigid weather, crowded the nation's stores and malls in the wee hours of the night to get their hands on deals from TVs to toys on Black Friday.
                • In a bid to grab shoppers earlier on the traditional start to the holiday shopping season, a number of stores including Old Navy, Toys R Us and Sears opened on Thursday's Thanksgiving holiday.
                • Toys R Us' 10 pm. opening at its flagship store in Times Square drew 1,500 shoppers, says CEO Jerry Storch.
                  • Asian carp create nagging fear in Lake Erie towns Nov 26, 2021 08:19 AM

                    • WHEATLEY, Ontario - Well before dawn, Todd Loop takes his fishing tug onto Lake Erie in pursuit of yellow perch, walleye and other delicacies - a livelihood that has sustained his family for three generations but faces a future as murky as the freshwater sea on a moonless night.
                    • Already ravaged by exotic species such as the sea lamprey and quagga mussel, the Great Lakes soon may be invaded by Asian carp, greedy giants that suck plankton from the water with the brutal efficiency of vacuum cleaners.
                    • Nowhere is the danger greater than in Lake Erie.

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