Dow rose 86, advancers over decliners 5-1 & NAZ was up 20. Bank stocks are having a limited rise as the Financial Index is up only a fraction to 168. The MLP index rose 2 to the 254s & the REIT index was up 3 to 210. Junk bond funds were higher while Treasuries fell as that money went into the stock market. Oil climbed to near $87 on encouraging economic news in the US & China (the 2 biggest customers). Gold edged higher, still treading water in the 1600s.
Photo: Yahoo
Consumers stepped up spending on retail goods in Sep, spending more on autos, clothing & furniture to boost retail sales 1.1% according to the Commerce Dept. It was the largest gain in 7 months. Auto sales rose 3.6% to drive the overall increase. Excluding that category, sales increased a 0.6%. The gov also revised the Aug figures up to show a 0.3% increase after initially reporting no gain. The gains were broad-based: department stores sales increased 1.1%, a larger category of general merchandise stores (which includes big-chain retailers including Wal-Mart (WMT) & Target (TGT)) showed a 0.7% rise last month after no gain in Aug, specialty clothing stores sales rose 1.3%, sales were up 1.1% at furniture stores but hardware store sales slipped 0.1%. A fairly good report but it is not expected that vary large gains will not continue while unemployment remains high.
Gap plans to close stores in the US while expanding in China. The retailer, which runs the Gap, Old Navy & Banana Republic chains, detailed plans to close 189 locations (21% of its namesake Gap stores in the US) by the end of 2013. At the same time, it plans to triple the number of Gap stores in China from about 15 by the end of the year to roughly 45 by the end of next year. The moves are related to the previously stated goal of reducing its overall square footage in the US by 10% from 2007 to the end of 2013, while roughly doubling revenue from outside of the US to 30% by the end of the same year. This is another setback for recovery of the US economy. The stock fell 15¢ in what has been a dismal year.
Gap to Cut Namesake Stores in U.S. to Focus on Expanding Internationally
Photo: Yahoo
Google Q3 earnings are the latest reminder of how its position as the internet's dominant gateway has spawned a business that endures economic turbulence better than most companies. "When I look back at the last quarter, the word that springs to mind is, `Gangbusters,' CEO Larry Page said. Q3 numbers painted a picture of a company operating in a bubble of prosperity amid a sputtering economy. GOOG added nearly 2600 workers to guarantee that 2011 will be the biggest hiring year in the company's 13-year history (ending Sep with more than 31K workers, an increase of 2% from the end of last year). While the US economic growth is shrinking, GOOG is accelerating. Q3 revenue of $9.7B was 33% higher than last year, marking the 4th consecutive qtr that year-over-year revenue growth has climbed. EPS was $8.33, up 26% from $6.72 last year. If not for expenses covering employee stock compensation, EPS would have been $9.72, easily beating estimates of $8.77. After subtracting the commissions paid to advertising partners, revenue stood at $7.5B, $200M above projections. The stock gained $32 to $591, but remains below its 12 month highs.
Google going 'gangbusters' as 3Q wows investors AP
Stocks are ending the week with buyers in command. Dow is up about 500 this week, not too bad considering drab earnings from Dow stocks Alcoa (AA) & JPMorgan (JPM), trend setters for many other company reports. Worries about European debts are fading even though fundamental debt issues have not been resolved. The US gov will be getting more attention. The Reps want marginal tax rates of 25% for individuals, businesses & capital gains, something Dems will not agree to. Deadlock will continue in DC & the deadline for the super committee to come up with recommendations to cut massive federal deficits is about one month away. Meanwhile, earnings reports will get the most attention highlighted by the other 3 big banks due early next week.
g
ALERIAN MLP Index (^AMZ)
DJ REIT INDEXDJR (^DJR)
Treasury yields:
U.S. 3-month | 0.020% | |
U.S. 2-year | 0.281% | |
U.S. 10-year | 2.241% |
| CLX11.NYM | ....Crude Oil Nov 11 | ...86.52 | ..... 2.29 | (2.7%) |
| GCV11.CMX | ...Gold Oct 11 | .......1,679.50 | ... 12.20 | (0.7%) |
Below get the latest market update:
Photo: Yahoo
Consumers stepped up spending on retail goods in Sep, spending more on autos, clothing & furniture to boost retail sales 1.1% according to the Commerce Dept. It was the largest gain in 7 months. Auto sales rose 3.6% to drive the overall increase. Excluding that category, sales increased a 0.6%. The gov also revised the Aug figures up to show a 0.3% increase after initially reporting no gain. The gains were broad-based: department stores sales increased 1.1%, a larger category of general merchandise stores (which includes big-chain retailers including Wal-Mart (WMT) & Target (TGT)) showed a 0.7% rise last month after no gain in Aug, specialty clothing stores sales rose 1.3%, sales were up 1.1% at furniture stores but hardware store sales slipped 0.1%. A fairly good report but it is not expected that vary large gains will not continue while unemployment remains high.
Photo: Bloomberg
Gap plans to close stores in the US while expanding in China. The retailer, which runs the Gap, Old Navy & Banana Republic chains, detailed plans to close 189 locations (21% of its namesake Gap stores in the US) by the end of 2013. At the same time, it plans to triple the number of Gap stores in China from about 15 by the end of the year to roughly 45 by the end of next year. The moves are related to the previously stated goal of reducing its overall square footage in the US by 10% from 2007 to the end of 2013, while roughly doubling revenue from outside of the US to 30% by the end of the same year. This is another setback for recovery of the US economy. The stock fell 15¢ in what has been a dismal year.
Gap to Cut Namesake Stores in U.S. to Focus on Expanding Internationally
Gap, Inc. (The) (GPS)
Photo: Yahoo
Google Q3 earnings are the latest reminder of how its position as the internet's dominant gateway has spawned a business that endures economic turbulence better than most companies. "When I look back at the last quarter, the word that springs to mind is, `Gangbusters,' CEO Larry Page said. Q3 numbers painted a picture of a company operating in a bubble of prosperity amid a sputtering economy. GOOG added nearly 2600 workers to guarantee that 2011 will be the biggest hiring year in the company's 13-year history (ending Sep with more than 31K workers, an increase of 2% from the end of last year). While the US economic growth is shrinking, GOOG is accelerating. Q3 revenue of $9.7B was 33% higher than last year, marking the 4th consecutive qtr that year-over-year revenue growth has climbed. EPS was $8.33, up 26% from $6.72 last year. If not for expenses covering employee stock compensation, EPS would have been $9.72, easily beating estimates of $8.77. After subtracting the commissions paid to advertising partners, revenue stood at $7.5B, $200M above projections. The stock gained $32 to $591, but remains below its 12 month highs.
Google going 'gangbusters' as 3Q wows investors AP
Google Inc. (GOOG)
Stocks are ending the week with buyers in command. Dow is up about 500 this week, not too bad considering drab earnings from Dow stocks Alcoa (AA) & JPMorgan (JPM), trend setters for many other company reports. Worries about European debts are fading even though fundamental debt issues have not been resolved. The US gov will be getting more attention. The Reps want marginal tax rates of 25% for individuals, businesses & capital gains, something Dems will not agree to. Deadlock will continue in DC & the deadline for the super committee to come up with recommendations to cut massive federal deficits is about one month away. Meanwhile, earnings reports will get the most attention highlighted by the other 3 big banks due early next week.
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