Dow was off 11, advancers 5-4 ahead of decliners & NAZ was also down 11. Banks stocks pulled back. The Financial Index dropped 1+ to 188 , after soaring 27 in Oct.
The MLP index rose 1 to the 374s & the REIT index fell a fraction to 234 while the VIX, volatility index, was down a fraction, taking it below 25. Junk bond funds were mixed & Treasuries rose but their yields are still near 3 month highs. Commodities, like oil & gold, are also taking the day off with small changes.
Get the latest market update below:
Photo: Bloomberg
In Oct the Thomson Reuters/University of Michigan final index of consumer sentiment increased to 60.9 from 59.4 in Sep (above the preliminary reading of 57.5). Projections were for a drop to 58.
Photo: Bloomberg
Consumer spending increased 0.6% in Sep, matching the estimate, after a 0.2% gain in the prior month according to the Commerce Dept. Incomes rose less than projected, sending the savings rate down to the lowest level in almost 4 years.
Consumer Spending in U.S. Rises 0.6%
Photo: Yahoo
Merck Q3 profit soared from results a year ago that were weighed down by huge acquisition & legal charges & beat estimates. "Three consecutive quarters of top and bottom line growth demonstrate out ability to consistently perform while at the same time making the strategic investments necessary for the future," CEO Kenneth Frazier said. EPS rose to 55¢, up from a depressed 11¢ last year. Excluding acquisition & restructuring charges in Q3, adjusted EPS was 94¢, 3¢ higher than the 91¢ expected. Revenue rose 8% to $12.02B from $11.1B, below expectations of $11.6B. Revenue was boosted about 5% by favorable currency exchange rates. The company raised the lower end of its 2011 forecast, to a new range of $3.72-$3.76 ($2.03-$2.20 excluding one-time items). Analysts are expecting $3.73. Prescription drug sales totaled $10.35B, led by strong sales of Singulair, Januvia & combination diabetes drug Janumet, the HIV drug Isentress & the Gardasil & Zostavax vaccines. Singulair, it's top drug, saw sales rise 10% to $1.34B but US patent expires next Aug. The stock was up 64¢.
Merck Third-Quarter Profit Tops Analysts’ Estimates on Diabetes Drug Sales
Today is proof that stocks will not go up forever. Economic recoveries are sputtering around the world. The US one is so-so, Europe appears to be in decline & Asia will be hurt by the massive flooding in Thailand. The European debt mess has been put on hold, which is good enough for the stock markets. Buyers are not hindered by macro economic events, giving Oct one of its best months in history! .
The MLP index rose 1 to the 374s & the REIT index fell a fraction to 234 while the VIX, volatility index, was down a fraction, taking it below 25. Junk bond funds were mixed & Treasuries rose but their yields are still near 3 month highs. Commodities, like oil & gold, are also taking the day off with small changes.
ALERIAN MLP Index (^AMZ)
DJ REIT INDEXDJR (^DJR)
Treasury yields:
U.S. 3-month | 0.000% | |
U.S. 2-year | 0.297% | |
U.S. 10-year | 2.324% |
| CLZ11.NYM | ....Crude Oil Dec 11 | ...93.37 | ... 0.59 | (0.6%) |
| GCX11.CMX | ...Gold Nov 11 | .....1,744.10 | ... 2.60 | (0.2%) |
Get the latest market update below:
In Oct the Thomson Reuters/University of Michigan final index of consumer sentiment increased to 60.9 from 59.4 in Sep (above the preliminary reading of 57.5). Projections were for a drop to 58.
Consumer spending increased 0.6% in Sep, matching the estimate, after a 0.2% gain in the prior month according to the Commerce Dept. Incomes rose less than projected, sending the savings rate down to the lowest level in almost 4 years.
Consumer Spending in U.S. Rises 0.6%
Photo: Yahoo
Merck Q3 profit soared from results a year ago that were weighed down by huge acquisition & legal charges & beat estimates. "Three consecutive quarters of top and bottom line growth demonstrate out ability to consistently perform while at the same time making the strategic investments necessary for the future," CEO Kenneth Frazier said. EPS rose to 55¢, up from a depressed 11¢ last year. Excluding acquisition & restructuring charges in Q3, adjusted EPS was 94¢, 3¢ higher than the 91¢ expected. Revenue rose 8% to $12.02B from $11.1B, below expectations of $11.6B. Revenue was boosted about 5% by favorable currency exchange rates. The company raised the lower end of its 2011 forecast, to a new range of $3.72-$3.76 ($2.03-$2.20 excluding one-time items). Analysts are expecting $3.73. Prescription drug sales totaled $10.35B, led by strong sales of Singulair, Januvia & combination diabetes drug Janumet, the HIV drug Isentress & the Gardasil & Zostavax vaccines. Singulair, it's top drug, saw sales rise 10% to $1.34B but US patent expires next Aug. The stock was up 64¢.
Merck Third-Quarter Profit Tops Analysts’ Estimates on Diabetes Drug Sales
Merck & Company, Inc. (MRK)
Today is proof that stocks will not go up forever. Economic recoveries are sputtering around the world. The US one is so-so, Europe appears to be in decline & Asia will be hurt by the massive flooding in Thailand. The European debt mess has been put on hold, which is good enough for the stock markets. Buyers are not hindered by macro economic events, giving Oct one of its best months in history! .
Dow Industrials (INDU)
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