The Dow sank 152 (closing at the lows), decliners over advancers 3-1 & NAZ plunged a very big 74. The MLP index lost 5 to just over 450 & the REIT index was off 3+ to the 272s. Junk bond funds were mixed & Treasuries gained. Oil & gold also sold off.
AMJ (Alerian MLP Index tracking fund)
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif)
Photo: Yahoo
Twitter Surges in Trading Debut After $1.82 Billion Share Sale
CBS reported Q3 profit growth that met estimates, lifted by sales of shows to streaming services from Netflix (NFLX) & Amazon (AMZN). Revenue advanced 11% to $3.63B, beating the $3.53B projection. EPS from continuing operations increased 22% to 76¢ from 59¢ a year earlier. ChieEO Leslie Moonves is boosting sales by selling streaming rights to “The Good Wife,” “Under the Dome” and “Dexter,” which played on its Showtime cable network, to Web-based services. CBS is also increasing programming fees it charges pay-TV providers such as Time Warner Cable (TWC). Profit matched the projection for 76¢. Advertising gained 4.3% to $1.86B, while licensing & distribution revenue rose 18% to $1.1B. Affiliate and subscription fees, including retransmission revenue, jumped 23% to $611M. “We are on the way to monetizing every eyeball that is watching our content,” Moonves said. The company had debt of $6.3B & $226M in cash as of Sep 30. Profit at the entertainment division, which includes the broadcast network, increased 14% to $394M & sales grew 12% to $1.88B. Income at the cable division, home to its Showtime, rose 15% to $255M on sales that increased 37%. Profit from local broadcasting, which includes the company’s TV & radio stations, fell 15% to $161M from a year ago, when the division benefited from political campaign advertising. Revenue dropped 3% to $641M. The Simon & Schuster publishing division lifted profit 7.9% to $41M on sales that gained 6.7% to $224M. The stock dropped 2.71.
CBS Profit Climbs 22% as Sales to Streaming Outlets Lift Results
Photo: Yahoo
Wendy's adjusted 3Q net income beats Street Associated Press
It's surprising that the raw number for GDP growth is getting so much attention. The thinking is that "better than expected" growth may prompt the Federal Reserve to taper its bond buying program sooner (an event that is approaching). As pointed out below, the underlying numbers make the 2.8% growth rate a little shaky. But that brings back the main thought inspiring buyers. Low interest rates are necessary for a rising stock market. That's a sad comment on this rally which has given the Dow an astounding advance of 2.5K this year. Pay attention to DC. Not only is the Obamacare disaster going to pinch the recovery, but it has put the need to fund gov spending for the rest of the fiscal year & raising the debt ceiling onto a back burner. Those are enormous issues & will have to be resolved at the last second, as usual. The outcome will be based on political considerations, not what is best for the economy & recovery. But the Dow is not disturbed.
Dow Jones Industrials
AMJ (Alerian MLP Index tracking fund)
Treasury yields:
U.S. 3-month |
0.05% | |
U.S. 2-year |
0.28% | |
U.S. 10-year |
2.61% |
| CLZ13.NYM | ....Crude Oil Dec 13 | ....94.18 |  ...0.62 | (0.7%) |
Twitter went on sale for the first time, instantly leaping more than 70% above their offering
price in a dazzling debut that exceeded even lofty
expectations for the most anticipated IPO since
Facebook (FB) last year. At the opening bell, the social network was valued at $31B, more than Macy's (M) & roughly comparable to Deere (DE). TWTR, which has never turned a profit in the 7 years since it
was founded, worked hard to temper expectations ahead of the IPO. The IPO was carefully orchestrated to avoid the glitches & eventual
letdown that surrounded FB's first appearance on the NAZ. Trading on the NYSE opened at $45.10, 73% above the IPO price. In the first few hours, the stock jumped over $50 amid a broader market
decline. $1.8B was raised when it sold 70M
shares at $26 each. At $26 per share, the company was valued at more than $18B, less than a quarter of FB's
value of $104B at the time of its IPO. Named after the sound of a chirping bird, TWTR got its start in
2006 after its founders discussed creating a service that would let
users exchange short messages. Since then, the site that lets
users send short messages in 140-character bursts has attracted world
leaders, religious icons & celebrities, along with CEOs, businesses & countless marketers. The stock jumped 19.19 to 45.18 on its first day of trading.
Twitter Surges in Trading Debut After $1.82 Billion Share Sale
Twitter (TWTR)
CBS reported Q3 profit growth that met estimates, lifted by sales of shows to streaming services from Netflix (NFLX) & Amazon (AMZN). Revenue advanced 11% to $3.63B, beating the $3.53B projection. EPS from continuing operations increased 22% to 76¢ from 59¢ a year earlier. ChieEO Leslie Moonves is boosting sales by selling streaming rights to “The Good Wife,” “Under the Dome” and “Dexter,” which played on its Showtime cable network, to Web-based services. CBS is also increasing programming fees it charges pay-TV providers such as Time Warner Cable (TWC). Profit matched the projection for 76¢. Advertising gained 4.3% to $1.86B, while licensing & distribution revenue rose 18% to $1.1B. Affiliate and subscription fees, including retransmission revenue, jumped 23% to $611M. “We are on the way to monetizing every eyeball that is watching our content,” Moonves said. The company had debt of $6.3B & $226M in cash as of Sep 30. Profit at the entertainment division, which includes the broadcast network, increased 14% to $394M & sales grew 12% to $1.88B. Income at the cable division, home to its Showtime, rose 15% to $255M on sales that increased 37%. Profit from local broadcasting, which includes the company’s TV & radio stations, fell 15% to $161M from a year ago, when the division benefited from political campaign advertising. Revenue dropped 3% to $641M. The Simon & Schuster publishing division lifted profit 7.9% to $41M on sales that gained 6.7% to $224M. The stock dropped 2.71.
CBS Profit Climbs 22% as Sales to Streaming Outlets Lift Results
CBS Corp (CBS)
Wendy's Q3 loss narrowed as more customers snapped up its
new Pretzel Bacon Cheeseburger & Pretzel Pub Chicken sandwiches, along
with other menu items. Results beat expectations & the company raised its guidance. However, the company said it expects adjusted earnings, before taxes,
interest, & other items, to fall 10% in the Q4, as
it invests in future growth initiatives. WEN has been offering new items such as more
premium bun & said it is bringing back its Bacon
Portabella Melt, serving it on a toasted brioche bun. It's is also
pushing renovations to make its restaurants more inviting. CEO Emil Brolick said the strategy is "proving to be
effective" against both its traditional quick-serve restaurant
competitors & new entrants. While the Pretzel Bacon Cheeseburger did well,
another new product, a grilled chicken flatbread, did not do as well as
expected & sales momentum slowed at the end of the qtr, Brolick
said. Sales rose 3.2% at restaurants open at least a year. The net loss of $1.9M was essentially break even
per share, which compares with a loss 7¢ per share
last year. Excluding costs related to paying back debt early & selling
some restaurants, EPS was 8¢, 2 pennies better than expected. Revenue edged
up nearly 1% to $640.8M, which was also better than projected. The company expects adjusted EPS of 25¢ for fiscal 2013, higher than prior guidance of 20-22¢. Analysts are forecasting 23¢. The stock dropped 1.04 (12%).
Wendy's adjusted 3Q net income beats Street Associated Press
Wendy's (WEN)
It's surprising that the raw number for GDP growth is getting so much attention. The thinking is that "better than expected" growth may prompt the Federal Reserve to taper its bond buying program sooner (an event that is approaching). As pointed out below, the underlying numbers make the 2.8% growth rate a little shaky. But that brings back the main thought inspiring buyers. Low interest rates are necessary for a rising stock market. That's a sad comment on this rally which has given the Dow an astounding advance of 2.5K this year. Pay attention to DC. Not only is the Obamacare disaster going to pinch the recovery, but it has put the need to fund gov spending for the rest of the fiscal year & raising the debt ceiling onto a back burner. Those are enormous issues & will have to be resolved at the last second, as usual. The outcome will be based on political considerations, not what is best for the economy & recovery. But the Dow is not disturbed.
Dow Jones Industrials
I’m a huge fan of INO, & from what I have seen so far, their service Marketclub! This isn’t a stripped down version, everything in MarketClub is available to you. I don’t want to give everything away, but you’ll have unlimited access to my favorite three tools: Trade Triangles, Smart Scan, & Alerts! The best part is that the MarketClub customer support team will be providing UNLIMITED support! You can call or email for an instant response to any question, comment or concern.
Here’s that link again:
https://club.ino.com/join/specialtrial/index_free.html?a_aid=CD3289&a_bid=359ef9a3
I’d recommend you jump on this now.
No comments:
Post a Comment