Dow was up 14, decliners modestly ahead of advancers & NAZ climbed 18. The MLP index dropped 5 to the 339s & the REIT index rose 4+ to the 326s. Junk bond funds were mixed & Treasuries saw a little selling. Oil remained weak in the 46s & gold also fell.
AMJ (Alerian MLP Index tracking fund)
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif?0.1819001528608486)
Halliburton cut another 2K jobs in the past month as the worst oil market slump in decades saps demand for work at the largest provider of fracking services. The company said Q1 of next year may represent the lowest point for its North American profit margin as customers start fresh with new spending budgets for 2016 & tap its pressure-pumping expertise to start new wells. The comments came after the company reported a Q3 loss of $54M. "The pumping business in North American is clearly the most stressed segment of the market today, but it’s also the market we know the best," Pres Jeff Miller said. "This is the segment that we expect to rebound the most sharply." Explorers have cut more than $100B from global spending plans for the year after crude prices fell by more than half since Jun 2014. HAL had a loss of 6¢ a share compared with EPS of 1.41 a year earlier. Excluding certain items, EPS was 4¢ more than the 27¢ the estimate. Sales dropped 36% to $5.6B. The company has cut its workforce by 18K (21%) since its peak last year. Prices that service companies charge for hydraulic fracturing are projected to fall as much as 37% in North America this year. Fracking represents about 70% of the cost for an average US well, CEO Dave Lesar said. "That’s naturally where customers have gone in terms of the pressure to reduce costs," Lesar said. The company is operating near break-even in North America, reporting an operating profit margin of 0.8% in Q3. The stock 45¢. If you would like to learn more about HAL, click on this link:
club.ino.com/trend/analysis/stock/HAL?a_aid=CD3289&a_bid=6ae5b6f7
Morgan Stanley's profit slumped for the 2nd straight qtr as investors fled the bond, currency & commodity markets amid uncertainty about the timing of a US interest rate hike & concerns about China's cooling economy. EPS fell to 48¢ from 83¢ a year earlier. Analysts had expected EPS of 62¢. It was not immediately clear if the reported figures were comparable. Consolidated net revenue fell 12.8% to $7.77B, sharply below the estimate of $8.53B. MS, along with the competition, reported a drop in revenue from trading. The results capped a generally downbeat qtr for the 6 big US banks. The stock sank 1.63. If you would like to learn more about MS, click on this link:
club.ino.com/trend/analysis/stock/MS?a_aid=CD3289&a_bid=6ae5b6f7
Hasbro reported a better-than-expected quarterly profit as toys based on "Star Wars" & "Jurassic World" movie series boosted sales of its toys targeted at boys. Revenue in the toys for boys category, its largest business, rose 24% in Q3. The business accounted for about 40% of total revenue. Revenue in the preschool toys category, under which it makes Play-Doh & Playskool toys & games, increased about 17%. EPS rose 15% to $1.64. Excluding items, EPS was 1.58, beating the analyst estimate of 1.52. But net revenue was flat at $1.47B, slightly below expectations of $1.48B. Excluding the impact of a strong dollar, revenue rose 9%. Not good enough, so the stock plunged 5.45. If you would like to learn more about HAS, click on this link:
club.ino.com/trend/analysis/stock/HAS?a_aid=CD3289&a_bid=6ae5b6f7
Today is the anniversary of the crash in 1987. Little was decided although the bulls have lost command of the markets. Earnings today may be a preview of glum earnings in the coming days. Bank earnings were short of impressive. The strong dollar will continue to be a drag for intl companies. So far, Dow has been able to hold on to the enormous gain in week 1 of Oct. That strength may not last.
Dow Jones Industrials
AMJ (Alerian MLP Index tracking fund)
| CLX15.NYM | ....Crude Oil Nov 15 | ....46.07 |  ...1.19 | (2.5%) |
Halliburton cut another 2K jobs in the past month as the worst oil market slump in decades saps demand for work at the largest provider of fracking services. The company said Q1 of next year may represent the lowest point for its North American profit margin as customers start fresh with new spending budgets for 2016 & tap its pressure-pumping expertise to start new wells. The comments came after the company reported a Q3 loss of $54M. "The pumping business in North American is clearly the most stressed segment of the market today, but it’s also the market we know the best," Pres Jeff Miller said. "This is the segment that we expect to rebound the most sharply." Explorers have cut more than $100B from global spending plans for the year after crude prices fell by more than half since Jun 2014. HAL had a loss of 6¢ a share compared with EPS of 1.41 a year earlier. Excluding certain items, EPS was 4¢ more than the 27¢ the estimate. Sales dropped 36% to $5.6B. The company has cut its workforce by 18K (21%) since its peak last year. Prices that service companies charge for hydraulic fracturing are projected to fall as much as 37% in North America this year. Fracking represents about 70% of the cost for an average US well, CEO Dave Lesar said. "That’s naturally where customers have gone in terms of the pressure to reduce costs," Lesar said. The company is operating near break-even in North America, reporting an operating profit margin of 0.8% in Q3. The stock 45¢. If you would like to learn more about HAL, click on this link:
club.ino.com/trend/analysis/stock/HAL?a_aid=CD3289&a_bid=6ae5b6f7
Halliburton Cuts More Jobs as Fracking Hit Worst in Oil Downturn
Halliburton (HAL)
Morgan Stanley's profit slumped for the 2nd straight qtr as investors fled the bond, currency & commodity markets amid uncertainty about the timing of a US interest rate hike & concerns about China's cooling economy. EPS fell to 48¢ from 83¢ a year earlier. Analysts had expected EPS of 62¢. It was not immediately clear if the reported figures were comparable. Consolidated net revenue fell 12.8% to $7.77B, sharply below the estimate of $8.53B. MS, along with the competition, reported a drop in revenue from trading. The results capped a generally downbeat qtr for the 6 big US banks. The stock sank 1.63. If you would like to learn more about MS, click on this link:
club.ino.com/trend/analysis/stock/MS?a_aid=CD3289&a_bid=6ae5b6f7
Morgan Stanley Profit Falls on Trading Revenue
Morgan Stanley (MS)
Hasbro reported a better-than-expected quarterly profit as toys based on "Star Wars" & "Jurassic World" movie series boosted sales of its toys targeted at boys. Revenue in the toys for boys category, its largest business, rose 24% in Q3. The business accounted for about 40% of total revenue. Revenue in the preschool toys category, under which it makes Play-Doh & Playskool toys & games, increased about 17%. EPS rose 15% to $1.64. Excluding items, EPS was 1.58, beating the analyst estimate of 1.52. But net revenue was flat at $1.47B, slightly below expectations of $1.48B. Excluding the impact of a strong dollar, revenue rose 9%. Not good enough, so the stock plunged 5.45. If you would like to learn more about HAS, click on this link:
club.ino.com/trend/analysis/stock/HAS?a_aid=CD3289&a_bid=6ae5b6f7
Hasbro Profit Beats on Higher Sales of Boys Toys
Hasbro (HAS)
Today is the anniversary of the crash in 1987. Little was decided although the bulls have lost command of the markets. Earnings today may be a preview of glum earnings in the coming days. Bank earnings were short of impressive. The strong dollar will continue to be a drag for intl companies. So far, Dow has been able to hold on to the enormous gain in week 1 of Oct. That strength may not last.
Dow Jones Industrials
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