TOP STORIES
U.S. STOCKS RALLY ON STRONG EARNINGS
U.S. stocks rallied, boosted by strong third-quarter earnings
from Caterpillar and other companies. The Dow industrials were up
about 250 points, with the Nasdaq Composite and S&P 500 also
showing hearty gains.
GENERAL MOTORS PROFIT FALLS 14%
GM reported a 14% drop in its 3Q profit but beat analyst
expectations as strength in North America offset weaker results in
other regions. Earnings equaled $1.47 billion. Excluding items, EPS
was 97c, beating the 95c analysts expected.
AIRLINES POST STRONG PROFITS; OUTLOOKS BULLISH
Several U.S. airlines posted stronger 3Q profits and expressed
bullish sentiments for the fourth quarter, based on falling fuel
prices, strong holiday bookings, domestic capacity discipline and a
slight easing of Ebola jitters.
CATERPILLAR'S RESULTS STRONG; RAISES OUTLOOK
Caterpillar posted stronger-than-expected results for its 3Q and
raised its profit outlook for the year. Caterpillar posted a profit
of $1.02 billion, or $1.63 a share, on revenue of $13.55 billion.
Shares rise 5%.
3M PROFIT INCREASES ON STRONG SALES GROWTH
3M posted a profit of $1.3 billion, or $1.98 a share, driven by
sales growth of items including water purification systems and
industrial adhesives and tapes. Revenue increased 2.8% to $8.14
billion.
U.S. JOBLESS CLAIMS REMAIN NEAR 14-YEAR LOWS
Initial claims for unemployment benefits increased to a
seasonally adjusted 283,000 in the week ended Oct. 18, but remained
near fourteen-year lows. That was slightly above the 282,000 claims
forecast by economists.
APPLE, GT ADVANCED AGREE ON SAPPHIRE MATERIALS
GT Advanced Technologies and Apple announced they reached an
agreement on terms for the wind-down of sapphire materials
production in GT's Mesa, Ariz. and Salem, Mass. locations.
AUDI RECALLS 850,000 A4S FOR AIR-BAG FIX
Audi has issued a world-wide recall of 850,000 Audi A4 sedans,
urging their owners to bring their cars in to repair a software
glitch that can prevent the air bags from opening in a
collision.
COKE REPLACES MARKETING CHIEF
Coca-Cola is replacing its chief marketing officer with a
veteran company insider, the latest bid by the world's largest
beverage maker to revive flagging sales. Shares rose 1%.
COMCAST PROFIT RISES; NBCU CHIEF DOWN ON CABLE
Comcast's profit rose 50% to $2.59 billion, or 99c a share, as
it benefited from a one-time income-tax adjustment and a boost in
earnings at its NBCUniversal arm. NBCU CEO Steve Burke gave a
gloomy outlook on cable TV.
ISLAMIC STATE RECAPTURES HILL NEAR KOBANI
Islamic State fighters recaptured a critical hill near the
besieged city of Kobani, dealing a blow to Syrian Kurdish forces in
what has been a seesaw battle for small patches of territory in and
around the northern Syrian city.
======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES =======
Heard on the Street
EUROZONE PMI: PRICE MOVES IMPORTANT
As ever with Europe, there is good news, and there is bad news.
The good news is that eurozone growth isn't collapsing. The bad
news is that the prospects for inflation to rise seem distant,
writes Richard Barley.
Heard on the Street
ACCOUNTING FOR TESCO'S DEEPER MALAISE
Tesco's accounting wounds aren't as bad as feared, but its
underlying commercial disease remains untreated. And the U.K.
supermarkets group's new CEO hasn't had a chance to come up with
any ideas for how to cure it.