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Friday, October 26, 2012

STOCKS ARE CALM BEFORE THE STORM: Here's What You Need To Know, October 26, 2012

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Friday, October 26, 2012

GDP grew more than expected in Q3. However, everyone's attention is on "Frankenstorm."

First the scoreboard:

Dow: 13,107, +3.5, +0.0 percent
S&P 500: 1,414, +1.0, -0.0 percent
NASDAQ: 2,987, +1.8, +0.0 percent

And now the top stories:

Markets were getting pummeled overnight, but they bounced back aggressively after the GDP report.
The Bureau of Economic Analysis published said its advanced reading Q3 GDP was much better than expected. The economy grew at a 2.0% rate, which compares to economists' expectation for 1.8%. Personal consumption climbed 2.0%, which was just shy of the 2.1% expected. The key driver of growth was government spending, which saw a huge boost in national defense spending. Here Are The 20 Fastest Growing Economies In The World >
The University of Michigan Consumer Confidence was a disappointment, falling to 82.6 from a preliminary reading of 83.1. Economists were looking for 83.0.
Two tech behemoths delivered disappointing quarterly earnings. Amazon.com reported a $0.60 per share net loss, which shocked everyone. Analysts were looking for an $0.08 loss. However, the bulk of that loss was related to a writedown taken on the company's investment in coupon giant LivingSocial. Surprisingly, shares rallied today. Here Are The 10 Most Troubled Industries In America >
Apple's earnings announcement was mixed. Revenue came right in line at $36 billion. But earnings per share was weak at $8.67. iPad sales were a bit light. But iPhone sales blew past expectations with 26.9 million units being sold.
The eastern U.S. is bracing for Hurricane Sandy aka "Frankenstorm." Meteorologists forecast Hurricane Sandy will come up from the Bahamas and collide with a second storm coming from the midwest to form what could be the worst storm the Northeast has seen in a century. New York City Mayor Bloomberg is warning people to prepare to evacuate on Tuesday.
Don't Miss: The 16 Pipeline Operators With The Most 'Incidents' >




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