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Monday, October 20, 2014

ON THE EBOLA CLOCK: Dozens get all-clear, others on symptom watch

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ON THE EBOLA CLOCK: Dozens get all-clear, others on symptom watch
ON THE EBOLA CLOCK: Dozens get all-clear, others on symptom watch

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MARKETS RALLY, IBM TANKS: Here's What You Need To Know

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October 20, 2014

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Stocks finished the day higher on Monday as the Dow closed with the smallest gains as a more than 7% decline in shares of tech giant IBM dragged down the index. Both the S&P 500 and Nasdaq opened the week with gains.

First, the scoreboard:

  • Dow: 16,399.7, +19.3, (+0.1%)
  • S&P 500: 1,904, +17.3, (+0.9%)
  • Nasdaq: 4,316.1, +57.6, (+1.3%)

And now, the top stories on Monday:

1. IBM had a big earnings miss on Monday morning and the stock finished the day down more than 7%. IBM reported earnings per share of $3.68, missing expectations for $4.32, on revenue of $22.4 billion, which also missed expectations and was a 4% decline over last year. IBM shares were down about 7% in pre-market trade and stayed there for most all of the trading session on Monday, and the decline in IBM weighed on the Dow, which falls 6.42195 for every 1-point move in one of the index's stocks.

2. The IBM decline wasn't just about the numbers, which were disappointing, but also about the commentary from IBM CEO Ginni Rometty, who said in the company's earnings press release that the company, "saw a marked slowdown in September in client buying behavior, and our results also point to the unprecedented pace of change in our industry." Back in July, hedge fund manager Stanley Druckenmiller said that IBM was the "poster child" for poor corporate behavior that engaged in financial engineering rather than investing in their business.

3. The Robin Hood Investor Conference was held Monday in New York, and among the big hedge fund names who gave some investment thoughts were David Einhorn, who recommended SunEdison, as well as going long Greek banks Alpha Bank and Piraeus Bank, according to Business Insider's Julia LaRoche. Einhorn also said being short French debt.

4. In an interview with New York Magazine, noted tech investor Marc Andreessen said that the American middle class is an accident of history, as it was the only major industrial country that wasn't bombed during World War II. You can Andreessen's full comments from Business Insider's Shane Ferro here

5. Apple is set to report earnings after the market close on Monday, and per Business Insider's Jay Yarow, expectations are for earnings per share of $1.31, revenue of $39.85 billion, iPhone sales of 38 million units, iPad sales of 13 million units, with expectations for the company's fourth quarter currently at $63.52 billion. BI will have full live coverage of the report after the market close. 

6. In a note to clients over the weekend, Goldman Sachs' David Kostin said that a potential pause in the pace of corporate buybacks could explain the recent pullback in the S&P 500. "Most companies are precluded from engaging in open-market stock repurchases during the five weeks before releasing earnings," Kostin wrote. "For many firms, the beginning of the blackout period coincided with the S&P 500 peak on September 18. So the sell-off occurred during a time when the single largest source of equity demand was absent." Kostin still sees the S&P 500 finishing the year at 2,050 as buybacks pick up into year-end. 

7. Monday marks the 27-year anniversary of Black Monday, the day the Dow fell more than 22% in the worst single day drop in its history. Here are some memories of the event from Gluskin Sheff's David Rosenberg, who said it was the scariest thing he's seen in his time on Wall Street, and a quick recap of how Nightly Business Report covered the crash

Don't Miss: Goldman Sachs Now Has A Stock-Picking Model Inspired By The Stats Behind 'Moneyball' »

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Scientists: Jack the Ripper ID Was Based on Error (Newser Happy Hour 6-pack)

Newser Alert
The day's six most popular stories, in time to unwind.


Scientists: Jack the Ripper ID Was Based on Error

Scientists: Jack the Ripper ID Was Based on Error

(Newser) - Last month brought the news that Jack the Ripper had been identified , at least according to an amateur detective who claimed in a new book that DNA evidence from a blood-soaked shawl found near one of the victims pointed to a Polish immigrant named Aaron Kosminski. But Russell Edwards' claim... More  »

 
Soccer Player Scores, Dies After Celebratory Flip

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(Newser) - A 23-year-old Indian soccer player excited over a goal he had just scored died after he did a celebratory flip in the air, landed badly, and suffered a spinal injury, the AP reports. "A CT Scan was done right after he was taken to the hospital, and the result... More  »

 
Sweden Searches for Mystery Sub, Divers

Sweden Searches for Mystery Sub, Divers

(Newser) - The Swedish military spent the weekend scouring coastal waters for what it says was "foreign underwater activity" detected in "an area that is of interest to a foreign power." The military didn't name Russia as the possible source of the activity, but a Swedish newspaper says... More  »

 
Teacher's Disciplinary Tool: 'Wheel of Misfortune'

Teacher's Disciplinary Tool: 'Wheel of Misfortune'

(Newser) - A Washington high school chemistry teacher had an unconventional means of doling out discipline in her classroom: Kem Patteson used a "wheel of misfortune" to determine what punishment a student would face, and one of those punishments involved being pelted with rubber Koosh balls by other students. Students say... More  »

 
Dallas Finally Gets Some Good Ebola News

Dallas Finally Gets Some Good Ebola News

(Newser) - After weeks of fear, there's now relief in Dallas: Around 50 people who had contact with Thomas Eric Duncan before he was admitted to the hospital have reached the end of the 21-day monitoring period without showing signs of Ebola. The people declared risk-free include health workers, the paramedics... More  »

 
Cops: NYC Man Killed Girl, 3, for Potty Accident

Cops: NYC Man Killed Girl, 3, for Potty Accident

(Newser) - A New York City man accused of killing his 3-year-old stepdaughter for soiling her pants was arrested after his own horrified mother turned him in, sources say. Kelsey Smith is believed to have flown into a rage and savagely beaten Jeida Torres on Saturday, police sources tell the New York ... More  »

 

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7 Amazing Facts About Hong Kong

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Business Insider Select
 
October 20, 2014
7 Amazing Facts About Hong Kong 7 Amazing Facts About Hong Kong

VIDEO: Hong Kong is one of the most densely populated areas in the world. 
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8 Things You Should Stop Putting Off Right Now
8 Things You Should Stop Putting Off Right Now
Have you crossed these must-do items off your list? [Sponsored content brought to you by FlexPath by Capella University.]  Read»
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Starbucks, Dunkin', Or McDonald's: Whose Coffee Has The Best Buzz For Your Buck?
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E-COMMERCE UPDATE: The Biggest Trends Shaping The E-Commerce Industry Ahead Of The Holidays
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Mobile is the breakout trend in retail.   Read»
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Google's Android Is Suddenly Growing Massively As An E-Commerce, Advertising, And App Platform
Android is audience king, and it's rising as a commercial platform.   Read»
Former Apple CEO John Sculley: We Need To Embrace Failure As A Way To Learn
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Most of you are backpackers and adventure travelers who don't mind...  Read»
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See Also
The Creator Of The Facebook 'Like' Button Explains Why There Will Never Be A 'Dislike' One
The Creator Of The Facebook 'Like' Button Explains Why There Will Never Be A 'Dislike' One
Facebook’s ex-CTO Bret Taylor says the negativity of a Dislike button would have too many unfortunate consequences.
  Read»  
Here's What It Looks Like When You Use Apple Pay To Buy Something In The Store
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Apple Pay, Apple's new mobile payments system for iPhones and iPads...
  Read»  
Apple Pay Has One Big Problem
Apple Pay Has One Big Problem
As a personal finance security company, we're very excited about...
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I Tried Apple Pay For The First Time And It Worked Flawlessly
I Tried Apple Pay For The First Time And It Worked Flawlessly
Apple's new payments system, Apple Pay, launched Monday. If you have an...
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