Stocks are turning in a lackluster performance in early trading on Wednesday after moving sharply higher over the past few sessions. The major averages have been bouncing back and forth across the unchanged line, unable to sustain any significant moves.
Diversified financial services provider U.S. Bancorp Wednesday reported a rise in the third-quarter profit, reflecting higher total net revenue, driven by increase in both net interest income and fee-based revenue. Earnings per share, as well as revenues matched analysts' expectations. Provision for credit losses slightly increased from last year.
Global biotechnology firm Biogen Idec, Inc. reported Wednesday a profit for the third quarter that surged 76 percent from last year, reflecting lower charges and strong double-digit revenue growth amid improved sales of multiple sclerosis drugs Tysabri and Tecfidera. Both adjusted earnings per share and quarterly revenues topped analysts' expectations
Consumer prices in the U.S. unexpectedly showed a modest increase in the month of September, according to a report released by the Labor Department on Wednesday, with higher prices for food and shelter offsetting a continued decline in energy prices.
Medical device maker Boston Scientific Corp. on Wednesday reported a turnaround to profit in the third quarter reflecting higher sales in the cardiovascular and rhythm management segments. Looking ahead, the company provided financial outlook for the fourth quarter in line with Street view. For fiscal 2014, the company raised the lower end of its adjusted earnings forecast.
The European Parliament has given its strong support to the new European Commission with 423 votes in favor, 209 against and 67 abstentions. The approval was crucial for the Juncker Commission to start a five-year term on 1 November. Today's vote marks the last step in the process leading up to the new European Commission. The European Cabinet has a representative each from all 28 EU member states
Diversified healthcare company Abbott Laboratories (ABT) Wednesday said third-quarter profit declined from the prior year, despite a rise in revenues. Adjusted earnings, however, topped Wall Street estimates, and the company tightened its profit forecast for the year.
After moving notably higher over the past few sessions, stocks may show a lack of direction in early trading on Wednesday. The major index futures are currently pointing to a roughly flat open for the markets, with the Dow futures up by just 5 points.
Aerospace and defense giant Boeing Co. on Wednesday reported an 18 percent increase in profit for the third quarter from last year on higher revenues, reflecting strong demand for commercial aircraft. Both revenues and adjusted earnings per share for the quarter beat analysts' expectations. For fiscal 2014, Boeing once again raised its earnings outlook, while reaffirming its revenue expectations.
Defense contractor General Dynamics Corp. reported Wednesday a profit for the third quarter that increased seven percent from last year, reflecting improved margins and revenue growth. Both earnings per share from continuing operations and quarterly revenues topped analysts' expectations.
Defense contractor Northrop Grumman Corp. reported Wednesday a profit for the third quarter that declined five percent from last year, reflecting lower revenues amid declines in three of its four operating segments. Both earnings per share and quarterly revenues topped analysts' expectations. The company also raised its earnings guidance for the full-year 2014.
Printer and copier maker Xerox Corp. (XRX) Wednesday reported third-quarter profit that declined from the prior year, amid a drop in revenues. Adjusted earnings topped Wall Street estimates.
Bank of England policymakers decided to leave its key rate at a historic low of 0.50 percent in a split vote for the third straight time at the meeting held early this month as a majority of members noticed increased risks from slowing global economy, especially in euro area. Ian McCafferty and Martin Weale sought a quarter point hike in the bank rate, to 0.75 percent.
Early indications suggest that Wall Street stocks may open Wednesday's session on a nervous manner, as traders await the next trading catalysts. Global cues are mixed, with Asian stocks advancing solidly in the session, while the European markets are witnessing tentative mood. Earnings are once again in the radar,
Denis Mukwege, a doctor from the Democratic Republic of Congo, has won this year's Sakharov Prize for Freedom of Thought for helping thousands of gang rape victims in the country. The award was instituted by the European Parliament, and the laureate for 2014 was selected by EP President Martin Schulz and the political group leaders. Announcing Europe's top human rights prize Tuesday, Schulz said