After moving sharply higher at the open, stocks have seen further upside over the course of the trading day on Thursday. The strong upward move on the day has more than offset the pullback that was seen in the previous session.
Following news of a shooting at the Canadian Parliament complex in Ottawa, President Barack Obama called Canadian Prime Minister Stephen Harper on Wednesday to express the American people's solidarity with their neighbors to the north.
Royal Caribbean Cruises Ltd. Thursday reported a 34 percent increase in profit for the third quarter from last year on higher revenues and lower expenses. Adjusted earnings per share for the quarter beat analysts' expectations. Looking ahead, the cruise operator forecast earnings for the fourth quarter and fiscal 2014 below Street estimates.
Canadian cable and media company Shaw Communications, Inc. reported Thursday a profit for the fourth quarter that surged 64 percent from last year, reflecting improved operating margins and revenue growth.
Cable television giant Comcast Corp. on Thursday reported a 50 percent surge in profit for the third quarter from last year, helped by a one-time tax adjustment and additional subscribers to its high-speed Internet services. Adjusted earnings per share for the quarter beat analysts' expectations. However, quarterly revenues for Comcast, which owns NBCUniversal, missed estimates.
Suggesting moderate growth in the short-term, the Conference Board released a report on Thursday showing that its index of leading U.S. economic indicators rose by more than economists had anticipated in the month of September.
Stocks have moved sharply higher in early trading on Thursday after turning lower over the course of the previous session. The major averages have climbed firmly into positive territory, more than offsetting yesterday's steep losses.
Mining and agricultural equipment maker Caterpillar Inc. Thursday reported higher third-quarter profit, as revenues rose and beat analysts' estimates. The firm also lifted its earnings per share outlook for full year 2014. The company anticipates preliminary 2015 sales and revenues to be flat to slightly up from 2014.
Biopharmaceutical company Celgene Corp. reported Thursday a profit for the third quarter that surged from last year, reflecting double-digit product sales boosted by Revlimid sales. Both adjusted earnings per share and quarterly revenues topped analysts' expectations. The company also raised its earnings and revenue forecast for the full-year 2014.
Automaker General Motors Co. on Thursday reported an 82 percent surge in profit for the third quarter from last year, reflecting strong operating performance in North America and China. Excluding items, adjusted earnings for the quarter beat analysts' expectations.
After reporting first-time claims for U.S. unemployment benefits at a fourteen-year low in the previous week, the Labor Department released a report on Thursday showing that initial jobless claims rebounded in the week ended October 18th.
Occidental Petroleum Corp. (OXY), an oil and gas exploration and production company, Thursday said third-quarter profit declined from the prior year, hit by lower revenues and decrease in worldwide oil realized prices. Yet adjusted earnings topped Wall Street estimates.
Railroad company Union Pacific Corp. reported Thursday a profit for the third quarter that increased 19 percent from last year, reflecting improved freight revenues amid volume growth and core pricing gains. Earnings per share and quarterly revenues topped analysts' expectations.
Drug maker Eli Lilly and Co. Thursday reported 58 percent fall in the third-quarter profit, as revenues and margins were hurt by U.S. patent expirations of Cymbalta and Evista. The company cut its reported earnings per share outlook for full year 2014, while backed adjusted earnings view.
After turning lower over the course of the previous session, stocks are likely to move back to the upside in early trading on Thursday. The major index futures are currently pointing to a sharply higher open for the markets, with the Dow futures up by 136 points.