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U.S. stocks opened higher on Tuesday after its worst three-day drop since November 2011 as investors turned their focus away from global growth concerns and towards corporate earnings. The Dow Jones industrial average was up 0.73 percent at 16,440.66, the S&P 500 was up 0.95 percent at 1,892.47 and the Nasdaq Composite was up 1.26 percent at 4,266.61.
** JPMORGAN CHASE & CO, $57.63, -0.91 pct
The biggest U.S. bank boosted revenue from trading and investment banking, and moved past the huge legal claims that pushed it into a rare loss in the same quarter last year. The bank recorded net income of $1.36 per share. Analysts had expected earnings of $1.38 per share.
** CITIGROUP INC, $51, +2.20 pct
The third-largest U.S. bank said it would pull out of consumer banking in 11 markets, including Japan and Egypt, as the most international U.S. bank focuses on more profitable businesses.
** WELLS FARGO & CO, $49.43, -1.53 pct
The fourth-largest U.S. bank and biggest mortgage lender, reported a 1.7 percent rise in third-quarter profit as its mortgage business stabilized.
The San Francisco-based bank’s net income applicable to common shareholders rose to $5.41 billion, or $1.02 per share, in the quarter, in line with analysts’ expectations.
Interactive graphic on bank earnings: (here)
** DOMINO‘S PIZZA INC, $81.9, +8.16 pct
The second-largest U.S. pizza chain by store count reported a quarterly profit that topped Wall Street’s estimates, helped by a boost in strong results overseas and its home market of the United States. The company’s shares were trading at a record high.
** VERSAR INC, $4.779, +32.75 pct
** ALPHA PRO TECH LTD, $8.86, -11.84 pct
** TEKMIRA PHARMACEUTICALS CORP, $23.972, +1.19 pct
** SHARPS COMPLIANCE CORP, $5.095, -8.20 pct
Protective gear maker Versar rose while shares of other small medical equipment and biotech companies that either develop Ebola treatments or provide protective gear were down.
Take A Look-World on alert to curb Ebola outbreak
Interactive graphic on the Ebola outbreak: (here)
** KEY ENERGY SERVICES, $4.11, -3.29 pct
** PHILLIPS 66, $72.21, -1.15 pct
** QR ENERGY LP, $13.73, -3.38 pct
** C&J ENERGY SERVICES INC, $19.64, -2.48 pct
The International Energy Agency cut its 2015 world oil demand growth forecast. “Further oil price drops would likely be needed for supply to take a hit - or for demand growth to get a lift,” the agency representing industrialized nations said in its monthly report.
** BORGWARNER INC, $51.67, +2.85 pct
** DELPHI AUTOMOTIVE PLC, $60.54, +3.84 pct
** FEDERAL MOGUL, $15.348, +8.54 pct
** LEAR CORP, $79.58, -1.62 pct
Goldman Sachs revises ratings as part of a sector wide revision to reflect a more subdued sales outlook. “While we are not calling for an end to global auto growth, we do expect sales to be more subdued,” the report said.
Upgrades include BorgWarner and Delphi to buy, and Federal Mogul to neutral. Downgrades Lear to neutral.
** JOHNSON & JOHNSON, $97.89, -1.24 pct
The diversified healthcare company reported better-than-expected quarterly earnings, fueled by surging sales of a new drug for hepatitis C that are expected to evaporate in coming months due to competition from a more potent and convenient combination treatment.
** ALCO STORES INC, $0.376, -14.55 pct
The discount retail chain shares fell for the second day after it filed for Chapter 11 bankruptcy on Oct. 12. Alco shares closed down 73.3 pct at 44 cents on the Nasdaq on Monday.
** GW PHARMACEUTICALS PLC, $71.22, -0.31 pct
The maker of cannabis-based drugs said its experimental drug failed to meet the main goal in a mid-stage study in patients with an inflammatory bowel disorder.
** LENTUO INTERNATIONAL INC, $1.53, +4.08 pct
The Chinese automobile retailer said it expects to sell 250 premium BMW cars and add about RMB 125 million ($20.4 million) in revenue in 2015 from new dealership in Gaobeidian, Hebei Province.
** MAGNEGAS CORP, $1.163, +2.92 pct
The alternative fuel maker signed a deal with Pioneer Recycling LLC to treat liquid medical waste and expired pharmaceutical products. “The recent Ebola outbreak underscores the need for new and more efficient ways to treat these waste streams,” said Pioneer CEO Carl Dilley.
** SKYWORKS SOLUTIONS INC, $49.62, +9.49 pct
The chipmaker estimated quarterly profit and revenue above its forecast. Skyworks said it now expects a profit of $1.08 per share on revenue of $718 million for its fourth quarter ended September. The company earlier forecast of a profit of $1 per share and revenue of $680 million.
** SIGNET JEWELERS LTD, $105.06, -2.62 pct
The company said Chief Executive Michael Barnes resigned to be closer to his family in the United States. Barnes spearheaded the company’s $690 million buyout of smaller rival Zale Corp in February.
** MARINE HARVEST, $12.99, +3.51 pct
The world’s largest fish farmer posted higher-than-expected operating earnings for the third quarter, despite the impact of warmer waters and marine parasites that killed unusually high numbers of its fish. The Norwegian company is controlled by shipping tycoon and billionaire John Fredriksen.
** DARDEN RESTAURANTS INC, $48.27, +2.53 pct
The company named Chief Operating Officer Gene Lee as its interim chief executive, barely a week after activist shareholder Starboard Value LP won its standoff with the company and convinced shareholders to replace the entire board of directors.
Compiled by Anya George Tharakan in Bangalore; Editing by Sriraj Kalluvila