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U.S. stocks rose sharply on Tuesday, rebounding from the S&P 500’s worst three-day drop since November 2011, as bullish investors pinned hopes on a solid earnings season to ease global growth concerns. The Dow Jones industrial average was up 0.68 percent at 16,431.78, the S&P 500 was up 1.02 percent at 1,893.88 and the Nasdaq Composite was up 1.09 percent at 4,259.74.
** JPMORGAN CHASE & CO, $58.44, +0.48 pct
The biggest U.S. bank reported lower-than-expected third-quarter profit on Tuesday as high costs more than offset strength in its capital markets and lending businesses..
For a Breakingviews column,
** CITIGROUP INC, $51.44, +3.09 pct
The third-largest U.S. bank said it would pull out of consumer banking in 11 markets, including Japan and Egypt, as the U.S. bank with the biggest international business looks to cut persistently high costs.
For a Breakingviews column,
** WELLS FARGO & CO, $49.48, -1.43 pct
The fourth-largest U.S. bank reported a 1.7 percent rise in third-quarter profit, helped by a slight increase in income at its mortgage banking unit, which had been a big drag on results for much of the last year. The bank’s net income applicable to common shareholders rose to $5.41 billion, or $1.02 per share, in the quarter, it said on Tuesday, in line with analysts’ expectations.
Managed account growth drove profit at wealth unit
Interactive graphic on bank earnings: (here)
** DOMINO’S PIZZA INC, $82.76, +9.30 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 a record high.
** VERSAR INC, $4.47, +24.17 pct
** ALPHA PRO TECH LTD, $9.96, -0.90 pct
** TEKMIRA PHARMACEUTICALS CORP, $23.625, -0.27 pct
** SHARPS COMPLIANCE CORP, $5.329, -3.98 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, $4.17, -1.88 pct
** PHILLIPS 66, $73.25, +0.27 pct
** QR ENERGY LP, $13.65, -3.94 pct
** C&J ENERGY SERVICES INC, $20.295, +0.77 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, $52.36, +4.22 pct
** DELPHI AUTOMOTIVE PLC, $61.06, +4.73 pct
** FEDERAL MOGUL, $15.46, +9.34 pct
** LEAR CORP, $80.57, -0.40 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.
** ANTERO RESOURCES CORP, $47.97, +4.10 pct
** REX ENERGY CORP, $8.665, +1.40 pct
** SM ENERGY CO, $56.74, +1.63 pct
** HALCON RESOURCES CORP, $2.75, +9.56 pct
** MAGNUM HUNTER RESOURCES, $4.17, +3.99 pct
** PDC ENERGY INC, $39.8, +0.76 pct
** APPROACH RESOURCES INC, $11.24, +3.50 pct
** BILL BARRETT CORP, $15.47, +3.76 pct
** COMSTOCK RESOURCES INC, $12.73, +4.17 pct
** GOODRICH PETROLEUM CORP, $8.58, +12.16 pct
** SANCHEZ ENERGY CORP, $17.84, +2.59 pct
Analysts at KLR Group upgraded oil and gas producers and explorer’s stocks. “We favor companies emphasizing oil development given our view of unrecognized oil market value; whereas E&P shares largely reflect our benign gas market outlook,” the analysts said.
** SKYWORKS SOLUTIONS INC, $50.23, +10.83 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.
** ALCO STORES INC, $0.4101, -6.80 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.
** MAGNEGAS CORP, $1.2001, +6.20 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.
** GW PHARMACEUTICALS PLC, $67.99, -4.83 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, $1.51, +2.72 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.
** ASML HOLDING NV, $93.82, +3.77 pct
A four-star ranked broker on StarMine is upbeat on the company heading into results while recent analyst revisions have been positive. The world’s biggest manufacturer of tools for semiconductor chip makers is set to report results following a particularly stormy time for chipmakers’ shares globally.
** QUANTUM CORP, $1.07, +4.90 pct
The data storage company says it estimates to report second-quarter revenue about $135 million - at top of its $130 million-$135 million forecast. Analysts on average are expecting $132.6 million.
** MARINE HARVEST, $13.05, +3.98 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, $48.16, +2.29 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