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Oil
Oil Up Wednesday on U.S./European Equity Strength
Crude oil futures rose above $75 a barrel in early New York trading Wednesday, nearly near one-year highs. on strength in European equities and new lows for the dollar.
Analysts said the increase was based on strength in U.S. and European equities and new lows for the dollar.
Oct 14 · 11:16:00 AM · Source: Dow Jones Newswire
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by Larry Etter
Progressive (PGR)
Progressive Corp. Turns Back to Black
Auto insurer Progressive Corp.(PGR) today said it posted a nice turnaround, returning to a profitable stance in the third quarter after being hurt last year by $1.37 billion of investment losses. Progressive's Q3 earnings were $269.9 million, or 40 cents a share, compared with a year-earlier loss of $684.2 million, or $1.03 a share. The mean estimates of analysts surveyed by Thomson Reuters were earnings of 33 cents a share and net premiums written of $3.56 billion.
The results come as insurers battle for market share in a market environment where the price of one policy over another is probably more important than ever.
Oct 14 · 10:57:00 AM · Source: Dow Jones Newswire · Related: Allstate
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by Larry Etter
J.P. Morgan (JPM)
JPMorgan Chase Easily Tops Expectations
JPMorgan Chase & Co. (NYSE: JPM) joined Intel today in boosting market morale when it reported third-quarter 2009 net income of $3.6 billion, compared with net income of $527 million in the third quarter of 2008. Earnings per share were $0.82, compared with $0.09 in the prior year. The results easily beat market expectations and helped move the stock market higher during Wednesday morning.
JPMorganChase CEO Jamie Dimon continues to show he's is one of -- or is the top -- banking CEOs in world.
Oct 14 · 10:40:00 AM · Source: BusinessWire · Related: BANK OF AMERICA
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by Larry Etter
Intel (INTC)
Intel Pleases Market With Latest Results
Intel boosted the confidence of the markets when it reported better than expected results. The company Tuesday afternoon reported third-quarter revenue of $9.4 billion. The company reported operating income of $2.6 billion, net income of $1.9 billion and earnings per share (EPS) of 33 cents.
Analysts feel this points to better economic feelings in market for at least the short-term.
Oct 14 · 10:22:00 AM · Source: Business Wire · Related: Dell
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by Larry Etter
Housing
Nearly half of U.S. mortgages underwater by 2011?
An estimated 25 million homeowners, or 48% of those with mortgages, will owe more on the loan than the house is worth by the first quarter of 2011, according to an analysis by Deutsche Bank released this week.
Why is Wall Street ignoring an analysis like this and instead is putting its faith in "green shoots"?
Aug 6 · 12:34:00 PM · Source: Marketwatch.com
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by Rich Pike
Gold
Gold Gains as Weaker Dollar Spurs Demand
Gold gained in New York and London as the dollar traded near a 10-month low, increasing demand for the precious metal as an alternative investment.
“If gold does break through $960 an ounce, the next resistance will be $981,” brokerage firm GoldCore Ltd. in Dublin said today in a note. “Failing that, we will revert to the current range of $905 to $960 an ounce.”
Aug 4 · 10:30:00 AM · Source: Bloomberg.com
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by Rich Pike
Housing
Pending home sales up for 5th straight month
Pending sales of previously owned U.S. homes rose at a faster-than-expected pace in June, a real estate trade group said on Tuesday, more evidence the housing market was starting to claw out of a three-year slump.
The National Association of Realtors said its Pending Home Sales Index, based on contracts signed in June, rose 3.6 percent to 94.6. It was the fifth straight month of advance and the first such streak in six years, the industry group said.
Aug 4 · 10:23:00 AM · Source: Reuters.com
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by Rich Pike
Incomes
U.S. Incomes Fall 1.3%
U.S. personal incomes tumbled 1.3 percent in June, more than forecast and the biggest drop in four years, signaling that consumer spending will take time to recover.
The decline partly reflected the unwinding of one-time transfer payments from the Obama administration’s stimulus plan, which boosted incomes 1.3 percent in May, figures from the Commerce Department showed today in Washington. Spending rose 0.4 percent in June as prices climbed. Adjusted for inflation, purchases fell 0.1 percent, the report showed.
Aug 4 · 9:19:00 AM · Source: Bloomberg.com
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by Rich Pike
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