US FINANCIAL MARKET
- U.S. stocks were little changed at the open on Wednesday, as expectations that Janet Yellen will be tapped as the next chairman of the U.S. Federal Reserve were tempered by a continued stalemate in fiscal negotiations in Washington.
- Earning season begins:
- Alcoa reported better than expected earnings, as strength at the unit that sells auto parts and other complex items helped offset lower metal prices.
- Fastenal misses both earnings and revenues as its struggle with the top line continues. Fastenal’s earnings increased 8.1% year over year. It reported net sales of $858.4 million, up 7% year over year.
- Costco posted a 1 % rise in quarterly profit and a 3 % increase in its same-store sales for the month of September. Net income rose to $617 million from $609 million a year earlier. Revenue rose 0.8 % to $32.5 billion.
- Apple will update its lineup of iPads at an Oct. 22 event. Apple also will show its new Mac personal-computer operating system, called Mavericks, and Mac Pro PC.
- Samsung said it will release a smartphone with a curved display — and a $1,000 price tag. The Galaxy Round has a curved 5.7-inch screen using advanced display technology called organic light-emitting diode, or OLED.
- Yum! Brands warned it will take longer than expected for restaurant sales to rebound in China, which accounts for more than half the company’s overall operating profit.
- Jos. A. Bank offered to buy bigger rival Men’s Wearhouse for about $2.3 billion to create a men’s apparel heavyweight with more than 1,700 stores.
- For five decades Boeing has awarded bigger and bigger shares of its supply contracts to Japanese firms, but that could change after Japan Airlines’ shock defection to Airbus and as the planemaker seeks to win orders in China.
US ECONOMY & POLITICS
- U.S. President Obama will nominate Fed number two Janet Yellen on Wednesday to run the world’s most influential central bank, providing some relief to markets that would expect her to tread carefully in winding down economic stimulus.
- Applications for U.S. home loans rose 1.3 % in the latest week as demand for refinancing outpaced purchases, data from an industry group showed.
EUROPE & WORLD
- Three scientists, Martin Karplus of the University of Strasbourg and Harvard University, Michael Levitt of Stanford University, and Arieh Warshel of USC won the Nobel Prize in Chemistry for devising computer models that can be used to simulate chemical processes, providing a powerful aid to research in fields ranging from medicine to solar energy.
- U.K. industrial production unexpectedly fell 1.1 %, the most in almost a year in August, casting doubt on the strength of the recovery.
- German industrial production rebounded in August. Output rose 1.4 % from July.
TODAY in HISTORY
- Religious dissident and Rhode Island founder, Roger Williams, was banished from the Massachusetts Bay Colony (1635)
- For the first time the public was admitted to the Washington Monument (1888)
- Soviet scientist Andrei Sakharov was awarded the Nobel Peace Prize for his work to end the nuclear arms race (1975)
Sources: Reuters, Yahoo Finance, Google Finance, Bloomberg, CNN Money.
This information has been prepared from sources believed to be reliable, but no representation is being made as to its accuracy or completeness. The information provided should be used only as general information and is not intended to provide specific advice or recommendations for any individual. The economic forecasts set forth in the material may not develop as predicted. All indices, such as the S & P 500, are unmanaged and may not be invested into directly.