U.S. Home Prices Continued to Climb in August
The S&P/Case-Shiller home price index for August rose sharply, compared with the July index and house prices were higher on an annual basis as well. The national composite rose 0.9% on both the 10-…
All Work
Paul Ausick
Electric Utilities Slammed by Sandy (FE, POM, ED, NU, ETR)
An estimated 10 million customers could lose electrical power in the wake of Hurricane Sandy, nearly a third more than the 7 million who lost power last year following Hurricane Irene. For utility companies…
Refinery Impacts from Hurricane Sandy
There are six large oil refineries in the path of Hurricane Sandy, and as of last night two were closed. The Phillips 66 (NYSE: PSX) refinery and the Hess Corp. (NYSE: HES) refinery in…
ADM Hurdles a Pretty Low Bar
thinkstockArcher Daniels Midland Co. (NYSE: ADM) reported fiscal first-quarter 2013 earnings this morning. The agribusiness giant posted adjusted diluted earnings per share (EPS) of $0.50 on revenues of $21.81 billion. In the same period…
BP Raises Dividend, Beats on Earnings and Revenue
courtesy of BP plcBP PLC (NYSE: BP) reported third-quarter 2012 results in London earlier this morning. The oil supermajor posted adjusted diluted earnings per ADS of $1.63 on revenues of $90.6 billion. In the…
Google’s Latest Nexus Lineup
courtesy Google Inc.Google Inc. (NASDAQ: GOOG) was all set to announce its latest Nexus products in New York today, but the event was cancelled due to Hurricane Sandy. Undaunted, the search giant announced the…
24/7 Wall St. Closing Bell — October 29, 2012: Markets Closed as Hurricane Sandy Aims at New York (WIT, OFC, LOCK, JAKK, URI, PBR, BKW, HRS, L, LUFK, EDU, PCG, SNH, APC, FMC, AGN, ADM, CAR, AVP, BP, JCI, JDSU, STX, YNDX, RVBD, OPNT, EBAY, CLH)
U.S. stock markets were closed today as New York City and the entire East Coast of the country from the Carolinas to Maine prepare to deal with Hurricane Sandy. In New York, the subway…
Chrysler Reports Profit Jump
Chrysler Group LLC reported today that the company’s net income for the third-quarter totaled $381 million, up 80% from $212 million in the same period a year ago. Net revenue totaled $15.5 billion, up…
Google, YouTube Dominate Online Video
courtesy of YouTubeVarious sites owned by Google Inc. (NASDAQ: GOOG), including YouTube, drew 150 million unique viewers in September, a huge number, but down from 157 million in July. Facebook Inc. (NASDAQ: FB) gained…
Spain’s “Bad Bank” Plan
The Spanish agency responsible for restructuring the country’s banks — FROB — today released its design and structure for the asset management company that will serve as the nation’s “bad bank” — Sareb. The…
Friday’s Jobs Report Could be Delayed
What some people have called the most important U.S. employment report ever may not be announced as scheduled this Friday. The U.S. Labor Department’s Bureau of Labor Statistics (BLS) usually reports the previous month’s…
Sandy Forces Refinery Shutdowns (PSX, HES, DAL)
We noted earlier this morning the possibility that crude oil refineries would either be forced to reduce production or shut down completely as Hurricane Sandy moves toward the coast and on inland. Those reports…
Profits Collapsing at Buffett-Backed Chinese Automaker (BRK-A, BRK-B, F, GM, TM, HMC)
Chinese auto and battery maker BYD Co. Ltd reported today that third-quarter profits fell 94% year-over-year as China’s domestic car market continues its slump. MidAmerican Energy Holdings Co., a division of Warren Buffett’s Berkshire…
Sweden’s Pergo Flooring Goes to Mohawk (MHK)
courtesy Mohawk Industries Inc.The largest U.S. maker of carpets and floor coverings, Mohawk Industries Inc. (NYSE: MHK) said today that it would acquire Sweden’s laminated flooring maker Pergo for $150 million in cash. The…
European Markets Falling on Effects of Sandy
Major European equities markets are trading lower today as investors are waiting to see the impact of Hurricane Sandy on the heavily populated U.S. East Coast. The U.K.’s FTSE 100 is down 0.7%, Germany’s…
Business Economists Still Fretting
ThinkstockIn its most recent survey of 67 firms, the National Association for Business Economics (NABE) continues to expect slow U.S. GDP growth, along with flat sales, margins and employment. Compared with the July survey,…
Clean Harbors Acquires Recycling Firm
Environmental cleanup firm Clean Harbors Inc. (NYSE: CLH) announced this morning that it has signed a definitive agreement to acquire privately held Safety-Kleen Inc. in an all-cash deal worth $1.25 billion. Safety-Kleen is a…
Burger King Beats, Initiates Dividend
Burger King Worldwide Inc. (NYSE: BKW) reported third-quarter 2012 results before markets opened this morning. The fast-food restaurateur posted adjusted diluted earnings per share (EPS) of $0.17 on revenues of $451 million. In the…
Random House, Penguin Now One Company
Two publishing giants have agreed to a merger that will create the world’s largest commercial publishing house. Random House — owned by Germany’s Bertelsmann A.G. — and Penguin — owned by the U.K.’s Pearson…
Flight Cancellations Top 7,000
Hurricane Sandy is forcing the cancellation of thousands of flights into and out of the U.S. Northeast amid forecasts for high winds and heavy rain. In New York City, the subway system began to…