US stocks trading higher after positive Q3 earnings results
US stocks started the trading session on a positive note, as earnings from Ford (NYSE:F) and 3M (NYSE:MMM) came in better than expected. Chinese PMI data also beat expectations helping Asian stocks gain traction. AT&T (NYSE:T) reported mixed results which kept the telecom sector in check.
China’s HSBC manufacturing PMI surprised investors with a stronger than expected print. The PMI ready came in at 50.9 vs. 50.4 consensus, and at a 7-month high for this manufacturing series. The new orders component rose to 51.6 from 50.8 in August, which is another recent high, and is a positive factor for further index reading.
In corporate news, AT&T. reported third quarter earning with a bottom line that rose to $3.81 billion from $3.63 billion and earnings per share of $0.66 which topped analyst expectations by a cent, although revenue of $32.15 billion slightly missed forecasts despite edging up 2.2%.
In the industrial sector, 3M reported better than expected earnings. According to the company, third quarter earnings per share came in at 1.78, above expectations for 1.75 per share. The company’s third quarter revenue totaled 7.92 billion, beating forecasts for revenue of 7.85 billion. 3M said it now expected full-year earnings per share in a range between 6.65 to 6.75, compared to a previous estimate in the range of 6.60 to 6.85 per share.
Thursday’s Jobless claims data continued to show the effects of the shutdown. Claims declined by 12,000 to 350,000 in the third week of October, but the computer-systems gaff in California continued to distort the level of initial claims. Economists surveyed had expected claims in the week ended Oct. 19 to fall to 337,000.
Carl Icahn continued to discuss his request for Apple (NASDAQ:AAPL) to commence a buyback plan for 150 billion dollars’ worth of shares. The stock broke higher today, and will likely test resistance near the weekly highs at 575 per share.
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