US Stocks buoyed as risk on trades moved to the forefront
Stocks in the US started the trading session in the black as risk on trades moved to the forefront. With QE likely to remain intact until mid-2014 and reports circulating that the Fed is considering changing their target for unemployment to 6% or even 5.5%, stocks were buoyed. Earnings continue to beat expectations while Twitter is expected to price their IPO Wednesday and begin trading on Thursday. The Dow Industrial Average notched up a new all-time high as investors continue to look for equity like returns.
The US challenger reported showed that job cuts increased to nearly 46K which could have easily been affected by the government shutdown. Year to date employers cut 433K jobs. Job cuts are on pace in 2013 to be less than those in 2012. The pharmaceutical industry saw the largest number of job cuts in October. The financial sector saw job cuts nearly double year to date.
In corporate news, Chesapeake Energy Corp (NYSE:CHK) , reported that third quarter net income per share was $0.43, compared to $0.10 in the 2012 third quarter and topping analysts’ forecasts by a cent. Total revenue rose to $4.86 billion from $2.97 billion a year ago and also beating the consensus for $3.6 billion.
The company is raising its 2013 oil production outlook increases by 2 million barrels to 40-42 million barrels, a 28-34% increase year over year. The full-year 2013 drilling, completion and leasehold capital expenditure outlook decreases by $300 million to $5.700 – $6.050 billion.
In the financial space, Marsh & McLennan Companies, Inc. (NYSE:MMC) reported that revenue in Q3 2013 was $2.9 billion, an increase of 3% on a reported basis, or 4% on an underlying basis. Analysts expected 2.95 billion in revenue. Adjusted earnings per share grew 18% to $0.46, compared with $0.39 last year. Analysts expected $0.46 per share in earnings.
Sorry. No data so far.