Markets Closed, Ford and BP Post Earnings, Apple Shake Up: Afternoon Buzzers
The U.S. equity and bond markets are closed again on Tuesday due to what is now post-tropical storm Sandy. Traders will face what could be a volatile market on Wednesday as they look to re-position themselves and price their portfolios in the face of new earnings, Friday’s jobs numbers, and next week’s presidential election.
Economic loss estimates for the storm are coming in between $10 billion and $20 billion, while insured losses are estimated at $5 to $10 billion.
Ford (NYSE:F) released third-quarter 2012 earnings, posting record pre-tax operating profit of $2.2 billion, or $0.40 per share. This marks 13 consecutive quarters of pre-tax profits. The company lost $468 million in Europe on a revenue drop of about $2 billion compared to the quarter last year.
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British Petroleum (NYSE:BP) released strong third-quarter 2012 earnings of $5.4 billion compared to a loss of $1.4 billion in the previous quarter. CEO Bob Dudley expects the supply infrastructure for gas and oil to bounce back quickly. Gas prices should be held mostly in check by temporarily decreased demand.
Ever the innovator, Starbucks (NASDAQ:SBUX) is testing wireless charging platforms in 17 of its Boston-area stores. The initiative is part of Duracell’s Powermat wireless technology pilot program.
Apple’s (NASDAQ:AAPL) mobile software boss, Scott Forstall, will leave the company by the end of the year. It looks like the shake up is due to a series of issues compounded by the recent maps fiasco.
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