Ultimate Market Recap: Great Report from Goldman, Citigroup CEO Steps Down

Apple Settles With Swiss Federal Railways and 4 Hot Stocks Moving Today

Bank of America (NYSE:BAC): According to the Wall Street Journal, John Williams, President of the Federal Reserve Bank of San Francisco, said the “strong measures” taken by the Federal Government at their September meeting should spur better levels of growth in the United States economy. He also said that the open-ended purchase of mortgage bonds that was launched last month will be adjusted as necessary.

Apple Inc. (NASDAQ:AAPL): After noticing last month,that a clock introduced in their iOS 6 bore a resemblance to their own 70-year-old clock timepiece, Apple Inc. has agreed to cough up money for the rights to use the design of the Swiss Federal Railways (NYSE:SBB) company’s clock.

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Facebook, Inc. (NASDAQ:FB): With the majority of Facebook Inc.’s users and subscriber growth now coming from outside the United States, the company is taking more steps to reach that audience. To that end, Facebook  has opened up an engineering center in London, their first outside of the US, and are now hiring  people to staff it.

AT&T, Inc. (NYSE:T): AT&T, Inc. has announced that they have  new AT&T Connection Kits that are aimed at emerging device developers. The kits that are available include new models from Sierra Wireless, Telit Wireless Solutions, and ZTE. The new Connection Kit program promises the tools and environments that developers need to streamline device development and to optimize their performance for the AT&T network.

Nokia Corporation (NYSE:NOK): As investors await next week’s launch of Microsoft’s Windows Phone software 8, which the struggling company has called an “important catalyst” for their ailing smartphone devices, Nokia Corporation is expected to report a plunge in sales and further loss of market share. The former top cellphone maker has lost, in the fierce top-end race, to Apple and Samsung and is now also losing ground to Asian makers in lower-end devices. Samsung overtook them as the world’s No. 1 cellphone maker in the first quarter with 86.6 million units sold, compared with 83 million for Nokia. Nokia led the field for 14 years.

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Goldman Sachs Reports Q3 Profit of $1.5B and 4 Hot Stocks Changing Hands

Citigroup, Inc. (NYSE:C): John Williams, who is president of the Federal Reserve Bank of San Francisco, stated that the “strong measures” taken by the Fed at its September meeting will more than likely cause better levels of growth in the U.S. economy, according to the Wall Street Journal. He also mentioned that the open-ended buying of mortgage bonds launched by the Fed last month will be adjusted as necessary.

The Goldman Sachs Group, Inc. (NYSE:GS) reported higher quarterly earnings than expected on Tuesday as revenue more than doubled on big gains in stocks and bonds that the Wall Street bank holds as investments. Goldman reported a Q3 profit totaling $1.5 billion, or $2.85 per share, versus the previous year’s loss of $428 million, or 84 cents per share. On average, analysts had expected earnings of $2.12 per share, reports Thomson Reuters I/B/E/S.

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Isis Pharmaceuticals, Inc. (NASDAQ:ISIS): In briefing documents before an advisory committee meeting on October 17, an FDA panel said, “Because of the potential risk of hepatotoxicity, mipomersen could not be approved without the necessary safeguards to restrict prescribing to certified prescribers who understand that mipomersen must be used only for treating patients in whom the benefit is thought to exceed this risk.” The documents show a proposed Risk Evaluation and Mitigation Strategy, or REMS, for the drug restricting prescribing to only certified prescribers and dispensing of mipomersen to only certified pharmacies. The panel stated, “The REMS proposed above would support appropriate use of mipomersen, allowing it to be approved for use in the targeted patient population, a patient population with life threatening illness and limited therapeutic options, while protecting the larger hypercholesterolemic patient population.” The drug is being developed by Genzyme, which is a unit of Sanofi (NYSE:SNY), together with with Isis Pharmaceuticals.

The Coca-Cola Company (NYSE:KO): Volume growth for the quarter was well-balanced worldwide, as there was growth in all geographic operating groups as well as growth spanning both developed markets and emerging markets. The Company reported solid growth in key developed markets, such as North America, Japan, and Europe, which reported growth across all business units in the quarter. Coca-Cola provided strong volume growth in key emerging markets like Thailand and India during the quarter. Global sparkling beverage volume saw a 3 percent increase during the quarter and year-to-date. Eurasia and Africa Group’s volume saw an 11 percent rise in the quarter and year-to-date. Europe Group’s volume saw 1 percent growth during the quarter, and Latin America Group’s volume grew 5 percent in the quarter and year-to-date. North America Group’s volume saw a 2 percent rise in the quarter and year-to-date.

Domino’s Pizza, Inc. (NYSE:DPZ) Q3 net income saw an 18 percent increase as sales improved in the U.S. and overseas. The pizza chain worked to expand its operations internationally, and it opened 121 stores abroad during the quarter. Additionally, it surpassed the 10,000 store count globally during the quarter.

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Mid-Day Buzzers: Pandit Resigns from Citigroup, Coca-Cola Edges Lower

Shares of Citigroup (NYSE:C) gained nearly 1 percent in afternoon trading. One day after reporting quarterly earnings, Vikram Pandit announced unexpectedly that he is stepping down as Citigroup’s CEO and will be replaced by Michael Corbat. Chief Operating Officer John Havens also resigned.

The Coca-Cola Company (NYSE:KO) edged slightly lower after reporting financial results for the third quarter. Net income rose 4.1 percent to $2.31 billion (50 cents per share), compared to $2.22 billion (48 cents per share) a year earlier. Muhtar Kent, Chairman and Chief Executive Officer said, “We are pleased with our third quarter and year-to-date results. We continue to deliver consistent and solid performance, with our business growing worldwide volume by 4 percent in the quarter and 5 percent year-to-date. Importantly, we realized growth in the quarter across all five of our global geographic operating groups, despite continued volatility in the worldwide economy.” Pepsico (NYSE:PEP) shares increased modestly on the news.

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Goldman Sachs Group (NYSE:GS) shares traded about 0.80 percent higher. The company reported a profit of $1.51 billion ($2.85 per share), compared to a net loss of $393 million (84 cents per share) a year earlier. “This quarter’s performance was generally solid in the context of a still challenging economic environment,” said Lloyd C. Blankfein, Chairman and Chief Executive Officer. “We continue to be disciplined in managing our operations and capital, while effectively serving our clients’ needs. The focus on these priorities will serve our shareholders and the firm well over the longer term.”

Shares of Johnson & Johnson (NYSE:JNJ) climbed nearly 1.4 percent higher. The consumer healthcare company said that net income for the third quarter fell 6.3 percent to $3 billion ($1.05 per share), compared to $3.2 billion ($1.15 per share) a year earlier. However, revenue gained 6.8 percent to $17.1 billion, beating estimates.

Investor Insight: Here’s Why Apple’s iPhone 5 Flaws Are Irrelevant

Amazon Captures E-Commerce Fashion Market and 4 Hot Stocks to Notice Now

Unitedhealth Group, Inc. (NYSE:UNH) stated that it will keep a sober balance regarding some of the headwinds that it sees.

Amazon.com Inc. (NASDAQ:AMZN): According to Bloomberg, men are at the head of the e-commerce craze. Men use websites like Amazon, Bonobos, and Thrillist, pushing convenience and a fast shopping experience. And these sites have begun to push a growing part of the $41 billion fashion e-commerce market by providing unique services.

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Fossil, Inc. (NASDAQ:FOSL) is rallying after Citigroup analyst Oliver Chen upgraded it to Buy from Neutral in a note released to investors earlier in the day. Chen notes that watches have been selling well at other retailers, and he vies Fossil’s stock as inexpensive. Additionally, the analyst expects Skagen Designs, which Fossil acquired last year, to cause a boost to Fossil’s results in 2013. The company’s valuation should rise as investors become more confident in the company’s outlook, according to Chen, who gives the shares a $100 price target. In early trading, Fossil jumped $3.57, or 5.37%, to $89.63.

Johnson Controls Inc. (NYSE:JCI): A123 Systems (NASDAQ:AONE) has entered into an asset purchase agreement with Johnson Controls in a transaction worth $125 million. Beneath the terms of the agreement, Johnson Controls intends to acquire A123’s automotive business assets, including all of its automotive technology, products and customer contracts; its facilities in Livonia and Romulus, Michigan; its cathode powder manufacturing facilities in China, and A123’s equity interest in Shanghai Advanced Traction Battery Systems Co., A123’s joint venture with Shanghai Automotive. With the proposed transaction, A123 has obtained a commitment from Johnson Controls for $72.5 million in “debtor in possession” financing for support of the company’s ongoing operations during the pendency of the sale process.

Murphy Oil Corporation (NYSE:MUR) Board of Directors approved a plan to spin off to its stockholders its U.S. downstream subsidiary, Murphy Oil USA, Inc., into an independent and separately traded company. Murphy USA’s business is to consist of retail marketing of petroleum products along with convenience merchandise via a large chain of retail gasoline stations. Also, Murphy USA’s assets are to include seven product distribution terminals along with two ethanol production facilities located in North Dakota and Texas. Murphy is to be an independent exploration and production company with principal activities focused in the United States, Canada, and Malaysia, and it will continue its exploration program and offshore development projects complemented by predictable growth in its North America onshore businesses mainly in the Eagle Ford Shale and Seal areas. The United Kingdom downstream operations will remain with Murphy until the assets are fully divested. The spin-off of Murphy USA will be subject to customary conditions, including confirmation of the tax free nature of the transaction and receipt of customary regulatory approvals. The spin-off will be effected via a distribution of the shares of Murphy USA pro rata to all Murphy stockholders as of a date to be established by Murphy’s Board of Directors. The spin-off of Murphy USA should be finalized during 2013.

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