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Markets Higher Closing News 10/03/2012

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Stocks edged higher today, after reports showed that companies in the U.S. added more jobs than expected in September , but a slowing Chinese economy and uncertainties in Europe kept gains to a minimum. 


According to ADP Employer Services, companies added 162K jobs in September, up from a revised 189K increase in August, indicating that the labor market may be turning around which will help restore consumer confidence and boost growth.


The U.S. services sector also jumped to 55.1 in September (53.4 expected), compared to 53.7 the month prior.


MBA reports mortgage applications were up 16.6% compared to a 2.8% increase last week. The thirty-year fixed mortgage rate decreased to 3.53% from 3.63%.             


Have a good Wednesday night.


Market Indices/Statistics:



  • Dow closed up 12.25 pts/+0.09% to 13,494.61

  • S&P closed up 5.24 pts/+0.36% to 1,450.99

  • Nasdaq closed up 15.19 pts/+0.49% to 3,135.23

  • 20 of the 30 Dow stocks closed higher

  • 8 of the 10 S&P 500 sectors closed up

  • Telecom was the most positive sector (+1.05%); Energy was the most negative sector (-1.11%)

  • The VIX ended down 0.28 at 15.43

  • Oil is down $3.95 to $87.94

  • Nat Gas is down $0.134 to $3.397

  • Gold is up $4.20 to $1,779.80

  • Euro vs. Dollar is down $0.0016 to $1.2902

  • Dollar vs. Yen is up $0.34 at $78.48

Top Headlines:


MetroPCS (PCS, -$1.33/-9.80% to $12.24) has approved a merger with Deutsche Telekom’s T-Mobile USA unit.  MetroPCS will declare a 1 for 2 reverse stock split, make a cash payment of $1.5 billion or $4.09 per share to its shareholders and acquire all of T-Mobile's capital stock by issuing 74% of MetroPCS' common stock on a pro forma basis to Deutsche Telekom.


3M (MMM, +$0.24/+0.26% to $93.78) announced it will be restructuring its 5 major business groups in order to better serve global markets and customers.


Hewlett-Packard (HPQ, -$2.22/-12.96% to $14.91) shares were under pressure today, after the Company cut its 2013 earnings outlook.


Reports indicate Best Buy Company (BBY, +$0.79/+4.66% to $17.76) founder and four private equity firms are examining the books of the company, which could be the first step in an $11 billion buyout


Earnings:


Family Dollar reports Q4 adjusted EPS 75c, vs. Est. 75c and Q4 revenue $2.36B, vs. Est. $2.36B.


RPM reports Q1 EPS 64c, vs. Est. 64c and Q1 revenue $1.05B, vs. Est. $1.08B


Earnings After The Bell:


Marriott reports Q3 EPS 44c, vs. Est. 40c and Q3 revenue $2.7B, vs. Est. $2.65B.


Coming Thursday: 


Economic Reports: Initial Jobless Claims (370K expected) at 8:30 a.m.; Continuing Claims (3.275 million expected) at 8:30 a.m.; Factory Orders (-5.9% expected) at 10:00 a.m.; FOMC minutes at 2:00 p.m.


Earnings: None


 


 


Giuseppe Montefinese


Corporate Actions & Market Watch


NYSE Euronext  | Global Corporate Client Group
20 Broad Street | New York NY 10005
P:  (212) 656-5105


gmontefinese@nyx.com


 


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Nothing herein constitutes an offer to sell or a solicitation of an offer to buy any security or a recommendation of any security or trading practice. Some information included above has been aggregated from multiple public third-party financial news sources for informational purposes only and redistributed to the NYSE Euronext community.  NYSE Euronext does not control the content provided by these sources and does not guarantee the accuracy, integrity or quality of such content.    


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