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News Briefs

Market Wrap-Up

U.S. stocks rebounded in late session trading, with the Nasdaq and S&P 500 closing with modest gains for the day.

Economic Reports:

  • Factory Orders show a 0.9% increase for the month of September, up from a 0.8% decrease the prior month - Full story.


Viacom Inc. reports 3rd-qtr earnings of $0.69/diluted share, up from $0.55/share in the same qtr last year - Full story.

Archer Daniels Midland Co. reports fiscal 1st-qtr net earnings of $0.77/share, down from $1.62/share in the same period last year - Full story.

Marvel Entertainment, Inc. reports 3rd-qtr net income of $0.26/diluted share, down from $0.64/share in the year ago period - Full story.

Chesapeake Energy Corp. reports 3rd-qtr net income of $0.30/diluted share, down from $5.62/share in the year ago qtr - Full story.

Texas Roadhouse, Inc. reports 3rd-qtr earnings of $0.15/diluted share, up from $0.12/share in the prior year period - Full story.

MasterCard Inc. reports 3rd-qtr net income of $3.45/diluted share, dramatically improved from a loss of $1.48/share in the same qtr last year - Full story.

Stanley Works has reached an agreement to purchase rival Black & Decker Corp. for approximately $4.5 billion - Full story.

Berkshire Hathaway Inc. has agreed to acquire the remaining 77.4% of outstanding shares of Burlington Northern Santa Fe Corp. for $100/share in cash and stock - Full story.

General Motors and Ford Motor Co. report increased sales for the month of October, while Chrysler LLC reports a drop in October sales - Full story.

Johnson & Johnson announces a global restructuring plan, designed to strengthen the company's position and generate around $1.4-$1.7 billion in annual cost savings - Full story.

Ford Motor Co. announces a plan to sell approximately $3.3 billion in stock and convertible debt in order to raise more cash - Full story.

Major foreign markets have posted lower results for Tuesday. London's FTSE was down 1.32%, Frankfurt's DAX closed down 1.43%, and Paris' CAC finished down 1.52%. Japan's Nikkei did not trade today, Hong Kong's Hang Seng closed down 1.76%, and Sydney's All Ordinaries Index finished down 0.14%.

Economic Calendar:

Wed: ADP Employment and ISM Services;
Thurs: Productivity (Prel) and Initial Jobless Claims;
Fri: Nonfarm Payrolls, Unemployment Rate, Hourly Earnings, Wholesale Inventories, and Consumer Credit.

Aaron Jacobs - News Editor
Macro*World Research
aaron.jacobs@mworld.com

0808-95356 09/08

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Wachovia Securities is the trade name used by two separate, registered broker-dealers and non-bank affiliates of Wachovia Corporation providing certain retail securities brokerage services: Wachovia Securities, LLC, Member NYSE/SIPC, and Wachovia Securities Financial Network, LLC, Member FINRA /SIPC.

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