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WALL STREET DROPS AS BANK EARNINGS FAIL TO CHEER, MEDIA STOCKS DRAG

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US FINANCIAL MARKET
| US ECONOMY & POLITICS
 EUROPE & WORLD | TODAY IN HISTORY

DAILY MARKET REPORTS

  • U.S. stocks slipped below record highs Thursday as investors showed a tepid response to the start of big banks’ earnings season.
  • JPMorgan and Citigroup, which had already talked down third-quarter expectations, reported earnings that were better than Wall Street estimates even as trading revenues fell. The shares of both companies were little changed.
  • AT&T tumbled 3% after the company said its third-quarter results took a hit from the string of hurricanes.
  • Comcast fell 2.8%, Disney 1%. Viacom sank 5% after warning that Charter Communications subscribers may lose access to its channels as the expiration looms for a distribution deal.

US FINANCIAL MARKET

J.P. Morgan’s Earnings Rise, Despite Trading Slowdown

  • The bank reported net income of $6.73 billion.
  • Revenue rose 2.7% to $26.2 billion.
  • P. Morgan’s trading revenue decreased 21% to $4.53 billion.
  • P. Morgan extended $26.9 billion in mortgages in the quarter, down 1% from the third quarter a year ago.
  • Overall profit at the corporate and investment bank was $2.55 billion, a 13% decrease from the same period last year.

Citigroup’s Profits Rise, Buoyed by Investment Banking

  • The bank reported net income of $4.13 billion, up 7.6% from a year ago.
  • Citigroup also said quarterly revenue increased 2.3% from a year ago to $18.17 billion.

Domino’s shares slip as same-store sales growth slows

  • The company’s comp-store sales growth at its own restaurants slumped to 8.4 percent from 13.8 percent a year earlier.
  • Net income rose to $56.4 million from $47.2 million a year earlier.
  • Total revenue rose 13.6 percent to $643.6 million.

AT&T subscriber losses highlight cord-cutting threat

  • The No. 2 U.S. wireless carrier, which owns satellite television service DirecTV, said in a filing on Wednesday that it lost 90,000 U.S. video subscribers in the quarter due to intense competition in traditional pay TV markets as well as the impact of the recent hurricanes.
  • AT&T said it added roughly 300,000 subscribers to DirecTV Now, its cheaper option for customers who want to stream television over the Internet.
  • That means the company lost 390,000 subscribers to its satellite and U-verse services, who are considered to be higher-value customers.

Movie studios join Disney-led service to link digital purchases

  • The Movies Anywhere service was developed by Walt Disney to provide a single app and website where customers can find movies they have purchased from a variety of retailers.
  • Comcast’s Universal Pictures, Time Warner’s Warner Bros, Twenty-First Century Fox’s 20th Century Fox and Sony Corp’s Sony Pictures Entertainment have signed on to the effort, the statement said.
  • The free Movies Anywhere service, launched in the United States on Wednesday, initially will allow users to access movies purchased from Apple’s iTunes, Amazon’s Amazon Video, Alphabet’s Google Play and Wal-Mart Stores’ Vudu.

Amazon to hire 120,000 workers in the U.S. for holiday season

  • com said it would hire 120,000 workers in the United States this holiday season, same as last year, as the online behemoth prepares for the holiday shopping frenzy.
  • S. shoppers will spend between $678.75 billion and $682 billion on holiday shopping this year, a growth of 3.6 percent to 4 percent over last year, according to the National Retail Federation (NRF).
  • Target said it would hire 100,000 temp workers.

Facebook to sell portable headset for virtual reality

  • Facebook is launching a new virtual reality headset that does not require a separate computer to operate.
  • Zuckerberg, speaking at a conference for virtual reality developers, said the “Oculus Go” device would cost $199 and ship early next year.
  • The Oculus Go is billed as simpler than the Rift, which went on sale last year, or the Vive system made by HTC.

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US ECONOMY & POLITIC

U.S. Jobless Claims Fell for the Second Week

  • Initial jobless claims, a proxy for layoffs across the U.S., decreased by 15,000 to a seasonally adjusted 243,000.
  • The number of claims workers made for longer than a week dropped to 1,889,000 in the week ended Sept. 30.
  • The unemployment rate dipped to 4.2% in September, a level not seen since early 2001.

U.S. Producer Prices Rose in September

  • Producer prices were up 0.2% in September when excluding food, energy and an erratic measure of wholesaler and retailer margins known as trade services.
  • From a year earlier, overall prices advanced 6%, the largest rise since an advance of 2.8% for the year ended February 2012.
  • A gauge of U.S. business prices rose in September, a sign of emerging inflation pressure in the economy.

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EUROPE & WORLD

Eurozone Factory Output Jumps, Lending Comfort to ECB

  • Industrial output increased 1.4% in August from July, and was up 3.8% from a year earlier.
  • Eurozone factory, mining and utility output surged in August.
  • In a speech Wednesday, the ECB’s chief economist warned that policy makers had made “insufficient progress” toward their inflation target, injecting a note of caution as the central bank prepares to scale down its asset-buying program.

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TODAY in HISTORY

  • The cornerstone of Old East, the oldest state university building in the United States, is laid on the campus of the University of North Carolina. (1793)
  • First Oktoberfest: The Bavarian royalty invites the citizens of Munich to join the celebration of the marriage of Crown Prince Ludwig of Bavaria to Princess Therese von Sachsen-Hildburghausen. (1810)
  • The Soviets launched Voskhod I, the first space capsule to carry three people into orbit. (1964)
  • The second Chinese human spaceflight Shenzhou 6 launched carrying Fèi Jùnlóng and Niè Hǎishèng for five days in orbit. 2005)

This information has been prepared from sources believed to be reliable, but no representation is being made as to its accuracy or completeness. The information provided should be used only as general information and is not intended to provide specific advice or recommendations for any individual. The economic forecasts set forth in the material may not develop as predicted. All indices, such as the S&P 500, are unmanaged and may not be invested into directly. Sources: Reuters, Bloomberg, Wall Street Journal.

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