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  • U.S. stocks climbed to start November after major indexes posted several records last month.
  • The Fed’s latest statement is expected later Wednesday following the central bank’s two-day meeting.
  • Corporate earnings drove swings in individual stocks. With more than 65% of the S&P 500 having reported as of Wednesday morning, roughly three-quarters of those firms have exceeded earnings expectations, compared with the five-year average of 69%.
  • Estee Lauder jumped nearly 10 percent after the cosmetics maker reported better-than-expected sales and profit.
  • US Steel surged 14 percent and Garmin (GRMN.O) climbed 3.7 percent after strong earnings.
  • Technology heavyweight Facebook is scheduled to report after the market closes Wednesday.


Allergan beats earnings estimates on strong sales of Botox, Restasis

  • Net revenue rose 11.4 percent to $4.03 billion.
  • Allergan reported a net loss of $4.03 billion in the third quarter ended, compared with a profit of $15.15 billion a year earlier.
  • Botox, Allergan’s best-selling drug, raked in $774.5 million in sales, making up nearly a fifth of overall revenue.
  • A Texas court last month invalidated Restasis patents on grounds that they cover ideas that are obvious.

Clorox earnings and revenue beat estimates

  • Net income for the quarter was $192.0 million up from $179.0 million for the same period last year.
  • Revenue totaled $50 billion, up from $1.44 billion last year.
  • The company reported record shipments of Clorox disinfectant wipes and Scentiva wipes and sprays, which were launched in Jan. 2017.

Cognizant beats earnings estimates on digital services strength

  • Cognizant Technology Solutions has been investing heavily to boost its digital offerings such as cybersecurity and data analytics by acquiring smaller companies.
  • Net income rose to $495 million from $444 million a year earlier.
  • Revenue rose 9.1 percent to $3.77 billion.

U.S. Steel +8% after strong Q3; reaffirms 2017 earnings above consensus

  • United States Steel on Tuesday reported third-quarter net income of $147 million.
  • The steel maker posted revenue of $3.25 billion in the period, also exceeding Street forecasts.

New York Times beats profit estimate as digital subscribers soar

  • The company added about 2.5 million subscribers to various websites, including the New York Times website, in the third quarter, representing a 59.1 percent rise.
  • Digital advertising revenue rose 11 percent to $49.2 million, accounting for about 43 percent of its total advertising revenue.
  • Net income rose to $32.3 million in the quarter from $406,000 a year earlier.
  • Revenue rose 6.1 percent to $385.6 million.

Thomson Reuters posts revenue miss amid uncertainty in Europe

  • Third-quarter net earnings rose to $348 million from $286 million a year ago.
  • Total revenue grew 1 percent excluding currency to $2.79 billion.
  • In its Financial & Risk segment, the company’s biggest, sales outpaced cancellations, a key indicator of future growth.

Rising expenses take shine off StanChart profit rise

  • Higher expenses and flat revenues overshadowed better than expected quarterly profit for Standard Chartered.
  • Profit jumped 78 percent from the third quarter of last year to $814 million
  • Income in StanChart’s financial markets business fell around 9 percent year-on-year in the third quarter to $663 million.

Garmin’s profit beats on strong demand for outdoor activity gadgets

  • The company’s net income rose to $147.4 million in the third quarter from $125.1 million a year earlier.
  • Garmin’s net sales rose to $1 million, above the average estimate of $721.2 million.
  • Garmin reported a higher-than-expected profit for the eighth straight quarter, selling more of its GPS-based outdoor activity gadgets such as underwater watches.

Devon Energy profit beats estimates; capex lower than planned

  • Net income fell to $228 million in the third quarter from $993 million a year earlier.
  • Total revenue fell 25.4 percent to $3.16 billion.
  • The company said total production, net of royalties, fell to 527,000 barrels of oil equivalent per day (boe/d) from 577,000 boe/d.

GM, Fiat Chrysler Report Sales Declines in the U.S., While Ford Posts Increase

  • GM said sales fell 2% in October to 252,813 units due to a decline in sales of passenger cars, reflecting a preference for trucks and SUVs.
  • Fiat Chrysler reported a 13% decrease in sales to 153,373 units in October.
  • Ford’s S. sales increased 6.4% last month, with 199,698 vehicles sold.

Wal-Mart triples online items, lowers prices as holiday season kicks in

  • The world’s largest retailer said it tripled its online selections for the holiday season to 60 million items, and that it would provide free two-day shipping on more than two million products when the order size exceeds $35.

Rockwell Automation rejects Emerson’s $27 billion takeover bid

  • Rockwell Automation said on Tuesday it had rejected an unsolicited acquisition bid from bigger rival Emerson Electric for more than $27 billion, arguing that the offer undervalued the company.

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Eight Killed in Terror Attack in New York

  • Eight people were killed and at least a dozen injured on Tuesday when a truck mowed down pedestrians and cyclists on a lower Manhattan bike path in what officials said was a “cowardly act of terror,” the deadliest attack in New York City since Sept. 11, 2001.
  • He was identified by officials as Sayfullo Saipov, a 29-year-old from Tampa, Fla., who came to the U.S. in 2010 and is originally from Uzbekistan. He is in custody at a local hospital after he was shot in the abdomen by an officer, police said.

U.S. Factory-Activity Index Slipped in October

  • The Institute for Supply Management on Wednesday said its manufacturing index fell to 58.7 in October.
  • A reading above 50 indicates activity is expanding across the factory sector, while a number below 50 signals contraction.

U.S. companies add most workers in 7 months as storm effect fades: ADP

  • The ADP National Employment Report said private employers hired 235,000 workers last month.
  • Domestic private payrolls in September were revised down to an increase of 110,000 from the previous 135,000.
  • The unemployment rate is forecast to stay steady at 4.2 percent.

U.S. construction spending rises in Sept, but August revised lower

  • The Commerce Department said that construction spending increased 0.3 percent to $1.22 trillion.
  • Construction spending increased 2.0 percent on a year-on-year basis.
  • August’s construction outlays were revised down to show a 0.1 percent gain instead of the previously reported 0.5 percent rise.

Fed Likely on Hold, but Could Give Clues on Possible December Rate Rise

  • Federal Reserve officials are unlikely to change short-term interest rates at their two-day policy meeting that concludes Wednesday, but they could provide clues on whether they remain on track to raise borrowing costs again before year’s end. Fed Chairwoman Janet Yellen isn’t scheduled to hold a press conference after the meeting, and officials aren’t releasing new economic projections.

U.S. mortgage activity falls to lowest since February: MBA

  • S. mortgage applications slipped to their lowest since mid-February, as 30-year home borrowing costs rose to their highest in three months.
  • The Washington-based group’s seasonally adjusted weekly index of mortgage activity fell 2.6 percent to 389.8.
  • The average interest rate on conforming 30-year fixed-rate mortgages ($424,100 or less) rose 4 basis points to 22 percent, the highest rate since July.

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Honda raises full-year operating profit outlook on Asia sales

  • Honda expects to sell 13 million vehicles globally in the year to March, up from a previous forecast of 5.08 million units.
  • Japan’s third-biggest automaker anticipates an operating profit of 745.0 billion yen ($54 billion) in the year to March.

Macau gambling revenue jumps to three-year high on surge in holiday visitors

  • Monthly gambling revenue came in at 26.6 billion patacas ($3.3 billion), rising from a year earlier for a 15-consecutive month of gains.
  • Macau, a former Portuguese colony located on China’s southern coast, is the only place in the country where casino gambling is legal.
  • During the third quarter, Macau’s gambling revenues have been bolstered by growth in the high roller VIP segment.

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  • Michelangelo’s paintings on the ceiling of the Sistine Chapel were shown to the public for the first time. (1512)
  • The Stamp Act, the first direct tax on the American colonies, went into effect. (1765)
  • The U.S. Weather Bureau made its first meteorological observations. (1870)
  • The United States exploded the first hydrogen bomb in a test in the Marshall Islands. (1952)

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