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U.S. STOCKS STEADY NEAR RECORD LEVELS

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US FINANCIAL MARKET
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DAILY MARKET REPORTS

  • The S&P has risen about 15% in 2017 on the back on strong earnings, an improving economy and Trump’s promise to cut taxes.
  • With more than 400 of S&P 500 companies having reported, earnings for the third quarter are expected to have climbed 8 percent, compared with expectations of a 5.9 percent rise at the start of October.
  • Shares of Valeant Pharma surged 15% after the company’s profit beat Wall Street estimates due to strength in its eye-care Bausch + Lomb business.
  • 21st Century Fox added about 2% after reports that Walt Disney had held talks to purchase a large chunk of the company’s entertainment business, though those talks have since cooled. Shares of Disney were up nearly 1% in recent trading.
  • Meanwhile, online travel companies Priceline Group and TripAdvisor fell 10% and 16%, respectively.
  • Japan’s Nikkei rose 1.7% to levels last seen in early 1992.

US FINANCIAL MARKET

Disney Approached 21st Century Fox to Buy Entertainment Assets

  • Disney approached Fox in recent weeks about buying its cable TV networks such as FX and National Geographic Channel, the Twentieth Century Fox studio and international distribution operations.
  • Such a deal would have left 21st Century Fox focused on sports, news and broadcast TV.
  • The talks, first reported by CNBC, ran into an impasse over price and other key terms and have cooled substantially, though they could be restarted, one of the people said.
  • Traditional media companies are racing to adapt to sweeping industry changes that threaten their business, including the rise of streaming-media services that are siphoning away cable TV subscribers and mergers that have given tremendous clout to a handful of distributors such as Comcast, Charter and AT&T.

Valeant profit beats on Bausch & Lomb strength, shares jump

  • The company said it reduced total debt by about $6 billion between the end of the first quarter of 2016 and Nov. 7.
  • Net income was $1.30 billion in the third quarter compared with a loss of $1.22 billion a year earlier.
  • Total revenue fell 10.5 percent to $2.22 billion.

Priceline Shares Fall After It Lowers Profit Outlook

  • Priceline lowered its profit outlook for the final quarter of the year even as it continued to report rapid revenue growth from customers booking vacations and hotels on its travel sites.
  • Priceline, which operates Agoda.com, Booking.com and Kayak.com in addition to its namesake website, has been warning of more modest revenue growth after years of rapid expansion as its online brands mature, though the websites continue to generate massive profits.
  • Priceline reported a profit of $1.72 billion, up from $506 million a year earlier.
  • This includes a $941 million goodwill impairment charge.
  • Revenue jumped 20% to $4.43 billion.

TripAdvisor shares fell sharply after the company reported disappointing hotel revenue

  • In the year-ago quarter, TripAdvisor reported adjusted earnings per share of 53 cents a share on $421 million in revenue.
  • Overall revenue: $439 million vs. $451.8 million expected.
  • Hotel revenue: $312 million vs. $326.2 million expected.

GoDaddy posts better-than-expected quarterly revenue

  • Net income rose to $22.4 million in the quarter, from $4.8 million a year earlier.
  • The latest quarter included $22.9 million related to the sale of its German managed hosting provider PlusServer.
  • The Scottsdale, Arizona based company said total revenue rose to $582.2 million.

Activist William Ackman Loses Bid for ADP Board Seats

  • ADP investors on Tuesday re-elected the entire 10-person board at the annual meeting.
  • Mr. Ackman and his two nominees received support from holders of less than 20% of ADP’s shares and less than 25% of the shares that were voted at the meeting, ADP said.
  • “Bill…despite your characterization of the result as close, what I was told was this was an ‘ass-whooping,’” ADP Chief Executive Carlos Rodriguez said.

Roy Price’s Alleged Trail of Drinking and Sexual Harassment Challenges Amazon’s Culture

  • Amazon Studios Chairman Roy Price abruptly resigned in mid-October after details emerged publicly of an alleged incident of sexual harassment.
  • Some people in Hollywood also said they came to know Mr. Price as appearing aloof and often uninterested in the details of the multibillion-dollar business he ran for Amazon.

Tesla buys automation equipment maker Perbix

  • Financial terms of the deal were not disclosed.
  • Minnesota-based Perbix has been a Tesla supplier for nearly three years and an acquisition by the carmaker would allow it to bring more parts production in house.

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US ECONOMY & POLITIC

September job openings holds steady near record high

  • The number of job openings posted by U.S. employers in September was 6.1 million.
  • The Labor Department says openings were little changed from August.
  • The number of openings makes it clear that employers have plenty of jobs to fill but are still searching to find qualified workers at the pay levels being offered.
  • The opportunities available remains near an all-time high of 6.2 million hit in July. That number was the highest on record dating to 2000.

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EUROPE & WORLD

Japan Stocks Hit Quarter-Century High

  • A flood of foreign money and strong corporate earnings helped drive the Nikkei Stock Average up 389.25 points, or 1.7%, to 22937.60 on Tuesday, the highest close since Jan. 9, 1992—though far short of the record 38915.87, on Dec. 29, 1989.

Eastern Europe Set for Strongest Economic Growth Since Crisis

  • The 18 nations in the region, seven of which are eurozone members, suffered a sharp slowdown in the wake of the crisis and that was prolonged by the euro area’s subsequent struggles with government debt and weak banks. As a consequence, for much of the past decade, the expected convergence between incomes in eastern and western Europe has stalled.
  • Poland seen growing by 4.1% this year; Romania seen expanding by 5.3%.
  • In contrast to developed economies, the pickup in growth is driving and in turn being supported by a jump in wages.
  • Many countries in the region have aging populations, while younger workers have moved to Germany, the U.K. and elsewhere in search of better jobs and higher pay.
  • The pickup in 2017 will go well beyond central and southeastern Europe.
  • EBRD sharply raised its growth forecast for Turkey to 5.1% from 2.6% in May and it now expects Russia to record a stronger return to growth after two years of contraction than it did in May. It now sees the economy growing by 1.8% in 2017 and 1.7% in 2018, but warned longer-term prospects are poor.

Toyota forecasts tough outlook for U.S. sales, yen boost to overall profit

  • The updated profit forecast number is more or less similar to last year’s operating profit of 1.99 trillion yen.
  • Toyota posted a 10 percent rise in operating profit for the second quarter, exceeding analysts’ forecasts.
  • Toyota is fighting to stay competitive in the U.S. market, which is coming off a strong run that culminated in record sales of 55 million vehicles industry-wide in 2016.
  • Quarterly vehicle sales rose 8.0 percent in Europe, and 0.3 percent in Asia.

Mitsubishi Motors swings to operating profit in second quarter

  • Operating profit came in at 23.6 billion yen ($207.3 million) for the quarter.
  • During the first-half, retail vehicle sales at home climbed 48 percent while those in southeast Asia rose 15 percent.

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TODAY in HISTORY

  • The first air freight shipment (from Dayton, Ohio, to Columbus, Ohio) is undertaken by the Wright brothers and department store owner Max Moorehouse. (1910)
  • Franklin D. Roosevelt elected for a record fourth term as President of the United States of America. (1944)
  • US President Lyndon B. Johnson signs the Public Broadcasting Act of 1967, establishing the Corporation for Public Broadcasting. (1967)
  • NASA launches the Mars Global Surveyor. (1996)

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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