Markets on Friday erased early gains after opening
higher on upbeat earnings from JP Morgan Chase & Co and also strong
consumer confidence figures. However investors were cautious about buying in a
market that was volatile.
America's largest bank by assets, JPMorgan Chase &
Co.(NYSE:JPM) reported quarterly profit of $5.7 billion for the
July-to-September period, up 34 percent from the same period a year ago.
Earnings were $1.40 per share, far exceeding the $1.21 consensus in the
markets.
Meanwhile the University of Michigan said that its
main index of consumer confidence had risen in October to 83.1, the highest in
five years, from 78.3 in September.
In Europe, Britain's benchmark FTSE 100 index was down
0.1 percent at 5,822 while Germany's DAX was more or less unchanged at 7,283.
The CAC-40 in France was 0.1 percent higher at 3,416.
In the U.S., the Dow Jones Industrial
Average(INDEXDJX:.DJI) was up flat at 13,324 while the broader S S&P
500(INDEXSP:.INX) fell 0.30 percent to 1,429.
NASDAQ Composite (INDEXNASDAQ:.IXIC) fell 2.64 (-0.09%) at 3,047.41.
The euro up 0.3 percent at $1.2972 and the benchmark
oil price 39 cents higher at $92.46 a barrel.
Earlier in the day, trading in Asia was in a narrow
range. Japan's Nikkei 225 index ended a bad week with another 0.2 percent
decline to 8,534.12.
Japan's cellphone company Softbank led the way lower
after it plunged 16.9 percent on news that it is in talks to take a substantial
stake in U.S. carrier Sprint Nextel Corp.
Hong Kong's Hang Seng advanced 0.7 percent to
21,136.43 and South Korea's Kospi was flat at 1,933.26.
Apple Inc.(NASDAQ:AAPL) shares are outperforming and
rose 0.50% as the company’s iPad Mini is getting to be a reality after all,
after all the rumours
and speculations over the device.
Apple is expected to hold an event on October 23 where
it will showcase the smaller version of its iPad, AllThingsD said on Friday.
Quoting sources, "familiar with Apple's
plans" the tech publication said that the event will take place at Apple's
Town Hall auditorium.
The smaller, cheaper iPad, which the media had
popularly dubbed as the iPad Mini, is set to take on devices such as the
Google's Nexus 7 and Amazon's Kindle Fire.
Meanwhile shares of chip maker Advanced Micro Devices,
Inc.(NYSE:AMD) fell nearly 9.70 percent after the company warned
of a 10 percent fall in revenues in the third quarter compared to the second
quarter. The company, which makes microprocessors for computers, also wrote
down the value of its inventory by $100 million as it is witnessing a fall in
demand for some of its products, it said.
Infosys Ltd ADR(NASDAQ:INFY) plunges 9% on Friday cuts
its outlook for fiscal year 2013 citing global uncertainties facing the
industry. The company, which is a
bellwether for the Indian technology sector, said that it expected earnings per
ADS at a minimum of $2.97 compared to its earlier forecast of $3.03.
Alpha Natural Resources, Inc.(NYSE:ANR) slumps 7%
after 16% rally and Peabody Energy Corporation(NYSE:BTU) slid 2% after they're nailed by downgrades at
Nomura. ANR is cut to Neutral from Buy as the firm sees more significant
earnings and free cash flow risks than expected, while BTU is cut to Reduce to
reflect more conservative forward multiples given elevated earnings risk and
weaker growth rates.
Lexicon Pharmaceuticals, Inc.(NASDAQ:LXRX) revealing
positive top-line results from a midstage study for telotristat etiprate, its
investigational new drug to treat carcinoid syndrome. The drug currently has
fast track status and orphan drug designation from the FDA, and orphan drug
designation from European regulators. Shares rose 11%.
NPS Pharmaceuticals, Inc.(NASDAQ:NPSP) added 17% after
after it says the FDA has released the briefing documents ahead of its October
16 Advisory Committee meeting for NPSP's experimental drug Gattex, which is
being developed for the treatment of adults with short bowel syndrome.
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