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Morning Market Update  

Market Levels

•    US:  Dow: 13197.00 (0.24%), S&P 500: 1430.80 (0.53%), NASDAQ: 2687.75 (0.11%)
•    Europe: CAC: 3496.76 (0.61%), DAX: 7379.50 (0.59%), FTSE: 5880.04 (0.31%).
•    Asia-Pacific: Australia: 4460.10 (0.06%), China: 2117.05 (0.60%), Hong Kong: 22111.33 (1.31%), India: 5697.70 (0.93%), Japan: 9051.22 (1.15%).
•    Metals: Gold: 1695.20 (-1.16%), Silver: 31.80 (-1.40%), Copper: 3.43 (-0.69%)
•    Energy: Crude Oil: 86.65 (-0.51%), Natural Gas: 3.64 (-1.54%)
•    Commodities: Corn: 7.49 (-0.79%), Soya Bean: 15.51 (0.68%), Wheat: 8.69 (0.26%)
•    Currency: EUR/USD: 1.2870 (-0.56%), GBP/USD: 1.6052 (-0.48%), USD/JPY: 80.6100 (0.60%)
•    10 year US Treasury: 1.765% (0.040)

Financial and Economic News Update

U.S. stock-index futures rise: U.S. stock-index futures are pointing to a higher open on Friday following a better than expected government jobs report. Employers added 171,000 new jobs in October, while the unemployment rate moved higher to 7.9 percent, the Labor Department said on Friday. Economists were expecting non-farm payrolls to rise by 125,000.

European markets trading higher: European markets are trading higher on Friday with the German DAX (INDEXDB:DAX) up 0.6 percent at 7379.50, the FTSE 100 (INDEXFTSE:UKX) gained 0.3 percent to 5880.04 and the CAC 40 (INDEXEURO:PX1) added 0.6 percent to 3496.76. The euro zone blue-chip ESTX 50 PR.EUR (INDEXSTOXX:SX5E) (Euro Stoxx 50) was trading 0.8 percent higher.

Asian markets end higher: Asian markets closed higher on Friday with the HANG SENG INDEX (INDEXHANGSENG:HIS) rallying to its highest level in 15 months to end 1.3 percent higher, while the SSE Composite Index (SHA:000001) (Shanghai Composite Index) gained 0.6 percent on Friday and 2.5 percent this week. Japan’s NIKKEI 225 (INDEXNIKKEI:NI225) closed up 1.2 percent to 9,051.22, ending above the 9,000 mark for the first time in a week. The S&P/ASX 200 (INDEXASX:XJO) index added 2.5 points to 4,460.1. The benchmark Indian 30-share BSE SENSITIVE (INDEXBOM:SENSEX) index closed up 1 percent.

Company News Update

U.S.
•    Oil major Chevron Corporation (NYSE:CVX) said third-quarter profit fell to $5.25 billion, or $2.69 a share, from $7.83 billion, or $3.92 a share, in the same period last year. Revenue dropped to $58 billion from $64.4 billion, a year earlier. Analysts had forecast earnings of $2.83 a share on revenue of $63.9 billion.
•    Alpha Natural Resources, Inc. (NYSE:ANR) reported third quarter adjusted loss of 16 cents a share, on revenue of $1.63 billion. Analysts had expected the coal producer to lose 45 cents a share on revenue of $1.69 billion.
•    Thomson Reuters Corporation (USA) (NYSE:TRI) (TSE:TRI) posted third quarter earnings excluding items of 54 cents a share, on revenue of $3.22 billion. Analysts were expecting the financial-data and news company to earn 48 cents a share on revenue of $3.2 billion.
•    The McGraw-Hill Companies, Inc. (NYSE:MHP) said third quarter profit fell to $314 million, or $1.10 per share, from $366 million, or $1.21 per share, in the year-ago period. Revenue gained 2 percent to $1.95 billion. Analysts were expecting earnings of $1.30 per share on revenue of $1.97 billion.
•    The Washington Post Company (NYSE:WPO) reported third quarter profit of $93.8 million, or $12.64 a share, up from a loss of $6.2 million, or 82 cents a share, in the year-ago period. Revenue was flat at $1.01 billion.
•    Hess Corp. (NYSE:HES) said third quarter earnings rose 87 percent to $557 million, or $1.64 a share, up from $298 million, or 88 cents a share, in the same period last year. Revenue gained 10 percent to $9.62 billion.
•    Fortress Investment Group LLC (NYSE:FIG) reported a better-than-expected rise in third-quarter earnings, and said assets under management increased 8 percent from the second quarter.
•    Sealed Air Corp (NYSE:SEE) posted third quarter earnings excluding one-time items of 31 cents a share, in line with estimates. Revenue soared 52 percent to $1.9 billion, but missed the average analysts’ estimate of $1.98 billion.
•    Defense-gear maker Exelis Inc (NYSE:XLS) reported third quarter profit of $88 million, or 47 cents a share, down from $101 million, or 54 cents, in the same period last year. Revenue fell 11 percent to $1.36 billion. Analysts were expecting earnings of 45 cents a share on revenue of $1.35 billion.
•    American International Group, Inc. (NYSE:AIG) reported third quarter earnings excluding items of $1 per share, on revenue of $8.75 billion. Analysts had expected the insurance giant to report earnings excluding items of 86 cents a share on $8.71 billion in revenue.
•    Social-networking website Linkedin Corporation (NYSE:LNKD) posted third quarter earnings of 22 cents a share on revenue of $252 million that easily beat Street expectations for 11 cents a share on sales of $244 million. The company also raised its full-year revenue guidance.
•    Chesapeake Energy Corporation (NYSE:CHK) reported third quarter loss of $2.1 billion, or $3.19 cents per share, compared with a profit of $879 million, or $1.23 cents per share in the year-ago period. Excluding items, earnings came in at 10 cents a share, in line with estimates.
•    Starbucks Corporation (NASSAQ:SBUX) reported fourth quarter earnings excluding items of 46 cents a share, 1 cent above the average analysts’ estimate. Revenue gained 11 percent to $3.36 billion from $3.03 billion a year ago, slightly below analysts’ expectations of $3.36 billion. The coffee chain raised its full-year 2013 earnings forecast and hiked its quarterly dividend by 24 percent to 21 cents a share from 17 cents a share.
•    User review website Yelp Inc (NYSE:YELP) reported third-quarter loss of $2 million, or 3 cents per share, on revenue of $36.4 million. Analysts had projected a loss of 4 cents a share on $35.95 million in revenue.
•    Warren Buffett’s Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B) has agreed to buy direct marketing toy and party supplies company Oriental Trading Co for $500, according to a report in The Wall Street Journal.
•    Guess?, Inc. (NYSE:GES) said two senior executives, including its chief financial officer, Dennis Secor, have resigned.
•    Travel website Priceline.com Inc (NASDAQ:PCLN) posted third quarter earnings excluding one-time items of $12.40 a share, on revenue of $1.71 billion that easily beat expectations for $11.81 a share on sales of $1.66 billion.
•    Auto parts retailer Advance Auto Parts, Inc. (NYSE:AAP) is exploring a potential sale to private equity, in a deal that could fetch up to $6 billion, according to a Reuters report.
•    Chinese-language search engine Baidu.com, Inc. (ADR) (NASDAQ:BIDU) has agreed to acquire Providence Equity Partners’ stake in online video platform, iQiyi.com for an undisclosed amount.

Europe

•    British lender Royal Bank of Scotland Group plc (NYSE:RBS) (LON:RBS) said third-quarter net loss was 1.38 billion pounds ($2.22 billion) after setting aside 400 million pounds more to compensate consumers who had been mis-sold payment protection insurance. Analysts had projected a loss of 276 million pounds.
•    French phone-equipment maker Alcatel Lucent SA  (NYSE:ALU) (EPA:ALU) reported third-quarter net loss of 146 million euros ($188 million) that beat the average analyst estimate of 149.1 million euros. Sales dropped 2.8 percent to 3.6 billion euros, compared with analysts’ expectations for 3.55 billion euros.
•    Drug maker Bayer AG (ETR:BAYN) (FRA:BAYN) has entered into a strategic partnership with Russia’s Medsintez for the production of pharmaceuticals in the country.
•    Car insurer Admiral Group plc (LON:ADM) tumbled 5.6 percent after third quarter revenue declined 2 percent to 570 million pounds. The British company, however, said that was on track to meet full-year expectations.
•    German personal-care-products firm Beiersdorf AG (ETR:BEI) (FRA:BEI) shares rallied 5.6 percent

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