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US open: Good gains posted
Thu, 20 Nov, 2008
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US open: Good gains posted
Wed, 23 Jul 2008, 15:57:00
US stocks have begun with good gains as oil prices slip further while investors also contemplate a slew of earnings reports. <br /><br />Crude futures are currently down $2.56 to $126.26 a barrel as Hurricane Dolly looks on course to miss the key oil installations in the Gulf of Mexico. Investors will also keep an eye out for the crude inventories report due out later.<br /><br />Across the markets, the Dow Jones is up 44 points to 11,646 with the Nasdaq rising 28 points to 2332. The S&P 500 is up 8 points.<br /><br />A strong performance in Europe and the sale of its minority interest in UK sandwich chain Pret A Manger helped fast food chain McDonald's break into profit during the second quarter. Net income for the three months to 30 June was $1.19bn, versus a loss of $711.7m.<br /><br />Costco Wholesale said Wednesday fourth-quarter and full-year profit will miss Wall Street expectations. Earnings per share in the three month to 31 August are expected to be 'well below' the current consensus estimate of $1.00 per share.<br /><br />In other results, household appliances maker Whirlpool posted a 27% drop in second quarter profits, while Boeing reported second-quarter earnings that fell 19%. <br /><br />Late Tuesday, thrift bank Washington Mutual also revealed a $3.3bn quarterly loss, far worse than expected and reflecting an $3.7bn increase in its bad debt charge. <br /><br />Also after the close, Yahoo said it missed second quarter forecasts. Yahoo! said quarterly net income fell 18% to $131m, or 9c per share, from $161m a year ago.
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