The U.S. giant airplane maker Boeing and banks such as Morgan Stanley and Wells Fargo are the focus of the U.S. morning market. They are likely to be the main movers and shakers of of today's stock market.
First let's start from Boeing. After the negative results from the aircraft maker, which reported a 3rd quarter loss on charges the futures were moderately negative in yesterday's trading. Boeing said said it lost $1.56 billion during its third quarter, or $2.23 a share.
In regard to banks, Morgan Stanley profits fall, while Wells Fargo profit jumps 60 percent, posting an earnings of 2.6 billion or 56 cents a share in the 3rd quarter. While Morgan Stanley's profits fell, the investment bank beat the analyst expectations by nearly 38 cents and posted revenues of $8.7 billion dollars.
In the meanwhile as the economy is picking up the TARP stimulus programs are nearing to their ends. TARP was a $700 billion dollar financial bailout program initiated by the U.S. government to help the businesses and banks during the hardest time of the last economic recession.
Global markets were rather soft today. Wells Fargo's Alfred Goldman in his morning market opening comment says "more attempts to take stocks down is probably today." He also added "we prefer a cardiac arrest correction to a wear-‘em-out one as bottom is a bit easier to sense. However, we just have to deal with whatever the market gives us."
Written by Armen Hareyan
Comment and add to the story without registration, but keep the comments meaningful please. Links are not accepted.
