Market Wrap: China Still In It; Facebook Investors Press 'Like'; Best Buy Warns for Q3; Daimler Can't Outrun European Slump

Market wrap-up for October 24th

End of the Day: S&P 500 down 4.4 to 1,408.75; Dow Jones down 25.2 to 13,077.34; Nasdaq down 8.8 to 2,981.70

The following is a brief summary of events moving markets today:

• Down, but not out by a long stretch: Activity in the euro-zone got off to a bad start, with preliminary PMI from Markit showing a drop to 45.8 in October, from 46.1 in September. The PMI at 50 or above indicates growth for the 17-member nation.
  
  The reading was the fastest drop in the region in over three years and underscores continued trouble in Europe.
  
  One Markit Chief Economist said that the reading is equivalent to the economy shrinking 0.5 percent in the fourth quarter.
  
  Conversely, Markit and HSBC flash PMI for China came in at 49.1 in October, from 47.9 in September. Though the number was also below 50, China inching higher would be a positive for markets. China is still one of the fastest growing, large economies in the world. Any positive signs would be a boon for global markets and more than offset the continued uncertainty in Europe.
  
  
• Gearing up for the holidays: Best Buy (NYSE: BBY) shares were slumping in late trading Wednesday following an updated outlook and vast operational restructuring in one of its key units. Best Buy sees third-quarter 2013 comps to decline at a rate consistent with the range of results for the first two quarters of fiscal 2013 (-5.3% in the first quarter and -3.2% in the second quarter).
  
  Two Channels - Online and Retail: While online continues to be overseen by Stephen Gillett, president of Digital and Marketing, Shawn Score is appointed to lead the U.S. retail channel.
  
  Three Business Groups - Connectivity, Home and Services: Jude Buckley is promoted to head the Connectivity Business Group, succeeding Shawn Score, while Home and Services will continue to be led respectively by Mike Mohan and George Sherman.
  
  For more, click here.
  
  
• MySpace who?: Facebook (Nasdaq: FB) looked very solid Wednesday following strong numbers issued after the market close yesterday. Some of the concerns over mobile growth were allayed in the quarter and monthly active users (MAUs) also produced strong growth.
  
  For a great analyst rundown on results, click here.
  
  
• Just need to start shipping those 787s: Boeing (NYSE: BA) ended the session a tick lower amid strong than expected earnings, though turnover ended up coming in slightly shy of views. At $1.35, earnings beat estimates by a solid 24 cents.
  
  Going forward, Boeing sees 2012 EPS of $4.80 to $4.95, above the consensus of $4.73. In its prior quarter, Boeing raised FY12 EPS expectations to $4.40 to $4.60. For more color on Boeing's current results, click here.
  
  
• German auto giant Daimler AG issued a warning earlier today with respect to fiscal 2012 expectations. The group said earnings would come in below 2011 numbers as market conditions continued to deteriorate.
  
  For 2012, Daimler sees EBIT at €8 billion, from €9 billion last year. Though Daimler's Mercedes-Benz unit garners more revs per unit, profit margins are thinner compared with peers BMW and Volkswagen's Audi unit and sales volumes have declined as well.

Click here to go to Streetinsider's Full News Feed and never miss a beat!

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• After-hours movers: Meta, Ford, IBM, ServiceNow and more
• Core Laboratories (CLB) Misses Q1 EPS by 13c
• First Bancshares (FBMS) Tops Q1 EPS by 6c