Market Wrap: Ford's Mulally to Stick Around; More Manufacturing = More Jobs; Starbucks' Q4 EPS Served-Up Hot

November 1, 2012 6:19 PM EDT
Market wrap-up for November 1st

End of the Day: S&P 500 up 15.4 to 1,427.59; Dow Jones up 136.2 to 13,232.62; Nasdaq up 42.8 to 3,020.06

The following is a brief summary of events moving markets today:
  • Jobs, jobs, jobs: Into tomorrow's nonfarm payroll report for October, ADP reported that about 158,000 private payrolls were added last month, the largest gain since last February.

  • Really, he likes the company car: Ford (NYSE: F) reported October sales were up 0.3 percent, versus the 3.5 percent expected. More than that, however, was CEO Alan Mulally planning to stay on with the company at least through 2014.

    The company also named Mark Fields is named the company's new chief operating officer, effective Dec. 1.

    For further detail on the story, click here.

  • Cranking out the cars (and other goods): According to the ISM, the Manufacturing PMI was 51.7 percent, up 0.2 points over the prior month. The Street consensus expected a dip to 51 flat. The reading is the highest for the index since last May.

    Leading growth for the month were Petroleum & Coal Products, Furniture & Related Products, and Apparel, Leather & Allied Products.

  • Others, however, haven't fared as bad: Pierre-Henri Flamand, a former partner at Goldman Sachs (NYSE: GS), is said to be shutting down his Edoma Partners hedge fund, citing the inability to make money in the current environment. The fund, currently down 4.9 percent in 2012 and 7 percent since its launch in November 2010. At one point, Edoma had about $2 billion of assets.

  • Pumped and getting pumped-er: Caffeine-friendly Starbucks (Nasdaq: SBUX) is percolating in after-hours action Thursday following strong fourth-quarter results and solid guidance for fiscal 2013. EPS of 46 cents topped views by 1 cent, while global comps rose 6 percent. For FY13, Starbucks said it expects EPS of $2.06 to $2.15, versus the consensus of $2.13. Additionally, Starbucks boosted its quarterly dividend 23.5 percent to 21 cents per share, currently yielding 1.8 percent annually.
Click here to go to Streetinsider's Full News Feed and never miss a beat!

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Special Reports

Related Entities

Standard & Poor's, Dividend, Hedge Funds, Layoffs

Add Your Comment