UnitedHealth (UNH) posted third quarter earnings and revenue results
that were in-line with expectations. It also issued an in-line
outlook. Baxter (BAX) announced better-than-expected earnings per
share results for its latest quarter. The medical equipment company
also issued upside guidance for the full year. Conglomerate United
Technologies (UTX) also served up a batch of better-than-expected
earnings per share results, despite falling a bit short of the
consensus revenue estimate. UTX also lifted the low end of its
full-year outlook. After yesterday's close, eBay (EBAY) disappointed
its investors by issuing downside guidance for the fourth quarter,
despite issuing an upside earnings per share surprise for the third
quarter. In the latest batch of economic data, the September Consumer
Price Index (CPI) was flat, which is better than the 0.1% increase that
economists were expecting. The prior reading was unrevised at -0.1%.
Excluding food and energy, the CPI was up 0.1%, which is better than
the the 0.2% increase that was widely expected and also better than the
prior reading of a 0.2% increase. Jobless claims for the week ending
October 11 totaled 461,000. That was below the 470,000 claims that
were expected and down from the prior week's 477,000 claims.
Merrill Lynch reported results, saying its third-quarter loss was
worse than expected, largely due to $8.5 billion in writedowns related
to bad mortgage debt. Citi posted a smaller-than-expected quarterly loss at 7:00 a.m.
ET, though the bank said its revenue was lower than analysts'
predictions. The loss was partially due to about $12 billion in
writedowns related to credit and loan losses. Oil prices continue to be pressured lower amid heightened
anxiety over a global slowdown in demand. Prices fell below $80 a
barrel Thursday, trading down $1.11 to $73.43 a barrel.
Prices have lost nearly $75, or more than 51%, since peaking at $147.27 a barrel on July 11.
At 11:00 a.m. ET, the Energy Information Administration will issue its
weekly reading on crude and gasoline inventories, which was delayed a
day this week due to the federal holiday Monday.
According to Platts, the energy research arm of McGraw Hill Cos., oil
supplies are expected to show an increase of 3.1 million barrels, while
gasoline inventories are forecast to be up 3.1 million barrels.
