Chile, Thailand, Brazil and Junior Gold Are Winners Wednesday, September 15, 11:49 AM ET, by Market News Video Staff The iShares MSCI Chile Investable Market Index Fund (ECH), an ETF that gauges the equities ...
Gilead Sciences 23.68% of Biotech HOLDRS ETF Thursday, October 7, 8:24 AM ET, by Market News Video Staff Gilead Sciences (GILD) makes up 23.68% of the Biotech HOLDRS (BBH) ETF. The Biotech HOLDRS ...
And underperforming other ETFs this week is the Biotech HOLDRS ETF (BBH), down about 1.7% this week. Among components of that ETF with the weakest showing for the week were shares of Human Genome Sciences (HGSI), lower by about 5.9%, and shares of Enzon Pharmaceuticals (ENZN), lower by about 3.8% on the week.
Other ETF standouts this week include the Regional Bank HOLDRS (RKH), outperforming this week with a 8.7% gain. And the Global Biotech Portfolio (PBTQ) was an underperformer, falling about 1.1% this week.
EQUITIES
Markets were sharply higher for the week. The S&P rose by over three percent for the week, the Dow was up over 2.5 percent, and the NASDAQ was also higher by 2.5 percent.
OIL AND GOLD
Crude oil futures increased by over 6.8 percent for the week. Oil is trading at $86.92 a barrel on Friday afternoon.
Gold futures rose by around 2.7 percent this week, trading at 1395.22 an ounce on Friday afternoon.
ECONOMY
In economic news this week, unemployment held steady at 9.6% in October, as the employment report showed the U.S. economy adding jobs for the first time since May. Non-farm payrolls increased by 151,000 jobs last month, more than double the hiring economists had predicted. Hiring for August and September were revised upward as well. A net 1,000 jobs were lost in August, compared to an initial report of 57,000 jobs lost. 41,000 Jobs were lost in September, compared to initial news of 95,000 cuts.
US factory activity expanded unexpectedly in October, while economists were expecting a decrease.
Eight Fed banks, including San Francisco and Chicago, reported growth, according to the survey by the 12 regional banks. The Philadelphia and Richmond Fed banks reported thier economies as “mixed,” and the Cleveland region “held steady,” while the Atlanta “remained slow.”
EARNINGS
In earnings news, Simon Property Group (SPG) posted earnings Monday of $318.5 million, or $0.90 per share, compared to $473.1 million, or $1.38 per share, in the same quarter last year. The real estate investment trust is the largest mall owner in the U.S. The firm hiked its dividend by a third, to $0.80 per share, and said tenants’ sales increased 10.6% vs. last year.
Embattled oil major BP (BP) said its earnings declined 67% in the third quarter, as it took another $7.7 billion charge related to the April oil rig explosion that killed 11 and created an enormous oil spill in the Gulf of Mexico. Net income totaled $1.79 billion. Still, compared to a $17.2 billion loss in the second quarter, this quarter was an improvement.
CVS Caremark (CVS) said its third quarter earnings fell to $808 million, or $0.59 per share, compared to $1.01 billion, or $0.71 per share, in the same quarter last year. Adjusted earnings of $0.65 per share were just ahead of analyst expectations. Revenue fell 3%, to $23.9 billion, in-line with expectations. Same-store sales fell 2.5% in the period, while pharmacy same-store sales rose 3%.
Oil driller Transocean (RIG) posted third quarter earnings after the bell Wednesday of $368 million, or $1.15 per share, compared to $710 million, or $2.19 per share, in the same quarter last year. The results included charges related to the April explosion on a rig that BP (BP) leased from the company, at killed 11 and resulted in an oil spill in the Gulf of Mexico, as well as other charges. Revenue fell 18% to $2.31 billion. Transocean’s business has fallen as a result of stoppages and slowdowns in the Gulf of Mexico.
American International Group (AIG) posted a huge loss for its third quarter. The insurance giant said its third quarter loss totaled $2.4 billion, or $17.62 per share. The loss resulted from restructuring charges. AIG said its adjusted loss totaled $200 million, or $1.47 per share.
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