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Reports US

US stock market daily report (October 21, 2013, Monday)

October 22, 2013, Tuesday, 06:12 GMT | 01:12 EST | 09:42 IST | 12:12 SGT
Contributed by Millennium Traders


Discover Financial Services (DFS-NYSE) shares were lower by 2% during aftermarket trading Monday. Discover - the sixth largest U.S. credit card provider in the U.S. - reported a profit of $593 million or $1.20 a share, down from $637 million or $1.24 a share from same period during 2012. DFS reported Q3 earnings fell 6.9% as they set aside more cash to cover potential loan losses. For the quarter, DFS ended with $50.4 billion in credit-card loans, an increase of 4% from same period in 2012 as sales volume on its proprietary Discover Card increased 3%. Credit-card delinquencies of more than 30 days were 1.67% compared with 1.81% in same period of 2012 and a record low of 1.58% during Q2. Discover recorded a loan-loss provision for Q3 of $333 million which included a $42 million increase in loan-loss reserves. DFS has expanded into student loans and mortgages. Private student loans increased 5% and personal loans increased by 26%. Total loans rose 5.2% to $62.7 billion compared to same period in 2012.

Analysts Positive on First Solar
First Solar, Inc. (FSLR-NASDAQ) shares tacked on 8% in gains during the trading session Monday after the company got a thumbs up from analysts. As a large amount of traders and investors are betting on failure of the company, the stock has the 13th largest short interest as a percentage of float in the S&P 500. Year to date FSLR share price has risen more than 56% and over the past 12 months share price has risen by nearly 110%.

Hasbro Strikes New 52 Week High
Hasbro Inc. (HAS-NASDAQ) shares ended the trading session higher by 5% after the toy maker reporting a profit of $193 million or $1.46 a share up from $164.9 million or $1.24 a share for same period of 2012. Revenue rose by 1.9% to $1.37 billion. HAS made a new 52 week high during the trading session on Monday.

Netflix Shares Soar in Afterhours Session
Netflix, Inc. (NFLX-NASDAQ) shares were higher by 10% or higher by over $35 during afterhours trading on Monday. Netflix reported an increase in revenue by 22% to $1.1 billion. For Q3, the company reported net income of $32 million or 52 cents per share, compared to net income of $8 million or 13 cents per share during same period of 2012. NFLX reported expectations of Q4 earnings to come in the range of 47-73 cents per share.

Texas Instruments Shares Fall in Aftermarket Hours
Texas Instruments Inc. (TXN-NASDAQ) shares were off by 3% in aftermarket trading Monday after reporting Q3 profit of $629 million or 56 cents a share, compared with a profit of $784 million or 67 cents a share for same period in 2012. Revenue was lower from same period in 2012 at $3.24 billion. TXN reported expectations of revenue in the range of $2.86 billion to $3.10 billion and earnings in the range of 42 cents to 50 cents a share.

VMware Shares Surge in Afterhours Trading
VMware, Inc. (VMW-NYSE) shares were higher by 9% during aftermarket trading Monday. VMW reported Q3 profit of $261 million or 60 cents a share, compared with profit of $157 million or 36 cents a share same period of 2012. Revenue increased to $1.29 billion from $1.13 billion during same period of 2012.

Previously Owned Home Sales Fall
National Association of Realtors said Monday, sales of previously owned U.S. homes fell a seasonally adjusted 1.9% in September, to an annual rate of 5.29 million in September from 5.39 million in August, because of higher prices and rising mortgage rates. The pace of sales in August, originally reported as a six-year high of 5.48 million, was sharply reduced to match the level of sales in July. Median sales price of previously owned homes was up 11.7% at $199,200 compared to a year earlier. NAR forecast that sales of previously owned U.S. homes are likely to continue to decline as affordability fell to a five-year low.

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