Reports » US
US stock market daily report (October 22, 2013, Tuesday)
Diebold, Incorporated (DBD-NYSE) will settle charges that it violated anti-bribery laws by paying more than $48 million. Charges alleged by the Securities and Exchange Commission revolve around a parallel criminal matter with the U.S. Department of Justice. Allegations by the SEC include that subsidiaries of Diebold in China and Indonesia spent nearly $1.8 million on entertainment, travel and other improper gifts for senior officials in an effort to influence banks' purchasing decisions. Additional allegations include that Diebold falsified books and records to hide nearly $1.2 million of bribes paid to employees at privately owned banks in Russia.
Lexmark Q3 Profit Rises
Lexmark International Inc. (LXK-NYSE) shares were trading higher by 7% into early afternoon trading Tuesday. Lexmark reported Q3 profit of $28.5 million or 45 cents a share compared to breakeven for same period in 2012. For Q3 LXK revenue fell 3% to $890.5 million from $919.2 million partly due to their decision to exit its inkjet printing business. LXK provided guidance for Q4 to post a profit of around $1.07 to $1.17 per share with revenue expected to fall between 3% to 5%.
Netflix Gets the Smackdown
Netflix, Inc. (NFLX-NASDAQ) was lower by 6% or down over $20 per share into early afternoon trading Tuesday. During aftermarket trading session on Monday, the video-streaming service reported Q3 profit soared to $32 million or 52 cents a share compared to $8 million or 13 cents a share during same period in 2012. NFLX announced they reached 31 million paying domestic subscribers in the past quarter which tops HBO’s subscriber base of 28.7 million. Netflix chief executive Reed Hastings and CFO David Wells downplayed some of the recent share gains in a letter to shareholders, calling them reminiscent of similar surges in 2003, which preceded a sharp pullback. Their comments clearly set the playing field as shares quickly gave up gains that originated late day Monday.
Whirlpool Shares Rise by 10%
Whirlpool Corp. (WHR-NYSE) home-appliance manufacturer was hosting a very nice gain into early afternoon trading Tuesday, higher by 10% or up over $13 a share. Whirlpool reported Q3 profit of $196 million or $2.42 a share compared to $74 million or 94 cents a share in same period of 2012. Strong demand in North American as well as improved margins attributed to improvement of Q3 results. Sales revenue for Q3 was $4.7 billion versus $4.5 billion during same period of 2012. Whirlpool chairman and chief executive officer Jeff M. Fettig said, "We continue to execute on the plans we set out at the beginning of the year. Our innovative products and industry-leading brands are driving increased consumer demand and revenue growth. That growth, combined with our actions to increase margins, is translating into record earnings." Full-year diluted earnings per share guidance rose to $10.45 to $10.65 compared to previous range of $10.05 to $10.55.Guidance for full-year adjusted earnings per share rose to $9.90 to $10.10 compared to the previous range of $9.50 to $10.00.
U.S. Construction Projects Increase
U.S. Commerce Department reported on Tuesday that during August, outlays for U.S. construction projects rose 0.6%, residential construction spending rose 1.2% and nonresidential construction rose by 0.1%.
September Jobs Increase by 148,000
U.S. Labor Department reported on Tuesday that the U.S. economy added 148,000 jobs during September and the unemployment rate fell to 7.2%. The jobs data has been delayed for three weeks due to the government shutdown. Employment gains during August were revised up to 193,000 from 169,000 and July's gain was reduced to 89,000 from 104,000 to mark the smallest increase since mid-2012. For business services, construction, professional, retail and transportation Labor reported strongest job creation. Government posted their second straight increase. A noticeable drop was seen for bars, financial firms and restaurants.
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