U.S. Morning Call: Mobiles, guns & money before the bell
Wednesday, October 24, 2012 - 03:40
Oct 24 - Northrop Grumman reported a lower quarterly profit but raised its full-year forecast. General Dynamics also saw third-quarter earnings slide 8 percent as margins fell.
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We earnings led to the biggest drop in the Dow in four months yesterday so will today's results turn the -- for the markets. Let's find -- got here Wednesday morning call. AT&T is expected to post strong results for quarter in which changed pricing for a wireless data services. And enjoyed a single week of sales of the iPhone 5. Two of the biggest US weapons manufacturers general dynamics and Northrop Grumman. Out with results this morning Grumman reported a lower quarterly profit that raised its full year forecast. General dynamics also -- third quarter earnings lied about 8% as margins fell. Stay tuned for one more big -- Lockheed Martin which reports a little later. Also got earnings from NASDAQ exchange operators in a lower third quarter profit profit mostly due to drop in trading volumes. In the US and equities. More earnings from the social round Zynga reports earnings after the bell. A day after laying off 5% of its full time workforce and shutting down its office in Boston. The cost cutting doesn't stop there though the companies getting rid of thirteen games and they potentially close studios in Japan and the UK's well. Shares of Zynga premarket have slid 75%. Year today. -- is woes were visible in Facebook's revenue results but the social network may have cracked that would its mobile advertising. The company saying it now gets 14% of its ad revenue from mobile ads. Investors loving that FaceBook shares up 12% in the premarket. And Netflix say it didn't add as many US customers as Wall Street was looking for in the third quarter shares are down 17%. In the premarket. Not some markets US stock futures point to a slightly higher open. New home sales data out later today economists polled by Reuters forecast that 385000. Annualized units were sold in September. 121000 more than last month also on the agenda at 2 PM a statement from the bad as it wraps up its two day policy meeting. Taking on the global markets China's economy may slow but stay recovery from its weakest period of growth in three years. According to the HSBC PMI survey new orders and output soared to their highest level in months. Does -- good news in Europe though German business confidence fell for -- sixth straight month in October. Hitting its lowest level in almost three years according to the latest -- closer day. Now -- -- stocks to watch that have to do with earnings. UBS is set to cut 400 investment banking jobs across all regions as early as today a source told Reuters. And more job losses may follow. A Reuters exclude it uncovered that Blackstone is preparing to launch a multi billion dollar fund. That will buy stakes in hedge fund managers in the secondary market. The move comes additional buyers such as banks pull back faced with disappointing performance and regulation. Blackstone declined to comment. Barnes & Noble said customers who have shot as recently as last month that any of their US stores may have had their credit card information stolen. The tampering was detected on pin pads for debit cards but the bookstores as their customer database is secure. That's all -- Wednesday morning call for more news follow us on Twitter at Reuters Insider and check out our -- YouTube channel. At Reuters dot com slash Reuters TV I'm Lisa -- this is Reuters.
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