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U.S. Morning Call: NYC floods; NYSE tests contingency plan

Tuesday, Oct 30, 2012 - 02:43

Oct 30 - New York City streets saw record levels of floodwater, blacking out power to millions of people and bringing transportation to a halt.

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New York State eligible for extra relief funds after sandy came crashing ashore. And President Obama declares a state of emergency let's begin -- Tuesday morning call. A sleepless night for over seven million in the tristate area grappling with power shortages and destructive rains and winds. Downtown Manhattan severely flooded. The New York Stock Exchange I'm damage but keeping its doors closed for a second day in a row for the first time since 1888. The exchange will test -- back up plan to help resume electronic trading tomorrow. Wednesday's session is key as it marks the end of the month when traders priced portfolios. Stock futures on the move until 9158 and -- a touch lower at the moment bonds trading will not take place today -- the NASDAQ also closed today. As -- PK Shiller numbers we'll still -- tonight man expect a slight rise in the index. The storm delaying a bunch of earnings from the likes of Pfizer and McGraw-Hill but forward moving time. The automaker reporting a better than expected profit of 2.2 billion benefiting from higher vehicle prices and lower costs in North America. Also reporting results today gaining company's electronic arts maker of fifa soccer and take two software creator of Grand Theft Auto. Some more stocks to watch big oil seeing big profit this morning. BP reporting strong quarter and jacking up its dividend by twelve point 5% despite lower crude prices. Shares up close to 5% on the London Stock Exchange. Prosecuting I an apple today CEO Tim Cook pushed out to executives one -- -- Scott forestall. Sources say -- want him to publicly apologize for mishandling apple maps but he refused. Forestall had been in the running to take over the company after Steve Jobs he is also widely credited for the iphone's success. John brow at Apple's retail chief will also be saying good -- to the crew. A couple of European banks reporting earnings this morning let's start with UBS which confirmed its plans to fire 101000 bankers. As a -- giant struggled to adapt to tougher capital rules it will wind down its fixed income activities that are no longer profitable. UBS shares up 5% on the news. Not a very different story at Deutsche Bank which will be laying off nearly 2000 workers by the end of the year mostly with an investment banking. Although -- stronger income from the division lifted third quarter profit by 20% year on year. That's all your Tuesday 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 Bernhard this is Reuters.

U.S. Morning Call: NYC floods; NYSE tests contingency plan

Tuesday, Oct 30, 2012 - 02:43

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