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Disney earnings as expected; Dow, S&P set records

Thursday, November 06, 2014 - 01:31

Disney met forecasts on earnings, but costs drag. The Dow and S&P 500 see records. Whole Foods rallies on earnings beat. Bobbi Rebell reports.

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Bank of America after the bell adjust earnings downward on legal costs associated with its foreign exchange trading. JP Morgan and Citigroup have already made adjustments for legal costs associated with their currency operations. Disney out with earnings in line with forecasts. Revenue was up 7 percent thanks to movies like "Guardians of the Galaxy". But programming costs associated with sports franchise ESPN dragged. A volatile session for U.S. stocks-but record setting nonetheless- for both the Dow and the S&P 500- helped by confidence that the European Central Bank will be more agressive in its economic strategy if needed. That renewed confidence also helped to lift European stocks. Investors bought up shares of Kate Spade. Sales were up 30 percent thanks to high demand for its handbags- and the company cut its losses. Whole Foods stock hit an eight month high. Profits and market share were up thanks to strong sales of organic and natural foods. Genworth Financial lost about a third of its value. Losses in its long-term care insurance business put it in the red for the quarter. The chips are down at mobile chip maker Qualcomm. It disclosed new regulatory probes it's facing in the U.S. and Europe, and it warned that an antitrust probe in China could hurt its business there. Just ahead of the monthly jobs report- Weekly jobless claims dropped more than expected last week, and wages accelerated in the latest quarter.

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Disney earnings as expected; Dow, S&P set records

Thursday, November 06, 2014 - 01:31