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eBay's profit beat, Amex's profit miss

Wednesday, October 21, 2015 - 01:11

Earnings out after hours included better-than-expected results from eBay, and a miss from American Express. U.S. stock indexes fell. Bobbi Rebell reports.

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After hours, eBay reported an earnings beat, while American Express results missed expectations. A flashy IPO and big tech deals couldn't get investors in a buying mood. Healthcare stocks like Valeant and Cigna dragged shares lower. Recon Capital Partners' Kevin Kelly: SOUNDBITE: KEVIN KELLY, MANAGING PARTNER, RECON CAPITAL PARTNERS (ENGLISH) SAYING: "We're getting back to normalized markets. You haven't seen a big giant correction happen as we've gotten off quantitative easing." Ferrari zoomed higher amid heavy demand on its debut on Wall Street. The market valued the sports car maker at $9.8 billion. GM's shares rose after the automaker's flat earnings crushed analysts' estimates. Cheap gas and strong truck sales boosted North American profit to a record. A blow to Tesla. Consumer Reports said it would stop recommending its Model S sedan over reliability concerns. Shares fell. Two huge chip-related deals. Western Digital is buying SanDisk for $19 billion. And KLA-Tencor is acquiring Lam Research for about $11 billion. In Europe, investors shrugged off bad earnings news. Tech stocks drove shares higher. But the FTSE 100 closed flat.

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eBay's profit beat, Amex's profit miss

Wednesday, October 21, 2015 - 01:11