Stocks rallied today on positive earnings. Despite Morgan Stanley reporting a loss for the third quarter, investors were happy with the reports today. This morning, Morgan Stanley said third quarter profit fell $91 million to $313 million or $0.05 per share. Profits were down 67% from the same period last year; overall revenue for the company is down 20%.
Investors were pleased to hear Wells Fargo made a profit of $3.15 billion or $0.60 per share in the third quarter; third quarter earnings are up 19% from the same quarter last year. Wells Fargo credits the rise in profits to a decreased amount of defaults on loans.
Airline stocks were rising when Boeing and Delta both reported better than expected earnings.
Boeing reported earnings of $837 million or $1.12 per share, surpassing analysts' expectations of $1.06 per share.
Delta reported third quarter earnings of $929 million or $1.10 a share, better than the $$0.94 per share analysts were expecting.
BOEING CO
71.36 +2.31 (3.35%) 52Wk Range: 45.90 - 75.11
http://www.insidefutures.com/article/181126/Zantrio%20Market%20Review%20October%2020,%202010.html
Wednesday, October 20, 2010
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