Markets End Hectic Week On Positive Note

Paris, France, October 26, 2014 (Newswire.com) - Investors found enough positives in earnings reports from Dow listed Microsoft and Procter & Gamble to justify a triple-point gain in the Dow. The S&P 500 posted its best week since January 2013 while the Nasdaq was also positive despite Amazon.com reporting poor results Thursday evening.
 

News Of Note

"A wild and crazy weekend involves sitting on the front porch, smoking a cigar, reading a book." - Robert Gates.

September New Home Sales rose 0.2 percent to 467,000 (versus expectations of 470,000) from 466,000 in August. Median sales price for September was $259,000.

China launched its $50 billion Asian Infrastructure Investment Bank with the intent of loaning funds to developing nations.

Analyst Upgrades And Downgrades Of Note

Analysts at Credit Suisse maintained a Neutral rating on 3M company (NYSE: MMM [FREE Stock Trend Analysis]) with a price target raised to $156 from a previous $148. Shares hit new 52-week highs of $148.79 before closing the day at $148.59, up 2.44 percent.

Analysts at Citigroup maintained a Neutral rating on Amazon.com (NASDAQ: AMZN) with a price target lowered to $325 from a previous $358. Analysts at CRT Capital maintained a Fairly Valued rating with a price target lowered to $325 from a previous $358. Analysts at Benchmark maintained a Buy rating with a price target lowered to $350 from a previous $460. Analysts at Credit Suisse maintained an Outperform rating with a price target lowered to $395 form a previous $422. Shares hit new 52-week lows of $284.00 before closing the day at $287.06, down 8.34 percent.

Analysts at Credit Suisse maintained an Outperform rating on Caterpillar (NYSE: CAT [FREE Stock Trend Analysis]) with a price target raised to $109 from a previous $110. Analysts at Citigroup maintained a Neutral rating with a price target lowered to $110 from a previous $115. Shares gained 0.17 percent, closing at $99.44.

Analysts at Credit Suisse maintained an Underperform rating on General Motors (NYSE: GM) with a price target lowered to $30 from a previous $33. Shares lost 2.88 percent, closing at $30.04.

Analysts at Credit Suisse maintained an Outperform rating on Microsoft (NASDAQ: MSFT) with a price target raised to $55 from a previous $50. Shares gained 2.47 percent, closing at $46.13.

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Analysts at CRT Capital maintained a Fairly Valued rating on Pandora Media (NYSE: P) with a price target lowered to $26 from a previous $32. Analysts at Stifel Nicolaus maintained a Buy rating with a price target lowered to $29 from a previous $34. Shares hit new 52-week lows of $19.35 before closing the day at $20.00, down 13.49 percent.

Analysts at Citigroup maintained a Neutral rating on Under Armour (NYSE: UA) with a price target lowered to $67 from a previous $69. Shares lost 0.17 percent, closing at $64.23.

Equities-Specific News Of Note

According to The Wall Street Journal, Apple (NASDAQ: AAPL) will merge Beats Music with iTunes. Shares hit new 52-week highs of $105.49 before closing the day at $105.22, up 0.37 percent.

Toyota Motor (NYSE: TM) confirmed it sold part of its stake Tesla Motors (NASDAQ: TSLA) but did not disclose the timing or amount of the sale. Shares of Toyota gained 0.97 percent, closing at $114.51 while shares of Tesla lost 0.02 percent, closing at $235.24.

Pfizer (NYSE: PFE) said after yesterday's market close that it has authorized a $10 billion repurchase plan. Shares gained 1.78 percent, closing at $29.11.

Chiquita Brands (NYSE: CQB) shareholders officially rejected a plan to merge with Fyffes during a special shareholder meeting that took place this morning. The company will now enter discussions with Cutrale/Safra over its $14.50 a share offer. Shares of Chiquita gained 2.91 percent, closing at $14.16.

Procter & Gamble (NYSE: PG) said during its earnings report it will exit the battery business with a potential split-off of Duracell. Shares hit new 52-week highs of $85.97 before closing the day at $85.16, up 2.32 percent.

Winners Of Note

The New York Post said that Alibaba is considering acquiring a 37.4 percent stake in Lionsgate (NYSE: LGF). Shares of Lionsgate gained 5.26 percent, closing at $33.00.

Decliners Of Note

DryShips (NASDAQ: DRYS) sold 250 million shares at $1.40 each as part of a secondary offering. The company intends to use the funds to repurchase some of the $700 million convertible notes that are due in December. Shares lost 24.00 percent, closing at $1.53.

Ebola related stock Lakeland Industries (NASDAQ: LAKE) raised $11.2 million in a private placement of common stock valued at $10 per share. Shares lost 14.22 percent, closing at $13.09.

PreMarket Earnings Of Note

Procter & Gamble reported its first quarter results. The company earned $1.07 per share, missing the consensus estimate of $1.08. Revenue of $20.79 billion missed the consensus estimate of $20.88 billion. Shares hit new 52-week highs of $85.97 before closing the day at $85.16, up 2.32 percent.

Ford Motor (NYSE: F) reported its third quarter results. The company earned $0.24 per share, beating the consensus estimate of $0.22. Revenue of $32.80 billion missed the consensus estimate of $33.66 billion. Shares lost 4.31 percent, closing at $13.78.

United Parcel Service (NYSE: UPS) reported its third quarter results. The company earned $1.32 per share, beating the consensus estimate of $1.29. Revenue of $14.29 billion beat the consensus estimate of $14.21 billion. Shares gained 0.11 percent, closing at $100.59.