Stocks by and large up, Amazon 3Q gains, sales down | Kentucky
NEW YORK (AP) – Stocks closed broadly higher on Wall Street today, marking further record highs for the S&P and Nasdaq. The Dow also rose, but landed just below the record high it set on Tuesday. Small company stocks outperformed the rest of the market, a sign that investors are more optimistic about the economy. Ford rose 8.7% after announcing earnings that slightly exceeded analysts’ projections and raising its outlook for the year. Heavy machinery maker Caterpillar rose 4.1% after strong results. The 10-year Treasury yield rose to 1.57%.
NEW YORK (AP) – Amazon reported a decline in earnings and sales in the third quarter as online pandemic splicing eases. For the three-month period ended September 30, the company reported earnings of $ 6.2 billion, or $ 6.12 per share, that fell short of analysts’ expectations. That’s compared to $ 6.3 billion, or $ 12.37 per share, for the same period last year, even though revenue rose 15% to $ 110.8 billion. In July, Amazon warned that third-quarter sales will range between $ 106 billion and $ 112 billion. Still, this quarter marks the fourth consecutive quarter with sales of over $ 100 billion.
UNDATED (AP) – Starbucks says strong US sales helped offset weakness in other markets in the fourth quarter of fiscal. The Seattle-based coffee giant said its sales in the same store in North America – or sales in locations that are open for at least a year – rose 22% in the July-September period. But sales in the same store in China fell 7% as coronavirus cases again disrupted store traffic. Starbucks said its revenue rose 31% to $ 8.1 billion for the quarter, an all-time high. But that was not what Wall Street was predicting. According to its own information, the net profit has more than quadrupled to 1.76 billion US dollars.
LOUISVILLE, Kentucky (AP) – GE Appliances has announced plans to create more than 1,000 jobs in its sprawling Kentucky facility known as Appliance Park. The company says the job growth is part of a $ 450 million investment to increase capacity and bring new products to market. The plan provides for increased production of washing machines and refrigerators as well as new fridge-freezer models. The company says the posts will be added by the end of 2023. Appliance Park currently employs around 7,100 people.
LONDON (AP) – UK lawmakers grilled Facebook and other tech giants over how they deal with online security. Representatives from YouTube, Google, Twitter and TikTok were interviewed by members of a parliamentary committee that examined the UK government’s draft online security legislation. Governments on both sides of the Atlantic want tougher rules to protect social media users, but the UK’s efforts are much more advanced. A US Senate panel also polled YouTube, TikTok and Snapchat this week. Facebook’s security chief says the tech giant supports regulation and has no business interest in providing people with an “unsafe experience.”
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