Apple Sauce for Apples Shares|
Investors appeared to be making apple sauce from shares of Apple (AAPL) were
smashed Thursday, down 4% and lower by over 21 points into final half-hour of
trading. Shares took a beating after reports that its Chinese manufacturer was
having trouble keeping up with demand for iPhone 5, due in part to difficulty
meeting Apple’s quality standards.
McDonald's Corp.'s (MCD) reported global same-store sales fell 1.8% during
October as the world's largest fast-food chain struggles to combat slowing
consumer demand amid ongoing economic uncertainty. "Though October's sales
results reflect the pervasive challenges of today's global marketplace, I am
confident that our strategies and the adjustments we are making in response to
the current business headwinds will build sales momentum and drive sustained,
profitable growth," said President and Chief Executive Don Thompson. Austerity
measures in Europe have contributed to slower global same-store sales growth in
Advance Auto Parts Inc.'s (AAP) reported Q3 profit fell 15% and cut annual
earnings guidance as the auto-parts retailer posted weaker same-store sales
while margins improved amid lower costs. Advance Auto said it expects its
performance will be hurt for the rest of the year by continued softness in
colder weather markets as well as lower overall consumer spending on auto
maintenance and parts. "While we are disappointed we did not achieve our
profitability expectations, we are encouraged by the improvements in our sales
trends, particularly in commercial, from our second to third quarter," Chief
Financial Officer Mike Norona said. Advance Auto reported a profit of $89.5
million or $1.21 a share, compared with a profit of $105.6 million or $1.41 a
share for same period in 2011. Sales moved slightly lower by 0.5% to $1.46
billion, as same-store sales fell 1.8% and gross margin widened to 49.8% from
49.5%, as input costs shrank 1.1%.
According to reports on Thursday, New York Governor Andrew Cuomo fired New York
director of emergency management, Steven Kuhr - who has held the position for
just over a year - for allegedly diverting an emergency work crew during
Hurricane Sandy to his Long Island home to remove a tree from his driveway.
The U.S. Commerce Department reported on Thursday that the U.S. trade deficit
narrowed in September to $41.5 billion after exports rose more quickly than
imports and trade gap for August was revised to $43.8 billion.
The U.S. Labor Department on Thursday reported that the number of Americans who
filed new applications for unemployment benefits - initial jobless claims -
declined by 8,000 to a seasonally adjusted 355,000 in the week ended November 3
however, data was distorted due to Hurricane Sandy. Initial claims from two
weeks ago were unrevised at 363,000, based on more complete data collected at
the state level. The average of new claims over the past month rose by 3,250 to
370,500. In the week ended October 27 continuing jobless claims - the number of
people who already receive regular unemployment benefits - decreased by 135,000
to a seasonally adjusted 3.13 million. In the week ended October 20, nearly 5.1
million people received some type of state or federal benefit, up 41,864 from
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Nov 8, 2012