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Google Shares do the Devil Dance
Google Shares do the Devil Dance

BLURB: Google Inc. (GOOG) shares did a devil dance on Thursday, plummeting some 70 plus points in a matter of minutes when Q3 earnings that were scheduled to be released after the bell today, were mistakenly released, way to early.

Google Inc. (GOOG) shares did a devil dance on Thursday, plummeting some 70 plus points in a matter of minutes when Q3 earnings that were scheduled to be released after the bell today, were mistakenly released, way to early. Trading in Google shares were halted shortly after the devil dance began to make a rebound. Google blamed R.R. Donnelley (RRD) for the earnings announcement mishap after the company's financial printer "filed our draft 8K earnings statement without authorization." The filing with the Securities and Exchange Commission included the line, “Pending Larry quote,” apparently referring to Chief Executive Larry Page. "We have ceased trading on NASDAQ while we work to finalize the document," Google said in a statement. "Once it's finalized we will release our earnings and resume trading on NASDAQ. The company reported a Q3 profit of $2.18 billion or $6.53 a share, compared with a profit of $2.73 billion or $8.33 a share for the same period in 2011. Revenue minus traffic acquisition costs, was $11.33 billion, up from $7.51 billion in same period 2011. Adjusted profit was reported at $9.03 a share. Google said average cost-per-click - the prices paid for Google’s online ads - slipped nearly 15% from same period during 2011. Shares of Google ended the trading session Thursday, down 8% or off by 60 some points.

Abbott Laboratories (ABT) on Thursday announced partner Reata Pharmaceuticals would halt a clinical study examining the use of bardoxolone methyl in patients with advanced chronic kidney disease and type 2 diabetes. A monitoring committee cited “excess serious adverse events and mortality in the bardoxolone methyl arm,” Abbott said in an Securities and Exchange Commission filing early Thursday. The clinical trial of an experimental treatment for kidney disease was discontinued due to safety concerns including an excessive death rate among the drug's users. Abbott and Reata notified the Food and Drug Administration as well as other regulatory agencies of the decision to cease the clinical trial and all ongoing clinical trials with bardoxolone methyl in chronic kidney disease. On Wednesday, Abbott reported the firm would be laying off 550 workers throughout a number of its business units and plans to reduce its ranks by “several hundred” in 2013.

Morgan Stanley (MS) institutional-securities business including investment banking and sales took a Q3 loss as they were hit by a huge mark-to-market loss related to the value of its debt. A 79% decline in revenue was included in Morgan's Q3 results. Fixed income and commodities sales plus, net trading revenue, rose 36% to $1.5 billion, reflecting higher results in interest rate products and gains in credit products compared to losses in same period of 2011. "The rebound in fixed income & commodities sales and trading indicates that clients have re-engaged after the uncertainty of the rating review in the previous quarter," Chief Executive James Gorman said. "We are beginning to unlock the full potential of the Global Wealth Management franchise, having increased our ownership of, and agreed on a purchase price for the rest of, Morgan Stanley Wealth Management." In hopes of making business steadier and less vulnerable to market shocks, Morgan Stanley is embracing a new identity as a wealth manager, investment bank and trading firm. During September the firm completed its $1.89 billion acquisition of 14% of the Morgan Stanley Smith Barney brokerage from Citigroup Inc. (C), raising its ownership stake in the business from 51% to 65%. The takeover of Morgan Stanley Smith Barney will give Morgan Stanley access to $53.5 billion in deposits by 2015. Morgan Stanley reported a loss of $1.02 billion for Q3 compared with a 2011 period profit of $2.2 billion. The per-share loss reflects the payment of preferred dividends and was 55 cents compared with a profit of $1.15 same period in 2011. The per-share profit was 28 cents versus two cents a share same period in 2011 when impact of debt valuation changes was pulled out. Revenue fell 46% to $5.29 billion, including a negative impact of $2.3 billion from the tightening of credit spreads related to debt. Revenue was up 18% to $7.55 billion with debt valuation changes removed. Compensation expense climbed 6.7% to $1.6 billion, while non-compensation expense rose 21%, primarily due to increased litigation costs. In August, Morgan announced they would offer a one-time cash bonus to several thousand support personnel at the Morgan Stanley Smith Barney brokerage to compensate them for extra work on a difficult technology conversion. Shares ended the session Thursday off by 4%.

The U.S. Labor Department reported on Thursday that applications for U.S. unemployment benefits jumped 46,000 to a seasonally adjusted 388,000 in the week of October 7-13. Initial claims from two weeks ago were revised up to 342,000 from an original reading of 339,000, based on more complete data collected at the state level. The average of new claims over the past month, edged up by 750 to 365,500. Continuing claims, which reflect the number of people already receiving benefits, decreased by 29,000 to a seasonally adjusted 3.25 million in the week ended October 6. Claims had fallen two weeks ago to a four-year low, but the decline mainly stemmed from a statistical quirk in the data that often happens at the end of a quarter and was not reflective of a rapidly improving labor market. Nearly 5.0 million people received some type of state or federal benefit in the week ended September 29, down 42,664 from previous week.

The Conference Board reported on Thursday that the U.S. economy is "fluctuating around a slow growth trend," as it reported that its Leading Economic Index rose 0.6% in September after declining a downwardly revised 0.4% during August. Prior estimate for August pegged the decline at 0.1%. "The single biggest challenge remains weak demand, domestically and globally," said Ken Goldstein, an economist at the Conference Board, a New York research group. LEI is a weighted gauge of 10 indicators designed to signal business cycle peaks and troughs. Led by building permits, six of the 10 indicators made positive contributions during September. New orders for manufacturers were the biggest negative contribution to the LEI.


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Oct 18, 2012


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