Presidential Race is Deadlocked |
The presidential race is deadlocked and just a handful of states will
determine the winner, per presidential polls. Democrats believe President Barack
Obama has the edge toward the election because of his lead in the polls of key
states, such as Ohio. Republicans believe the polls are skewed toward Democrats
but insist they have the upper hand in voter enthusiasm as well as independent
voters. Unless Mitt Romney scores a surprisingly large victory with some
Republicans riding on his coattails, the Senate is likely to remain in in the
hands of Democrats. Bottom line -whoever is elected President of the United
States will not find it easy to get Congress to go along with his plans. Even if
President Obama gets re-elected, Republicans are expected to maintain control of
the House. Voters are urged to get out and vote, let your voices be heard.
Apple Inc. (AAPL) had a heavy place in the media on Monday. Reportedly, Apple
sold three million iPads in three days since the launch of its new iPad mini and
the fourth-generation iPad - doubling the first weekend milestone of 1.5 million
Wi-Fi only iPad mini models sold for the third generation iPad during March. "We
set a new launch weekend record and practically sold out of iPad minis," said
Apple Chief Executive Tim Cook.
Reports out on Monday indicate Apple Inc. is considering replacing Intel chips
in its Mac personal computers. Apple is exploring using its own chip technology
that is used for the iPhone and the iPad.
A lawsuit by Apple Inc that charged Google's Motorola's patent licensing
practices with being unfair, was reported thrown out by a Federal Judge, on
Monday. The trial was over the use of patents Google (GOOG) obtained when it
acquired Motorola in May - the trial had been set to kick off in U.S. District
Court in Madison, Wisconsin. The case was dismissed with prejudice although the
decision can still be appealed. "Motorola has long offered licensing to our
extensive patent portfolio at a reasonable and non-discriminatory rate in line
with industry standards," Google said after the court's action. "We remain
interested in reaching an agreement with Apple."
BioMarin Pharmaceutical Inc. (BMRN) announced its Phase III study met its
primary endpoint for the treatment known as GALNS. The drug from BioMarin is
used to treat patients with a rare affliction commonly known as Morquio A
Syndrome - a syndrome caused by an enzyme deficiency that also can cause growth
retardation, knock knees, flat feet, abnormal curvature of the spine as well as,
can lead to hearing loss and weakness in the legs. The tests examined six-minute
walking distances for patients treated with the drug over 24 weeks, showing
“statistically significant” improvement in the amount of ground covered. Stair
climbs for patients were also examined where improvements were noted for those
using GALNS. BioMarin said patients using the drug also showed signs of better
pulmonary function. In 25% of patients, side effects consisted of coughing,
nausea and pyrexia. Chief Medical Officer Hank Fuchs said in a statement that
there is no known treatment for Morquio A Syndrome, which afflicts roughly 3,000
patients worldwide. BioMarin shares ended the trading session higher by 31%.
During after-hours trading on Monday, shares of Express Scripts (ESRX) sank 14%
after the pharmacy benefits manager called Wall Street's profit targets for 2013
"overly aggressive." Analysts on average are projecting Express Scripts to earn
$4.50 a share. In its Q3 earnings statement, Express Scripts warned its business
would weaken next year due to U.S. unemployment levels. The pharmacy benefits
manager said this "would likely result in significant in-group member
Tesla Motors Inc. (TSLA) shares ended the trading session Monday, higher by 9%.
The auto maker posted a Q3 net loss of $1.05 a share on revenue of $50.1
million, with the adjusted loss totaling 92 cents a share. Tesla described Q3 in
a letter to investors as a “fundamental turning point” since it is now able to
mass produce vehicles to the tune of 100 cars per week, compared with five cars
per week at the beginning of the quarter.
On the eve of the U.S. Presidential election, investors sought safety in Gold,
with Gold for December delivery (CNS:GCZ2) ended the session higher by $8 at
$1,683.20 an ounce on the Comex division of the New York Mercantile Exchange. On
Monday, Gold futures rose slightly as the precious metal recovered from a slump
during the previous trading session. The U.S. presidential election on Tuesday
as well as renewed concerns about Greece and the euro-zone debt crisis has
investors, seeking safety. Gold tends to be seen as a safe-haven investment that
is in demand at times of economic and political uncertainty.
As traders positioned themselves ahead of Tuesday's U.S. presidential and
congressional elections on Tuesday, oil futures closed higher on Monday,
rebounding slightly from a steep selloff in the previous session on Friday. Oil
for December delivery (NMN:CLZ2) rose 79 cents to end at $85.65 a barrel on the
New York Mercantile Exchange.
Non-manufacturing activity declined to 54.2 in October from 55.1 in September
per the Institute for Supply Management on Monday. The new-orders index which is
a sign of future demand, fell to 54.8 from 57.7. Business activity/production
index declined to 55.4 from 59.9. Employment component rose to 54.9 from 51.1
per the ISM.
The New York Attorney General Eric Schneiderman announced on Monday that his
office would launch an investigation into price gouging by merchants after
Hurricane Sandy. Schneiderman said his office had received hundreds of consumer
complaints, mostly about sharp increases in fuel costs, but also related to
emergency supplies such as generators, food and water. "Our office has zero
tolerance for price gouging," Schneiderman said. "We are actively investigating
hundreds of complaints we've received from consumers of businesses preying on
victims of Hurricane Sandy, and will do everything we can to stop unscrupulous
individuals from taking advantage of New Yorkers trying to rebuild their lives."
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Nov 5, 2012