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The Markets
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Proactive UK has moved.
Coverage of London’s small caps continues on proactiveinvestors.com
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The Markets
by Proactive
Proactive UK has moved.
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Go to Proactive UK
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The Markets
by Proactive
Proactive UK has moved.
Small-cap coverage continues on .com
Go to Proactive UK

Pharma & Biotech

US stocks' bright start soon fades

Stocks made a brief attempt to shake off yesterday's lethargy but soon headed south

A mixed bag of trading updates from the blue-chip quarter reflects the indecisive opening of the major benchmarks.

Initially, the main stock market indexes opened modestly firmer but are now stuck in no-man's land.

The Dow Jones average (INDEXDJX:.DJI) was down 21 at 17,735 while the S&P 500 and the Nasdaq Composite were both four points lower, with the former at 2,084 and the latter 5,069.

First Solar (NASDAQ:FSLR) was a bright spot after the solar panel maker topped expectations with earnings announced after the bell last night.

The shares rose US$4.88 to US$55.87.

Travel web site operator Expedia (NASDAQ:EXPE) was also surging, up 8.7% to US$138.02 after its trading update last night. Sector peer Priceline (NASDAQ:PCLN) advanced 2% to US$1,454.37 in sympathy.

As for companies reporting this morning, AbbVie (NYSE:ABBV) was the pick of the bunch, up US$5.50 to US$59.59 as it upped full-year guidance after a strong third quarter.

Overpriced coffee peddler Starbucks edged up 59 cents to US$63.08 in active trading despite indicating the final quarter of the year might be none too frothy.

Starbucks projected per-share earnings of $0.44 to $0.45, adjusted for one-time effects, according to a statement from the Seattle, Washington-based company released on Thursday.

Analysts polled by Capital IQ expected $0.47.

Exxon Mobil (NYSE:XOM) laid to rest some fears about its dividend, as it hiked its quarterly pay-out despite third quarter profits plunging. The shares were up 0.2% at US$82.43.

Investors logged into social network operator LinkedIn (NYSE:LNKD) after it reported its active membership rose 20% year-on-year to 396mln.

The net loss widened to $40.5mln, or $0.31 per share, in the quarter ended September 30 as costs surged 46%, but the company raised its full-year profit and revenue forecasts.

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