The S&P 500 extended its October gains last week as third-quarter earnings numbers came in mostly better than feared given the uncertain global geopolitical environment.On Tuesday, Chinese Foreign Vice Minister Le Yucheng said the U.S.and China have made progress on trade talks and could continue to be productive as long as a climate of mutual respect is maintained.Le said all nations need the help of allies and partners to succeed.On Wednesday, Facebook CEO Mark Zuckerberg testified before the House Financial Services Committee concerning Facebook’s plans for its Libra cryptocurrency.
Following the testimony, several representatives expressed concerns about the risks associated with Libra and Facebook’s potential influence over the currency.On Thursday, the European Central Bank chose to maintain current deposit interest rates at negative 0.5% after dropping them 0.1% deeper into negative territory last month.Thursday’s ECB meeting was the last under the leadership of president Mario Draghi, who is stepping down after eight years at the position.Big banks also got some good news Thursday when a federal judge ruled non-traditional financial technology, or “fintech,” companies must take a more methodical path to gain bank charters.The court ruled that the Office of the Comptroller of the Currency does not have the authority to continue to grant fintech companies special charters that expedite the process of becoming a bank.
Tesla was a big earnings winner last week, reporting a surprise third-quarter profit on Wednesday.Shares gained more than 16% after the company suggested its Shanghai factory could soon be up and running.While Tesla investors rejoiced, Twitter shares dropped nearly 20% on Thursday after the company reported earnings and revenue misses in the third quarter.Twitter warned shareholders that product and advertising issues that weighed on performance last quarter could carry over into 2020 as well.Earnings at Amazon fell for the first time in over two years last quarter, while the company warned holiday season sales would be lower than expected.
This week, third-quarter earnings season rolls on with reports from Google parent company Alphabet on Monday, Apple and Facebook on Wednesday and Exxon Mobil on Friday.
Shawn Cuz, senior trading specialist at TD Ameritrade, singled out Apple as the most interest earnings report next week.“Google and Facebook, there’s so much political risk there.
It’s hard to quantify, and I don’t think we’re going to get any answers in the earnings reports.Apple will be interesting because of the U.S.-China trade issues and how that impacts their business.” With roughly a third of S&P 500 companies already reporting third-quarter earnings at this point, nearly 80% of the numbers have been ahead of consensus analyst estimates, according to FactSet.
Investors are expecting the Federal Reserve to announce its third 0.25% interest rate cut of 2019 on Wednesday.In addition, investors will be watching for the October jobs report from the U.S.Bureau of Labor Statistics on Friday.This brand is best known for its writing instruments.
It carries everything from pens and pencils to color correction tools.It’s a firm believer of the power of written word, encouraging creative ways to use its products through the inspiration tab on its official website.The company found its beginnings in the 1940s when the founder saw an opportunity within the then struggling ballpoint pen market — mainly due to low ink quality.Thus, he purchased a ballpoint pen parts manufacturer and began seeking a more effective ink formula.
Nine years later, the company introduced its first pen with an instant drying ink that did not leak, transforming the standards for products in the industry.Regardless of how high the product quality was, the founder knew that marketing was equally crucial for its success.
Thus, he invested $2 million in advertisements featuring celebrities from across the nation, turning the brand into a household name.This would mark the start of years of new innovations.Shortly after, it debuted its felt tip pen, which was then followed by an erasable pen.In 1984, it diversified beyond pens with the introduction of its first mechanical pencil.Even then, it wasn’t simply any mechanical pencil; it was created with a shock absorbing tip to help prevent lead breakage.
As the 2000s approached, the company was purchased by its current parent company, Newell Brands.
That same year, it released yet another mechanical pencil, the Clearpoint, which remains the No.1 selling mechanical pencil.More recently, it developed and released a colored lead version of this product.Answer: Paper Mate Benzinga is a financial news a data company headquartered in Detroit..
