Comment
0
Tweet
0
Print
RSS Feeds

Stocks sink...Jobless claims down...Mixed earnings reports...Samsung raising truce flag

Thursday - 10/17/2013, 11:40am  ET

NEW YORK (AP) -- News of a deal to avoid a debt default and end the government shutdown gave stocks a charge yesterday, but that's old news on Wall Street. Investors are looking at weak earnings reports from IBM, UnitedHealth and Goldman Sachs and that's dragging the stock market lower. The Dow dropped nearly 140 points at the open and remains about 75 points down. The S&P 500 and the Nasdaq are also down, though not as steeply.

WASHINGTON (AP) -- Computer upgrades are being blamed for backlogs of unemployment claims in California and Michigan, and that's distorting the national numbers. The Labor Department reports applications for jobless benefits dropped 15,000 to a seasonally adjusted 358,000 last week. The less volatile four-week average rose to 336,500. About 70,000 furloughed federal employees sought benefits in the week ended Oct. 5, but they aren't included in the overall totals.

NEW YORK (AP) -- This morning's earnings reports are mixed. On the plus side, Verizon's third-quarter net income jumped 40 percent as it continued to add more wireless devices to its network. The company posted an adjusted profit of 77 cents per share for the recent quarter, beating Wall Street predictions. Goldman Sachs' third-quarter profit was flat and revenue fell sharply as trading in bonds and other securities slowed. And UnitedHealth Group's third-quarter earnings fell short of expectations, inching up 1 percent.

DALLAS (AP) -- American Airlines is making a financial turnaround. After years of losses, parent company AMR says it earned $289 million in the third quarter. That compares with a $238 million loss in the third quarter last year. Adjusted profit was a record $530 million, though that figure doesn't include bankruptcy-reorganization costs and other special items.

AMSTERDAM (AP) -- Samsung Electronics is raising a truce flag in its legal battles over mobile telephone technology. It's offering not to launch any patent lawsuits in Europe for the coming five years. The European Commission is calling for interested parties, such as Apple and Microsoft, to respond. The South Korean company is looking to avoid a fine. The European Commission's top regulator has accused Samsung of trying to use its patent portfolio to stifle competition.


Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.