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A solid start to earnings season.

A solid start to earnings season. With 52 S&P 500 Index companies having reported, beat rates for earnings (82%) and revenue (73%) are excellent so far, with the average company reporting a 5% upside earnings surprise. While the pace of earnings gains is slowing–largely hurricane driven–we are encouraged by the slight increase over recent weeks…

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30 years ago today

October 19, 1987, 30 years ago today, the Dow plunged 508 points or about 23% in one day. An equivalent Black Monday drop today would push the Dow down about 5,000 points. (CNBC) The Financial Industry Regulatory Authority (Finra) has ordered Wells Fargo to pay more than $3.4 million in restitution for selling customers “unsuitable”…

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Industrial production rebounded

The Labor Department says U.S. import prices for September jumped 0.7%. In the last 12 months import prices climbed 2.7%. Prices for imported oil increased 4.5% and food prices surged 1.8%. Export prices rose 0.8%. Export prices increased 2.9% year-on-year. Industrial production rebounded in September rising 0.3%. Capacity utilization rose to 76%. Industrial production fell…

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Sonic reported quarterly profits

Thursday will mark the 30th anniversary of Black Monday when the stock market lost almost 25% of its value in one day. Could the 1987 crash happen again? Conditions are very different today than they were in the days leading up to the 1987 crash. The stock market is on a much stronger fundamental foundation…

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Oil is sharply higher

The S&P 500 has posted five straight weekly gains and is on track for a seventh straight positive month. The Nasdaq posted a record closing high Friday. 10% of the S&P 500 reports earnings this week. (CNBC) Oil is sharply higher as Iraqi forced entered the oil city of Kirkuk, taking territory from Kurdish fighters…

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We have kicked off earnings season

Well we have kicked off earnings season. There are several reasons to be optimistic about third quarter earnings season, including healthy manufacturing activity globally, resilient estimates, the relatively low proportion of negative pre-announcements, and U.S. dollar weakness. Consensus is now calling for a 9% year-over-year drop in bank earnings for the quarter, making this week’s…

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