Jumaat, 19 Oktober 2012

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US markets sink on earnings news

Posted: 19 Oct 2012 06:29 PM PDT

NEW YORK: US markets sank Friday with the Nasdaq pulled down two percent by a tech stock rout led by Apple and Microsoft as a raft of disappointing earnings and trimmed forecasts spooked investors.

Apple, the largest listed company by market capitalization, sank 3.60 percent.

Shares of Microsoft, which reported late Thursday that it had rebounded from a first-time-ever loss the previous quarter but that revenues still dropped significantly, lost 2.9 percent.

And industrial heavyweight General Electric also helped drag the Dow lower with a 3.4 percent loss, after cutting its forecast for the coming months.

The Dow Jones Industrial Average finished down 205.43 points (1.52 percent) at 13,343.51.

The broad-based S&P 500 lost 24.15 (1.66 percent) at 1,433.19, while the Nasdaq Composite gave up 67.24 points (2.19 percent) at 3,005.62.

"Today was all about earnings," said Schaeffer's Investment Research analyst Ryan Detrick. "The reality is we're in the second inning and earnings have stunk."

Slower revenues rather than profit disappointments in earnings reports grabbed the focus of investors.

McDonald's was the biggest loser on the Dow, giving up 4.5 percent. The global fast-food king reported lower profits in the third quarter and said worldwide sales were slipping this month.

"Hard to find a Happy Meal in Q3 for McDonald's," quipped a Citi analyst in a note on the earnings.

Chipotle Mexican Grill meanwhile plunged 15 percent after missing earnings targets despite a 20 percent profit gain, and predicting flat-to-lower sales for 2013.

Google, which inadvertently released its quarterly report in the middle of trade Thursday and saw its share price crash more than 10 percent on the results, lost another 1.9 percent.

The one bright spot in the Dow 30 was Home Depot, which gained 0.2 percent; on the Nasdaq, SanDisk jumped 2.7 percent helped by a 67 percent earnings slide that was nevertheless not as bad as analysts had expected. -- AFP

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Beirut car bomb kills 8, link seen to Syria war - Reuters

Posted: 19 Oct 2012 09:11 AM PDT

A wounded woman is carried at the site of an explosion in Ashrafieh, central Beirut, October 19, 2012. At least two people were killed and 15 wounded by a huge bomb that exploded in a street in central Beirut on Friday, witnesses and a security source said. REUTERS/Hasan Shaaban

BEIRUT | Fri Oct 19, 2012 12:13pm EDT

(Reuters) - A huge car bomb that exploded in central Beirut during rush hour on Friday killed a top security official and seven others, wounded about 80 and heightened fears that Syria's war is aggravating tensions in Lebanon.

Among the victims was Wissam al-Hassan, who was in charge of a top intelligence unit, Lebanon's al-Jadeed television said. He had led an investigation that uncovered a recent bomb plot that led to the arrest of a pro-Syrian Lebanese politician.

Analysts said the bombing, which was reminiscent of grim scenes from Lebanon's own 1975-1990 civil war, was linked to the heightened tension between Lebanese factions on opposite sides of the conflict in neighboring Syria.

The explosion ripped through the street where the office of the anti-Damascus Christian Phalange Party is located near Sassine Square in Ashrafiyeh, a mostly Christian area.

Phalange leader Sami al-Gemayel, a staunch opponent of Syrian President Bashar al-Assad and a member of parliament, condemned the attack.

"Let the state protect the citizens. We will not accept any procrastination in this matter, we cannot continue like that. We have been warning for a year. Enough," said Gemayel, whose brother was assassinated in November 2006.

The war in Syria, which has killed 30,000 people in the past 19 months, has pitted mostly Sunni insurgents against Assad, who is from the Alawite sect linked to Shi'ite Islam.

Lebanon's religious communities are divided between those supporting Assad and those backing the rebels trying to overthrow him.

The blast occurred during rush hour, when many parents were picking up children from school, and sent black smoke billowing into the sky.

Eight people were killed and at least 78 were wounded, the state news agency said, quoting civil defense officials.

Several cars were destroyed and the front of a multi-storey building was badly damaged, with tangled wires and metal railings crashing to the ground.

SCENES REMINISCENT OF DARK DAYS

In the aftermath, residents ran about in panic looking for relatives while others helped carry the wounded to ambulances. Security forces blanketed the area.

In scenes reminiscent of the dark days of the Lebanese civil war, ambulances ferried the wounded to several hospitals, where doctors, nurses and students waited for casualties at the doors. At one, an elderly woman sat in the emergency room with blood staining her blouse.

The hospitals put out an appeal for blood donations.

An employee of a bank on the street pointed to the blown-out windows of his building.

"Some people were wounded from my bank. I think it was a car bomb. The whole car jumped five floors into the air," he said.

Michael Fish, 25, a British musician visiting Beirut, said he was in his hotel a street away when the explosion happened.

"At first I thought it was an earthquake. It shook the whole hotel for a second."

Lebanese Prime Minister Najib Mikati said in a statement that the government was trying to find out who carried out the attack and said those responsible would be punished.

The prospect that Syria's war might spread to Lebanon has worried many people here and fighting broke out in February between supporters and opponents of Assad in the northern city of Tripoli.

Syria has played a major role in Lebanese politics, siding with different factions during the civil war. It deployed troops in Beirut and parts of the country during the war and they stayed until 2005.

In Damascus, Syrian Information Minister Omran al-Zoabie told reporters: "We condemn this terrorist explosion and all these explosions wherever they happen. Nothing justifies them."

Tension between Sunnis, Shi'ites and Christians in Lebanon has continued after the civil war but has increased with the Syria conflict erupted.

"CANNOT BE ISOLATED FROM SYRIA"

Nabil Boumonsef, a columnist at the Lebanese newspaper An-Nahar, said: "They warned of the implications of the Syrian crisis and here it comes. Who did it and why nobody knows but what is certain is that it cannot be isolated from what is happening in Syria."

"The explosion shows that Lebanon cannot be safe and peaceful in the middle of this situation boiling around it."

He hoped the bombing did not mark the start of a new era of such attacks.

"The regional conflagration of course will have its implications on the Lebanese scene. They are dragging in Lebanon so that it becomes a conflict arena," he told Reuters.

Sunni-Shi'te rivalry hit a peak when former Prime Minister Rafik al-Hariri, a Sunni, was killed in 2005. Hariri supporters accused Syria and then Hezbollah of killing him - a charge they both deny. An international tribunal accused several Hezbollah members of involvement in the murder.

Hezbollah's political opponents, who have for months accused it of aiding Assad's forces, have warned that its involvement in Syria could reignite the sectarian tension of the civil war.

Sarkis Naoum, a columnist on Syrian affairs at an-Nahar said: "This is all interlinked to the sectarian and political conflict, and the conflict among intelligence services in the region. The aim of this is to spoil things."

Bombings were a hallmark of the civil war but the last such attack in Beirut was in 2008 when three people were killed in an explosion which damaged a U.S. diplomatic car.

Beirut has undergone massive reconstruction to repair the damage from the civil war and in recent years has enjoyed a tourist boom, boosted by Beirut's pulsating nightlife. That is now also under threat.

(Reporting by Mariam Karouny, Oliver Holmes, Laiala Bassan and Samia Nakhoul, Writing by Angus MacSwan; Editing by Michael Roddy)

The best of the Alfred E. Smith Dinner (VIDEO) - Washington Post (blog)

Posted: 19 Oct 2012 09:11 AM PDT

For months, President Obama and Mitt Romney have been trading attacks on the campaign trail. But on Thursday night, they took a break to exchange a few jokes about themselves and each other at the Alfred E. Smith dinner in New York.

The Post's Philip Rucker, Dan Balz and David Nakamura covered the Catholic Archdiocese of New York's annual charity benefit, which wasn't short on one-liners. The candidates cracked wise on topics ranging from Obama's debating skills to Romney's wealth, and even New York Gov. Andrew Cuomo's (D) political ambitions.

Below is a rundown of each candidate's top quips from Thursday night, along with video highlights: 

Obama:

* On the debates: "As some of you may have noticed, I had a lot more energy at our second debate. I felt really well rested after the nice, long nap I had in the first debate."

* On Romney's wealth: "Earlier today, I went shopping at some stores in Midtown. I understand Governor Romney went shopping for some stores in Midtown."

* On Vice President Biden: "It's been four years since I was last at the Al Smith Dinner. And I have to admit some things have changed since then. I've heard some people say, 'Barack, you're not as young as you used to be. Where's that golden smile? Where's that pep in your step?' And I say, 'Settle down, Joe, I'm trying to run a Cabinet meeting.'"

* On middle names: "Tonight is not about the disagreements Governor Romney and I may have. It's what we have in common — beginning with our unusual names. Actually, Mitt is his middle name. I wish I could use my middle name."

* On Cuomo's ambitions: "Tonight I am here with a man whose father was a popular governor, and who knows what it's like to run a major Northeastern state, and who could very well be president someday — and I'm hoping it is Andrew Cuomo."

Romney:

* On his persona: "A campaign can require a lot of wardrobe changes — blue jeans in the morning, perhaps, suits for a lunch fundraiser, sport coat for dinner — but it's nice to finally relax and wear what Ann and I wear around the house."

* On the people he and Obama always have in their corner: "I have my beautiful wife, Ann; he has Bill Clinton."

* On Biden: "I was actually hoping the president would bring Joe Biden along this evening, because he'll laugh at anything."

* On the monthly jobs report: "He knows how to seize the moment, this president. He already has a compelling new campaign slogan: 'You're better off now than you were four weeks ago.'"

* On his "Sesame Street" remark: "In the spirit of Sesame Street, the president's remarks tonight are brought you by the letter 'O' and the number 16 trillion."

Kredit: www.nst.com.my
 

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