Financial Markets and Economy
Chevron Posts Fourth-Straight Profit Decline From Oil Price Rout (Bloomberg)
Chevron Corp. said it’s cutting its workforce by about 10 percent amid the worst oil-market slump since the 1980s even as the company posted third-quarter profit that surpassed analysts’ expectations.
Chicago PMI surges more than expected (Business Insider)
The latest reading on manufacturing and services activity in the Midwest region crushed expectations.
Iran Seen Jolting Oil Market With 90-Day Supply After Sanctions (Bloomberg)
Iran may roil global oil markets with plans to sell about 45 million barrels of fuel stored in tankers in the Persian Gulf within three months of the removal of sanctions on its economy, according to analysts.
UBS: It's the beginning of the end of the bull market (Business Insider)
Signs are accumulating that, after 6 1/2 years and price gains of more than 200%, the Bull Market has entered into the "Late Innings." M&A activity — as revenue growth stays challenged — has been feverish, and the announcement of talks between Pfizer (PFE) and Allergan (AGN) is reminiscent of deals such as AOL/Time Warner in 2000 and RBS/ABN-AMRO in 2007, blockbusters in market leading sectors which were followed by major market tops.
Here comes your biggest melt-up for stocks since 1998 (Market Watch)
We’re closing in on Halloween, but there’s really not all that much to be scared about this morning, unless you count the prospect of war with China. Or the fake story about the guy eating the teenager in the haunted house. Or all those shark attacks. Or you live in China and hate babies.
A Cooling Economy (The Atlantic)
The U.S. economy slowed in the third quarter of this year, expanding 1.5 percent, the Commerce Department said, significantly slower than the 3.9 percent growth in the second quarter of 2015.
The deceleration was attributed to companies cutting back on inventories amid robust spending by consumers and businesses.
Charting the Markets: Global Stocks Set for Best Month Since 2011 (Bloomberg)
Japanese stocks rise, DAX surges and the Indonesian rupiah jumps 7 percent.
Treasury yields fall after subdued inflation data (Market Watch)
Treasury yields edged lower Friday morning after the release of slightly-weaker-than-expected economic data on U.S. consumer spending and inflation.
Consumer spending rose in September by the smallest amount since the start of the year, mainly due to a drop in gasoline prices. Meanwhile, the cost of employing the average U.S. worker also rose less than expected, offering little evidence of a broad acceleration in labor costs.
Exxon third-quarter profit tumbles 47 percent (Business Insider)
Exxon Mobil Corp <XOM.N> said on Friday its third-quarter profit fell 47 percent as low crude prices sapped profits at the world's largest publicly traded oil company.
The Irving, Texas, company posted profit of $4.24 billion, or $1.01 per share, compared with $8.07 billion, or $1.89 per share in the same quarter a year earlier.
Another Turkey Boom Unlikely Even If New Government Ends Turmoil (Bloomberg)
While Turkey’s parliamentary elections on Sunday may yet put an end to the recentpolitical turmoil, these charts suggest that a new government will be unable to restore the country’s economic heyday.
Gold fades on rate-hike outlook, but on track for monthly gain (Market Watch)
Gold futures slumped Friday, extending a tumble that pushed the precious metal to its lowest close in three weeks in the previous session, and put it on track to register its second weekly loss in October.
Gold is still on track to post a 2.8% monthly gain, its strongest since August.
Colgate-Palmolive posts fifth straight fall in quarterly sales (Business Insider)
Colgate-Palmolive Co <CL.N>, the world's largest toothpaste maker, reported its fifth straight decline in quarterly sales, hurt by weak demand in Latin America and a strong dollar.
Net income attributable to the company rose to $726 million, or 80 cents per share, in the third quarter ended Sept. 30, from $542 million, or 59 cents per share, a year earlier.
Draghi Touch Less Than Magic With Europe Stocks for Long Run (Bloomberg)
Mario Draghi can move markets. The question is, can he move them for long?
Consumer spending slows — for a good reason (Market Watch)
Americans are snapping up new cars and trucks at the fastest rate in a decade, but cheaper gas prices led to the smallest increase in consumer spending in September in eight months.
Consumer spending rose a seasonally adjusted 0.1% last month to mark the smallest gain since January, the Commerce Department said Friday.
Crude oil falls after U.S. growth figures disappoint (Business Insider)
Crude futures dropped in early Asian trading on Friday after the release of a report showing that U.S. economic growth had slowed sharply, reinforcing concerns about sluggish demand in a world awash with oil.
U.S. economic growth braked sharply in the third quarter as businesses cut back on restocking warehouses to work off an inventory glut, data showed.
U.K. Stocks Pare Monthly Advance as RBS, IAG Fall After Earnings (Bloomberg)
U.K. stocks trimmed their biggest monthly rally since 2013.
Thanksgiving Sales, for Big-Box Retailers, Are Not a Choice (NY Times)
T. J. Maxx will stay closed this Thanksgiving. So will GameStop. And REI, the outdoors equipment retailer,won’t even open its doors on Black Friday, taking the boldest stand this year against the holiday sales creep.
Is the Black Friday sales frenzy, as we knew it, over?
Asian shares edge down as investors nervous over Fed path (Business Insider)
Asian shares were down on Friday and on track for a weekly loss as investors grappled with the prospect of higher borrowing costs in the United States, as the Federal Reserve prepares to raise rates amid the backdrop of slowing global growth.
The S&P is up 9% this month, but these 10 stocks jumped more than 22% (Market Watch)
It’s been a strong month for U.S. stocks, with the S&P 500 up 8.8% in October as of Thursday’s close.
The stock benchmark SPX, -0.08% is now on track Friday for its biggest monthly percentage gain in four years. It has rallied after a summer swoon, edging back into the black for 2015 with a 1.5% year-to-date gain.
The table below provides a quick look at the 10 S&P components that have fared best this month and led the way higher.
Yuan Rises Most Since 2005 as PBOC Mulls Easing Capital Control (Bloomberg)
The yuan surged the most since China scrapped a dollar peg in 2005 as the central bank said it will consider a trial program in the Shanghai free trade zone allowing domestic individual investors to directly buy overseas assets.
Wall St. stock pickers get hints from Fed, strong dollar (Business Insider)
Shares in U.S. industrial companies and exporters may come under pressure through year end as the prospect of an interest rate hike from the Federal Reserve strengthens the dollar and weighs on Corporate America, analysts said.
Consumer stocks, the best performers on the S&P 500 <.SPX> so far this year, could continue to lead.
U.S. stocks waver, but eye weekly and monthly gains (Market Watch)
U.S. stocks switched between small gains and losses in early trade Friday, but the main indexes were on track for a fifth straight weekly gain and their biggest monthly advance in four years.
Europe's Last Dictator Has Become the Darling of the Bond Market (Bloomberg)
He’s known as Europe’s last dictator, he mangles financial terminology and his secret service once jailed the chief executive officer of the world’s biggest potash miner. He’s also turning into a darling of the bond market.
Starbucks reports earnings in line with expectations, but weak guidance (Business Insider)
Starbucks reported fiscal fourth-quarter results after the market close on Thursday.
Billionaire Niel's Telecom Italia Stake Could Rise to 15.1% (Bloomberg)
French billionaire Xavier Niel holds securities that could give him a 15.1 percent stake in Telecom Italia SpA, boosting his influence at the phone carrier and strengthening his position as the biggest shareholder behind Vivendi SA. Shares of Telecom Italia rose.
One of the worst things that could happen to Valeant is happening now (Business Insider)
Shares of Valeant Pharmaceuticals took another dive Thursday on Bloomberg reports that two large pharmacies are terminating their agreements with Philidor, a specialty pharmacy with an exclusive deal to distribute Valeant products.
Indian Traders Turn Most Bearish Since March Amid Earnings, Fed (Bloomberg)
Indian traders extended the most CNX Nifty Index futures in seven months and the cost of carrying forward contracts fell, signaling weakness for the November series.
Is the Economy Really in Trouble? A Debate (NY Times)
I write about economics for a living. Part of my job is to look into the maw of economic data, financial market indicators, anecdotal reports from businesses and whatever else I can get my hands on, and turn it all into a crisp, clear narrative about the United States and global economies.
But right now I’m stuck. I have no idea how the United States economy is doing. And the closer I look at the data, the more contradictory it looks.
Everyone piling into baby-formula stocks because China ended its one-child policy needs to calm down (Business Insider)
Everyone calm down.
That's the message from Nomura analysts to investors who are suddenly piling into shares of Mead Johnson Nutrition, which makes infant formula.
RBS Reports Decline in Third-Quarter Profit, Missing Estimates (Bloomberg)
Royal Bank of Scotland Group Plc, Britains biggest government-owned lender, said profit fell by more than half in the third-quarter, missing analyst estimates, as it continued to shrink its investment bank.
LinkedIn earnings smash expectations, stock goes nuts (Business Insider)
LinkedIn earnings smashed expectations and now the stock is going nuts.
Politics
Donald Trump jokes about the IRS and ISIS being 'the same thing' (Business Insider)
Republican presidential candidate Donald Trump delighted his supporters on Thursday with a joke about the Internal Revenue Service (IRS) and the Islamic State terror group, also known as ISIS.
Trump held a campaign rally at a casino in Sparks, Nevada, where he started listing how few topics there were in the race.
Can the GOP's Radically Simplified Tax Plans Actually Work? (The Atlantic)
There was a lot going on during Wednesday night’s Republican debate: Lots of yelling and lots of numbers, and then yelling about numbers.
The figures mostly came from tax plans presented by the 10 GOP frontrunners, plans that would supposedly streamline the tax code, increase the financial health of the economy, and improve life for families. But if Wednesday night proved anything, it’s that when it comes to politics, the math of how these plans will actually work is kind of beside the point.
Technology
'Breathing Battery' Advance Holds Promise for Long-Range Electric Cars (Scientific American)
If electric vehicles are ever going to match the range of cars that run on fossil fuels, their batteries will need to store a lot more energy. Lithium–air (or lithium–oxygen) batteries are among the best candidates, but have been held back by serious obstacles. But a more durable design unveiled by chemists at the University of Cambridge, UK, offers promise that these problems can be overcome.
Kickstart This Sleek Drone Submarine (Popular Science)
Call it the son of submarine. In 2012, the first OpenROV tethered unmanned underwater robot, also crowdfunded on Kickstarter, combined the utility of a cheap submarine with the form factor of an off-brand iMac. For their return to crowdfunding, OpenROV's Trident packages several improvements in a slick, white-and-black body. With under two days left before the project closes, they've already raised over $760,000 of their initial $50,000 goal.
Health and Life Sciences
People With Schizophrenia Face Much Higher Risk of Early Death (Medicine Net)
American adults with schizophrenia face a much higher risk of an early death, particularly from heart and lung diseases associated with smoking, a new study finds.
The rise in risk "is evident in early adulthood and persists into later life. Especially high risks of mortality were observed from diseases for which tobacco use is a key risk factor," concluded a team led by Dr. Mark Olfson, of Columbia University in New York City.
A new strategy to stop cancer: Kill the invaders (Futurity)
Researchers are proposing a new strategy to treat metastatic cancer. The approach is based on the finding that cells in C. elegans, a roundworm nematode, cannot divide and invade at the same time.
Uncontrolled cell division is a hallmark of cancer. But researchers found that only when roundworm cells stop dividing can they become invasive.
Can a child understand death? (CNN)
We chased the small, 5-year-old girl down the hall, our stethoscopes swinging around our necks. She turned and ran as fast as she could to escape, but ended up crashing into a locked door at the end of the pediatric ward. There, she collapsed on the gray linoleum floor as a team of physicians pulled her clothes away to examine her.
Life on the Home Planet
China Relaxes Its One-Child Policy (Popular Science)
Chinese parents will soon be legally permitted to have two children if they want to, according to an announcement released today on Xinhua, the Chinese government’s news agency.
