Stocks Finish Higher on Promising Economic Data
Chrysler, owned by Italian automotive manufacturer Fiat, reported October U.S. car sales gained 10%, but analysts polled by Bloomberg were looking for a 15% bump.
Visa (V) reported quarterly net income of $1.7 billion, or $2.47 a share. Shares of the credit card company gained 3.7%.
Allstate (ALL) the largest publicly traded U.S. auto and home insurer, reported net income totaled $723 million in its latest quarter, up from $175 million a year earlier. Operating income was $1.46 a share, which beat a Bloomberg survey of economists who expected $1.13. Shares fell 2.3%.
Shares of Kellogg (K) rose more than 2% after the cereal maker reported revenue of $3.72 billion on a third-quarter profit of $296 million, or 82 cents a share, which was higher than a year-earlier result of $290 million, or 80 cents a share. Analysts polled by Thomson Reuters expected earnings of 80 cents a share on revenue of $3.69 billion.Sirius XM (SIRI) reported Thursday that its third-quarter profit dropped to $74.5 million, or 1 cent a share, from a year-earlier result of $104.2 million, or 2 cents a share. Revenue rose 14% to $867.4 million, which was slightly better than analysts' expectations of $866.1 million, as polled by Bloomberg. The stock added less than 1%. After Thursday's closing bell, insurance giant AIG (AIG - Get Report) reported a profit of $1.13 a share against a year-ago per share loss of $2.10. Shares of the company were down 1.2% in after-hours action. Also, coffee chain Starbucks (SSBUX) announced a quarterly profit of 46 cents a share on revenue of $3.36 billion and hiked its fiscal 2013 earnings forecast to a profit of $2.06 to $2.15 a share. The company, whose stock was up more than 6% in the extended session, also lifted its quarterly dividend by more than 20%. -- Written by Joe Deaux in New York. >Contact by Email. Follow @JoeDeaux
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