Stocks Edge Up Ahead of Election Day
IntercontinentalExchange (ICE) posted lower-than-expected third-quarter revenue amid a slump in credit default swap activity and a decline in trading volume for over-the-counter North American natural gas and power contracts. Earnings per share beat expectations amid expense declines and a more favorable tax rate. Shares rose 2.6%.
Rockwell Automation (ROK) booked fiscal fourth-quarter results that exceeded Wall Street targets and provided fiscal 2013 guidance with a midpoint that surpassed expectations, as organic sales increased 5% in the quarter. Shares gained more than 3%.
Humana (HUM), the health insurer, hiked its 2012 forecast and announced the acquisition of Metropolitan Health Networks (MDF). Humana shares rose less than 1%, while Metropolitan Health's stock advanced 2.8%.
Time Warner Cable (TWC) posted third-quarter results that missed Wall Street expectations after it lost more video subscribers than expected. Shares dropped 6.7%.Transocean (RIG) shares leapt nearly 6% after the offshore contract drilling services provider reported better than expected third-quarter earnings. Shares of Japanese automaker Toyota (TM) surged nearly 5% after the company raised its full-year earnings forecast. Stifel Financial (SF) agreed to acquire KBW (KBW) for roughly $575 million. The deal creates a middle-market investment bank with a focus on the financial services industry. Stifel shares added more than 2%, while KBW's stock jumped 7%. BioMarin Pharmaceutical (BMRN) shares soared more than 31% after the company said patients with a rare genetic disorder known as Morquio A Syndrome were able to walk further following treatment with the company's experimental drug GALNS, satisfying the main goal of a late-stage study. --Written by Andrea Tse in New York.
>To contact the writer of this article, click here: Andrea Tse. Follow @Commodity_Bull
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