NEW YORK (
) -- Here are the top stock market headlines for the morning of Friday, Oct. 16, 2009.
Friday's Earnings Roundup
- General Electric (GE) - Get General Electric Company Report reported third-quarter earnings of $2.5 billion, or 22 cents a share. Excluding restructuring charges and other one-time items, GE had a profit of 27 cents a share, topping the Thomson Reuters average estimate of 20 cents a share. Revenue fell 20% from a year ago to $37.8 billion, falling short of Wall Street's consensus target of $39.5 billion. GE said profits fell 87% at its capital finance division. NBC Universal saw earnings rise 13% in the quarter.
- Bank of America (BAC) - Get Bank of America Corp Report reported a third-quarter net loss of $1 billion. After deducting preferred dividends of $1.2 billion, including $893 million related to dividends paid to the U.S. government, the bank had a loss of 26 cents a share, which was a nickel worse than the Thomson Reuters average estimate. Revenue increased 32.7% from a year ago to $26.04 billion, below the consensus target of $27.6 billion. BofA said credit loss provisions was $11.7 billion in the third quarter, $1.7 billion lower than the second quarter and $5.3 billion higher than the same period last year. The bank added that deterioration in credit quality slowed compared with the prior quarter, however, credit costs remained high as most economies around the world remained weak.
- Halliburton (HAL) - Get Halliburton Company Report reported third-quarter adjusted earnings of 29 cents a share, better than the Thomson Reuters average estimate of 26 cents a share. Revenue fell 26.1% from a year ago to $3.59 billion, also better than expectations.
- Mattel (MAT) - Get Mattel, Inc. Report said it had a third-quarter profit of 63 cents a share, matching the Thomson Reuters average estimate. Revenue fell 8.2% from a year ago to $1.79 billion, compared to the consensus target of $1.78 billion.
- Google (GOOG) - Get Alphabet Inc. Class C Report late Thursday posted adjusted earnings of $5.89 a share, up from year-ago levels and better than the Thomson Reuters consensus estimate of $5.40 a share. Revenue, excluding traffic acquisition costs, were $4.4 billion for the quarter, above the $4.2 billion consensus.
- IBM (IBM) - Get International Business Machines Corporation Report late Thursday reported third-quarter net income of $3.2 billion, or $2.40 a share, rising from year-ago levels and higher than the Thomson Reuters average estimate of $2.38 a share. Revenue fell 7% from a year ago to $23.6 billion, also above analysts' estimates.
Friday's Early Headlines
- Ticketmaster, Live Nation Get DOJ Scrutiny -- The Wall Street Journal reports that the proposed merger of Ticketmaster (TKTM) and Live Nation (LYV) - Get Live Nation Entertainment, Inc. Report has elements that could prompt the Justice Department to sue to block the deal. Negotiations between Justice Department officials and executives of Ticketmaster and Live Nation are continuing and no final decision has been reached. A deal could require major concessions, the Journal reports, citing several people familiar with the situation.
- MGM Mirage Reportedly Mulls Asian IPO -- Bloomberg reports that MGM Mirage (MGM) - Get MGM Resorts International Report and its Macau, China, casino partner, Pansy Ho, plan to expand their casino operations in Macau and are mulling an initial public offering. The partners have begun inspecting sites for potential resorts within Macau, the report said. CEO Jim Murren told Bloomberg the Macau venture was under-represented in the market.
- Industrial, Consumer Data On Tap -- The Federal Reserve will post industrial production and capacity utilization data for September at 9:15 a.m. EDT. Economists polled by Reuters expect production rose 0.1% last month after a 0.8% climb in August. Utilization likely inched higher to 69.7% from 69.6% in August. Forty minutes later, the University of Michigan will release its consumer sentiment index. The preliminary read for October is expected to come in at 73.5, unchanged from last month.