And there is was, the catalyst we were looking for, that spark in the step of corporates. The jolt from earnings can't be overlooked as many of the Dow's blue-chip components posted strong earnings and drove the index to new highs.
But despite the meteoric rise of the Dow, one company continues to be left out of the discussion of this bull run: 125-year-old General Electric Co. (GE) .
The company was down more than 2% on Tuesday, following a Monday where analysts unloaded a slew of negative reports in reaction to poor earnings.
The results have paid off big for those who were down on the company, and as of Friday short interest for GE shot up by $100 million. According to S3 Analytics, short sellers' $100 million pile-on brings total short interest for GE to $3.1 billion. Shorts on GE were up $913 million in year-to-date, mark-to-market profits, S3 said.
But for many, the real question around GE is when the company will turn around -- not if -- and will that turnaround take so long so as to endanger the company's juicy dividend.
A number of other blue chip companies reported on Tuesday, as did some lesser-followed yet equally intriguing companies.
JetBlue Airways Corp. (JBLU) said it will be forced to reallocate capacity in the fourth quarter after hurricanes dinged its business in the Caribbean in the third quarter.
Wall Street isn't sure that the company is past the turbulence yet, either, as a number of headwinds still linger, including ultra-low-cost-carrier pricing challenges, ongoing negotiations with pilots, and competition that ticks up in the key growth markets of Boston, Orlando and the Miami area.
Meanwhile, they must be popping corks in Hunt Valley, Md., where Sinclair Broadcast Group Inc. (SBGI) , the country's largest local television company, is located.
The five-member Federal Communications Commission on Tuesday, Oct. 24, voted along party lines to eliminate the Main Studio Rule, a cornerstone of the landmark Communications Act of 1934 that required TV broadcasters as well as radio station owners to maintain a studio, or office, in or near the local community where they hold each license.
Local television station owners, led in recent years by Sinclair, had pushed for eliminating the rule, and will now be able to slash costs.
Photo of the day: Another blow to a storied American company
News that Sears Holdings Corp. (SHLD) will no longer sell Whirlpool Corp. (WHR) appliances likely marks a bigger step for Sears than it does for the appliance maker, as the former looks to shore up its operations and push its own brands including Kenmore. As for Whirlpool, the decision marks another blow to a storied American company that has been dealing with rising costs of manufacturing and competition from foreign players. Whirlpool, founded in 1911, reported third-quarter profits and revenue on Tuesday that missed analysts estimates. The company was the first to market with an automatic clothes washing machine and by the mid-20th century was the preeminent appliance maker. According to its website, Whirlpool, then operating as Upton Machine Co., sold its first washers to Sears in 1916. Above is a Whirlpool advertisement from 1967.
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