Stocks traded mixed again today before a late selloff pushed the Dow lower by 48 points to 17,168. Trading volume was higher indicating institutional investors were moving food off the table. Stocks have recovered from late September lows but now seem to be hitting resistance at the 17,300 level.
In the air, Boeing reported solid 3rd quarter numbers driven by increased production rates of its 737 and 787 jets. Profits advanced 33% and revenue was higher by 9%. Results beat estimates and analysts were pleased to hear company management increase forward guidance.
By land, General Motors also reported better than expected results sending shares higher as analysts had been worried about the potential negative effects of the ignition switch recall. Revenue for the quarter fell slightly but this was due to currency adjustments stemming from a stronger dollar. Sales in North America and China were good and net income adjusted for recall related write-offs was 4% higher. Company management spoke positively about the current state of finances and future business prospects.
Fiat spun off 10% of its ownership in Ferrari today and the IPO was well received by Wall Street. Trading under the ticker “RACE”, Ferrari priced at $52 and jumped 19% before the “Ferrari flippers” took gains.
The new Greystone website link was misspelled thanks to yours truly. Please try this: www.greystoneinvest.com