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Global Investing Roundups

IMF Issues Bleak Forecest; McDonald’s Magic Earnings; Boeing’s Tailspin; ConocoPhillips Enjoys Oil Cushion; Wachovia’s Claim to Infamy; AT&T’s Expensive iPhone Habit; S&P 500’s Historic Slump; Financial Crisis Summit

  • The International Monetary Fund (IMF) said yesterday (Wednesday) that U.S. economic growth would be flat or negative for the rest of 2008, and into 2009. In Canada, growth for 2008 will be about 0.3% but is projected to rise to 1.7% for 2009. Latin America and the Caribbean regions will grow at a 3% rate the IMF said.
  • McDonald’s Corp. (MCD) said yesterday (Wednesday) that third-quarter profit jumped 11% with same-store sales, or sales at stores open at least a year, up 7.1% globally and 4.7% in the United States. Revenue rose 6% to $6.27 billion and net income to $1.19 billion, or $1.05 per share, from $1.07 billion, or 89 cents per share, a year earlier.
  • ConocoPhillips (COP) said yesterday (Wednesday) that third-quarter profit nearly doubled, soaring 41% from last year as record high oil prices carried the company to profit. Net income for the three months ended Sept. 30 rose to $5.18 billion, or $3.39 per share, up from $3.67 billion, or $2.23 per share, over the same period last year. Revenue jumped 52% to $70 billion.
  • AT&T Inc. (T) missed analysts’ expectations yesterday (Wednesday) on costs associated with Apple Inc.’s (AAPL) iPhone. Sales increased 4%, but subsidizing the cost of the iPhone took 10 cents per share off in expenses, leaving earnings at 67 cents per share, below expectations of 71 cents according to Bloomberg News. AT&T shares dropped $1.95 per share, a decline of over 7%, to close at $23.78.
  • The Standard and Poor’s 500 Index dropped 6% yesterday (Wednesday) to reach its lowest closing level since April 2003. The broad-based stock index shed 58.27 points to close at 896.78. “The question is: Is any money at all flowing towards equities?” Jeffrey Coons, co-director of research at Manning & Napier Advisors Inc. in Fairport, New York, which manages $16 billion, told Bloomberg News. “Dividend yields alone should be providing support for some of these stocks, but if everyone’s selling and no one is buying, it’s hard to overcome that.”

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October 23rd, 2008

Why Gold Will Surpass $2,500

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