Stocks rally…Survey: US companies add 227,000 jobs…GM earnings beat expectations
NEW YORK (AP) – Stocks are broadly higher in morning trading on Wall Street, putting the market on track for its second gain in a row, the first time that’s happened in more than a month. Technology and internet stocks are rising sharply. Facebook rose nearly 6 percent after reporting earnings that came in far ahead of analysts’ estimates. Amazon, which has lost almost a quarter of its value over the last month, gained 3 percent. General Motors jumped 7 percent after reporting solid results.
WASHINGTON (AP) – A private survey has found that U.S. companies added 227,000 jobs in October, the strongest in eight months. Payroll processor ADP says employers added jobs in manufacturing, retail, and professional services such as engineering. The healthy gain suggests that companies are still finding workers to hire even as the unemployment rate has fallen to a 49-year low. The government’s October jobs report comes out Friday.
NEW YORK (AP) – General Motors swung to a third-quarter profit and blew past Wall Street expectations on rising prices in North America and surprising resilience in China. The automaker is reporting $2.5 billion in profits, or $1.75 per share, far exceeding analyst projections for per-share earnings of $1.25. Revenue jumped 6.4 percent to $35.8 billion, also topping forecasts. The Detroit auto maker is posting record equity income for the third quarter in China despite potentially declining conditions there and rising trade tensions.
NEW YORK (AP) – Yum Brands topped key sales estimates during the third quarter on growth in its KFC and Taco Bell restaurants. The Louisville, Kentucky-based company said profit rose 8.6 percent to $454 million, or $1.40 per share. Excluding special charges and costs, Yum Brands earned $1.04 per share, topping analyst projections by 20 cents. Revenue fell 3 percent, but still beat Wall Street forecasts. Overall same-store sales, a key measure for retailers, rose 2 percent, matching expectations.
LONDON (AP) – Parliamentary committees in Britain and Canada are urging Facebook CEO Mark Zuckerberg to testify before a joint hearing of international lawmakers examining fake news and the internet. Damian Collins, the head of the U.K. parliament’s media committee, is joining forces with his Canadian counterpart to pressure Zuckerberg to personally take part in hearings, as he did before the U.S Congress and the European Parliament. The Nov. 27 session is being described as an “international grand committee.”