U.S. stocks pointed to a fractionally lower open this morning (SPY -0.2%), as financial markets awaited the outcome of the U.S. presidential election, with most investors seeing Clinton as the status quo candidate. Gold prices inched lower as did the US dollar. The only surprise will be Trump winning this election.
Here is the current market situation from CNN Money
European markets are mixed. Shares in Germany are lower with the DAX off by 0.05%. The DAX and FTSE 100 are uchanged.
(Reuters) - U.S. stock index futures were marginally lower on Tuesday as investors braced for the result of a highly contentious U.S. presidential election, with the odds largely favoring Democrat nominee Hillary Clinton.
LONDON (Reuters) - At least six indicative offers have been submitted by industry players and buyout funds for a group of beer brands being sold by Anheuser-Busch InBev , sources familiar with the matter said on Tuesday.
SINGAPORE/TAIPEI (Reuters) - Recent cyber attacks harnessing everyday devices such as cameras, video recorders, printers, routers and speakers are a wake-up call to the hidden dangers of the Internet of Things.
PARIS (Reuters) - France's Total has signed a deal with Iran to further develop its part of the world's largest gas field, becoming the first western energy company to sign a major deal with Tehran since the lifting of international sanctions earlier this year.
LONDON, (Reuters) - - The Bank of England said on Tuesday that Britain's lenders would be given an extra two years until 2022 to build up sufficient funds to ensure they do not need to rely on taxpayer bailouts if they go under.
BEIJING (Reuters) - China's central bank said on Tuesday that it will maintain ample liquidity and achieve reasonable growth in money supply and credit, while taking steps to control asset bubbles and financial risk.
LONDON (Reuters) - Oil prices held steady on Tuesday, ahead of the U.S. presidential election, as investors unwound some of their recent bets against economically sensitive assets such as crude and equities.
Two years ago we reported the shocking story of then-29 year old Hong Kong-based, Bank of America banker Rurik Jutting, who was arrested in connection with the grisly murder of two prostitutes. One of the two victims had been hidden in a suitcase on a balcony, while the other, a foreign woman of between 25 and 30, was found lying inside the apartment with wounds to her neck and buttocks. Two years later, justice has been served when overnight a local court found Jutting guilty of the "sickening" murders of two Indonesian women he tortured in his Hong Kong apartment in what the judge said was one of the most horrifying cases the Chinese-ruled territory has known.
As Bloomberg reports, Deputy High Court judge Michael Stuart-Moore sentenced the Cambridge University graduate to life in prison with no parole. During the trial, the Briton had admitted killing Sumarti Ningsih, 23, and Seneng Mujiasih, 26, but argued that he was guilty of manslaughter, not murder, on the grounds of diminished responsibility. He was suffering from mental disorders, the defense said.
The defendant was "so morally corrupted by pornography, drugs and alcohol, and a general life of debauchery with a huge salary to fund his depravity," judge Stuart-Moore said. Jutting was considered "a high risk person" and "the repetition of the offence of murder is highly likely if he is given his liberty in the future," he said.
Hertz stock is in freefall this morning, down some 32% in pre-market trading, after 3Q EPS and sales miss analyst estimates.
The rental-car company reported 3Q EPS of $1.58, wildly missing consensus est. $2.73 (range $2.34-$3.03), as a result of a surge in its depreciation costs, while 3Q revenue came in at $2.54 billion, below the estimate $2.59 billion. Worse, Hertz now sees 2016 adjusted Ebitda of $575m-$625 million, far below its prior guidance of $850m-$950m post-separation (Aug. 8), and also guided to 2016 adj EPS of 51c-88c, a fraction of its former guidance of $2.75-$3.50; and far below the Wall Street estimate of $2.92.
The car-rental company blamed "a substantial depreciation adjustment, particularly on compact and mid-sized vehicles," near the close of the quarter, but also says rental volume was at the low end of expectations. We assume this means that the long-overdue repricing of car assets on balance sheets, first at fleet companies and soon everywhere else, is finally materializing.
The unexpected surge in depreciation is shown in the table below:
However, it was not just D&A: In the report, HTZ said its Q3 EBITDA was $329 million versus $430 million in the same period last year, a decline of $101 million.
"We are making progress in foundational aspects of our long-term business improvement plan, implementing new systems, improving customer service levels and launching new products," said John Tague, president and chief executive officer. "However, our near-term financial performance continues to be uneven. A customary vehicle depreciation rate review near the close of the third quarter resulted in a substantial depreciation adjustment, particularly on ...
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