US-BUSINESS Summary
Solid earnings boost futures
NEW YORK - U.S. stock index futures rose on Tuesday after strong quarterly results from bellwethers Apple and Caterpillar pointed to a strong earnings season. * Apple Inc's <AAPL.O> profits and sales streaked past Wall Street forecasts on Monday as iPhone and Mac personal computer sales hit quarterly records, sending its shares jumping to all-time highs in extended trading on Monday. The stock jumped 6.3 percent to $201.83 in premarket trade.
Caterpillar beats estimates, raises forecast
CHICAGO - U.S. machinery maker Caterpillar Inc <CAT.N> posted stronger-than-expected quarterly earnings on Tuesday and raised its full-year forecast, saying it was seeing "encouraging signs that indicate a recovery may be under way." The news sent Caterpillar shares up nearly 5 percent in premarket trading.
Pfizer third-quarter profit rises
NEW YORK - Pfizer Inc <PFE.N> reported higher third-quarter profit as aggressive cost-cutting helped offset unfavorable foreign currency exchange rates and declining sales of drugs, including those facing competition from cheaper generics. The world's biggest drugmaker, which completed its $67.3 billion acquisition of Wyeth last week, posted a net profit of $2.88 billion, or 43 cents per share in its last pre-merger quarter, compared with a profit of $2.28 billion, or 34 cents per share, a year ago.
United Tech results top Wall Street forecasts
BOSTON - Diversified U.S. manufacturer United Technologies Corp <UTX.N> reported a 17 percent drop in third-quarter profit, less of a decline than Wall Street had expected, as cost-cutting helped offset slumping demand. The world's biggest maker of elevators and air conditioners said on Tuesday that orders rates for its products have begun to stabilize after a brutal downturn, with demand beginning to pick up in China. It tightened its full-year profit forecast to the midpoint of its prior range.
DuPont earnings beat Wall Street view
NEW YORK - DuPont <DD.N> posted an 11 percent jump in third-quarter profit on Tuesday, beating Wall Street estimates, but the chemical maker narrowed its earnings outlook for the year. The company, which feeds the automotive, electronic, agricultural and personal protection sectors, will likely be seen this quarter as a leading indicator of the chemical industry's health.
Lockheed Martin posts higher profit, sees 2010 down
ATLANTA - Lockheed Martin Corp <LMT.N>, the top U.S. defense contractor, posted higher third-quarter profit and raised its 2009 outlook on Tuesday, but added that it expects per-share earnings to fall in 2010. Net earnings came to $797 million, or $2.07 a diluted share, for the third quarter, compared with $782 million, or $1.92 a share, a year earlier.
Oil retreats below $80 on supply caution
LONDON - Oil edged lower on Tuesday, ebbing from an over $80 a barrel a peak hit earlier on a weaker dollar, as a cautious reassessment of supply and demand tempered the rally. The dollar hit a 14-month low against a basket of currencies on Tuesday. A weak dollar makes dollar-denominated commodities such as oil cheaper for holders of other currencies.
Bank N.Y. Mellon profit ex-items tops expectations
NEW YORK - Bank of New York Mellon Corp <BK.N> reported a third-quarter net loss amid higher loan loss provisions, but earnings excluding one-time items topped expectations. The world's largest trust bank said on Tuesday it lost a net $2.5 billion, or $2.05 per share, in the quarter, compared with earnings of $303 million, or 26 cents a share, a year earlier.
Adecco boosts professional staffing in $1.3 billion buy
ZURICH mandatory convertible bond to accommodate the cash deal, though one rating agency promptly put its investment grade credit rating on watch.
Qatar's Barclays stake sale stokes Sainsbury talk
LONDON stake in British bank Barclays <BARC.L>, stoking talk it will use a big profit to make a move on UK food retailer J. Sainsbury <SBRY.L>. Qatar owns 26 percent of Sainsbury and the retailer's shares jumped by a fifth last Thursday on talk the sovereign wealth fund was planning a renewed offer for it, after a previous bid attempt failed in 2007.