IBM and Intel Report: DJIA Market Close For Tuesday, October 16, 2012

The Dow closed up +127.55 (+0.95%) at 13,551.78.

Hey, my emerging market fund ODVYX closed at a new yearly high today. Wish I could say the same for PSVIX, but it was up +1.09%, beating the Russell 2000’s +0.86% gain.

There were five Dow stocks down today which included UNH (-1.06%), VZ, KO, WMT and MSFT. GE was unchanged and the winners were led by INTC (+2.85%), CAT, UTX, AXP, BA, CSCO and AA. I read Intel was down in after-hours but haven’t checked it.

Speaking of Intel, or the third quarter, INTC posted earnings of 58 cents per share, down from 65 cents per share last year. The company’s revenue decreased 5 percent to $13.5 billion from $14.23 billion a year ago. Intel also said it expects fourth-quarter revenue of $13.1 billion to $14.1 billion. The midpoint of this range was lower than analysts’ estimates of $13.74 billion. I have seen estimates for INTC range from $0.49 to $0.52. So they beat estimates but gave a weak outlook.

IBM also reported earnings of $3.8 billion, or $3.33 per share, in the July-September period. Estimates were for $3.61 per share, so they wre light and were trimmed by nearly -3.5% in after-hours trade. Revenue for the quarter fell 5 percent from the same time last year to $24.7 billion. That figure was about $700 million below the average estimate of analysts.

Obama and Romney are debating agin tonight, but I can’t make myself watch it. I know who I’m voting for. Wish we could just get the election over with.

This morning we had UNH, JNJ and KO report earnings. You can see their results in this mornings post.

The dollar was down against the euro and British pound, but gained versus the Japanese yen.

Oil for November delivery added 24 cents to settle at $92.09 a barrel.

Gold futures for December delivery jumped $8.70 to settle at $1,749.20 an ounce.

The price on the benchmark 10-year U.S. Treasury was down, pushing the yield up to 1.73% from 1.66% late Monday.

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