U.S. Home Prices Gain, Canada Permits Uranium Exports to India

Arthi Gupta
06 Nov, 2012
New York City

U.S. indexes gained as voters decide the future control of the House, Senate and the President

[R]11:15 AM New York – U.S. indexes gained as voters decide the future control of the House, Senate and the President’s office. Canada permitted exports of uranium and nuclear reactors to India. Inergy agreed to purchase Rangeland Energy for $425 million.[/R]

Stocks in New York traded higher in light trading volume as investors weigh possible impact of the elections for the President, the House and the Senate.

Stocks in defense, healthcare, financial and energy sectors were volatile ahead of elections results as the outcome of the election results could change the direction of government focus.

Home price index tracked by CoreLogic Inc declined 0.3% in September from August and rose 5% from a year ago.

Prices increased 0.5% in the month from the previous month and rose 5% excluding distressed sales. Of the 100 statistical areas measured by population, 18 declined from the year ago compared to 27 in the previous month.

Canadian Prime Minister Stephen Harper said exports of nuclear reactors and uranium will be permitted to India. Two countries finalized the details of agreement that was signed two years ago.

India is looking to increase its nuclear power generation for civilian purposes from 63,000 MW in the next 20 years from the current 4,780 MW or 2% of total power capacity.

Inergy to Acquire Rangeland Energy

Inergy Midstream, L.P. and the owner of its general partner, Inergy, L.P. agreed to purchase Rangeland Energy, LLC, the owner and operator of the COLT crude oil rail terminal, storage, and pipeline facilities for $425 million.

Earnings Review

AOL, Inc. ((AOL)), the Web services company reported third quarter total revenues remained flat at $531.7 million. Net income in the quarter was $20.8 million or 22 cents per diluted share compared to a loss of $2.6 million or 2 cents per share reported last year.

DirecTV, Inc. ((DTV)), the satellite television company reported third quarter total revenues increased 8% to $7.42 billion from the same quarter last year. Net income for the quarter rose 9% to $565 million or 90 cents per diluted share compared to net income of $516 million or 70 cents per share in the prior-year quarter.

Dish Network Corp. ((DISH)), the pay-television provider reported third quarter total revenue for the quarter declined 2% to $3.52 billion from the same period last year. Net loss in the quarter swung to $158 million or 35 cents per diluted share compared to net income of $319 million or 71 cents per share in the prior-year period.

Fossil, Inc ((FOS)) dropped 13% after the watch and accessories retailer reported weaker than expected results on the weakness in European markets and stronger dollar.

Office Depot Inc. ((ODP)), the office supplies and services provider reported third quarter sales fell 5% to $2.7 billion from last year. Net loss in the quarter swung to $69.57 million or 25 cents per diluted share compared to a profit of $91.66 million or 28 cents per share last year.

Zillow Inc ((Z)) plunged 19% after the real estate site operator reported weaker than expected quarterly sales and said it lost one of its largest advertiser Foreclosure.com.