Reuters Insider - Stocks recover with refocus on earnings

GRAVITY Co

05/08/2014 01:54

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 Source:             Thomson Reuters                                   
                                                                       
 Description:        Wall Street had its best day in two weeks, partly 
                     recovering from its worst week in more than two   
                     years. AIG reports after the close. Kors cut down 
                     on expansion concerns. Disney breaks August       
                     record.                                           
 
 
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Transcript (May be auto-generated)

 Wall Street got back into the swing of things following the stock market's worst
week in more than two years. It was the biggest rally in two weeks as investors 
refocused on an earnings season that is going better than expected. That 
continued after the close. American International Group beat expectations with a
12.5% gain in earnings. Fashion and merchandising company Kors out with results 
earlier in the day. Sales topped forecasts and profits did as well. But the 
company's expansion plans causing investors to take some money off the table. 
Kors was the worst performing stock in the S&P 500. Good news for Disney heading
into Tuesday's results. 

Guardians of the Galaxy, the latest flick from Disney-Marvel studios broke box 
office records for an August debut, taking in $94 million in domestic sales. 
What makes this an even more heroic feat? These superheroes did better in ticket
sales than recent sequels from Spider-Man and X-Men according to 
BoxOfficeMojo.com. Staying in Hollywood, Sandra Bullock is now Tinseltown's 
highest paid actress. Last year's hit Gravity helped lift her to the top with 
estimated earnings of $51 million according to the Forbes list. Big talk in 
Washington about economic ties to Africa. 

The Whitehouse is hosting a three-day summit with African politicians and 
business leaders. Some $1 billion in business deals tied to the continent are 
expected to be announced. First, an opening call for courage from US Secretary 
of State John Kerry. Fighting corruption lifts more than a country's balance 
sheet. Transparency and accountability attract greater investment. Transparency 
and accountability create a more competitive marketplace, one where ideas and 
products are judged by the market and by their merits, and not by a backroom 
deal or a bribe. The market always works better with transparency, with the 
sunshine of accountability. In Europe, little sunshine for the markets with 
focus on the banks. London's HSBC warns rising regulatory burdens are hurting 
the banking business while, in Portugal, a $2.9 billion rescue of troubled 
lender Banco Espirito Santo