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Legg-Mason Sees Best Long-Term Flows in Five Years

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EARNINGS
DailyFeed
Markets are higher on hints of action from German Chancellor Merkel, French President Hollande and the ECB. Right now we're sitting on the critical resistance of S&P 1375, the third test of this level in the past month. Let's break down the major earnings reports from this morning.

Merck (MRK) beat earnings estimates, reporting $1.05 against estimates of $1.01. Revenues came in at $12.31 billion, ahead of expectations of $12.14 billion. The company reaffirmed their forecast for full year earnings. In line with what has been a common theme for this quarter's earnings, Merck notes a 6% negative effect for 3Q earnings off the higher dollar. The stock is over 3% higher on the release.

Legg Mason (LM) reported earnings per share of 25c, lower than the 41c estimates. Revenues also missed the mark at $630.69 million against estimates of $646.46 million. Profits fell by 42%. On the conference call, CEO Mark Fetting noted that the U.S. will be stuck in fiscal limbo until after the election. However, he noted that the company saw the best long-term flows this quarter in the last 5 years.

Chevron (CVX) reported earnings-per-share of $3.56 against expectations of $3.22. Upstream was at $5.62 billion vs $5.63 billion estimates and downstream at $1.88 billion vs estimates of $1.06 billion. Production was dead inline. The stock is marginally lower on the release.
POSITION:  No positions in stocks mentioned.
TAGS:  EARNINGS   
TICKERS:  NYSE:CVX, NYSE:LM, NYSE:MRK, NYSE:^GSPC   

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