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T3's Take 3: Google's Back, NASDAQ Rocks, GE Reports


Today's financial recap and tomorrow's financial outlook.

Today at T3 Live

T3 Live is hosting its first annual Finance Festival and you're invited!

The event will be held November 6-8 at the Mayfair Hotel & Spa in Miami, Florida, just minutes from Miami beach.

We'll kick off Friday evening with a VIP dinner followed by a weekend full of insightful keynote discussions, great food, and what promises to be the party of the year!

Click here to learn more about T3 Live's Finance Festival

Google's Back

Google (GOOGL) shares surged 16.3% after posting better-than-expected earnings and saying it would cut down expenses. The company set a new record for a single-day market cap gain from the jump, with a $52 billion increase at the open.

Victor Anthony of Axiom Capital Management said that growth, driven by mobile and Youtube, looks sustainable. He noted that revenues were growing and expenses were dropping. Axiom placed a $850 target price for the end of 2016. Ruth Porat, CFO of Google, mentioned that she would like to bring more restraint to spending.

European Markets Pull Back, Asia Rises

American markets finished mixed after a week full of gains. The S&P 500 closed up 0.1%. Meanwhile, the NASDAQ set a new all-time high of 5,210.16 boosted by Facebook (FB), Apple (AAPL), and the aforementioned Google.

European markets cooled off after several days of gains on the Greece deal. The German DAX lost 0.4%, Britian's FTSE closed down 0.2%, and Spain's IBEX dropped 0.3%.

Over on the Pacific side, Japan's Nikkei posted its fifth gain in a row, gaining 4.4% over the week. Markets were helped as the yen lost some value against the dollar, which is considered good for exporters. The Shanghai Composite rallied 3.5% as the Chinese government continued try to fight market declines with stimulus programs. The Hang Seng rose 1%.

GE Reports

General Electric (GE) released its earnings report before the open this morning. Both EPS and revenue were in-line with analysts expectations. The strength of the US economy and increased demand for jet engines and gas-powered electrical turbines helped the company's numbers. Revenue rose 1.5% during the second quarter, while earnings from industrial operations rose by 5% from cost cutting.

The company said it expects strong results out of its industrial business, which has come into sharp focus as it begins to sell off most of its banking business.

GE shares rallied 0.7%.

Monday's Financial Outlook

There are no major US economic reports on Monday.

Overseas economic reports will have the Bank of Japan and Reserve Bank of Australia's Meeting Minutes

Genuine Parts (GPC), Halliburton (HAL), Morgan Stanley (MS), and Sonic Automotive (SAH) will report earnings before the open.

After the close, Canadian National Rail (CNI), Crown Holdings (CNI), IBM (IBM), Sanmina (SANM), and Steel Dynamics (STLD) will release their earnings.

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