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T3's Take 3: Halliburton Deal in Question, Apple Short Circuits, and Gold Plunges


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

Today at T3 Live

T3 Live will be hosting its first annual Finance Festival this year!

The event will be held November 6-8 at the Mayfair Hotel & Spa in Coconut Grove, 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 to learn more about T3 Live's Finance Festival

Halliburton & Baker Hughes Antitrust

Halliburton's (HAL) bid to takeover Baker Hughes (BHI) is under scrutiny from the US Justice Department under concerns that it could hurt competition. Justice Department lawyers are reviewing the $34.6 billion takeover to see if the oilfield services industry will be too concentrated after a merger between its second and third largest firms.

Halliburton proposed selling some of its assets to other companies, but government officials are unsure that competition will be spurred with the move.

Baker Hughes' closed down 3.9% after falling as much as 13% intraday.

Halliburton finished down 0.8%.

Tech Short Circuits

The NASDAQ led the major indices down today after Apple (AAPL), Microsoft (MSFT), and Yahoo (YHOO) released disappointing earnings after the close yesteday.

Apple reported lower than expected iPhone sales, resulting in today's sell-off. iPhone sales were up 35% to 47.5 million units while investors were expecting a number north of 50 million. The company's guidance was also lower than expected. Shares fell 4.3%

Microsoft shares slumped 3.7%. The company posted a large quarterly loss along with a disappointing sales forecast. The net loss for the quarter was reported at $3.2 billion, brought on by a writedown of its Nokia acquisition and job cuts. A stronger dollar also weighed down the company's bottom line.

Yahoo shares fell 1.2%. The company missed on earnings but beat on revenues. Its revenue guidance was also slightly disappointing.

Gold's Plunge

Gold had its 10th straight day of losses, the metal's longest losing streak in nearly 20 years. Anthony Grisanti, President of GRZ Energy, stated that gold demand in China is down 9%, while worldwide demand has fallen 17%. RBC Capital Markets strategist George Gero said "cash is king in the commodity world now," referring to the US dollar. Gero believes that gold prices won't rise until inflation begins to climb.

Gold is down 5% this week.

Thursday's Financial Outlook

US economic data for tomorrow will include the Chicago Fed Nat Activity Index, Jobless Claims, Leading Index, Kansas City Fed, and EIA Natural Gas Inventory reports.

Overseas economic data will include Canadian and British Retail Sales, and Euro-Zone Consumer Confidence.

3M (MMM), Caterpillar (CAT), Comcast (CMCSA), General Motors (GM), and McDonald's (MCD) will report earnings before the open.

Amazon (AMZN), AT&T (T), Capital One (COF), Skyworks (SWKS), and Starbucks (SBUX) will report after the close.
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