Daily Data Flow: Stocks Erase Losses; Yahoo! Beats Estimates

Daily Data Flow

U.S. Stocks Erase Losses as Apple Offsets Earnings (Bloomberg)
U.S. stocks erased earlier losses, sending the benchmark Standard & Poor’s 500 Index higher for the first time in three days, as a rise in Apple (AAPL) Inc. shares overshadowed disappointing corporate results. “It really comes down to earnings at this point,” said Peter Jankovskis, co-chief investment officer for Oakbrook Investments in Lisle, Ill., which manages more than $3 billion. Third-quarter sales results missed forecasts at 59% of companies, , according to data compiled by Bloomberg.

Volcker Rule May Cut $10 Billion in Bank Profit, S&P Says (Bloomberg)
The Volcker rule could cut profit at the biggest U.S. banks twice as much as earlier estimated, if regulators take a strict stance on limiting proprietary trading, Standard & Poor’s said. “We currently estimate that the Volcker rule could reduce combined pretax earnings for the eight largest U.S. banks by up to $10 billion annually, up from our initial $4 billion estimate two years ago,” S&P said today in a statement announcing a new report on the issue. Section 619 of the Dodd-Frank Act, also known as the Volcker rule, limits federally regulated banks’ ability to make proprietary trades, or bets on their own behalf, and curbs their investments in private equity and hedge funds to 3% of Tier 1 capital.

Yahoo’s Earnings, Revenue Top Wall Street Forecasts (CNBC)
Yahoo reported quarterly earnings and revenue that beat analysts’ expectations on Monday in the Internet giant’s first earnings report with new Chief Executive Marissa Mayer at the helm. “Yahoo had a solid third quarter, and we are encouraged by the stabilization in search and display revenue,” Mayer said in the earnings release. “We’re taking important steps to position Yahoo for long-term success, and we’re confident that our focus on quality and improving the user experience will drive increased value for our advertisers, partners and shareholders.”

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Financial Origami: Japanese Exports Fold in On Themselves Again… Could Continue Through Year’s End (Bloomberg) Just Not Warm & Fuzzy Enough: Caterpillar Beats Estimates by 49% and Loses Ground (YahooFinance.com)

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