Early rise equities on positive earnings figures – UK reporting disclosure code

Early rise equities on positive earnings figures – UK reporting disclosure code

10-26-2009 18:12

Equities rose slightly in early trading today, as the key averages climbed after last week’s drop. However, obtaining stocks was not very popular at the start of today’s trading session. The FSA announced that the main UK-based banks agreed to implement a new code for financial reporting disclosure.

Early rise equities

Energy equities posted one of the best results in early trading, on the back of rising oil rates. Falling banking equities are reducing the potential growth for the overall markets, while semiconductor, metal and railroad equities also climbed at the start of this Monday’s trading session. The early increases are mainly the result of earnings reports that turned out slightly better than forecasted.

GLW earnings

Corning Inc. (GLW) shares, world leader in specialty glass and ceramics, gained after releasing its report regarding earnings in the third quarter, which were better than the forecasts. GLW believes that demand for its LCD TV’s will continue its strength in the last quarter of this year.

Change rules

HealthSouth Corporation (HLS), headquartered in Birmingham (Alabama), announced that the board has given the company permission to change its rules, as it will now pay shareholders, only under certain conditions, the expenses of campaigning for the election of directors.

Ahead of important reports

Nevertheless, various currency traders prefer to wait until the release of important reports regarding durable goods orders, third quarter Gross Domestic Product (GDP) figures, new home sales and confidence among consumers.

UK reporting disclosure code

The Financial Services Authority (FSA) is seeking opinions on the use of the reporting code to banks and other financial organizations. The main banks decided to apply the code, initiated by the FSA, in their yearly reports at the end of this year.
“With the application of the code in their yearly end accounts for 2009, we expect that the quality and comparability of disclosures will improve considerably.