Author: FX_Trdr

Vice President Joe Biden landed in Kentucky ahead of tonight’s debate with Paul Ryan. The Obama campaign is hoping to stop the momentum the GOP picked up in the first presidential debate.

ADTRAN (ADTN) announced that it earned 20 cents per share, beating estimates of 16 cents, though it falls short of the 56 cents per share in earnings reported a year ago. Revenues were $162 million, missing estimates of $189 million and lower by by 15.6% year over year.

M&T Bank (MTB) was upgraded by Credit Suisse (CS) to outperform from neutral with a price target of $109 as the firm believes there could be signficant upside potential for earnings. Shares are higher by about 1.4 percent.

Auto insurer Progressive (PGR) announced that third-quarter income increased by 84 percent and was boosted by gains on certain investments. The company earned $277 million, or 46 cents per share, up from $150.7 million, or 24 cents per share in the same period last year.

Abercrombie & Fitch (ANF) was upgraded by Piper Jaffray (PJC) to overweight with a price target of $40, as the brand has stabilized with teens. Shares are higher by over two percent.

Fifth Third (FITB) was downgraded by Bank of America/Merrill Lynch (BAC) to neutral from buy with a price target of $16.50, as the stock price has increased by 19% since the summer and the firm believes the it may have gotten ahead of itself. Shares are lower by about a tenth of a percent.

In trading on Wednesday, textiles shares were relative leaders, up on the day by about 1.3%. Leading the group were shares of True Religion Apparel (TRLG), up about 22.2% and shares of Ralph Lauren (RL) up about 2% on the day.

Oil company Chevron (CVX), the second largest after ExxonMobil (XOM), announced that it expects substantially lower third quarter earnings. The company said that oil production fell during the first two months of the quarter, and the company also received a lower price for oil sold.

Yahaire Tapia, asesora financiera, hizo la lista de las cosas que no deben hacer tus cobradores.

Vasco Data Security (VDSI) lowered its outlook for the full year due to lower banking industry orders. The company expects revenue in the range of $150 million to $157 million for 2012, down from the revenue forecast of at least $175 million it had issued in July.