Market close: Schwab down despite strong Q3 profits

As the market closed on a down note Monday, San Francisco-based Charles Schwab Corp. (SCHW) Q3 profit surpassed analyst expectations that nevertheless failed to move investors, according to an Associated Press article. Schwab said it earned $1.53 billion, or $1.28 per share, during the three months ended in September, a more than fivefold increase from $266 million, or 21 cents per share, a year ago. The stock price was down .32 points at the close of business.

In other news of Bay Area companies, South San Francisco’s Genentech Inc. (DNA) reported Q3 profit rose 21 percent, but sales of other important drugs fell short of Wall Street expectations and its share price fell slightly, according to Reuters.

SAP AG (SAP), the world’s largest maker of business-management software, said it won't enter a bidding war with rival Redwood City firm Oracle Corp. (ORCL) for BEA Systems Inc. (BEAS) of San Jose, according to Bloomberg News.

It was an overall down day at the market, with the Dow down more than 108 points, the Nasdaq more than 25 points and the S&P 500 down more than 13 points. Locally, the largest Monday share-price losses among the 50 Bay Area stocks tracked by The Examiner were Salesforce.com Inc. (CRM) and VMware Inc. (VMW), whose stocks each lost more than 4 percent of their share price.

Network Appliance Inc. (NTAP) and SanDisk Corp. (SNDK) saw the largest gains in share price among the 50 Bay Area companies tracked by The Examiner.

Get all the latest market news and current stock quotes on Examiner.com.

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