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.

If you find our journalism valuable and relevant, please consider joining our Examiner membership program.
Find out more at www.sfexaminer.com/join/

Just Posted

Homeless sweep leads to few shelter placements

City officials report that the removal of a large homeless encampment from… Continue reading

Shoe guru John Fluevog celebrates 50 years

Designer’s new book is ‘Unique Soles for Unique Souls’

Man injured in SF police shooting suspected of assault, battery

DA has yet to file formal charges against Jamaica Hampton, 24

It’s official: SF e-scooter company workers vote to unionize, a first

San Francisco e-scooter company Spin may be the first in the nation… Continue reading

Muni lobbies for funding to buy more trains after fixing problems with first batch

Muni’s $1.1 billion new train fleet debuted with multiple problems — but… Continue reading

Most Read