US mid-morning: Google sideswipes Wall Street



LONDON (ShareCast) - -Google (NasdaqGS: GOOG - news) files results early by mistake
-Google shares halted after 9% drop

Dow Jones Industrials: -0.06%
Nasdaq Comp.: -0.94%
S&P 500 (SNP: ^GSPC - news) : -0.20%

US stocks are now down slightly, although the technology-heavy Nasdaq Composite (Nasdaq: ^IXIC - news) is now off by nearly 1%.

That after search giant Google filed its latest quarterly numbers with the SEC early by mistake. They had not been expected for until after the close of today's trading.

The company led by Larry page tumbled 9% -before trading in its shares was halted- after third-quarter adjusted earnings came in at $9.03 a share, below analysts' estimates for $10.65.

In a more positive vein, banking titan Morgan Stanley (Dusseldorf: 653571.DU - news) topped market expectations with its third quarter figures, which revealed a post-tax loss of just over a billion dollars, versus a profit of 2.2bn dollars in the corresponding period of last year. Adjusted earnings per share were 28 cents a share, which was ahead of the Street's consensus forecast of 25 cents.

Verizon (NYSE: VZ - news) is another big gainer. The telecommunications service provider reported a 16% jump in third quarter earnings, along with a 70% increase in the number of new wireless connections, thanks in large measure to the latest iPhone.

Supervalu (NYSE: SVU - news) is also moving higher after the grocery store chain said it has received interest from several parties amid a strategic review.

Unemployment claims burst higher on seasonal factors

Initial unemployment claims rose by 46,000 to 388,000 last week (Consensus: 365,000), as last week's seasonal factor induced drop was unwound.

The Conference Board's index of leading economic indicators increased by 0.6% month-on-month in September (Consensus: 0.2%).

The Federal Reserve Bank of Philadelphia's manufacturing sector survey for October rose to the 5.7 point mark (Consensus: 1.0).

Treasuries rise slightly after unemployment numbers

Front month West Texas crude futures are now falling by 0.26% to the 91.89 dollar per barrel mark on the NYMEX.

10 year US Treasuries are moving higher now by 3/32 dollars, with yields at 2.98%.