Berkshire Hathaway Climbs, but Dow Slips Because Even Warren Buffett Can't Lift the Market by Himself

Illustration by Michael Haddad

Quieter, for Now. Lower-than-expected earnings at Japan’s NTT Data (9613.japan) and Fast Retailing (9983.japan), owner of the Uniqlo brand, helped send Asian stocks lower. European shares are modestly higher, but U.S. markets seem to have shrugged off that positive cue. Futures on the Dow Jones Industrial Average were down 0.4%, Nasdaq Composite futures were 0.3% lower and S&P 500 futures were near the break-even line. In today’s Morning Movers, we…

…Examine earnings again; …Check in on upcoming events; …And weigh in on the midterms. Barron’s Briefs Buffett Delivers: In other earnings news, Berkshire Hathaway (BRK.B) reported results over the weekend. Don’t forget they have more industrial revenue than Honeywell (HON) and more railroad revenue than Union Pacific (UNP). Margins in the industrial business were down year over year as higher costs for raw materials and logistics hit the results. That is consistent with what other industrial companies have reported this quarter. Watch the Retailers: About 25% of the S&P 500 companies have yet to report earnings. Retailers are the group with the largest percentage left to take their turn at the lectern. In terms of earnings growth and beating bottom-line estimates, the third quarter has been as good as the second quarter was. That is probably part of the reason the S&P rebounded last week, closing up 2.4%. The Conference Carousel: As earnings season wraps up, conference season begins. Management teams meet with investors who will pump companies for information about 2019. Bank of America Merrill Lynch, R.W. Baird and Stifel all host conferences this week. Also, DowDuPont (DWDP) will host investor days to provide additional detail about the three separate companies it is becoming next year. And Breaking News! The election, likely to dominate the newswires this

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