Diamonds and Dogs
Airlines are flying higher. United (UAL ) is higher by 5% to new recent highs thanks to better than expected third-quarter passenger unit revenue. The numbers were down year over year, but better than expected. American and Delta have said similar things about their business. Going forward, the industry is expecting better margins and revenue numbers.
Procter & Gamble (PG) is down a percent to a three month low as activist hedge fund manager, Nelson Peltz lost his fight to win a seat on the company's board. Trian Fund Management LP CEO Peltz refused to concede defeat, saying the vote had been too close to call and that the company would await the certified results. Peltz's Trian Fund Management owns about $3.5 billion in P&G shares and is looking to shake things up to boost shareholder value.