Nasdaq OMX Group Inc. (NDAQ) has reported third-quarter results.  The company swung to a GAAP net income of $60 million or 28 cents per share compared to $69 million or 33 cents in the prior quarter and $58 million or 27 cents in the year-ago period. Results included one-time charges counting $25 million in debt conversion expense, $16 million in pre-tax expenses associated with asset retirements, workforce reductions and other non-recurring items, and $5 million in pre-tax merger expenses.  Excluding these charges, pro forma earnings per share came in at 42 cents, in line with the Zacks Consensus forecast. Results were aided by growth in the company’s core businesses and significant progress from new initiatives.  Net revenue (net of liquidity rebates, brokerage, clearance and exchange fees) slipped 4.9% sequentially and 12.5% year over year to $349 million. The decline was primarily attributable to foreign currency ...

Just when investors started doubting the safe-haven status of gold at the time of the sub-prime mortgage debacle putting pressure on most financial markets, the yellow metal came to life and staged a spectacular $56 rally. Although not expecting anything as dramatic, I have for a while been advocating a strong emphasis on gold (see posting “Gold – more than a safe-haven play”, August 14, 2007).

The last week’s move has taken the gold price to above $700 for the first time in more than 16 months. It has also taken gold to within $143 of its all-time high of $850 reached on January 21, 1980 and within $23 of its May 12, 2006 high of $730 (which, incidentally, was the highest level since 1981).