Market Updates: Barnes & Noble (NYSE: BKS), Prudential Financial (NYSE: PRU), Wells Fargo (NYSE: WFC)

Barnes & Noble (NYSE: BKS) stated today that its second quarter net loss widened to $24 million, or 43 cents per share, from a loss of $18 million, or 34 cents per share, from a year ago. The latest quarter’s results included one-time transaction expenses of 13 cents per share related to its College acquisition. Revenue rose to $1.16 billion from $1.11 billion and the company expects to report a profit of $1.30 to $1.50 per share for the third quarter and 33 cents to 63 cents oer share for the full year. –Daily Finance

Prudential Financial (NYSE: PRU) was upped to outperform from market perform by Wells Fargo (NYSE: WFC), as the broker said the insurer is emerging from the financial crisis better capitalized and with a higher degree of financial flexibility than many of its peers. "Prudential looks much as it did prior to the financial crisis, in our opinion; with a business mix oriented toward higher returning segments," Wells Fargo said. –MarketWatch

The U.S. economy expanded at a 2.8 percent annual rate in Q3, less than the government reported last month. This reflected a smaller gain in consumer spending and a bigger trade deficit. The increase in gross domestic product from July through September reported today by the Commerce Department in Washington compares with a 3.5 percent gain previously estimated. Corporate profits rose by the most in five years. Smaller increases in spending show the U.S. was dependent on government stimulus programs to help dig the world’s largest economy out of its worst recession since the 1930s. -Bloomberg

Asian markets ended mostly lower today with Chinese stocks succumbing to a heavy dose of afternoon selling as investors locked in profits after the country’s banking regulator warned banks about their capital position, raising fears lenders may have to sell shares to raise capital. The Shanghai Composite dropped 3.5%, after rising in 13 of the 16 sessions in November prior to today, while the Shenzhen Composite Index gave up 4.3%. The fall in Shanghai triggered wider losses in Hong Kong, where the benchmark Hang Seng Index dropped 1.5%. Chinese banking stocks declined in Hong Kong and Shanghai after the mainland banking regulator warned banks to meet industry capital requirements or face sanctions. Shares of Bank of China lost 4% and China Construction Bank shed 3.4% in Hong Kong; in Shanghai, they fell 2.3% and 2.9%, respectively. –The Wall Street Journal