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Stock market news today, April 21, 2014: Happy Monday.
Last week, the S&P 500 had its best week since July 2013.
Markets rebounded from a sharp tech sell-off with support from strong earnings in banking, retail, and Internet stocks. For now, positive data from China and the U.S. has overshadowed concerns about the possibility of increased conflict in Eastern Europe.
It sets up an interesting week on the horizon.
Here are the five stories you need to know to make your Monday profitable:
Five Biggest Stories in Today's Stock Market, April 21, 2014
- Another Delay for Keystone: The Obama administration and the U.S State Department are again delaying a final decision on whether to approve the Keystone XL Pipeline. The review for TransCanada Corp.'s (NYSE: TRP) Keystone XL pipeline will now be delayed until after the 2014 election, sources indicate. The pipeline would carry nearly 830,000 barrels of oil each day from Western Canada and the Bakken Shale Formation to oil hubs in Nebraska. It would then be distributed to refineries along the Gulf Coast. The Keystone XL pipeline has been a toxic political football in Washington, D.C., for more than five years.
- The Biggest IPO: Today, we might find out if Chinese e-commerce giant Alibaba plans to file for its initial public offering in the United States in the next few weeks. Alibaba will be one of the largest IPOs in years. The company represents four-fifths of the Chinese online retail market, and continues to grow at a staggering pace. According to Yahoo! Inc. (Nasdaq: YHOO), Alibaba's revenue increased 66% in Q4 (the most recent quarter available) from the previous year.
- A Breakdown: Talks to merge the world's largest gold mining companies have fallen apart. According to Bloomberg, Barrick Gold Corp. (NYSE: ABX) and Newmont Mining Corp. (NYSE: NEM) were discussing a possible merger, but the deal broke down on Friday over minor details. The deal is still a possibility, and insiders reported that the offer from Barrick would valuate Newmont at a 13% premium over the stock's recent 20-day average.
- A Massive Lawsuit: The city of Providence, R.I., has sued Bank of America Corp. (NYSE: BAC), the New York Stock Exchange, and dozens of other exchanges over charges that its traders rigged the markets through high-frequency trading. The suit is the first by an institutional investor over HFT charges and follows the Department of Justice's March announcement that it would investigate claims that exchanges and companies rigged the markets in their favor or engaged in insider trading.
- Astronomical: According to Britain's Sunday Times, U.S. pharmaceutical behemoth Pfizer Inc. (NYSE: PFE) proposed a $101 billion takeover of its British rival AstraZeneca (NYSE: AZN). Citing senior officials and sources in the pharma sector, the paper didn't specify whether a deal was in place. However, the paper made clear that AstraZeneca was resistant to the deal and that negotiations are unlikely to happen.
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U.S. Economic Calendar April 21, 2014
- Chicago Fed National Activity Index at 8:30 a.m.
- Leading Indicators at 10 a.m.
- 4-Week Bill Announcement at 11 a.m.
- 3-Month Bill Auction at 11:30 a.m.
- 6-Month Bill Auction at 11:30 a.m.
Key Companies Reporting Earnings April 21, 2014
- Consensus earnings per share for Halliburton Co. (NYSE: HAL) is $0.71.
- Consensus earnings per share for Kimberly-Clark Corp. (NYSE: KMB) is $1.48.
- Consensus earnings per share for SunTrust Banks Inc. (NYSE: STI) is $0.67.
- Consensus earnings per share for Rogers Communication Inc. (NYSE: RCI) is $0.66.
- Consensus earnings per share for Hasbro Inc. (NYSE: HAS) is $0.11.
- Consensus earnings per share for Crocs Inc. (Nasdaq: CROX) is $0.17
- Consensus earnings per share for Netflix Inc. (Nasdaq: NFLX) is $0.83.
- Consensus earnings per share for Lennox International Inc. (NYSE: LII) is $0.41.
- Consensus earnings per share for Tennant Co. (NYSE: TNC) is $0.29.
- Consensus earnings per share for Chemical Financial Corp. (Nasdaq: CHFC) is $0.48.
- Consensus earnings per share for Washington Trust Bancorp Inc. (Nasdaq: WASH) is $0.53.
- Consensus earnings per share for Rent-A-Center Inc. (Nasdaq: RCII) is $0.55.
- Consensus earnings per share for Wynn Resorts Ltd. (Nasdaq: WYNN) is $2.06.
- Consensus earnings per share for Independent Bank Corp. (Nasdaq: IBCP) is $0.16.
- Consensus earnings per share for Synalloy Corp. (Nasdaq: SYNL) is $0.15.
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About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nation's largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.
Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.