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Pre-market movers today, May 14, 2014: The Dow Jones Industrial Average rose to a new closing record on Tuesday of 16,715.44. The S&P 500 hit a record intraday high, touching over 1,900 for the first time ever.
Here's what to know about the stock market today to make your Wednesday profitable:
- Bribery Accusations: This morning, China's Ministry of Public Security accused GlaxoSmithKline plc (NYSE: GSK) of an extensive bribery scheme to drive sales across the nation. Mark Reiley, who runs the company's sales operation in China, has been accused of earning billions of dollars by bribing doctors and healthcare organizations. Details of the alleged scheme will likely come into greater focus this afternoon.
- The New Cable Giant: According to reports, Yahoo! Inc. (Nasdaq: YHOO) has purchased Blink, an instant messaging app that allows users to destroy messages. Though no terms of the detail are available, Blink provides Yahoo a strategic entry into the mobile phone sector.
- Today's Economic Calendar: Another light calendar day features inflation expectations at 10 a.m. and the petroleum status reports in the afternoon.
- Employment Conditions Improving: The Office of National Statistics in London announced that the U.K. unemployment rate has struck a five-year low. The unemployment rate fell to 6.8% in the first quarter, down from 6.9% in February.
- Deere Downer: This morning, Deere & Co. (NYSE: DE) announced that its fiscal second-quarter profits slipped by 9.5%. The company said that its equipment sales fell, and it might not improve anytime soon. The company expects international agricultural-equipment sales to fall by at least 4% this quarter. Shares of Deere are down by a little more than 1% in early morning trading.
- The Boom Continues: U.S. Energy Secretary Ernest Moniz announced that the federal government could curb regulations that ban the export of crude oil. Due to the surge in oil production from major shale fields, a glut of oil has pushed many oil executives to lobby Congress for the right to export fuels. With West Texas Intermediate prices trading at a discount to Brent Crude, domestic prices would likely rise if the export ban is lifted
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.