Stock market today, May 22, 2014: Yesterday (Wednesday), the Dow Jones Industrial Average closed with a triple-digit jump after no surprises emerged from the U.S. Federal Reserve's April meeting minutes.
Here's what to watch in the stock market today:
- Retail Woes Continue: Shares of Best Buy (NYSE: BBY) slipped by more than 3.4% on Thursday after the company failed to meet first-quarter margins. The company reported quarterly same-store sales had slipped by 1.3% as new competition and mobile and online sales hindered business. Meanwhile, Sears (Nasdaq: SHLD) slid by more than 3.5% in early trading on news that the company planned to close more than 80 stores this year.
- The Big Hack: As we reported yesterday, eBay Inc. (Nasdaq: EBAY) requested that its 145 million subscribers change their passwords on their site. However, they failed to offer a reason. Finally, late yesterday, the company admitted that hackers had broken into its records. The hackers stole passwords from all of its accounts, making this one of the largest online security breaches in U.S. history.
- Today's Economic Calendar: Today's economic data includes initial jobless claims, which offer a first glimpse into expectations for the May employment report. Existing homes sales will follow later, in addition to a speech by San Francisco Fed President John Williams on trade.
- Merger Mania Hits Again: A deal is heating up between tobacco giant Reynolds American Inc. (NYSE: RAI) and its rival Lorillard Inc. (NYSE: LO), according to Reuters. Reynolds and Lorillard are the second- and third-largest tobacco companies in the U.S., following Altria Group Inc. (NYSE: MO). Check back later this afternoon for more details on this potential deal…
- About That Happy Meal: A day after protestors stormed the company's headquarters, McDonald's Corp. (NYSE: MCD) will host its annual shareholders' meeting. The company is expected to address global protests from fast-food workers over minimum wages, child-targeted marketing, and executive compensation.
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.