Stock market today, Sept. 22, 2014: U.S. stock markets were mixed on Friday as the Dow Jones Industrial Average closed at another record high, while the Nasdaq and S&P 500 both ended the day down.
Here's what else you should know to make your Monday profitable:
Following the Alibaba IPO: Friday was dominated by the IPO of the Chinese e-commerce giant Alibaba Group Holding Ltd. (NYSE: BABA). BABA stock opened at a staggering $92, giving it a market cap of $227 billion. That's a lofty jump from the $68 per share that Alibaba executive set for its debut on the New York Stock Exchange. BABA ended its first day of trading at $93.89. Thanks to its price pop, Alibaba is now fighting with Wal-Mart Stores (NYSE: WMT) to break into the top five largest companies in the world based on market capitalization. Money Morning Executive Editor Bill Patalon explains that the IPO could bestow life-changing profits on investors shrewd enough to position themselves for something we refer to as the "Alibaba Shockwave Effect."
Keystone Calamity: Over the weekend, the TransCanada Corp.'s (USA) (NYSE: TRP)Keystone Pipeline celebrated its sixth anniversary since its official inception. However, six years later, the U.S. State Department and President Barack Obama have still not approved the vessel that would transport more than 800,000 barrels of crude oil per day upon its completion. The topic has been a serious point of contention for politicians in Washington D.C. On Sept. 19, 2008, Canada applied for permission from the U.S. State Department to begin construction of the cross-border pipeline.
Merger Mania: The boom in North American oil and gas continues for industrial giants. This morning, German industrial conglomerate Siemens AG (OTCMKTS ADR: SIEGY) announced plans to purchase oil field equipment manufacturer Dresser-Rand Group Inc. (NYSE: DRC). The $7.6 billion deal will allow it to shift its presence in the United States. Siemens beat Swiss pump maker Sulzer AG in a bidding war for the equipment firm. Shares of Dresser-Rand rose more than 9% on the news.
The Big Unveil: This will be one of the biggest weeks in company history for Canadian tech firm BlackBerry Ltd. (Nasdaq: BBBY). On Wednesday, the company will unveil its newest smartphone, the Passport. Reports indicate that the phone will feature a keyboard, a larger screen and 15 hours of battery life. The company is currently undergoing a serious makeover. Just last month, its CEO John Chen told employees that the company would cease layoffs and divestitures and begin to look for strategic acquisitions in the near future.
A Halt in Russia: The largest corporate casualty of the West's economic sanctions against Russia hit the energy sector on Friday. ExxonMobil Corp. (NYSE: XOM) announced it will halt its Arctic joint venture with Russian energy giant RosneftOAO (OTCMKTS: RNFTF) to comply with sanctions announced by the U.S. and European Union earlier this month.
So Long, America: Although President Obama and a number of Congressional leaders have pushed for new laws to prevent American companies from leaving the nation over corporate tax rates, one pharmaceutical giant is defying their wishes. Over the weekend, specialty drug manufacturer Horizon Pharma Plc. (Nasdaq: HZNP) relocated its operations to Ireland after the firm completed the purchase of Vidara Therapeutics International Plc. for $660 million.
Another Microsoft Delay: Maker of the popular video-gaming system Xbox One, Microsoft Corp. (Nasdaq: MSFT) announced another snag in bringing its system to the world. The company announced that it will no longer be releasing the system in China on Tuesday. Although the company provided no explanation for why it has delayed its release of Xbox One to the Chinese public, the company could lose its ability to become the first videogame console manufacturer to legally sell its system in the world's largest computer market.
Today's Economic Calendar: Today's schedule features the Chicago Fed National Activity Index, an update on existing home sales, and two speeches from members of the Fed Open Market Committee.
Earnings Reports: Stay tuned for earnings reports from AutoZone Inc. (NYSE: AZO), Neogen Corp. (Nasdaq: NEOG), and Fabrinet (NYSE: FN).
Full U.S. Economic Calendar September 22, 2014
Chicago Fed National Activity Index at 8:30 a.m.
Existing Home Sales at 10 a.m.
New York Federal Reserve Bank President William Dudley speaks at 10:05 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.
Minneapolis Federal Reserve Bank President Narayana Kocherlakota speaks at 7:30 p.m.
Garrett Baldwin is a globally recognized research economist, financial writer, consultant, and political risk analyst with decades of trading experience and degrees in economics, cybersecurity, and business from Johns Hopkins, Purdue, Indiana University, and Northwestern.