Start the conversation
Stock market today, October 27, 2014: The stock market today (Monday) is showing signs of retreating after its best week of 2014. Stock market futures indicate a market open 68 points lower than Friday's close. The markets are turning downward on continued weakness in the Eurozone and on news that Brazilian President Dilma Rousseff won re-election in a Sunday runoff vote.
The most important number to watch today – besides the Dow Jones – is 103.2, the level of this morning's report on German business confidence, released by the Ifo Institute. This is the sixth consecutive miss of this leading indicator for the German economy, and suggests that the Eurozone's largest engine is struggling to get back on track after a second-quarter contraction. The 103.2 reading was well below analyst projections of 104.5. With additional problems plaguing the Eurozone economy, including a large percentage of banks failing the European Central Bank's recent stress tests, these jitters could affect confidence in global markets.
Here's what else you should know – including your Tip of the Day – to make your Monday profitable:
- Losing at Its Own Game: It appears that Apple Inc. (Nasdaq: AAPL) is already losing at its own game with Apple Pay, its digital payment service launched last week. On Thursday, drug store giant Rite Aid Corp. (NYSE: RAD) halted the acceptance of payments through the payment system, according to The New York Times. Over the weekend, the chain's rival CVS Health Corp. (NYSE: CVS) also stopped using the service as well, according to multiple reports. The New York Times speculated that both companies may have eliminated Apple Pay in favor of their own proprietary technology that may be under development. Shares of Apple were down marginally in pre-market hours after closing at a post-split record high on Friday.
- Merger Mania: Shares of Allergan Inc. (NYSE: AGN) were up more than 1.5% in pre-market hours on news that company posted strong third-quarter earnings and is likely to receive a higher takeover bid. Allergan posted adjusted per-share earnings of $1.78, besting Wall Street expectations by a dime. Meanwhile, Valeant Pharmaceuticals (NYSE: VRX) announced it is willing to increase its offer to at least $200 per share for the Botox manufacturer.
- Preventing an Outbreak: Shares of biopharmaceutical company Novavax Inc. (Nasdaq: NVAX) jumped more than 11% in pre-market hours this morning. The company announced plans to begin a phase 1 clinical trial for an Ebola vaccine in December.