Today, investors will continue to keep an eye on global oil prices. Earlier this morning, Brent prices slid below $65 per barrel and hovered near five-year lows. In addition, it's important to monitor economic events in Japan, where weak data continues to spook investors in other markets. Gold prices are now moving toward a seven-month high as the dollar and global stocks continue to decline.
Here's what else you should know about the stock market today - including your "Money MorningTip of the Day" - to make it a profitable Thursday:
Cutting Back: The Wall Street Journalreports that eBay Inc. (Nasdaq: EBAY) may cut up to 10% of its global workforce next year. According to the report, the company could slash up to 3,000 jobs as its spins off its PayPal unit. The standalone company may be attempting to position itself as a potential takeover target as it faces increased competition from e-commerce companies like Amazon.com Inc. (Nasdaq: AMZN) and Alibaba Group Holding Ltd. (NYSE: BABA).
Stepping Down: Shares of Walgreen Co. (NYSE: WAG) were up nearly 2% in pre-market hours on news that its Chief Executive Officer Greg Wasson will soon retire. Wasson will step down shortly after the company completes its acquisition of Alliance Boots GmbH. This is the second major resignation of a Corporate CEO this week. On Monday, Abercrombie & Fitch Co. (NYSE: ANF) announced that its CEO abruptly stepped down.
Shutdown Possible: According to reports, Democrats in the Senate, led by Sen. Elizabeth Warren (D-Mass.), are balking at the $1.1 trillion spending bill that passed the House of Representatives this week. This raises the possibility of a government shutdown as the progressive wing of the chamber rallies against a provision that could weaken enforcement of the Dodd-Frank Act.
Hot New IPO: Online peer-to-peer lending giant Lending Club Corp. announced late Wednesday that it has priced its initial public offering at $15 per share. The company announced it had raised $870 million for the company, which will be valuated at $5.5 billion.
Oil Prices Today: Oil slumped again this morning. OPEC member Kuwait is now selling crude to China for $3.95 below its partners Oman and the UAE. This morning, January 2015 futures for U.S. crude, priced at the NYMEX in New York City, slipped below $61.00 per barrel. Meanwhile, Brent crude, priced in London, retreated to a little less than $64.50 per barrel.
Earnings Reports: Stay tuned for earnings reports from Lululemon Athletica Inc. (Nasdaq: LULU), Ciena Corp. (Nasdaq: CIEN), Adobe Systems (Nasdaq: ADBE), and Methode Electronics Inc. (NYSE: MEI).
Economic Calendar: Today's economic calendar features the EIA Natural Gas Report, an update on business inventories, and weekly U.S. jobless claims.
Money Morning Tip of the Day: During the depths of the European sovereign crisis, when Greece was inches from exiting the zone, others chose to not sit idly by. Instead, two member nations were surreptitiously preparing for a possible Eurozone breakup. Even more fascinating is what came next, as it appears preparations are still in active mode. Now, our Peter Krauth wants to give you a leg up on other investors who'll wish they knew as much as you...
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.