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For Oct. 29, 2015, here's the top stock market news and stocks to watch based on today's market moves…
How Did the Stock Market Do Today?
Dow Jones: 17,755.80; -23.72; -0.13%
S&P 500: 2,089.41; -0.94; -0.04%
Nasdaq: 5,074.27; -21.42; -0.42%
The Dow Jones Industrial Average today (Thursday) dipped 23 points after a ho-hum Q3 GDP report and as markets priced in the possibility of an interest rate hike by the U.S. Federal Reserve in December. This morning, the U.S. Commerce Department reported a third-quarter GDP reading of 1.5%, below the 1.6% consensus predicted by economists. The paltry figure was a steep decline from the 3.9% gain reported in the second quarter. Meanwhile, weekly jobless claims came in higher than the expected total of 265,608.
Top Stock Market News Today
- Stock Market News: Nine of 10 S&P sectors were in the red this afternoon, with basic material stocks sinking the most. Merger and acquisition activity was back in focus today on news that Botox-maker Allergan Plc.(NYSE: AGN) could be purchased by Pfizer Inc. (NYSE: PFE), the largest U.S. drug maker. The deal could easily be the market's largest takeover deal of the year and would create the world's largest drug company overnight. However, concerns have emerged over Pfizer's plans to re-domicile the company in Ireland for tax purposes. Activist investor Carl Icahn called Pfizer's plans potentially "dangerous." Shares of both companies were slightly halted during the trading session.
- S. Oil Prices Rise: Oil prices edged higher after the Fed said it would hold interest rates at current levels. December WTI oil prices jumped 0.3% to hit $46.06 per barrel, while Brent crude prices tumbled 0.5% to hit $48.80. The U.S. Energy Information Administration (EIA) helped boost the rally on news crude inventories increased by 3.4 million barrels last week, in line with analyst expectations. That said, the figure was still below the 4.1 million rise forecasted by the American Petroleum Institute. Shares of Chevron Corp. (NYSE: CVX) gained 0.1%, while shares of Exxon Mobil Corp. (NYSE: XOM) lost 0.1%.
- On Tap Tomorrow: On Friday, the monthly consumer sentiment report and Chicago PMI headline a busy day of data, while Fed members John Williams and Esther George will give speeches. On the global front, pay attention to a press conference from the Bank of Japan, the October consumer price index in the Eurozone, and a monthly GDP report in Canada. Companies reporting earnings tomorrow include Exxon Mobil Corp. (NYSE: XOM), CVS Health Corp. (NYSE: CVS), Colgate-Palmolive Co. (NYSE: CL), Newell Rubbermaid Inc. (NYSE: NWL), Moody's Corp. (NYSE: MCO), AbbVie Inc. (Nasdaq: ABBV), Box Inc. (NYSE: BOX), and ITT Corp. (NYSE: ITT).
Stocks to Watch: GPRO, NXPI, FFIV, AAPL, CHTR, TWC
- Stocks to Watch No. 1, GPRO: Shares of GoPro Inc. (Nasdaq: GPRO) cratered more than 15% after the camera maker released weaker than expected top and bottom line results in the third quarter. Of course, Money Morning Chief Investment Strategist Keith Fitz-Gerald explained just a few weeks ago trouble was ahead for the camera manufacturer. Read Keith's insightand learn how you can identify other companies like GoPro that shouldn't be trading at eye-popping levels.
- Stocks to Watch No. 2, NXPI: It was a brutal day for semiconductor companies, with a decline led by NXP Semiconductors NV (Nasdaq: NXPI). The company's shares fell nearly 20% after the firm issued a very weak outlook. The broader semiconductor index (SOX) fell nearly 3% on the day.
- Stocks to Watch No. 3, FFIV:Shares of F5 Networks Inc. (Nasdaq: FFIV) dipped about 10% after the company reported weak earnings and issued a disappointing forecast for the coming year.
- Stocks to Watch No. 4, AAPL: Shares of Apple Inc. (Nasdaq: AAPL) were up a little more than 1% as the company's momentum continues in the wake of its record-breaking profit report. The stock is now up more than 15% since August. Money Morning Capital Wave Strategist Shah Gilani made his regular appearance on FOX Business' "Varney & Co." Wednesday and explained how investors should handle Apple stockat this week's price. Watch the interview here.
- Stocks to Watch No. 5, CHTR: The deal between Charter Communications Inc. (Nasdaq: CHTR) and Time Warner Cable Inc. (NYSE: TWC) is now likely to close by the end of Q1 2016, rather than the end of the year. The $56 billion deal has been under intense scrutiny from regulators given that the newly formed company would maintain control of significant market share of the U.S. cable and Internet sectors.
What Investors Must Know This Week
- The Fastest Way to Profit from a $709 Billion Industry Shift
- Five Tech Stocks That Soared While the Markets Tanked
- Here's Where the Next Oil Sector Profits Will Be Made
Follow us on Twitter @moneymorning.
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.