Start the conversation
For Nov. 2, 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: 17,828.76; +165.22; +0.94%
S&P 500: 2,104.05; +24.69; +1.19%
Nasdaq: 5,127.15; +73.40; +1.45%
The Dow Jones Industrial Average today (Monday) added 165 points to turn positive for 2015 after optimism increased due to positive manufacturing data from around the globe. Although the U.S. manufacturing index sunk to a two-and-a-half-year low, markets were positive thanks to a report indicating manufacturing orders were on the rise. Meanwhile, the Nasdaq hit a 15-year high as healthcare stocks surged thanks to increased merger and acquisition activity. In addition, shares of Apple Inc. (Nasdaq: AAPL) added more than 1% while the iShares Nasdaq Biotechnology ETF (Nasdaq: IBB) gained more than 3.5%
The Atlanta Federal Reserve Bank released a private report on U.S. manufacturing this morning and predicts the U.S. economy will grow at 1.9% in the fourth quarter, a sluggish figure. It’s lower than previous estimates of 2.5% growth.
Top Stock Market News Today
- Stock Market News: All 10 S&P sectors were in the black today, with energy stocks and healthcare stocks leading the way. Healthcare stocks received a boost after another big deal followed word of Pfizer Inc.’s (NYSE: PFE) blockbuster deal from last week to purchase Botox manufacturer Allergan Plc. (NYSE: AGN). Meanwhile, shares of Valeant Pharmaceuticals Intl. Inc. (NYSE: VRX) added more than 7% as the company attempts to bounce back from a possible accounting scandal. Don’t expect much of a bounce back for the company over the long term, however. The stock has a long way to fall. Money Morning Global Credit Strategy Michael Lewitt offers his best VRX trade right here.
- Oil in Focus: Oil prices slipped on Monday as concerns about demand in China weigh down investor sentiment. December WTI oil prices fell 1.0% to hit $46.12 per barrel, while Brent crude prices dipped 1.5% to hit $48.79. The downturn in prices had little effect on multinational oil stocks. Shares of Chevron Corp. (NYSE: CVX) surged 4.5%, while Exxon Mobil Corp. (NYSE: XOM) added nearly 3%.
- On Tap Tomorrow: On Tuesday, a light economic calendar features monthly motor vehicle sales, the September update on factory orders, and the October Gallup Economic Confidence Index. Companies reporting earnings on Monday include Tesla Motors Inc. (Nasdaq: TSLA), Groupon Inc. (Nasdaq: GRPN), Zynga Inc. (Nasdaq: ZNGA), Zillow Inc. (Nasdaq: Z), Activision Blizzard Inc. (Nasdaq: ATVI), Herbalife Ltd. (NYSE: HLF), Cerner Corp. (Nasdaq: CERN), and Kellogg Co. (NYSE: K).
Stocks to Watch: V, DYAX, SHPG, BXLT, MDAS, HPE, HPQ
- Stocks to Watch No. 1, V: Shares of Visa Inc. (NYSE: V) dragged down the Dow after reporting weaker than expected quarterly earnings. Shares fell 3.1% after the firm missed estimates of $0.62 per share by a penny. The company also announced plans to purchase its former subsidiary Visa Europe for $23.4 billion and a new $5 billion buyback program.
- Stocks to Watch No. 2, DYAX:Shares of Dyax Corp. (Nasdaq: DYAX) surged more than 28% today on news it will be acquired by rival drug maker Shire Plc. (Nasdaq ADR: SHPG) for $5.9 billion. The deal gives Shire access to a revolutionary late-stage drug treating an inflammatory disease that hinders human breathing. In addition to this deal, rumors continue to swirl the firm is also prepared to purchase the biopharmaceutical company Baxalta Inc. (NYSE: BXLT).
- Stocks to Watch No. 3, MDAS: Shares of MedAssets Inc. (Nasdaq: MDAS) hit an all-time high, surging more than 30%, after the company announced it would be purchased by private equity giant Pamplona Capital Management. The deal at $31.35 per share values the healthcare performance improvement firm at approximately $2.7 billion.
- Stocks to Watch No. 4, HPQ: Hewlett-Packard Co. has officially split into two publicly traded companies. The PC and printer division will remain the core company HP Inc. and trade under the ticker symbol (NYSE: HPQ). The other company, Hewlett Packard Enterprises, will trade under the NYSE ticker (NYSE: HPE).
What Investors Must Know This Week
- Grab Double-Digit Gains from This Analyst “Fail”
- Three Game Changers Fueling a Natural Gas Rebound
- Brace Yourself for This $2 Trillion Global Disruption
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.