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For Nov. 5, 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: 17,863.43; -4.15; -0.02%
S&P 500: 2,099.93; -2.38; -0.11%
Nasdaq: 5,127.74; -14.74; -0.29%
The Dow Jones Industrial Average today (Thursday) was off four points as the markets prepare for Friday's unemployment report for the month of October. Markets were slightly weighed down by mixed earnings reports, including dismal quarterly figures from chipmaker Qualcomm Inc. (Nasdaq: QCOM). This morning, the U.S. Department of Labor reported the number of Americans applying for unemployment benefits increased by 16,000 to 276,000. That figure is the highest in two months and was higher than economists had anticipated.
Top Stock Market News Today
- Stock Market News: Five of 10 S&P sectors were in the red today, with basic materials leading the way. Materials and utilities stocks were both off more than 1% on the day. The Nasdaq, which dipped 14 points, was weighed down by two major companies on the index: Qualcomm Inc. (Nasdaq: QCOM) slumped more than 15% after the company reported underwhelming first-quarter profit expectations; meanwhile, Celgene Corp. (Nasdaq: CELG) dipped 5.3% after a weaker than expected quarterly revenue report.
- Oil in Focus: Oil prices slumped on Thursday as concerns about oversupply again rattled trader sentiment. Another week of rising inventories in the United States and expectations that short-term geopolitical concerns in Brazil and Libya will be resolved in the near future pushed prices lower. December WTI oil prices fell nearly 2.4% to hit $45.20 per barrel, while Brent crude prices dipped 1.2% to hit $47.98. On Friday, investors will look out for the weekly rig count provided by Baker Hughes Inc. (NYSE: BHI) to determine if production is on the decline in the United States.
- On Tap Tomorrow: On Friday, investors will be checking back with Money Morning to read into the Labor Department's announcement on the October jobs report. Economist consensus anticipates the U.S. unemployment rate will remain at 5.1%. That figure will be critical to the U.S. Federal Reserve's decision in December on whether or not to raise interest rates for the first time in nearly a decade. Companies reporting earnings include Humana Inc. (NYSE: HUM), Ebix Inc. (Nasdaq: EBIX), Cigna Corp. (NYSE: CI), HMS Holdings Corp. (Nasdaq: HMSY), Horizon Pharma Plc. (Nasdaq: HZNP), Seacor Holdings Inc. (NYSE: CKH), TETRA Technologies Inc. (NYSE: TTI).
Stocks to Watch: VRX, RL, BCS, AWAY, EXPE, FB, XOM
- Stocks to Watch No. 1, VRX: Shares of Valeant Pharmaceuticals Intl. Inc. (NYSE: VRX) cratered another 14% after a U.S. Senate panel announced it has started a probe into recent drug price increases. The Senate is currently seeking official documents from four drug makers: Valeant, Turing Pharmaceuticals, Retrophin Inc. (Nasdaq: RTRX), and Rodelis Therapeutics.
- Stocks to Watch No. 2, RL: Shares of Ralph Lauren Corp. (NYSE: RL) surged nearly 15% after the company beat fiscal second-quarter earnings estimates. Today's gains erased downward concerns following a recent a downgrade from investment bank Barclays Plc. (NYSE ADR: BCS). The fashion icon and retailer announced quarterly earnings of $2.13 per share, shattering expectations of $1.73 a share. The company also announced positive progress toward its goal of slashing roughly $100 million in annual costs by 2018.
- Stocks to Watch No. 3, AWAY: Shares of HomeAway Inc. (Nasdaq: AWAY) rocketed up more than 25% on news the vacation rental site will be purchased by Expedia Inc. (Nasdaq: EXPE) for $3.9 billion. The deal sent up EXPE shares more than 2.4% on the day. The deal will expand Expedia's vacation options in the $100 billion alternative-accommodations space.
- Stocks to Watch No. 4, FB: Shares of Facebook Inc. (Nasdaq: FB) hit an all-time intraday high as optimism continued after the company crushed earnings expectations after the bell yesterday. The social media giant was on track for a record close after beating Wall Street EPS expectations of $0.57 by $0.05 and revenue forecasts. Facebook now has a staggering market cap near $300 billion and is trading at a price/earnings ratio of more than 114.
- Stocks to Watch No. 5, XOM: Shares of Exxon Mobil Corp. (NYSE: XOM) dipped due to falling oil prices, but it wasn't the only reason why the multinational oil giant is in the news. This morning, the New York attorney general started an investigation into the company for lying to investors about the risks of climate change on its business and the environment.
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
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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.