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For Feb. 16, 2016, here's the top stock market news and stocks to watch...
Stock Futures Today
The Dow Jones Industrial Average is open today (Tuesday) after being closed in the United States in observance of Presidents Day.
On Friday, the Dow Jones gained more than 313 points thanks to a rebound in financial and energy stocks, which had faced a brutal five-day sell-off. Concerns about the global banking system and economic growth continue to weigh on investor sentiment, but rising commodity prices and strong consumer data pushed the markets higher. Shares of Apple Inc. (Nasdaq: AAPL) were up on news that the company will unveil its next iPhone and iPad models on March 15. The firm said it will begin selling the next-generation models that same week.
Top News in the Stock Market Today
- The Stock Market Today: On Tuesday, a busy economic calendar includes speeches from three members of the U.S. Federal Reserve, including Minnesota Fed Bank President Neel Kashkari. Investors will also be keeping an eye on the monthly Housing Market Index and an update to the Empire States Manufacturing Survey.
- Oil Watch: Crude oil prices were on the rise as optimism grew that OPEC could engage in a deal to cut production levels. WTI crude oil rallied 4.8% to hit $30.86 per barrel. Meanwhile, Brent crude added 3.8% to hit $34.68 per barrel.
Earnings Outlook: RAX, CAKE, FOSL, CERN, JACK, DVN
- Earnings Report No. 1, RAX: Shares o fRackspace Hosting Inc. (NYSE: RAX) will be in focus later today when the company reports earnings after the bell. Wall Street anticipates that the company will report earnings per share (EPS) of $0.23 on top of $521.73 million in revenue.
- Earnings Report No. 2, CAKE: Shares of Cheesecake Factory Inc. (Nasdaq: CAKE) will be on the move after the bell when the restaurant giant reports Q4 2015 earnings. Wall Street analysts believe Cheesecake will report EPS of $0.52 on top of $529.17 million.
- Additional companies reporting quarterly earnings include Fossil Group Inc. (Nasdaq: FOSL), Cerner Corp. (Nasdaq: CERN), Jack in the Box Inc. (Nasdaq: JACK), and Devon Energy Corp. (NYSE: DVN).
Stocks to Watch: ADT, APO, FCX, AAPL, GRPN, BABA
- Stocks to Watch No. 1, ADT: Shares of ADT Corp. (NYSE: ADT) surged more than 50% after the electronic security company announced it was selling itself to private equity giant Apollo Global Management LLC (NYSE: APO) in a deal worth up to $15 billion. The deal will lead to a merger between ADT and Apollo's security company Protection 1. However, ADT is allowed to spend the next 40 days seeking a better offer.
- Stocks to Watch No. 2, FCX: Shares of embattled mining giant Freeport-McMoRan Inc. (NYSE: FCX) gained more than 6.5% after the firm agreed to sell one of its mines to Sumitomo Metal Mining Co. Ltd. (TYO: 5713). The $1 billion deal is seen as a way for the company to free up cash flow at a time that commodity prices remain suppressed, particularly copper.
- Stocks to Watch No. 3, AAPL: Shares of Apple Inc. (Nasdaq: AAPL) are in focus today as the tech giant's mobile payment service goes live in China today. China will be the fifth international market for Apple Pay as customers of Industrial and Commercial Bank of China begin using the service.
- Stocks to Watch No. 4, GRPN: Shares of Groupon Inc. (Nasdaq: GRPN) rallied more than 15% in pre-market hours on news that Alibaba Group Holding Ltd. (NYSE: BABA) has built a 5.6% stake in the discount e-commerce site. The news makes Alibaba the fourth-largest shareholder of GRPN stock. BABA stock was up 3.1%
Today's U.S. Economic Calendar (all times EST)
- Empire State Manufacturing Survey at 8:30 a.m.
- Philadelphia Federal Reserve Bank President Patrick Harker speaks at 9 a.m.
- Housing Market Index at 10 a.m.
- Minneapolis Federal Reserve Bank President Neel Kashkari speaks at 10:30 a.m.
- 4-Week Bill Announcement at 11 a.m.
- 3-Month Bill Auction at 11:30 a.m.
- 6-Month Bill Auction at 11:30 a.m.
- Treasury International Capital at 4 p.m.
- Boston Federal Reserve Bank President Eric Rosengren speaks at 7:30 p.m.
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.