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Fed Chair Janet Yellen speaks today at the University of Michigan. There are two things investors will be listening for.
First, investors will be looking for an indication of how the Fed plans to unwind its $4 trillion balance sheet. The Fed will try and lower its balance sheet this year as the economy continues to improve.
The other issue investors are looking for Yellen to shed some light on is the leak of confidential information to Medley Global. The leak took place in 2012, but Richmond Fed President Jeffrey Lacker resigned last Tuesday in connection with the leak.
Now that we know what's moving markets, here are the three top stocks to watch today…
Top Stocks to Watch Today: Mondelez International Inc. (Nasdaq: MDLZ)
Mondelez stock is up 1.2% in early morning trading after hiring a recruiting company to find a new CEO.
The company makes snack foods, such as Oreos, that have fallen out of favor with consumers in recent years as people look for healthier snack options.
Mondelez is facing mounting pressure to replace CEO Irene Rosenfeld from shareholders after revenue fell over 12% in 2016.
While Heidrick & Struggles International Inc. (Nasdaq: HSII) has been hired, the company has not started interviewing potential CEOs.
MDLZ stock is currently trading at $44.18 for a loss of 0.9% so far this year.
Top Stocks to Watch Today: Tesla Inc. (Nasdaq: TSLA)
Tesla stock is up 2.2% in early morning trading as reports surface that the company may be building a new factory in China.
The report is unconfirmed at this time but indicates that the company would build a wholly-owned factory in the Guangdong region of China. However, the Chinese government usually requires a joint venture with a local company to grant permission for new factories.
If the report is true, this is potentially the first sign that the government might be loosening its grip on the tight capital controls it currently maintains.
TSLA stock is trading at $302.54 for a gain of 41.6% year to date.
Top Stocks to Watch Today: CIBER Inc. (NYSE: CBR)
CIBER stock is down 19.4% in early morning trading after announcing that it filed for Chapter 11 bankruptcy protection.
The IT company has secured a "stalking horse" bid from Capgemini North America Inc. to acquire most of CIBER's assets.
A stalking horse bid is the initial bid for the assets of a bankrupt company. The company that places the initial bid is chosen by the bankrupt company from a pool of interested buyers to help avoid low bids for its assets.
Once the initial bid (the stalking horse bid) has been placed, other companies can submit bids in competition for the assets of the bankrupt company.
CBR stock is currently trading at $0.31 for a loss of 50.1% so far this year.
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