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Iron ore is extending its losing streak, falling 3.5% in morning trading today. This marks the seventh straight trading day with a loss. Iron ore is down 18.8% over the seven losing days, and down almost 30% since Feb. 21.
Iron ore is the second most important commodity, after oil, for the economy. Because it is used in building and is the second-largest commodity market, it is an indicator of the world economy. The fact that iron ore has been dropping so fast shows a general pessimism in the markets.
Two reports for U.S. economic data are being released today. They are the housing starts and building permits and industrial production and capacity utilization.
Last month, housing starts rose 3%, while building permits fell 6.2%. Housing prices have been flat the past few months, so this month's housing starts and building permits report is not expected to be strong.
Now that we know what's moving markets, here are the three top stocks to watch today…
Top Stocks to Watch Today: Goldman Sachs Group Inc. (NYSE: GS)
Goldman Sachs stock is down 2.6% in early morning trading after releasing its earnings report.
The company announced earnings per share (EPS) of $5.15 for the quarter, while analysts were expecting adjusted EPS of $5.33.
Revenue was a miss as well. Goldman Sachs reported revenue of $8 billion, while analysts' expectations were $8.32 billion in revenue.
GS stock is currently trading at $226.26 for a loss of 5.5% so far this year.
Top Stocks to Watch Today: Cardinal Health Inc. (NYSE: CAH)
Cardinal Health stock is down 13% in early morning trading after announcing its deal with Medtronic Plc.
The pharmaceutical and medical company agreed to purchase several businesses from Medtronic for $6.1 billion. The businesses Cardinal Health is purchasing are patient care, deep vein thrombosis, and the nutritional business.
The deal is expected to close the first quarter of fiscal year 2018, but isn't expected to boost earnings per share the first year.
CAH stock is trading at $81.83 for a gain of 13.7% year to date (YTD).
Top Stocks to Watch Today: GNC Holdings Inc. (NYSE: GNC)
GNC stock is up 20% in early morning trading after posting an earnings report that beat expectations.
The vitamin retailer had adjusted EPS of $0.37, while analysts expected EPS of $0.34. This is still down from the EPS of $0.69 for the same quarter a year earlier.
Revenue came in at $644.8 million, while expectations were $623 million. However, this is a drop from last year's revenue of $668.9 million
GNC is currently trading at $7.24 for a loss of 34.4% YTD.
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