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The Dow Jones Industrial Average will be bumpy today as we expect more mixed earnings results. This earnings season has been filled with both surprise earnings and surprise losses.
Here are the numbers from Thursday for the Dow, S&P 500, and Nasdaq:
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Now, here's a closer look at today's Money Morning insight, the most important market events, and stocks to watch.
The Top Stock Market Stories for Monday
- Alphabet Inc. (NASDAQ: GOOGL) will lead a busy day of earnings reports on Monday. Analysts are expecting a big jump in the firm's first-quarter sales thanks to its strong advertising business. Wall Street expects a 6.5% jump in net income to $7.5 billion. Tech stocks have been off to a good start so far this quarter with both Facebook Inc. (NASDAQ: FB) and Amazon.com Inc. (NASDAQ: AMZN) topping Q1 earnings forecasts.
- The price of Bitcoin hovered near $5,155 per unit as the weekend came to a close. However, bullish investors predict that the price of the world's largest cryptocurrency will hit new all-time highs in 2020. Technical traders are pointing to the news that Bitcoin crossed the 200-day moving average this month. Fundstrat Global Advisors head of research Tom Lee has predicted a 2019 bull market for Bitcoin with prices moving to record levels "around" 2020.
- Crude prices have dropped in recent days after U.S. President Donald Trump called on OPEC to increase production. WTI crude prices are off 5.4% over the last week, while Brent crude has dropped 5%. Trump had previously pushed sanctions on both Venezuela and Iran in an aim to drop their crude shipments to zero. The move comes as gasoline prices in the United States continue to climb.
Stocks to Watch Today: BA, LUV, QSR, APC, OXY, CVX
- Boeing Co. (NYSE: BA) will host its annual shareholder meeting Monday, and the room could get tense pretty quickly. Over the weekend, it was reported the firm didn't inform Southwest Airlines Co. (NYSE: LUV) that a key safety feature was turned off on the 737 Max until after the crash of a Lion Air jet. The news follows reports that four Boeing employees contacted the FAA's whistleblower hotline after the Ethiopian Airlines crash in March to report safety concerns about the 737 Max sensors.
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- Restaurant Brands International Inc. (NYSE: QSR) – the parent company of Burger King – fell short of earnings expectations before the bell Monday. The firm reported earnings per share of $0.55, missing Wall Street expectations by $0.03. Although the firm topped revenue projections by a narrow margin, it reported ongoing weakness at its Tim Hortons locations. In addition, the company is still addressing costs associated with its recent acquisition of Popeyes Louisiana Kitchen and the relocation of its support centers.
- Finally, keep a close eye on Anadarko Petroleum Corp. (NYSE: APC). The company's stock continues to climb on news that it is considering a deal with Occidental Petroleum Corp. (NYSE: OXY) for its assets. Anadarko had previously agreed to a $33 billion offer from Chevron Corp. (NYSE: CVX), which has been pressing to purchase additional land and resources in the Permian Basin in West Texas.
- Look for earnings reports from AK Steel Holding Corp. (NYSE: AKS), China Petroleum & Chemical Corp. (NYSE: SNP), China Telecommunications Corp. (NYSE: CHA), Cooper Tire & Rubber Co. (NYSE: CTB), Leggett & Platt Inc. (NYSE: LEG), Loews Corp. (NYSE: L), MGM Resorts International (NYSE: MGM), NXP Semiconductors NV (NASDAQ: NXPI), Tenet Healthcare Corp. (NYSE: THC), Transocean Ltd. (NYSE: RIG), and Western Digital Corp. (NYSE: WDC).
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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.