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Dow Jones futures are down 11 points this morning after Chipotle fell well short of earnings expectations yesterday. Shares of CMG are down 12% in pre-market hours. While shares of Chipotle might not reach their $740 highs again, investors can still profit off of plunging share prices. And there's no better industry to find these "winners" in than retail…
Here are the numbers from Tuesday for the Dow, S&P 500, and Nasdaq:
|Index||Previous Close||Point Change||Percentage Change|
Now here's a closer look at today's most important market events and stocks, plus Wednesday's economic calendar.
The Five Top Stock Market Stories for Wednesday
- While optimism is high for corporate earnings reports this morning, investors of Chipotle Mexican Grill Inc. (NYSE: CMG) were shocked by the company's dismal sales and earnings for the third quarter. Shares fell more than 10% in pre-market hours after a large chunk of Wall Street analysts threw in the towel on the firm's recovery. Nine different brokerages slashed the company's stock price target.
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- On the global front, investors will be parsing through data tied to the economy of the United Kingdom. This morning, the nation announced that its GDP for the third quarter expanded by 0.4%. That figure was higher than numbers anticipated by economists. In addition, the country's currency has grown stronger on the international front. The slight expansion of the nation's economy is a good sign ahead of what will likely be a messy divorce with the European Union.
- Meanwhile, don't count out tax reform efforts from sneaking into today's headlines. Last week, the U.S. Senate passed a budget proposal that will pave the way for Congress to start pushing tax reform. Yesterday, CNBC reported that House Republicans will move to introduce and debate a new tax law in the first week of November.
- The price of Bitcoin fell another 2.7% over the last 24 hours. The downturn came as part of a broader market sell-off for cryptocurrencies. Traders appear a bit skeptical of the upcoming hard fork of Bitcoin in November. The introduction of Bitcoin Gold has many traders turning to other coins. Here's more on that trend and how to profit with today's cryptocurrency news.
- Crude oil prices were off in pre-market hours as investors continue to monitor U.S. production and inventory data. Crude is hovering near monthly highs after Saudi Arabia pledged to continue trying to reduce global oil inventories. Meanwhile, traders continue to eye political developments in Iraq, where Kurdish independence advocates have pledged to freeze a vote aimed at creating their own country in the northern province of Kurdistan. The WTI crude oil price today fell 0.3%. Brent crude was flat.
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- Shares of Visa Inc. (NYSE: V) added 1.1% before the bell. The global payment giant topped Wall Street earnings and revenue forecasts. Its earnings per share (EPS) figure of $0.90 beat analysts' expectations by five cents. The firm attracted significantly more customers to its network after purchasing Visa Europe.
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- Shares of Boeing Co. (NYSE: BA) fell 0.2% in pre-market hours. The company topped Wall Street profit and revenue expectations. The airline manufacturer reported EPS of $2.72, a figure that bested forecasts by six cents. The firm also hiked its full-year outlook. Boeing expects a lower tax corporate rate to improve its bottom line.
- Shares of Walgreens Boots Alliance Inc. (NYSE: WBA) added 4.7% in pre-market trading. The benefits manager reported adjusted EPS of $1.31. This figure beat expectations by $0.10. While the firm did beat revenue expectations, it did take a $300 million hit over its abandoned deal to purchase Rite Aid Corp. (NYSE: RAD).
- Look for additional earnings reports from VMWare Inc. (NYSE: VMW), Buffalo Wild Wings (Nasdaq: BWLD), The Coca-Cola Co. (NYSE: KO), F5 Networks Inc. (Nasdaq: FFIV), Las Vegas Sands Corp. (NYSE: LVS), Amgen Inc. (Nasdaq: AMGN), NXP Semiconductors NV (Nasdaq: NXPI), Freeport-McMoRan Inc. (NYSE: FCX), General Dynamics Corp. (NYSE: GD), Citrix Systems Inc. (Nasdaq: CTXS), Dr. Pepper Snapple Group Inc. (NYSE: DPS), and Alaska Air Group Inc. (NYSE: ALK).
Wednesday's U.S. Economic Calendar (all times EDT)
- MBA Mortgage Applications at 7 a.m.
- Durable Goods Orders at 8:30 a.m.
- FHFA House Price Index at 9 a.m.
- New Home Sales at 10 a.m.
- EIA Petroleum Status Report at 10:30 a.m.
- Two-Year FRN Note Auction at 11:30 a.m.
- Five-Year Note Auction at 1 p.m.
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