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The Market In 5 Minutes: Oil Freeze, Alcoa Earnings, And Galaxy Note 7's Farewell

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The Market In 5 Minutes: Oil Freeze, Alcoa Earnings, And Galaxy Note 7's Farewell

Below is a tool used by the Benzinga News Desk each trading day -- it's a look at everything happening in the market, in five minutes. Apply for daily AM access by clicking here or email minutes@benzinga.com.

Macro Focus

Futures for the Dow Jones Industrial Average dropped 18 points to 18,240.00, while the Standard & Poor’s 500 index futures declined 3.75 points to 2,155.25. Futures for the Nasdaq 100 index fell 1 point to 4,892.00.

Oil prices traded lower as Brent crude futures declined 1.11 percent to trade at $52.55 per barrel, while US WTI crude futures also fell 1.23 percent to trade at $50.72 a barrel.

Oil supply and demand could come back into balance earlier than expected if OPEC's agreement to curb output is implemented, the International Energy Agency said. Russia and Saudi Arabia said a deal between leading OPEC and non-OPEC producers was possible, when it came to curbing the current oil output.

  • The labor market conditions index for September will be released at 10:00 a.m. ET.
  • The Treasury is set to auction 4-and 52-week bills at 11:30 a.m. ET.
  • The Treasury will auction 3-and 6-month bills at 11:30 a.m. ET.

BZ News Desk Focus

Alcoa (NYSE: AA) Reports Q3 Adj. EPS $0.32, Sales $5.2B vs $5.33B Est.

  • Bank of Ozarks (NASDAQ: OZRK) Q3 EPS $0.66 vs $0.60 est., Revenue $204M vs $204M est.
  • Fastenal (NASDAQ: FAST) Q3 EPS $0.44 vs $0.45 est., Revenue $1.01B vs $1.01B est.
  • Illumina (NASDAQ: ILMN) Cuts Q3 Sales Outlook from $625M-$630M to ~$607M, Sees Q4 Sales Flat to Slightly Up on QoQ Basis
  • Twilio (NYSE: TWLO) Sees Q3 EPS $(0.05)-(0.04) vs $(0.09) est.; Sees Sales $70.25M-71.25M vs $64.37M est.

Sell-Side Themes

Bernstein initiated coverage on a flight of airliners, with Southwest Airlines (NYSE: LUV) receiving an Outperform rating.

Sell-Side's Most Noteworthy Calls

  • Goldman Sachs downgraded KBR (NYSE: KBR) to Sell
  • Evercore upgraded Twitter (NYSE: TWTR) to Hold.
  • JPMorgan upgraded Virgin America (NASDAQ: VA) to Neutral.
  • Wedbush started LendingClub (NYSE: LC) at Underperform.

Deal Talk

Cosi (OTC:COSIQ) said it's aggressively seeking acquirer.

Twitter executives are still in talks with Salesforce (NYSE: CRM) about a possible acquisition, New York Times reported on Monday evening, citing two anonymous sources described as being involved in the discussions.

In The News

Samsung said it would permanently discontinue production and sales of its embattled Galaxy Note 7 smartphone. Investors wiped off about $17 billion from Samsung’s market cap, while giving Apple's (NASDAQ: AAPL) a big boost.

Over the weekend, dozens of Republican leaders publicly renounced Trump over a 2005 tape of him boasting about groping women, with many openly demanding the party replace him. House Speaker Paul Ryan told fellow Republicans he will no longer defend Trump and will instead use the next 29 days to focus on preserving his party's hold on Congress.

Blogosphere

Do you ever step back and think about how vast the financial markets are and how little time investors spend thinking about this?

What separates the good analysts from the great analysts? Check out what the crowd thinks.

Trending

AAPL TWLO ILMN USO FAST MB OZRK RDWR DWTI AA ACIA BMY APIC

The San Francisco Giants pulled out a stunning come-from-behind, 13-inning 6-5 victory over the Chicago Cubs, overcoming an early knockdown and a ninth-inning gut punch to extend their season. The Giants still are down 2 games to 1 in this best-of-five NL Division Series. #Postseason

Guess This Chart

  • In 2014 this company sold its Duracell business to Berkshire Hathaway.
  • This stock currently has Buy ratings at Citigroup, UBS, Deutsche Bank and Jefferies.
  • Sympathy plays include Johnson & Johnson, Kimberly Clark and Church & Dwight.
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