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
U.S. stock futures on Monday pointed to a lower open, putting the equity market on track to add to its two-week losing streak. Futures for the Dow Jones Industrial Average dropped 17 points to 18,042.00, while the Standard & Poor’s 500 index futures dropped 2 points to 2,125.00. Futures for the Nasdaq 100 index declined 8.75 points to 4,795.50.
Oil futures were choppy, as traders digested data showing an increase in active oil rigs. Oil prices traded higher as Brent crude futures gained 0.46 percent to trade at $52.19 per barrel, while US WTI crude futures also rose 0.26 percent to trade at $50.88 a barrel.
USA NY Empire State Manufacturing Index for Oct -6.80 vs 1.00 consensus estimate. The prior reading was -1.99.
- Data on industrial production for September will be released at 9:15 a.m. ET.
- The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.
- Fed Vice Chair Stanley Fischer is set to speak at 12:00 p.m. ET.
BZ News Desk Focus
- Schwab SCHW Reports Q3 EPS $0.35 vs $0.33 Est., Sales $1.914B vs $1.89B Est.
- Bank of America BAC Q3 EPS $0.41 vs $0.33 Est., $21.6B vs $20.9B Est.
- Hasbro HAS Q3 EPS $2.03 vs $1.74 Est., Revenue $1.68B vs $1.56B Est.
More than a third of the Dow Jones Industrials are on deck to report quarterly results this week. Wall Street expectations are highest for Goldman Sachs, Intel and UnitedHealth.
Sell-Side Themes
At least three Street analyst initiated Trade Desk TTD with bullish ratings.
Sell-Side's Most Noteworthy Calls
- Bank of America downgraded Pandora P to Underperform.
- KBW downgraded Wells Fargo WFC to market Perform.
- Jefferies upgraded Walgreens Boot Alliance WBA to Buy.
- Wedbush upgraded Groupon GRPN to Outperform.
Deal Talk
Salesforce CRM CEO Marc Benioff said Friday, in an interview with Financial Times, that he has "walked away" from a bid for Twitter TWTR. Benioff said Twitter "wasn't the right fit for us." Salesforce ruling out a bid for Twitter appears to put an end to months of speculation that a buyer would come forward for the troubled social media company.
Mentor Graphics MENT is said to be working with Bank of America on exploring strategic alternatives, including a potential sale, according to sources as reported by Reuters on Sunday. Activist investor Elliott Management reported an 8.1 percent stake in Mentor on September 29, saying its its shares were "deeply undervalued."
In The News
OPEC’s decision to reverse its policy of unfettered production and cut oil output to boost prices may be at odds with the industry’s most important long-term trend: demand for what they produce could start falling within 15 years. If rapid improvements continue in renewable energy, electric vehicles and other disruptive technologies, petroleum consumption will peak in 2030 and decline thereafter, according to a report from the World Energy Council.
A major rule taking effect in December will force Blackstone BX and other creators of complex securities to eat some of their own cooking. Starting Christmas Eve, the 2010 Dodd-Frank regulatory overhaul will require companies that package most types of loans into bonds to keep at least 5 percent of the securities they create. The intent is to prevent a repeat of crisis-era behavior, in which loan quality fell dramatically as lenders passed all of the risk along to investors.
Blogosphere
Bored? Rainy day? Here's what some people think are some pretty good finance movies and educational videos.
Trending
BAC NFLX IBM HAS OMER UAL CELG MCD SBUX OPHT DNKN GE
Clayton Kershaw, pitching for the third time in six days, shut down the Chicago Cubs, 1-0, tying this best-of-seven National League Championship Series 1-1, with the series now moving to Los Angeles.
Guess This Chart
- This transportation company was originally founded in the early 1960's in Arkansas as a way to transport rice hull.
- It reported Q3 earnings this morning of EPS $0.97 vs $1.03 Est., Sales $1.69B vs $1.68B Est.
- Sympathy plays include Ryder System, Swift Transportation and Knight Transportation.
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