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The Market In 5 Minutes: Election Day Has Finally Arrived

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The Market In 5 Minutes: Election Day Has Finally Arrived

Macro Focus

Futures for the Dow Jones Industrial Average dropped 18 points to 18,181.00, while the Standard & Poor’s 500 index futures slipped 3.75 points to 2,126.25. Futures for the Nasdaq 100 index declined 7.50 points to 4,770.00.

Oil prices traded higher as Brent crude futures declined 0.39 percent to trade at $45.97 per barrel, while US WTI crude futures also fell 0.47 percent to trade at $44.68 a barrel.

Redbook Reports US Retail Sales During First Week of Nov. Down 0.2% MoM, Up 0.7% YoY

  • The Labor Department's JOLTS report 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.
  • Chicago Fed President Charles Evans is set to speak at the UBS Knowledge Network event "Luncheon Discussion with Charles Evans" in New York at 12:20 p.m. ET.
  • The Treasury will auction 3-year notes at 1:00 p.m. ET.

BZ News Desk Focus

  • CVS Health (NYSE: CVS) Q3 EPS $1.64 vs $1.57 Est, Revenue $44.6B vs $45.3B Est
  • Valeant (NYSE: VRX) Q3 EPS $1.55 vs $1.75 Est, Revenue $2.48B vs $2.49B Est
  • Priceline (NASDAQ: PCLN) Reports Q3 Adj. EPS $31.18 vs $29.32 Est., Sales $3.69B vs $3.62B Est.
  • Depomed (NASDAQ: DEPO) Reports Q3 EPS $(0.21) vs $(0.20) in Same Qtr. Last Year, Sales $110.524M vs $104.856M YoY
  • Hertz Global (NYSE: HTZ) Reports Q3 Adj EPS $1.58 vs $2.75 Est, Revenues $2.5B vs $2.6B Est, Sees FY16 EPS $0.51-$0.88 vs. Est. $0.90
  • SeaWorld (NYSE: SEAS) Q3 EPS $0.77 vs $1.08 Est, Revenue $485.3M vs $484.6M Est

Sell-Side Themes

Mizuho initiated coverage on three big pharma names, all with a Buy rating: Amgen (NASDAQ: AMGN), Celgene (NASDAQ: CELG) and Gilead (NASDAQ: GILD).

Sell-Side's Most Noteworthy Calls

  • Oppenheimer downgraded AT&T (NYSE: T) to Neutral.
  • Morgan Stanley downgraded Cempra (NASDAQ: CEMP) to Underweight.
  • Bank of America upgraded Acadia Pharmaceuticals (NASDAQ: ACAD) to Buy.
  • Raymond James upgraded Newell Brands (NYSE: NWL) to Strong Buy.

Deal Talk

CBS (NYSE: CBS) has selected Moelis & Co. and Goldman Sachs as advisors for a potential merger with Viacom (NASDAQ: VIAB), according to sources as reported by the Wall Street Journal on Monday. Controlling shareholder National Amusement, led by Sumner Redstone, has asked the companies to consider a tie-up. CBS CEO Les Moonves said on the company's recent earnings call that a merger could be attractive if it was in the best interest of CBS shareholders, but said "it's not even the second inning yet."

Tesla (NASDAQ: TSLA) has entered into an agreement to acquire Grohmann Engineering, a world-renowned engineering company in Germany, which will become Tesla Grohmann Automation.

In The News

The only three times the S&P 500 has delivered negative gains for an entire presidential term were the infamous second term of President Nixon (-31.9 percent) and both terms of President George W. Bush (-12.4 percent, -31.5 percent).

Two-time reigning MVP Stephen Curry set a new NBA single-game record for three-pointers with 13 on Monday. Curry shot 13-for-17 from three-point range and scored a season-high 46 points to lead the Golden State Warriors to a 116-106 win over the New Orleans Pelicans.

Blogosphere

"Democracy is the most difficult of all forms of government, since it requires the widest spread of intelligence, and we forgot to make ourselves intelligent when we made ourselves sovereign."

Trending

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It's #ElectionDay! No matter who you vote for, today is a huge day in the history of American politics.

Guess This Chart

  • This stock IPO'd in January 2015 at $21/share, and is due to report earnings Tuesday afternoon.
  • This consumer goods and services company currently has locations in 12 countries outside the US, and 21 locations in New York.
  • Sympathy plays include McDonald's, Sonic and Chipotle.
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