Market Overview

The Market In 5 Minutes: You Don't Really Care For Music, Do You?

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The Market In 5 Minutes: You Don't Really Care For Music, Do You?
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Macro Focus

Futures for the Dow Jones Industrial Average fell 40 points to 18,750.00, while the Standard & Poor’s 500 index futures declined 7.75 points to 2,159.50. Futures for the Nasdaq 100 index dropped 44.25 points to 4,699.50.

Oil prices traded lower as Brent crude futures fell 1.35 percent to trade at $45.22 per barrel, while US WTI crude futures also fell 1.43 percent to trade at $44.71 a barrel.

  • The University of Michigan's consumer sentiment index for November is schedule for release at 10:00 a.m. ET.
  • Federal Reserve Vice Chairman Stanley Fischer is set to speak at the Annual Conference of the Central Bank of Chile, in Santiago at 11:00 a.m. ET.
  • The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.

BZ News Desk Focus

  • JC Penney (NYSE: JCP) Reports Q3 Adj. EPS $(0.21), Inline, Sales $2.86B vs $2.96B Est., Comps Down 0.8%; Reaffirms Outlook
  • Disney (NYSE: DIS) Reports Q4 EPS $1.10 vs. Est. $1.16, Rev. $13.14B vs. Est $13.52B
  • NVIDIA (NASDAQ: NVDA) Reports Q3 EPS $0.94 vs. Est. $0.57, Rev. $2B vs. Est. $1.69B
  • Nordstrom (NYSE: JWN) Reports Q3 EPS $0.84 vs. Est. $0.51, Rev. $3.5B vs. Est. $3.48B
  • Michael Kors (NYSE: KORS) Reports Q2 EPS $0.95 vs $0.88 Est., Sales $1.09B, Inline

Sell-Side Themes

Barclay's upgraded Disney to Overweight, while Pivotal downgraded it to Hold. After trading down about 3 percent in Thursday's after-hours session, the stock is up about 1 percent in Friday's pre-market session.

Sell-Side's Most Noteworthy Calls

  • Jefferies downgraded Popeye's Kitchen (NASDAQ: PLKI) to Hold.
  • Credit Suisse downgraded Centene (NYSE: CNC) to neutral.
  • Stifel upgraded Deckers Outdoor (NYSE: DECK) to Buy.
  • Credit Suisse upgraded Humana (NYSE: HUM) to Outperform.
  • Goldman Sachs started Acadia Pharma (NASDAQ: ACAD) at Neutral.

Deal Talk

A company out of China, ABM Capital, in a filing Wednesday reported an offer of $12.50 per share for FitBit (NASDAQ: FIT). Shares were volatile as chatter circulated among traders that the offer might be legitimate. FitBit released a statement to Benzinga, indicating that the company had not received an offer from ABM or from anyone.

In The News

U.S. retail investors are looking ahead to the critical Thanksgiving weekend shopping events, including Black Friday and Cyber Monday. However, for Chinese retail investors, it doesn’t get much bigger than this weekend’s Singles' Day event, thanks to Alibaba (NYSE: BABA).

The president-elect's transition team ramped up its efforts to form his cabinet, as more names were floated for some of the biggest jobs in the new administration, including a foe of financial regulation for the powerful position of Treasury secretary.

Blogosphere

The difference between conventional vs. evidence-based investors

"Whether you love Buster the boxer dog, the trampolining star of John Lewis's Christmas advertisement, or want to cut Aldi's Kevin the Carrot into tiny pieces, you can't escape retailers' holiday marketing."

Trending

Since 1938, the United States has observed Veterans Day on November 11. Previously referred to as Armistice Day, the holiday is meant to honor and celebrate the service of all U.S. military veterans.

Well I've heard there was a secret chord
That David played and it pleased the Lord
But you don't really care for music, do you?
Well it goes like this:
The fourth, the fifth, the minor fall and the major lift
The baffled king composing Hallelujah

"Hallelujah" - Leonard Cohen, 1934-2016

Guess This Chart

  • On Thursday, this company received a mysterious, and later debunked, takeout offer. Shares rallied on the news.
  • This company recently announced lower guidance projections for this quarter, which caused the stock to sell-off to an all-time low.
  • Sympathy plays include Apple and Garmin.
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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.

Posted-In: Market in 5 minutesNews Global Top Stories Pre-Market Outlook Markets Best of Benzinga

 

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