Market Overview

Markets Little Changed As Investors And Traders Salute Veterans

Markets Little Changed As Investors And Traders Salute Veterans
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U.S. markets were little changed at the end of the trading day.

The bond market was closed on Tuesday to commemorate Veterans Day. Typically speaking, the bond market is a major driver of the equities market. When the bond market is closed, equities volume tends to be lower in a less volatile trading session.

Despite a relatively quiet day on the news-front, the CBOE Volatility Index rose 3 percent to trade near 13. The S&P 500 Index traded at all-time intraday high of 2,041.28 while the Dow closed the day near its all-time highs.

  • The Dow gained 0.01 percent, closing at 17,614.90.
  • The S&P 500 gained 0.07 percent, closing at 2,039.68.
  • The Nasdaq gained 0.19 percent, closing at 4,660.56.
  • Gold gained 0.44 percent, trading at $1,164.90 an ounce.
  • Oil gained 0.47 percent, trading at $77.76 a barrel.

News Of Note

Japanese Prime Minister Shinzo Abe is likely to delay a planned sales tax hike that was originally called for October 2015.

The U.S. and Chinese governments reached an agreement to eliminate tariffs across more than 250 categories and sales of $1 trillion.

Equities News Of Note

Analysts at Citigroup maintained a Buy rating on Ford Motor (NYSE: F) with a price target lowered to $17 from a previous $18. Shares gained 2.64 percent, closing at $14.37.

Related: Citigroup's Battle Of The Giants: General Motors Vs. Ford

Analysts at Bank of America maintained a Buy rating on Nike (NYSE: NKE) with a price target raised to $110 from a previous $100. Shares hit new 52-week highs of $95.30 before turning slightly negative and closing the day at $94.88, down 0.08 percent.

Analysts at Goldman Sachs upgraded Time Warner (NYSE: TWX) to Conviction Buy from Neutral. Shares gained 0.92 percent, closing at $78.04.

Analysts at Sterne Age maintained a Buy rating on Visa (NYSE: V) with a price target raised to $275 from a previous $265. Shares lost 0.19 percent, closing at $249.73.

D.R. Horton (NYSE: DHI) reported its fourth quarter results this morning. The company earned $0.45 per share, missing the consensus estimate of $0.48. Revenue of $2.40 billion beat the consensus estimate of $2.37 billion. Shares gained 2.22 percent, closing at $23.95.

Alibaba's (NYSE: BABA) issued a press release saying that it generated RMB 48.9 billion (approximately $8 billion) in gross merchandise volume by 8:43PM Hangzhou time. By the end of the event, Alibaba's GMV sales soared to $9.3 billion. Shares lost 3.87 percent, closing at $114.54.

Speaking at an RBC conference, Netflix's (NASDAQ: NFLX) CFO David Wells said that the U.S. addressable market of 60 million to 90 million subscribers is a target, not an expectation. Shares lost 1.22 percent, closing at $382.55.

Recommended: Bank Of America Recaps Earnings Season Thus Far

According to The Wall Street Journal, Bill Ackman's Pershing Square has taken a $2 billion stake in Zoetis (NYSE: ZTS). Shares spiked to new 52-week highs of $44.13 before closing the day at $43.72, up 8.86 percent.

According to Reuters, Apple (NASDAQ: AAPL) has been sending sales teams to pitch its enterprise products and services to many CIOs. Shares gained 0.80 percent, closing at $109.70.

Quote Of The Day

"I even don't dare to watch our stock price, because this is what other people think who you are. I dare not watch it, I think let the market take care of themselves, we should take care of the business.” -Alibaba's Executive Chairman Jack Ma speaking to CNBC.

Posted-In: AlibabaEarnings News Econ #s Economics After-Hours Center Markets Movers Best of Benzinga


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