Dow, S&P 500 Little Changed Despite Upwards 3Q GDP Revision

U.S. stocks were little changed as U.S. data showed the economy grew more than previously forecast in the third quarter.

The second revision to the third quarter GDP showed the economy grew by 3.9 percent, higher than the 3.5 percent figure contained in the preliminary reading. The improvement in the reading offset a decline in November's Consumer Confidence.

Apple's market cap topped $700 billion, helping boost the Nasdaq index in to positive territory for the day.

Oil prices fell to a four-year low ahead of Thursday's OPEC meeting in which oil producing nations could announce a reduction in oil production.

• The Dow lost 0.02 percent, closing at 17,814.94.
• The S&P 500 lost 0.12 percent, closing at 2,067.03.
• The Nasdaq gained 0.07 percent, closing at 4,758.25.
• Gold gained 0.33 percent, trading at $1,199.60 an ounce.
• Oil lost 2.56 percent, trading at $74.22 a barrel.

News of Note

ICSC Retail Store Sales rose 1.7 percent year over year after rising 2.2 percent last week.

Third Quarter GDP was revised to a 3.9 percent gain (versus expectations of 3.3 percent) after rising 3.5 percent in the second quarter.

Third Quarter Corporate Profits rose 3.2 percent versus expectations of an 8.6 percent gain.

September FHFA Housing Price Index remained flat month over month at 213.9 (versus expectations of a 0.5 percent gain) after rising 0.4 percent in August.

S&P Case-Shiller Home Price Index rose 0.3 percent month over month, in-line with expectations.

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Redbook Chain Store Sales rose 4.2 percent year over year after rising 3.9 percent last week.

November Richmond Fed Manufacturing Survey fell to +4 (versus expectations of +16) from +20 in October.

November Consumer Confidence fell to 88.7 (versus expectations of 96.5) from 94.1 in October.

Equities News of Note

Tiffany & Co TIF reported its third quarter results this morning. The company earned $0.76 per share, missing the consensus estimate of $0.76. Revenue of $959.59 million missed the consensus estimate of $970.67 million. Shares hit new 52-week highs of $110.60 before closing the day at $107.60, up 2.47 percent.

Campbell Soup CPB reported its first quarter results this morning. The company earned $0.74 per share, beating the consensus estimate of $0.72. Revenue of $2.26 billion beat the consensus estimate of $2.22 billion. Shares gained 0.11 percent, closing at $44.64.

Analysts at RBC Capital Markets initiated coverage of 3M Company MMM with an Underperform rating and $154 price target. Shares lost 1.14 closing at $158.06.

Analysts at Stifel Nicolaus maintained a Buy rating on Apple AAPL with a price target raised to $130 from a previous $115. Shares hit new 52-week highs of $119.75 before turning negative and closing the day at $117.87, down 0.64 percent.

Analysts at Stifel Nicolaus downgraded Netflix NFLX to Hold from Buy while removing a previous $425 price target. Shares lost 2.03 percent, closing at $349.25.

The Information reported that Yahoo! YAHOO and Microsoft MSFT are vying to replace Google GOOG as the default search provider on Apple's AAPL Safari browsers. Shares of Yahoo lost 0.21 percent, closing at $51.72; shares of Microsoft lost 0.23 percent, closing at $47.48; shares of Google gained 0.36 percent, closing at $541.21; shares of Apple hit new 52-week highs of $119.75 before turning negative and closing the day at $117.87, down 0.64 percent.

Wal-Mart's WMT Chief Merchandising Officer Duncan Mac Naughton announced his departure from the company. The company decided not to name a replacement at this time. Shares lost 0.53 percent, closing at $84.95.

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Twitter TWTR announced a new service, Twitter Offers, that promote discounts for offline products and services. Shares lost 1.07 percent, closing at $39.76.

Toyota Motors TM plans to use more aluminium and less steel in its luxury cars beginning in 2017. Shares gained 0.29 percent, closing at $121.81.

Petrobras PBR announced on Monday it received a subpoena from the SEC requesting certain documents relating to its investigation of the company. Shares lost 1.05 percent, closing at $10.39.

Hewlett-Packard HPQ reported its fourth quarter results after market close. The company earned $1.06 per share, in-line with the consensus estimate. Revenue of $28.40 billion missed the consensus estimate of $28.77 billion. Shares were trading lower by 0.96 percent at $37.27 following the earnings release.

Quote of the Day

"Be thankful for what you have; you'll end up having more. If you concentrate on what you don't have, you will never, ever have enough." - Oprah Winfrey.