| 2017-11-17 16:10:36|
WMT, FOX… 16:10 11/17 11/17/17
On The Fly: Top stock stories for Friday
Stocks opened in negative territory and remained that way throughout the session. There was little in the way of a positive catalyst to move the buyers off the sidelines and as a result the market drifted in a narrow range; albeit in negative territory. The market's fall follows it massive move yesterday on the heels of positive earnings from retail giant Wal-Mart (WMT). With the addition of other retailers reporting solid earnings last night and this morning, the sector was able to put in its best session in July. However, with the overall losses today, the market completed its second losing week in a row. ECONOMIC EVENTS: In the U.S., housing starts surged 13.7% to a 1.29M unit rate in October, more than erasing the 3.2% hurricane-related September drop. In energy news, Baker Hughes reported that the U.S. rig count is up 8 rigs from last week to 915. COMPANY NEWS: Class A shares of 21st Century Fox (FOXA) advanced 6.2% after The Wall Street Journal reported that Comcast (CMCSA) has approached Fox to express interest in purchasing a substantial portion of its media empire. Verizon Communication (VZ) and Sony's (SNE) entertainment division are also showing interest in Fox assets, the report added. This comes after recent reports that Disney (DIS) had held talks to potentially buy much, but not all, of 21st Century Fox... Tesla (TSLA) shares were 0.8% higher after it unveiled its much-anticipated, often-teased semitrailer truck and had a surprise in store as it also took the wraps off a new high-end roadster. Analyst reaction was, not surprisingly, mixed as the bulls stayed bullish and the bears stayed bearish on the polarizing stock. MAJOR MOVERS: Among the noteworthy gainers after reporting quarterly results were Shoe Carnival (SCVL), Foot Locker (FL), Abercrombie & Fitch (ANF), and Gap (GPS), which rose a respective 29.7%, 28.3%, 23.9%, and 7%. A notable loser in the retail space after reporting earnings was Williams-Sonoma (WSM), which fell 13.4%. Also lower was Electronic Arts (EA), which slipped 2.5% after the video game developer said it was temporarily suspending microtransactions in its new "Star Wars" game hours before the game's launch. INDEXES: The Dow fell 100.12, or 0.43%, to 23,358.24, the Nasdaq lost 10.5, or 0.16%, to 6,782.79, and the S&P 500 declined 6.79, or 0.26%, to 2,578.85.
See Street Research during your Free Trial