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Home / Business / Stock Market News: November 6, 2019

Stock Market News: November 6, 2019



Shares drifted down Wednesday as a lack of trade-related news allowed investors to focus on the latter portion of the company's earnings and financial data.

Here were the key moves in the markets, as of 08:13 AM ET: [19659003] S&P 500 (^ GSPC): -0.07%, or 2.18 points

  • Dow (^ DJI): -0 , 02%, or 5.54 points

  • Nasdaq (^ IXIC): -0.23%, or 19.82 points [19659006] 10-year Treasury Rate (^ TNX): -4 bps to 1.825%

  • Gold (GC = F): + 0.39% to $ 1,489.50 per ounce

  • <p class = "canvas-atom canvas text Mb (1.0 em) Mb (0) – sm Mt (0 , 8 em) – sm "type =" text "content =" Overseas, expanded activity in euro area economies to a slightly slower rate than expected, suggesting fears that a prolonged decline in the currency area was intensifying. & Nbsp; IHS Markets latest October Purchasing Leaders Index & nbsp; (PMI) for the Eurozone rose to 50.6, up from 50.2 expected and previously reported from the month, and up from September reading 50.1. "Data-reactid =" 23 "> Overseas, activity in the euro area economies expanded at a slightly slower pace than expected, o g suggested fears that a prolonged slowdown in the currency area intensified. IHS Markit's final October Purchasing Management Index (PMI) for the euro zone rose to 50.6, up from 50.2 expected and previously reported this month, and up from September's reading of 50.1.

    In line with a trend seen both domestically and abroad, the euro area service sector outperformed its production counterpart, helping to keep the composite PMI above the neutral level of 50 to indicate expansion. Germany – the largest eurozone economy in terms of GDP, and one that has recently made a prominent hit amid a production slowdown and trade tensions – was the only country to have its individual composite PMI remaining in contracting territory for October.

    "There was a discrepancy between the manufacturing and service sectors during October," IHS Markit said in a statement. While manufacturing companies recorded a ninth consecutive month of declining production, service sector companies indicated further growth, albeit at the second slowest pace since January.

    Trader Peter Tuchman, center, works on the floor of the New York Stock Exchange, Monday, November 4, 2019. Stocks open higher on Wall Street, pushing large indices to higher record highs. (AP Photo / Richard Drew)

    The domestic economic data base on Wednesday remained relatively light.

    Labor productivity outside the farm unexpectedly fell by 0.3% in the third quarter, as production rose 2.1% and was surpassed by a 2.4% increase in working hours. Consensus economists had expected outside farm productivity to increase by 0.9% during the third quarter, following an upward gain of 2.5% in the second quarter.

    The results "are not a big surprise given the recent weakness in business investment, with declines in both the second and third quarters, which means the previous wave of capital deepening has now reversed," wrote Andrew Hunter, senior US economist for capital economy, in a note.

    "Weak investments may again be partly blamed for trade uncertainty, in which case we may see a rebound if a deal with China is finally agreed," he added. "But it also reflects the fact that weaker demand is contributing to the resurgence. of available capacity, reducing the need for companies to invest. "

    Separately, the Mortgage Bankers & # 39; Association reported Wednesday morning that mortgage applications cut 0.1% for the week ending November 1, when government rates fluctuated before they Mortgage applications for mortgage refinancing – a category that is more sensitive to weekly interest rate shifts – increased by 2% over the week and more than doubled compared to last year.

    STOCKS: CVS tops expectations when Aetna acquisition fuel sale

    <p class = "canvas-atom canvas text Mb (1.0 em) Mb (0) – sm Mt (0.8 em) – sm" type = "text" content = " CVS ( CVS ) posts t stronger than expected results on both top and bottom lines, which was largely driven by the Aetna health insurance business it purchased last year. Revenues rose 37% last year to $ 64.81 billion, ahead of expectations of $ 63.01 billion, and adjusted earnings per share (EPS) of $ 1.84 were better by $ 0.10 compared to consensus. "data-reactid =" 43 "> CVS ( CVS ) posted stronger than expected results on both top and bottom lines, driven largely by the health insurance Aetna business it purchased last year. Revenues rose 37% last year to $ 64.81 billion, ahead of expectations of $ 63.01 billion, and adjusted earnings per share (EPS) of $ 1.84 were better by $ 0.10 compared to consensus.

    Comparable sales in the same store rose 3.6%, or 30 basis points ahead of street expectations, and revenue in each of CVS's pharmacy, retail and healthcare services segments outperformed, raising and narrowing adjusted EPS outlook for between $ 6.97 and $ 7.05 per share, from $ 6.49 to $ 7. Earlier

    <p class = "canvas-atom canvas text Mb (1.0 em) Mb (0) – -sm Mt (0.8em) – sm "type =" text "content =" Xerox ( XRX ) considers a takeover bid for HP ([19659026] HPE ), that makes hardware including computers and printers, according to a report from & nbsp; The Wall Street Journal citing people familiar with the matter. & nbsp; Such an acquisition would allegedly take the form of a cash stock. the offer, and will value HP at a market value of around $ 27 billion. "data-reactid =" 45 "> Xerox ( XRX ) considers a takeover offer for HP ( HPE ), that makes hardware including computers and printers, in accordance to a Wall Street Journal report citing people familiar with the matter, such an acquisition would allegedly take the form of a cash and stock offer, and would value HP at a market value of around $ 27 billion. [19659032] Story continues

    <p class = "canvas-atom canvas -text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " Walgreens ([19659034] The WBA ) has considered going private and held talks with private equity firms to facilitate what will ever be the largest utilized acquisition, Reuters reported on Tuesday. The drug store chain has a market value of $ 55 billion, which means an LBO is likely to require participation from several private equity companies and potential sales of some of Walgreen's assets to fund the deal. "data-reactid =" 50 "> Walgreens ( WBA ) has considered going private and having conversations with private equity companies to facilitate what would be the largest the acquisition ever reported, Reuters first reported on Tuesday, with the drug store chain having a market value of $ 55 billion, which means an LBO is likely to require the participation of several private equity firms and potential divestment of some of Walgreen's assets to fund the agreement.

    <p class = "canvas atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " Uber & # 39; s ( UBER ) post-IPO lockup period ends Wednesday, the first day that early investors and employees could sell their shares after the company's IPO in May.This can provoke further stock volatility as shares for billions Dollars could potentially become available for trading for the first time ng. The end of the lockout period comes after Uber Monday & nbsp; posted better-than-expected top and bottom line results for the third quarter & nbsp; and predicted it would be profitable on an adjusted EBITDA basis by 2021. "data-reactid =" 51 "> Uber's ( UBER ) lockup period after the IPO ends Wednesday, on the first day that early investors and employees could sell their shares after the company's stock exchange listing in May, which could spark further stock volatility as billion-dollar stocks may be available for trading for the first time. The closing period comes after Uber released Monday than expected top and bottom line results for the third quarter and predicted it would be profitable on an adjusted EBITDA basis by 2021.

    Just after the market's open, Uber shares fell to a record low of $ 25.58, down 43% from the IPO price of $ 45 per share.

    <p class = "canvas-atom canvas text Mb (1.0 em) Mb (0) – sm Mt (0.8 em) – sm" type = "text" content = " Match Group ( MTCH ) posted projections with top results from third each quarter on Tuesday and subscribers grew 19% to 9.6 million During the quarter, however, they were overshadowed after the dating app giant released weak guidance amid ongoing legal battles, including a Federal Trade Commission investigation and legal dispute with Tinder's founders about the app's valuation. The company said fourth-quarter revenue would come in as high as $ 555 million, short of $ 560 million Street expected. Adjusted EBITDA guidance of prayers between $ 205 million and $ 210 million also missed expectations. "data-reactid =" 53 "> Match Group ( MTCH ) released estimates that topped third quarter results on Tuesday growing subscribers by 19% to 9.6 million over However, these were overshadowed by the dating app giant's weak guidance amid ongoing legal battles, including a Federal Trade Commission investigation and legal dispute with Tinder's app valuation founders, which said fourth-quarter revenue would come in as high as $ 555 million, short of the $ 560 million Street expected. Adjusted EBITDA guidance of between $ 205 million and $ 210 million also lost expectations.

    <p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" Companies including Qualcomm ( QCOM ), Roku ( ROKU ) and Square ( SQ ) reports quarterly results after closed market on "data-reactid =" 54 "> Companies including Qualcomm (QCOM), Roku (ROKU) and Square (SQ) report quarterly results after closing on Wednesday.

    <p class = "canvas-atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " Emily McCormick is a reporter for Yahoo Finance. & nbsp; Follow her on Twitter: @emily_mcck "data-reactid =" 56 "> Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck

    <p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text "content =" Read more from Emily: "data-reactid =" 57 "> Read more from Emily:

    <p class =" canvas-atom canvas text Mb (1, 0 em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" Follow Yahoo Finance on & [nbsp; Twitter & nbsp; Facebook & nbsp; Instagram & nbsp; Flipboard & nbsp; LinkedIn and & nbsp; reddit . " data-reactid = "65"> Follow Yahoo Finance on Twitter Facebook Instagram Flipboard LinkedIn [19659023] and reddit .

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