Dow Jones Industrial Average Futures Drop on GDP Miss

Is LinkedIn Set to Soar on Earnings?

Oct 29, 2015 at 9:02 AM
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The Dow Jones Industrial Average (DJIA) is primed to pare some of its huge Wednesday gains, as traders continue to digest the Fed's policy statement -- which left the door open for a potential December rate hike. Wall Street is also responding to newly released gross domestic product (GDP) numbers -- which showed the economy grew at a slower-than-expected 1.5% rate in the third quarter -- and a smaller-than-anticipated uptick in jobless claims. Finally, just a day after snapping a three-session losing streak, crude oil resumed its descent overnight, with December-dated futures down about 1% this morning.

Continue reading for more on today's market, including:

And now, on to the numbers…

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Futures on the Dow Jones Industrial Average (DJIA) are more than 62 points below fair value.


 5 Things You Need to Know Today

 

  1. Asian markets digested the Fed's policy statement, while stocks in Europe are largely sagging on a downbeat round of earnings.
  2. The Chicago Board Options Exchange (CBOE) saw 1.2 million call contracts traded on Wednesday, compared to 629,839 put contracts. The resultant single-session equity put/call ratio fell to 0.54, while the 21-day moving average edged down to 0.70. 
  3. Just days after topping third-quarter earnings estimates, pharmaceutical giant Pfizer Inc. (NYSE:PFE) may be in the early stages of talks to buy Allergan PLC (NYSE:AGN), according to reports in The Wall Street Journal and Financial Times. PFE is up 1.5% pre-market on the news, while AGN has soared 10.5%.
  4. Shares of Yelp Inc (NYSE:YELP) have tacked on 3.4% ahead of the bell, after the business review site reported better-than-anticipated revenue. The stock is shrugging off no fewer than seven price-target cuts, reflecting the prevailing negativity among analysts toward YELP.
  5. Finally, more analysts are weighing in on payments specialist Paypal Holdings Inc (NASDAQ:PYPL), following the company's mixed earnings report -- its first since spinning off from eBay Inc (NASDAQ:EBAY). J.P. Morgan Securities and Citigroup both cut their price targets on the stock, which is down 5.4% ahead of the bell, while Canaccord Genuity bucked the trend by raising its PYPL price target.


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Earnings and Economic Data

 

In addition to GDP and jobless claims, today's docket also features the pending home sales index. Aetna (AET), Alcatel-Lucent (ALU), Altria (MO), Baidu (BIDU), Cliffs Natural Resources (CLF), CME Group (CME), ConocoPhillips (COP), Delphi Automotive (DLPH), Electronic Arts (EA), First Solar (FSLR), Gannett (GCI), Goldcorp (GG), Goodyear Tire (GT), LinkedIn (LNKD), MasterCard (MA), Nokia (NOK), Potash (POT), SolarCity (SCTY), Sony (SNE), and Starbucks (SBUX) are all expected to report earnings. To see what else is on this week's docket, click here

 

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