Dow Jones Industrial Average Futures Waver; Oil Prices Slip

3 Commodity Stocks Set to Fall

Nov 23, 2015 at 8:48 AM
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Dow Jones Industrial Average (DJIA) futures have wavered between modest losses and mild gains this morning, with volume expected to be light as the holiday week wears on. Oil prices are in focus, with the December crude futures contract down 0.6% at $41.66 after Saudi Arabia vowed to work with other oil producers to maintain price stability in the market. Meanwhile, in equity news, traders are responding to the biggest-ever merger in the healthcare space, as well as a fresh dose of bad news for an embattled burrito chain.

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

And now, on to the numbers…


Dow futures fair value 151123

Futures on the Dow Jones Industrial Average (DJIA) are 4.2 points above fair value.


  5 Things You Need to Know Today

 

  1. South Korea was the lone gainer in Asia today, while traders in Europe are eyeing ongoing uncertainty as the terror threat remains elevated.
  2. The Chicago Board Options Exchange (CBOE) saw 937,195 call contracts traded on Friday, compared to 631,869 put contracts. The resultant single-session equity put/call ratio fell to 0.67, while the 21-day moving average remained at 0.70. 
  3. Dow component Pfizer Inc. (NYSE:PFE) confirmed its intention to acquire Allergan PLC (NYSE:AGN) in a deal worth $160 billion, marking the largest healthcare deal on record. Through the acquisition, PFE will relocate its headquarters to Ireland. The bid values AGN at $363.63 per share, marking a 14% premium to Friday's close at $312.46. However, shares of both PFE and AGN are trading lower ahead of the bell.
  4. Chipotle Mexican Grill, Inc. (NYSE:CMG) is off more than 2% in electronic trading, as the burrito chain's E. coli outbreak has now expanded to six states. In addition to Oregon, Minnesota, and Washington, the bug has now spread to California, New York, and Ohio. As a result, CMG this morning was downgraded to "neutral" from "buy" at Sterne Agee, with three other brokerage firms handing out price-target cuts.
  5. In its opening weekend, the latest installment of "The Hunger Games" earned $101 million at the box office for Lions Gate Entertainment Corp. (USA) (NYSE:LGF), according to Rentrak -- which, as with last year's release, fell well short of the franchise's average opening of $143.6 million. LGF, which reportedly spent $160 million to produce the final installment of the saga, is down more than 3% ahead of the open.


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Earnings and Economic Data

 

The week begins with Markit's flash purchasing managers manufacturing index (PMI), as well as existing home sales data. Brocade Communications (BRCD), GameStop (GME), Mallinckrodt (MNK), Palo Alto Networks (PANW), Trina Solar (TSL), and Tyson Foods (TSN) will hit the earnings booth. To see what else is on this week's agenda, click here

 

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