Closing Bell: LIVE MARKETS BLOG

 | Nov 07, 2017 | 4:04 PM EST
  • Comment
  • Print Print
  • Print
Stock quotes in this article:

tsla

,

tm

,

amzn

,

cvs

,

lmt

,

df

,

dis

,

aprn

,

f

,

rh

,

w

,

foxa

Here's what's happening on Wall Street on Tuesday, Nov. 7.

The Dow Jones Industrial Average, S&P 500 and Nasdaq all opened to record highs Tuesday, with Dean Foods (DF) rising 9% following its third-quarter earnings beat. 

The indices were able to come up off of their session lows but the Nasdaq and S&P closed in the red Tuesday anyway. 

The Dow was the lone index to rise, climbing 0.04% and closing the day at a new record high. 


Odey Says Sky Can Exist Happily Without Fox

Crispin Odey, one of Sky's main stakeholders, came out in opposition of 21st Century Fox's (FOXA) $15 billion bid for the British broadcaster Tuesday after news broke that Fox had engaged in talks to sell itself to Disney (DIS)

"I'd vote against the deal," Odey told Reuters. "The interesting thing is: can Sky survive happily without Fox? I think it can quite happily."

Odey holds a 0.9% stake in Sky. 


Amazon Enters Home Furnishing Space  

Amazon's (AMZN) foray into home furnishing is sending competitors like Wayfair (W) and Restoration Hardware (RH) reeling Tuesday. Amazon introduced its Rivet and premium Stone & Beam brands, setting its disruptive sites squarely on the home furnishing sector.

Wayfair shares were down more than 5% on heavy volume Tuesday afternoon, while Restoration was down more than 3%.


Blue Apron Trading at a Fraction of Its Debut Price

Shares of food-kit delivery service Blue Apron (APRN) were down nearly 20% Tuesday afternoon after CEO Matt Salzberg said that the company's new fulfillment center in Linden, NJ has been a drag on the company's bottom line. 

"Today Linden is performing as our worst-margin operating center because it's very new," Salzberg said. The company also experienced "unexpected costs" when it closed its facility in Jersey City, according to CFO Brad Dickerson.

The new facility is still months away from being fully operational as the company trains thousands of employees.

Blue Apron shares were down to $3.15 per share Tuesday. 


MNF Broadcast Sees 25% Uptick From Season-Low Viewership 2 Weeks Ago

ESPN's (DIS) Monday Night Football broadcast scored a 7.6 metered television rating last night, representing a 6% uptick from the previous week's viewership. 

However, viewership was down 3% year over year, matching the year-over-year overall decline in viewership from last season. 

But NFL football is still expected to be the most-watched program, broadcast or cable, of the night. Lending credence to the idea that viewing habits for television are changing generally and not simply focused on the NFL due to controversy over national anthem protests. 


North American Shale Output Expected to Hit 7.5 Million bpd by 2021

The Organization of Petroleum Exporting Countries raised its production expectations for North American shale by 56% to 7.5 million barrels per day by 2021. 

The oil cartel has seen its own production cuts hurt its bottom line as the void has been filled by increased production of shale in North America. OPEC expects shale output to peak in 2025, with a demand impact for its own oil until then. 


Lockheed Martin Wins Contract From the Air Force Research Laboratory

Lockheed Martin (LMT) won a $26.3 million contract from the Air Force Research Laboratory to build high-energy fiber laser weapons for tactical fighters. 

Lockheed Martin has been developing laser-based weapons for decades and already also develops aircrafts for the U.S. government. 


CVS Price Target Reduced to $76 from $86

Analysts at Jefferies believe that increased competition from Amazon (AMZN) will hurt CVS'  (CVS) bottom line -- and as a result, lowered CVS' price target to $76 from $86. 

"Based on recent trading patterns (including yesterday's reaction to CVS's introduction of same-day/next-day Rx delivery that some viewed as a defensive move against a supposed Amazon's (AMZN) entry into Rx), it is evident that overhangs related to speculation of an Aetna purchase and Amazon's supposed pharmacy plans are the more relevant drivers of NT [near-term] stock performance."

CVS shares were rising 0.3% premarket. 


Toyota Raises Forecasts and Announces Share Buyback

Toyota (TM) is using a strong third quarter as a reason to increase its profit forecast and announce a 250 billion yen share buyback, as strong Rav4 sales and cost-cutting measures help bolster its bottom line. 

The company said it had saved $875 million over the six months ending in September.

Toyota had a market share of 15% in the U.S. in the previous quarter, for the first time since 2009, outselling Ford (F) over the whole quarter. 


Tesla Gets Serious About Automation

Tesla (TSLA) has purchased automated machine-maker Perbix for an undisclosed amount as the company looks to battle production issues that have forced it to lower production forecasts for its Model 3 sedan. 

Perbix has been a Tesla supplier for the last few years.

Tesla expects to ramp up production of the Model 3 to 5,000 per week by the end of the first quarter next year, about three months later than it had previously forecast. 

Tesla shares were down 1.2% premarket. 


Premarket

U.S. futures were mixed Tuesday morning, with Nasdaq and S&P 500 contracts indicating a lower open for the indices once the opening bell sounds. Dow Jones futures were trading in the green. 

Tuesday's session follows up a Monday session that saw all three major indices reach new all-time record highs as merger and joint venture talks in the tech and media sectors drove gains. 

Asian markets are reacting positively to President Donald Trump's trip to Asia, with the Nikkei and Hang Seng both rising over 1% while the Shanghai Composite rose 0.75% Tuesday. 

In Europe, major markets all traded in the red with the FTSE 100 in the U.K. leading declines -- down 0.25% with about four hours of trading left across the Atlantic. 

Columnist Conversations

View Chart »  View in New Window » BA chart I'm STALKING this one for a buy trigger........
View Chart »  View in New Window »   WEEKLY
BABA is still dancing on key weekly support here.  Wait for a trigger! View Chart »  Vi...
BABA is still dancing on key weekly support here.  Wait for a trigger! View Chart »  Vi...

BEST IDEAS

REAL MONEY'S BEST IDEAS

News Breaks

Powered by

COLUMNIST TWEETS

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data & Company fundamental data provided by FactSet. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by FactSet Digital Solutions Group.


TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

FactSet calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.