It looks like traders are in for a post-holiday high. Futures are up again this morning, following Friday's gains. The climb began before the weekend after the release of the June jobs report which showed 195,000 new jobs created when expectations were for 165,000. The number also boosted some overseas markets today, but simply wasn't enough to help in places like China. Yahoo! Finance Editor-In-Chief Aaron Task has more in the video above.
Thomson Reuters (TRI) will stop giving its elite clients an advance look at market moving data. The company announced last night that it will suspend the controversial practice for the time being. The New York Attorney General has been investigating the practice, which gave top-paying clients access to the University of Michigan's consumer confidence survey two seconds ahead of everyone else.
Today's the day Facebook (FB) officially introduces Graph Search. The tool combs through a user's network of friends for search results. You may recall Mark Zuckerberg using an example where it could help a person find a good sushi place. Graph Search promises to deepen user engagement but still faces several challenges. So far it doesn't work on Facebook's mobile apps, it doesn't incorporate info from third party apps like Yelp, and it can't find information in status updates.
It turns out the new Lone Ranger should be yelling "Low Yo Silver." Disney's (DIS) new take on the masked man and his friend Tonto got trounced at the box office taking in just $49 million over the holiday weekend. That might not sound too bad but it cost the company $1/4 dollars to make. The winner was Despicable Me 2 from Comcast's Universal Pictures (CMCSK) with $142 million.
STOCKS TO WATCH
We kick off the week with Dell (DELL) up almost 3% in early trading. The rise comes on good news for company founder Michael Dell. The group Institutional Shareholder Services, also known as ISS, says it's backing his buyout plan for $13.65 a share. It was just last Friday that word leaked out, Dell didn't want to sweeten his original offer, even though a Dell special committee was recommending it. At that point, the stock dropped more than 2% on concerns the proposal could fall apart-- something which is less likely now.
Next up is the subject of debate on bellwethers, Dow component Alcoa (AA), which kicks-off earnings season after the closing bell. The company is expected to post earnings of 6-cents a share, the same as a year ago, though on revenue that's slipping further away from the $6 billion mark. By the way, the outlook overall for the quarter is quite gloomy, with companies in the S&P expected to report a rise of just .7% over last year. Compare that to last quarter when the figure was 3.5%. In fact, if the forecast is right, it would be the smallest growth since the third quarter of last year, when profits actually fell.
Now we look at WD-40 (WDFC), which will also grease up the apparatus as we kick-off earnings season. It also reports after the closing bell. WD-40 is expected to post earnings of 56-cents a share, down a penny from a year ago, but on higher revenues. WD-40 is about more than those cans of its namesake brand. It sells a variety of household products in 187-countries and recorded sales of $343 million last year. The stock climbed 1.6% percent on Friday, bringing its total rise in 2013 to nearly 20%.
Finally, there's DaVita HealthCare (DVA). Bloomberg is reporting that Berkshire Hathaway has upped its stake in the company by 4.3%. Berkshire took advantage of a 6% drop in the stock price last Tuesday and grabbed-up almost 640,000 shares in two days. Now if you're wondering what caused the DaVita drop, it was a proposal to cut Medicare payments for dialysis by more than 9%. But Buffett may be betting there will still be plenty of profits as the number of people with diabetes climbs. DaVita hit an all-time high of more than $131 back in May. It's currently trading about 10% below that.