What a difference a day makes! Stocks (^GSPC) set to soar after yesterday's history-making session that saw the Dow fall more than 1000 points before ending the day down 588-- it's second-straight 500+ point decline. Today's optimism comes despite yet another selloff by China's benchmark stock index and more intervention by the country's central bank.
Yahoo Finance Senior Columnist Michael Santoli isn't surprised the bulls are coming back to Wall Street.
"Things had gotten so stretched to the downside, down 10% in a week, that's very, very rare," he notes. "And you almost always are at least going to have a reflex bounce before long as long as the bad news doesn't keep piling on."
Along with the overall market, here are some of the stocks the Yahoo Finance team will be watching for you today.
Best Buy (BBY) The electronics retailer blew the doors off both profit and revenue forecasts in the second quarter. Best Buy sales at U-S stores were up 2.7%, while domestic online sales jumped 17%. And the company doesn't expect to see changes in consumer spending in the current quarter.
The Children's Place (PLCE) The kids' clothing retailer had a quarterly loss that matched expectations, but revenue came in light. The Children's Place says declining foot traffic hurt sales, forcing it to cut prices. It also blames the effects of the West Coast port strike for its disappointing numbers.
Toll Brothers (TOL) The luxury home builder falling short on both earnings and revenue in its fiscal third quarter. Toll Brothers says deliveries of new homes dropped 2%. However, contracts soared, with the average price of $834,000 dollars, the highest in the company's history. And Toll Brothers is optimistic about the long-term growth of the housing industry.
Syngenta (SYT) The Swiss agribusiness continues to be courted by Monsanto (MON), which apparently won't take no for an answer. Various reports say Monsanto is now upping its offer for Syngenta to $47 billion. That's $2 billion more than the proposal Syngenta turned down in May.
Netflix (NFLX) Just to add perspective to the crazy trading lately, shares soared in early trading even though there was no real news to report about the streaming video service that producers House of Cards and other programming. It's just that the high flying stock sank almost 7% yesterday...and had lost about a quarter of its value in the last week. Now the buyers-- who had doubled the price this year-- appear to be back for now.
Central bank bailouts
The recent stock jitters are putting central banks back in focus. China’s central bank began another round of easing - flooding more money into the system to calm jittery markets there. And Santoli says it's now common for investors to look for help from policymakers when stocks take a deep dive.
Everyone's talking about China’s slowing economy - but is it really as bad as it seems? Boeing (BA) is boosting sales estimates there, Apple (AAPL) CEO Tim Cook says demand there remains strong, and miner BHP Billiton (BHP) is expecting China’s economy to keep growing.
It’s not just companies like Boeing and BHP Billiton - Hollywood’s betting on China too. Time Warner’s (TWX) Warner Brothers studio is in talks to produce local language movies in China, through a joint venture with a state-backed firm.