Stocks (^GSPC) set to add to yesterday's big gains following some optimistic news out of Asia. First, China's finance ministry said it would take more forceful steps to boost the economy there...and Japanese Prime Minister Abe stated his commitment to cutting corporate taxes in that country.
Yahoo Finance Columnist Rick Newman calls the Chinese moves very reassuring for U.S. investors
"It's the kind of stuff China's actually good at-- fiscal stimulus, some infrastructure programs, speed up tax reforms," he explains. "This feels a lot better than what we saw from the Chinese authorities in August where they were really flailing trying to figure out what to do about the gyrating stock market there."
Dave & Buster's busts out
Here are some of the stocks the Yahoo Finance team will be watching for you today.
Dave & Buster's Entertainment (PLAY) The kid-friendly restaurant chain blew the doors off both earnings and revenue in the second quarter. Dave & Buster's says sales at locations open at least a year jumped 11% and it's raising its full-year profit forecast by a whopping 20%.
The Men's Wearhouse (MW) The men's clothing chain topped profit forecasts, but revenue missed in the second quarter. Men's Wearhouse was dragged down by sluggish demand at its Jos. A Bank outlets, which saw sales at stores open at least a year slide 9.5%. Men's Wearhouse bought its rival last June following a bitter takeover fight.
TiVo (TIVO) The TV-recording provider matched quarterly profit estimates while revenue topped forecasts. Tivo says its top line was boosted by expanded relationships with its cable partners, especially in international markets.
Tetraphase Pharmaceuticals (TTPH) The company is reporting its Phase 3 clinical trial of a new urinary tract infection drug shows the medication was not better than current treatments.
United Continental Holdings (UAL) CEO Jeff Smisek and two other executives resigned as federal prosecutors investigate the airline's relationship with former Port Authority chairman David Samson. At question is whether United provided special service to Samson in an effort to curry favor for expanding the airline's hub at Newark Liberty Airport. The Port Authority runs Newark and the region's other major airports.
China sending us to recession?
While markets are climbing across the globe today thanks to more stimulus talk from China..there could be trouble coming. Citigroup’s chief economist says there’s a 55% chance of a global recession, led by China and the emerging markets. Citi’s call is an outlier as most Wall Street banks are painting a rosier picture.
It's looking to be a big hiring day in the U.S. Chipotle (CMG) is launching its National Career Day across its restaurants this morning, with the goal of hiring 4,000 new employees - today. Chipotle already has 60,000 employees, and has promoted more than 10,000 into management roles in the past year. And Warren Buffett’s GEICO (BRK-A) is holding a virtual jobs fair online.
Macy's (M) --the largest U.S. department store operator--says it will close 35 to 40 stores next year as the company works to “optimize it’s omnichannel” approach.
And the big Apple (AAPL) event is in San Francisco today, and Newman believes the key will be what the company talks about OTHER than the iPhone.
"This is becoming a very saturated market," he argues. "And at some point they're not going to keep the same level of business with just new iterations of basically the same product."
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