Stocks (^DJI, ^GSPC, ^IXIC) are rallying as UK voters head to the polls to decide whether to stay in the European Union. Financials (XLF) are leading the way up, with utilities (XLU) modestly in the red. Stephen Guilfoyle, managing director of floor operations for Deep Value Execution Services, joins us live from the New York Stock Exchange.
To discuss the other big stories of the day, Alexis Christoforous is joined by Yahoo Finance's Rick Newman and Kevin Mahn, CIO of Hennion & Walsh Asset Management.
Why Facebook is the new break room
If you’ve found yourself logging onto Facebook during your break, you’re not alone. A Pew survey of 2,000 adults cited a “mental break” as the top reason to get on social media during work. Although many companies have a policy against using social media, a whopping 77% of adults surveyed say they use it anyway. As a result, employers have refocused their efforts on training employees to use social media to benefit the company.
OPEC revenues plunge
Bad news for OPEC. The oil cartel just released its 2015 annual report, and despite a gain in market share, its revenue plunged by $438 billion — a 10-year low. Earnings from oil were $518 billion, the lowest since 2005.
Morgan Stanley downgrades Tesla
Tesla’s Elon Musk is losing one of his biggest fans. Adam Jonas, a Morgan Stanley analyst, has downgraded Tesla’s overweight rating to equal weight. The dip follows Musk’s plan to combine Solar City with Tesla. Tesla shares plummeted 10% yesterday to $196.66 cents after the announcement.