Stocks are back in rally mode after the Fed hit pause on a rate hike. How much farther can this market go? Catch The Final Round at 4 p.m. ET with Jen Rogers and markets correspondent Nicole Sinclair.
Winners and losers
Stocks in the red today include Herman Miller as the high-end furniture maker’s earnings and revenue missed estimates, Axovant Sciences as rival Lundbeck’s Alzheimer’s drug with similar mechanism fails in a phase three trial, and Jabil Circuit, with the electronics company and Apple supplier slipping after quarterly profit falls 47% year over year.
Stocks on the move higher today include WCI Communities as the luxury home builder agreed to be bought by Lennar for $643 million, Autozone as earnings topped estimates and the autoparts retailer reported a double-digit increase in year-over-year earnings for the 40th straight quarter, and SeaWorld. After touching an all-time low, shares bouncing back as Citi upgraded the theme park operator to buy, citing an attractive risk/reward. Citi also said suspending the dividend would allow for new capital expenditures.
Blockchain comes to Wall Street
The blockchain isn’t just about bitcoin and crypto currencies. It has the potential to transform the way we do business, from recording transactions to verifying business contracts. Joining us now to discuss is Caitlin Long, president of Symbiont, a smart contract trading platform.
In the morning, we’ll get an important read on the manufacturing sector with PMI’s Flash Index reading for September. Economists are looking to build off of last month’s 52.1 reading.
And the Fed-speak ramps back up with the Dallas Fed’s Robert Kaplan speaking in Houston at 12:30 p.m. ET.
We brought you the world’s oldest man last week, and now this week sisters Raymonde Saumade and Lucienne Grare, certified by Guinness World Records as the oldest living twins in the world, are celebrating their 104th birthdays. By the way, the record for oldest twins ever was 107, held by two sisters from Japan.