Client Login

U.S. STOCKS GAIN; ENERGY SHARES SLIP

SECTION SELECTION
US FINANCIAL MARKET
| US ECONOMY & POLITICS
 EUROPE & WORLD | TODAY IN HISTORY

DAILY MARKET REPORTS

  • The S&P 500, Dow and Nasdaq composite rose to record highs in early trade. However, gains in the major indexes were capped as investors looked ahead to a key vote on tax reform set for later this week.
  • Shares of several retailers jumped Monday, extending gains from Friday, when many department stores and brick-and-mortar outlets kicked off a weekend of holiday sales.
  • Meredith said it would buy Time, the publisher of People, Sports Illustrated and Fortune magazines in a $1.84 billion deal.
  • U.S. crude oil shed 1.6% to $57.99 a barrel ahead of a meeting of major crude producers.
  • The Senate is expected to vote on a bill aimed at reforming the U.S. tax code on Thursday.
  • If the Senate bill passed, then a joint bill with the House would have to be created.
  • The most significant difference between the chambers’ plans is the treatment of state and local tax deductions. The Senate plan would eliminate those deductions entirely.

US FINANCIAL MARKET

Black Friday, Thanksgiving online sales climb to record high

  • U.S. retailers raked in a record $7.9 billion in online sales on Black Friday and Thanksgiving, up 17.9 percent from a year ago, according to Adobe Analytics.
  • Adobe Analytics measures transactions at the largest 100 U.S. web retailers.
  • Adobe said Cyber Monday is expected to drive $6.6 billion in internet sales, which would make it the largest U.S. online shopping day in history.

Macy’s suffers credit card processing slowdown on Black Friday

  • Macy’s said that processing of payments with some credit and gift cards was taking longer than usual in its stores on Black Friday, the traditional start of the key holiday shopping season.

Meredith bets on magazine industry with $1.85 billion Time purchase

  • Des Moines-based Meredith (MDP) has agreed to pay $18.50 a share in cash for (TIME), the companies said.
  • Time is the New York publisher of Fortune, People and Sports Illustrated.
  • The boards of both companies have approved the transaction.
  • Koch-backed bid marks end of an era in publishing.

Barracuda Networks agrees to go private in $1.47-billion deal

  • Barracuda Networks agreed to be taken private by buyout firm Thoma Bravo for $1.47 billion in cash, four years after the data security firm went public.
  • Barracuda, which manages data security of its customers over the cloud on a subscription basis, competes with Palo Alto Networks, Proofpoint and Symantec.

U.S. November auto sales seen down slightly: J.D. Power and LMC

  • November U.S. new vehicle sales will likely be about 1.374 million units, a drop of 0.2 percent from 1.377 million units a year earlier.
  • Despite the minor dip in new vehicle sales, LMC raised its full-year 2017 forecast to 17.2 million units, from a previous estimate of 17.1 million units.
  • New 2018 model-year vehicles have accounted for 44 percent of month-to-date sales, compared with November 2016 when the then-new 2017 model-year vehicles made up 53 percent of sales.

Wal-Mart, Kroger Impose More Fines on Suppliers for Missed Deliveries

  • Grocers are giving food companies a tougher mandate: Ship on time, or pay the price.
  • Retailers used to give suppliers more leeway, since any number of factors—bad weather, a surge in demand, technology malfunctions—can foil deliveries of cereal, cheese, candy and other packaged goods from warehouses scattered around the country.
  • But now as traditional grocers battle Amazon.com Inc. and other online retailers that prioritize delivery speed, as well as price-cutting discounters, more are taking a strict line with suppliers, telling them on-time deliveries will translate directly into more sales and profits.
  • Sales of some $75 billion a year are lost because products are out of stock or unsalable for other reasons.
  • That is about 10% of annual grocery sales industrywide at a time when sales growth is hard to come by.

Back to Top


US ECONOMY & POLITIC

U.S. New Home Sales Grew Robustly in October

  • Purchases of newly built single-family homes, a small part of all U.S. home sales, rose 6.2% to a seasonally adjusted annual rate of 685,000 in October from the previous month.
  • From a year earlier, new-home sales increased 18.7% in October, and year-to-date sales have risen 8.9%.

Fed Chairman Nominee Powell Likely Faces Smooth Path to Confirmation

  • Trump’s pick to succeed Yellen has seen no formal opposition from GOP, and won near-unanimous support from Democrats under Obama.

Congress Prepares for Year-End Legislative Sprint

  • Lawmakers returning to Washington face a tight calendar and a dizzying list of legislative tasks, from a major tax overhaul to a new federal spending agreement, with the added complication of sexual harassment allegations that are reverberating in the halls of the Capitol.
  • The Senate could vote on its version of the overhaul this week after the House recently approved its own bill. GOP leaders say they expect the two chambers to hash out an agreement on one bill before year’s end.
  • Because the government’s current funding expires after Dec. 8, lawmakers and aides expect Congress will have to pass a short-term spending patch that would stretch for just two or three weeks until a longer-term spending bill is completed.

Back to Top


EUROPE & WORLD

Eurozone Data Point to Strengthening Recovery

  • The fresh acceleration bodes well for next year, and suggests the $10 trillion economy may again partner the U.S. in supporting a stronger global expansion.
  • Data firm IHS Markit on Thursday said its composite Purchasing Managers Index for the eurozone rose to 57.5 in November from 56.0 in October, reaching its highest level in more than 6½ years.
  • The survey responses are based from 5,000 manufacturers and service providers.

BMW to spend $237 million on battery cell center

  • BMW will bundle its battery cell expertise in a new competence center, the German luxury carmaker said on Friday.
  • “By producing battery-cell prototypes, we can analyze and fully understand the cell’s value-creation processes. With this build-to-print expertise, we can enable potential suppliers to produce cells to our specifications,” BMW board member Oliver Zipse said in a statement.

Back to Top


TODAY in HISTORY

  • Alfred Nobel signed his last will, which established the Nobel Prize. (1895)
  • The U.S. Army War College is established. (1901)
  • New York’s Pennsylvania Station (1910)
  • Twenty-fifth Amendment: The United States Senate votes 92–3 to confirm Gerald Ford as Vice President of the United States. (On December 6, the House will confirm him 387–35). (1973)

This information has been prepared from sources believed to be reliable, but no representation is being made as to its accuracy or completeness. The information provided should be used only as general information and is not intended to provide specific advice or recommendations for any individual. The economic forecasts set forth in the material may not develop as predicted. All indices, such as the S&P 500, are unmanaged and may not be invested into directly. Sources: Reuters, Bloomberg, Wall Street Journal.

Content posted by third parties on this site is screened in order to protect clients’ privacy and comply with regulatory requirements. Content containing sensitive personal information, inappropriate language, information about specific investments, misleading information, information about other companies or websites, or information related to litigation will be removed. Content posted by third-parties on this site remains the responsibility of the party posting the content and is not adopted or endorsed by Pence Wealth Management or LPL Financial. Any opinions or statements posted by third parties are their own and may not be representative of the experience of others and are not indicative of future performance or success. Third party content on this site does not reflect the views of LPL Financial and have not been reviewed by LPL Financial as to accuracy or completeness.

Share on FacebookTweet about this on TwitterShare on LinkedInShare on Google+Print this pageEmail this to someoneShare on Reddit
Comments are closed.

All Financial Consultants at Pence Wealth Management are Registered Representatives with, and securities and Advisory services offered through LPL Financial, a Registered Investment Advisor, Member FINRA & SIPC. Financial Planning offered through Pence Wealth Management, a Registered Investment Advisor and separate entity from LPL Financial. The LPL Financial representative associated with this website may only discuss and/or transact securities business with residents of the following states: Alaska (AK), Alabama (AL), Arkansas (AR), Arizona (AZ), California (CA), Colorado (CO), Connecticut (CT), Delaware (DE), Florida (FL), Georgia (GA), Hawaii (HI), Idaho (ID), Illinois (IL), Kansas (KS), Kentucky (KY), Louisiana (LA), Massachusetts (MA), Michigan (MI), Minnesota (MN), Mississippi (MS), Missouri (MO), Montana (MT), Nebraska (NE), Nevada (NV),

New Hampshire (NH), New Jersey (NJ), New Mexico (NM), New York (NY), North Carolina (NC), North Dakota (ND), Ohio (OH), Oklahoma (OK), Oregon (OR), Pennsylvania (PA), Rhode Island (RI), South Carolina (SC), South Dakota (SD), Texas (TX), Utah (UT), Virginia (VA), Washington (WA), Wyoming (WY), Washington (DC)

Laila Marshall-Pence CA Insurance Lic# 0545421

BC_badge_black_small