Twitter's No Fail Whale: Tuesday's Chart of the Day
Twitter's No Fail Whale: Tuesday's Chart of the Day
Target to Cut Thousands of Jobs as Stocks Open Lower on ADP Data
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Maybe Twitter isn't a fail whale after all: shares appear to have bottomed out after a sluggish start to 2014, and, perhaps more importantly, after the micromessaging company's biggest competitor (Facebook) upped its game on mobile, reeling in more ad dollars. However, one of its early stage investors, Benchmark Capital, just distributed some of its stock to LPs, which may hit the market and again impact shares. But, with Twitter's IPO lockup already behind it, and several investors committed for the long haul, today's Chart of the Day could change direction before the end of the year.
Stocks set up for another day of losses at Wednesday's opening bell. It will be a busy day for economic data ahead of Friday's much anticipated jobs report. Ahead of the open, the ADP data, which is considered a precursor to the Labor Department's report showed a slowdown in growth. The private sector added fewer than expected jobs in February with a gain of 212,000. Target (TGT) is eliminating thousands of jobs. It's part of the retailer's restructuring plan to cut $2 billion in costs. General Electric's (GE) CEO Jeff Immelt is still in focus, a day after a Barclays analyst suggested changes at the top. The Wall Street Journal says Immelt is losing favor with some investors due to his bet on oil in light of falling prices.
In a new report released this morning, AON finds oil prices are the biggest political risk globally. It says Russia, Venezuela, Iraq and Libya will face further political pressure in the months ahead. Ukraine continues to be the riskiest country. Target cuts thousands of jobs and spends billions as it shifts to more technology. It will also revamp its stores to drive shoppers to its retail locations. Bob Evans shares are hit hard as it opted not to spin off its grocery business. It has also hired JP Morgan Chase to advise it on strategic options. ADP issues its employment report for February today.
More earnings in the retail space, plus key jobs data: that's what to watch on Wall Street for March 4. Clothing retailers Abercrombie & Fitch (ANF) and American Eagle Outfitters (AEO) report earnings before the markets open, along with PetSmart (PETM). Analysts are looking for earnings per share of $1.38 for the pet retailer on sales of $1.87 billion. During the same quarter last year, the company posted EPS of $1.28. As for economic data, at 8:15am eastern, the ADP Employment Report is released, which tends to mirror Friday's labor report by the Bureau of Labor Statistics. At 10:30am, the ISM Non-Manufacturing Index comes out, followed by the Fed's Beige Book at 2pm. TheStreet's Scott Gamm has details from New York.
Shares of Alibaba Group Holding (BABA) fell in Tuesday's trading session after the Taiwanese government accused the e-commerce giant of violating investment rules, making it TheStreet's Move of the Day. The Taiwan Investment Commission fined the company, and ordered the Chinese retailer to withdraw operations. Taiwan is accusing Alibaba of entering the country illegally. The Commission says Alibaba's filings for its initial public offering last year, revealed evidence of Chinese control over its Singapore branch. Shares of Alibaba finished the day down on double its average trading volume. TheStreet's Kurumi Fukushima reports in New York.
Stocks pulled back from record highs but finished off their lows Tuesday with the Dow down 85 points and the Nasdaq slipping under the 5,000 level. The selling in the equity market was tamed by a rally in oil prices. Crude futures settled up $0.93 cents at $50.52 a barrel. The lack of fresh economic data gave focus to weak auto sales. General Motors (GM), Ford (F) and Fiat Chrysler (FCAU) all missed February estimates. Shares of General Electric (GE) dropped despite the company refuting a Barclays analyst's suggestion that GE's CEO, Jeff Immelt is on the way out. Earnings helped Best Buy (BBY) and Dick's Sporting Good (DKS) move higher in the session. But it was small cap, NutriSystem (NTRI) that was the big gainer. Shares shot up nearly 13% after the weight management company beat Q4 expectations.
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