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The Market In 5 Minutes: Carl Icahn, Mary Jo White And Rudy Giuliani Making News

Macro Focus

Futures for the Dow Jones Industrial Average rose 5 points to 18,825.00, while the Standard & Poor’s 500 index futures gained 1.50 points to 2,162.75. Futures for the Nasdaq 100 index rose 1.50 points to 4,697.50.

Oil prices traded higher as Brent crude futures gained 2.88 percent to trade at $45.71 per barrel, while US WTI crude futures also rose 2.94 percent to trade at $45.23 a barrel.

USA NY Empire State Manufacturing Index for Nov 1.50 vs -2.50 consensus estimate. The prior reading was -6.80.

Import Prices (MoM) for Oct 0.50% vs 0.40% consensus estimate. Export Prices (MoM) for Oct 0.20% vs 0.20% consensus estimate.

  • Data on business inventories for September will be released at 10:00 a.m. ET.
  • The Treasury is set to auction 4-week bills at 11:30 a.m. ET.
  • Dallas Federal Reserve Bank President Rob Kaplan is set to speak in Dallas at 1:30 p.m. ET.
  • Federal Reserve Vice Chairman Stanley Fischer will speak at the Brookings Institution in Washington, D.C. at 1:30 p.m. ET.

BZ News Desk Focus

  • Home Depot (NYSE: HD) Q3 EPS $1.60 vs $1.58 Est, Revenue $23.15B vs $23.05B Est
  • Teva Pharma (NYSE: TEVA) Reports Q3 Adj. EPS $1.31 vs $1.28 Est., Sales $5.6B vs $5.73B Est.
  • Mobileye (NYSE: MBLY) Q3 EPS $0.19 vs $0.18 Est, Revenue $94.9M vs $89.5M Est
  • Zoes Kitchen (NYSE: ZOES) Reports Q3 Adj EPS $0.04, Inline, Sales $67.3M vs $68M Est.

Sell-Side Themes

FBR downgraded American Eagle (NYSE: AEO) and Abercrombie & Fitch (NYSE: ANF), while Citi upgraded Urban Outfitters (NASDAQ: URBN).

Oppenheimer and Credit Suisse downgraded Amplify Snack Brands (NYSE: BETR).

Sell-Side’s Most Noteworthy Calls

  • Morgan Stanley downgraded Hertz (NYSE: HRI) to Equal-Weight.
  • Bank of America downgraded Nokia (NYSE: NOK) to Neutral.
  • RBC Capital upgraded Harley-Davidson (NYSE: HOG) to Sector perform.
  • Wells Fargo upgraded Anthem (NYSE: ANTM) to Outperform.
  • Aegis started Akebia Therapeutics (NASDAQ: AKBA) at Buy.

Deal Talk

Carl Icahn has failed in his bid to gain full control of auto parts maker Federal-Mogul (NASDAQ: FDML), The New Post Post has learned. The billionaire needed to get a majority of the 18 percent of the stock in Federal-Mogul he doesn’t own to vote in favor of his $9.25 per share offer by 4 p.m. Monday, but didn’t succeed, sources said.

Shares of Kate Spade (NASDAQ: KATE) traded as high as $18.34 Monday as shareholder Caerus Investors sent a letter to Chairman Nancy Karch, Chairman of the Board of Directors, requesting that the Board consider a sale. The letter said that a strategic investor would pay a substantial premium.

In The News

Securities and Exchange Commission Chairman Mary Jo White plans to step down in January, opening the door to a new Republican-appointed leader who could move to loosen rules on Wall Street and curb the aggressive enforcement approach Ms. White prosecuted.

Former New York Mayor Rudy Giuliani, a prominent member of President-elect Donald Trump’s inner circle, made it clear Monday that he’s interested in becoming the next secretary of state. Giuliani’s public audition to become the nation’s diplomat came as a surprise to some observers, given that his credentials are largely in the law enforcement and criminal justice fields. He explicitly ruled out becoming attorney general.

Blogosphere

Is Apple (NASDAQ: AAPL) no longer a trendsetter? Gadfly’s Shira Ovide breaks it down.

Trending

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“The very reason I write is so that I might not sleepwalk through my entire life.” #TuesdayMotivation

Guess This Chart

  • A 13F out Monday showed David Tepper’s Appaloosa Management increased its stake in this company from 1.5M shares to 3.65M shares, while Warren Buffett’s 13F showed a reduced stake in by ~6M shares.
  • This stock rose 3.5 percent to $21.43 after the company reported a Q3 loss of $227 million. Credit Suisse then upgraded the stock from Neutral to Outperform, and Stifel Nicolaus upgraded the stock from Hold to Buy.
  • Sympathy plays include Exxon Mobil and Occidental Petroleum.
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