Wall Street news today, May 20, 2014: The Dow Jones Industrial Average was up on Monday despite the fact that a megadeal between the world's leading drug companies fell through. Tech and small-cap stocks saw the strongest performances on the day.
Here are the 10 things moving markets in the stock market today:
- Spring Expectations: This morning, Home Depot Inc. (NYSE: HD) beat Wall Street earnings expectations, although the company missed revenue forecasts. Home Depot reported earnings of $1 a share, narrowly edging analyst expectations of 99 cents per share.
- Something to Tweet About: According to Re/code.net, Twitter Inc. (Nasdaq: TWTR) could purchase SoundCloud, a music and audio-sharing company. Based in Germany, SoundCloud allows its more than 250 million users to upload and share music online. SoundCloud is currently valued at $700 million, which would be more than double Twitter's largest acquisition.
- Life "Rocked": Consumer security company Lifelock Inc. (NYSE: LOCK) earned "stock market crasher" status when it dropped 17.57% to $10.70 per share by close yesterday. Lifelock, heavily advertised on "The Rush Limbaugh Show," announced it would be halting its Wallet mobile payment application. Here's the full rundown on why shares plummeted.
- Banks Behaving Badly: This morning, the European Commission charged J.P. Morgan Chase& Co. (NYSE: JPM), Credit Agricole SA (OTC: CRARY), and HSBC Holdings PLC (NYSE: HSBA) for violating antitrust laws. According to reports, the banks are under investigation for conspiring to rig European Libor rates.
- Today's Economic Calendar: The U.S. economic calendar features a market-outlook speech by Philadelphia Federal Reserve Bank President Charles Possner and a weekly reading of the International Council of Shopping Centers (ICSC) and Goldman Sachs Retail Chain Store Sales Index.
- Changing the Menu: Fast-food giant Burger King Worldwide Inc. (NYSE: BKW) hits today's Wall Street News as the company has eliminated its 40-year-old slogan: "Have It Your Way." Beginning last night, the company introduced its new marketing tagline "Be Your Way" in online and television advertising.
- Dangerous Dealings: Add another tech company to a busy IPO calendar. GoPro Inc. filed with U.S. regulators to raise $100 million in an initial public offering. The popular company manufactures wearable cameras and outdoor accessories. The company selected J.P. Morgan Chase & Co. (NYSE: JPM), Citigroup Inc. (NYSE: C), and Barclays PLC (NYSE: BCS) are the lead underwriters.
- What Internet Bubble: Scrap-booking startup Pinterest has raised an additional $200 million in venture capital at a valuation of $5 billion. New capital came from existing investors Andreessen Horowitz, FirstMark Capital, SV Angel, Bessemer, Valiant Capital Partners, Venture Partners, and Fidelity. Speculation is growing that a Pinterest IPO could rival that of Twitter Inc. or Facebook Inc. (Nasdaq: FB).
- Banks Behaving Badly: Yesterday, Credit Suisse AG (NYSE: CS) became the first bank to plead guilty to a criminal charge in 20 years. The company paid a $2.6 billion settlement for helping Americans evade taxes for two decades. Despite the guilty plea, the company's executive team remained in power and the bank was able to keep its charter.
- Earnings Reports: Stay tuned for earnings reports from Medtronic Inc. (NYSE: MDT), Staples Inc. (Nasdaq: SPLS), La Quinta Holdings Inc.(NYSE: LQ), Donaldson Company Inc. (NYSE: DCI), Dick's Sporting Goods Inc. (NYSE: DKS), Apollo Investment Corp. (Nasdaq: AINV), Red Robin Gourmet Burgers Inc. (Nasdaq: RRGB), Stage Stores Inc. (NYSE: SSI), HHGregg Inc. (NYSE: HGG).
Full U.S. Economic Calendar May 20, 2014
- ICSC-Goldman Store Sales at 7:45 a.m.
- Redbook at 8:55 a.m.
- 4-Week Bill Auction at 11:30 a.m.
- Philadelphia Federal Reserve Bank President Charles Plosser speaks at 12:30 p.m.
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