On The Fly: Top stock stories at midday - InvestingChannel

On The Fly: Top stock stories at midday

Stocks opened higher, establishing new all-time highs for each of the major averages in the process, though they have since pared those gains and slid into the red. The Nasdaq is leading the way lower, weighed down by Priceline’s (PCLN) post-earnings weakness. Oil prices are down just a fraction but remain above $57 per barrel following yesterday’s rally. ECONOMIC EVENTS: In the U.S., the Job Openings and Labor Turnover Survey, or JOLTS, report showed 6.09M job openings in September, up a small amount from the revised figure for the prior month. A report on consumer credit growth in September will be reported at 3:00 pm ET. COMPANY NEWS: Priceline and Tripadvisor (TRIP) are sliding after each reported on its quarterly results last night. While both reported better than expected earnings per share, Priceline gave disappointing fourth quarter guidance and Tripadvisor missed on revenue. In midday trading, shares of Priceline have dropped 12% while Tripadvisor’s stock is down 18%. Meanwhile, shares of Expedia (EXPE) and trivago (TRVG) have slid about 2% and 4%, respectively… Last night, Salesforce (CRM) and Google (GOOG, GOOGL) announced a new strategic partnership, as part of which Salesforce has named Google Cloud as a preferred public cloud provider. Salesforce also gave its first look at fiscal 2019 revenue guidance. The outlook of $12.45B-$12.5B represents anticipated revenue growth of approximately 20% year-over-year based on the high end of the company’s previously issued FY18 revenue guidance of $10.4B, the company explained. MAJOR MOVERS: Among notable companies up after earnings were Valeant (VRX), which advanced 17%, and Weight Watchers (WTW), which jumped 16%. Some noteworthy losers after reporting earnings were Mallinckrodt (MNK), which fell 37%, TrueCar (TRUE), which dropped over 32% and Sina (SINA), which dipped 9%. INDEXES: Near midday, the Dow was down 50.40, or 0.21%, to 23,498.02, the Nasdaq was down 31.79, or 0.47%, to 6,754.65, and the S&P 500 was down 4.55, or 0.18%, to 2,586.58.

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