Stocks closed the day lower in response to the Unemployment number (-5%) that came out this morning. The Dow 30 was lower by only 28, while the S&P 500 lost 7, and the Nasdaq 100 lost 14. Monday starts the week with little news as it is a bank holiday (Columbus Day) in the states. Investors will look for sector leadership in the market to gauge direction.
Yahoo (NASDAQ: YHOO) was front and center in the news headlines this morning after The New York Post reported late Thursday that Verizon (NYSE: VZ) is seeking a $1 billion dollar discount on its pending $4.8 billion acquisition of the company's core business. There has been speculation of the deal falling through after Yahoo revealed a 2014 data breach that affected 500 million user accounts. Shares hit too hard on the news, though YHOO did close lower by 1.05%.
Gap (NYSE: GPS) shares blasted off today adding 15.23% by the close despite the struggling retailer reporting a 3% decline in same-store sales in September. The rally comes because that number was a bit better than what analysts had foretasted. The company says that better than expected same-store sales is thanks to a rebound in sales at Old Navy, which were up 4% last month. Today's volume ranks the third highest of the year.
Honeywell (NYSE: HON) absolutely fell apart this morning on the open as the industrial products supplier announced that it would cut its sales outlook for the third quarter, and the year. The company is blaming a slowdown in business, and investors didn't like that one bit. Shares were lower by 7.50% today. The biggest one day move in over a year.
Ruby Tuesday (NYSE: RT) continues to be in a tailspin as shares lost another 6.77% today.The restaurant chain announced a much wider than expected loss in its latest quarter. Analysts also note that revenue missed estimates, down more than 8% from a year ago amid restaurant closures and the chain's efforts to revamp its menu. Ruby Tuesday shares have lost more than half their value since the start of the year.