Yahoo Finance Bulls run on Fed; Pepsi kicks off earnings season; Fantasy sports rocked
Wall Street is on a high as the belief grows among investors that the Federal Reserve won't be raising interest rates anytime soon...and maybe not until well into next year. The S&P 500 (^GSPC) is entering the session on a 5-day winning streak, the longest this year.
Yahoo Finance Senior Columnist Michael Santoli says sure, the Fed is a component of the current bull run, but not everything. And he warns: let's not get too excited right now.
"It's a little more about looking for areas of the market that have been overdone to the downside," he argues. "I think there's a decent chance last Tuesday's low was a really valid retest of what we saw in August, but we haven't proved that much yet. We've only regained a little bit more than half of what was lost in the correction."
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Pepsi kicks off earnings season
Here are some of the stocks the Yahoo Finance team will be tracking for you today
PepsiCo (PEP) reported a beat on both its top and bottom lines even though profit and sales fell from a year ago because of the economic turmoil in Venezuela. The company saw sales improve in North America and it raised its earnings growth target for the year.
The Container Store (TCS) posted earnings and revenue misses in its fiscal second quarter. The company blamed promotional spending and the stronger dollar for a 62% drop in profits.
Anheuser-Busch InBev (BUD) may be seeing its potential bid for rival SABMiller put on ice. Bloomberg says SABMiller has rejected an informal takeover bid from the maker of Budweiser stating the $100 billion offer was too low.
Microsoft (MSFT) is holding a big event in New York City this morning. The tech giant is expected to launch a full range of products that are designed for its Windows 10 operating system.
Alphabet (GOOGL), formerly the name of Google’s holding company, is taking a stake in Symphony. The messaging start-up backed by a number of big banks is reportedly valued at about $650 million and aims to compete with Bloomberg's messaging service on Wall Street.
Facebook loses privacy case
Facebook (FB) is feeling the heat from across the Atlantic. The EU’s highest court has just ruled a trans-Atlantic protection agreement doesn’t adequately protect European Facebook users from privacy intrusions like U.S. government snooping. Yahoo Finance reached out to Facebook and the company said: "Facebook has other mechanisms in place to transfer data from the EU and U.S. so it will be business as usual for us."
A huge shakeup at a huge chemical firm. Dupont (DD) CEO Ellen Kullman is stepping down from the company she’s run for seven years next week...only months after surviving a bruising proxy battle with activist investor Nelson Peltz.
A big scandal is rocking the multi-billion dollar fantasy sports world. DraftKings and FanDuel are now banning staff from playing daily fantasy games. This after the New York Times revealed a DraftKings employee inadvertently released data which showed he had access to all of Draftkings’ contestant lineups. That same week, the employee won $350,000 playing on rival site FanDuel.
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