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Stocks slip as election rally loses steam

Yahoo Finance

Following three weeks of big gains, stocks take a step back as traders take profits. Is this the beginning of the end for the Trump Trade? Catch The Final Round at 4 p.m. ET with Alexis Christoforous and Yahoo Finance editor-in-chief Andy Serwer.

Winners and losers

Stocks selling off to start the week include Hasbro, with Piper Jaffray downgrading shares to neutral on valuation concerns; Fang Holdings, after the Chinese real estate website cut its full-year revenue guidance; and H&R Block, with shares of the tax preparation firm getting written off as BTIG downgraded shares to sell citing the increased possibility of simplified returns due to a Trump White House and a GOP-controlled Congress.

Stocks pushing higher today include Cognizant Technology as activist Elliott Management outlined a plan to unlock shareholder value for the IT services firm; Southwestern Energy as BMO Capital upgraded shares of the natural gas driller on its attractive valuation; and Time Inc., with shares of the publisher of People, Fortune, and Time on fire after reports that Edgar Bronfman, Jr. offered nearly $1.8 billion for the company, or $18 a share. Bronfman, the former CEO of Warner Music Group, has a long history in the media world.

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Online onslaught to continue in retail?

Cyber Monday wants to keep its title, but it has it’s work cut out for it. That’s after online shopping surged to record levels this Black Friday, with over 100 million people making purchases online, according to the National Retail Federation. Joining us now to discuss the online retail trend is Christian Magoon, CEO of Amplify Investments.

Looking ahead

  • Early in the morning, the government will release the second estimate for 3rd quarter GDP. The Street’s looking for 3.1% growth, a slight uptick over the initial 2.9% reading.

  • At 9 a.m. ET, we get the S&P Corelogic Case-Shiller home price index for September. The consensus estimate is for prices to rise to a seasonally-adjusted 5.2%, year over year.

  • Finally, Emma Martina Luigia Morano of Italy, the world’s oldest living person, celebrates her 117th birthday. According to Guinness World Records, Morano was born in 1899 in Civiasco, Italy, and she attributes her longevity to never touching drugs, consuming three eggs (two raw, one cooked) and a glass of homemade brandy, every day.