Yahoo Finance Wall Street's job focus; Tesla's troubles; Ackman takes a bite of Mondelez
Wall Street remains in a bit of a holding pattern with investors waiting for tomorrow's big July jobs report...and what it might mean for interest rates. Stocks (^GSPC) had a ho-hum session yesterday as the market weighed various comments from Fed officials on when policymakers will finally begin to raise borrowing costs.
Yahoo Senior Columnist Michael Santoli believes if tomorrow's report doesn't bring any surprises, we should get ready for the Fed to move sooner rather than later.
"The threshold is not particularly high for the jobs number," he says. "If it's pretty much as expected, we're going to pretty much assume September becomes more likely for the first Fed increase."
Ahead of the monthly report, the Labor Department says weekly jobless claims came in at 270,000, lower than economists had forecast.
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Tesla disappoints
Here are some of the stocks the Yahoo Finance team will be watching for you today.
Tesla Motors (TSLA) Despite the company's solid financial report, CEO Elon Musk disappointed investors by saying the electric carmaker may not make as many vehicles this year as originally forecast. Musk points to production problems for its new Model X SUV scheduled to come out next month. Tesla's second quarter loss was less than expected...and revenue topped estimates.
Keurig Green Mountain (GMCR) The maker of those ubiquitous 1-shot coffee makers beat on the bottom line but missed badly on the top line in the period. The company is reporting a big drop in sales in Keurig products. It is cutting its full-year outlook and laying off 5% of its workforce.
Fitbit (FIT) The maker of wearable exercise and health devices easily beat quarterly profit and revenue numbers. However, investors appear more focused on a decline in gross margin and increased costs at the company, which went public in June.
SeaWorld Entertainment (SEAS) The animal theme park company missed estimates on both earnings and revenue in the period. SeaWorld saw a drop in attendance as it continues to battle against critics who say it mistreats its killer whales. SeaWorld also blames bad weather in Texas and a shift in the Easter holiday.
Viacom (VIAB) The entertainment company reports second quarter profit in line with estimates...while revenue fell short. Viacom says it had a big decline in film revenue because its big summer movies, Mission: Impossible-- Rouge Nation and Terminator Genisys, came out after the quarter ended. Viacom is also saying goodbye to popular Comedy Central host, Jon Stewart, who is signing off the Daily Show tonight.
CF Industries (CF) The Illinois-based fertilizer maker is buying the North American, European and global distribution business of Dutch rival OCI N.V. for $8 billion in cash and debt. The deal creates the world's biggest nitrogen producer.
Ackman makes Mondelez play
Bill Ackman is making waves on Wall Street again today. The mercurial fund manager is taking a $5.5 billion stake, or 7.5%, in Oreo and Ritz Cracker maker Mondelez International (MDLZ)
Adidas looking for a mulligan
Adidas is struggling with its golf business. The sportswear maker is considering the sale its smaller golf brands, and announced a turnaround plan for its main golf label.
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