Stocks slip as oil drops; GE down day 2
Stocks weak here as commodities fall, and so does GE—again. Plus, Home Depot is making a big bet on the connected home—will it pan out? And we break down the latest disclosure reports to see what Wall Street’s biggest fund managers are holding. Finally, a watershed case heads to the Supreme Court. Could casino operators get a lift from legalized sports gambling?
Winners and losers
Stocks getting hit today include Dick’s Sporting Goods as the sports retailer said 2018 earnings would drop as much 20%; Albemarle as the chemicals company was downgraded by Deutsche Bank, citing upcoming pressure on lithium prices; and TJX Companies, the parent of TJ Maxx, stumbling after a profit and same-store sales miss, with the retailer partially blaming the hurricanes.
Stock in the green today include Advance Auto Parts as the auto parts retailer beat on earnings; Taubman Centers on reports Elliot Management amassed a sizable stake in the shopping center operator; and Buffalo Wild Wings, with shares flying higher on reports the wing chain received a $2.3 billion takeover from PE firm Roark Capital. Roark already owns Arby’s, Carvel, and Auntie Anne’s Pretzels.
Sports gambling’s big moment
It’s not the Super Bowl or game 7 of the World Series, but December 4th is going to be a big day for sports fans. The field of play: the US Supreme Court in Washington DC. Dan Roberts is here with the details.
