Stocks sink as oil drops into bear market
Stocks (^DJI, ^GSPC, ^IXIC) are slipping a bit here as oil keeps dropping—now in a bear market. Will markets eventually follow suit? Catch The Final Round at 4 p.m. with Jen Rogers and Yahoo Finance columnnist Rick Newman, plus Gabriela Santos of J.P. Morgan Asset Management.
Winners and losers
Stocks in the red today include Reliance Steel as it warned on current quarter EPS; Comcast as MoffetNathanson downgrades shares to neutral on declining broadband growth; and Chipotle, with shares getting chopped as the Mexican chain plans to spend more than expected on marketing and promotions.
Stocks on the move higher include Parexel—the drug research firm will be acquired by Pamplona Capital for $5 billion; Vivint Solar as Goldman upgraded shares to buy with a $6 price target; and Glu Mobile, with shares of the social games maker spiking higher after reaching a deal with the WWE to make a mobile game featuring WWE stars.
Amazon’s latest play
Another day, another shot across the bow of the retail industry courtesy of Amazon. This time the online giant is launching Prime Wardrobe, a try-it-before-you-buy-it clothing box. Sound familiar? Dan Roberts joins us to discuss Amazon’s playbook to take over your wallet.
Looking ahead
At 10 a.m. ET, we’ll get existing home sales for May. Economists are expecting 5.55 million homes sold, a slight downtick from the prior month.
We will also get some more earnings, with Carmax, Winnebago and Oracle all reporting tomorrow.
Finally, we’ve got another big-budget summer movie— Transformers: The Last Knight, the fifth installment of the franchise, will be released in theaters. The latest in the Paramount-Hasbro team-up features director Michael Bay and star Mark Wahlberg.
