Good morning. Here’s what you need to know.
France continues to bomb ISIS. “The Defence Ministry said 12 aircraft based in Jordan and the Persian Gulf dropped a total of 20 bombs,” AP reported. “It called the operation the largest attack by French air power since France joined the U.S.-led coalition in targeting suspected IS power bases in Syria in September.” France wants to unite with the US and Russia in a grand coalition dedicated to smashing the Islamic State group, French President Francois Hollande told lawmakers.
Walmart beats. Walmart earned $US1.03 per share from continuing operations in Q3, but $US0.99 excluding adjustments to its leases. Still that was marginally higher than the $US0.98 expected by analysts. Comparable store sales at Walmart’s US stores were up 1.5%. E-commerce sales were up by 10%. “Although we still have work to do, we are positioning for sustainable growth through investments in people and technology to deliver a seamless shopping experience at scale,” CEO Doug McMillon said. WMT shares are up 2.5%.
Home Depot beats. The do-it-yourself home improvement chain earned $US1.36 per share in Q3, beating expectations for $US1.32. This was driven by a healthy 5.1% gain in comparable store sales, which was better than the 4.6% expected by analysts. “During the quarter, we saw broad-based growth across our geographies and product categories, led by growth in transactions from both our DIY and Pro customers,” CEO Craig Menear said. HD is up 3.1%
Urban Outfitters is getting slammed. Urban Outfitters reported disappointing sales for Q3. Comparable store sales climbed by just 1% during the period, missing expectations for 3.4% growth. The news came after shares tumbled 7.4% in the wake of the company’s announcement that it acquired a group of restaurants, including the fast-casual chain Pizzeria Vetri, from The Vetri Family based in Philadelphia. 12.6%.
Pandora bought a streaming music competitor. Pandora announced that it was buying assets from Rdio for $US75 million. This as competition intensifies from the likes of Spotify and Apple Music. “Whether streaming through radio, on-demand or in-person at live events, Pandora is building the definitive source for fans to discover and celebrate music,” Pandora CEO Brian McAndrews said.
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German investor sentiment is buoyant. The ZEW investor sentiment index climbed to 10.4 in November from 1.9 in October. “In on line: Encouraging,” Pantheon Macroeconomics’ Claus Vistesen said. “A firmer stock market and expectations of more QE next month likely were the key drivers of the jump in investor expectations this month.”
George Soros unveiled a new bet on PayPal. Soros Fund Management disclosed a new 4.4 million share position in PayPal Holdings. The position was worth $US137 million at the end of Q3. During the period, the fund also dropped 1.575 million shares of Herbalife.
Grantham cranks up his bet on Valeant. Grantham Mayo Van Otterloo, the investment firm headed by Jeremy Grantham, added 6.5 million shares of Valeant Pharmaceutical in Q3, which quadruples the firm’s total stake to 8.2 million shares. Disclosed in a regulatory filing, the position was valued at $US1.46 billion at the end of Q3.
Markets are rallying. US futures are in the green with Dow futures up 88 points and S&P futures up 8 points. Asian markets closed up with Japan’s Nikkei up 1.2% and Hong Kong’s Hang Seng up 1.1%. European markets are surging with Britain’s FTSE 100 up 1.8%, Germany’s DAX up 1.9%, and France’s CAC 40 up 2.3%.
Lots of economic data. At 8:30 a.m. ET, we’ll get the October consumer price index report, followed by the October industrial production report at 9:15 a.m. ET. At 10:00 a.m. ET, we’ll get the November NAHB housing market index. For a complete preview, check out BI’s Monday Scouting Report.
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