Wall Street is kicking off the week with solid gains. All three major averages (^DJI, ^GSPC, ^IXIC) are higher across the board as crude price rise (CLN16.NYM) and investors await a speech by Fed Chair Janet Yellen at 12:30 p.m. ET following Friday's much weaker-than-expected jobs figures.
Walmart upgraded
Walmart (WMT) shares were higher in early trading after Jefferies upgraded the stock to "buy" from "hold" and raised its price target to $82 a share from $60 a share. In a note, Jefferies analyst Daniel Binder said investments are beginning to improve store conditions and that will translate into better sales and earnings for the retailer.
Whole Foods (WFM) rose in early trading after a Barron's report over the weekend that predicted shares of the upscale supermarket chain could rise 20% over the next year. Whole Foods' sales trends are beginning to improve thanks to cost cutting and the rolling out of a smaller, lower-priced version of its stores.
Priceline (PCLN) is losing another top executive, the company announced late Friday. Paul Hennessy, the CEO of its priceline.com unit, is leaving to take a job at an e-commerce company outside the travel industry. This comes after Priceline's chief executive resigned in April for having a relationship with an employee.
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Adamis Pharmaceuticals (ADMP) shares plunged in early trading following news that the Food and Drug Administration requested additional testing before it could approve its treatment for severe allergic reaction.
Hercules Offshore (HERO) shares sank Monday morning. The prolonged slump in oil prices is forcing the oil and gas driller to file for Chapter 11 bankruptcy protection, yet again. Hercules is planning to sell all of its assets and shut down just seven months after emerging from bankruptcy.
Economic slowdown
The election isn’t till November, but it’s already hurting our economy. A study shows 60% of economists say that the November vote is slowing down growth. Around 60% of economists say the uncertainty of the November vote is hurting economic growth. That’s according to the National Association for Business Economics. The study went on to say that the remaining candidates have extremely different policy views, which is making businesses uneasy.
US/China talks
The United States and China are holding their annual Strategic and Economic Dialogue meeting in Beijing. The two sides will talk mostly about economic issues, primarily excess capacity in industrial goods like steel. Some economists just want the Obama administration to concentrate on stability between the two countries.
Cadillac’s showroom overhaul
Some of Cadillac’s 925 dealerships are about to make a major change. Showrooms will have virtual reality headsets and no cars on site. The plan is to educate drivers about their cars and services provided to them. The biggest issue since these dealers won’t have any cars on their lot ... people will not be able to drive off with a new Cadillac.