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Fly Intel - End of Day Brief - Thursday Nov 21, 2019

Stocks end lower as Senate passes short-term funding bill

Stocks looked in early trading like they may be set for an up day after reports that China’s top trade negotiator, Liu He, said he was "cautiously optimistic" about reaching a phase one deal with the U.S. However, investors are staying cautious about the trade negotiations as the self-imposed U.S. deadline of December 15 for added tariffs gets closer. Adding a wrinkle to the trade nervousness is the potential for President Trump to sign a U.S. bill supporting the protesters in Hong Kong, which would be certain to be met with some response from the Chinese side. Amid the trade tension, though, today's pullback in the major averages was mild.

ECONOMIC EVENTS: In the U.S., initial jobless claims were steady at 227,000 in the week ended November 16. The Philly Fed index rose 4.8 points to 10.4 in November from 5.6 in October. Existing home sales bounced 1.9% to a 5.46M home pace in October. The leading economic indicators index fell 0.1% in October to 111.7.

In trade news, Politico reported that Trump administration officials are mulling whether to initiate a new trade probe against the European Union as the window closes for slapping automobile tariffs on the bloc.

In Capitol Hill news, Politico reported that the Senate has passed the short-term government funding bill that the House approved earlier this week, and President Donald Trump is expected to sign it before the midnight deadline in order to buy four more weeks before the threat of another shutdown.

TOP NEWS: Charles Schwab (SCHW) is in talks to buy TD Ameritrade (AMTD) and a deal could be announced as early as today, a source told CNBC's Becky Quick. Following Quick's report, shares of TD Ameritrade jumped 16.9%, while Charles Schwab's stock rose 7.4%. Online discount brokerage peer E-Trade Financial (ETFC), which was widely viewed as the most likely M&A candidate in the space, fell 9.3% after the news.

In other M&A news, Reuters reported that LVMH (LVMUY) has raised its offer for Tiffany (TIF) to per share, adding that LVMH has received access to Tiffany's financials. Meanwhile, Xerox (XRX) made public a letter sent to members of the board at HP Inc. (HPQ), in which it states that it "is determined to capture the compelling opportunity for our respective shareholders" it sees in its proposal to acquire HP.

Additionally, PayPal (PYPL) announced that it is buying Honey Science, a technology platform for shopping and rewards, for approximately B. Following the news, one Wall Street analyst called the acquisition a "sweet deal," while another said PayPal made a "bold move" with the purchase.

Shares of Macy's (M) were 2.3% lower after the department store owner posted better than expected earnings in the third quarter, but lower than expected sales, and lowered its outlook for the full-year for both sales and profits.

Meanwhile, General Motors (GM) and Isuzu announced a 5M investment through their DMAX joint venture to build an all-new, diesel engine components plant in Brookville, Ohio. The news follows a report from Reuters saying that GM's first electric pickup truck model will go on sale in the fall of 2021.

MAJOR MOVERS: Among the noteworthy gainers was Uber (UBER), which rose 5.1% after CEO Dara Khosrowshahi disclosed in a filing that he had purchased 250,000 shares of company stock in a transaction with a value of roughly .7M. Also higher was L Brands (LB), which gained 10.1% after reporting quarterly results.

Among the notable losers were Cubic (CUB) and Baozun (BZUN), which fell 21.8% and 17.5%, respectively, after reporting quarterly results.

INDEXES: The Dow fell 54.80, or 0.2%, to 27,766.29, the Nasdaq lost 20.52, or 0.24%, to 8,506.21, and the S&P 500 declined 4.92, or 0.16%, to 3,103.54.


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Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal.

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