Following Friday’s market rout, stocks are trying to start the holiday week in positive territory. Oil continues its slide and Spain’s election has thrown some uncertainty into the Eurozone market.
The S&P 500 is up 14 points to 2,020, the Dow Jones Industrial average is up 133 points to 17,261 and the Nasdaq is ahead by 40 points to 4,963. Oil is down another 33 cents a barrel to $34.40, the lowest level in almost seven years.
Sequential Brands gave updated financial projections following the completed merger with Martha Stewart Living Omnimedia. The integration of the two companies is expected to be complete in six to nine months and the long-term opportunity for Sequential could achieve or pass $75 million in annual revenue. Management held a conference call on Monday morning to provide further updates. Martha Stewart Living products signed on for three more years at Home Depot and Staples will begin carrying Martha Stewart Home Office products. The stock is rising more than 8 percent in early trading to $8.15 and it needs the good news because year-to-date the stock has dropped 42 percent.
Disney stock continues to gain after the block-buster release of Star Wars: The Force awakens. The Star Wars movie broke just about every ticket record there was. The movie earned $2.3 billion in its opening weekend. Domestic ticket sales are pegged at $800 million and the movie won’t even open in China for another month. The stock is up more than 1 percent to trade near $109.50. Investors had been selling off the stock over the past month causing it to dive more than 9 percent, but overall the stock is up 14 percent year-to-date.
Tiffany’s was upgraded to buy from a hold by analysts at Jefferies and the target price was raised to $100 from $88. Tiffany’s stock was rising over 2 percent to $73.20, but has fallen 32 percent year-to-date as the company has disappointed investors on declining sales and lowered its outlook. The analyst sees the discounted stock as a rare opportunity to get a high quality stock at a lowered price.
Amazon is a procrastinator’s dream. The online shopping site is now offering free two-day shipping to its Amazon Prime members through Tuesday. In 16 different metropolitan areas, Amazon Prime members can get same day delivery for free for orders over $35 and can take advantage of this deal up to Christmas Eve.
Asian markets closed the day on a mixed note with Japan and Hong Kong down, but China’s Shanghai Composite up 1.8 percent. The European indices are trading higher with the exception of Spain, which traded lower as Mariano Rajoy’s Partido Popular party won, but a coalition government is not expected to be formed due to major ideological differences.