The markets closed lower today as financial stocks seemed to take a break from the most recent rally. The Dow 30 lost 51, the S&P 500 lost 11 and the Nasdaq 100 lost 30. Oil was rather volatile today and will likely continue this way until after the results of the OPEC meeting later this week. Retail stocks could be in focus later this week as well as results from today's "cyber-Monday" shopping day come in.
Amazon (NASDAQ: AMZN) lost 1.74% on "Cyber Monday." Today is a busy day for online shopping in the states and Amazon has prepared for this by announcing that it's offering 75,000 deals this week. Some of the metrics that investors will be looking for include the number of items sold. Last year, Amazon sold 54 million items on Cyber Monday alone. Analysts had fun with the number citing that it would mean 629 items per second. The company has previously said that it expects to beat last years record. Amazon has also made efforts to train its holiday employees faster which will lead to faster processing of orders.
Time Inc. (NASDAQ: TIME) shot up over 18% today as a report came out that the company has turned down a buyout offer from Edgar Bronfman for $18 per share. The New York Post was the media outlet that reported that Bronfman teamed up with Israeli businessman Ynon Kreiz and Access Industries to bid for Time. As of now there has been no official confirmation from the company.
Panera Bread (NASDAQ: PNRA) continued its pullback today losing 2.29% after Wedbush downgraded the stock to neutral from outperform. The analyst pointed to only valuation as their reasoning behind the downgrade which caused the selloff today. In the report the analyst firm discussed the fact that Panera's shares are "trading at a 20% premium to its peers." Despite the downgrade they still held their price target of $220 a share.