The markets had a wild ride today as traders digested a lower than expected US Jobs report. The Dow 30 was down over 100 at one point, but finished the day with a loss of only 12. The S&P 500 gained 1, and the Nasdaq 100 lost 9. As we wrap up the week, all eyes will be focused on the Unemployment rate, due out tomorrow before the open.
Twitter (NASDAQ: TWTR) plummeted today right off the open (-20.10%) as investors sold due to a report that said Alphabet's Google (NASDAQ: GOOGL) will not make a bid for Twitter. The technology website Recode also came out and reported that Apple (NASDAQ: AAPL) is unlikely to buy Twitter and that Disney (NYSE: DIS) will not make an offer for the struggling social media company either. Speculation about a takeover has sent shares of Twitter up more than 35% since mid-September, but almost all of that was erased today.
Walmart (NYSE: WMT) announced that it will stand by its earnings guidance for the current year this morning. The retail giant also commented that it expects earnings to come in flat next year as it expands its online business and slows new store openings. Shares were lower by 3.22% today, its largest one-day loss in over 4 months.
Yum Brands (NYSE: YUM) suffered a 1.33% loss today as the operator of Taco Bell and KFC posted a miss on both its top and bottom lines for the third quarter. According to their report, revenue fell more than 3% percent from a year ago due to weak sales in its China division. The company also noted that it is still moving forward with the spin-off of its Chinese business next month. Yum China is set to begin trading on the New York Stock Exchange under the ticker symbol YUMC on November 1.
JD.com (NYSE: JD) shares gapped higher today following news that Walmart nearly doubled its stake in the Chinese e-commerce giant to 10.8%. The stock was unable to hold on to those gains though, closing down 1.90%. Analysts continue to report that this move is an attempt for Walmart (NYSE: WMT) to find ways to gain a competitive edge against online rival Amazon (NASDAQ: AMZN). Also of note: Walmart's annual investor day kicks off on Thursday in Bentonville, Arkansas.