Today's Primer Post
Wall Street is finishing up a positive year with a decidedly negative finish. Though the Dow (up 5.9%), the S&P 500 (up 11.5%), and the Nasdaq (up 13.6%) will chalk up a winning year, all three are riding five-session losing streaks and have fallen for six of the past seven sessions. With a fiscal cliff agreement still not in sight, futures are pointing to a lower open this morning. Unlike last Monday's pre-holiday session, today will see a full day of stock trading.
Though anumber of key economic reports will be out this week, none occur before the NewYear's holiday. Investors, as always, will focus on Friday morning'sDecember employment report, currently expected to 150,000 new non-farm jobs andan unemployment rate of 7.8%.
Theearnings calendar is largely blank today, though we will get a quarterly reportfrom major egg producer Cal-Maine Foods (CALM).
Bristol-MyersSquibb (BMY) has gotten expanded FDA approval for Eliquis, an anti-clottingoral medication used to reduce the risk of stroke and dangerous bloodclots. The new approval allows it to be used in patients with atrialfibrillation not caused by heart valve problems. Bristol-Myers makesEliquis, and markets it in conjunction with Pfizer (PFE).
Netflix(NFLX) CEO Reed Hastings will receive a $2 million salary in 2013, up from$500,000 this year. He'll also get $2 million in stock options.
Toyota (TM)has gotten preliminary approval from a judge for its previously announced $1.1billion settlement in cases involving unintended acceleration.
Duff &Phelps (DUF) has struck a deal to be bought by a group of private equity firmsfor $665 million, or $15.55 per share. The proposed deal allows theinvestment firm to seek higher offers between now and February 8. Theoffer price represents a 19.2% premium over Friday's closing price for Duff& Phelps shareholders.
AmericanAirlines pilots have approved the framework for a potential merger with U.S.Airways (LCC). That approval could ease the way for a deal that wouldcombine the two carriers and take American parent AMR out of bankruptcy.