Morning Brief

Wall Street makes it clear who it favors on Election Day

Key Points


U.S. stocks futures were modestly lower this morning, ahead of the election results, which won't come in until tonight. In Monday's 2 percent-plus rallies, the S&P 500 and Nasdaq broke nine-session losing streaks, while the Dow advanced for the first time in eight days. (CNBC)

Wall Street has made it clear it favors Democrat Hillary Clinton over Republican Donald Trump. Even though some of her policies may not appeal to investors, Clinton is seen as being a known entity who would be more predictable than Trump. (CNBC)


Clinton holds a narrow lead in the polls nationally, and pundits generally agree that Trump must win more of the swing states. The first candidate to capture 270 Electoral College votes wins. (NBC News)

As they do every four years, polls opened at midnight in three small New Hampshire towns. Clinton won two of the three contests, but Trump got more votes 32 to 25 overall. (NBC News)

In the key state of Florida, more than 6 million people have already made their choice in early voting, exceeding the total number of votes cast in the 2000 race between George W. Bush and Al Gore. (CNBC)

Democrats stand on the brink of narrowly recapturing the Senate majority they lost two years ago. Meanwhile, Republicans look to limit losses in the House, which is expected to remain in GOP control. (WSJ)

Election Day brings a watershed moment for marijuana, as nine states vote on relaxing laws governing medical or recreational marijuana use. Meanwhile four states consider ballot initiatives to raise the minimum wage. (USA Today)

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Valeant (VRX) in the premarket, after the embattled drugmaker missed estimates on earnings and revenues. Valeant also cut its full-year forecast. (Press Release)

CVS Health (CVS) beat on earnings but fell short of estimates on revenue. CVS cut its full-year forecast. Separately, CVS announced a new $15 billion stock buyback program. The stock in the premarket.

Hertz (HTZ) reported earnings way below estimates. Revenue also missed. The car rental firm also cut full-year outlook for the year. Hertz shares were losing about a third of their value in premarket trading. (MarketWatch)

Automaker Tesla (TSLA) said it would stop offering new owners of its electric vehicles unlimited access to free fast-charging stations, as it approaches the launch of its new Model 3 vehicle. (WSJ)

Tesla said it's buying Germany's Grohmann Engineering, in a deal that would see the global engineering leader become Tesla's new Advanced Automation facility based in Germany. (TechCrunch)

A federal court jury has awarded $3 million in damages to a University of Virginia administrator, who jurors last week found was defamed by Rolling Stone magazine's now-retracted story of a gang rape. (Reuters)

CBS (CBS) has retained banks Moelis and Goldman Sachs to advise on a possible merger with Viacom (VIAB). National Amusements, which controls both, has asked the two to examine a possible deal. (WSJ)

Twitter (TWTR) is considering offers to buy its Vine service, despite having announced plans last month to shut down the short-form video service. The offers are said to be under $10 million. (TechCrunch)

Facebook (FB) is testing a feature to let page administrators create job postings and receive applications from candidates, a move that could pressure LinkedIn (LNKD) recruiting business. (Reuters)

Smith & Wesson (SWHC) plans to ask shareholders to approve a change in its corporate name to American Outdoor Brands. However, it plans to keep using the Smith & Wesson name for its handguns. (Seeking Alpha)


The National Federation of Independent Business said its October small business sentiment index managed a slight increase, but business owners remained rattled by uncertainty over whether to expand or increase hiring, ahead of the election.

The Labor Department issues its September Job Opportunities And Labor Turnover Survey, known as JOLTS, 10 a.m. ET. Chicago Fed President Charles Evans is the lone Election Day Fed speaker, with two public appearances scheduled.


Priceline (PCLN) beat on earnings, revenue, and bookings. But the travel services firm warned on outlook. Priceline also announced a $941 million write-down related to its OpenTable service.

News Corporation (NWSA) lost an adjusted a penny per share, compared to breakeven estimates. Revenue slight exceeded forecasts. Results were pressured by a tough print ad market and foreign currency issues.

Marriott (MAR) beat on earnings but missed forecasts on revenue. The hotel giant saw overall profit hurt by costs related to its now-completed acquisition of rival Starwood.

Toyota (TM) reported a 36 percent decline in net profit for its fiscal second quarter, with the automaker's results hurt by a strong yen and weak US sales. However, the results did beat analyst forecasts.

Arconic (ARNC) won its first major supply deal since being spun off from Alcoa (AA), a $1 billion contract with aircraft maker Airbus to supply aluminum products.

FedEx (FDX) temporarily grounded one of its jets after General Electric (GE) warned airlines about a possible problem with one of its engines. The FedEx jet contains the engine that GE identified.

The Senate Judiciary Committee is urging regulators to investigate whether Mylan (MYL) broke the law by keeping schools from purchasing competitors to its EpiPen, which saw price spikes in recent years.

A group of state attorneys general have joined a federal antitrust probe into the planned merger between Dow Chemical (DOW) and DuPont (DD). DuPont and Dow said they expected to win approval for their deal.

At least six offers have been submitted by industry players and buyout funds for a group of beer brands being sold by Anheuser-Busch InBev (BUD).