The KUIK Morning Market Report for Tuesday, October 3:
Markets are up.
Index
Direction
Change
Units
Index
Time
Change
Dow Jones Industrial Average
Up
26
points
22,582
6:48 AM
S&P500
Up
0.1%
percent
2,531
1.55
Nasdaq Composite
Up
0.2%
percent
6,529
11.83
30 Year Treasury
Up
2
Basis Points
2.89
Annual Yield
Shares of MGM Resorts International are unchanged at $30.77. Susquehanna Financial cut its its bullish stance on the hotel and casino operator, citing concerns that the mass shooting in Las Vegas could have a negative effect on bookings and profits in the coming months. Analyst Rachael Rothman cut her rating to neutral, after being at positive for at the past three years. She cut her price target to $33, from $38. Rothman said that while she still has a favorable outlook on Las Vegas and MGM, and is confident that U.S. consumers and MGM employees will “demonstrate their resiliency and business will rebound,” history suggests there is heightened risk that results will weaken and the stock will fall in the near term.
Wal-Mart announced that it bought Brooklyn, NY-based Parcel. Parcel offers same day and last mile delivery in metro New York for online retailers. The company has delivered more than 1 million meals in the past two years. Walmart said it plans to use Parcel for last-mile and same-day delivery in New York City for general merchandise and groceries from Walmart and Jet in the future. Terms of the deal were not disclosed, but Walmart said it was smaller than previous acquisitions this year. The deal closed on Sept. 29.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
