Coming up Were Down

MARKET RECAP at 4 pm ET

Stocks fell, led by a pull out in Apple and other technology shares. Treasury yields Coming Up were down. The dollar index fell on comments from Fed officials that the central bank is perhaps nearing the end of its tightening cycle, providing a boost to gold prices. Oil prices ended higher.

STOCKS Close Chng %Chng Yr-high Yr-low DJIA 25018.02 -395.20 -1.56 26951.81 23344.52 Nasdaq 7028.48 -219.40 -3.03 8133.30 6630.67 S&P 500 2690.80 -45.47 -1.66 2940.91 2532.69 Toronto 15071.01 -84.49 -0.56 16586.46 14639.70 FTSE 7000.89 -12.99 -0.19 7903.50 6851.59 Eurofirst 1399.27 -9.95 -0.71 1587.95 1370.70 Nikkei 21821.16 140.82 0.65 24448.07 20347.49 Hang Seng 26372.00 188.47 0.72 33484.08 24540.63

TREASURIES Yield Price

10-year 3.0555 5 /32 2-year 2.7872 2 /32 5-year 2.8628 4 /32 People exit a Target store in Azusa, California U.S. November 16, 2017. REUTERS/Lucy Nicholson 30-year 3.3138 8 /32

Target Corp is expected to post a rise in market mount due to higher prices and a FOREX Last % Chng sales and profit in its third quarter, as lack of supply. The retailer is also set to Euro/Dollar 1.1448 0.26 consumers continue to visit and spend at bear the brunt of higher tariffs on Chinese Dollar/Yen 112.53 -0.26 its stores due to strong U.S. economic imports. Sterling/Dollar 1.2852 0.12 growth. Target has been investing heavily Dollar/CAD 1.3175 0.24 to improve its store and online operations The Commerce Department is likely to TR/HKEX RMB 92.72 -0.08 by focusing on its own brands. Investors report that housing starts rose to a rate of will be on the lookout for the Minneapolis- 1.225 million units in October, from 1.201 COMMODITIES ($) Price Chng % chng based company's forecast for the holiday million units in the previous month, Front Month Crude /barrel 57.17 0.71 1.26 season. according to a Reuters survey among Spot gold (NY/oz) 1223.11 1.75 0.14 economists. Building permits are Copper U.S. (front month/lb) 0.0280 0.0000 -0.41 Reuters/CRB Index Total Return 195.06 1.55 0.80 Lowe's Companies Inc is expected to post expected to fall to 1.267 million units in a fall in same-store sales in the third October, from 1.270 million units in

quarter, as signs of a slowing housing September. S&P 500 Price $ Chng % Chng

GAINERS Helmerich and Payne Inc 64.37 1.78 2.84 Molson Coors Brewing Co 66.39 1.65 2.55 KEY ECONOMIC EVENTS AmerisourceBergen Corp 90.91 2.16 2.43 Monster Beverage Corp 57.04 1.27 2.28 Events ET Poll Prior LOSERS NVIDIA Corp 144.70 -19.73 -12.00 Building permits: number for Oct 0830 1.267 mln 1.270 mln Align Technology Inc 204.43 -20.98 -9.31 Salesforce.Com Inc 120.98 -11.57 -8.73 Build permits: change mm for Oct 0830 -- 1.7 pct Adobe Inc 219.69 -19.20 -8.04 Housing starts number for Oct 0830 1.225 mln 1.201 mln House starts mm: change for Oct 0830 -- -5.3 pct

Kohl's Corp reports third-quarter results Best Buy Co Inc is expected to report a rise Third Point, is expected to report lower first with analysts expecting the women's in its third-quarter revenue, driven by a -quarter earnings. Hormel Foods Corp is apparel retailer to post a rise in profit as it strong U.S. economy that boosts demand expected to report its fourth-quarter heads into the holiday season. Like Macy's, for appliances and consumer electronics. earnings. Medtronic Inc, Barnes & Noble Wall Street hopes Kohl's recent success However, investors will pay attention to Inc, Foot Locker Inc and Sea Ltd are also with its merchandising will help it raise its any indication the company makes on expected to report their results. forecast, but J.C. Penney's dismal results slowing iPhone sales, as a number of have brought down some of that Apple's key parts suppliers have cut their TJX Companies Inc is expected to post a confidence when it said women's apparel sales forecasts in recent weeks, citing a rise in same-store sales and profit in its didn't perform exceptionally well. drop in orders. third quarter, as its treasure hunt strategy with heavy discounts on apparels and Gap Inc is expected to report a rise in Autodesk Inc is expected to report a rise in accessories continue to lure young quarterly revenue and profit for its third its third-quarter revenue as the AutoCAD shoppers. Investors will closely watch the quarter, boosted by sales of its money- software maker signed up more company's forecast for the holiday season. making Old Navy apparel brand. However, subscribers. all eyes will be on its eponymous brand, LIVECHAT- FED WATCH which is expected to report its third Analog Devices Inc is expected to report Reuters reporters and editors tracking the straight quarter of falling same-store its fourth-quarter results, while Elbit Federal Reserve take questions on the sales, as it struggles to compete with Systems is set to report its third-quarter economics, politics, trade matters and changing fashion trends and consumer results. rates policies facing the central bank and preferences. others whose decisions drive markets day Campbell Soup, which is embroiled in a in and day out. (0830 ET/1330 GMT) To bitter proxy fight with activist shareholder join the Global Markets Forum, click here

KEY RESULTS

Company Name* Quarter ET Smart Estimates EPS Estimates** Year Ago Rev Estimates (mln)

Analog Devices Q4 08:00 $1.53 $1.52 $1.45 $1,570.97 Autodesk Q3 AMC $0.27 $0.27 -$0.12 $640.11 Best Buy Q3 BMO $0.86 $0.85 $0.78 $9,568.72 Campbell Soup Q1 BMO $0.69 $0.70 $0.92 $2,666.98 Copart Q1 AMC $0.46 $0.47 $0.43 $459.28 Foot Locker Q3 AMC $0.91 $0.92 $0.87 $1,850.11 Gap Q3 16:15 $0.69 $0.68 $0.58 $3,996.86 Hormel Foods Q4 BMO $0.49 $0.49 $0.41 $2,567.68 Jacobs Engineering Group Q4 BMO $1.25 $1.24 $0.98 $4,274.88 Kohls Q3 BMO $0.98 $0.96 $0.70 $4,364.80 Lowe's Companies Q3 BMO $0.99 $0.98 $1.05 $17,359.87 Medtronic Q2 BMO $1.15 $1.15 $1.07 $7,347.51 Ross Stores Q3 BMO $0.91 $0.90 $0.72 $3,547.94 Target Q3 BMO $1.12 $1.12 $0.91 $17,800.19 TJX Companies Q3 09:30 $0.62 $0.61 $0.50 $9,491.40 *Includes companies on S&P 500 index. **Estimates may be updated or revised; release times based on company guidance or past practice.

EPS and Revenue estimates are according to Thomson Reuters I/B/E/S. Smart Estimates are according to Thomson Reuters StarMine.

Market Monitor

Stocks dropped as investors dumped Apple, internet and other technology shares, further shaking confidence in a group of stocks that has propelled the long bull market. Shares of Apple fell 4.1 percent after WSJ reported the company had cut production orders in recent weeks for all three iPhone models launched in September. The S&P 500 technology index, down 3.8 percent, led sector losses. Other market leaders - including the 'FANG' stocks - also fell sharply, underscoring the view that their leadership was on shaky ground. "You're seeing that rotation away from tech. Certainly the indexes are much more growth-oriented because of the sheer size of those companies now, and they dominate the indexes. You're going to have more underperformance of the growth names," said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. Over the weekend, Asia-Pacific leaders meeting in Papua New Guinea failed to The dollar dropped, pressured by cautious on big moves ahead of Thanksgiving agree on a communique for the first time, comments about the U.S. economy from holiday on Thursday. "Markets are waiting with U.S.-China trade worries on the Federal Reserve officials suggesting the for a little more clarity on (a possible) forefront. U.S. Vice President Mike Pence central bank may be nearing the end of its December rate hike as well as the outlook said in a blunt speech on Saturday the tightening cycle. "Although investors now for 2019. Gold is taking a sideways United States will not back down from its think the rate will peak closer to the approach in this environment," said David trade dispute with China unless Beijing bottom of this range than the top...they Song, an analyst at DailyFX. Trading bows to U.S. demands, dampening are still a long way from discounting the volumes are expected to remain subdued Friday's trade optimism that was fueled by substantial rate cuts that we anticipate in before Thanksgiving. Spot gold was 0.1 comments from President Donald Trump. 2020 as the Fed responds to a sharp percent higher at $1223.01 per ounce. U.S. The Dow Jones Industrial Average fell economic slowdown," said John Higgins, gold futures rose 0.1 percent to $1224.60 1.56 percent to 25,018.02, the S&P 500 chief market economist, at Capital per ounce. lost 1.66 percent to 2,690.80 and the Economics in London. In a 2019 outlook Nasdaq Composite dropped 3 percent to note, strategists at Goldman Sachs said Oil prices rose, supported by a reported 7,028.48. the greenback may decline as much as 6 drawdown of U.S. oil inventories, potential percent against most of its developed European Union sanctions on Iran and Treasury yields fell as stocks fell, boosting market rivals, as the U.S. economy starts possible OPEC production cuts. The demand for low-risk U.S. government to slow with the impact from tax cuts and Organization of the Petroleum Exporting debt. Comments by New York Fed easy conditions fading through the year. Countries is pushing allied producers President John Williams that the U.S. The dollar index fell 0.3 percent to 96.20. including Russia to join in output cuts of 1 central bank is pushing ahead with The euro, which added 0.3 percent to million to 1.4 million barrels per day. Brent gradual rate-hike plans next month as it $1.1452, rallied against the dollar despite crude was up 0.25 percent to $66.93 per marches toward a more normal policy concerns about negotiations between barrel. U.S. crude futures rose 1.26 stance may have added pressure to stocks. Brussels and Rome on Italy's budget percent to $57.17 a barrel. Some investors questioned whether the plans. The pound rose 0.1 percent to Fed will be able to continue raising rates, $1.2851. possibly harming economic growth. Benchmark 10-year notes rose 5/32 to Gold rose as the dollar fell, but the metal yield 3.05 percent. Thirty-year bonds rose stayed in a tight range as investors held off 8/32 to yield 3.31 percent.

Top News

China's JD.com feels pressure as sales of big ticket items slow JD.com's shares came under further pressure after the company reported its slowest quarterly revenue growth since its initial public offering in 2014. Executives said slower sales in its core e-commerce business, particularly big ticket items, dented third-quarter earnings growth, adding that they expect an upturn in profits next year. While revenue rose 25 percent from the same period a year earlier, it lagged analysts' forecasts and was well below previous growth rates, which peaked at over 60 percent in 2015. The company also forecast fourth quarter sales growth between 18 and 23 percent, below an average analyst estimate of 23.5 percent. Chief financial officer Sidney Huang said the "relatively soft" sales forecast was linked to an ongoing consumption slowdown in China. Despite A customer compares the size of the new iPhone XS and iPhone XS Max at the Apple Store in Singapore the lower-than-expected sales, the September 21, 2018. REUTERS/Edgar Su company reported income of 0.80 yuan per share, above an estimate of 0.72 yuan, Apple cuts production orders for all 3 power and bringing a longtime GE driven by stronger sales in its tech services new iPhone models - WSJ executive back from retirement to help. unit, which grew at almost twice the rate of IPhone maker Apple has cut production The changes mark another step in new GE its general product sales. Its shares ended orders in recent weeks for all three iPhone Chief Executive Officer Larry Culp urgent 8.8 percent lower at $21.03. models launched in September, the Wall effort to reduce heavy debt and restore Street Journal reported, citing sources. A profits at the 126-year-old, Boston-based Cimarex to pay $1.6 billion for lower-than-expected demand for the new conglomerate. It also highlights the fellow Permian firm Resolute iPhones and Apple's decision to offer more serious problems at GE's power division. Cimarex Energy agreed to buy smaller rival models has made it more difficult to "One of my top priorities is positioning our Resolute Energy for $1.6 billion including anticipate the number of components and businesses to win, starting with GE Power," debt, adding more assets in the shale-rich handsets the company needs, according to Culp said in a statement. John Rice, a 39- Permian Basin for a premium of roughly 15 the paper. Forecasts have been particularly year GE veteran who once headed its percent. However, Resolute's largest problematic for iPhone XR with Apple energy unit, will now serve as chairman of shareholder - Kimmeridge Energy cutting its production plan by up to a third gas power, reporting to Culp. Rice retired Management Co - said it was dissatisfied of the nearly 70 million units some nearly a year ago after heading GE's global with the sale price, highlighting the suppliers had been asked to produce growth efforts as a vice chairman under difficulties U.S. energy mergers are facing between September and February, the former CEO Jeff Immelt. Scott Strazik, CEO due to crude price volatility. Analysts at paper said. As recently as last week, Apple of GE Power's repair and maintenance investment bank Tudor, Pickering and Holt informed several suppliers that it lowered business, will become CEO of Gas Power, said Resolute's acreage in the Delaware its production plan again for iPhone XR, overseeing both gas-related equipment part of the Permian sits directly adjacent to the Journal reported. Apple did not sales and services. GE Power's current Cimarex's, meaning these benefits should respond to a request for comment outside Chief Executive Officer, Russell Stokes, will be easier to accrue. Having called for more regular business hours. become CEO of other power activities, than a year for options to boost including nuclear and coal power, steam, shareholder value, including a possible GE shakes up power unit leadership, transmission grids and power conversion. sale, Kimmeridge Managing Partner Ben taps retired exec to help Dell said in a statement the investment General Electric shook up its ailing power firm was "pleased to see that Resolute's business, appointing a new CEO for gas

management team has finally acted." As Executive Officer Elon Musk said in a EU cracks down on blood pressure part of the deal, Resolute shareholders tweet. "Maybe interesting to work with medicine made by Mylan have the option to receive 0.3943 shares of Daimler/Mercedes on an electric Sprinter. European Union authorities stepped in to Cimarex common stock, $35 per share in That's a great van. We will inquire," Musk effectively ban sales of blood pressure cash, or a combination of $14 per share in replied to a comment by a Twitter user medicine valsartan made by an India- cash and 0.2366 share of Cimarex enquiring about an electric van. The latest based unit of Mylan after some batches common stock. generation of Sprinter vans debuted in were found to contain a probable cancer- February this year and Mercedes-Benz causing impurity, the latest in a global Colfax churns its business with $3.15 bln plans to offer electric versions from next crackdown. The European regulator said purchase of medical device maker year. Tesla did not immediately respond to the unit's compliance certificate had been Colfax made a big bet on the medical a request for comment. Daimler declined suspended, effectively prohibiting the use device industry with its $3.15 billion to comment on whether it was open to of its valsartan in medicines in the region. purchase of DJO Global, but its shares fell collaboration with Tesla, but a spokesman The affected batches are being recalled as investors worried about its shift away said it was pleased by Musk's interest in and tests conducted to determine the from its industrial roots to a completely the van. extent of the contamination, the European new sector. Colfax said it is exploring Medicines Agency. The batches were found strategic options, including a sale, for its Kroger and Ocado to build first to contain N-nitrosodiethylamine (NDEA), air and gas handling business, which robotic warehouse in Cincinnati a probable carcinogen. makes compressors and turbines largely Kroger has chosen its hometown of for oil and gas companies. "DJO Cincinnati for the first of 20 high-tech American Airlines pilots seek strengthens our exposure to higher- warehouses it plans to build with online new contract negotiations growth, higher-margin, less cyclical grocer Ocado in a bid to dominate the U.S. American Airlines pilots union urged the markets," CEO Matt Trerotola said. The grocery delivery business. Kroger will carrier to begin negotiations for a new DJO deal will add to Colfax's adjusted spend $55 million on the first project labor contract in January to boost profit in the first full year after the deal under that deal - a 335,000-square-foot compensation. The union said "it's time" to closes in the first quarter of 2019. DJO will facility in Monroe, Ohio, a suburb north of move beyond the labor contract borne out operate as a new segment within Colfax Cincinnati. Ocado's "sheds" house hives of of bankruptcy, to pursue a revised after the deal. Colfax will fund the deal robots that pick and pack groceries. The agreement amid booming demand for air with cash, debt and equity. Colfax's shares company's newest machines can pull travel. APA President Daniel Carey said the ended 15.2 percent lower at $23.72. together a 50-item grocery order in as union intended to conclude the little as five minutes - potentially slashing negotiations for the new contract in a Disney's Fox deal gets China's approval Kroger's labor costs at a time when U.S. matter of months rather than years. Walt Disney received unconditional grocers are looking for ways to profitably American said it was eager to build on approval from China for its deal to buy delivery milk, eggs and other necessities to its relationship with its pilots as they Twenty-First Century Fox's entertainment customer doorsteps. enter negotiations. assets, clearing one of the last major hurdles for the deal to go through. Disney agreed to purchase Fox's film and television assets for $71.3 billion and received approval from European Commission earlier this month, subject to certain conditions. The Fox assets being acquired include a cable group with FX Networks, National Geographic and 300- plus international channels, plus Fox's stake in Hulu. The deal would expand Disney's unrivalled portfolio of some of the world's most popular characters, uniting Mickey Mouse, Luke Skywalker and Marvel superheroes with Fox's X-Men, "Avatar" and "The Simpsons" franchises.

Musk hints at Tesla interest in Daimler van Tesla could be interested in partnering with Daimler's Mercedes-Benz on an electric version of its Sprinter van, Chief The Kroger supermarket chain's headquarters is shown in Cincinnati, June 28. REUTERS/Lisa Baertlein

A migrant, part of a caravan of thousands from Central America trying to reach the United States, climbs the border fence between Mexico and the United States, in Tijuana, Mexico, November 18. REUTERS/Hannah McKay

Insight and Analysis

APEC fails to live up to its name amid COLUMN-Oil market bull run ends as YOUR MONEY-Is impact investing too U.S., China acrimony hedge funds square up positions: Kemp good to be true? The C in APEC stands for Cooperation. But Hedge fund managers have exited from all There is more to socially responsible when the two biggest members are the bullish positions in crude oil and fuels investing than just avoiding stocks that are fighting a trade war and using the forum to they accumulated in the second half of against your principles, whether it be guns attack each other's policies, it was always 2017 as the bull market has unwound. or tobacco or bad environmental practices. going to be hard work delivering on that. Upside price potential from Iran sanctions Today's version of impact investing directs The weekend's Asia-Pacific Economic and prospective production cuts by OPEC huge sums of capital into proactive Cooperation summit in Port Moresby was is matched by downside risks from rapidly initiatives - not as philanthropy, but as one of open disagreement, led by disputes rising U.S. shale production and a enterprises that will provide returns. One between the United States and China over deteriorating economic outlook. Hedge of the key organizations involved in this is trade, security, and who would be the funds and other money managers cut their the Global Impact Investing Network , a better investment partner for the region. combined net long position in the six most nonprofit based in New York whose As APEC approaches its 30th anniversary, important petroleum futures and options members include 280 organizations from the failure to agree on a communique for contracts by a further 74 million barrels in 43 countries who collectively manage the first time calls into question its the week to Nov. 13. Portfolio managers about $228 billion in assets. The group relevance in a crowded summit calendar have sold the equivalent of 553 million just held its latest conference in Paris at and as the Trump Administration makes barrels of crude and fuels in the last seven the end of October, drawing 1,300 clear its aversion to multilateralism. weeks, the largest reduction over a participants from 80 countries. comparable period since at least 2013.

COMING UP Market Monitor Carolyn Wilkins, senior deputy governor Canada's main stock index fell. The at the Bank of Canada, will speak on Toronto Stock Exchange's S&P/TSX "major public policy issues around composite index was down 0.56 percent monetary policy frameworks and how to 15071.01. The energy sector dropped those issues have become more complex 0.15 percent. Suncor Energy dropped 1.1 in the post-global financial crisis world". percent, while Husky Energy lost 3.2 Her public address will be the last one by percent. Aphria plunged 6.1 percent. an official at the central bank, before a Canopy Growth slumped 6.9 percent. scheduled interest rate announcement on The dollar gained 0.24 percent against its REUTERS/Mark Blinch Dec. 5. Canadian counterpart to $1.3175.

TSE's S&P/TSX composite Price C$ chng % chng

GAINERS Bombardier Inc 2.07 0.40 23.95 Ensign Energy Services Inc 5.69 0.38 7.16 Precision Drilling Corp 3.47 0.21 6.44 LOSERS Shopify Inc 176.33 -22.47 -11.30 Bausch Health Companies Inc 30.98 -2.34 -7.02 Canopy Growth Corp 43.10 -3.22 -6.95