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T3's Take 3: Global Markets Extend Friday's Post-NFP Boom


Today's financial recap and tomorrow's financial outlook.

Today on T3 Live

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World Equity Markets

US stocks finished up today.

The S&P 500 closed up 1.8% at 1987.04 as investors followed through on Friday's post-NFP gains.

The energy, basic materials, and industrial sectors lead the rally.

The gain in energy stocks came from a rise in crude oil prices after Russia signaled willingness to meet with other large oil producing nations to discuss the oil market. 

US bond yields were higher as investors opted in for the stock rally and sold bonds, which rose big on Friday. The dollar gained against major currencies. 

European stocks continued their rally from Friday, taking their cues from US-based strength.

The German DAX jumped 2.7%, while the French CAC surged 3.5%. Euro-zone PMI data showed a drop in business activity last month. Mining giant, Glencore, saw its shares close up over 16% on news that the company was in talks with several parties to sell a stake in its agricultural business, likely with the aim of cutting its debt load. Other basic resource companies performed well.

The Nikkei closed up 1.6%, following a rally in airlines. The auto sector was in focus as talks about the Trans Pacific Parnership may allow automakers to buy vehicle parts sold in the US from Asia.
The Hong Kong Hang Seng gained 1.4% as casinos jumped. Banks were also strong.

The Shanghai Composite will remain closed until Wednesday for a holiday. The Korean Kopsi closed up 0.4%, while Australia's ASX added 2% on a rally in mining stocks.

American Apparel Files for Bankruptcy Protection

This morning,  American Apparel announced it filed for bankruptcy protection. Should its claim be approved in court, the company's creditors, Monarch Alternative Capital, Coliseum capital and Goldman Sachs will exchange over $200 million in bonds for an equity stake and take over ownership.

The creditors will provide the company with resources for it to reduce its debt from $300 million to $135 million, lowering annual interest expenses by $20 million. The has received 95% approval from the secured lenders.

The company first went public back in 2007, after which shares had then hit an all-time high of $16.80 in December of that year.

American Apparel shares closed at 11 cents on Friday.

Jack's Back

Twitter (TWTR) shares closed up 7.0% today after it announced that interim CEO Jack Dorsey has been named the company's permanent CEO. Dorsey is still serving as CEO of payment company Square

Axiom's Victor Anthony upgraded the stock to Buy due to multiple catalysts on the horizon, including an expanded NFL deal and deeper Google (GOOGL) integration. 

Judgment day will be on October 27, when the company will release earnings for the quarter.

Investors will be looking for hard evidence that the company is on firmer ground. For now, judging by the price action, traders seem happy with Dorsey's appointment.

Tuesday's Financial Outlook

US economic data for tomorrow will include trade balance, and IBD/TIPP economic optimism.

Overseas, economic data includes German factory orders, Swiss CPI, Euro-zone PMI, and the Bank of Japan's policy statement.

PepsiCo (PEP) will release earnings before the open tomorrow. YUM! Brands (YUM) will announce earnings after the close.
No positions in stocks mentioned.
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