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T3's Take 3: Square and Match Get Hooked Up on Day 1


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

Market Round-Up

US equity markets took a rest today after yesterday's big power rally that had the S&P 500 less than 3% away from all-time highs.

The S&P 500 finished the day at 2081.23, down 0.1%.

The Nasdaq Composite closed flat due to Apple (AAPL) following through from Wednesday's impressive up move.

With stocks doing basically nothing, the US dollar took center stage with a 0.7% drop against the euro and yen. US Treasury yields fell as well, pushing up utility stocks. 

Gold (GLD) got some love off the weak dollar, rising 1.1% to finish at $103.56.

Biotech headed up the decliners' column, with the NASDAQ Biotechnology Index ETF (IBB) falling 1.6%.


Today was the first day of trading for two new issues: payments company Square (SQ) and online dating company Match (MTCH).

Square had lowered its offering price to $9 from a range of $11 to $13, which was low enough to draw buying interest.

Square shares opened at $11.20 and hit an intraday high at $14.78 before finishing at $13.05, 45% above the offering price.

Match, a unit of IAC/Interactive (IACI), owns dating services Tinder,, and OKCupid. It came public at $12, the low end of its expected range.

And like Square, the low price draw in bidders, and Match opened at $13.50 before finishing at $14.70.

Best Buy Bombs

Consumer electronics retailer Best Buy (BBY) had a rough day, falling 2.1% after reporting third-quarter earnings.

Best Buy reported earnings of $0.41 per share, beating the consensus estimate by 6 cents. 

However, the company's revenues and same-store-sales were below expectations, and it issued a disappointing holiday season outlook. 

Best Buy says it expects a single-digit percentage decline in revenues for the holiday quarter. Tablets are a particularly weak product category, and the timing of the next Super Bowl will push television sales into the first quarter of next year.

Just recently, Target (TGT) and Wal-Mart (WMT) reported disappointing sales of consumer electronics products. However, judging by the sharp drop in Best Buy shares today, expectations did not fall far enough.

Friday's Financial Outlook

Tomorrow's US economic calendar is pretty light, with the Kansas City Fed Manufacturing Activity Index coming at 11:00 a.m ET and the Baker Hughes US Rig Count at 1:00 p.m.

Overseas, ECB President Mario Draghi will speak at Euro Finance Week. Euro-zone consumer confidence and Canada's CPI and Retail Sales numbers will be released tomorrow morning.

Abercrombie & Fitch (ANF) and Foot Locker (FL) report earnings before the open.

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