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Published on Oct 27, 2016
Stocks
fluctuated as a post-earnings rally in Twitter shares faded. Defensive
stocks in the utilities and basic materials sectors were also a drag
following an increase in 10-year Treasury yields. Strong demand in the
U.S. housing sector boosted pending home sales to a higher level than
expected in September. Activity in the Western and Southern markets
boosted the bulk of growth last month. Potash reported double digit
percentage declines in profit and sales over its recent quarter as the
price of fertilizer nutrients continued to decline. Net income fell 71%,
while sales dropped 26%. Groupon agreed to purchase LivingSocial, one
of its big competitors in the online discounts market. Groupon did not
disclose the price it paid, but said the cost was not material. The
purchase is expected to add 1 million active customers.
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