Big week ahead for Wall Street; online shopping wins; Amazon's new drone
Wall Street is getting off to a slow start. Stocks (^GSPC) (^DJI) (^IXIC) are narrowly mixed as investors brace for a busy week filled with comments by central bankers and some major data.
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BHP Billiton (BHP) is in focus this morning. Brazilian authorities are expected to sue iron-ore miner Samarco and its co-owners BHP Billiton and Vale (VALE) for $5.2 billion in damages related to the company's mine disaster in the southeastern state of Minas Gerais earlier this month.
Anheuser-Busch InBev (BUD) may be looking to sell SABMiller's Peroni and Grolsch brands in an effort to ease European regulatory concerns for its proposed acquisition of SABMiller.
Upgrades
Fitbit (FIT) shares are sharply higher in early trading. Barclays upgraded the maker of wearable fitness devices to "overweight" from "equal-weight." The firm pointed out that the slide in Fitbit shares over the past month has been unjustified.
Microsoft (MSFT) is also getting a vote of confidence. Raymond James raised its rating of the tech giant to “strong buy” from “market perform” and gave the stock a $62 price target. The firm says it expects Microsoft to be a winner in the cloud space.
Cyber Monday
Amazon (AMZN) and other retailers (WMT) (TGT) (M) are in the spotlight on Cyber Monday. Experts predict this year will be the first time online sales for Cyber Monday will hit a total of $3 billion Separately, a survey by the National Retail Federation found that more than 103 million people shopped online Thursday through Sunday, compared to nearly 102 million people who shopped in stores.
Amazon’s new drone
Amazon is looking to gain an edge on competitors. The online retail giant revealed the latest prototype of drones it will use as part of its Prime Air service to deliver packages in less than 30 minutes. Amazon says the drone weighs 55 pounds and can carry packages weighing up to 5 pounds.
Yuan IMF decision day
Fiinally—while Americans continue to shop away today, the country that’s making most of those goods is nearing a huge milestone. The international monetary fund is expected to name China’s Yuan (USDCNY=X ) a reserve currency, joining the U.S. dollar, British pound (GBPUSD=X), Euro (EURUSD=X,) and Yen (USDJPY=X) in this elite club.
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