Markets Mixed As Oil Continues To Drop

U.S. markets were mixed to start the week as the price of crude oil traded at levels it hasn't seen in more than two years following Saudi Arabia's announcement it will cut the selling price of oil to the U.S. and raise prices for other locations.

Economic data released today showed manufacturing activity rose to its best reading since March 2011 while separate data showed construction spending dipped in September.

Looking forward to Tuesday, Alibaba (NYSE: BABA) will report earnings for the first time as a public company. International trade data will be released at 8:30 a.m. ET with factory orders to follow at 10:00 a.m. ET.

The Dow lost 0.14 percent, closing at 17,366.24. The S&P 500 lost 0.01 percent, closing at 2,017.81. The Nasdaq gained 0.18 percent, closing at 4,638.91. Gold lost 0.44 percent, trading at $1,166.50 an ounce. Oil lost 2.59 percent, trading at $78.34 a barrel. Silver gained 0.20 percent, trading at $16.19 an ounce. News Of Note October Gallop U.S. Consumer Spending rose to $89 from $87 in September. October ISM Manufacturing Index rose to 59.0 from 56.6 in September. September Construction Spending fell 0.4 percent month over month to $950.9 billion. Eurozone manufacturing PMI rose to 50.6 in October from 50.3 in September. China's HSBC manufacturing PMI rose to 50.4 in October from 50.2 in September. Top Equities-Specific News

Sysco (NYSE: SYY) reported its first quarter results this morning. The company earned $0.52 per share, beating the consensus estimate of $0.51. Revenue of $12.45 billion beat the consensus estimate of $12.35 billion. Shares lost 2.78 percent, closing at $37.47.

Analysts at Credit Suisse maintained a Neutral rating on Exxon Mobil (NYSE: XOM) with a price target raised to $100 from a previous $95. Analysts at JPMorgan maintained a Neutral rating with a price target lowered to $98 from a previous $101. Shares lost 1.50 percent, closing at $95.26.

Analysts at Morgan Stanley initiated coverage of Facebook (NASDAQ: FB) with an Overweight rating and $90 price target. Shares lost 1.48 percent, closing at $73.88.

Analysts at Raymond James downgraded Home Depot (NYSE: HD) to Market Perform from Outperform. Shares lost 1.47 percent, closing at $96.09.

Analysts at Morgan Stanley initiated coverage of Twitter (NYSE: TWTR) with an Equal-Weight rating and $42 price target. Shares lost 3.04 percent, closing at $40.21.

The Wall Street Journal reported Apple (NASDAQ: AAPL) is considering a bond sale in a currency other than dollars. A euro-denominated offering is expected as early as Tuesday. Shares hit new 52-week highs of $109.90 before closing the day at $109.40, up 1.30 percent.

Recommended: Alibaba Earnings Preview: Why Analysts Are Excited

LabCorp (NYSE: LH) has agreed to acquire Covance (NYSE: CVD) for $5.6 billion in cash and stock. Shares of LabCorp lost 7.37 percent, closing at $101.23 while shares of Covance surged 25.87 percent, closing at $100.57.

France-based Publicis Groupe (OTC: PUBGY) has agreed to acquire Sapient (NASDAQ: SAPE) for $3.7 billion, or $25 per share. Shares of Sapient surged to new 52-week highs of $24.73 before closing the day at $24.60, up 42.03 percent.

RCS Capital (NYSE: RCAP) said that it will no longer pursue its $700-million acquisition of Cole Capital Advisors from American Realty Capital (NASDAQ: ARCP). Shares of RCS Capital hit new 52-week lows of $13.55 before closing the day at $13.69, down 16.58 percent. Shares of American Realty Capital also hit new 52-week lows of $7.38 before closing the day at $7.85, down 11.50 percent.

Allergan (NYSE: AGN) confirmed that it was approached by Actavis (NYSE: ACT) over a potential acquisition and stated that “premature disclosure with respect to the possible terms of any transaction might jeopardize continuation of any discussions or negotiations. Shares of Allergan hit new 52-week highs of $193.63 before closing the day at $193.14, up 1.62 percent while shares of Actavis gained 1.96 percent, closing at $247.50.

Ford (NYSE: F) sold 188,654 vehicles in the U.S. throughout October, a decrease of 2 percent from a year ago. Shares lost 0.71 percent, closing at $13.99.

General Motors (NYSE: GM) sold 226,819 vehicles in the U.S. throughout October, a 0.2 percent increase from a year ago. Shares lost 0.70 percent, closing at $31.18.

Quote Of The Day

“Although Wall Street analysts were soured by [Elon Musk's] Los Angeles presentation of the Dual Motor Tesla Model S P85D and the mysteriously tweeted "something else" (Musk's personal wealth dropped $500 million by the next morning), all we can say is that the Wall Street suits haven't ridden in the Model S P85D. And best they don't if they want to keep their Brooks Brothers slacks dry, because we've just tested it, and as insane goes, it makes Charlie Manson look like Charlie Rose.” – MotorTrend reviewing Tesla's Model S P85D.

Posted-In: Actavis AllerganNews Econ #s Economics After-Hours Center Markets Movers Best of Benzinga

© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  Related Articles (AAPL + ACT) Benzinga's M&A Chatter for Monday November 3, 2014 Markets Mixed As Oil Continues To Drop 10 College Value Stats That Might Surprise You 3 Tech Sector Funds Heading Into Year's End With Gains Report: Allergan Approached By Actavis KBW: Apple Pay Issuer Contract Reveals Pricing and Network Authority Partner Network Around the Web, We're Loving...

UBS Profits Rise 7% on Strong Wealth Results: Q1 Earnings

UBS said Tuesday that its first-quarter profits improved about 7%. It had net income of 1.05 billion Swiss francs, or about $1.2 billion, versus 988 million francs a year ago, beating estimates.

The company’s revenue in Q1 was about $7.23 billion, a drop of roughly 7% from last year, though it had net-new-money inflows of 12.8 billion Swiss francs into its wealth management units.

“I’m pleased with the first quarter as we demonstrated sustainable profitability across all business divisions and regions,” said Group CEO Sergio Ermotti, in a press release. “Dedicated and disciplined execution of our strategy for the benefit of clients and shareholders remains our top priority.”

Wealth Management Americas had a pretax profit of $272 million, up 7% from the prior period and 30% year over year; after adjustments, the pretax profit for Q1’14 was $284 million; expenses declined roughly 1% year over year.

Revenue for the U.S.-based unit was about 1.66 billion Swiss francs, down slightly from 1.67 billion a year ago.

Net new money during the most-recent period was $2.1 billion vs. $4.9 billion last year, “mostly due to lower flows from net recruited FAs,” Group CFO & COO Thomas Naratil told analysts on a conference call transcribed by Seeking Alpha. Net new money from veteran advisors, though, increased quarter over quarter.

“Our FAs continue to be highly productive, maintaining revenue per FA of greater than $1 million annualized and record invested assets per FA of $139 million,” Naratil added.

Other results for the unit are as follows:

 ---

Check out ThinkAdvisor's Q1 Earnings for the Finance Sector.