Few major moves were made by investors on Monday ahead of Tuesday’s presidential election in the US. The latest service sector report showed an industry index of 54.2 in October down from 55.1 in September demonstrating moderate, but disappointing expansion. Apple (AAPL) reportedly sold 3 million iPad Minis over the weekend and gained 1.1%. Time Warner Cable Inc. (TWC) dropped after disappointing earnings and utility stocks such as ConEd (ED) and PSE&G (PEG), still struggling due to the effects of Hurricane Sandy, continued to drop on Monday. Greece’s parliament will be making two important votes this week on a labor bill and a round of tax hikes. Concerns over Greece’s next portion of bailout money caused the euro to drop lower against the dollar. US yields also edged lower due to euro zone and US election anxiety.
Word on the Street
- US service industries grows modestly in October with the services employment figure at a seven-month high.
- Time Warner (TWC) fails to meet expectations for its third quarter.
- Greece’s government presents a labor reform bill to parliament on Monday.
- HSBC (HBC) may be fined more than $1.5 billion for violating anti-money laundering laws.
- Tesla Motors Inc. (TSLA) sees revenue jump after ramping up Model S production.
- Netflix (NFLX) plans to prevent a hostile takeover by investor Icahn.
- Transocean (RIG) beats Q3 earnings expectations, shares jump 5.6%.
- Lawsuit thrown out by a federal judge on Monday regarding Apple (AAPL) and Google (GOOG).