US Stocks snapped a 2 week losing streak last week finishing slightly higher on the back of a slew of strong earnings reports. This week is a huge week for earnings with 128 companies in the S&P 500 reporting earnings, including the world’s 2 largest companies Google and Apple.
The big news over the weekend was AT&T reached an agreement to buy Time Warner for between $105 and $110/share or $85 Billion. The deal which will be half cash and half stock is likely to draw very close scrutiny from regulators. The deal is a gamble that Hillary Clinton will win the election as Trump has said he would block the deal.
In other deal news, British American Tabaco announced a $47 Billion takeover of Reynolds America Tobacco, which will create the world’s largest tobacco company. This deal continues the trend of consolidation in the tobacco industry.
Americans on Social Security will get a .3% raise in their Social Security check in 2017. It will be just enough to buy a couple of cups of coffee at Starbucks every month. The average monthly benefit will rise from $1,355/month to $1,360/month.
With Northwest Quadrant Wealth Management I’m Tyler Simones