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Omar Venerio
Omar Venerio
Articles (950) 

US Markets Pointed to Open Low After Weak Economic Data

Veeva Systems tops street forecast

U.S. stocks are going to open in red territory with the main indexes trading lower ahead of news about private-sector employment. The ADP National Employment report showed that it has slowed down in November, as employers added 190,000 jobs, which was higher than expected.

Shares of Veeva Systems Inc. (NYSE:VEEV) dragged down more than 5% in pre-market session, on the back of the company posting its financial results for the third quarter of its fiscal 2017. For the quarter ended Oct. 31, the company reported revenue growth of 23.3% to $176.1 million, while its net profit advanced to 25 cents per share, beating estimates by 3 cents. Revenues also beat analysts' expectations by $4 million.

Gainers

• AeroVironment Inc. (NASDAQ:AVAV)

• Dave & Buster's Entertainment Inc. (PLAY)

• UnitedHealth Group Inc. (NYSE:UNH)

• Advanced Micro Devices Inc. (AMD)

• Freeport-McMoRan Inc. (NYSE:FCX)

Losers

• Edison International (NYSE:EIX)​

• Kohls Corp. (KSS)

• Alphabet Inc. (NASDAQ:GOOG)

• Micron Technology Inc. (MU)

• The Home Depot Inc. (NYSE:HD)

• eBay Inc. (NASDAQ:EBAY)

Global Markets

The main European stock markets traded lower. The U.K.'s FTSE jumped 0.09%, while Spain's Ibex lost 0.79%, Germany's Dax closed down 1.04% and France's CAC fell 0.63%.

In Asia, Hong Kong's Hang Seng slipped 2.14%, India’s BSE Sensex lost 0.63%, Japan's Nikkei slid 1.97% and China´s Shanghai declined 0.29%.

Disclosure: The author holds no positions in any stocks mentioned.

About the author:

Omar Venerio
Omar Venerio is capital markets, derivatives, corporate finance and financial management professor. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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