November opened up with a nice move to the upside. The Dow gained 165 to close at 17,828. The Dow is back in positive territory for the year. Trading volume for the day was lower.
There will be some notable earnings reports this week to include Facebook and Tesla.
Visa reported earnings today and the numbers were solid as revenue was up 11% and net income on a per share basis was up 41%. Shares of Visa were lower after the report because the net income figure missed estimates plus the company’s forward guidance was on the low end of expectations. In addition to the report the company said it was buying Visa Europe for $23 billion. This move has been long expected and is now a reality.
Changes continue to occur in the tech space. Hewlett Packard was higher today as the company officially split into two parts. One part, HP (ticker HPQ) will be computers, printers and lap tops while the other part, HP Enterprise, (ticker HPE) will be cloud services and more big business stuff. While we shall see how this plays out it follows a recent purchase of EMC by Dell Computer and is further evidence that the tech sector is undergoing massive change as companies like Amazon, Google and Facebook upset the applecart.