Stocks were on track to hit record highs again today.
Job openings fell to 5.5 million in May from 5.85 million in the previous month according to the Labor Department. The data come after May’s disappointing payroll numbers but doesn’t yet capture the apparent rebounding in hiring seen in June.
Oil futures rose this morning after a report from OPEC showed that supply would tighter over the next year.
Stocks on the Move
Shares of Alcoa (AA) shares rallied 4.6% this morning after the company's second-quarter earnings release. However, we remain disappointed with the company's value-add profits. For the Engineered Products and Solutions segment, we remain skeptical management will hit the midpoint of its full-year 2016 EBITDA guidance of $1.3 billion on sales of $6 billion, a 21.5% margin. To achieve this, segment EBITDA would have to increase nearly 40% in the fourth quarter based on our estimates.
Jeremy Glaser does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.