Stocks Drop at Open on Japan Unexpectedly Falling into Recession




TheStreet TV show

Summary: Stocks fell at the opening bell on Monday after unexpected news from Japan. The Japanese economy slipped into recession in the third quarter. Economic data showed manufacturing in the New York area grew less than expected. The latest Empire State manufacturing survey still came in at 10.2 instead of the expected 12. U.S. industrial production in October was down 0.1% versus the estimated 0.2%. Capacity utilization also fell more than expected last month to 78.9%, expectations were for 79.3%. Halliburton (HAL) will buy rival Baker Hughes (BHI) for $34.6 billion in cash and stock. According to the Financial Times, Facebook (FB) is working on a workplace version of its social network.