Stocks opened mixed on Friday morning, amid the blowout October jobs report. Nonfarm payrolls rose 271,000 in October, beating estimates of about 180,000. The unemployment rate dropped from 5.1 percent in September to 5 percent in October. Meanwhile, wages also showing gains, rising 0.4 percent during the month and 2.5 percent year-over-year. The better than expected report puts a rate hike from the data dependent Federal Reserve in play during the central bank’s December meeting, in just about six weeks. Low rates have helped keep stocks higher, hence investors’ concerns about a possible rate hike so soon. As for corporate news, Chinese e-commerce company Alibaba (BABA) and streaming company Youku Tudou (YOKU) are merging, with Alibaba paying $27.60 a share for Youku. Plus, Walt Disney (DIS) reported weaker than expected sales for fourth quarter, though its bottom line rose 7 percent, beating Wall Street’s estimates. Revenue in its cable segment rose 11 percent, while parks and resorts sales jumped 10 percent. Monster Beverage (MNST) posted better than expected earnings. Earnings per share was 14 cents above estimates, while revenue saw a 16 percent increase. TheStreet’s Scott Gamm reports from New York.
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