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WASHINGTON (MarketWatch) – The U.S. economy created 271,000 new jobs in October to mark the biggest gain of the year, pushing the unemployment rate down to a seven year-low of 5%. Hourly wages also rose at the fastest year-over-year pace since 2009. The stellar October labor report suggests a slowdown in job creation toward the end of summer was temporary, and it raises the odds of the Federal Reserve lifting interest rates before the end of 2015. Economists polled by MarketWatch had expected a gain of 180,000 nonfarm jobs. Employment gains for August and September were revised up by a combined 12,000, the Labor Department also said Friday. The government said 137,000 new jobs were created in September instead of 142,000. August’s gain was raised to 153,000 from 136,000.

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Chipotle Mexican Grill Inc.’s stock slumped 1.5% in premarket trade Friday, after the fast casual restaurant chain was downgraded at RW Baird, which cited concerns over an E. coli outbreak. Analyst David Tarantino cut his rating to neutral from outperform, and slashed his stock price target to $675, which is 9% above Thursday’s closing price, from $850. “We have become increasingly concerned about the risks related to the recent E. coli outbreak, which is taking longer to resolve than we initially anticipated and garnering significant media attention that poses a threat to broader consumer sentiment,” Tarantino wrote in a note to clients. He said 43 restaurants, or 2.2% of the company’s U.S. store base, remain closed in Washington in Oregon. The stock has lost 3.6% through Thursday since news of the E. coli outbreak broke on Nov. 1. It has shed 19% since closing at an all-time high of $757.77 on Aug. 5, while the S&P 500 is little changed since then.

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Bank of America Corp. plans to introduce a robo adviser, according to a Bloomberg report on Friday citing unnamed sources familiar with the bank’s automated-investing effort. The bank has dozens of workers developing a robo adviser for its Merrill Edge offering, the report said. Financial giants are increasingly jumping into the so-called robo-adviser business, underscoring the high hopes surrounding services that offer low-cost, automated investment advice.

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From:: Stock Market News

Square Inc. said it is looking to raise up to $403.65 million in its initial public offering, an amending regulatory filing shows. The payments startup registered to sell up to 31.05 million shares at an IPO price between $11 and $13 a share. The company has been approved to list its stock on the New York Stock Exchange, under the ticker symbol “SQ.” Square had initially filed to go public on Oct. 14, with Goldman Sachs, Morgan Stanley and J.P. Morgan as the lead underwriters. Chief Executive Jack Dorsey, was also recently named the CEO of Twitter Inc. . His dual roles could hurt the company, Square said in its filing.

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From:: Stock Market News

Chinese e-commerce company Alibaba Group Holdings Ltd. said Friday it has entered a merger agreement with Chinese Internet TV platform Youku Tudou . Alibaba will pay $27.60 per Youku American Depositary Share in cash, equal to a 35.1% premium over the ADS’ closing price on Oct 15, a day before Youku revealed a “going private” proposal from Alibaba. The companies expect the deal to close in the first quarter of 2016. “We are confident that we will strengthen our market position and further accelerate our growth through the integration of our advertising and consumer businesses with Alibaba’s platform and Alipay services,” Youku Chief Executive Victor Koo said in a statement. Youku ADS rose 8% in premarket trade, while Alibaba shares were up 0.5%.

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From:: Stock Market News

Cigna Corp. on Friday said third-quarter profit rose to $547 million, or $2.10 a share, from $534 million, or $2.01 a share, in the year-ago period. On an adjusted basis, the health insurer reported earnings of $2.28 a share, compared with $2.06 in the same quarter last year. Revenue rose 7% to $9.4 billion from $8.6 billion. Analysts surveyed by FactSet expected earnings of $2.20 a share on revenue of $9.5 billion. The company lifted its 2015 full-year adjusted earnings guidance to $8.40 to $8.60 per share, an increase of 5 cents per share at the midpoint. Shares of Cigna slipped 2% in thin premarket trade.

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From:: Stock Market News

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Iconix Brand Group Inc. shares plummeted late Thursday after the owner of brands such as London Fog and Ed Hardy cut its outlook and said it would have to restate financial results for the last seven quarters. Iconix shares dropped 58% to $6.75. The company said it sees adjusted earnings of $1.55 to $1.60 a share for the year, down from its previous $2.24 to $2.39 a share, and adjusted earnings of 33 cents a share for the third quarter. Analysts surveyed by FactSet had forecast earnings of $2.08 a share for the year, and 52 cents a share for the third quarter. Iconix said it will have to restate financial results for the fourth quarter of 2013, all quarters in 2014, and the first and second quarters of 2015.

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From:: Stock Market News