Market Wrap: Election Eve Sees Markets Climb; Netflix Plays Defense; U.S. Service Growth Slows

Market wrap-up for November 5th

End of the Day: S&P 500 up 3.1 to 1,417.26; Dow Jones up 19.3 to 13,112.44; Nasdaq up 19.5 to 2,999.66

The following is a brief summary of events moving markets today:

• Opt to vote: Markets were largely mixed heading into the U.S. Presidential election on Tuesday. As might be expected, the candidates are in a tight race, poll after poll showing one with 48 percent of voter sentiment, the other with 49 percent, and vice versa.
  
  
• Slow growth is still growth: The ISM U.S. non-manufacturing business activity index fell to 54.2 percent in October, from 55.1 percent in September and the Street consensus of a pop to 54.5 percent.
  
  Business activity growth slowed from 59.9 percent down to 55.4. a 4.5 point drop.
  
  Investors and traders will continue to keep an eye on the global economy, as Europe still wades through the muck, China's growth slowdown may have hit a trough recently, and the U.S. is slated to elect its next leader as a $600 billion fiscal cliff approaches.
  
  
• Not today, Carl: Netflix (Nasdaq: NFLX) threw a wrench into the cogs of Carl Icahn's plans to strong-arm the company into different directions. Following Icahn disclosing a 9.98 percent stake in Netflix last week, the Company adopted a poison pill provision Monday morning, which aims to block any one shareholder from gaining too much leverage.
  
  Under the plan, Netflix declared a dividend distribution of one right for each outstanding share of Netflix common stock.
  
  
• And "Automobile of the Year??": Tesla Motors, Inc. (Nasdaq: TSLA) had a strong day after issuing third-quarter results early. Though the electric car maker reported a loss of 92 cents per share, revs were strong and plans to improve margins as soon as the fourth quarter 2012 stoked investor sentiment.
  
  For a recap, click here.
  
  
• Tip of the iceberg: One of the bigger mergers today happened when Stifel Financial Corp. (NYSE: SF) and KBW, Inc. (NYSE: KBW) announced a deal where Stifel would acquire KBW for about $17.50 per share. Total value on the deal is about $575 million.
  
  Overall, the move positions Stifel better in the financial services sector, something KBW has been a key player in for a long time. The deal was done as consolidation in the financial segment continues and rates for borrowing are still favorable.

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