- S&P 5003,006.73+0.03%
- Dow 3027,147.08+0.13%
- Nasdaq8,177.39-0.11%
- Russell 20001,568.34-0.63%
- Crude Oil58.29+0.31%
- Gold1,498.30-1.15%
- Silver17.74-1.00%
- EUR/USD1.1031-0.0441%
- 10-Yr Bond1.7860-1.43%
- Vix13.95-3.39%
- GBP/USD1.2467-0.0623%
- USD/JPY108.2000-0.1882%
- BTC-USD10,173.31+0.10%
- FTSE 1007,314.05-0.09%
- Nikkei 22522,223.71+1.20%
- Benzinga
Darden Restaurants Q1 Earnings Preview
Wall Street expects EPS of $1.36 and sales around $2.14 billion. In the same quarter last year, Darden Restaurants reported earnings per share of $1.34 on revenue of $2.06 billion. The Wall Street estimate would represent a 1.49% increase in the company's earnings.
- Yahoo Finance
Powell faces record dissent as Fed splits further on interest rates
The chasm among Federal Reserve officials widened on Wednesday as Jerome Powell faced the highest number of dissents since becoming chairman, raising questions about the central bank's ability to balance wide-ranging views on where rates should go next. On Wednesday, the Federal Open Market Committee cut rates by 25 basis points for the second consecutive time, citing increased signs of weakness in geopolitical conditions abroad. The target federal funds rate is now in a range of 2% to 2.25%.
- Bloomberg
Cisco Offered $7 Billion-Plus for DataDog As Company Prepares to IPO
Datadog rebuffed the advance to pursue a stock listing because it felt it could be worth more as a public company over time, according the people, who requested anonymity because the talks were private. Talks between Cisco and Datadog are no longer active and Datadog is committed to going public, they said. A representative for Cisco declined to comment.
- Yahoo Finance
Trump hammers Fed, Powell for lack of 'guts' and 'vision' on rate cut
President Donald Trump on Wednesday harshly rebuked the Federal Reserve, accusing the central bank and Fed Chair Jerome Powell of having no “guts” by not meting out a more aggressive interest rate cut as the global economy slows. The Federal Reserve on Wednesday cut interest rates again by 25 basis points to a new target range of 1.75% to 2%, and telegraphed a strong likelihood of at least one more rate cut by the end of the year. However, some on Wall Street anticipated a more aggressive easing of 50 basis points, particularly with financial markets conditions tightening.
- Bloomberg
Schwarzman Says WeWork Valuation Puzzling, ‘Doesn’t Seem Right’
Hearing about WeWork's pre-initial public offering value, Schwarzman said: “I sort of went, what? Schwarzman, whose firm is among the world's biggest real estate investors, said WeWork's business model is tied to the health of the economy. The Blackstone co-founder spoke Wednesday at the Economic Club of New York.
- Barrons.com
The Dow Rose 36 Points Because the Fed Cut Rates but It Didn’t Cut Loose
In today's After the Bell, we... explain why the market initially fell when the Fed cut rates as expected; wonder if a December cut is still on the table; and watch housing starts in August hit the highest level since 2007. Divided Opinions Stocks took a reversed direction near the end of the day, and two of the three major indexes closed in the black.
- InvestorPlace
JD.com Stock’s Problems Go Beyond the U.S.-China Trade War
And it looks reasonably cheap from a fundamental standpoint, with a 26 times forward multiple despite analyst expectations for 250% growth in earnings per share between 2018 and 2020. To be sure, I do believe JD stock is somewhat undervalued. I wrote last month after the company's blowout earnings report that the stock should keep rising.
- Investopedia
Flight to Cash and Utilities Following Fed Announcement
Market Moves If the Fed cuts interest rates, it means more money would flow into the economy and find its way to banks, individuals, and corporations (in that order), or so goes the traditional macroeconomic thinking. So why did investors not instantly embrace the news of the Fed cut by immediately plowing into growth assets, and instead flee all asset classes in favor of cash during the first hour after the announcement today? Perhaps because not everyone in the professional financial community was prepared to take in the 0.25% rate cut the Fed announced – at least not immediately after the news.
- Bloomberg
Why Toyota Is Making a $391M Texas Truck Bet
Christopher Reynolds, Toyota North America chief administrative officer, manufacturing & corporate resources, discusses the manufacturer's investment in its Texas truck plant that will build its next-generation pickups, and the outlook for passage of the USMCA. He speaks on "Bloomberg Markets: European Close."
Oilprice.comNatural Gas Could Be Replaced Within 15 Years
Technological improvements in hydraulic fracking are making 'America Great Again' when it comes to its energy sector. Unconventional oil and gas reserves, which previously were deemed as 'uneconomic to produce', are being exploited on a massive scale. Consequentially, the shale revolution has altered the international energy landscape, which has enabled cooperation between rivals Russia and Saudi Arabia within the OPEC+ framework.
- Bloomberg
‘This Is Crazy!’: Wall Street Scurries to Protect Itself in Repo Surge
By 10:10 a.m. after an initial, embarrassing misstep, the Fed was pumping $53.2 billion into the market to calm nerves and regain control over interest rates -- its first intervention since the dark days of Bear Stearns, Lehman Brothers and the rest. The whirlwind day left traders with a host of questions, including the big one: Now what?
- Investopedia
Roku Breaks Down After Comcast Unveils Free Streaming Player
The Roku-like streaming player provides millions of Comcast customers with the ability to easily access their favorite streaming services and manage their connected home devices from their television, creating potential competition for Roku's flagship product. The news came shortly after Guggenheim reiterated its Buy rating and raised its price target on Roku stock from $119.00 to $170.00 per share. Analyst Michael Morris believes that the stock is an "under appreciated opportunity" and that the company is "uniquely well positioned" to benefit from the secular shift to streaming video consumption and targeted advertising demand.
- Associated Press
What the Fed's rate cut means for you
The Federal Reserve has cut its benchmark interest rate again, big news for the U.S. economy but something that will likely have a muted impact on Americans' personal finances, experts say. As a reminder, the Fed slashed its benchmark rate — which affects a host of consumer and business loans — to near zero during the recession and kept it there until 2015. Mortgage rates remain at near historic lows and, while they do not move in lockstep with the Fed, they are influenced by some of the same factors.
- Bloomberg
Repo Turmoil Points to Shortage of U.S. Dollars in System, Says Manulife’s Trinh
Sue Trinh, managing director for global macro strategy at Manulife Investment Management, discusses the repo market volatility and its impact on Fed policy. She speaks on “Bloomberg Markets: China Open.
- MarketWatch
Microsoft board hikes dividend 11%, OKs $40 billion in buybacks
Microsoft Corp. (msft) shares rose in the extended session Wednesday after the tech giant's board approved a dividend hike and billions in new share repurchases. Microsoft shares rose 1.1% after hours, following a 0.8% gain to close the regular session at $138.52. The company said its board increased the quarterly dividend by 11% to 51 cents a share, which is payable to shareholders as of Nov. 21 on Dec. 12.
- InvestorPlace
GE’s Asbestos Problem Is Terrible News for the Owners of GE Stock
Biotech Stocks That Show The Good, The Bad and the Ugly Side of This Sector However, it was recently alleged that General Electric had sold leftover asbestos scrap from its Peterborough plant to its workers for as many as 35 years. That allegation ought to make the owners of GE stock quite nervous. Just as GE is turning a corner under Culp's leadership, a story comes out that could torpedo General Electric stock.
- Barrons.com
Microsoft Boosts Its Dividend Once Again
(MSFT) on Wednesday declared an 11% quarterly dividend increase, the latest in a series of regular hikes. The company announced shortly after the closing bell that its quarterly dividend, now 46 cents a share, will increase to 51 cents. Microsoft is part of a group of legacy tech companies that offer dividends, including (CSCO) (CSCO), (ORCL) (ORCL), and (AAPL) (AAPL).
- Reuters
UPDATE 1-Gavilon lands ADM director as new Brazil general manager -sources
An executive director at Archer Daniels Midland Co in São Paulo has left the firm to take over as Brazil general manager at rival grain trading house Gavilon do Brasil, two sources told Reuters on Wednesday. Marcelo Grimaldi served most recently as a director at ADM responsible for Andean countries and the biodiesel business, according to his LinkedIn profile, which has not been updated. The sources, who requested anonymity, said the move was announced internally last week.
- Investor's Business Daily
Beyond Meat Stock Sinks On This Setback In Canada
Beyond Meat suffered a blow after reports out of Montreal said Tim Hortons, a unit of Restaurant Brands, is pulling its products from menus. Beyond Meat stock turned sharply lower. Tim Hortons will drop Beyond Meat's meat-alternative products in most provinces, Le Journal de Montreal reported, according to Seeking Alpha.
- MarketWatch
Patrick Byrne sells his Overstock shares, but blames the SEC and ‘Deep State’
Patrick Byrne's dramatic exit from Overstock.com Inc. had a surprise second act Wednesday, as the former chief executive sold his large stake in the company and blamed the Securities and Exchange Commission, which he referred to as “the Deep State's pets. In an SEC filing Wednesday afternoon, Byrne disclosed the disposal of his roughly 4.8 million shares in Overstock shares during the past three trading sessions, with all but 87,000 shares sold on the open market for roughly $90 million.
- Benzinga
Tim Hortons Scales Back On Beyond Meat Products In Canada
The iconic Canadian coffee and food chain Tim Hortons is scaling back on Beyond Meat Inc (NASDAQ: BYND) menu options companywide. Quebec-based French media outlet Journal de Montreal reported Wednesday that Tim Hortons, owned by Restaurant Brands International Inc (NYSE: QSR), will only sell Beyond Meat items in Ontario and British Columbia. Shares of the plant-based food market traded lower by nearly 5% by Wednesday after the restaurant chain said it's scaling back the food items, which were introduced in July.
- Reuters
Asian shares edge higher after Fed, investors await BOJ
Asian shares edged higher on Thursday, tracking some modest Wall Street gains after the U.S. Federal Reserve cut interest rates as expected but offered mixed signals on the next easing, keeping investors cautious. The Treasury yield curve flattened as Fed Chairman Jerome Powell dashed hopes he would signal further easing while division among central bankers has increased uncertainty over how much further rates might fall. MSCI's broadest index of Asia-Pacific shares outside Japan was 0.03%.
- American City Business Journals
McDermott issues statement about external adviser after stock plunges
Houston-based McDermott International Inc. (NYSE: MDR) appears to have hired a turnaround consulting firm, news of which caused the company's stock to plunge on Sept. 18. People familiar with the matter told the Wall Street Journal that the company engaged AlixPartners LLP to help improve cash flow and stem net losses. In its second-quarter earnings report, McDermott reported a net loss of $146 million, or 80 cents per diluted share, and an operating loss of $61 million.
- Bloomberg
McDermott Is Said to Hire AlixPartners for Turnaround Advice
The Houston-based company's stock plunged as much as 76% Wednesday -- trading was halted for volatility at least five times -- while its bonds dropped more than 30 cents to 37 cents on the dollar, making them Tuesday's most actively traded debt in the U.S. high-yield market, according to Trace. The company said in a statement it “routinely hires external advisors to evaluate opportunities. A company spokeswoman didn't return messages seeking comment.
- Reuters
AT&T, Dish not in talks over DirecTV deal: source
AT&T Inc and Dish Network Corp are not in discussions over a deal due to regulatory issues, a source familiar with the matter said on Wednesday, after the Wall Street Journal reported https://on.wsj.com/2kS2Hbs the wireless carrier was considering parting ways with its satellite TV division DirecTV. AT&T has also considered a spinoff of DirecTV into a separate public company, the report said. Last week, at a conference AT&T Chief Financial Officer John Stephens cited regulatory hurdles for any deal.
