On August 1st, I made a chart commentary titled Correction Time? Listen to This Grizzly to Decide. I concluded the worst we might see in August was a 5% pullback to S&P 2700.But since then, the market and its sectors have made some decisive moves to indicate
NetApp Inc. (ntap) shares wavered between gains and losses in the extended session Wednesday after the cloud data storage company reported mixed fiscal 2019 first-quarter results. NetApp said it earned $283 million, or $1.05 a share, in the quarter, compared with $131 million, or 47 cents a share, in the first quarter of fiscal 2018.
The Dow Jones Industrial Average notched a dubious distinction on Wednesday, as U.S. equity benchmarks fell firmly lower. The blue-chip benchmark failed to move 10% above the closing low hit earlier in the year (something that appears increasingly unlikely in current trade), and has now spent the longest period in correction territory—131 trading sessions—since the 223 sessions in 1961, according to Dow Jones Market Data. The Dow and the S&P 500 index (SPX)fell into correction territory, usually defined as a drop of at least 10% from a recent peak, on Feb. 8.
Derek Scissors, the American Enterprise Institute Asia economist, discusses why China and the U.S. should give up on negotiating trade and go back to a time when China wasn't such an important part of U.S. supply chains.
Foods Co., a unit of Kroger, the largest supermarket chain in the U.S., will no longer accept payment from customers using credit cards issued by Visa, the largest credit card company in the U.S. The ban on Visa credit cards – but not debit cards – was set to go into effect Tuesday. The grocery store chain announced the policy change last week, saying it was due to Visa’s interchange rates, which merchants pay to banks whenever a customer uses a corresponding card at the store.
The FBI just warned banks that their customers’ accounts could be targeted by a worldwide ATM hacking scheme. The attack, known as an “ATM cash-out” or “unlimited operation,” is expected in the coming days, and will likely take place on a weekend or after banks have closed, according to information obtained by the FBI. The warning was issued only to banks, not the general public, but was publicized by Brian Krebs on his cybersecurity blog, Krebs on Security.
Tech and healthcare jobs dominated the list of highest-paying jobs in America, according to a new report by Glassdoor. Looking at the top-paying jobs across U.S.-based companies, the job search firm pulled salary reports for job titles from July 1 last
General Electric shares were off by more than 2% at one point Wednesday, dropping below $12 a share for the first time since the summer of 2009, as investors apparently remain unconvinced that the company’s turnaround plan will stem the bleeding. Earlier this year, the negativity surrounding the stock reached a fever pitch when, at an industry conference, CEO John Flannery talked about the future.
coverage (as I have said, Buffett is betting on Apple being worth $2 trillion). Sears chairman and CEO Eddie Lampert wrote a letter to the board (which is weird because Lampert controls the company, in effect he is writing himself) released on Tuesday evening (it's always after-market hours with Sears) offering to buy what's left of the Kenmore home appliances business. In the letter, Lampert offers several clues Sears could be headed into its final holiday season amid a major cash crunch.
AT&T was the plaintiff's cellphone provider at the time. The U.S. investor accuses the telecommunications giant of negligence that allegedly caused him to lose roughly $24 million in cryptocurrency. "What AT&T did was like a hotel giving a thief with a fake ID a room key and a key to the room safe to steal jewelry in the safe from the rightful owner," the complaint alleges.
U.S. chip company Nvidia is making a bold claim that it has accomplished the greatest leap since the invention of the CUDA GPU more than a decade ago. There is positive sentiment developing around Nvidia’s (NVDA) stock. After all, Nvidia claims to be combining artificial intelligence, real-time ray tracing, simulation and rasterization.
After Tuesday’s reasonable “turnaround,” investors took the full brunt of selling pain on Wednesday, with major indices falling about 1%. Chinese stocks remain under pressure and a big cannabis deal took place. Let’s look at our top stock trades. Top
During the second quarter ended June 30, Berkshire Hathaway added nearly 12.4 million shares of Apple (AAPL), bringing its already massive stake in the iPhone maker to nearly 251.96 million shares, a position valued at over $52.8 billion when using Tuesday’s market close of $209.75. The iPhone maker has been a great investment for Berkshire, though Buffett has historically shied away from tech companies. The “Oracle of Omaha” has hinted, however, that his investment deputies— Ted Weschler and Todd Combs— were responsible for buying Apple.
Canopy Growth, the world's largest marijuana company, is set to report earnings after the closing bell Tuesday. The stock has long been popular among millennials on Robinhood, and Tuesday was no exception. Canopy Growth — the world's largest marijuana company and the first to trade on the New York Stock Exchange — has been a wildly popular stock among millennial investors, and heading into the Canadian company's firs- quarter earnings report, that enthusiasm was only growing.
On Aug 13, President Trump gave the final nod for the colossal fiscal 2019 National Defense Authorization Act (NDAA), thus sanctioning a spending allowance of $717 billion for United States’ national security. Notably, the budget proposed in February got approval from the U.S. Senate last month. The NDAA outlines $616.9 billion as Pentagon's base budget, $69 billion for overseas contingency operations funding and $21.9 billion for nuclear weapons programs under the Energy Department.
Selling on the NYSE midday Wednesday reached panic-like proportions, based on the so-called Arms Index. The Arms is a volume-weighted measure of market breadth that tends to rise when the broader market falls, as the intensity of the selling in declining stocks is usually greater than the intensity of buying in rising stocks. The S&P 500 index (SPX) and the Nasdaq Composite Index (COMP) both were on track for their biggest daily declines since late June, according to FactSet data.
Elon Musk tweeted late Monday that he was "excited to work with Silver Lake and Goldman Sachs" in his plan to take Tesla private. However, Bloomberg reported Goldman had no mandate on Tesla at the time, potentially indicated no formal hiring of the
CNBC's Jon Fortt and Ed Lee of The New York Times discuss Uber's second-quarter financial release and what the data say about the potential for the company to go public in 2019.
Constellation Brands Inc., which for seven decades has made its money off beer, wine and whiskey, sees its future in a marijuana leaf. In the biggest (legal) cannabis deal, the Victor, New York-based beverage company will spend about $3.8 billion to boost its stake in Canadian grower Canopy Growth Corp., betting legalization will gain traction around the world and especially in the U.S. “This is rocket fuel,” Canopy Chief Executive Officer Bruce Linton said on the company’s earnings call Wednesday.
Constellation Brands is upping its stake in Canopy Growth by $4 billion to 38%. The investment overshadowed a bigger-than-expected first-quarter loss by the Canadian cannabis company. Shares of CGC surged more than 22% in trading Wednesday following the announcement.
Constellation Brands' ownership stake will jump to 38% from the 10% it bought back in Oct. 2017. Constellation will also nominate four members to Canopy's board. "Overall, we think Constellation's increased stake in WEED/CGC (the largest investment to date in the cannabis space) is very positive and further accelerates another avenue of growth," says Wells Fargo analyst Bonnie Herzog.
Want to know why the Dow Jones Industrial Average is doing what it's doing? 11:57 a.m. 2800 held, and the S&P 500 was able to bounce a bit from there. The benchmark has fallen 1% to 2,812.27, well off its worst levels, while the Dow Jones Industrial Average has dropped 227.52 points, or 1%, to 25,072.40.
Warren Buffett continues to bet on Teva Pharmaceutical Industries Ltd. disclosed in a Form 13-F filing with the Securities and Exchange Commission after the market close on Tuesday, Aug. 14, that it had increased its stake in Teva in the second quarter. Berkshire Hathaway raised its stake to 43.2 million shares, worth $1.05 billion as of June 30, up from 40.5 million shares worth $692.8 million as of March 31.
It’s been a rough year for shares of Caterpillar (CAT), which are currently trading 25% below their all-time highs which were reached in January. Despite several consecutive earnings beats and continually improving guidance, investors seem to be focusing on the negative effects of the trade war, with tariffs on both sides raising both the costs of raw materials used by Caterpillar and the net cost of their finished goods sold in overseas markets. Actual results at Caterpillar could hardly be better.
Delta Air Lines (NYSE:DAL) announced on Wednesday that the company plans on hiring at least 1,000 flight attendants in 2019 as it hopes to expand the size of its operations. Delta applicants will also have to be willing to work a flexible schedule, have at the very least a high school degree or GED, be at least 21 years old by Jan. 1, 2019, have the appropriate documentation to work in the U.S. and be fluent in English. This may sound like a lot because Delta only has 13,000 pilots, but there aren’t as many people who aspire to be pilots as before.