The U.S. stock market only had a taste of the potential damage from higher bond yields earlier this year, with the biggest test yet to come, according to Morgan Stanley. “Appetizer, not the main course,” is how the bank’s strategists led by London-based Andrew Sheets described the correction of late January to early February. Although higher bond yields proved tough for equity investors to digest, the key metric of inflation-adjusted yields didn’t break out of their range for the past five years, they said in a note Monday.
Warren Buffett’s Berkshire Hathaway Inc. is slimming down its newspaper empire with more job cuts. BH Media Group is reducing staff by 148 employees and not filling 101 vacant positions, representing a total of about 6 percent of its workforce, the company said Tuesday in a statement. The organization is seeking to trim expenses because of declining advertising revenue.
Qualcomm (QCOM) tops our list. The chip maker is raising its bid for NXP Semiconductors (NXPI) to $44B. The Wall Street Journal reports that Qualcomm hopes the $5B increase will boost NXP shareholder support for the deal.
For Airbus SE’s second-in-command Fabrice Bregier, the delivery of the first A350-1000 model came with a bitter-sweet tinge: his last day at the European manufacturing giant after being overlooked for the top job. Bregier, 56, at least had the satisfaction of seeing the A350 through to the end of its launch phase, with the stretched -1000 model representing the culmination of a program whose production problems took some of the gloss off its sales success during his final years at the company. “I could have stayed a bit longer, but I think I am one of the top managers who has spent the longest time running Airbus,” Bregier, Airbus’s chief operating officer and the head of its main jetliner arm, said at a ceremony in Toulouse, France, after handing the plane to Qatar Airways.
Shares in Rite Aid fell 30 percent in the six months after Walgreens agreed to buy half of its stores, with investors judging the smaller pharmacy chain was in danger of being left with little scale and negotiating power to beat down drugmakers and insurers on price. Its stock initially surged by as much as 25 percent on Tuesday after the announcement of Albertsons purchase, which bring it more than 2,500 retail locations and a pharmacy benefits business. Albertsons said its buyout, which will allow it to unify its own retail pharmacy operations under the Rite Aid brand, would give it greater clout with patients and drug industry players alike.
AK Steel Holding Corporation AKS was a big mover last session, as the company saw its shares rise nearly 14% on the day. The move came on solid volume too with far more shares changing hands than in a normal session. This reverses the recent trend for
It’s time to seriously consider getting the Amazon Prime Rewards Visa Card? Customers are used to paying a little more when they visit Whole Foods, but now some shoppers will actually get cash back. On Tuesday, Amazon announced that eligible Prime members using the Amazon Prime Rewards Visa Card from Chase will earn 5% back on purchases at Whole Foods.
Here are the charts of the day for Tuesday February 20, 2018. Rite Aid (RAD): Shares soaring in early trade. Privately-held Albertsons plans to buy the rest of Rite Aid that isn’t being sold to Walgreens Boots Alliance. The combined companies would be
Venezuela will launch a pre-sale of its commodity-backed "petro" cryptocurrency on Tuesday. President Nicolas Maduro hopes the country's own digital currency will help it to make financial transactions and get around Western sanctions. Both the United States and the European Union have imposed economic sanctions on Venezuela over their opposition to its autocratic government. Last year, the Economist Intelligence Unit's Democracy Index downgraded Venezuela from a "hybrid regime" to an "authoritarian regime" due to its "continued slide towards dictatorship." Venezuela's petro token will be backed by its oil, gas, gold and diamond reserves, according to the government. The country's cryptocurrency
Go big or go home. That’s the motto of one mysterious investor who put his chips on the table, buying close to $400 million of the No.1 digital currency, bitcoin. The purchase comes as cryptocurrencies are making a comeback after a dreadful start to 2018. Major digital currencies lost as much as 50% to start the year as growing regulation and security fears crippled the market, seeing traders bail on their positions. However, the tide has turned. The price of bitcoin BTCUSD, +1.61% has increased more than 60% since trading under $6,000 on February 6, pushing back above $10,000, helped by signs of growing recognition of digital currencies from officials in Washington. “Not sure who that big buyer
Qatar Airways CEO Akbar Al-Baker speaks about its launch of the aircraft, as well as his company's upcoming earnings report.
Buffett and Munger have been critics of fees charged to investors by fund managers. Warren Buffett’s right-hand man, Charlie Munger, the vice chairman of Berkshire Hathaway (BRK-A, BRK-B), said they had an “easier world” than the young investors of today face. “I don’t think you’re going to get the kind of results we got by just doing what we did,” Munger, 94, said at the Daily Journal’s (DJCO) annual meeting in Los Angeles last week.
Shares of Alaska Air Group, Inc. ALK have declined more than 2% ever since it released its traffic results for January 2018, last week. In the first month of 2018, the company’s consolidated traffic (measured in revenue passenger miles or RPMS) increased
Hackers who tried to steal nearly $2 million from India's City Union Bank this month used tactics similar to those employed in the unsolved cyber heist of $81 million from Bangladesh's central bank in 2016, City's CEO said on Monday. The unknown hackers disabled the City printer connected to global payments platform SWIFT on Feb. 6, preventing the bank from receiving acknowledgement messages for three fraudulent payment instruction sent that evening until the next morning. The next morning, bank officials managed to reconcile the previous day's transactions and found out "three transactions which were not originated from our bank".
A judge on Tuesday denied AT&T Inc's request to see White House communications that might shed light on whether U.S. President Donald Trump pressured the Department of Justice to try to block the wireless carrier's purchase of Time Warner Inc . The decision is a potential setback to AT&T's plan to argue in an upcoming trial that the department's decision to oppose the acquisition was politically motivated, perhaps spurred on by Trump's public criticism of the deal and his frequent attacks on Time Warner's CNN.
The Trump administration Tuesday cleared the way for a lower-cost, limited alternative to the comprehensive individual medical plans required under former President Barack Obama's health law. Proposed regulations from the administration would allow health insurers to sell individual consumers so-called "short-term" policies that can last up to 12 months, have fewer benefits, and lower premiums. The plans would come with a disclaimer that they don't meet the Affordable Care Act's consumer protections, such as guaranteed coverage, or the requirement to offer robust benefits.
Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include Walmart Inc. WMT, The Home Depot, Inc. HD and Hewlett Packard Enterprise Company HPE.
Chip giant Broadcom (AVGO) a short while ago issued a statement slamming Qualcomm’s (QCOM) announcement this morning it would raise its bid for NXP Semiconductors (NXPI), saying Qualcomm is transferring value from its own shareholders to those of NXP. Broadcom stock has turned around from earlier losses, now up $4.19, or 1.7%, at $253.08, Qualcomm stock is down $2.60, or 4%, at $62.25, and NXP stock is up $7.35, or 6%, at $125.85. It’s been a busy morning for Broadcom and Qualcomm, who are locked in an M&A battle, with Qualcomm trying to buy NXP, and Broadcom conducting a hostile takeover effort to get Qualcomm. Qualcomm said this morning it agreed with NXP’s board to raise its bid to $127.50
Finland is trying to figure out how to handle the roughly 2,000 Bitcoins authorities in the country have confiscated. Finnish government guidelines released on Tuesday make clear that authorities handling the coins won’t be allowed to store them on virtual currency exchanges. Instead, they’ll be required to keep them off the Internet, according to documents seen by Bloomberg News.
Trading Nation: These investors are buying into the chip rip 3:10 PM ET Fri, 16 Feb 2018 | 02:43 Chip stocks are ripping higher, and one market watcher says the semiconductor space could be in for an even bigger rally. The SMH semiconductor ETF last week posted its best week in more than two years. The rally, led by Applied Materials, Lam Research and Micron, comes as the group has fallen roughly 5 percent from highs late last month. Despite that sell-off, SMH is still up about 34 percent in the last year. Applied Materials and Lam Research are the "two 800 pound gorillas in the space. They both reported and are positive on industry spending in 2018," Mike Binger, portfolio manager at Gradient
“There are allegedly 6 million jobs available,” Gary Burnison, CEO of Korn Ferry, told FOX Business.“This is the time to be proactive. “If that’s all you’re doing, you might as well go to 7-Eleven and a buy a lottery ticket, scratch it off and see if you win,” he said.
Geron Corporation GERN is expected to report fourth-quarter 2017 results on Mar 7. Geron’s shares have outperformed the industry in the past year. Geron’s revenues solely comprise license fees and royalties as it has no approved product in its portfolio.
Merck & Co. Inc. MRK, -1.66% shares dipped 1.6% in morning trade Tuesday after the company lost a patent case to Gilead Sciences Inc. GILD, +0.59% Gilead shares rose 0.4% in morning trade. The case, which involves alleged patent infringement by Gilead's hepatitis C therapy Sovaldi on a patent held by Merck's Idenix Pharmaceuticals unit, was decided against Merck late Friday. Previously, a jury ruled in favor of Merck and granted the company $2.5 billion. However, the judge reversed the decision late Friday in a surprise decision and "determined the Idenix patent to be invalid for lack of enablement," said RBC Capital Markets analyst Brian Abrahams. Without the damages charge and associated royalties,
In addition, Zacks Equity Research provides analysis on Facebook FB and Twitter TWTR. With analysts raising NVDA's EPS estimates for the coming year from a consensus $3.95 to $4.67 after their November quarterly report -- and several high end projections near $5.00 -- NVDA shares around $200 were trading about 40 times the most optimistic forward estimates.