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, 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. Some market-technician purists believe that an asset must put in a new high to officially emerge from correction phase.
This has been a market that favors high-growth stocks and not value plays. Obviously, the rising tide of the nine-year-plus bull market has lifted value boats as well. But clearly, the market of late has prioritized revenue growth over profit growth,
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
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.
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.
Aug.15 -- Rob Sands, Constellation Brands Inc. chief executive officer, explains why the company boosted its stake in Canopy Growth Corp. He speaks with Bloomberg's Scarlet Fu and Lisa Abramowicz on "Bloomberg Markets."
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.
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
Tesla Inc. fell after a report said the U.S. Securities and Exchange Commission sent a subpoena to the electric-car maker regarding Elon Musk’s plans to take it private and his claim to have had “funding secured” for the deal. Wednesday’s drop of as much as 4.5 percent wiped out last week’s advance fueled by Musk’s tweets and reports that Saudi Arabia’s wealth fund bought a stake in the company. Fox Business reported that the SEC sent the subpoena, citing sources it didn’t identify, and said it signaled the agency’s investigation had reached the formal stages.
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
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.
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.
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.
Cisco Systems Inc. shares rose in the extended session Wednesday after the networking company’s earnings and outlook topped Wall Street estimates. Cisco (CSCO) shares advanced more than 6% in after-hours trading, following a 0.3% decline to close at $43.86 in the regular session. At the close, Cisco shares are up 14.5% for the year while the Dow Jones Industrial Average (DJIA) , which counts Cisco as a component, is up 1.8%, the S&P 500 index (SPX) has gained 5.4%, and the tech-heavy Nasdaq Composite Index (COMP) has advanced up 12.6% in the same period.
On Wednesday afternoon, NetApp reported July quarter (fiscal first quarter) revenue of $1.47 billion (up 12% annually) and non-GAAP EPS of $1.05, beating consensus estimates of $1.42 billion and $0.80. It's worth noting that NetApp's July quarter sales and EPS got a boost from ASC 606 accounting rules. ASC 606 requires NetApp to fully recognize the revenue from the software portion of enterprise licensing agreements (ELAs) up-front, rather than over the deals' lifetime (typically three years).
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.
Martin Tripp, a former Tesla employee being sued by the company, has filed counterclaims including allegations that Tesla tried to intimidate him after he spoke out about waste, quality, and safety issues. Another former Tesla employee, Cristina Balan, told Business Insider the company silenced her and seven other employees on her team who internally voiced concerns over waste and quality. Tesla ignored repeated requests for comment on this story.
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.
Cisco, like other legacy technology companies, has been launching new products focused on high-growth areas such as cyber security and Internet of Things to cushion sluggish demand in its traditional routers and switches business. "We're seeing the returns on the investments we are making in innovation and driving the shift to more software and subscriptions," Chief Financial Officer Kelly Kramer told analysts on a post-earnings call. Subscriptions, which provide a more steady revenue stream, represented 56 percent of total software revenue in the reported quarter, the company said.
Nvidia NVDA saw its stock price surge over 1.7% Tuesday after the chipmaker officially unveiled its much-anticipated, eighth-generation GPU architecture. Nvidia’s new Turing line of graphics chips is the company’s “most important innovation in computer graphics in more than a decade,” according to CEO Jensen Huang. Nvidia showed off its Turing GPU’s at a conference in Vancouver on Monday after a nearly two-year wait.
Cisco Systems, Inc. ( CSCO) has been a component of the Dow Jones Industrial Average since June 8, 2009. Before being a Dow component, Cisco was an $82.00 stock back in March 2000 and traded as low as $8.12 in October 2002. Analysts expect Cisco Systems to post earnings per share of 69 to 70 cents when the company reports results after the close on Wednesday, Aug. 15.
Cisco Systems Inc. gave a bullish forecast for the current quarter, boosted by corporate spending on upgrades to computer networks. Sales in the fiscal first quarter will grow 5 percent to 7 percent from the same period a year earlier, the San Jose, California-based company said Wednesday in a statement. Chief Executive Officer Chuck Robbins is remaking Cisco into a provider of networking software and services.
Cisco Systems CSCO has seen its stock price sink roughly 3% over the last three months as investors decide what to make of the historic tech giant’s future. Cisco is coming off a relatively solid fiscal third quarter and has made a string of acquisitions that set it up for a stronger future. Cisco’s revenues climbed by 4.4% in Q3 to hit $12.46 billion, which just surpassed the Zacks Consensus Estimate.
Cisco Systems Inc. gave a bullish forecast for the current quarter, signaling confidence that an overhaul of its computer-networking products will continue to boost corporate demand. Cisco, the maker of equipment that directs most of the world’s internet data traffic, also said demand around the world and across all of its products had lifted earnings in the July quarter above average projections. Chief Executive Officer Chuck Robbins is remaking Cisco into a provider of networking software and services, aiming to decrease its traditional dependence on high-priced custom machines.