Winners and losers
Stocks on the move lower today include Tripadvisor as Credit Suisse downgraded the travel website on concerns over higher advertising cost, Seattle Generics as it discontinued a phase 3 trial for its AML treatment, and Costco – shares dropping after Deutche Bank downgraded the warehouse club to “hold” following Amazon’s deal to buy Whole Foods. Deutche Bank believes the acquisition is a big threat to Costco’s business.
Stocks in the green today include Clovis Oncology as the drugmaker settled a securities class action lawsuit against it, Valeant as it announced hedge funder John Paulson has been elected to the board, and Snap – shares climbing here after it announced a $100 million content partnership with Time Warner, which will produce shows for Snapchat. Snapchat will also run ads for HBO, Turner, and Warner Bros. on the platform.
Activist investors on the prowl
Before being snapped up by Amazon, Whole Foods was one of many Fortune 500 companies under pressure from activist shareholders calling for changes and hoping to unlock value. Michael Flaherty covers the activist ecosystem for Reuters and joins us now for more.
- MSCI will decide whether or not to include China A-shares in its globally tracked Emerging Market index– this could potentially be a big step for China as it tries to open up its financial markets.
- And we’ve got some more earnings on tap with Adobe, FedEx, Redhat and La-Z-Boy all reporting after the bell.
- Finally, the famed Rockefeller Emerald goes on auction in New York. The 18 carat emerald, acquired by John D. Rockefeller Jr. in 1930, is estimated to fetch between $4 million and $6 million– a potential world record for an emerald.