|Day's Range||3,234.50 - 3,253.92|
|52 Week Range||2,624.06 - 3,337.77|
Michelob Ultra Pure Gold has unveiled its 60-second Super Bowl LIV commercial, which promotes the new "6 For 6-Pack" program that will help farmers convert six square feet of farmland to organic with each purchase of a six-pack of Michelob Ultra Pure Gold. The program expands on the Contract for Change program, which launched in July 2019 and pledged to help farms make the move to organic barley production. Michelob Ultra Pure Gold says it's the first national beer brand to be USDA-certified organic. Michelob is an Anheuser-Busch brand. Anheuser Busch InBev S.A. stock is down 2.8% in Monday trading, but up 1% over the last year. The S&P 500 index has gained nearly 22% for the last 12 months. Watch here.
Arconic reported earnings Monday morning. 2020 guidance missed Wall Street expectations. The news is an early example of how Boeing’s 737 MAX woes might impact the supply chain in 2020.
The major stock indexes were sharply lower early Monday amid a spreading coronavirus. Apple headlines these five giants reporting earnings this week.
U.S. stock benchmarks on Monday fall sharply, with the indexes on track for their worst losses in months, as concern grows over the fallout from China’s coronavirus, with the death toll and number of infected climbing.
(Bloomberg) -- Stocks slumped and bonds rallied as intensifying concern over the impact of the deadly coronavirus rattled markets around the world.The S&P 500 Index slid the most in almost four months, with technology shares leading losses. The Philadelphia Semiconductor Index tumbled more than 3%. China-exposed U.S. companies Wynn Resorts Ltd. and Nvidia Corp. plunged at least 4.5% and airlines sank. European stocks fell as much as 2.4%.Chinese markets are said to resume trading after the Lunar New Year holiday on Feb. 3, but assets that track the country’s largest stocks took a nosedive. The iShares MSCI China ETF and Invesco China Technology ETF dropped more than 3.8%. The offshore yuan slid toward the lowest this year.Wall Street Rushes to Price-In Virus Fallout Across Options LandThe flight to safety, which comes ahead of this week’s Federal Reserve meeting, saw volumes in Treasury futures jump to double their regular levels in Asia. The yield on 10-year U.S. bonds dropped to the lowest since October. Similar-maturity German securities extended their advance to the longest in almost six months. The Swiss franc, the Japanese yen and gold paced gains in haven assets. Oil slipped to a more than three-month low.Fears that China has failed to contain the pneumonia-like virus -- which has killed at least 80 people and infected more than 2,700 -- is spurring caution at the start of a week jam-packed with earnings. And such is the nervousness over the severity of the disease that money markets brought forward bets for a U.S. Fed interest-rate cut by a month to November.“This is now a sell first, ask questions later situation,” said Alec Young, managing director of global markets research at FTSE Russell. “Markets hate uncertainty, and the coronavirus is the ultimate uncertainty -- no one knows how badly it will impact the global economy. China is the biggest driver of global growth, so this couldn’t have started in a worse place.”Here are some events to watch out for this week:Tech giants Apple, SAP, Facebook, Samsung and South Korean chip maker SK Hynix announce earnings, as do Boeing, International Paper, GE, United Technologies, Lockheed Martin, Caterpillar, Unilever, Exxon Mobil, Shell and Chevron.The Senate impeachment trial of President Donald Trump continues in Washington Monday.Fed policy makers are expected to open 2020 the same way they closed 2019 -- by holding interest rates steady Wednesday.Goldman Sachs will hold its first-ever Investor Day on Wednesday.The BOE meeting is highly anticipated Thursday after a series of dovish comments raised speculation policy makers could lower interest rates.The U.S. reports fourth-quarter GDP Thursday.The U.K. is scheduled to leave the European Union Friday.These are some of the main moves in markets:StocksThe S&P 500 decreased 1.4% as of 10:05 a.m. New York time.The Stoxx Europe 600 Index sank 2.1%.The MSCI Emerging Market Index fell 1.5%.CurrenciesThe Bloomberg Dollar Spot Index rose 0.2%.The euro fell 0.1% to $1.1019.The Japanese yen appreciated 0.3%.BondsThe yield on 10-year Treasuries declined seven basis points to 1.61%.Germany’s 10-year yield fell four basis points to -0.38%.Britain’s 10-year yield dropped five basis points to 0.508%.CommoditiesThe Bloomberg Commodity Index slipped 1.1%.West Texas Intermediate crude dipped 1.3% to $53.46 a barrel.Gold rose 0.5% to $1,585.70 an ounce.\--With assistance from Alfred Cang, Saket Sundria, Cormac Mullen, Todd White and Yakob Peterseil.To contact the reporters on this story: Rita Nazareth in New York at firstname.lastname@example.org;Vildana Hajric in New York at email@example.comTo contact the editors responsible for this story: Jeremy Herron at firstname.lastname@example.org, Rita NazarethFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
D.R. Horton and Abbvie were lonely advancers early Monday, as American Express led declines on the Dow Jones and stocks veered lower on China healthcare concerns.
Denny's Corp. said Monday that it's giving away free Beyond Burgers, plant-based burgers made with Beyond Meat Inc. , on January 30 to launch the menu item nationwide. The Beyond Burger will be available at all 1,700 Denny's locations. The giveaway will take place from 11am to 10pm on Thursday. The Beyond Burger is made with All-American sauce, American cheese and a multi-grain bun. Denny's previously gave away free Beyond Burgers on Halloween to commemorate the launch of the item in Los Angeles. Denny's stock s up 17.7% over the past year, but down 2.7% in the past three months. Beyond Meat is up 18.5% over the last three months. And the S&P 500 index has gained 9% for the past three months.
Despite the broad stock market selloff, market internals suggest there is no panic on Wall Street, and there could even be some buy-on-dip activity among Nasdaq stocks. The Arms Index, which is a volume-weighted breadth measure, tends to rise above 1.000 during market selloffs, as the ratio of volume in declining stocks to advancing volume often rises at a faster pace than the ratio of the number of declining stocks to advancers. Many Arms followers believes it takes a reading above 2.000 to suggest panic-like activity, but the NYSE Arms is up to 1.525 and the Nasdaq Arms is down to 0.579, which is closer to levels associated with panic buying (0.500). Decliners are outnumbering advances 7.2 to 1 on the Big Board and 7.1 to 1 on the Nasdaq, while declining volume is outnumbering advancing volume 11.0 to 1 on the NYSE but just 4.1 to 1 on the Nasdaq. Meanwhile, the Dow Jones Industrial Average is falling 420 points, or 1.5%, the S&P 500 is shedding 1.4% and the Nasdaq Composite is losing 1.7%.
U.S. stock indexes Monday morning fall sharply at the open, as concerns over the spread of from China's coronavirus rises, with the death toll and number of infected climbing. The Dow Jones Industrial Average declined 500 points, or 1.7%, to 28,504, the S&P 500 index fell 1.5% to 3,246, while the Nasdaq Composite Index gave up 2.2% to 9,107. As of Monday, the death count rose to 80, and the number of those infected neared 3,000 confirmed cases, according to reports. In the U.S., there are five confirmed cases, with a handful of infections in other countries, such as France and Japan. Investors worry about coronavirus because it can slow economic expansion and comes at a tough time for China, in which it has already been facing sluggish growth.
The Dogs of the Dow beat stock market averages during the decade just ended. How do fast dogs—the stocks with the fastest dividend growth—perform?
Shares of casino operators with heavy exposure to China are taking a broad beating in premarket trading Monday, as the rapid spread of the deadly coronavirus out of Wuhan, China has led to travel bans. Shares of Wynn Resorts Ltd. sank 9.1%, Melco Resorts & Entertainment Ltd. fell 9.4%, Las Vegas Sands Corp. shed 7.9% and MGM Resorts International dropped 5.3%. The death toll from the coronavirus has reached 80 through Monday morning, which lockdowns expanded to 17 cities in China. The selloffs far outpace the weakness in the broader stock market, as futures for the S&P 500 fall 1.6%.
Eric Toner is a scientist at the Johns Hopkins Center for Health Security and was a part of a simulation, in partnership with the World Economic Forum, that posited such a disease could kill 65 million people within 18 months.
Shares of Sprint Corp. are up 0.2% in premarket trading after the wireless company posted a slimmer loss than expected for its fiscal third quarter but fell short on revenue and saw its postpaid phone churn rate climb. Sprint recorded a net loss of $120 million, or 3 cents a share, compared with a loss of $141 million, or 3 cents a share, in the year-prior period. Analysts surveyed by FactSet were expecting a 4-cent loss per share. The company posted net operating revenue of $8.08 billion, down from $8.6 billion a year earlier. Sprint's revenue came in below the $8.18 billion that analysts had been predicting. The company saw its postpaid phone churn rate rise to 2.06% from 1.84% in the prior December quarter. "As we await a decision in the state attorneys general lawsuit, I continue to believe the merger with T-Mobile is the best way to deliver the benefits of competition to American consumers," Chief Executive Michel Combes said in a release. Sprint shares have fallen 24% over the past three months, as T-Mobile shares have been near flat and as the S&P 500 has added 9%.
Prices for stocks and other risky assets are also rising at a fast clip - a state of affairs that a growing chorus of investors, economists and former Fed officials say is no coincidence, and potentially a problem. Since the Fed started buying $60 billion of Treasury bills a month last fall to counter ructions on short-term money markets, credit spreads are tighter and the bank funding markets targeted by the purchases are calmer. Financial stress measures tracked by regional Fed banks are at their lowest in a year or more - all signs of the program's success.
Chipotle Mexican Grill Inc. was upgraded to neutral from sell at UBS on analyst forecasts that the company will report "strong" earnings and sales over the next two years. UBS' price target leaped to $900 from $690. Chipotle has an average price target of $890.52, according to 35 analysts polled by FactSet. "Results significantly exceeded our expectations in recent quarters as we underestimated customer demand and the strength of a traffic recovery, including benefits from digital and delivery," UBS wrote. "And our more recent concerns around valuation were misguided given the strength and sustainability of results and scarcity of idiosyncratic sector growth opportunities." UBS said they didn't move the stock to buy because that would require "sizable" earnings beats. Chipotle was upgraded at Oppenheimer just a couple of weeks ago. And SunTrust Robinson Humphrey analysts say they're confident that Chipotle's menu innovation will give 2020 a boost. Chipotle stock is down 1.1% in Monday premarket trading but up 60% over the last year. The S&P 500 index has gained 23.7% for the past 12 months.
Stock futures plunged as coronavirus fears hit the stock market rally. Apple earnings are on tap this week. So are AMD, Facebook, Microsoft and Tesla earnings
Tom Plumb of Wisconsin Capital Management says growth-stock valuations aren’t overly high and expects investors to keep paying up for the most successful companies.
Cannabis advocates are cautiously optimistic that 2020 will be the year that New York state finally legalizes cannabis for adult recreational use, marking a major milestone for the legal business.
Advanced Micro Devices Inc.’s sales of server chips may get heightened scrutiny following a surprise jump in data-center sales reported by larger rival Intel Corp.
CenterState Bank Corp. and South State Corp. said Monday they have agreed to combine in an all-stock deal with a market value of about $6 billion. Under the terms of the deal, CenterState shareholders will receive 0.3001 shares of South State for each share owned. CenterState shareholders will own about 53% of the new entity, while South State shareholders will own 47%. The new entity will operate under the South State name and trade under its ticker symbol on Nasdaq. It will be headquartered ion Winter Haven, Florida and maintain a significant presence in Columbia and Charleston, South Carolina, Charlotte, North Carolina and Atlanta, Georgia. The deal is expected to close in the third quarter. The combined company will have about $34 billion in assets and $26 billion in deposits. The banks are expecting the deal to drive more than 20% accretion to South State once cost savings of $80 million are achieved by 2022. CenterState shares rose 6% in premarket trade, while South State stock was not yet active.