|Day's Range||2,791.69 - 2,804.53|
|52 Week Range||2,417.35 - 2,872.87|
Shares of Coda Octopus Group Inc. (coda) more than doubled (128%) toward a 10-year high in active premarket trade Monday, after the 3D sonar technology company said it has entered into a research development pact with the U.S. Navy to transition its prototype Divers Augmented Vision Display-Head Up Display system (DAVD-HUD) into a operational use. The plan indicates that the DAVD-HUD product will advance naval activities "significantly," and is considered a critical deliverable to Naval Sea Systems Command.
Wall Street investors find themselves facing off with a bull of their own, one that is in its ninth year and, despite being beset by a cavalcade of concerns, appears on the verge of resuming the second-longest run since WWII.
MARKET PULSE Crude-oil prices early Monday were trading sharply lower, with the U.S. benchmark on track to drop beneath a key short-term level that could imply near-term momentum for the commodity is eroding.
Agricultural company Alliance One International Inc. (aoi) said Monday it is seeking to change its name to Pyxus International Inc. and will ask shareholders to approve the move at its Aug. 16 annual meeting. The name Pyxus is inspired by the Greek word for compass, the company said in a statement.
Global stocks mixed, with weakness in Asia offset by solid start in Europe, as investors brace for Trump-Putin summit in Helsinki. China's economy grows 6.7% in second quarter, but weak June industrial production readings suggest second-half could see slowing. Oil dips as investors bet Libya supply will start to increase, but Norwegian strikes keep investors from extending bets.
In the week ending July 13, the cannabis sector ended broadly in the negative territory. The Horizons Marijuana Life Sciences ETF (HMMJ) declined as much as 1.7%, while the TSX Composite Index rose 1.2% and the S&P 500 Index rose as much as 1.5% during the week.
Valeant Pharmaceutical International Inc. will start trading under a new name and ticker symbol on Monday as it switches to the name Bausch Health Cos. Inc. and ticker "BCH." The company has also launched a new corporate website at www.bauschhealth.com. The name change comes after a rocky few years for the drug company, which was swept up in a drug pricing and accounting scandal that led to the ouster of its CEO. In 2010, after the troubled pharmaceutical company Biovail acquired Valeant, the combined company went by the name Valeant instead.
MARKET PULSE Fortune Brands Home & Security Inc. (fbhs) said Monday it will add $400 million to its stock repurchase program. With $100 million remaining from a previous authorization, the plumbing, cabinets, doors and security company can buy back up to $500 million worth of its stock, which based on Friday's closing price of $55.
LONDON (AP) — A slowdown in Chinese economic growth weighed on global stock markets Monday as investors kept a close watch on a summit U.S. President Donald Trump with Russian President Vladimir Putin.
Shares of Bank of America (BAC.N) rose 0.9 percent in premarket trading after the second-largest U.S. lender's quarterly profit beat analysts expectations on lower expenses and growth in loans and deposits. This follows mixed earnings reports from three of its Wall Street peers on Friday, which dragged down bank stocks but could not stop the S&P 500 (.SPX) from closing at its highest level in more than five months. The markets have been expecting a strong second-quarter earnings, which for S&P 500 companies is expected to have surged around 21 percent, according to Thomson Reuters I/B/E/S.
The U.S. stock market is hours from hitting a notable milestone, but it isn’t one that investors will feel particularly good about.
“It’s going take just a little bit of time and patience,” said John Stoltzfus, chief investment strategist at Oppenheimer, on CNBC’s “ Trading Nation ” on Friday. “I’m not sure exactly sure when we’ll get the yield curve to extend itself. A flatter yield curve puts lenders at a disadvantage by squeezing profit margins.
The Boeing Co. (ba) and United Airlines (ual) said Monday that the carrier has made a repeat order for four 787-9 airplanes in a deal valued at about $1.1 billion based on current list prices. The order was finalized this year and was listed as unidentified on Boeing's orders and deliveries website. The 787-9 aircraft is the longest-range of Boeing's Dreamliner planes and uses 20% less fuel than older generation planes.
NEW YORK/SAN FRANCISCO (Reuters) - The FANGs have gotten their bite back, and they are helping Wall Street erase the wrenching correction that beset it in February. Facebook, Amazon.com, Netflix and Google's parent Alphabet have led the technology and consumer discretionary sectors back to record high levels in recent days. Whether they can haul the wider market over that threshold likely hinges on the rush of quarterly scorecards due soon from the four of them, starting with Netflix late on Monday.
Premarket U.S. futures were basically flat ahead of the market open Monday, July 16, with the S&P 500 dipping slightly into the red. Dow futures were up 0.03%, indicating an open 8 points higher, while Nasdaq futures rose 0.
Cleveland-Cliffs’ (CLF) new management has always been keen on exiting the volatile seaborne iron ore business as soon as possible, and an announcement finally came on April 6 that it expected to close its Australian operations by June 30. The increasing discounts for its lower-content ore and the quality of its remaining iron ore reserves were the main factors driving this decision. On June 12, CLF announced that it had agreed to sell the business to Australian mining services company Mineral Resources for an undisclosed amount.
Previously, we discussed Morgan Stanley’s (MS) optimistic views on major defensive sectors. On June 26, in an interview with CNBC, LPL Financial senior market strategist Ryan Detrick said, “Small-cap leadership is a good thing,” adding that “it could be carving the way potentially for this bull market to continue as the S&P’s second half of the year also does well.” However, Morgan Stanley’s recent downgrade of small-cap stocks signals there could be some danger ahead for the bull market.
Data showing China's economy and factory production growth had slowed sent Asian markets lower at the start of the week, as investors fret an escalating trade battle between China and the United States may soon start to damage the real economy . Merger speculation concerning industrials helped outweigh the Chinese data. "Despite all the noise around China and Trump, you are going to get a real indication of macroeconomic health much more from company management.
U.S. stock futures were mixed on Monday, July 16, and global stocks traded cautiously as the meeting in Helsinki between Donald Trump and Russian President Vladimir Putin began. Trump tweeted early Monday that U.S.-Russian relations had never been worse, thanks to what he continues to call a biased investigation into allegations that Moscow successfully meddled in the 2016 election, the latest of which produced the indictment of 12 Russians accused of hacking into emails held on the server of the Democratic National Committee. Prime Day, the online giant's fourth-annual sales extravaganza, takes place Monday beginning at 3 p.m. ET.
The industrial dividend payer's business has turned a corner, but the market isn't giving it enough credit.
** S&P 500 hits highest level since early Feb, finishes up 1.5 pct as corporate scorecards overshadow trade conflicts ** Indeed, S&P Futures have been going pillar to post. This as Dow Jones Futures have ...
Since recent market commentary has been focused on sectors and regions that have rocketed in the last few years, investors have been left to believe that all stocks are overvalued. Certainly, there are specific firms across regions and industries that have strong growth potential with depressed prices just waiting for investors to find them. Yes, MLPs took a huge hit from mid-2014 through early 2016 as oil prices tanked to about $25 a barrel from over $100 over that period.
Jul.16 -- Larry Fink, chairman and chief executive officer at BlackRock, discusses second-quarter results, client concerns, ETF flows, and the potential market impact of a true tariff war. He speaks with Bloomberg's Erik Schatzker on "Bloomberg Surveillance."