|Day's Range||2,631.52 - 2,669.44|
|52 Week Range||2,532.69 - 2,940.91|
Investors moved back into emerging markets in July after a major summer sell-off only to get burned when the asset class continued to fall. In November money managers are back, saying they think now's the real time to buy.
The stock market is grappling with a major revaluation of the technology sector.
Apple’s troubles are having a big impact on the major indexes, including the Dow. Yahoo Finance’s Alexis Christoforous and Brian Sozzi explain why.
Canada-based Aleafia Health Inc. said Wednesday it will receive a $10 million strategic investment from Serruya Private Equity, as part of an agreement to launch a cannabis retail joint venture in Canada. Under terms of the investment, Serruya will receive 5 million Aleafia common shares at a price of $2 a share. Aleafia and Serruya said the JV will be launched along with a domestic and international cannabis brands JV. As part of the deal, Aleafia will invest $5 million of proceeds of the private placement into the JV. Aleafia will own 51% of the brands JV., which will operate under the name Flying High Brands Inc. Aleafia's U.S.-listed shares were still inactive in premarket trade. It has soared 175% over the past three months, while the ETFMG Alternative Harvest ETF has slipped 3.1% and the S&P 500 has declined 7.7%.
Global stocks steady, with modest declines in Asia offset by gains for European benchmarks, as investors attempt to restore order on the final trading day of the week. Oil prices rebound following a Tuesday sell-off which push U.S. crude prices to the lowest level in more than a year as the dollar drifts and private data shows a drawdown in domestic stockpiles. U.S. equity futures suggest a 100 point gain for the Dow after it slips into negative territory for the year last night ahead of earnings from Hewlett Packard and Deere & Co.
Foxconn Technology Group , the operator of factories in China and India that put together Apple Inc.'s iPhones, is planning a big cost-cutting effort, Bloomberg reported Wednesday, citing an internal company memo. The company is aiming to cut 20 billion yuan, or $2.9 billion, from its costs in 2019, said the memo, according to Bloomberg. Foxconn is facing "a very difficult and competitive year" in 2019, it said, and is planning to let go 10% of its non-technical staff. Shares have lost almost 30% in 2018, while the S&P 500 has lost 1.2%.
Thanks to the shale revolution, plunging oil prices are a drag on U.S. economic growth, but the hit is uneven, notes one economist.
U.S. stock indexes Wednesday were poised to recapture some of the ugly losses accumulated over the past two sessions on the back of a persistent rout in once-highflying tech stocks.
Treasuries trimmed losses and the dollar declined amid speculation the Federal Reserve may soften its policy stance. Contracts on the S&P 500, Dow and Nasdaq all pointed to a firmer open, while banks and telecommunications companies led an advance in the Stoxx Europe 600 Index. The previous session’s plunge in Apple Inc.’s stock hit suppliers in Asia earlier after all major U.S. benchmarks fell more than 1.5 percent Tuesday.
Albermarle Corp. said Wednesday it will pay $1.15 billion for a 50% interest in a joint venture, that it could potentially create with Mineral Resources Ltd. . The specialty chemicals company said the JV would be created to own and operate the Wodgina hard rock lithium mine, and eventually develop an integrated lithium hydroxide operation at the resource site. Albermarle expects to fund the purchase with available cash and new credit facilities. The deal is expected to add to earnings. "This Agreement is consistent with our corporate strategy of pursuing M&A opportunities that can accelerate and de-risk our organic growth strategy," said Albermarle Chief Executive Luke Kissam. The stock, which is still inactive in premarket trade, has tumbled 25% year to date, while the S&P 500 has slipped 1.2%.
Shares of Deere & Co. dropped 2.7% in premarket trade Wednesday, after the machinery maker reported a fiscal fourth-quarter profit and revenue that missed expectations. Net income for the quarter to Oct. 28 rose to $784.8 million, or $2.42 a share, from $510.3 million, or $1.57 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $2.30, below the FactSet consensus of $2.44. Total increased 17% to $9.42 billion, below the FactSet consensus of $9.59 billion, as 3% growth in agriculture and turf sales to $5.61 billion missed the FactSet consensus of $5.71 billion and the 65% increase in construction and forestry sales to $2.74 billion was below expectations of $2.79 billion. For fiscal 2019, Deere expects agriculture and turf sales to rise about 3%, while the current FactSet consensus of $25.01 billion implies a 7.8% increase; the company expects construction and forestry sales to rise 15%, while current expectations of $10.57 billion implies 4.0% growth. Deere's stock has shed 3.7% over the past three months, while the SPDR Industrial Select Sector ETF has lost 10.3% and the S&P 500 has declined 7.7%.
Wednesday 11.05 GMT A steady feel to European trade helped curtail the rout that brought global markets toward bear market territory, although the bounce up from lows was limited by sustained concern about ...
U.S. financial markets are closed on Thursday for the Thanksgiving Day holiday. But the market has another reason to be thankful on Friday.