A selloff in financials and tech stocks on Thursday dragged Wall Street lower and put an end to a record-breaking streak for the Nasdaq. The Nasdaq fell 0.29%, backing away from a run that saw the index close at records for five consecutive trading days.
Day: January 12, 2017
Tiffany Shares Surged Alongside Luxury Retailers on Richemont’s 3Q Sales
Earlier today, the Swiss jeweler and watchmaker said revenue rose 5% in constant currency to 3.09 billion euros for the three months ended December 31. Jewelry revenue was up 8% to 1.75 billion euros for the period, topping estimates for a 1.2% gain. “The cross-read of these results will probably benefit the other luxury names, in particular Swatch,” Bernstein analysts wrote today, according to the Wall Street Journal .
Uranium ETF Set to Pop on Production Cuts
Energy traders have spent weeks mulling over an agreement among OPEC nations to cut oil supplies, in a move to boost oil prices. The jury is still out on that move, but in the meantime, there is another commodity production cut on the table that really should move prices on one energy source – uranium.
Amazon’s New Credit Card Beats Costco’s for In-Store Purchases
The e-commerce giant announced yesterday a Visa credit card that offers Prime members 5% cash back on all Amazon.com purchases. Costco’s Visa Anywhere cards, issued by Citigroup , offer just 2% cash back on Costco purchases.
Travelers Seems Overvalued Compared to Its Main Rivals
Within a matter of days, not only have three top Wall Street firms downgraded the $33 billion insurance giant, but it’s the market’s sixth most shorted stock . It was only in December that Citigroup named the stock a buy.
Disney, CBS and Twitter Downgraded on ‘Capital-Destroying’ Risks Associated With Trump
The three were among several other tech and media stocks downgraded due to ‘political risks’ arising from Trump’s impending administration. Disney , Twitter , CBS and a slate of other media and technology companies were downgraded by a Pivotal Research analyst on Wednesday due to several risks that could materialize under President-elect Donald Trump’s administration.
Market Likes Its Afternoon Straight Up
For the second day in a row, the dip buyers saved the market from early pressure. The recovery today wasn’t quite as robust, but it was another straight-up afternoon.
Insulin Drug Offers Hope for MannKind
The launch of Afrezza was a series of botches and errors that would have been at home in an episode of Fawlty Towers . Afrezza is contra-indicated for patients with chronic obstructive pulmonary disease , not surprising since it is absorbed into deep lung tissue.
Ricketts Promises Balanced Budget, Lower Taxes in State of the State
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Will TransCanada Corporation Raise Its Dividend in 2017?
Not only has it increased the payout for the past 16 years, but it has delivered 7% compound annual dividend growth during that period. However, its best dividend growth days appear to lie ahead.
Fiat Chrysler Halted as EPA Alleges Diesel Emissions Cheat
Fiat Chrysler Automobiles NV shares were halted after plunging the most intraday on record as the U.S. government accused the company of using software that allowed excess diesel emissions in about 104,000 vehicles. The Environmental Protection Agency alleges Fiat Chrysler violated the Clean Air Act by installing and failing to disclose the software in Jeep Grand Cherokee sport utility vehicles and Ram 1500 pickups sold in the U.S., according to a statement.
Dimon Praises Cabinet Picks, Says He’s Optimistic About Trump
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said he’s optimistic about President-elect Donald Trump’s administration because of the group of people he’s assembled to fill his cabinet.
Amazon to Create 100,000 New Jobs in U.S. in Next 18 Months
Amazon.com Inc. revealed plans to hire more than 100,000 people in the U.S. in the next 18 months, grabbing the spotlight as President-elect Donald Trump pushes companies to employ more Americans. The staffing up isn’t particularly surprising for a company moving into multiple categories from groceries, hardware and video to fashion and cloud services.
`Shut Down Twitter’ Cry Goes Out Among Exasperated Peso Traders
There’s a strange idea circulating among Mexican currency traders. Well, more of a joke really.
EBay Gets Hands-On in Fighting Fake Handbags With New Service
EBay Inc. will begin authenticating luxury handbags, footwear and other commonly counterfeited fashion items this year, looking to gain an edge as shoppers become more wary of the abundance of fake goods posted to online marketplaces. The company will use a network of brand experts to verify that a Chanel handbag listed on the marketplace, for instance, is real.
VW Managers Safe From Extradition, as Long as They Stay Home
Five German Volkswagen AG executives facing U.S. charges linked to the diesel-emissions scandal may be able to avoid jail, but they may never be able to travel beyond the Black Forest again. While Germany doesn’t extradite its citizens to countries outside the European Union, the U.S. can seek an international arrest warrant that would be executed if any of the men left the country.
Russian 2017 Car Sales Seen Rising After Four Years of Declines
Russian car sales are set to return to growth in 2017 after a four-year slump on pent-up demand as the economy shows signs of reviving. Sales of new cars and light commercial vehicles may rise by about 4 percent to 1.48 million units this year after dropping 11 percent in 2016, Joerg Schreiber, chairman of the automakers’ committee of the Association of European Businesses, told reporters Thursday.
Trump meets with AT&T execs about Time Warner merger
Donald Trump Trump vs. the Democrats: Is this the end of the 100-year war over the Estate Tax? French far-right leader Le Pen spotted at Trump Tower Pompeo would ‘absolutely not’ obey torture order from Trump MORE on Thursday morning met with AT&T CEO Randall Stephenson as the company pushes for support for its planned merger with Time Warner. Stephenson and Robert Quinn, AT&T’s senior vice president for legislative affairs, arrived at Trump Tower shortly after 9 a.m., according to pool reports.
Amazon.com to Create Over 100,000 Full-Time Jobs in the U.S.
Amazon announced on Thursday a plan to add more than 100,000 full-time, full-benefit positions in the U.S. over the next 18 months. “These new job opportunities are for people all across the country and with all types of experience, education and skill levels — from engineers and software developers to those seeking entry-level positions and on-the-job training.
Why Mobileye Considers Itself a Leader in Autonomous Driving
In an interview, a Mobileye executive discusses his company’s autonomous driving alliances and what makes its processors and software unique. With autonomous cars all the rage at CES 2017, it wasn’t hard to find test vehicles using Mobileye’s technology.
Fiat Chrysler Shares Crash on Diesel Emission Accusations
Fiat Chrysler was drawn into the automotive emissions scandal Thursday as the Environmental Protection Agency moved to accuse the automaker of violating the Clean Air Act on some of its diesel engines. The EPA is expected to say Fiat used software that allowed it to exceed diesel emission caps in about 100,000 trucks and SUVs sold in the U.S. since 2014.
Trump’s Remarks Show Why Pharma Sector Is ‘Barely Investable’: More Squawk From Jim Cramer
TheStreet’s Jim Cramer weighs in on Donald Trump’s comments regarding biotech and pharmaceuticals during his first press conference since the election. In his first press conference since being elected to the position, incoming President Donald Trump targeted the biotech and pharmaceutical sector.
3 ETFs to Buy If You Think Bank of America Beats Q4 Earnings
Bank of America is set to benefit as the Federal Reserve continues to raise interest rates. Here are three ETFs that may benefit if investors like fourth-quarter results.
The ‘Trump Rally’ in Stocks Is Ending — Here’s How You Can Profit
The recent surge in global financial, telecom and energy stocks after Trump’s election is coming to an end. Here are a few promising sectors if mean reversion comes into play.
2017 Looks Like the Year When Wage Growth Will Finally Accelerate
There are a few things working in favor of workers, including business confidence, continued uncertainty, falling labor force participation, inflation, job creation and unemployment. If that seems like an uninspiring prediction, it is considerably more upbeat than those that I have previously made since the recession ended.
Celebrate The Trash Fire of 2016 Being Over With Meme Merch
To quote Samwise Gamgee’s speech in Osgiliath at the end of the 2002 classic movie adaptation of J.R.R. Tolkein’s The Two Towers : Sam : I know. It’s all wrong By rights we shouldn’t even be here.
Wells Fargo Still Staging a Correction
However, it looks like prices got ahead of themselves and the stock has been correcting those gains. In this one-year daily bar chart of WFC, above, we can see an upside price explosion where WFC ran from $45 to touch $58 in a few weeks.
Solving the ‘Rubik’s Cube’ of Trading, With All Its Twists and Turns
If you were a child of the eighties, give or take a few years, you’re probably familiar with the Rubik’s Cube, with its perfect nine colored squares on each side. When you broke the Rubik’s Cube free from the package, it had a certain beauty in its simplicity.
First look: Ninjago ride breaks way into Legoland lineup
Central Florida’s newest theme park attraction is a hands-on, hands-off experience. Lego Ninja World debuted at Legoland Florida on Thursday.
Starz Play Arabia Streaming Service Adds Fox Movies, Series
Hit shows like ‘Empire,’ ‘How I Met Your Mother,’ ‘American Horror Story’ and ‘The Americans’ will become available to subscribers along with films, such as ‘A Good Day To Die Hard’ and ‘The Wolverine.’ Starz Play Arabia, the on-demand video streaming service of premium TV service Starz that is available in 19 countries across the Middle East and North Africa , has struck an agreement with 20th Century Fox Television Distribution to provide its movies and series to its subscribers.
Volkswagen Not Out Of The Woods Yet, Despite U.S. Settlement
Litigation risk still looms large over VW, with a U.K class action suit and the EC calls for punishment A second settlement agreed by Volkswagen with authorities may have helped the brand to put the Diesel Gate drama behind it in the U.S. but the German carmaker is not out of the woods yet when it comes to litigation. Harcus Sinclair, working with the U.K’s Slater & Gordon, has launched a class action lawsuit against the automotive firm in London.
Delta Sees Unit Revenue Gains but Higher Fuel and Labor Costs Will Cut Margins
Delta says first-quarter unit revenue will be flat to up 2% but margins will fall due to higher costs for fuel and labor. Delta Air Lines said fourth-quarter net income fell due to a new pilot contract but current quarter unit revenue will be flat to up 2%, reversing a long negative trend.
Stock Futures Decline Ahead of Friday’s Big Bank Earnings
S&P 500 futures were down 0.3%, Dow Jones Industrial Average futures fell 0.2%, and Nasdaq futures declined 0.3%. A number of big banks including JPMorgan , Bank of America and Wells Fargo will release quarterly performances on Friday morning, heralding the kickoff to the fourth-quarter reporting season.
Data Storage Provider Seagate’s Adaptability Leading to Increased Profits
The world of finance and investing is moving at a faster clip than ever, and nowhere more so than in the high-tech sector. Big money is being made from technologies that no one even imagined a few years back.
Panera’s Self-Improvement Efforts Leading to Higher Customer Satisfaction, Better Results
A new survey indicates that the fast-casual chain is the highest-performing restaurant when it comes to pleasing its customers. In the competitive fast food and fast casual restaurant business, a number of chains have been working hard to improve their service and menus.
Despite the Energy Rally, Avoid This Dangerous, High-Yield MLP
Oil and gas master limited partnerships have risen from the dead, but don’t get seduced by MLPs with high dividend yields that are unsustainable. These “energy zombies” are eating the brains of investors who should know better.
Barnes & Noble’s Recasting Won’t Change Its Downward Trend
Barnes & Noble , the nation’s largest bricks-and-mortar retail bookseller, is striving to recast itself into a digital media, content and educational product leader with a little alcohol on the side. Although the company has 638 physical bookstores in 50 states, it is emphasizing its e-commerce site, BN.com, as well as its Nook digital tablets and e-readers.
Trader’s Daily Notebook: Focus on Your Trading System, not on Anybody’s Tweets
As individual traders and investors, the greatest obstacle we generally face is our own propensity to make rash decisions born out of fear and emotion. We know, or rather most traders accept, that as a stock trades above a 200-day simple moving average , there’s a reasonable chance that stock is in an uptrend.
Rev’s Forum: The Obvious Trade Isn’t So Obvious After All
The “sell the Trump news conference” trade didn’t work as expected on Wednesday, but the bears are back again, looking for the Trump rally to unwind. Weakness in the dollar is the main driving force this morning, as it weighs on the yen and drives gold over the $1200 level.
FTSE 100 dips despite strong retail updates
After closing at its 10th record high in a row on Wednesday, the FTSE 100 was down 5.51 points at 7,284.98 by midday. Tesco’s shares fell 2.3%, despite the UK’s largest supermarket reporting a 0.7% rise in UK like-for-like sales over Christmas.