Market reports

  • Cannabis ETF tumbles 21% amid a five-session losing streak. Marijuana stocks suffered broad and sharp losses Monday, and were headed for their worst five-session skid in over eight months, as full-legalization in Canada appears to have taken the shine off the sector, despite early indications of strong demand. The ETFMG Alternative Harvest exchange-traded fund tumbled 9.4% in afternoon trade, with 28 of 37 components losing ground, and 16 of the decliners shedding more than 5%.
  • U.S. equity short sellers are rooting for a Republican sweep of Congress in U.S. elections on Nov. 6, which are seen as partly a vote on President Donald Trump's pro-business policies, a leading Wall Street short seller said on Monday.
  • Alzheimer's disease release and third-quarter financial results could both be disappointments, analyst says. When drugmaker Biogen Inc. (BIIB.NaE) releases third-quarter earnings, scheduled for before the open on Tuesday, other major events for the company could well overshadow the financials. Chief among them is the company's upcoming Alzheimer's disease results, for the buzzed-about therapy BAN2401, which Biogen and partner Eisai are set to present at an European conference...
  • Gilberto Benetton, one of the co-founders of the Italian clothing retailer Benetton Group, has died, sources with knowledge of the matter said on Monday. The company was not immediately available for a comment.
  • Analyst casts doubt on whether Santa rally will materialize. October is living up to its infamous reputation as a volatile month for stocks with major indexes down sharply and there is likely more pain ahead for investors, according to one prominent Wall Street analyst. The recent rebound "was a dead cat bounce," said Michael Wilson, an equity strategist at Morgan Stanley, in a report.
  • Tether trades back toward $1 but investors explore buying other stablecoins. Cryptocurrency prices are drifting lower Monday. Bitcoin, the world's largest digital currency, is showing small losses in Monday trading, with a single bitcoin last going for $6,446.49, down 0.6% since Sunday at 5 p.m.
  • It is a cruel bit of irony that eBay (EBAY.NaE)' s current woes come just as the e-commerce pioneer was proving that it still had a business worth stealing. EBay's (EBAY.NaE) shares have shed nearly 10% over the past two trading sessions, starting their retreat when former subsidiary PayPal reported late last week that payment volumes associated with the eBay Marketplace business grew by only 3% year over year during the third quarter. Because PayPal is believed to still handle the vast majority of...
  • With shares 30% off recent highs, earnings report could help determine if the price is now right. As shares of Advanced Micro Devices Inc. (AMD.NaE) fall back toward earth, investors have the opportunity to decide whether the current trade war climate had impinged upon the chip maker's ability to capitalize of the misfortunes of its main rival. AMD is scheduled to report earnings after the market close on Wednesday.
  • Dollar index strengthens to start the week. Gold futures ended lower Monday, extending their losses from the previous session after posting a third straight weekly advance, as the U.S. dollar strengthened against most of its currency rivals to start the week. "Gold is in for a little bit of a lull early this week as not much in the way of economic data until Thursday with durable goods... but Friday, with the first look at, could be a market mover for gold, interest rates and the U.S. dollar all...
  • - Constellation Brands Inc (STZ.NaE) , the U.S. producer of Corona and Modelo beers, is looking to sell some of its U.S.-based wine brands, in a deal that could be worth more than $3 billion, according to four people familiar with the matter.
  • The two interconnected companies are still facing scrutiny from industry onlookers. Cryptocurrency firms Tether and Bitfinex continue to face scrutiny from investors after a so-called stablecoin proved less than stable earlier this month. Tether, the company that issues the U.S. dollar-denominated stablecoin, which is also eponymously known as Tether, and Bitfinex, the Hong Kong-based cryptocurrency exchange, found themselves in the spotlight on Oct. 15 when the price of...
  • As Intel (INTC.NaE) struggles with supply issues amid new competition and lack of a CEO, company must show data-center strength and provide clarity on new chip rollout, analysts say. Intel Corp. (INTC.NaE) has struggled mightily the past few months, but it may be able to retrieve some lost love by showing strong data-center growth and progress on rolling chips using a long-overdue manufacturing process. Intel (INTC.NaE) is scheduled to report quarterly earnings after the close of markets on Thursday.
  • - Wells Fargo & Co (WFC.NaE) will pay $65 million to settle claims that it misled investors about its "cross-selling" business strategy, the New York Attorney General's office said on Monday. A push by Wells Fargo (WFC.NaE) to get existing customers to buy more of the bank's products, known as "cross-selling," was at the center of a fake customer accounts scandal that has dogged the bank for two years.
  • U.S. plans to withdraw from nuclear treaty with Russia feeds supply concerns. Palladium futures rallied Monday, with concerns surrounding supplies from Russia, following U.S. President Donald Trump's plan to pull out of a nuclear treaty with Moscow, lifting prices to their highest settlement since January, when prices hit a record.
  • Richard Branson is quitting as chairman of Virgin Hyperloop One, saying the company, that plans to build a supersonic transport system in the United Arab Emirates and other countries, needs a more actively involved leader, the firm said on Monday.
  • In lung cancer, one of the drug industry's most lucrative and competitive markets, delays can be expensive. Bristol-Myers Squibb (BMY.NaE) shareholders found that out on Monday. The stock dove 5% after the company said late Friday that the Food and Drug Administration moved back a deadline to rule on a key new drug application.
  • London stocks ended lower Monday, failing to retain a grip on an earlier uptrend that had been fueled by a rally in China stocks. Prime Minister Theresa May's speech to discuss further developments about the U.K.' s efforts to exit from the European Union in front of the House of Commons was in focus. The FTSE 100 finished off 0.1% to 7,042.80, after closing out last week with a gain of 0.8%.
  • Fiat surges nearly 3% on deal to sell auto-parts unit for EUR6.2 billion. European stocks closed modestly lower Monday in trading reflective of a new period of volatility as investors remained nervous about budget wrangling between Italy and the European Union and Britain's efforts to leave that trade bloc. Chinese stocks registered their best daily gain in two years as officials provided positive comments that have thus far heartened investor sentiment domestically but...
  • In the wake of Toys "R" Us's bankruptcy, investors have been hopeful that toy makers will quickly find other retailers eager to fill the toy void. The transition has proved more challenging than expected, but there are signs that the turmoil may abate next year. On Monday, Hasbro (HAS.NaE), maker of Monopoly, My Little Pony and Nerf toys, among others, reported third-quarter earnings that fell short of estimates.
  • Central-bank decisions and an elections on the calendar for the week ahead. Currency traders on Monday watched as recent themes, including Italy's budget, Brexit and U.K. leadership, were heating up. Meanwhile, the greenback started the week stronger, with the ICE U.S.
  • By Anneken Tappe, MarketWatch, Sunny Oh. Moody's downgraded Italy's sovereign debt rating Friday, leaving it one rung above junk. A rating downgrade is usually a sobering occasion for bondholders, offering a judgment that a borrower is less creditworthy than previously believed.
  • Europe's largest budget airline may be starting to look too much like other carriers. Ryanair (RYAOF.NaE), which based its business model on Southwest Airlines, announced Monday that profit for the six months through September was 7% lower than in the comparable period of 2017 as fuel and labor costs climbed. Investors expected an even worse result following a profit warning earlier this month, so the shares actually rose on the news, but are still down 11% over the past month.
  • By Myra P. Saefong and William Watts, MarketWatch. Oil futures headed lower on Monday, ahead of the expiration of the November U.S. benchmark contract, as traders took stock of U.S.-Saudi tensions over the killing of journalist Jamal Khashoggi. Several U.S. lawmakers from both sides of the aisle called for sanctions on the kingdom over the weekend as Treasury Secretary Steven Mnuchin prepared to visit Saudi Arabia Monday.
  • What lesson has China drawn from the devaluation scare in 2015? Weakness in China's currency and a rout in its stock market in 2018 are raising warning bells among investors haunted by memories of the August 2015 devaluation scare and the ensuing volatility that spooked investors. Underscoring those fears, China's officials reported that gross domestic product grew at a slower pace than anticipated for the third quarter.
  • The Securities and Exchange Commission suspended trading on Monday in the securities of Nevada-based American Retail Group, Inc. (ARGB.NaE), which also is known as Simex. The company claimed it had a partnership with an SEC qualified custodian that would be "under SEC Regulations," and that the company was conducting a token offering that was "officially registered in accordance SEC requirements." The SEC issued an investor alert earlier this month warning investors to be vigilant for...
  • Bitcoin's 20- day historical volatility is nearly as low as Apple (AAPL.NaE). Day traders looking to make a quick buck buying and selling bitcoin might be better off switching lanes as volatility in the world's largest digital currency continues to decline. In fact, volatility in the No.1 virtual currency is now below some of the biggest and most popular stocks on Wall Street.
  • Stifel replaced Alibaba with Amazon (AMZN.NaE) on its Select List on concerns about China's economy. Amazon.com Inc. (AMZN.NaE) is scheduled to report third-quarter earnings after the market closes on Oct. 25, and Stifel analysts are more upbeat about the e-commerce giant's prospects in the near-term than they are about Alibaba Group Holding Ltd.. Stifel replaced Alibaba with Amazon (AMZN.NaE) on its Select List due to uncertainty in China's macro environment.
  • Aston Martin is considering flying in car components and moving more parts through UK ports other than Dover to avoid possible border friction after Britain leaves the European Union, its boss told Reuters.
  • * Linde shares up 4 pct, Praxair (PX.NaE) shares gain 2.4 pct. * Deal was agreed almost 2 years ago. * EU approves Taiyo Nippon as suitable buyer. By Ludwig Burger. Industrial gases groups Praxair (PX.NaE) and Linde won U.S. antitrust approval for their $86 billion merger on Monday, clearing the last hurdle for the deal in the nick of time.
  • Industrial gases groups Praxair and Linde won U.S. antitrust approval for their $86 billion merger on Monday, clearing the last hurdle for the deal in the nick of time. The all-share merger of equals will create an industry leader with revenues of about $27 billion based on 2017 figures, and 80,000 employees across more than 100 countries, which will be called Linde plc.
  • - U.S. stocks edged down on Monday as early support from a rally in China faded, with lower oil prices and disappointing earnings signals from firms including Halliburton and Hasbro helping pull the market lower.
  • - Netflix Inc (NFLX.NaE) announced on Monday it will tap debt markets for a second time this year, aiming to raise another $2 billion as the streaming video pioneer invests heavily in production of original shows and content acquisition to fend off intensifying competition.
  • A' don't fight the Fed' mentality has kept some investors away from builder stocks, but the millennial American dream may be a stronger force. In a rocky October for stocks, few companies have fared worse than those in the housing sector. Buffeted by a string of reports showing falling home sales and dwindling new construction, the SPDR S&P Homebuilders Index has fallen roughly 12.5% month-to-date, and 24% on the year.
  • Endocyte (ECYT.NaE) called its 2017 licensing deal' transformational'-- and it was right. More than a year ago, the biotech Endocyte Inc. (ECYT.NaE) was backed into a corner. The West Lafayette, Ind.-based company announced a "strategic restructuring," that dreaded corporate-speak, including about a 40% cut to its workforce, leaving it with just 47 employees.
  • - Toymaker Hasbro Inc missed analysts' expectations for quarterly revenue and profit on Monday, as the demise of major retail partner Toys 'R' Us hurt sales in Europe and the United States, sending its shares down as much as 8 percent.
  • Treasury yields were slightly lower on early Monday trading as investors watched stock markets rebound across the world. The 2- year note yield was mostly flat at 2.905%, near its highest levels in a decade. The 10- year Treasury note yield was down 0.8 basis point to 3.194%, while the 30- year bond yield fell 1.2 basis points to 3.373%, near its more than four-year high of 3.401%.
  • Danone is banking on its expansion into the lucrative healthy eating business to produce sales growth that will beat the French food company's rivals over the coming decade.
  • Nearly one-third if ICOs launched in 2017 have lost all their value. If you invested in an initial coin offering, a crowdfunding tool for crypto-related ventures, in 2017, there's a very good chance your portfolio has been shredded, according to research from professional services firm Ernst& Young. In an Oct. 19 report titled "ICOs, The Class of 2017-- one year later" Ernst& Young said in the first six months of 2018, 86% of the leading ICOs that listed on a crypto exchange in 2017 are below...
  • Japan's Calsonic Kansei, owned by U.S. private equity firm KKR, has agreed to buy Fiat Chrysler's Magneti Marelli for 6.2 billion euros to form the seventh-largest independent car parts supplier.
  • The product consists of an opioid that is 500 times stronger than morphine but drugmaker defends its need. A new, potent opioid medication intended for quick pain relief has become the center of a maelstrom of controversy as the drug nears a U.S. Food and Drug Administration approval decision.
  • - SoftBank Group Corp's Chief Operating Officer Marcelo Claure will not be attending the Saudi Arabia investment conference this week, Bloomberg reported on Monday, citing a person familiar with the matter. Claure is the latest high profile executive to pull out of the conference amid mounting pressure on Riyadh over the disappearance and alleged killing of journalist Jamal Khashoggi.
  • News of the eurozone's demise is exaggerated, but that may not offer much comfort to stock investors. Italy's ongoing budget battle with the European Union finally reverberated across the rest of the eurozone last week, when Spanish, Portuguese and Greek debt joined the selloff in Italian bonds. Late Friday, Italy's debt was downgraded another notch by ratings agency Moody's, but the cut was minor enough that the bonds actually rallied Monday morning.
  • China is--allegedly--a large-scale pilferer of intellectual property, runs roughshod over foreign companies' rights and is bracing for a drawn-out trade war with the U.S. Foreign investment must be in retreat, right? China was the top spot for foreign direct investment globally in the first half of 2018-- with investment up 6% to $70 billion, according to a United Nations report--edging out last year's champion, the U.S.
  • By MarketWatch, MarketWatch, Saumya Vaishampayan. Chinese stocks surged for a second day on Monday, propelled by a chorus of reassuring comments from leaders and top regulators. The Shanghai Composite rallied 4.6% to 2668 and the smaller Shenzhen Composite soared roughly 5.4%, putting both on pace for their best day in more than three years.
  • European shares crept higher on Monday on relief over Italy's budget, tracking rallies in Asia markets after China promised to provide stimulus to stabilize its economy and offset the impact of U.S. tariffs. Promises of tax cuts and coordinated official statements of support for stock markets in the world's second-largest economy saw Chinese shares stage their biggest one-day surge in three years.
  • Japan's Calsonic Kansei, owned by U.S. private equity firm KKR, has agreed to buy Fiat Chrysler's Magneti Marelli for 6.2 billion euros to form the seventh-largest independent car parts supplier.
  • The new North American trade agreement ends key legal protections for many U.S. businesses operating in Mexico, leaving their operations exposed to a risk they had avoided under the old trade deal: Mexico's court system. For thousands of U.S. firms, the change could add complications and uncertainty to doing business south of the border.
  • * Sanctions against Iran oil exports to start Nov. 4. * U.S. rig count at highest since 2015: https://tmsnrt.rs/2PfF6i3. * ICE to launch new U.S. crude export futures contract. * Other producers will struggle to replace Iran shortfall - IEA. * But U.S.-China trade war clouds 2019 outlook. By Henning Gloystein.
  • Highly leveraged property firm China Evergrande Group (EGRNF.NaE) is in talks with financial institutions to raise about $1.5 billion this month by offering its Hong Kong office tower as collateral, two sources with direct knowledge of the matter said.
  • * Accuses former employees of aiding Japanese project. * Mitusbishi says Bombardier claim "groundless" * Bombardier seeks preliminary injunction to stop information use. By Nathan Layne.
  • Oil futures were little changed on Monday after paring earlier losses despite Saudi Arabia's pledge to raise crude production to a record high, two weeks before U.S. sanctions potentially choke off Iranian supplies.