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| Friday, November 8, 2019 |
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Up Week. U.S. stocks ended slightly higher on Friday, keeping weeklong gains intact, after President Donald Trump said that he had not yet agreed to the U.S. paring back tariffs in stages as part of the so-called phase 1 trade deal. The S&P 500 closed up 0.3%. The Dow Jones Industrial Average picked up 3 points to around 27,678, based on preliminary numbers. The Nasdaq Composite finished up 0.5% to 8,475. For the week, the S&P 500 was up 0.9%, the Dow was up 1.2%, and the Nasdaq was up 1.1%.
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| US 10-Year Note |
1.94 |
0.02 |
| Global Dow |
3,158.12 |
10.48 |
Powered by Dow Jones Research, FactSet, Eurostat, SIX Financial Information.
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| Trump Says He Hasn't Yet Agreed to Remove China Tariffs |
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President Trump on Friday disputed China’s assertion that the two countries had agreed to roll back tariffs as part of an interim trade accord, but he also said progress was being made toward resolving the long-running trade war.
“I haven’t agreed to anything,” Trump told reporters at the White House. “But we’re getting along very well with China. They want to make a deal. Frankly, they want to make a deal a lot more than I do.”
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| Xerox’s Bid for HP Reportedly Is $22 a Share |
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Xerox Holdings’ bid for HP is $22 a share, consisting of $17 a share in cash and 0.137 Xerox share for each HP share, CNBC reported Thursday. Reuters had reported on Wednesday that the deal would be for $22 to $23 a share in a combination of cash and stock worth $33 billion.
Reuters also reported that Citigroup had lined up financing for the cash position of the proposal. HP has confirmed receiving an offer from Xerox, but neither side has commented publicly on the proposed terms.
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| Walgreens Reportedly Mulls Going Private |
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Walgreens Boots Alliance shares rose Tuesday following a report the company has been considering going private.
Reuters, citing unnamed sources, reported Tuesday that the company held early discussions with private equity firms in recent months. The company has a market value of about $57 billion, according to FactSet.
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| Alibaba Readies Up to $15 Billion Hong Kong Listing |
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Alibaba Group Holding Ltd. is aiming to raise $10 billion to $15 billion in a second listing in Hong Kong as soon as this month, according to people familiar with the matter, reviving the planned offering even as the city’s political climate remains unstable.
The online-retailing giant, which is China’s most valuable company by market capitalization, is planning to launch the share sale after its Nov. 11 “Singles Day” shopping festival, the Chinese equivalent of Black Friday. Alibaba expects to seek approval from Hong Kong’s stock exchange next week and launch the share sale shortly afterward, the people said.
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| SoftBank’s Quarterly Loss Was Its Biggest Ever. Blame WeWork and Uber. |
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The fact that SoftBank Group had a rough September quarter should be a surprise to absolutely no one, given the company’s high-profile entanglement with WeWork and, to a lesser extent, Uber Technologies. But the numbers are stark.
For the quarter, the company lost 700 billion yen, or about $6.4 billion. During a nearly two-hour presentation to investors, founder and CEO Masayoshi Son said it was the first time in SoftBank’s history that it had reported a quarterly loss of that magnitude. The large loss primarily reflects the huge write-down in its WeWork and Uber stakes in the SoftBank Vision Fund, which suffered a loss in the quarter of $605 billion yen ($5.5 billion). Results, Son conceded early in the presentation, were “not good at all.”
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| McDonald’s Fires CEO Over Relationship With Employee |
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McDonald’s fired chief executive Steve Easterbrook for engaging in a consensual relationship with an employee.
The fast-food company said Easterbrook had violated company policy and demonstrated poor judgment. McDonald’s announced Chris Kempczinski as the new chief executive late on Sunday after revealing the shock departure of Easterbrook, who earned $15.9 million in 2018.
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| Uber Insiders Were Finally Allowed to Sell This Week. They Dumped the Stock. |
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Uber Technologies’ lockup period expired Wednesday, which means early investors could finally sell their stock. It seems they did just that.
Uber stock closed Wednesday’s session 3.3% lower at $26.94, a 42% decline from its closing high of $46.38 on June 28. The stock on Wednesday set a record intraday low at $25.58, and had its fifth consecutive trading day of declines. By Friday afternoon, it had risen by about 1% from Wednesday's close.
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| Boeing Chairman Supports Company’s Embattled CEO Dennis Muilenburg |
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Boeing Co. Chief Executive Dennis Muilenburg won’t receive bonus compensation this year or stock grants until the 737 MAX is flying again, according to the plane maker’s chairman, who also said the company still had confidence in the embattled CEO.
Dave Calhoun, Boeing’s newly installed chairman, said on CNBC Tuesday that Muilenburg called him on Saturday to suggest he forgo “any compensation for 2019 in the form of bonuses.” That would cover short- and long-term bonus pay as well as equity grants, Calhoun said. Boeing wouldn’t provide Muilenburg with stock grants until the MAX is back in the air and flying safely, he added.
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| Wildfire Costs Keep Cutting Into PG&E Earnings |
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PG&E stock slumped on Thursday after its third-quarter earnings report, and as negotiations continued between the competing stakeholders in the utility’s bankruptcy.
Pacific Gas and Electric and its holding company PG&E reported a quarterly net loss of $3.06 per share before the open of trading Thursday. That loss was the result of a $2.5 billion pretax charge reflecting estimated claims for 2017 and 2018 wildfires caused by its equipment.
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| Under Armour Reportedly Subject of Accounting Probe |
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Under Armour management cut full-year sales guidance when it reported third-quarter numbers Monday morning.
But the stock was down before earnings were even released because The Wall Street Journal reported the Justice Department was looking at the company’s accounting. The earnings conference call—begun at 8:30 a.m. Eastern time—offered investors no relief because management said very little about the investigation.
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