Written by Gary
The US three major Wall Street indexes are pointing to a moderate higher opening (SPY +0.4%) after the US and Canada secure a deal to replace NAFTA. SP 500 could see a record session this morning, Tesla stock set to soar.
Here is the current market situation from CNN Money | |
European markets are higher today with shares in Germany leading the region. The DAX is up 0.51% while France’s CAC 40 is up 0.28% and London’s FTSE 100 is up 0.14%. |
GE shares pop 16% after company dumps Flannery as CEO, takes $23 billion charge for power business
Stocks are set to rally after the US and Canada reach a deal to replace NAFTA
Stocks making the biggest move premarket: GE, PFE, CALM, TSLA, CBS & more
Retailers tout big hiring plans this holiday season, but workers will be hard to find
Canadian dollar surges after US and Canada strike deal to replace NAFTA
What Is Moving the Markets
Here are the headlines moving the markets. | |
Trump hails ‘historic’ Canada, Mexico trade pactDonald Trump on Monday praised Canada’s entry into a reworked NAFTA pact with the United States and Mexico after the two countries forged a last-minute agreement to salvage the trilateral trade accord, delivering a key win for the U.S. president. | |
Trump to hold news conference on new NAFTA deal on Monday morningPresident Donald Trump will hold a news conference on the new trade deal to replace the North American Free Trade Agreement on Monday at 11 a.m. (1500 GMT), he said on Twitter. | |
Electric cars cast growing shadow on profitsElectric cars are poised to arrive en masse in European showrooms after years of hyped concept-car launches and billions in investment by automakers and suppliers. | |
Netflix to let viewers pick how TV episodes and movies will end: BloombergStreaming giant Netflix Inc will now allow users to choose how a TV episode or movie will end as it pushes further into Interactive TV, Bloomberg reported on Monday. | |
Tesla’s SEC deal provides ammunition for U.S. probe, investor lawsuitsTesla Inc’s settlement with U.S. regulators will help soothe investors calling for more oversight of Chief Executive Elon Musk, experts said, even as it gives ammunition to short-sellers pursing separate cases and to a probe by the Justice Department. | |
Tesla shares jump after Musk settles with SECShares of Tesla Inc jumped nearly 16 percent on Monday after Chief Executive Elon Musk settled with the U.S. Securities and Exchange Commission (SEC) over charges of misleading investors, heading off moves to force him out. | |
GE’s Flannery steps down as CEO, shares jump 15 percentGeneral Electric Co Chief Executive Officer John Flannery abruptly stepped down on Monday just over a year after taking the role, and the company announced a $23 billion charge related to its struggling power business. | |
Canadian dollar, stocks rise as NAFTA salvagedOptimism about a reconstituted free trade agreement among the United States, Canada and Mexico and what it could mean for trade relations elsewhere helped world markets kick off the fourth quarter of the year in a positive vein. | |
OPEC oil output boost in September limited by Iran losses: Reuters surveyOPEC delivered only a limited increase in oil production in September, a Reuters survey has found, as a cut in Iranian shipments due to U.S. sanctions offset higher output in Libya, Saudi Arabia and Angola. | |
Rachel Mitchell Memo Highlights Weaknesses In Ford TestimonyRachel Mitchell, the veteran sex crimes prosecutor who was chosen by the GOP to question Christine Ford and Brett Kavanaugh, sent a memo to Republican senators calling Ford’s allegations a “he said, she said” case that “is even weaker than that.” In her 5-page memo (at the bottom of this article), Mitchell wrote that she was presenting her “independent assessment” of the allegations. She said this was based on her independent review of the evidence and her nearly 25 years of experience. She alleged in the document that “the activities of Congressional Democrats and Dr. Ford’s attorneys likely affected Dr. Ford’s account.” | |
In Shock Move, India Nationalizes Giant Shadow Bank At Center Of Market RoutOne week after we reported that India’s NPL crisis finally erupted after IL&FS, a major shadow bank at the heart of India’s economy defaulted in one day on three debt payments, India’s government announced on Monday that it would immediately seize control of a shadow lender whose defaults have caused widespread upheaval at mutual funds. The nationalization is virtually unprecedented: the nation’s corporate affairs ministry has sought to take control of a company on just two prior occasions, and only followed through once, with Satyam Computer Services in 2009. A bid by the government to take control of debt-laden realty firm Unitech in late 2017 was stalled by the Supreme Court after the move was challenged. According to Bloomberg, officials ousted Infrastructure Leasing & Financial Services Ltd.’s entire board and a new six-member board will meet before Oct. 8, the National Company Law Tribunal said on Monday. India’s richest banker Uday Kotak and ICICI Bank Chairman G.C. Chaturvedi will be part of the proposed board, which will elect a chairperson themselves. An AAA-rated entity for decades, over the last few years IL&FS, saw an increase in its debt levels. The situation worsened in the last two months with both the parent company and its subsidiaries defaulting on a number of repayment obligations. Banks and insurance companies have the largest exposure to IL&FS. For India to resort to such a dramatic move, the panic must have been palpable: the nationalization, which unfolded within the span of a hectic day in Mumbai, underscores the government’s concern about IL&FS’s defaults spreading to other lenders in the world’s fastest-growing major economy.
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GE Names New CEO, Slashes Guidance, Takes $23 Billion Charge; Stock SoarsSeveral months after it was kicked out of the DJIA, GE shares touched their lowest levels since the financial crisis last week while the rest of the market has surged to fresh record highs. And with the company searching for something, anything, to pull shares out of their more than decade long slump, the board announced the departure of CEO and Chairman John Flannery Monday morning. Flannery, who had led the company for just 10 months after replacing longtime CEO Jeff Immelt, will himself be replaced by board member Lawrence Culp, former CEO of Danager Corp from 2000 to 2014. In addition, Thomas Horton will take over as lead director. But that wasn’t all: The company issued a “kitchen sink” announcement, disclosing that it would miss its 2018 earnings guidance and would take a massive $23 billion charge in the company’s struggling power business – effectively writing down all of the unit’s Goodwill – which has recently been the source of most of the company’s woes. According to CNBC, the board was unsatisfied with Flannery’s “execution” since taking over. *GE SAYS WILL FALL SHORT OF 2018 EPS GUIDANCE; TO RECORD CHARGE *GE NAMES LAWRENCE CULP CHAIRMAN & CEO *GE SAYS WILL FALL SHORT OF 2018 EPS GUIDANCE; TO RECORD CHARGE *GE: CHARGE TO BE SUBSTANTIALLY ALL OF GE POWER’S $23B GOODWILL Shares initially sunk, then snapped higher on the news, rallying 15%: | |
Apple devices could make this a lackluster holiday season for the jewelry sectorShoppers may opt to give new, pricey Apple devices rather than jewelry as presents this year. | |
Best New Ideas in Money: How changing the way we pay for health care could save money and livesWalmart, General Motors and Whole Foods, in what may be a wave of the future, are contracting directly with health providers. | |
Best New Ideas in Money: How a financial innovation could find a cure for blindnessKaren Petrou is pushing for a funding mechanism that could attract a new crop of investors. |
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