Written by Gary
Stocks edge up on trade truce bets (SPY +0.9%). Oil, lira shaken by Turkey move on Syria.
Here is the current market situation from CNN Money | |
 | North and South American markets are higher today with shares in U.S. leading the region. The S&P 500 is up 0.81% while Brazil’s Bovespa is up 0.64% and Mexico’s IPC is up 0.18%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
| California power cutoff begins as wildfire risks riseHundreds of thousands of California homes and businesses started to lose electric power early Wednesday as part of an unprecedented effort by Pacific Gas and Electric Co. to prevent wildfires, the utility said. |
| Facebook CEO to testify before house panel on October 23Facebook chief executive Mark Zuckerberg will testify before the U.S. House Financial Services Committee on Oct. 23 as the company faces growing scrutiny from U.S. lawmakers. |
| Wearable device Fitbit to shift production out of China from JanuaryFitbit Inc will manufacture all its trackers and smart watches outside China from January, the wearable device maker said on Wednesday, the latest U.S. company looking to insulate itself from tariffs. |
| China’s Hikvision sees only limited impact from U.S. blacklistingChinese video surveillance company Hikvision will only suffer a limited, short-term hit after being blacklisted by the U.S. government and will strive to get the ban lifted, its general manager said on Wednesday. |
| Wall Street gets tech boost as reports bolster hopes of trade dealWall Street rose on Wednesday on the back of gains in technology stocks, as investor sentiment was boosted by reports indicating an ease in trade tensions between the United States and China ahead of pivotal talks on Thursday. |
| Johnson & Johnson hit as jury awards ‘excessive’ $8 billion in damagesShares of Johnson & Johnson dipped 2% on Wednesday after a jury awarded $8 billion in punitive damages to a man who accused the drugmaker of failing to warn that young men using its antipsychotic drug Risperdal could grow breasts. |
| Hungary’s MOL in talks for Chevron’s $2 billion stake in giant Azeri oilfield: sourcesHungarian energy firm MOL is in talks to acquire Chevron’s stake in a giant oilfield in Azerbaijan for more than $2 billion, according to three banking and industry sources involved in the process. |
| Stocks edge up on trade truce bets; oil, lira shaken by Turkey move on SyriaStocks gained on Wednesday on a report that China could yet agree to a partial trade deal with the United States despite recent tensions, while the prospect of a last-minute Brexit agreement between the European Union and Britain seemed as remote as ever. |
| Halliburton cuts 178 employees in Colorado: filingTop U.S. hydraulic fracturing provider Halliburton this week said it would cut 178 employees in Colorado, according to a state filing. |
| Chaos On Wall Street: Ex-Nasdaq CEO Warns IPO Implosion Reminds Him Of “Dot Com Era”Chaos On Wall Street: Ex-Nasdaq CEO Warns IPO Implosion Reminds Him Of “Dot Com Era” As we’ve been reporting in the last several months, the proverbial tide has gone out – and those institutions exposed to overvalued technology unicorns are the ones swimming naked. Shares of Lyft, Uber, Slack, Peloton, to name a few, have imploded after debuting on the public markets. Even WeWork, who couldn’t even get listed, saw valuations collapse after its IPO was shelved. The turmoil on Wall Street has been highlighted in a recent interview with former Nasdaq CEO Bob Greifeld, whose new warning about the IPO market reminded him of the days of the dot-com era. We all know what happened shortly after that. In a CNBC “Squawk Box” interview Monday, Greifeld warned that the 2019 IPO market reminds him of the dot-com bubble.Â
He said technology unicorns with multi-billion-dollar valuations had some of the worst IPO debuts in quite some time. As seen below, shares of Uber, Lyft, and Peloton have been huge flops this year.  |
| AOC Suddenly Flip-Flops, Now Thinks Pulling Out Of Syria Is Terrible IdeaAOC Suddenly Flip-Flops, Now Thinks Pulling Out Of Syria Is Terrible Idea Authored by Steve Watson via Summit News, Trump Derangement syndrome on full display… |
| WeWork Competitors Are Dancing On Its Grave After Historic IPO CollapseWeWork Competitors Are Dancing On Its Grave After Historic IPO Collapse The WeWork fairy tale has obviously come to an end for the time being, as the company was forced to pull its IPO amidst a chorus of skepticism and outright ridicule after filing its IPO prospectus earlier this year. And now, the little companies that WeWork trampled on to make its mad dash into becoming the unprofitable behemoth it is today are all ready to strike back, according to Bloomberg.Â
After WeWork’s historic collapse at the doors of the public market, competitors like IWG Plc, Convene, Industrious and Knotel are now all pitching themselves as far more stable options for rental office space. In fact, three large U.S. landlords have even reached out to Novel Coworking to see if the company would be interested in buying or managing buildings leased to WeWork. Novel Chief Executive Officer Bill Bennett said: œEveryone is having conversations behind closed doors. People are trying to find their plan B and plan C. It’s a far cry from when WeWork employees would visit competitors, posing as customers, and perform business intelligence recon by photographing their tenant lists and contacting customers with incentives to move. WeWork would also sometimes set up outside of competitors offices with games and couches to try and pitch customers … |
| Five Questions That Frighten Impeachment-Focused DemsFive Questions That Frighten Impeachment-Focused Dems Authored by Graham Noble via LibertyNation.com, As the phony impeachment investigation targeting President Donald Trump rumbles on, there really is no definitive list of questions that as yet remain unanswered. Were anyone to compile such a list, it would probably start with five questions that strike at the heart of the entire affair. |
| A 3-decade old saga of error unfurls at India’s biggest FMCG firmA 3-decade old saga of error unfurls at India’s biggest FMCG firmThe payment which created confusion was recorded as œloans and advances in the books of the companies. |
| RBI rejects Indiabulls, Lakshmi Vilas mergerRBI rejects Indiabulls, Lakshmi Vilas mergerAjit Mittal, ED, Indiabulls Group says he doesn’t see any negative reaction from investors. |
| Cash-strapped realtors face double whammyCash-strapped realtors face double whammyThe numbers show the dismal state of the Indian property market, which has been hammered for half a decade. |
| August 2019 Headline JOLTS Job Openings Rate Continues To Predict Slowing Employment GrowthWritten by Steven Hansen The BLS Job Openings and Labor Turnover Survey (JOLTS) can be used as a predictor of future jobs growth, and the predictive elements show that the year-over-year growth rate of unadjusted private non-farm job openings declined further in contraction.
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| Market Extra: Fed’s Powell says planned bond buying isn’t emergency stimulus; investors are skepticalThe Federal Reserve Chairman’s announcement Tuesday has led to a debate over what should be considered œnormal monetary policy. |
| The Moneyist: My dad is moving into a condo with his ‘lady friend’ ” will he have to deplete his savings to pay for her health care?‘He wants her to live out her life in the condo should he pass away before her.’ |
| Outside the Box: Trump and Turkey just made the U.S. fight against terrorists even harderCounterterrorism experts have seen this before. |
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