18Feb2020 Market Close: Wall Street Churns To A Stop Having Traded Mostly Down And Sideways, Oil Near Flat – WTI At $52.09, US Dollar Up Fractionally At 99.43, Gold Remains Higher At 1602

Stocks slide on Apple’s virus warning, euro near three-year low

Gold rose and global equity markets slid on Tuesday after Apple Inc said it was unlikely to meet its sales guidance because of the coronavirus outbreak in China, a warning highlighting the epidemic’s threat to global growth and corporate profits.

Oil near flat; virus impact offsets Libya supply disruptions

Oil prices were near flat on Tuesday, pressured by concerns over the impact on crude demand from the coronavirus outbreak in China, but prices drew support from a reduction in supply from Libya.

Dow, S&P 500 down after Apple’s sales warning but off session lows

The Dow and S&P 500 were lower on Tuesday afternoon as a sales warning from tech bellwether Apple highlighted the impact of the coronavirus outbreak on global supply chains.

Trump blasts proposed restrictions on selling U.S. jet parts to China

U.S. President Donald Trump on Tuesday blasted proposals that could hinder U.S. companies from supplying jet engines and other components to China’s aviation industry and said he had instructed his administration to prevent such moves.

Huawei accuses U.S. of overlooking HSBC misconduct to go after Chinese firm

U.S. prosecutors overlooked apparent violations of U.S. sanctions against Iran by HSBC Holdings in exchange for the British bank’s cooperation with a government investigation of Huawei Technologies, lawyers for the Chinese telecoms giant said.

Consumer groups, unions oppose fix for planned merger of AbbVie and Allergan

A group of unions and consumer groups wrote to U.S. antitrust enforcers on Tuesday to oppose a proposed remedy that could lead to U.S. approval for AbbVie Inc’s planned purchase of Allergan Plc .

Coronavirus threatens Apple supply chain, sales; shares drop

Shares of Apple Inc fell 2 % on Tuesday and dragged the stocks of its suppliers across the globe lower, after the iPhone maker warned of lower sales in the current quarter acknowledging that the coronavirus outbreak was pressuring its supply chain.

Virgin Galactic’s stock soars, fueled by retail investors

Virgin Galactic Holdings Inc shares surged 24% on Tuesday, extending a rally since early December to over 400% and evoking a warning from an analyst who likes the space tourism company but warns it has become overbought.

Alstom, Bombardier shares fall after $6.7 billion rail deal

Shares of Alstom SA and Montreal-based Bombardier Inc fell on Tuesday after the French firm agreed to buy its Canadian rival’s rail division for up to 6.2 billion euros ($6.7 billion), a deal likely to draw scrutiny from competition regulators and unions concerned about job cuts.

Russia Bars All Chinese As Companies Warn Of Looming Slowdown

Russia Bars All Chinese As Companies Warn Of Looming Slowdown

Update (1600ET): Writing in the latest update to its coronavirus live blog, the New York Times points out that more signs of economic pain from the outbreak have emerged on Tuesday. It cites HSBC’s bloodletting, Jaguar’s warning about looming production problems and Apple’s latest production warning as worrying signs of corporate blowback even as the Nasdaq closed at a record high.

Economic fallout from the new coronavirus epidemic continued to spread on Tuesday, with new evidence emerging in manufacturing, financial markets, commodities, banking and other sectors.

HSBC, one of the most important banks in Hong Kong, said it plans to cut 35,000 jobs and $4.5 billion in costs as it faces headwinds that include the coronavirus outbreak and months of political strife in Hong Kong. The bank, based in London, had come to depend increasingly on China for growth.

Jaguar Land Rover warned that the coronavirus could soon begin to create production problems at its assembly plants in Britain. Like many carmakers, Jaguar Land Rover uses parts made in China, where many factories have shut down or slowed production; Fiat Chrysler, Renault and Hyundai have already reported interruptions …

China Shutdown Fears Spark Dip-Buying Frenzy In Stocks As Gold Soars, Yield Curve Inverts

China Shutdown Fears Spark Dip-Buying Frenzy In Stocks As Gold Soars, Yield Curve Inverts

As the numbers of companies issuing guidance cuts or outlook warnings have mounted, the stock market has pushed ever higher. Even as the world’s largest company issues its second outlook cut in 13 months…

Porsche Taycan ‘Explodes’ In Florida Garage Causing “Significant Damage”Â

Porsche Taycan ‘Explodes’ In Florida Garage Causing “Significant Damage”Â

Tesla has had its fair share of fires with federal investigations looking into whether there is a potentially widespread and dangerous issue with the batteries in their vehicles. Now it appears the NHTSA could launch a probe into why a Porsche Taycan electric car erupted into flames in a South Florida garage.Â

Electrek quotes a Twitter handle that describes the incident as an “explosion.”Â

Porsche sent 130 Taycans to the US this year as the automaker dips its toes into the EV space.Â

Electrek says the incident took place on Feb 16 in a “garage in South Florida.”Â

The garage allegedly suffered “significant damage,” and the Taycan was a “complete loss,” the online EV blog said.

While footage of the incident is relatively limited at the moment, here’s what is circulating on social media:

Gilead’s COVID-19 Drug Trial In Wuhan Is Already Facing Serious Delays

Gilead’s COVID-19 Drug Trial In Wuhan Is Already Facing Serious Delays

Last month, markets found reason for optimism in reports that Gilead had teamed up with Beijing to test a new antiviral at the epicenter of the virus. Now, it’s beginning to look like those moves were a little premature.

According to WSJ, the trials, aimed at testing more than 700 patients infected with the Wuhan coronavirus, have only managed to recruit 200 people after just 10 days.

A total of 168 patients with severe symptoms, and 17 patients with mild and moderate symptoms, were recruited at 11 medical institutes across Wuhan, Zhang Xinmin, an official from China’s Ministry of Science and Technology, said at a Saturday press conference.

This is due in part to restrictions severely limiting the number of eligible patients: Patients had to be “within 12 days of the illness’s onset and couldn’t have taken other treatments within the past 30 days to qualify,” according to Gilead’s screening criteria for patients with ‘severe’ symptoms. For those with only ‘mild’ or ‘moderate’ symptoms who want to join the trials, they must be within eight days of the illness’s onset. All candidates must have tested positive for the virus via lab tests.

According to WSJ, these strict criteria pretty much exclude most COVID-19 sufferers who started taking medication at home.

Video footage seen by WSJ shows that the Gilead drug, known as remdesivir, was first administered intravenously on Feb. 6 to a 68-year-old man who had …

In countdown to Trump’s visit, India sweetens trade deal

In countdown to Trump’s visit, India sweetens trade dealIndia is open to greater market access for American farm and dairy products and lower duties on Harley-Davidson.

Virus impact: India Inc bats for import cut

Virus impact: India Inc bats for import cutThe coronavirus outbreak has disrupted supplies of raw material to other countries, including India.

Wheels come off Germany’s auto industry

Wheels come off Germany’s auto industryA malaise in Germany’s automobile industry has started to leave a wider mark on Europe’s largest economy.

Capitol Report: CNBC’s Jim Cramer: Elizabeth Warren’s attack on billionaire Leon Cooperman hurt us all and could cost her the presidency

Hedge-fund billionaire Leon Cooperman joked back in September that the stock market wouldn’t even open if Sen. Elizabeth Warren were to win the presidency and bring her plans to tax the rich to the White House. Now her popularity is fading.

The Moneyist: ‘My husband’s ex-mistress is ruining our life.’ She claims she gave birth to his child and is extorting us for money

‘After he signed a waiver, I removed my husband as beneficiary from my retirement accounts, and he took his name off our joint checking and savings accounts.’

What Apple, Hilton and other U.S. companies are saying about the coronavirus outbreak

The new coronavirus that was first identified late last year in Wuhan, China, is becoming a dominant theme in the earnings releases and conference calls of S&P 500 companies as investors press for answers on how it will impact their business.