Written by Gary
Stocks making the biggest moves midday: Tesla, AMC, DraftKings, Peloton (SPY +0.8%). United Airlines plans to cut 16,000 jobs as coronavirus continues to hammer demand.
Here is the current market situation from CNN Money | |
North and South American markets are mixed today. The Bovespa is up 2.23% while the S&P 500 gains 0.80%. The IPC is off 1.06%. |
What Is Moving the Markets
Here are the headlines moving the markets. | |
United Airlines plans to cut 16,000 jobs as coronavirus continues to hammer demandUnited Airlines joined American in warning about massive job loss after the terms of federal aid ends in October. | |
As small U.S. farms face crisis, Trump’s trade aid flowed to corporationsRoughly two-thirds of trade aid payments went to the top 10% of recipients at the beginning of the year, according to an analysis of U.S. Department of Agriculture records by CNBC. | |
Macy’s CEO sees huge opportunity in luxury retail as other chains go bankrupt“Look at luxury right now, look at Neiman’s, look at parts of Lord & Taylor,” Macy’s Chief Executive Jeff Gennette told CNBC. “There is opportunity for us. Nordstrom is closing stores.” | |
Ford tells employees buyouts are coming as it aims to cut white-collar workforce by roughly 1,400Ford Motor is trying to cut its white-collar workforce by about 1,400 people with buyouts, a spokesman told CNBC. | |
Inexpensive steroids reduce deaths of hospitalized Covid-19 patients, WHO analysis confirmsUse of inexpensive, readily available steroid drugs to treat people hospitalized with Covid-19 reduced the risk of death by one-third, according to an analysis conducted by the World Health Organization and published Wednesday in the Journal of the American Medical Association. | |
Manhattan apartment deals fall 31% while sales boom in the suburbsThe drop is a slight improvement from July, yet the August boom in real estate deals in suburban markets around New York and in Florida shows real estate dollars (and most likely residents) continue to flow out of Manhattan. | |
Dr. Scott Gottlieb: Prioritize back to school, then reopen indoor entertainment like movie theaters“We need to be circumspect about what we open while we’re trying to open schools,” former FDA chief Dr. Scott Gottlieb told CNBC. | |
Target revs up its grocery game with hundreds of new products, including gourmet pastas and coffeesThe big-box retailer is adding hundreds of new food and beverage items to Good & Gather, the retailer’s grocery brand, to make itself more of a grocery destination. | |
AMC shares spike after top theater chain says 70% of locations will be open this weekendShares of AMC jumped after the movie chain announced that more than 70% of its domestic theaters would be open by Friday. | |
Macy’s plans rollout of smaller stores away from mallsMacy’s and Bloomingdale’s “have high potential” away from malls and in smaller formats, CEO Jeff Gennette told analysts. | |
Health experts sound the alarm on a possible new coronavirus wave this winterHealth experts say colder and drier conditions in winter strongly affects the transmission of flu-like illnesses. | |
Macy’s swings to a loss, but shares rise as stronger-than-expected online growth boosts salesMacy’s said its second-quarter digital sales were up 53% from a year ago. | |
The global pandemic’s newest luxury traveler? Your petPet adoptions are soaring during the Covid-19 pandemic, and the travel industry has taken notice. To entice travelers, hotels are rolling out packages that pamper pets as much as their owners. | |
Tesla Tanks As Largest Outside Shareholder Cuts PositionTesla Tanks As Largest Outside Shareholder Cuts Position Tyler Durden Wed, 09/02/2020 – 12:02 Tesla shares are selling off amid a broader dump in the Nasdaq, on news that the company’s largest outside shareholder, Baillie Gifford, is reducing its position in the company. Baillie Gifford said it was paring its holdings because the position had become “outsized” in the company’s portfolio, according to CNBC. An SEC filing confirmed that Baillie Gifford now owns less than 5% of Tesla, down from 6.32% that it owned during its prior disclosure. Baillie Gifford spokesman James Anderson said: “The substantial increase in Tesla’s share price means that we needed to reduce our holding in order to reflect concentration guidelines which restrict the weight of a single stock in clients’ portfolios.” | |
Portland Mayor Tells Neighbors He’s Moving After Riot Outside His CondoPortland Mayor Tells Neighbors He’s Moving After Riot Outside His Condo Tyler Durden Wed, 09/02/2020 – 11:52 In late July, Portland Mayor Ted Wheeler attempted to hold a ‘listening session’ with BLM protesters – wading into an angry crowd he thought he could tame with his giant brain and a PA loudspeaker, in what he called a ‘listening session’. | |
With A Record Number Of Bulls, The Euro Is Ripe To Tumble After “Euphoric Run”With A Record Number Of Bulls, The Euro Is Ripe To Tumble After “Euphoric Run” Tyler Durden Wed, 09/02/2020 – 11:35 Yesterday morning just moments after the EURUSD hit 1.20, the highest level in over two years, a level which sparked selling across European market, we predicted that any minute now the ECB would start talking down the EUR taking us back to “square one” in the currency wars. | |
‘Science Deniers’? – Delaying Herd Immunity Is Costing Lives‘Science Deniers’? – Delaying Herd Immunity Is Costing Lives Tyler Durden Wed, 09/02/2020 – 11:20 Authored by Martin Kulldorff via The American Institute for Economic Research, Climate scientists are frustrated by people who do not believe in climate change. In epidemiology, our frustration is with anti-vaxxers. Most anti-vaxxers are highly educated but still argue against vaccination. We now face a similar situation with ‘anti-herders’, who view herd immunity as a misguided optional strategy rather than a scientifically proven phenomenon that can prevent unnecessary deaths. | |
Speedy return to workplace ‘not possible’A top Bank of England official casts doubt on government moves to get workers back to the office faster. | |
Apple more valuable than the entire FTSE 100The world’s largest company has seen its value leap as demand for tech goods surged during lockdown. | |
Kickstart work scheme: ‘It’s really hard to get a job’Many young people are out of work in the pandemic, but a new government scheme aims to help them find jobs. | |
Court stays Netflix’s documentary releaseCourt stays Netflix’s documentary releaseMilitary talks between India and China on Wednesday remained inconclusive over Chinese People’s Liberation Army (PLA) troops’ fresh incursion attempts into Indian territory. | |
Restaurants to remain shut: Maha govt clarifiesRestaurants to remain shut: Maha govt clarifiesRestaurants are not allowed to operate as per the latest order. Only hotels have been allowed with 100% capacity. Restaurants inside the hotel are allowed to open for only inhouse guests. The opening of restaurants is under the active consideration of the government and the same will be communicated as and when the decision is made at the appropriate time by the competent authority. | |
Australia in recession for 1st time in 28 yrsAustralia in recession for 1st time in 28 yrsThe latest national accounts showed the economy shrank 7% in the June, the biggest contraction since records began in 1959. | |
Currencies: ‘Cold currency war’: Dollar bounces back as ECB rings alarm on rising euroThe euro remains under pressure a day after the European Central Bank’s top economist said the exchange rate matters to the eurozone economy, stopping a hard-charging rally by the shared currency. | |
Key Words: Deutsche Bank CEO doesn’t want to sound ‘too pessimistic’ ” but his outlook is anything but bullishChristian Sewing, CEO of Deutsche Bank, says a full recovery is a ways off. | |
NewsWatch: Only 19% of Tesla analysts say buy the stock while investors remain ‘insatiable’There is an old Wall Street saying that investing isn’t about being right or wrong, it’s about making money. No one understands that saying better than an investor in Tesla Inc.’s stock. |
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