Thursday, August 9, 2018
What to watch today
Thursday comes with the July producer price index report (+0.2% estimated, +0.3% ex-food and energy estimated) and the latest weekly tally of initial jobless claims (220,000 estimated). On the earnings front, we’ll get second quarter financial results from media giants Viacom (VIAB) and News Corp. (NWSA).
Rite Aid and Albertsons terminate $24B merger: Drug store chain Rite Aid Corp. (RAD) and U.S. grocer Albertsons Companies Inc. agreed to terminate their merger agreement, the companies said on Wednesday, a little over 10 days after a shareholder advisory firm opposed the deal. [Reuters]
Fox tops estimates as ‘Deadpool 2,’ cable earnings drive gains: Twenty-First Century Fox Inc.’s (FOXA) quarterly profit and revenue topped Wall Street targets on Wednesday, thanks to the popularity of edgy superhero movie “Deadpool 2” and as the company’s cable unit earned higher fees from distributors. The results come as the Rupert Murdoch-controlled media conglomerate prepares to sell the bulk of its film and TV assets to Walt Disney Co. (DIS) in a $71 billion deal. [Reuters]
Elon Musk’s Tesla tweet brings the ‘Reed Hastings rule’ into play: Tesla CEO Elon Musk sent markets into a tizzy on Tuesday when he tweeted that he may take the company private. Many are now wondering whether the tweet opens up Musk to lawsuits from the very short-sellers he has long complained about. The issue brings to mind a little-known 2013 SEC report that determined, in the SEC’s own wording, “Social media OK for company announcements if investors are alerted.” The SEC has already made inquires to Tesla (TSLA) about Musk’s tweet. [Yahoo Finance]
US imposing new Russia sanctions over chemical attack: The United States says it will impose new sanctions on Russia for illegally using a chemical weapon in an attempt to kill a former spy and his daughter in Britain earlier this year. The new sanctions, to be imposed later this month, come despite President Donald Trump’s efforts to improve relations with Russia and its leader, Vladimir Putin, and his harsh criticism of the investigation into Russian interference in the 2016 election. [AP]
NYC votes to cap Uber, Lyft vehicle licenses: The New York City Council on Wednesday agreed to cap the number of licenses for ride-hailing services such as Uber Technologies Inc. for one year, dealing a blow to the companies that have relied on the largest U.S. metro area for a major source of their revenue. The first such cap by any major U.S. city was part of a package of measures that also includes setting a minimum wage for drivers. [Reuters]
For more of the latest news, go to Yahoo Finance
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