STOCKS GO NOWHERE: Here's what you need to know
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Despite a bundle of corporate news and economic data, stocks did almost nothing on Thursday.
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All three major indexes were in the red slightly, while oil ended the day up solidly.
This also marks the 34th straight day that the S&P 500 did not move 1% in either direction.
We've got the headlines of the day, but first the scoreboard:
- Dow: 18,448.68, -32.80, (-0.18%)
- S&P 500: 2,172.50, -2.94, (-0.14%)
- Nasdaq: 5,212.20, -5.49, (-0.11%)
- WTI crude oil: $46.80, +0.56 (+1.20%)
- Mylan, the maker of EpiPens, made some changes to combat criticism. After critiques from lawmakers, Mylan announced the company would increase its coupon for the allergy-fighting drug to $300 from $100. This does not, however, lower the initial cost of the drug. Mylan's CEO Heather Bersch also said in an interview with CNBC that the healthcare industry is facing a crisis similar to the housing market in 2007.
- Uber announced it lost $1.2 billion in the first half of 2016. Bloomberg reported that the ride sharing app lost as much as $1.27 billion in the first two quarters. People familiar with the matter told Business Insider that much of the losses came from Uber's battle, now settled, with rival Didi in China.
- Short seller Carson Block announced a new target and the stock tanked. Block's Muddy Waters Investments said it is now short medical device maker St. Jude's Medical because the company has not spent enough to protect its pacemakers from being hacked and tampered with. The stock fell over 5% for the day following the report's release.
- Tiffany and Co. reported beat earnings, but disappointed on sales. Same store sales at the luxury retailer fell 8%, analysts were only expecting a decline of 6.9%. Earnings per share came in $0.84 versus expectations of $0.72.
- Initial jobless claims unexpectedly dropped. The number of people requesting unemployment insurance fell to 261,000 from last week's 262,000. This is also lower than economists' expectations of 265,000.
- Durable goods orders looked strong. Orders for goods built to last rose 4.4% from the month before, higher than the 3.4% increase expected by economists.
- The service sector did not look strong. Markit flash services PMI came in at 50.9, much lower than expectations of 51.8 and July's print of 51.4. This number is, however, still in expansionary territory.
Additionally:
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The company that sells America its wedding rings is getting whacked by the oil crash
Even the hottest region for housing in America can't escape the new crisis
Citi said that if Trump wins, the global economy would head into a recession
The American McMansion is dying
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- CEO says he tried to hire an AI researcher from Meta, and was told to 'come back to me when you have 10,000 H100 GPUs'
- We bought a house in Japan for $30,000. We'll have more land than we could afford in the US, and our kids will be more independent.
- Rumors Prince William is having an affair with Rose Hanbury are flooding social media again after Stephen Colbert waded into 'Katespiracy'
- Realme Narzo 70 Pro with Dimensity 7050, 5,000mAh battery launched in India
- Popular Vehicles shares make weak market debut; decline nearly 2% in opening trade
- TCS shares tank over 3% after Tata Sons divests 0.65% stake
- Sensex, Nifty tank in early trade amid weak Asian markets, foreign fund outflows
- Long-Term vs. Short-Term Debt