Foreclosures | Mortgages | Financing
MarketWatch is live from London on Facebook breaking down the Brexit fallout in markets Monday — click here to join the discussion now.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
All 30 components of the Dow Jones Industrial Average traded lower in premarket trade Monday, as investor brace for a second session of volatility in the wake of the U.K.’s vote to exit the European Union. The SPDR Dow Jones Industrial Average ETF shed 1% ahead of the open, on course to open at a three-month low, after tumbling 3.4% on Friday. Among the biggest Dow-member losers, shares of Travelers Companies Inc. shed 1.8%, J.P. Morgan Chase & Co. gave up 1.8%, Caterpillar Inc. lost 1.6%, American Express Co. dropped 1.6% and 3M Co. slid 1.6%. The best performers were shares of Verizon Communications Inc. and International Business Machines Corp. which were both down just 0.4%. On Friday, the Dow plunged 610 points with all 30 components losing ground.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
People’s United Financial Inc. announced a deal Monday to buy Suffolk Bancorp in a deal valued at $402 million. Under terms of the deal, Suffolk shareholders will receive 2.225 People’s United shares for each Suffolk shares they own. Based on Friday’s closing prices, that valued Suffolk shares at $33.55 each, or a 43% premium. People’s United expects the deal to close late in the fourth quarter of 2016, and add earnings excluding one-time costs. The shares of both companies weren’t active in premaket trade. Through Friday, People’s United’s stock had lost 6.6% year to date, while Suffolk’s had tumbled 17% and the S&P 500 had lost 0.3%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
Starbucks Corp. said Monday that it will offer U.S. customers a rare coffee sourced exclusively from India for the first time later this year. Starbucks Reserve Tata Nullore Estates will be roasted at the Starbucks Reserve Roastery and Tasting Room and sold at that Seattle location. The announcement is one of a series of agreements that extends the partnership between Starbucks and Tata Sons Limited, including a plan to expand Starbucks’ roasting capacity for its 80 stores across India, distribution of Tata’s Himalayan Mineral Water in Starbucks’ China and Asia Pacific locations, an extension of the Teavana brand into India this December, a philanthropic program benefitting youth education, and a deal to offer Starbucks coffee on Vistara flights. Vistara, which operates 457 flights across India each week, is a joint venture between Tata Sons and Singapore Airlines. Starbucks shares are down 1.2% in premarket trading, and down nearly 9% for the year so far. The S&P 500 is down 0.3% for the year to date.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
The stocks suffering the biggest percentage declines in premarket trade Monday can blame Brexit for their woes. The U.S.-listed shares of Barclays PLC plunged 24%, after tumbling 20% on Friday. The stock was on track to open at the lowest level since March 25, 2009. The next biggest decliners were the U.S.-listed shares of Royal Bank of Scotland Group PLC , which plummeted 20% toward the lowest price seen since Jan. 26, 2009, and Lloyds Banking Group PLC , which plummeted 17% toward the lowest level seen since Nov. 16, 2012. On Friday, shares of both RBS and Lloyds had tumbled 23%. The selloff in U.K. bank stocks continued to spill over to their U.S.-based peers, with the SPDR Financial ETF shedding 1.5% ahead of the open after tumbling 5.4% on Friday. Among XLF components, shares of Bank of America Corp. slumped 1.8%, Citigroup Inc. shed 1.9% and J.P. Morgan Chase & Co. dropped 1.6%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
A European Central Bank forum panel that included Federal Reserve Chair Janet Yellen has been cancelled, an updated program event page showed on Monday. Over the weekend, Bank of England Governor Mark Carney had already canceled his appearance on the panel, which included Yellen and ECB President Mario Draghi. The group was expected to face tough questions in the Brexit aftermath. The event page has replaced its “policy panel” that included these three high-profile policymakers with a “concluding panel” and said panelists will be announced later. The ECB’s Forum on Central Banking takes place every year in Sintra, Portugal.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
Bristol-Myers Squibb Co. said Monday that its bladder cancer treatment, Opdivo, was granted breakthrough therapy designation by the Food and Drug Administration. The designation allows for the expedited development and review of medicines which have shown early signals of potential clinical benefit in serious diseases. “Urothelial cancer is a common type of bladder cancer where patients experience high rates of recurrence and remains an area where new treatment approaches are needed, further underscoring the importance of this designation for Opdivo,” said Jean Viallet, global clinical research lead at Bristol-Myers. The stock, which was still inactive in premarket trade, has gained 2.7% year to date, while the S&P 500 has slipped 0.3%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
Shares of Heartware International Inc. were indicated sharply higher in premarket trade Monday, after the developer of miniaturized circulatory support technologies agreed to be acquired by Medtronic PLC in a deal valued at $1.1 billion. As part of the agreement, Medtronic will pay $58 for each Heartware share outstanding, which represents a 93% premium to Friday’s closing price of $29.98. The deal is expected to close during Medtronic’s fiscal second quarter ending Oct. 28, 2016. Medtronic said it doesn’t expect to adjust its fiscal 2017 revenue or earnings-per-share outlooks, but the deal gives the company “increased confidence” in its ability to achieve its revenue growth outlook. Heartware’s stock traded up 67% in light premarket volume, while Medtronic’s stock was still inactive. Year to date through Friday, Heartware’s stock has tumbled 41%, Medtronic shares have gained 8.2% and the S&P 500 has slipped 0.3%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
The yield on 10-year U.K. government bonds dropped below 1% for the first time ever on Monday as investors scrambled for safe-haven assets after Britain voted to leave the European Union last week. Benchmark 10-year gilt yields fell 13 basis points to 0.965%, according to electronic trading platform Tradeweb. The move follows a big drop in interest rates on Friday, when the 10-year yield tanked 36 basis points at one point to 1.01%. The rise in U.K. bond prices and slump in yields come as investors fret over the U.K.’s future after 52% of voters backed a Brexit in a historic referendum last Thursday. The pound slid to a 31-year low on Friday, before trimming gains a little bit. Sterling also dropped on Monday to trade at $1.3333, from $1.3676 late Friday in New York. The U.K. currency had briefly stabilized on Monday morning, however, after finance minister George Osborne sought to calm financial markets and said the country is strong enough to confront any Brexit challenges.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
The U.K.’s finance minister, George Osborne, has said it is inevitable that Britain’s economy will have to adjust to the outcome of the Brexit referendum, but he ruled out an immediate emergency budget. Speaking early Monday, the Chancellor of the Exchequer said the Treasury response will not come until the fall, even as he warned that there will be an impact on the U.K.’s public finances from the vote to leave the European Union. Osborne is seen as attempting to calm financial markets shaken up after the surprise referendum result. “It will not be plain sailing in the days ahead,” he said, but stressed the U.K. is in a position of strength. “We are equipped for whatever happens,” he added, noting that he has spoken to Bank of England Governor Mark Carney and that the BOE, the Treasury and the Financial Conduct Authority have Brexit contingency plans in place. FTSE 100 futures , which were down 1.9% ahead of the speech, pared losses as Osborne spoke to a drop of about 1.5%. The FTSE 100 opened 0.8% lower. The pound traded at around $1.34, unchanged.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News