Category: Stock Market News

Bond guru Jeffrey Gundlach, founder of DoubleLine Capital, said the 10-year Treasury yield was too low in a Tuesday webcast. He attributed his bearish stance to the current state of the U.S. economy and the Federal Reserve’s plans to raise rates. “I just don’t like 10-year Treasurys at this level, they don’t have any business being down here,” he said. Bond yields move inversely to prices. Gundlach said it was no surprise that the 10-year yield bounced off the psychologically significant 2% level this week, rising to 2.17% on Tuesday.

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Apple Inc. said it is issuing $5 billion in new debt following its iPhone event, according to a Securities and Exchange Commission filing late Tuesday. Apple said it was issuing $1 billion in 1.50% notes due 2019, $1 billion in 2.10% notes due 2022, $2 billion in 2.90% notes due 2027, and $1 billion in 3.75% notes due 2047. Apple listed Goldman Sachs, Deutsche Bank, and Merrill Lynch among underwriters. Back in June, Apple issued $1 billion in debt, and in May the company issued $7 billion in debt. The issuance comes just hours after Apple introduced its new line of iPhones at its event in Cupertino, Calif. Apple has raised its debt load from zero in 2012 to nearly $90 billion by the end of the last quarter to offer dividends and share repurchases without paying a 35% corporate tax on overseas profit.

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Shares of Centene Corp. jumped 11% late Tuesday after the company said it has signed an agreement in which Fidelis Care will become Centene’s health plan in the state of New York. Under the terms of deal, Centene will acquire all assets of Fidelis Care for $3.75 billion, subject to adjustments. “The addition of Fidelis Care will expand Centene’s national leadership in government sponsored healthcare with a leadership position in New York, the country’s second largest managed care state by membership,” leaving Centene with “a leadership position” in the country’s four largest managed-care states by membership: California, Florida, New York, and Texas, Centene said in a statement. Centene expects to generate 2018 pro-forma total revenue of more than $60 billion, assuming a Jan. 1, 2018 closing date, the company added. Combined, Centene and Fidelis Care serve about 13.8 million members as of June 30. Shares of Centene ended the regular trading day up 0.4%.

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The American Petroleum Institute reported Tuesday that U.S. crude supplies climbed by 6.2 million barrels for the week ended Sept. 8, while gasoline stockpiles dropped 7.9 million barrels, according to sources. The API data also showed that inventories of distillates edged down by 1.8 million barrels, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. Analysts polled by S&P Global Platts expect the EIA to report a climb of 10.1 million barrels in crude inventories, along with declines of 4 million barrels for gasoline and 300,000 barrels for distillate supplies. October crude was at $48.41 a barrel in electronic trading, up from the settlement of $48.23 on the New York Mercantile Exchange.

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Shares of Nordstrom Inc. jumped in the extended session Tuesday following a report that the retailer is taking steps to go private. Nordstrom shares, which jumped more than 10% following the report, were last up 7.7% at $48.52 after hours, following a 0.7% rise in the regular session. Late Tuesday, CNBC reported that Nordstrom family members were close to choosing private-equity firm Leonard Green & Partners to help fund about $1 billion for a buyout. At the close, Nordstrom had a market cap of $7.49 billion. The Nordstrom family is reportedly talking to banks to secure up to $8 billion to finance the deal. Nordstrom family members own just over 30% of outstanding shares, according to FactSet.

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The Dow Jones Industrial Average on Tuesday notched a fresh all-time high, despite a drag produced by McDonald’s Corp. The fast-food behemoth cut more than 35 points from the price-weighted Dow , with its stock down $5.20, or 3.2%–marking its worst performance among the benchmark’s 30 components. A decline at this level would represent the worst one-day tumble for the company since July 26, 2016, according to FactSet data. A $1 move in any one of the Dow components equates to a 6.89-point swing in the equity average. Despite the headwind, the Dow finished at a record , with shares of Goldman Sachs Group Inc. helped to offset McDonald’s share drop . Goldman’s shares closed up $4.89, or 2.2%. The reason for shares of McD’s retreat were being attributed to a bearish note from research firm M Science. All three benchmarks, including the S&P 500 index and the Nasdaq Composite Index finished at records, with the Dow ending up more than 60 points, or 0.3%, 21,118.86.

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Olive Garden, the Darden Restaurants Inc. chain of Italian restaurants, said Tuesday that it is launching its annual sale of the Never Ending Pasta Pass by offering 50 diners the chance to buy an all-inclusive week-long trip to Italy for themselves and a friend for $200. These “Pasta Passports” will be available along with 22,000 Pasta Passes for 30 minutes on Thursday, September 14 starting at 2p.m. ET. The Never Ending Pasta Pass offers eight weeks of unlimited access to the Never Ending Pasta Bowl between September 25 and November 19. The Pasta Passport offers the same deal with the addition of the eight-day, seven-night Italy getaway, which includes visits to the Coliseum in Rome, the Sistine Chapel, and more. Last year, the Never Ending Pasta Pass sold out in a second, the company said. Darden shares are up nearly 2% in Tuesday trading, and up 11.7% for the year so far. The S&P 500 index is up 11.4% for 2017 so far.

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Apple Inc. stock fell nearly 1% in late afternoon trading as news emerged that sales of its much-anticipated iPhone X will occur in the next fiscal year. Apple executives announced Tuesday that the new iPhone X, priced at $999, will be available for pre-order in October, and not delivered until Nov. 3. This will enable the tech giant to generate holiday shopping sales but not make the September deadline to include its revenue in this fiscal year. Shares were up more than 1% during the event but fell as proceedings drew to a close. Along with the new iPhone X, executives announced an iPhone 8, and, iPhone 8 Plus, as well as a new watch that includes cellular connectivity. Many of the announcements were expected after a massive leak late Friday evening of the forthcoming iOS 11 software. In the last three months, Apple stock has climbed 10.2%, with the S&P 500 index gaining 2.6%. The Dow Jones Industrial Average , of which Apple is a component, gained 4.1%.

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Shares of Continental Resources Inc. took an afternoon dive from its highs, dipping briefly into negative territory, before bouncing, after noted short-seller Jim Chanos said the fracking company was one of his favorite short plays. The stock was up 3.0% at around $35.21 around 3 p.m. ET, just below the intraday high of $35.53, the sold off sharply after Chanos’ comments to trade down 1.3% at an intraday low of $33.75 around 3:04 p.m. The stock was recently up 1.2%. Chanos said at CNBC’s Delivering Alpha conference that Continental Resources was “indicative of problems in the industry,” which he said investors were viewing through “rose-colored glasses,” given the industry’s high levels of debt and low cash flows. Continental Resources’s stock has tumbled 33% year to date, while the SPDR Energy Select Sector ETF has shed 13.2% and the S&P 500 has gained 11.4%.

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Apple Inc. announced its new line of smartphones with the iPhone 8 and iPhone 8 Plus, along with its premium iPhone X, or 10. The iPhone 8 starts at $699, the iPhone 8 Plus starts at $799, and the iPhone X starts at $999. The iPhone 8s are available to order this Friday will ship on Sept. 22. The iPhone X, with its FaceID recognition feature, edge-to-edge display and dual 12-megapixel cameras, can be ordered beginning Oct. 27, and ships Nov. 3. Apple also announced it will launch its AirPower wireless charging pad for iPhones, Apple Watch and AirPods beginning next year. Apple shares, which had been up as much as 1% during the company’s presentation, were last down 1.6% at $158.91.

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