Category: Stock Market News

Workers at a Nissan Motor Co. assembly plant in Mississippi have voted against forming a union, the Associated Press reported, another blow to a United Auto Workers hoping to organize the foreign-owned auto plants in the American South. Representatives of Nissan and the UAW said late Friday that 2,244 workers, or 62%, voted against the UAW, while 1,307, or 38%, favored unionizing. The union filed seven new charges with the National Labor Relations Board just before polls closed Friday, alleging that Nissan had broken federal labor laws during the campaign, the AP reported. If the labor board rules in favor of the charges, the board could order a fresh election.

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The United Nations Security Council has agreed unanimously on fresh economic sanctions against North Korea over its missile program, several news outlets reported Saturday from the UN. The resolution bans North Korean exports and limits investments in the country. Estimates put North Korea’s exports at about $3 billion in goods each year and the sanctions could eliminate $1 billion of that trade, the BBC said. Pyongyang tested two intercontinental ballistic missiles in July. With that test, it claimed to now have the ability to launch a strike against the entire U.S., although international experts questioned that capability. The tests were condemned by South Korea, Japan and the U.S., and prompted the drafting of the new UN sanctions. Earlier this year, China suspended imports of North Korean coal to increase pressure on Pyongyang. However, repeated sanctions had so far failed to deter leader Kim Jong-Un from continuing with his country’s missile development.

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A search and rescue operation was underway Saturday for service members after a “mishap” with an aircraft off the east coast of Australia, U.S. Marine officials said, according to the Associated Press. Ships, small boats and aircraft from the 31st Marine Expeditionary Unit and Bonhomme Richard Expeditionary Strike Group were conducting the operations following the incident involving an MV-22 Osprey, the Marine base Camp Butler in Japan said in a statement. It was not immediately clear whether there were any casualties. The Osprey aircraft were in Australia for a joint military training exercise held by U.S. and Australian forces.

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Shares of Rockwell Collins Inc. rose more than 7% late Friday afterBloomberg reported United Technologies Corp. was considering buying Rockwell Collins, citing people familiar with the matter. According to Bloomberg, it’s not clear whether the two companies are in talks and whether the initial deliberations will lead to a deal. Shares of United Technologies fell 0.4% in late trading. Rockwell Collins and United Technologies shares ended the regular session up 0.5% and 0.3%, respectively.

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Berkshire Hathaway Inc. reported late Friday second-quarter net earnings of $4.26 billion, compared with $5 billion in the year-ago quarter. Operating earnings fell to $4.12 billion, from $4.61 billion a year ago. The conglomerate reported earnings of $2,592 per Class A shares, compared with $3,042 a share a year ago. Revenue reached $57.5 billion, from $54.2 billion a year ago. Analysts polled by FactSet had expected earnings of $2,932.29 a share on sales of $57.6 billion for the quarter. Shares were flat in late trading after ending the regular session up 0.6%.

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The Dow closed at a record for the eight session in a row on Friday as the broader market gained following a robust jobs report. The U.S. economy created 209,000 new jobs in July, significantly above the 175,000 jobs forecast by economists in a MarketWatch survey. The latest data underscored the view that the U.S. economic expansion remains on track, ensuring that the positive fundamentals that fueled the stock market’s recent gains remain intact. The Dow Jones Industrial Average rose 64 points, or 0.3%, to close at 22,090, adding 1.2% for the week. The S&P 500 climbed 4 points, or 0.2%, to end at 2,476 for a weekly gain of 0.2%. The Nasdaq Composite Index adavnced 11 points, or 0.2%, to close at 6,351 but fell 0.4% for the week.

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DuPont & Co. and Dow Chemical Co. said Friday that their planned “merger of equals” will be completed on Aug. 31, after the stock market closes. Shares of the new entity, DowDuPont, will begin trading on the New York Stock Exchange on Sept. 1, under the ticker symbol “DWDP.” The chemical companies said the intended spinoffs is still expected to occur within 18 months of the closing. DuPont’s stock, currently a component of the Dow Jones Industrial Average , rose 0.7%, while Dow Chemical shares were up 0.9%. Year to date, DuPont’s stock has climbed 11.6%, Dow Chemical’s stock has rallied 11.9% and the Dow has run up 11.7%.

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Shares of struggling car rental companies rallied Friday, after J.P. Morgan initiated coverage of the industry, saying some of the headwinds have been “over-appreciated” by investors. Analyst Samik Chatterjee started coverage of Avis Budget Group Inc. with an overweight rating and stock price target of $39, which is 21% above current levels. “Margin progression and strong free cash flow delivered by Avis historically, while contending with industry headwinds, speak to solid execution by an experienced management team, in our view,” Chatterjee wrote in a note to clients. Hertz Global Holdings Inc. was started at neutral with a $15 stock price target, which was 4.8% above current levels. Chatterjee said Hertz should benefit from “improving execution and correction of recent missteps,” but sees revenue growth lagging that of rival Avis. Hertz’s stock surged 10.3% in afternoon trade and Avis shares rose 4.0%. Year to date, shares of Hertz have tumbled 33.4% and Avis have dropped 12.4%, while the S&P 500 has climbed 10.5%.

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Biotech investor Martin Shkreli was convicted Friday on federal charges that he deceived investors in two failed hedge funds, the Associated Press reported. Shkreli was found guilty on three of eight counts, including securities fraud and conspiracy to commit securities fraud. A Brooklyn, New York jury deliberated for five days. Prosecutors charged Shkreli with misleading investors by using funds from a drug company he founded to pay investors in his hedge funds. Shkreli first came to fame in the U.S. for buying the rights to a life-saving drug and then immediately raising the price to $750 a pill from $13.50.

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Wells Fargo & Co.’s stock took a dive in afternoon trade Friday, after the bank disclosed that the number of authorized accounts created during the customer account scandal could be a lot higher than previously thought. The stock was down about 0.2% a little after 2:00 p.m. ET, then tumbled to be down as much as 2.8%, before recovering slightly to be down 1.1% in recent trade. In a filing with the Securities and Exchange Commission, the bank stated that a review of sales practices, which is expected to completed by the end of the third quarter, “may lead to a significant increase in the identified number of potentially unauthorized accounts.” Wells Fargo said it expanded the review period to January 2011 through September 2016 from May 2011 to mid-2015, and will perform a voluntary review of accounts from 2009 to 2010. The bank also disclosed that the board of directors is reviewing its structure, composition and practices, and will announce actions to take in the third quarter. The stock has lost 4.2% year to date, while the SPDR Financial Select Sector ETF has climbed 9.1% and the S&P 500 has gained 10.5%.

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