Category: Stock Market News

CHICAGO (MarketWatch) — The Illinois state Senate on Tuesday joined the House in having passed spending and revenue bills that could end the state’s two-year stretch of operating without a budget. Republican Gov. Bruce Rauner, who had promised to veto the legislation, followed through on that threat by midafternoon, citing a tax increase he called the largest ever. The two assembly chambers are expected to schedule votes to override that veto. As of midday on Tuesday, House Speaker Mike Madigan, a Democrat from the south side of Chicago, was saying he would not call for an override vote in that chamber Tuesday, according to the Chicago Sun-Times. In New Jersey, meanwhile, Republican Gov. Chris Christie signed budget legislation ending a government shutdown, saying his signing off on spending increases pushed by Democrats there represented the nature of compromise. A budget deal also ended a shutdown in Maine.

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CHICAGO (MarketWatch) — The Illinois state Senate on Tuesday joined the House in having passed spending and revenue bills that could end the state’s two-year stretch of operating without a budget. Republican Gov. Bruce Rauner has promised to veto the legislation. The two chambers would then schedule votes to override that veto. As of midday on Tuesday, House Speaker Mike Madigan, a Democrat from the south side of Chicago, was saying he would not call for an override vote in that chamber Tuesday, according to the Chicago Sun-Times. In New Jersey, meanwhile, Republican Gov. Chris Christie signed budget legislation ending a government shutdown, saying his signing off on spending increases pushed by Democrats there represented the nature of compromise. A budget deal also ended a shutdown in Maine.

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The White House has confirmed reports that U.S. President Donald Trump will meet with Russian President Vladimir Putin this Friday, according to NBC News on Tuesday. Their talk will take place during the G-20 summit in Hamburg, Germany, and it’s planned as “a full-fledged ‘sit down’ meeting,” RT News reported, citing Kremlin spokesman Dmitry Peskov. Ahead of the summit, Trump spoke with German Chancellor Angela Merkel about trade and climate issues, the White House said.

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A fire alarm prompted an evacuation at London’s Heathrow Airport, the airport said Tuesday. “Our teams have investigated and there is no fire in [Terminal] 3 despite the alarm. Passengers will be directed back into the terminal shortly,” the airport said on Twitter. Officials at London’s largest airport said the alarm was investigated as a matter of urgency.

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Inflation in the world’s 20 largest economies declined in May to a level last seen in August, according an Organization for Economic Cooperation and Development release Tuesday. Consumer prices increased by 2.1% in the Group of 20 economies, down from April’s 2.4% growth, the OECD said.

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Shares of Stada Arzneimittel AG shares rose 2.5% Tuesday after the German drug maker said Bain Capital LLC and Cinven Group Ltd. were considering asking for regulatory permission to launch a new takeover offer. The financial investors’ earlier offer valuing Stada at 5.3 billion euros ($5.9 billion) fell through in June, as shareholders didn’t tender enough shares to reach the minimum acceptance required for the offer to go through. That offer was for €66 a share. Management at Stada are seen as preferring the Bain Capital-Cinven bid to a rival offer from Advent International Corp. and Permira. The generic drug maker in early June dropped its minimum acceptance level to support its preferred suitors, but the bid still failed.

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New Jersey has reportedly made a state budget deal that will end the three-day-old government shutdown in time to reopen state parks and beaches for the Fourth of July, NJ Advance Media reported late Monday. Gov. Chris Christie is expected to approve the compromise bill after a late-night vote, NJ.com said. The resolution would also allow thousands of state government workers to return to their jobs. On Sunday, Christie was photographed sunbathing with his family on a beach closed to the public due to the shutdown, causing a furor.

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SpaceX scrubbed the scheduled launch of a communications satellite from Cape Canaveral, Fla., for the second day in a row Monday, saying it hopes to blast off Tuesday — potentially putting all other other Fourth of July rockets to shame. Sunday’s launch was canceled just 9 seconds before liftoff after a computer ordered the mission to abort. On Monday, Elon Musk’s SpaceX tweeted that the launch would be put off for at least one more day: “Standing down today due to a violation of abort criteria, vehicle/payload in good health, next launch opportunity tomorrow, July 4th!” Unlike recent launches, the Falcon 9 rocket — when it does lift off — will not land and be reused, since the heavier payload will require it to use all its fuel for the launch itself.

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Tesla Inc. said on Monday that vehicle deliveries in the second quarter came to 22,000, up 53% from the year-earlier period. The Palo Alto, Calif., car maker cited a “severe” production shortfall of 100 kWh battery packs, which are made using new technologies on new production lines. “The technology challenge grows exponentially with energy density,” the company said in a statement. “Until early June, production averaged about 40% below demand.” Once the issue was resolved, June orders and deliveries were strong, “ranking as one of the best in Tesla history,” said the statement. For the first half, deliveries came to about 47,100 cars, compared with its most recent guidance of 47,000 to 50,000. Tesla said assuming global economic conditions don’t deteriorate, it is confident that deliveries of Model S and Model X in the second half will exceed the first-half number. Production totaled 25,708 vehicles in the second quarter, bringing first-half production to 51,126. Shares closed regular trading down 2.5% and were extending that loss in after-hours trade. The shares have gained 65% in 2017, while the S&P 500 has advanced 8.8%.

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Sienna Biopharmaceuticals Inc. filed for an initial public offering to raise up to $74.8 million, according to a Securities and Exchange Commission filing late Monday. Westlake Village, Calif.-based Sienna develops topical dermatology therapies for conditions like psoriasis and acne. J.P. Morgan, Cowen and BMO Capital Markets are listed as underwriters for the offering. For the year ending 2016, the company reported no revenue and a net loss of $21.2 million. Sienna plans to list on the Nasdaq under the symbol “SNNA”.

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