Category: Stock Market News

“CBS Evening News” anchor Scott Pelley has been ousted, according to reports late Tuesday. Both the New York Post and CNN reported Pelley’s office was being cleared out Tuesday night while he was away on assignment, and that he would be permanently moved to CBS Corp.’s “60 Minutes.” An official announcement is expected Wednesday. Both the Post and CNN cited poor ratings as a factor in Pelley’s removal, and the Post said friction between him and CBS News President David Rhodes also contributed. Pelley replaced Katie Couric in the evening anchor chair in 2011, and has co-hosted “60 Minutes” since 2003. There was no word on who might replace Pelley as anchor.

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Former national security adviser Mike Flynn will cooperate with a subpoena and hand over business records sought by a Senate committee investigating the Trump campaign’s ties with Russia, the Wall Street Journal reported late Tuesday. Flynn had previously claimed his Fifth Amendment right not to incriminate himself, but business records are not protected by that. Citing a confidential source, the Journal reported that documents from two companies that Flynn controlled will be turned over to Senate investigators as soon as next week.

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The Federal Reserve fined Deutsche Bank $41 million over anti-money laundering deficiencies in the bank’s U.S. operations. The Fed said there were billions of dollars in potentially suspicious transactions processed between 2011 and 2015 that weren’t properly scrutinized.

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Moody’s Investors Service downgraded Vista Outdoor Inc.’s rating to Ba3 from Ba2 on Tuesday, sending it further into junk territory, on concerns about the company’s weak operating performance. The outlook on the rating is still negative, meaning Moody’s could downgrade it again in the medium term. “A challenging retail market and weak demand for recreational firearms and accessories is pressuring revenue and margins,” said Kevin Cassidy, senior credit officer at Moody’s. The company’s credit metrics have deteriorated as a result and debt/EBITDA is currently around 4 times, he said. Moody’s is expecting leverage to increase to about 4.5 times by March of 2018 as revenue and earnings continue to falter. The negative outlook reflects “the uncertainty over when gun and ammunition demand trends will stabilize and when Vista’s operating performance will improve,” said Cassidy. Visto shares were down 1.4%, and have fallen 43% in 2017, while the S&P 500 has gained 8%.

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Shares of Microsoft Corp. and Alphabet Inc. were on track to set record closes Tuesday, finding a tailwind as traders returned from the holiday weekend. Just last week, Howard Silverblatt at S&P Dow Jones Indices said about 34% of the S&P 500’s 2017 gains have come from Apple Inc. , Amazon.com Inc. , Facebook Inc. , Microsoft Corp. and Google’s parent. Other stocks touching highs Tuesday include Nvidia Corp. , electric car maker Tesla Inc. and Intuitive Surgical . The latter was a surprise move, coming after Canaccord downgraded the stock earlier, saying its valuation was more stretched than at any other time in its 20-year history. The Dow Jones Industrial Average was down 0.2% and the S&P 500 was flat.

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Anthony Levandowski, the employee at the center of Uber Technologies Inc’s legal battle with Google’s Waymo , has been fired from Uber, the New York Times reported Tuesday. Levandowski was in charge of Uber’s self-driving car unit and had been ordered by a judge to stop working on self-driving car technology as the lawsuit was underway. Waymo, Google’s self-driving car unit, claims that Levandowski stole its self-driving car technology, which he later took with him to Uber. Uber did not immediately respond to a request for comment.

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Shares of electric car maker Tesla Inc. struck a fresh intraday record Tuesday, as excitement about the company’s coming Model 3 sedan continued to build. The stock rose to a high of $335.16, putting it on pace for another record close. The stock set its last record close on Friday, ending at $325.14. “Tesla’s short-term success is tied to the delivering and ramping up production of the Model 3 on time and as it gets closer to the scheduled start in July, investors seem to be encouraged by what they are seeing,” electric car news site Elektrek wrote. Tesla’s market cap currently stands at $54.8 billion, placing it ahead of General Motors Co. at $50.8 billion and Ford Motor Co. at $44.3 billion, according to FactSet data. Tesla shares have climbed 56% in 2017, while the S&P 500 has gained 8%.

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Essential, a company founded by Android inventor Andy Rubin, unveiled a new smartphone and home assistant, potentially putting the company into competition with Apple Inc. and Amazon Inc . The titanium phone, called Essential, includes a full display screen, 128 gigabytes of storage and a camera that can take 13-megapixel pictures and 4K videos. The phone, which has a price point of $699 for pre-orders, has the option for accessories that magnetically click to the phone, like a 360-degree camera. The Essential Home device will run on an Ambient OS system that can tell the user when to travel to avoid traffic, among other options. The home device does not yet have a price point or launch date, according to the site. Rubin said in a blog post that he started the company because of the lack of choice in the technology space, as well as unnecessary features and products that were not compatible with each other.

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Glenn Geller, president at CBS Entertainment, is stepping down two months after suffering a mild heart attack. Geller, who’s served as CEO since 2015, took a leave of absence and was expected to return at the end of May. CBS Corp. will restructure the leadership at its entertainment division, putting 21-year veteran Kelly Kahl at the top with CW executive Thom Sherman, according to media reports. The CW is owned by CBS and Time Warner Inc. . Last week, CBS extended Chief Executive Leslie Moonves’s contract through 2021. Shares of CBS are down more than 3% in the year to date, but have gained more than 12% in the trailing 12-month period. The S&P 500 index is up nearly 8% in the year and 15% in the last 12 months.

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Oil prices fell Tuesday, but settled off the session’s worst levels. July WTI crude lost 14 cents, or 0.3%, to settle $49.66 a barrel on the New York Mercantile Exchange. Prices had traded as low as $49.03 as some traders continued to show disappointment that the Organization of the Petroleum Exporting Countries didn’t agree to more aggressive production cuts. However, expectations that data due out this week will reveal an eighth-straight weekly decline in U.S. crude inventories helped provide some support for prices shortly before the Nymex settlement, said Phil Flynn of Price Futures Group.

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