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In a surprise move, U.K. Prime Minister Theresa May has announced plans for an early general election on June 8. In an unscheduled speech delivered Tuesday morning, May said an election is needed because other parties in parliament are opposed to the Conservative-led government’s Brexit plans.
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The pound dropped against all other major currencies on Tuesday morning after news U.K. Prime Minister Theresa May will make an unscheduled statement at 11:15 a.m. London time, or 6:15 a.m. Eastern Time. The unusual move sparked speculation May could call a snap election, as statements by the prime minister usually are reserved for significant announcements, according to the British press. Downing Street confirmed May will make a statement after her Cabinet meets on Tuesday, but declined to say what it will be about. Sterling dropped to $1.2530 after trading as high as $1.2608 earlier on Tuesday. Against the euro, the pound dropped to €1.1760, falling from an intraday high of €1.1833. “There are unconfirmed rumors at this stage circulating that Theresa May might be stepping down, while there are other reports going around that this could be linked to the announcement of a U.K. general election. Truth be told, nobody is really that aware of what is going on, but this uncertainty has caused a reaction in the sterling,” said Jameel Ahmad, vice president of market research at FXTM in a note. May has repeatedly denied she will call a snap election before the next planned vote in 2020.
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The pound dropped against all other major currencies on Tuesday morning after news U.K. Prime Minister Theresa May will make an unscheduled statement at 11:15 a.m. London time, or 6:15 a.m. Eastern Time. The unusual move sparked speculation May could call a snap election, as statements by the prime minister usually are reserved for significant announcements, according to the British press. Downing Street confirmed May will make a statement after her Cabinet meets on Tuesday, but declined to say what it will be about. Sterling dropped to $1.2530 after trading as high as $1.2608 earlier on Tuesday. Against the euro, the pound dropped to €1.1760, falling from an intraday high of €1.1833. “There are unconfirmed rumors at this stage circulating that Theresa May might be stepping down, while there are other reports going around that this could be linked to the announcement of a U.K. general election. Truth be told, nobody is really that aware of what is going on, but this uncertainty has caused a reaction in the sterling,” said Jameel Ahmad, vice president of market research at FXTM in a note. May has repeatedly denied she will call a snap election before the next planned vote in 2020.
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A hazardous materials crew from Storey County, Nev., is working on a reported chemical spill Monday afternoon at the Tesla Inc. battery factory outside Reno, according to a local TV station. According to KOLO TV, an ABC affiliate, the spill is connected to the HVAC system and several people have reported feeling sick. It was not clear whether anyone had to be taken to a hospital, but ambulances were on scene, KOLO said. A portion of the gigafactory has been evacuated as a precaution, the station said.
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Shares of United Airlines’ parent company United Continental Holdings Inc. rose 0.7% late Monday after the company reported first-quarter per-share adjusted earnings above expectations and quarterly sales in line with forecast. United said it earned $96 million, or 31 cents a share, in the quarter, compared with $313 million, or 88 cents a share, in the year-ago quarter. Adjusted for one-time items, United earned $129 million, or 41 cents a share, in the quarter, compared with $1.23 a share a year ago. Revenue reached $8.4 billion, up 2.7% from the year-ago quarter. Analysts polled by FactSet had expected adjusted earnings of 38 cents a share on sales of $8.38 billion for the quarter. United Airlines has been mired in public-relations fiasco after videos of a passenger on one of its flights being forcibly removed from a plane went viral. “The incident that took place aboard Flight 3411 has been a humbling experience, and I take full responsibility,” CEO Oscar Munoz said in the statement. “This will prove to be a watershed moment for our company, and we are more determined than ever to put our customers at the center of everything we do.” Shares of United ended the regular trading day up 2.4%.
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Netflix Inc. shares fell nearly 4% in post market trading after the streaming giant reported it added fewer subscribers than Wall Street had expected during the first quarter. Net income for the first quarter came in at $178.2 million, or 40 cents per share, which was an improvement compared with the $27.7 million, or 6 cents per share the company reported during the same period a year ago. Analysts following the company on FactSet expected earnings per share to be 37 cents. Revenue for the quarter hit $2.64 billion, above last year’s $1.96 billion and in line with FactSet’s $2.64 billion revenue consensus. Netflix stock was likely driven down by the fact it added 4,950 subscribers during the quarter, which was lower than FactSet’s expected 5,320 new subscribers and below Netflix’s guidance for 5,200 net adds. The big drop off was in international streaming where Netflix added 3,530 memberships, which was softer growth than the 4,510 it added in the year-earlier period and the 5,120 it added during the most recent fourth quarter. Netflix said it expects to add 3,200 new subscribers in the second quarter. Shares of Netflix have gained nearly 19% in the year to date and 32% during the last 12 months. Comparatively, the S&P 500 index is up nearly 5% in the year and the Dow Jones Industrial Average is up more than 3%.
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Shares of Barracuda Networks Inc. gained in Monday’s extended session after the security and storage company posted better-than-expected earnings. Barracuda reported its fourth-quarter earnings slipped to $3.22 million, or 6 cents a share, from $3.24 million, or 6 cents a share, a year ago. On an adjusted basis, the company earned 19 cents a share. Revenue rose 7% to $89.3 million. Analysts surveyed by FactSet had forecast earnings of 15 cents a share on revenue of $88.4 million. Barracuda shares rose 1.7% after hours.
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U.S. stocks rebounded on Monday, notching their largest gains since March 1, as financial shares led markets higher while investors monitored corporate earnings and the latest developments between the U.S. and its geopolitical adversaries. The S&P 500 index climbed 20.06 points, or 0.9%, to 2,349.01, while the Dow Jones Industrial Average rose 183.67 points, or 0.9%, to 20,636.92. The Nasdaq Composite Index gained 51.64 points, or 0.9%, to 5,856.79. Shares of United Continental Holdings Inc. [S: UAL] and Netflix Inc. rose as both firms prepared to report quarterly earnings after the bell. United shares tumbled last week as the company took heat after video surfaced of a customer being violently dragged off a plane. The company is now facing a lawsuit filed by the passenger. Shares of MoneyGram International Inc. climbed after Alibaba Group Holding Ltd controlled Ant Financial Services lifted its bid for the U.S. money-transfer unit. Bank of America Inc. shares will be in focus as the company prepares to report quarterly earnings on Tuesday before the bell. In other markets, gold futures settled higher on Monday for a fourth straight session. One ounce of gold for June delivery rose $3.40, or 0.3%, to $1,291.90.
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Arconic Inc.’s largest shareholder, billionaire Paul Singer’s Elliott Management Corp., said the ousting of former CEO Klaus Kleinfeld was a “necessary first step” to fix the aerospace and automotive-parts maker. Elliott said in a statement that the “poor judgment” that Kleinfeld used that got him booted, which Arconic said was an unauthorized letter sent to a senior official at Elliott, was in a fact a letter that “read as a threat to intimidate or extort a senior officer at Elliott Management based on completely false insinuations.” Elliott said it “immediately and privately” informed Arconic’s board of Kleinfeld’s “highly inappropriate” behavior. “When such conduct manifests itself in a patter as it has here, it is not a CEO problem. It is a board problem,” Elliott said. The stock was up as much as 9.8% in intraday trade, before paring gains to be up just 3.7%. It has soared 45% year to date, while the S&P 500 has gained 4.6%.
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Oil production from seven major U.S. shale plays is forecast to climb by 124,000 barrels a day to 5.193 million barrels a day in May from April, according to a monthly report from the Energy Information Administration released Monday. Oil output from the Permian Basin, which covers parts of western Texas and southeastern New Mexico, is expected to see the largest climb among the big shale plays, with an increase of 76,000 barrels a day. May West Texas Intermediate oil was trading 45 cents, or 0.9%, lower at $52.73 a barrel, a few minutes before the settlement on the New York Mercantile Exchange.
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