Procter & Gamble to name new CEO by Thursday: report

Procter & Gamble Co. is planning to name a new chief executive as early as Thursday, according to The Wall Street Journal late Monday. David Taylor, who was recently put in change of P&G’s beauty, grooming and health care unit, is set to succeed CEO A.G. Lafley, who will remain on as chairman. Shares of P&G were flat at $79.97 in after hours activity.

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HSBC cuts 2015, 2016 gold price forecasts

HSBC strategists on Monday lowered their average annual gold price forecasts for this year and next, warning that gold prices are likely to remain under pressure in the short term and may “move within striking distance of $1,000” an ounce before recovering. HSBC lowered its 2015 average annual price forecast to $1,160 from $1,234 and for 2016 to $1,205 from $1,275. Among the reasons for gold’s recent selloff is the “drift towards Fed tightening and the associated USD strength, low global inflationary pressure, weak gold demand from India and China and market positioning and momentum,” HSBC strategists said. August gold settled at $1,096.40 an ounce on Comex Monday.

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Baidu shares fall on earnings, outlook miss

U.S.-traded shares of Baidu Inc. fell in the extended session Monday after the Chinese web portal’s quarterly earnings and outlook fell short of Wall Street expectations. Baidu U.S. shares fell 5.4% to $187 on moderate volume. Baidu reported adjusted second-quarter earnings of $1.81 a share on revenue of $2.67 billion. Analysts surveyed by FactSet had estimated $1.87 a share on revenue of $2.67 billion. Baidu also forecast revenue of $2.93 billion to $3 billion for the third quarter, while analysts expected $3.02 billion.

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U.S. stocks fall for 5th straight session as China rout resumes

The global equity selloff sparked by a Chinese stock-market rout spread to Wall Street on Monday, sending U.S. stock prices lower. The main indexes closed with losses for the fifth straight session, as disappointing earnings and lackluster economic data sapped investor confidence. The S&P 500 closed 12 points, or 0.6%, lower at 2,067.65. The Nasdaq Composite fell 48.85 points, or 1%, to 5,039.78. The Dow Jones Industrial Average ended the day down 127.94 points, or 0.7%, to 17,440.59.

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Apple’s stock heads for five-day losing streak for the 2nd time this month

Apple Inc.’s stock is shedding 1.3% in afternoon trade, putting it on track to suffer a five-session losing streak for the second time this month. While the length of the stock’s latest losing streak isn’t rare, the 7% it has lost during the streak is the biggest percentage decline over a five-day period since it slid 8.9% in the five-session stretch ending Feb. 3, 2014. The 2014 closing low of $71.40 was hit during that stretch. Separately, the last time Apple’s stock suffered two five-day losing streaks within a month was earlier this year, when it lost 6.5% during the streak ending Dec. 16 and 6.8% during the streak ending Jan. 5.

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