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Sen. Tom Cotton, a Republican from Arkansas, on Tuesday said he’s started the process to rescind the Consumer Financial Protection Bureau’s arbitration rule, which would prevent companies from forcing disputes on financial products including bank accounts and credit cards into mandatory arbitration. “This morning I’ve started the process of rescinding this rule using the Congressional Review Act. The last thing Americans need is more anti-business regulation that will prompt frivolous lawsuits while hurting consumers,” Cotton said in a statement.

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Shares of Michael Kors Holdings Ltd. sank 5% Tuesday, after MKM Partners initiated coverage ith a sell rating and a $26 price target, or 28% below its current trading level. Analyst Roxanne Meyer said she is not convinced the luxury clothing and accessories maker would meet Wall Street estimates for 2018 and 2019 after a disappointing fourth quarter. “Our below Street estimates reflect downside to comps and margins, in light of a slow infusion of innovation, changes to the merchandising and promotional strategy, over-exposure to wholesale, as well as our view that the operating margin is structurally headed lower from the shift to retail, investments in omni-channel, and product mix shift to lower margin categories,” she wrote in a note. Meyer said earnings quality is another issue, describing Kors’ EBITDA growth as lowest ranking among the companies she covers. Kors shares have fallen 21% in 2017, while the S&P 500 has gained 8%.

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Shares of Amazon.com Inc. fell 0.6% in morning trade Tuesday, following a similar pattern seen during past Prime Day sales events. The stock lost 0.9% on its first annual Prime Day on July 15, 2015 and slipped 0.7% on its second Prime Day on July 12, 2016. The stock had rallied 3.2% over the past two sessions ahead of this year’s Prime Day; it had climbed 2.3% in the two sessions ahead of Prime Day last year, and surged 5.0% ahead of the 2015 event. What happens after has been mixed, as the stock fell 0.9% in the two-days following last year’s event, but rose 4.7% in the two-days after 2015’s event. The stock currently sits 2.1% below its June 5 record close of $1011.34. It has gained 2.7% since Amazon announced a deal to buy Whole Foods Market Inc. on June 16, while the SPDR S&P Retail ETF has dropped 4.2% and the S&P 500 has eased 0.3%.

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Shares of Snap Inc. were falling 5% Tuesday morning after the stock was downgraded to equal weight from overweight at Morgan Stanley, one of the lead underwriters on Snap’s March initial public offering. The downgrade was based on reports that Snap’s ad products are not improving as quickly as expected, including its ad return on investment measurability, which hurts the company’s ability to monetize its user base, said Brian Nowak, lead analyst on the note. At the same time, Facebook Inc.’s Instagram, which has been offering a similar and evolving offering to Snap, is becoming more “aggressive” in going after the advertising dollars that Snap is seeking. On top of this, third party data indicates that downloads of Snapchat are decreasing, which likely means weak daily active user growth. Nowak lowered his 2017 and 2018 ad revenue estimates by 7% and 13% respectively and now expects daily active users of 182 million for 2017, compared to his previous estimate of 185 million. Nowak lowered the stock’s price target to $16 from $28. Shares of Snap have fallen 10.7% in the past month, while the S&P 500 has remained unchanged.

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U.S. stocks opened little-changed on Tuesday as investors were reluctant to make big bets ahead of earnings releases by large banks and Federal Reserve Chairwoman Janet Yellen’s congressional testimony later this week. The S&P 500 was down by a point to 2,426. The Dow Jones Industrial Average advanced by 10 points, or less than 0.1%, to 21,420. The Nasdaq Composite index was off by 4 points, or 0.1%, to 6,172. Among early movers, Amicus Therapeutics Inc. surged about 24% after the Food and Drug Administration cleared the company to submit a new drug application for its Fabry disease treatment.

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Sequential Brands Group Inc. and Staples Inc. said Tuesday that the Martha Stewart brand will be expanding at the office supply retailer. Martha Stewart is part of the Sequential Brands portfolio along with Ellen Tracy, Gaiam, Avia and other brands. The collection includes a new organizing product, and an office storage system and travel products released earlier this year. Staples shares are nearly flat in premarket trading and up 11.5% for the year so far. Sequential Brands are also flat in premarket, and down 29.5% for 2017 to date. The S&P 500 index is up 8.4% for the year to date.

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Amazon.com Inc. said Tuesday morning that the Amazon Echo, the company’s smart speaker with voice-activated Alexa capabilities, is the best-selling item for Prime Day in the U.S. so far. The Prime Day shopping event began at 9pm ET Monday and continues for 30 hours across 13 countries. During the event, anyone who orders an Alexa deal for $20 or more will get a $10 Amazon credit. Other deals hitting the bestseller list are the Echo Dot, the 23andMe DNA test and the 8 GB Fire 7 tablet with Alexa. Amazon shares are nearly flat in premarket trading, and up nearly 33% for the year so far. The S&P 500 index is up 8.4% for 2017 to date.

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Shares of Amicus Therapeutics Inc. shot up 40% toward a 22-month high in active premarket trade Tuesday, after the biotechnology company said the Food and Drug Administration cleared the company to submit a new drug application for its Fabry disease treatment. Volume approached 600,000 shares about 90 minutes before the open, making the stock the most actively traded in the premarket session. The company said it plans to submit an NDA for oral precision medicine migalastat in the fourth quarter of 2017. “We are moving ahead expeditiously with our NDA submission and accelerating the U.S. pathway for migalastat,” said Chief Executive John Crowley. “Today is a seminal moment in the development of migalastat and a testament to the dedication and perseverance of the patients, physicians and employees who have worked so hard on the development of this precision medicine.” The stock had doubled year to date through Monday, while the iShares Nasdaq Biotechnology ETF has climbed 17% and the S&P 500 has gained 8.4%.

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Halcón Resources Corp. shares jumped 18% in premarket trade Tuesday, after the company said it has agreed to sell its Williston Basin assets to a unit of Bruin E&P Partners for $1.4 billion in cash. The deal is expected to close within 60 days, the company said in a statement. The assets being sold produce about 29,000 barrels of oil equivalent a day. “The sale of our Williston Basin operated assets transforms Halcón into a single-basin company focused on the Delaware Basin where we have more than 41,000 net acres in Ward and Pecos Counties representing decades of highly economic drilling inventory,” Halcon Chief Executive Floyd Wilson said. “The cash proceeds from this transaction and related debt reduction provide us with a strong balance sheet and liquidity to execute our growth plans.” Shares have fallen 52% in 2017 through Monday, while the S&P 500 has gained 8%.

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From:: Stock Market News

Halcón Resources Corp. shares jumped 18% in premarket trade Tuesday, after the company said it has agreed to sell its Williston Basin assets to a unit of Bruin E&P Partners for $1.4 billion in cash. The deal is expected to close within 60 days, the company said in a statement. The assets being sold produce about 29,000 barrels of oil equivalent a day. “The sale of our Williston Basin operated assets transforms Halcón into a single-basin company focused on the Delaware Basin where we have more than 41,000 net acres in Ward and Pecos Counties representing decades of highly economic drilling inventory,” Halcon Chief Executive Floyd Wilson said. “The cash proceeds from this transaction and related debt reduction provide us with a strong balance sheet and liquidity to execute our growth plans.” Shares have fallen 52% in 2017 through Monday, while the S&P 500 has gained 8%.

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From:: Stock Market News