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Tesla Inc.’s stock had tumbled 6.3% by Thursday afternoon to a six-week low and has now dropped below the threshold that would mark the start of a new bear market. Many on Wall Street define a bear market as a decline of 20% or more from a bull-market peak. Tesla’s stock is now down 20.1% from its June 23 record close of $383.45; closing at or below $306.76 would make that bull market official. This would be the first bear market in Tesla shares since the stock plunged as much as 22.7% from the July 29, 2016, peak of $234.79 to the Nov. 14, 2016, closing low of $181.45. The stock fell in the wake of disappointing safety test results from the Insurance Institute for Highway Safety on Thursday, and downbeat deliveries data earlier in the week. Despite the selloff, the stock was still up 43.5% since the start of the yewar, while the S&P 500 has gained 7.9%.

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From:: Stock Market News

Gold prices climbed Thursday for a second-straight session, finding support from a retreat in the U.S. dollar and weakness in equities. August gold rose $1.60, or 0.1%, to settle at $1,223.30 an ounce. Prices had climbed 0.2% Wednesday, recouping part of a three-session decline that brought prices to their lowest level since May on Monday, before the Independence Day holiday.

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From:: Stock Market News

Endo International PLC said on Thursday that it will voluntarily remove the opioid pain medication Opana ER from the market, in response to a Food and Drug Administration request last month. Endo expects an about $20 million pre-tax impairment charge in the second quarter “to write-off the remaining net book value of its Opana ER intangible asset.” Opana ER sales amounted to about $160 million last year and nearly $36 million in the first quarter, the company said. Endo also said that it continues to believe in the drug’s safety and efficacy when used as intended. Opana ER was reformulated in 2012 to prevent abuse through snorting or injecting. However, the drug was being abused after reformulation via injection, the FDA said in June. Public health consequences of that abuse included a serious outbreak of HIV and Hepatitis C and cases of a harmful blood disorder, the FDA said then. Endo shares declined 2.2% in afternoon trade, compared with a 0.5% decline in the S&P 500 . Shares have declined 1.2% over the last three months, compared with a 2.7% rise in the S&P 500 .

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From:: Stock Market News

WASHINGTON (MarketWatch) — The Federal Reserve on Thursday said Mark Van Der Weide, deputy director in its division of supervision and regulation, will replace Scott Alvarez as general counsel later this summer. Alvarez had already announced his plan to retire. The Fed said it gave consideration to many candidates both internally and externally. Van Der Weide was detailed to the U.S. Treasury Department in 2009 and 2010 to implement financial reform legislation, and before he joined the Fed in 1998, he worked at the law firm of Cleary, Gottlieb, Steen & Hamilton.

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From:: Stock Market News