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Shares of Bombardier surged on Friday after the International Trade Commission ruled that 100- to 150-seat large civil aircraft from Canada do not injure U.S. industry. Boeing shares fell modestly.
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Long Blockchain Corp. said Friday it has formed a “Blockchain Strategy Committee” to help focus the company’s shift toward blockchain technology. This announcement comes six weeks after the company said it was changing its name from Long Island Iced Tea Corp., and its focus “towards the exploration of and investment in opportunities that leverage the benefits of blockchain technology.” The company said the new committee will be chaired by board member Shamyl Malik, who is currently the global head of trading at foreign exchange trading firm Voltaire Capital. Long Blockchain shares tumbled 8.2% in afternoon trade, putting them on track for a fifth-straight loss to a six-week closing low. It has lost 16.5% over the past 12 months, while the S&P 500 has gained 24.6%.
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Oil prices climbed Friday, marking another settlement at the highest since December 2014 and tallying a gain of roughly 4.5% for the week. “The oil rally is on in full force right now as increased demand expectations, a weaker dollar, and a long string of weekly supply draws has trumped a recent spike in U.S. production,” said Tyler Richey, co-editor of the Sevens Report. March West Texas Intermediate oil rose 63 cents, or 1%, to settle at $66.14 a barrel on the New York Mercantile Exchange.
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Gold prices fell sharply on Friday, even as the U.S. dollar weakened, as conflicting comments from the Trump administration on dollar policy fueled volatile trading for the yellow metal. Gold prices had settled Thursday at their highest since August 2016, as recent comments from Treasury Secretary Steven Mnuchin, who said a “weaker dollar is good for trade,” pressured the greenback. The dollar then rebounded Thursday afternoon when President Donald Trump said he wants to see a strong dollar–prompting a drop in gold, which is traded in the dollar. On Friday, the dollar weakened again, but that failed to offer a boost to gold in the wake of the conflicting comments. February gold lost $10.80, or 0.8%, to settle at $1,352.10 an ounce. It still rose about 1.4% for the week.
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Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil climbed by 12 at 759 this week. The oil-rig count had fallen by 5 last week. The total active U.S. rig count, which includes oil and natural-gas rigs, also rose by 11 to 947, according to Baker Hughes. March West Texas Intermediate crude was up 66 cents, or 1%, from Thursday, to $66.17 a barrel, up a bit from $66.11 shortly before the rig data.
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Shares of Wynn Resorts Ltd. fell about 10% Friday, after The Wall Street Journal said owner, the billionaire casino mogul Steve Wynn, has a long history of sexual conduct and of pressuring his employees to perform sex acts. Wynn denied the allegations, telling the paper, “The idea that I ever assaulted any woman is preposterous.” He blamed the accusations on this ex-wife Elaine Wynn, who has filed a lawsuit seeking to revise the terms of their divorce settlement. The Journal said it spoke to about 150 employees, many of whom were worried that Wynn was so powerful that he could hurt their chances of being employed elsewhere. Shares have gained about 98% in the last 12 months, while the S&P 500 has gained 24%.
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Shares of Wynn Resorts Ltd. slid about 6% Friday, after The Wall Street Journal said owner, the billionaire casino mogul Steve Wynn, has a long history of sexual conduct and of pressuring his employees to perform sex acts. Wynn denied the allegations, telling the paper, “The idea that I ever assaulted any woman is preposterous.” He blamed the accusations on this ex-wife Elaine Wynn, who has filed a lawsuit seeking to revise the terms of their divorce settlement. The Journal said it spoke to about 150 employees, many of whom were worried that Wynn was so powerful that he could hurt their chances of being employed elsewhere. Shares have gained about 98% in the last 12 months, while the S&P 500 has gained 24%.
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Wal-Mart Stores Inc. has cut as many as 500 corporate staffers in its Bentonville, Ark. headquarters across areas like human resources and real estate, the company confirmed on Friday. Most workers were notified on Thursday. “As we’ve previously stated, we’ve been looking at our structure for some time as we explore ways to operate more effectively,” the company said in a statement. The company will promote more than 360 associates into positions “with higher responsibility,” a Wal-Mart spokesperson said. These positions will be in focus areas for the company, like its expansion in online grocery. Workers that were laid off will be paid for up to 60 days as they search for a new job, and Wal-Mart will provide outplacement services, resume skills training, and other counseling through its employee assistance program. After 60 days, workers who did not find another job will be offered a severance package that’s based on company policy, their position and length of service. Eligible workers will also receive a fiscal year-end incentive. Wal-Mart shares are up nearly 61% for the past year while the Dow Jones Industrial Average is up 31.3% for the period.
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New York, New Jersey and Connecticut on Friday announced they had launched a coalition to sue the federal government to challenge the recently passed tax bill and its reduction in state and local tax deductibility. Governors of the three states said in a statement that the tax-law changes “unfairly target” states whose residents have come to rely on being able to deduct big local tax burdens from their federal tax returns. New Jersey Gov. Phil Murphy called the changes “a clear and politically motivated punishment of blue states – like New Jersey and our neighbors – who already pay far more to the federal government than we receive.” In New York, Gov. Andrew Cuomo has also pledged to “launch a repeal-and-replace strategy,” and to “explore the feasibility of a major shift in the structure of state tax policy.”
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The U.S. Treasury Department said it’s sanctioned 21 individuals and 9 entities related to Russia and Ukraine. The government said the move “underscores the U.S. government’s opposition to Russia’s occupation of Crimea and firm refusal to recognize its attempted annexation of the peninsula.”
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