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House Republican leaders shelved a vote on the American Health Care Act planned for Thursday, reports said. Politico said a vote was still possible Friday. President Donald Trump has been lobbying hard for the bill but he and GOP leaders are meeting continued resistance from conservatives unhappy with the measure.
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Oil prices settled lower on Thursday, down a third straight session. Record U.S. stockpiles of crude oil fed concerns over a global glut of supplies, despite expectations that U.S. demand for gasoline is set to grow in the run up to the summer driving season. May West Texas Intermediate crude lost 34 cents, or 0.7%, to settle at $47.70 a barrel, with the contract marking its lowest finish since late November.
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Trading on the political betting site PredictIt suggests the American Health Care Act won’t be approved by the House on Thursday. The market was pricing in a 93% chance of fewer than 215 votes, where 218 votes are needed.
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Shares of Credit Suisse Group AG fell 2% in Zurich on Thursday after media reports the Swiss banking giant is considering a share sale to boost its capital buffers. Bloomberg said the company may issues shares representing 10% of its outstanding stock, equivalent to about 3.1 billion francs ($3.12 billion). The rights issue would happen instead of a separate listing of Credit Suisse’s Swiss banking division, according to the reports. A representative from Credit Suisse wasn’t immediately available to comment.
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American voters disapprove the Republican health-care bill 56% to 17%, with 26% undecided, according to a Quinnipiac University national poll released Thursday. The bill may be voted on as early as Thursday as a group of conservatives negotiate with Speaker Paul Ryan and others. The bill is unpopular enough that 46% of voters say they will be less likely to vote for a senator or representative that votes for the bill. One out of every seven Americans, 14%, think they will lose their health insurance under the Republican plan, the poll finds.
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The Metropolitan Police in London have identified the suspect of the deadly Wednesday attack in London as 52-year-old Khalid Masood. The suspected assailant was not the subject of any current investigations and “there was no prior intelligence about his intent to mount a terrorist attack,” Scotland Yard said. However, he was known to police before and has a range of previous convictions for assault, possession of offensive weapons and public order offenses. Masood, also known by a number of aliases, was born in Kent in the southeast of England, but detectives believe he was most recently living in the West Midlands.
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Whole Foods Market Inc. was initiated on Thursday at sell at UBS with a $25 stock price target, with analysts saying the company faces intensifying competition after being a pioneer in the organic food space. “While Whole Foods has done so much to inspire, create, and revolutionize the market for natural and organic, we now see it being the victim of its own success,” analysts wrote in a note. “Whole Foods’ nine-point plan is a good strategy to confront the challenges it is facing. But, we don’t think it will fully address the fact that the distribution of natural/organic continues to widen.” Analysts suggest that the company needs to move from a “growth phase to an efficiency phase.” Cost savings of $300 million “is a start”, but growth must be “process-oriented.” Whole Foods shares are down 0.8% in Thursday trading, and down 7.6% for the past year. The S&P 500 index is up 15.8% for the last 12 months.
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Shares of Chesapeake Energy Corp. climbed 1.4% in morning trade Thursday, after Stifel Nicolaus published a bullish research note that implied the stock could possibly double in a year. Analyst Karl Chalabala started coverage of Chesapeake with a buy rating, which for Stifel means the stock is expected to provide investors with a total return of greater than 10% over the next 12 months. But Chalabala said the stock price target was $10.00, which is exactly double Wednesday’s closing price of $5.00. “Following a wave of asset divestitures, debt repayments and midstream obligation renegotiations, we believe Chesapeake is well positioned to succeed in the North American shale low-price commodity environment,” Chalabala wrote in a note to clients. The stock has plunged 28% year to date, while the SPDR Energy Select Sector ETF has lost 8.2% and the S&P 500 has gained 5.3%.
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Spending for the Easter holiday is expected to reach $18.4 billion, up 6% from $17.3 billion last year, according to the National Retail Federation, a record high for the 14-year-old annual survey. Individual spending will be an average $152, up from last year’s record $146. Easter 2017 takes place three weeks later than last year. Coupled with the warm weather, shoppers will be “in the frame of mind to splurge on spring apparel along with Easter decorations,” said NRF Chief Executive Matthew Shay in a statement. Customers will spend $5.8 billion on food, $3.3 billion on clothing, $1.1 billion on decorations, and $2.26 billion on candy, the group said. The SPDR S&P Retail ETF is down 7.7% for the past year while the S&P 500 index is up 15.6% for the same period.
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An American tourist is the third confirmed death in Wednesday’s terrorist attack on near the Houses of Parliament in London. Kurt Cochran, 54, from West Bountiful, Utah, was on Westminster Bridge when a driver plowed his car into pedestrians, multiple news reports said Thursday. Cochran’s wife, Melissa, was being treated for her injuries in the hospital. The couple were in Europe celebrating their 25th wedding anniversary and were scheduled to return on Thursday, according to a statement from Kurt Cochran’s family. A 43-year-old Spanish teacher and a 48-year-old Metropolitan Police officer were the other two people killed during Wednesday’s attack. The attacker was shot dead by police Wednesday. Islamic State’s news agency, Amaq, said one of its followers carried out the attack.
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