The Dow and S&P 500 spent most of the day in positive territory but weren't able to hold on to those gains as all three major indices closed trading in the red.
The Dow Jones Industrial Average closed the day down 0.08%, or 20 points, to 24,893 while the Nasdaq declined 0.9%, or 64 points, to 7,052 and the S&P 500 declined 0.5%, or 13.5 points, to 2,682.
Harley Recalls Nearly 175,000 Vehicles Due to Brake Issue
Harley Davidson (HOG) issued a voluntary recall covering 251,000 motorcycles worldwide because the brakes on the vehicles may fail. 175,000 of the vehicles recalled are in the U.S.
The recall will cost the company $29.4 million.
Drivers who don't change their brake fluid every two years as they are advised to do are most susceptible to the issue which could result in either the front or rear brake failing. In one case, both brakes failed resulting in a low-speed crash.
Justice Department Charges 36 People in Connection to $530 Million Cybercrime Ring
36 individuals have been indicted for their alleged roles in the Infraud Organization, a collective of cyber criminals who engaged in the large-scale acquisition, sale, and dissemination of stolen identities, compromised debit and credit cards, personally identifiable information, financial and banking information, computer malware and other contraband.
13 people from the U.S. and 23 people from Australia, the U.K., France, Italy, Kosovo and Serbia were caught in the sting.
"As alleged in the indictment, Infraud operated like a business to facilitate cyberfraud on a global scale. Its members allegedly caused more than $530 million in actual losses to consumers, businesses, and financial institutions alike-and it is alleged that the losses they intended to cause amounted to more than $2.2 billion," acting Assistant Attorney General John P. Cronan said.
Steve Wynn Could Walk Away With $300 Million
Steve Wynn's decision to step down as CEO of Wynn Resorts (WYNN) could be very lucrative, according to a Forbes report.
Agreements the casino mogul has in place with his former company could force Wynn Resorts to pay him $330 million to go away.
Wynn Resorts is already on the hook to pay out the balance remaining on Wynn's contract and the CEO has a special agreement that allows Wynn to receive triple his annual allotment for a maximum of four years following his departure.
Steve Wynn has an estimated net worth of $3.4 billion.
India Sends Tax Notices to Crypto Investors
Can you pay your tax bill in bitcoin?
India's income tax department sent 100,000 tax notices to cryptocurrency investors Wednesday, the Wall Street Journal reported.
"People who have made investments (in cryptocurrency) and have not declared income while filing taxes and have not paid tax on the profit earned by investing, we are sending them notices as we feel that it is all taxable," Sushil Chandra, the head of India's direct taxes department, was quoted as saying in a news release from an Associated Chambers of Commerce and Industry of India event Tuesday, according to the Journal.
The Blockchain and Cryptocurrency Committee of India estimates that there are five million cryptocurrency users in India and that several exchanges worked with the tax department to identy people who used them.
Procter & Gamble to Shutter Kansas City Factory
Consumer products maker Procter & Gamble (PG) announced plans to shutter its Kansas City factory while also reducing operations in Iowa city.
The move comes as the company shifts production to a new factory in West Virginia along with one in Cincinnati.
The changes are expected to be completed by 2020 and affect 280 full-time workers in Kansas City and 500 workers in Iowa City. Procter & Gamble, which has two factories in Iowa City, will still employ about 700 workers in the city.
The Kansas City factory was built in 1905.
Trump Takes Stock Market Case to Twitter
President Donald Trump took to Twitter Wednesday on behalf of the stock market, saying that good economic data would result in stock market gains back in the "old days."
In the "old days," when good news was reported, the Stock Market would go up. Today, when good news is reported, the Stock Market goes down. Big mistake, and we have so much good (great) news about the economy!— Donald J. Trump (@realDonaldTrump) February 7, 2018
All three major indices are rising Wednesday with the Dow gaining close to 300 points.
AT&T Seeks IPO of DirecTV Latin America
AT&T (T) is seeking an initial public offering for its minority stake in DirecTV Latin America in the first half of 2018, the company said Wednesday. AT&T fully owns DirecTV.
AT&T, which purchased DirecTV for $48.5 billion in 2015, reported having 13.6 million video connections in Latin America as of the end of 2017, up 1.1 million connections from a year earlier.
Steve Wynn Resigns from Company He Cofounded
Wynn Resorts (WYNN) accepted the resignation of CEO and co-founder Steve Wynn Tuesday night, about two weeks after the Wall Street Journal published a report alleging decades of sexual misconduct.
"Steve Wynn is an industry giant. He is a philanthropist and a beloved leader and visionary. He played the pivotal role in transforming Las Vegas into the entertainment destination it is today," the company said in a statement announcing the resignation.
"In the last couple of weeks, I have found myself the focus of an avalanche of negative publicity," Wynn said. "As I have reflected upon the environment this has created - one in which a rush to judgment takes precedence over everything else, including the facts - I have reached the conclusion I cannot continue to be effective in my current roles. Therefore, effective immediately, I have decided to step down as CEO and Chairman of the Board of Wynn Resorts, a company I founded and that I love."
Chipotle Comps Rose Nearly 1% in Q4
Chipotle (CMG) said that comparable store sales at its established locations rose 0.9% in the fourth quarter, ahead of analysts 0.8% increase expectations.
The strong quarter was driven by increased menu prices. The company reported net income of $43.8 million, or $1.34 per share on an adjusted basis. Wall Street was expecting earnings of $1.32 per share.
Revenue for the period of $1.11 billion just missed analysts' $1.12 billion forecasts. Chipotle shares were down 9% premarket Wednesday after falling 5% in after-hours trading Tuesday.
Apple, Goldman Working on Product Financing for Apple Customers
Customers would take out a loan with the bank instead of using higher interest credit cards to purchase the products.
The talks are still in the early stages and any deal could still fall apart, according to WSJ sources.
It looks like it will be another wild ride for Wall Street once markets open for business at 9:30.
Dow futures contracts were down 0.32% Wednesday, indicating a 79 point drop at the open. Nasdaq and S&P 500 futures were also falling 0.29% and 0.43% respectively.
Asian markets had another rough day of trading with the Shanghai Composite and Hang Seng falling 1.82% and 0.89% respectively, while the Nikkei closed trading up 0.16%.
In Europe, the FTSE 100 was leading the way higher, climbing more than 1% while the CAC 40 and DAS rose 0.54% and 0.8% respectively with about four hours left in trading.