Closing Bell: LIVE MARKETS BLOG

 | Mar 19, 2018 | 4:04 PM EDT
  • Comment
  • Print Print
  • Print
Stock quotes in this article:

amzn

,

googl

,

tgt

,

wmt

,

hd

,

cost

,

ulta

,

hymtf

,

baba

,

bcs

,

mtch

,

aapl

,

trnc

Closing Bell

The Nasdaq had its worst day of trading in nearly 2 months, though the major markets were able to close off of session lows on a dismal day of trading. 

The Dow Jones Industrial Average fell 1.34%, or 336 points, to 24,611 while the Nasdaq dropped 1.84%, or 138 points to 7,344 and the S&P 500 fell 1.42%, or 39 points, to 2,713. 


Uber Suspends Driverless Car Program After Fatal Accident in Arizona

A self-driving Uber vehicle in Arizona killed a pedestrian in Tempe, AZ Monday, leading the company to suspend the program. 

The accident is believed to be the first pedestrian fatality involving a driverless-vehicle. 

Some incredibly sad news out of Arizona. We're thinking of the victim's family as we work with local law enforcement to understand what happened. https://t.co/cwTCVJjEuz

— dara khosrowshahi (@dkhos) March 19, 2018

The woman was outside of the crosswalk when she was struck by the driverless car, which had a human operator to assist, according to Tempe police. 

Ubers suspended the program in Tempe, San Francisco, Pittsburgh and Toronto. 


Bitcoin Gets Assist From FSB, Prices Spike $1,000

Bitcoin got a bit of good news Monday, sending the cryptocurrency soaring more than $1,000 over the past 24 hours to $8,546.

The Financial Stability Board, an international consortium that monitors and makes recommendations about the global financial system, sent a letter to the G20 Finance Ministers and Central Bank Governors explaining why cryptocurrencies do not pose a risk to the stability of the global financial system.

Increased scrutiny from governments in Japan and South Korea to decisions by Google GOOGL and Facebook FB to limit exposure to cryptocurrencies has caused bitcoin to fall below the $10,000 threshold.

But the FSB's letter is a good sign for investors looking for relief from the bad press.

"Responding to the concerns of members, the FSB has undertaken a review of the financial stability risks posed by the rapid growth of crypto-assets. The FSB's initial assessment is that crypto-assets do not pose risks to global financial stability at this time," FSB Chair Mark Carney wrote. Carney is also the head of the Bank of England.


Michael Ferro Retires From Tronc Board Ahead of LA Times Sale

Michael Ferro is retiring as chairman of media company Tronc's (TRNC) board Monday ahead of the company's potential $500 million sale of the Los Angeles Times and other assets. 

Justin Darbon, Tronc's CEO, will become the board chairman. 

"I want to thank everyone who worked so hard over the last two years creating great journalism, strengthening the company's financial position and delivering significant value for shareholders," Ferro said. "I am confident that under the leadership of Justin and the rest of the board and management team Tronc will continue to deliver value for investors while executing the plan for digital transformation."

Tronc shares were up 0.2% Monday afternoon. 


Nomura Forecasts Lackluster iPhone X Sales

Analysts at Nomura believe that consumers are bristling at Apple's (AAPL) iPhone X $1,000 base price, leading the firm to lower sales estimates for the device. 

Analyst Anne Lee believes that the company will sell between 8 million and 12 million units in the second quarter, down from the firm's previous forecast of between 13 million and 18 million. 

"One factor that is likely suppressing the smartphone market is price. We see several indications the market elasticity is falling. Obviously, Apple's iPhone ASPs have climbed from $645 in FY16; we model $742 in FY18. We do not believe it is coincidence that the highest end of the product portfolio, the X, is the model that is flagging," Lee wrote. 

Apple shares were down 1.3% to $175.66 Monday morning. 


Facebook Tanks, Sending Nasdaq Reeling

Facebook FB shares were down 5.6% Monday morning, weighing on the Nasdaq, which was falling 1.11%, or 83 points, Monday morning. 

The selloff comes after the social media network suspended the account of a former Cambridge Analytica contractor after he shared information with two newspapers about how Cambridge was able to harvest data from 50 million Facebook profiles. 

Christopher Wylie claims that Facebook knew of the data breach for over two years without making it public. 

Suspended by @facebook. For blowing the whistle. On something they have known privately for 2 years. pic.twitter.com/iSu6VwqUdG

— Christopher Wylie (@chrisinsilico) March 18, 2018

Tinder Parent Match Sues Bumble After Bid for Rival Falls Through

Match Group (MTCH) , the parent company of dating site Tinder, is suing rival Bumble over patent infringement months after Match failed to acquire the company. 

Match claims that Bumble infringed on two Tinder patents and also claimed that Bumble's creators, who previously worked at Tinder, stole confidential information to start their new company. 

Match reportedly offered $450 million for Bumble last summer.


Activist Investor Sherborne Acquires 5% STake in Barclays

Activist group Sherborne has acquired a 5.16% voting stake in British investment bank Barclays (BCS)

"As with all its shareholders, Barclays will continue to engage with Sherborne, and welcomes them as a shareholder," Barclays said in a filing announcing the stake. 

Sherborne invested $808 million to purchase the stake. 

Barclays shares jumped on the news, rising nearly 6% in trading Monday. 


Alibaba Invests $2 Billion in Subsidiary Lazanda Group

Alibaba (BABA) invested $2 billion in e-commerce subsidiary Lazada Group and named Lucy Peng as its CEO. 

This is the second $2 billion investment Alibaba has made in the company since it took a majority stake in 2016. 

Lazada operates in six Southeast Asian countries, a region that has about 600 million people. 

Southeast Asia's e-commerce market has grown more than 40% annually since 2015, reaching $10.9 billion in revenue last year. 


Hyundai Motor Sedans Are Subject to U.S. Airbag Probe

Hyundai Motor Group  (HYMTF) is the subject of a U.S. investigation into airbag failures during crashes that reportedly killed four people and left six injured.

The 2011 Sonata sedan and 2012-2013 Forte are the subjects of an investigation, which encompasses about 425,000 vehicles. 

It is the second investigation by the U.S. National Highway Traffic Saftey Administration into the South Korean car company in less than a year. The investigation comes after the company reported its worst annual earnings results in seven years. 


Google to Partner With Retailers in War Against Amazon in Searches

Alphabet's (GOOGL) Google search platform is teaming with some of Amazon's (AMZN) biggest competitors to prioritize their search results over those of Amazon in an attempt to curtail the e-retailer's dominance in the space, sources told Reuters. 

Target (TGT) , Walmart (WMT) , Home Depot (HD) , Costco (COST) and Ulta (ULTA) will index their catalogs on Google, allowing them to show up on Google when someone searches for products. Google will then receive a cut of the sales in lieu of an ad fee. 

"We have taken a fundamentally different approach from the likes of Amazon because we see ourselves as an enabler of retail," Google President for retail Daniel Alegre told Reuters. "We see ourselves as part of a solution for retailers to be able to drive better transactions ... and get closer to the consumer."


Premarket

U.S. futures were indicating a very soft opening for markets Monday with the Dow headed for a possible opening three digits lower than its previous close.

Dow futures were falling 0.56%, indicating an open 139 points lower, while Nasdaq futures were down 1.38%, indicating an open 97 points lower, and S&P futures were down 0.59%, indicating an open 16 points lower. 

Markets in Asia were mixed Monday with the Nikkei representing the lone major index to close the day on a negative note, falling 0.9%. The Hang Seng and Shanghai Composite both rose 0.04% and 0.29% respectively. 

In Europe markets reflected futures struggles in the U.S. The DAX in Germany was down 0.84% while the FTSE 100 dropped 1.23% and the CAC 40 fell 0.66% with about 5 hours in trading. 

Columnist Conversations

In GS I see key price support at the 224.49-226.42 area.  I also have timing for a possible low.  I ...
Tesla (TSLA) has tested our long-term bounce zone @ 283.90-258.95 a few times. These have been BUYING opportun...
We have a big winner here, let's roll it up to a higher strike   SOLD SRPT NOV 140 CALL AT 26 (in ...
We still like this name and want to give it more time. SOLD AAPL OCT 220 CALL AT 6.9 (in at 10) BOUGHT A...

BEST IDEAS

REAL MONEY'S BEST IDEAS

News Breaks

Powered by

COLUMNIST TWEETS

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data & Company fundamental data provided by FactSet. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by FactSet Digital Solutions Group.


TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

FactSet calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.