Closing Bell: LIVE MARKETS BLOG

 | Apr 16, 2018 | 4:07 PM EDT
  • Comment
  • Print Print
  • Print
Stock quotes in this article:

algt

,

dal

,

ual

,

aal

,

save

,

jblu

,

amzn

,

xrx

,

fujiy

,

iep

,

tpca

,

glpi

,

eri

,

qcom

,

sbux

,

aapl

Closing Bell

Stocks were able to bounce back from a down day of trading Friday to start the week on a positive note, with all three major indices staying green for the entire session. 

The Dow Jones Industrial Average rose 213 points, or 0.87% to 24,573, while the S&P 500 climbed 50 points, or 0.7% to 7,156, and the S&P 500 rose 0.8%, or 22 points to 2,678. 

iPhone Sales in China to Continue to Be Rocky, UBS Says

There's a lot of local smartphone competition in China, so Apple's (AAPL) ambitions of dominance in the country will have to wait, analysts at UBS said Monday. 

iPhone sales have slowed since their 2015 peak, and local competition along with longer upgrade cycles suggest that they won't return to their zenith anytime soon. 

"We think it's doubtful China returns to its 2015 peak as local brands have caught up and upgrade cycles are lengthening," analyst Steven Milunovich wrote in a note to clients Monday. "Although industry experts see aspirational buying patterns, the market as a whole has begun to slow due to saturation and lengthening upgrade cycles. Our experts agreed that upgrade cycles started to lengthen in 2017 and will continue to do so in 2018."

Apple shares were up 0.7% in afternoon trading Monday. 


Starbucks CEO to Meet With 2 Men Arrested in Philly Store

The two men who were arrested at a Starbucks (SBUX) in Philadelphia on Thursday agreed to meet with the CEO of the company after the incident went viral. 

CEO Kevin Johnson will meet with the men who were arrested after the manager of the store called the police because the two men were in the store, reportedly waiting for an acquaintance, without having purchased something in the store. 

The men were let go after eight hours in police custody after Starbucks declined to press any charges. 

Protesters gather outside of the store Sunday in support of the two men, whose names were not released by police. 


ZTE Loses Qualcomm as a Supplier Due to U.S. Export Ban

The U.S. Commerce Department announced the activation of a ZTE Denial Order than bans the Chinese smartphone maker from buying chips from American manufacturer Qualcomm (QCOM)

ZTE agreed to pay a penalty of $1.19 billion last year for illegally shipping telecommunications equipment to Iran and North Korea after also making false statements and "obstructing justice including through preventing disclosure to and affirmatively misleading the U.S. government."

The Commerce Department hasn't forgotten. 

"ZTE made false statements to the U.S. Government when they were originally caught and put on the Entity List, made false statements during the reprieve it was given, and made false statements again during its probation," said Secretary of Commerce Ross. "ZTE misled the Department of Commerce. Instead of reprimanding ZTE staff and senior management, ZTE rewarded them. This egregious behavior cannot be ignored."

Qualcomm shares were down more than 1% Monday afternoon. 


Icahn Enterprises Sells 84% Stake in Tropicana Entertainment Casino

Icahn Enterprises (IEP) announced that it is selling its 84% stake in Tropicana Entertainment (TPCA) for about $1.85 billion. 

The company has reached a deal to sell Tropicana's real estate to Gaming and Leisure Properties Inc. (GLPI) for $1.21 billion and merge its gambling and hotel operations into Eldorado Resorts (ERI) through a master lease for $640 million. 

Tropicana operates its flagship casino Tropicana Atlantic City in New Jersey as well as a casino-resort in Aruba. 


Xerox CEO Went Against Board Wishes to Strike Fujifilm Deal, Lawsuit Says

Xerox (XRX) CEO Jeff Jacobson was told by the company's board not to pursue a deal with Fujifilm (FUJIY) in November because the company was considering firing him. Jacobson ignored the directive and struck the deal anyway, a newly amended lawsuit alleges. 

Jacobson accelerated the process of a complex deal that would leave him in charge and cede control of the American company to Japan's Fujifilm, the lawsuit claims. Jacobson was under fire from Carl Icahn, the company's largest investor as well as billionaire Darwin Deason, who filed the lawsuit. 

Xerox ended up signing off on the deal and keeping Jacobson after his performance improved. 

Xerox denies the lawsuit's claims and says that Jacobson was fully authorized to make the deal.


Retail Sales Rise in March for the First Time in 3 Months

March retail sales were higher, the first time sales have increased in three months, thanks in part to robust auto sales. 

Retail sales rose 0.6% in March following up an unrevised 0.1% drop in February and a 0.2% decline in January. Economists were expecting retail sales to rise 0.4%. Year over year, sales increased 4.5%. 

Consumer spending rose 4% in the fourth quarter last year, but that number is expected to shrink to 1.5% for the first quarter this year. 

Auto sales rose 2% in March, the largest sector increase since September. 


Amazon Warehousers Describe Unsavory Working Conditions

Author James Bloodworth discovered less than ideal working conditions when he went undercover at Amazon's (AMZN) fulfillment center in Staffordshire, UK for a book on low wages in Britain he is working on. 

Workers said they were so scared of losing their jobs over "idle time" that they pee in bottles on the warehouse floor in order to stay at their stations. 

"For those of us who worked on the top floor, the closest toilets were down four flights of stairs. People just peed in bottles because they lived in fear of being ­disciplined over 'idle time' and ­losing their jobs just because they needed the loo," James told The Sun.

Amazon is notorious for tracking its warehouse workers' productivity and imposing strictly timed breaks. 


'60 Minutes' Raises Safety Concerns for Allegiant Air, Stock Tumbles

Allegiant Travel Group (ALGT) planes are three and a half times more likely to have mid-air breakdowns that Delta (DAL) , United (UAL) , American (AAL) , Spirit (SAVE) or JetBlue (JBLU) , according to a Sunday report from TV news magazine '60 Minutes.'

Investigators found that between January 1, 2016, and October 2017, the airline experienced more than 100 serious mechanical incidents, including aborted takeoffs, rapid descents, flight control malfunctions and mid-air engine failures. 

Allegiant was down 5% premarket Monday after falling nearly 9% in Friday's session. 


Premarket

U.S. futures were rising ahead of the market open Monday even as markets around the world faltered.


Dow futures were up 0.55%, indicating an open 134 points higher, while Nasdaq futures gained 0.51%, indicating an open 34 points higher, and S&P futures rose 0.56%, indicating an open 15 points higher. 

Asian markets were mixed with the Nikkei representing the lone major index to post gains. The Hang Seng and Shanghai Composite meanwhile closed the day down 1.6% and 1.53% respectively. 

In Europe, markets were falling across the board, led by the FTSE 100 which was falling 0.51%. The CAC 40 and DAX were down 0.18% and 0.12% with about four house left 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.