Closing Bell: LIVE MARKETS BLOG

 | May 03, 2018 | 4:03 PM EDT
  • Comment
  • Print Print
  • Print
Stock quotes in this article:

kr

,

spot

,

tsla

,

nvda

,

kkr

,

bud

Closing Bell

Two of the three major U.S. stock markets weren't able to close the day in positive territory after spending most of the afternoon recovering from a morning dip that left the major indices in a hole. 

The Dow Jones Industrial Average was the lone average to close the day in the green, rising 0.03%, or 6 points to 23,931, while the Nasdaq fell 0.18%, or 13 points to 7,088, while the S&P 500 dropped 0.23%, or 6 points to 2,630. 


Anheuser Busch Orders 800 Hydrogen Semis From Tesla Rival Nikola

Beer-maker Anheuser Busch (BUD) announced that it is ordering 800 hydrogen-powered semi-trucks from Tesla (TSLA) rival Nikola. 

The announcement comes just a day after Nikola added a new patent to a lawsuit against Tesla claiming that the company stole designs for a hydrogen-electric powered semi that it unveiled in 2016. 

Tesla did not unveil its own truck until November 2017. 

Last year Ab In-Bev ordered 40 Tesla plug-in semi trucks. 


Jay-Z Has 99 Problems, Now the SEC Is One

The Securities and Exchange Commission is seeking an order to force rapper Jay-Z, real name Sean Carter, to adhere to a subpoena for testimony in a case involving the sale of his clothing line Rocawear to Iconix Brand Group in 2007 for $204 million. 

The SEC says it first subpoenaed Carter in November 2017 and again in February 2018, but he did not comply with the order to testify and did not agree to do so in the future. 

The regulatory commission is investigating whether Iconix violated trading laws by maintaining a relationship with the rapper following the sale of the brand. Iconix has written down clown to $203 million due to the sale over the past two years.


KKR to Switch From Partnership Structure to Corporation Structure

KKR (KKR) is following in the lead of numerous publicly traded private-equity firms, announcing that it will convert to a corporation from a partnership in order to fully benefit from the new U.S. tax laws. 

The partnership structure limits the pool of investors willing or able to own shares of private-equity firms. But the new corporate tax rate has been lowered to 21% from 35%. 

"KKR's conversion from a partnership to a corporation is designed to broaden our investor base, simplify our structure and make it easier to invest in our shares," Henry R. Kravis and George R. Roberts, co-chairmen and co-CEOs of KKR, said in a statement.

Shares of the company jumped 4% Thursday afternoon following the announcement. 


Nvidia Fails to Pop Following Barclays Upgrade

By any measure, Nvidia Corp. (NVDA) has been a success story, more than quintupling its shares price in just two years and becoming one of Wall Street's darlings.

Add Barclays to the list of believers.

The firm upgraded Nvidia, a key holding of the Action Alerts PLUS charitable trust, to "overweight" from "equal weight" while raising its price target to $280 from $265.

"We obviously are late to the party after two substantial years of outperformance but after taking a clean look at the AI landscape, we believe NVDA is an OW," analyst Blayne Curtis wrote. "We see a strong gaming/Volta cycle ahead, which should help mitigate any near-term crypto risks, while our work suggests the AI franchise is more durable in the Data Center with some Edge opportunities."

Nvidia shares were up 0.3% Thursday morning. 


Wall Street's Revenge: Tesla Drops 8% Thursday Following Tumultuous Earnings Call

Elon Musk's decision to be adversarial during Tesla's (TSLA) latest earnings call may be weighing on the stock in a big way Thursday as it traded 7% lower in the early session. 

In spite of reporting a net loss slightly narrower than expected and topping revenue estimates, the stock is tanking after also doing so in the after-hours session Wednesday.  

During the call Musk took aim at day traders ("we have no interest in satisfying the desires of day traders, like we couldn't care less. Please sell our stock and don't buy it"), the media and analysts. 

As for the fundamentals...

Tesla posted an adjusted loss of $3.35 per share late Wednesday, better than the $3.58 figure forecast by analysts. The net loss of $709.6 million was the company's biggest ever slide into the red.


Spotify Sinks Following First Earnings Release

Spotify (SPOT) is tanking premarket following the release of the company's first quarterly report after the company narrowed its profit loss, but missed Wall Street expectations. 

The music streaming company remains the market leader with 75 million subscribers after adding four million paid subscribers in the quarter. 

The company lost 169 million euros in the just-concluded quarter after losing 173 million euros in the previous year. Revenue for the period grew 26% to 1.1 billion euros. 


Kroger Recalls 35,000 Pounds of Beef Due to Possible Plastic Contamination

Grocery chain Kroger (KR) announced that its recalling 35,464 pounds of ground beef due to the possibility that the food may be contaminated with foreign particles including hard plastic. 

"The Food Safety and Inspection Service is concerned that some product may be frozen and in consumers' freezers," the USDA said in a statement Wednesday. "Consumers who have purchased these products are urged not to consume them."

The recalled products were shipped to distribution centers in Indiana and Virginia. 

Here is the full list of recalled products.


Premarket

U.S. futures were mixed, but not trading heavily in either direction ahead of the opening bell Thursday, following up a session when all three major indices fell. 

Dow and Nasdaq futures were down slightly, both falling 0.02%, indicating opens down 4 points and 1 point respectively. S&P futures were up 0.03%, indicating an open 1 point higher. 

World markets were trending lower Thursday. In Asia, the Shanghai Composite was the lone major index to gain on the day, rising 0.64%. Meanwhile, the Hang Seng and Nikkei fell 1.34% and 0.16% respectively. 

In Europe, the FTSE 100 fell 0.06%, the DAX dropped 0.32%, and the CAC 40 fell 0.27% with about four hours left in trading. 

Columnist Conversations

Although we did see an initial rally off my original CXO setup, there has been no follow through.  Some w...
on Apr 30 right here in CC, I mentioned buying the Spotify Jul 160 call. It's time to move. We have a nice ...
Some say the Diamonds are a girl's best friend. It might be a trader's best friend as our bounce zone is gett...
Today we'll be discussing a couple of important technical tools, the RSI and money flow.  Join me after t...

BEST IDEAS

REAL MONEY'S BEST IDEAS

News Breaks

Powered by
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.