Here's what happened on Wall Street on Thursday, Nov. 9.
Tax reform concerns weighed on the market Thursday, sending the major averages tumbling. The Senate version of the tax reform bill reportedly has seven income brackets, raising concerns that the sweeping reform that was promised for months will not come to fruition.
The Nasdaq was the biggest loser, falling 0.58% while the Dow Jones Industrial Average and S&P 500 fell 0.43% and 0.38% respectively.
Nvidia Had a Very Profitable QuarterAction Alerts PLUS holding Nvidia ( NVDA) rose after-hours Thursday after blowing away analyst profit estimates. Nvidia reported earnings of $1.33 per share on revenue of $2.64 billion.
Analysts were expecting the company to report earnings of $0.94 cents per share on revenue of $2.36 billion.
Uber CEO Says Board Fully Supports IPO
Uber CEO Dara Khosrowshahi says that his company's board fully supports an initial public offering.
"We have all of the disadvantages of being a public company, as far as the spotlight on us, without any of the advantages," Khosrowshahi said. "So Travis [Kalanick] and the whole board now agree we should just go public. The numbers support it."
The company expects to debut in 2019.
Study Says Massive Economic Inequality Still Exists
Amazon (AMZN) CEO Jeff Bezos, Microsoft (MSFT) founder Bill Gates and Berkshire Hathaway (BRK.A) CEO Warren Buffett combined have more wealth than 160 million Americans combined, according to a study by Institute for Policy Studies.
America's top 25 billionaires together hold about $1 trillion worth of wealth, about as much as 56% of the population.
Sean Parker Is Worried About What Facebook Is Doing to Our Brains
Napster founder and Facebook's (FB) founding president Sean Parker told the crowd at an Axios event in Philadelphia that he is concerned about the social media network's effect on our psychology.
"I don't know if I really understood the consequences of what I was saying, because [of] the unintended consequences of a network when it grows to a billion or 2 billion people and ... it literally changes your relationship with society, with each other ... It probably interferes with productivity in weird ways. God only knows what it's doing to our children's brains," Parker said. FB is a holding of Action Alerts PLUS.
Adidas Stock Drops on Slowing Revenue Growth
By most metrics, Adidas (ADDYY) had an excellent quarter, however slowing revenue growth sent the stock tumbling nearly 4% -- its largest intraday decline since August.
In spite of that fact, Adidas reported strong margins and its bottom line topped estimates.
"So far, we have grown every quarter this year with 30 percent-plus in the U.S., and we are not seeing any slowdown. We continue to see very, very strong demand for our products, and we continue to expect a very strong fourth quarter. It's clear we are gaining market share in the U.S," CEO Kasper Rorsted told Bloomberg TV.
Boeing Announces 300 Plane Orders From China Aviation Suppliers
Boeing (BA) says that it has secured a 300-plane order from China Aviation Suppliers Holdings, an announcement that coincides with President Trump's trip to China this week.
However, the deal was secured years before Trump took office, making the timing of the announcement curious. The total value of the deal is estimated to be about $37 billion.
Target's Fidget Spinner Toys Contain Too Much Lead, Report Says
Consumer advocacy group The U.S. Public Interest Research Group says that the popular fidget spinner toys sold at Target (TGT) are harmful to children because they contain too much lead.
The group said that two variants of the motorized toy contain more than 300x the amount of lead acceptable for small children.
However, Target has responded by saying that the markings on the packages containing the toys clearly state that they are actually not toys as they are designed for people 14 years and older.
"The two fidget spinners cited are clearly marked on the package as 'appropriate for customers ages 14 and older,' and are not marketed to children," Target told the Washington Post. "As a result, the fidget spinners identified are not regulated as toys or children's products and are not required to meet children's product standards."
Apple Refutes FBI Statement on Texas Shooter's Phone
Apple (AAPL) responded to claims from the FBI that it was not receiving help in unlocking the phone of the shooter who killed 26 members of a church in a small Texas town last week.
The FBI took a veiled shot at Action Alerts PLUS holding Apple, with FBI special agent Christopher Combs telling the media, "Law enforcement is increasingly not able to get into these phones. I can assure you that we are working very hard to get into the phone."
However, Apple has refuted that statement, saying that it offered to help the FBI crack the phone "immediately."
The Washington Post reported that an FBI official even confirmed that Apple attempted to assist in the investigation.
Are Autonomous Vehicles Even Worse Drivers Than Humans?
A slow-moving self-driving shuttle was involved in a low-speed collision in Las Vegas Wednesday that did not injure any of the eight passengers on board. The shuttle is operated by French startup Navya.
A delivery truck that was backing up was at fault for the crash, according to a AAA spokesperson and the Las Vegas city government.
AT&T, Time Warner Shares Drop as Merger Reaches Hurdles
Yesterday it was reported that the DOJ will require Time Warner to jettison CNN if the deal is to go through. AT&T CEO Randall Stephenson responded to those reports yesterday saying, "Throughout this process, I have never offered to sell CNN and have no intention of doing so."
U.S. futures were once again pointing to a lower open for markets Thursday morning. Dow Jones futures were falling 0.37%, while Nasdaq futures declined 0.5% and S&P 500 futures fell 0.4%.
In Asia, the Nikkei was the lone laggard, falling 0.2% in trading while the Shanghai Composite and Hang Seng rose 0.36% and 0.79%, respectively. In Europe, all three major indices were in the red, with the DAX in Germany leading the way lower, falling 0.94% with over four hours remaining in trading.