Here's what happened on Wall Street on Monday, Nov. 13.
The major averages were able to rebound from their earlier decline to trade in the green across the board Monday afternoon.
The Nasdaq and S&P 500 closed the day up 0.1% while a GE-weighted Dow Jones Industrial Average rose 0.07%.
GM Unveils Chevy ZR1
General Motors (GM) unveiled the Chevrolet ZR1 Monday, not only the fastest Corvette it has ever produced, but the fastest car GM has ever made period.
The car features a 755 horsepower 6.2-liter V-8 engine that gives the vehicle a top speed of 210 miles per hour.
SNF Sees Mixed Ratings as Patriots Dominate Broncos
Sunday night's NFL broadcast on NBC (CMCSA) saw a 20% increase over the previous week's ratings stinker, earning the broadcast an 11.5/19 metered market rating. Last week's ratings represented a season-low for the primetime broadcast.
This week's game featured neither political protests or a competitive game, continuing a long-standing problem of uncompetitive games in prime time.
Last year's week 10 game drew 22.5 million viewers, making it the most-watched primetime NFL game in 18 years. The final numbers have not come in for this year's week 10 matchup, but they won't live up to those lofty numbers.
AT&T and Verizon Will Partner to Build new Cell Towers
AT&T (T) and Verizon (VZ) , the country's top two mobile carriers, announced plans to partner with third-party cell tower-maker Tillman Infrastructure to build hundreds of cell towers that will be compatible with both companies' mobile networks.
Verizon said that both companies are committed to co-anchoring and leasing the towers.
"We continue to focus on technology innovation and investing in the latest software platforms to provide the best possible customer experience on our network," said Verizon Chief Network Officer Nicola Palmer. "At the same time, it is imperative to reduce operating costs. We are reviewing all of our long-term contracts as they come up for renewal and we are excited to develop new vendor partners to diversify our infrastructure providers."
CO2 Output Reaches Record Level As Developing Countries Emit More
Global CO2 emission levels will increase for the first time in 2017, reaching record levels and putting emission reduction targets in jeopardy, according to the Global Carbon Project's annual report Monday.
Increased emissions from developing countries like China and India, combined with continued emissions from Western countries, are responsible for the increase.
"With global CO2 emissions from all human activities estimated at 41 billion [metric tons] for 2017, time is running out on our ability to keep warming well below 2 degrees Celsius let alone 1.5 degrees Celsius," the report's lead researcher said in a statement.
Lyft Goes International in Toronto
Ride-hailing Uber-rival Lyft is continuing its rapid expansion, making Toronto the first international city in which it operates. Lyft's expansion has had a direct effect on its rival, as Uber's U.S. market share fell to 73% from 84% this year.
Last month, Lyft announced that it is in the middle of a $1 billion funding round led by Action Alerts PLUS holding Alphabet (GOOGL) that would value the company at about $11 billion.
Chipotle Tanks Following Actor's Instagram Post
Chipotle Mexican Grill (CMG) shares were falling more than 2% Monday morning after "Supergirl" actor and former Chipotle champion Jeremy Jordan recanted his love for the restaurant, saying that it sent him to the hospital and nearly killed him in a now-expired Instagram story.
"I know I've advocated for them in the past, but they're terrible. I, as you can see, am in the hospital and I have fluids in my arm because the food did not agree with me and I almost died," Jordan said in the post, according to People.
Chipotle has responded to the post saying,
We are sorry to hear that Jeremy is sick and have attempted to get in touch with him directly regarding where and when he ate so we can look into this. We take all claims seriously, but at this time we can't confirm any link to Chipotle. We are always committed to making things right for our guests and will do the same for Jeremy when we are able to reach him.
Bitcoin Shows Some Resiliency
Bitcoin rebounded Monday from a sharp selloff late last week to climb double digits. The cryptocurrency lost almost a third of its value after it reached an all-time high just shy of $7,900 per unit.
Bitcoin was trading just below $6,600 Monday morning.
Qualcomm Rejects Broadcom's $103 Billion Takeover Bid
Shares of American mobile chip maker Qualcomm (QCOM) were up nearly 2% Monday after the company rejected a $103 billion bid from rival Broadcom, saying that the offer "dramatically" undervalues the company.
"After a comprehensive review, conducted in consultation with our financial and legal advisors, the Board has concluded that Broadcom's proposal dramatically undervalues Qualcomm and comes with significant regulatory uncertainty," Qualcomm said in a statement.
Chevy Bolt Takes top EV Spot
GM (GM) sold 2,781 Chevy Bolt's in the U.S. in October, making it the best-selling electric vehicle of the month. Tesla's (TSLA) Model S and Model X rounded out the top three, selling 2,700 and 2,300 units, respectively, according to Clean Technica.
The Bolt replaces the Chevy Volt atop the October EV sales list from last year. The Model X and Model S maintained their positions from the year-ago period, though the two Tesla-made vehicles did increase sales by 1,200 vehicles, combined.
Apple Would Rather Issue $7 Billion in Debt Than Repatriate Overseas Cash
Apple, Inc (AAPL) issued $7 billion in debt Monday, including fixed-rate two-year, three-year, five-year, seven-year, 10-year and 30-year notes, with the 10-year tranche settling in at 72 basis points above the comparable 10-year Treasury note.
Proceeds from the sale of the notes will go towards share buybacks and dividend payments, but Apple investors weren't loving the move premarket, sending the stock tumbling nearly 0.4% ahead of the market open.
Last week Action Alerts PLUS holding Apple said that it has more than $250 billion in cash sitting overseas, where the company will keep it, rather than pay the 35% corporate tax to repatriate it.
iHeartMedia Says It Needs Significant Cash Infusion to Continue
Debt is overwhelming iHeartMedia (IHRT) , the parent company of the country's largest radio operator, iHeartRadio, leading the company to declare in its latest SEC filing that it could run out of cash to continue as a going concern within the next 12 months.
The company said that it is taking the necessary steps to increase its cash flow, but there is no guarantee that the moves will provide enough liquidity for the company to continue as it is.
"Our ability to meet our obligations as they become due in the ordinary course of business for the next 12 months will depend on our ability to achieve forecasted results, our ability to conserve cash, our ability to refinance the amounts outstanding under the receivables-based credit facility, our ability to successfully complete the notes exchange offers and the term loan offers or other similar transactions."
GE Cuts Dividend in Half
General Electric (GE) lowered its quarterly dividend to 12 cents per share from 24 cents per share, the second time the blue-chip stock has lowered its quarterly stock payout since the Great Depression. The last time GE cut its dividend was 2009.
Action Alerts PLUS holding GE is in the midst of a turnaround that could see the company divest even more of its auxiliary businesses as new CEO John Flannery looks to make his mark on the legacy industrial staple.
The move is getting some love from investors who pushed the stock 0.44% higher premarket Monday. Year to date, the stock is down more than 35%.
Premarket
U.S. futures contracts were falling premarket Monday, indicating another soft opening for the major averages once trading gets underway.
Nasdaq and S&P 500 contracts were both down 0.27% while Dow Jones futures fell 0.33% ahead of the opening bell.
In Asia, Japan's benchmark Nikkei index fell 1.32% for a third consecutive session. In China, the Hang Seng and Shanghai Composite were both able to close the day in the green.
European averages were also declining Monday, with the DAX in Germany, FTSE 100 in the U.K and the CAC 40 in France all trading in the red with about 4 hours left in trading.
