- European shares opened in the green on a rebound of oil prices, mirroring upbeat sentiment in Asia in holiday-thinned trading. Oil rose for the fourth consecutive day, due to a fall in U.S. inventories and the lifting of export restrictions for U.S.-produced crude. The euro was up 0.3% vs. the dollar, to $1.0943 Thursday morning.
- Large industrial suppliers like Dividend Stock Advisor portfolio holding General Electric (GE) are tightening supply chains in the face of expected global slowdown, the Wall Street Journal writes. They are squeezing suppliers for lower costs and shifting existing factories to cheaper locations to protect their profit margins.
- Investor Carl Icahn is willing to pay as much as $1 billion for U.S. auto parts retailer Pep Boys - Manny Moe & Jack (PBY) to keep rival bidder Bridgestone (BRDCY) at bay, Pep Boys said. According to a Reuters report, Icahn told Pep Boys he would top any fresh Bridgestone offer by $0.10 per share, capping it at $18.10 per share. Japanese tire maker Bridgestone has until today at 5 p.m. ET to make a counter offer.
- KalosBios Pharmaceuticals (KBIO) said it was notified by Nasdaq that its shares would be delisted. The shares have not traded since last Thursday. Nasdaq cited the arrest of the company's former CEO Martin Shkreli, the arrest and indictment of Evan Greebel, KaloBios' former outside counsel, and a civil complaint by the U.S. SEC against Shkreli and Greebel, in its notification that it would delist the company's shares.
- U.S. banks face the prospect of tougher stress tests next year because of their exposure to the oil sector, the Financial Times writes. The paper said previous stress tests by the Federal Reserve only tested what will happen to banks' trading books in the case of sharp falls in oil prices, not to their loan books.
More from U.S. Equity
This is an extremely tough market for new entries, but that is exactly why it keeps running.
After assessing the charts and indicators, here's how we see things going forward.
All hail the new bull. Same as the old bull? Not a chance.