Yahoo Finance An OPEC production cut some say will never happen
Wall Street’s enthusiasm over a potential OPEC deal has faded. All three major averages (^GPSC, ^DJI, ^IXIC) started the day in the red after Wednesday’s rally in crude prices (CL=F) evaporated.
Skepticism about OPEC deal
Not everyone believes OPEC’s preliminary deal to cut oil production at its next meeting is real. Retired Gen. David Petraeus is among the skeptics, calling the cut “nonsense.” Real or not, the success of the cut could have mixed implications for US consumers, businesses and investors. Why does this matter to you?
Economic data
On the economic front, the final read on second-quarter GDP rose at annualized rate of 1.4%, according to the Commerce Department.
Meanwhile, the Labor Department reported that the number of people filing for first-time jobless benefits rose by 3,000 to 254,00.
Skepticism about OPEC
Not everyone believes OPEC’s preliminary deal to cut oil production at its next meeting is real. Retired Gen. David Petraeus is among the skeptics, calling the cut “nonsense.” Real or not, the success of the cut could have mixed implications for US consumers, businesses and investors. Why does this matter to you?
Back in the hot seat
Wells Fargo (WFC) CEO John Stumpf heads back to Capitol Hill today to get grilled by a House committee about the phony account scandal that’s fueling outrage across the country, with some lawmakers saying it should cost Stumpf his job. It’s already costing him $41 million in stock awards that Wells board is clawing back. And now the state of California is cutting off business with the bank for a year.
Selling artificial Intelligence
Google (GOOGL), Facebook (FB), Amazon (AMZN), Microsoft (MSFT) and IBM (IBM) are teaming up to sell the public and government on the benefits of artificial intelligence and combat fears that it’s scary. Is this necessary?
Stocks to watch
PepsiCo (PEP) shares got a nice pop in early trading. The beverage and snack giant raised its profit outlook for the year after reporting a beat on both its top and bottom lines for the fiscal third quarter. Revenue declined 1.8% from a year ago, but cheaper raw material costs and demand for snacks and beverages in North America lifted its core profit.
Fitbit (FIT) shares fell in early trading after Pacific Crest downgraded the stock to underweight from sector weight this morning. The firm cited that sales of its flagship holiday product—the Charge 2 is off to a slow start.
Pier 1 Imports (PIR) delivered a loss of $0.05 a share for the second quarter. That was in line with analysts’ estimates. Revenue missed expectations with sales falling 6.7% from a year ago as fewer shoppers visited its stores. The company also cut its outlook for the year.
Wells Fargo (WFC) CEO John Stumpf heads back to Capitol Hill today to get grilled by a House committee about the phony account scandal that’s fueling outrage across the country, with some lawmakers saying it should cost Stumpf his job. It’s already costing him $41 million in stock awards that Wells board is clawing back. And now the state of California is cutting off business with the bank for a year.
Inter-Cellular Therapies (ITCI) shares sank in early trading following news late yesterday that the biotech firm’s experimental drug for treating schizophrenia failed to help patients in a late-stage trial.
