Yahoo Finance Morning Brief: Turkish lira falls as much as 12% against the dollar
Friday, August 10, 2018
What to watch today
Friday comes with the July consumer price index (CPI) report. The data should show that “core” consumer prices — which strip out the impacts of food and energy — remain slightly above the Fed’s 2% inflation target. “Core PCE,” another measure of inflation which the Fed prefers, is currently indicating that prices are rising less than the Fed’s target. Economists said the CPI rose at a 2.9% pace year over year, while core CPI climbed at a 2.3% pace.
Top news
Stocks dive, euro falls, as Turkey turmoil ripples out: A plummeting Turkish lira sent ripples through global equities and emerging markets on Friday, as rising fears of a wider fallout sent investors scurrying for the safety of assets such as the yen and U.S. government bonds. [Reuters]
Loeb takes stake in Campbell, pushes for sale of soup maker: Third Point, the activist fund run by Dan Loeb, disclosed a stake in Campbell Soup Co. (CPB) and said a sale of the company would be the best outcome in its current strategic review after years of “abysmal oversight.” [Bloomberg]
Tesla prepares to review Musk’s go-private plan: Tesla Inc.’s (TSLA) board has not yet received a detailed financing plan from CEO Elon Musk, and is seeking more information about how he will take the U.S. electric car maker private in a proposed deal worth $72 billion, people familiar with the matter said on Thursday. [Reuters]
Ackman sees Lowe’s upside: Bill Ackman said he sees significant upside for home-improvement retailer Lowe’s Cos. (LOW), much like he did almost seven years ago with one of his most successful investments, Canadian Pacific Railway Ltd. When Ackman’s Pershing Square Capital Management took its initial investment in CP Rail in 2011, the company had underperformed its larger rival, Canadian National Railway Co., for more than decade — much like Lowe’s is now underperforming its rival Home Depot Inc. (HD). [Bloomberg]
Overstock shares soar after private equity investment: Overstock (OSTK) shares jumped as much as 21% in after-hours trading on Thursday after the e-commerce retailer announced that Hong Kong private equity firm GSR Capital will invest up to $270 million into Overstock’s blockchain subsidiary tZero. [CNBC]
Dropbox results top estimates on higher subscriber additions: Dropbox Inc’.s (DBX) forecast for the current-quarter and results for the second quarter beat Wall Street estimates on Thursday, with the online storage firm earning more from a higher number of paying subscribers. Shares of Dropbox, however, came under pressure and slipped nearly 10% in extended trading after the company decided to advance its lock-up expiration date by several trading days. [Reuters]
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