Yahoo Finance Stocks poised for massive selloff; oil tumbles; tech punished
Wall Street is again seeing a massive selloff as U.S. stocks (^GSPC) follow in the footsteps of global markets that are sinking because of fears about China and worldwide economic growth.
Yahoo Finance Senior Columinst Michael Santoli says there's definitely panic in the market.
"I wouldn't say undue panic," he adds. "What you have right now is professional investors badly positioned unwinding a lot of trades. And that has fed on itself."
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Energy deal a bright spot for stocks
Of course, the overall market will be in focus today, but here are some of the individual stocks the Yahoo Finance team will be watching for you today.
AGL Resources (GAS) The natural gas company is being bought by energy provider Southern Company (SO) for $12 billion. The deal will create the second-biggest U.S. utility by customer base.
Netflix (NFLX) The streaming video provider that produces Orange is the New Black and other programs has a deal with Japan's SoftBank to help Netflix launch in that country next week. The agreement allows customers to sign up for the service at SoftBank's retail outlets and online.
Intel (INTC) The chipmaker and Dow component is taking the lead role in a $100 million investment in Silicon Valley startup Mirantis. Mirantis is a business to business cloud computing services company which owns open-source software OpenStack. Analysts say the move could make OpenStack more attractive to companies now using cloud services from Amazon (AMZN) and other tech firms.
Chipotle Mexican Grill (CMG) The Mexican restaurant chain is planning to hire 4,000 workers in a single day next month. Co-CEO Monty Moran tells the Wall Street Journal Chipotle needs to reach out to employees because the economy is improving, more restaurants are opening and there are fewer job applicants than there were several years ago. The company's "National Career Day" will be held September 9th.
Caesar's Entertainment (CZR) The stock got a big boost on Friday on rumors it has a deal with key bondholders and lenders to restructure the casino company's bankrupt operating division. Caesar's made the official announcement following the close of trading last week.
Oil also plunging
The market selloff which also extends to oil. Crude futures plunging below the $40 a barrel floor, hitting it’s lowest point in nearly six and a half years. Again - global growth concerns driving prices lower.
From commodities, to another area of the market decimated - tech stocks. It’s a sea of red led by Apple (AAPL)-- now down more than 20% since recent highs and tumbling in the pre-market now. Other tech heavyweights are also under severe pressure.
As markets here are poised for another huge drop, the world of politics may start taking notice. Media mogul Rupert Murdoch is stirring the pot, trying to draft fellow billionaire businessman Michael Bloomberg into the presidential race. Murdoch saying in a tweet
“With Trump becoming very serious candidate, it's time for next billionaire candidate, Mike Bloomberg to step into ring. Greatest mayor."
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