Yahoo Finance Stocks stuck as utilities lag, Apple in tax scandal
Stocks are stuck in neutral as utilities and those safety names lag. This comes as regulators across the pond take a “bite” out of world’s most valuable company. Catch The Final Round with Jen Rogers and Yahoo Finance columnist Rick Newman.
Winners and losers
Stocks in the red today include outerwear maker G-III Apparel after it slashed full-year profit guidance, Hershey after food giant Mondelez said it was ending merger talks with the candy maker, and Abercrombie & Fitch. Shares of the teen apparel maker tumbled after it posted a 14th straight quarterly sales decline. Abercrombie also said it does not see same-store sales improving this year.
Stocks on the move higher include Barracuda Networks as the network security firm was upgraded by Pacific Crest to ‘overweight; Ag name Potash after it confirmed it held merger talks with rival Agrium, and United Continental, with shares soaring after the airline hired Scott Kirby as its new president. United poached Kirby from rival American Airlines.
Why drug prices are high
Even with increasing scrutiny over drug pricing, list prices for drugs increased more than 12% in 2015, according to IMS Health. But what are some of the factors that are driving prices higher? Yahoo Finance’s Justine Underhill has more at the charts.
3 things that global markets need
Despite reaching new all-time highs, markets in the month of August have been mostly flat. What factors could keep new highs coming? Joining us now to discuss is Steven Wieting, global chief investment strategist at Citi Private Bank.
Looking ahead
In the morning, we’ll get ADP’s private employment report for August, which gives economists a feeling for the big jobs report on Friday. The consensus estimate is for 175,000 private jobs created.
The market will get a slew of new Fed speak from the likes of the Boston Fed’s Eric Rosengren, the Minneapolis Fed’s Neel Kashkari and Charles Evans of the Chicago Fed.
And in Italy, the 73rd annual Venice International Film Festival opens with a screening of Damien Chazelle’s ‘La La Land,’ starring Emma Stone and Ryan Gosling. Among the world premieres is Terrence Malick’s documentary ‘Voyage of Time,’ narrated by Brad Pitt and Cate Blanchett, and ‘The Light Between Oceans,’ starring Alicia Vikander and Michael Fassbender. James Bond director Sam Mendes will lead this year’s festival jury.
