“China Retaliation Is ‘11’ on Scale of 1 to 10, Wall Street Warns”, Bloomberg Reports
“Dow futures drop 380 points after China retaliates, escalating trade war”, CNBC reports
7:52am, gold up 14 points
7:56am, TVIX up 12% on 839,448 shares traded.
8:01am, BTC $11 829. Exploded over the weekend
8:00am, RIOT moving with bitcoin. Watch out though, they filed an S-3 not too long ago, and it was approved on May.08th.
8:13am, Allakos Inc is up 77% on 254,512 shares traded after reporting positive results from their AK002 trials. Click the image for the full report
Taking a closer look at RIOT’s financials
8:51am, Cars.com is down 39% on 58,645 shares traded after announcing they failed to initiate a sale of their company
HSBC fires CEO after only 18 months. He had worked for the bank for 30 years. Read more. They also lowered their 2020 outlook
9:43am, Dow down 500 points
9:48am, SOHU down 17% after reporting a net loss of US$53 million. Click the image for the full report
oil stocks are getting killed this morning. As of 9:50am, the commodity is down 1.98%
9:51am, Nasdaq down 2.53%
9:57am, Genie Energy down 21% after reporting a net loss of 29 cents per share
“China dismisses Trump agri purchase claim, says honoring pledges”, Reuters
10:05am, AAPL plunges 4.2% on 9,034,618 shares traded
10:06am, SE is down 6.8% on 911,587 in trading volume
Nasdaq is on track to fall for the 6th straight session, which would qualify as its worst losing streak since late 2016; Dow down 726 points as of 1:04pm. CNBC reports
“China halting new agricultural purchases, may slap tariff on farm products recently bought: Report”, CNBC reports
“Oil prices could crash by $30 if China buys Iranian crude: BofA”, CNBC reports
“IRAN THINKS IT CAN DO WHATEVER IT WANTS IN THE GULF – ANALYSIS”, Jerusalem Post reports
“Iran Sanctions Breach Suspicion Prompts Bank to Seize Ships”, Bloomberg reports
2:49pm, Dow down 855 points, worst drop of 2019
” “Expect Apple to absorb tariff impact and prioritize market share, implies -8% EPS headwind. We estimate a price increase of around 6% is required to absorb the impact of a 10% tariff and maintain gross margin dollars, although still implying a modest ~180 bps to Product gross margins. However, we believe Apple is more likely to absorb all the tariff impact and not raise prices on iPhone shipments (roughly 35% of total) and other hardware devices into the US, which we estimate will lead to a ~300 bps headwind to iPhone margins.” CNBC reports
“Morgan Stanley: If the trade war escalates, a recession will be here in 9 months”, CNBC reports
Dow finishes down 760 points
“China confirms it is suspending agricultural product purchases in response to Trump’s new tariffs” CNBC reports
8:25pm, Dow futures point to 510 point decline tomorrow.
Stay tuned for updates!