Fly Intel: Wall Street's top stories at midday
Stocks opened in positive territory as the new tariffs imposed on China were only 10% through the end of the year, sparking a relief rally as investors had been bracing for a 25% duty to be placed on a wide range of Chinese imports into the U.S. The Nasdaq is the biggest winner with a gain of more than 1% while the Dow and S&P are up over 0.5% each. ECONOMIC EVENTS: In the U.S., the NAHB housing market index held steady at 67 in September after dipping 1 point to that mark in August. In trade news, President Donald Trump confirmed new tariffs will be placed on about $200B on Chinese imports, but at a rate of about 10% until the end of the year. That 10% tariff rate, to be implemented on Monday, will rise to 25% on January 1 if no new trade agreement is reached with China. COMPANY NEWS: Tesla (TSLA) shares are down about 5% near noon after Bloomberg said that the electric car maker, which is already reported to be facing a civil inquiry by the SEC, is also facing a criminal fraud investigation by the Department of Justice over public statements made by the company and CEO Elon Musk... Shares of Oracle (ORCL) have slid 0.5% after the company reported what Jefferies analyst John DiFucci called an "about in line" quarter with "modest" 2% revenue growth in constant currency and earnings that grew more meaningfully behind a large share repurchase... FedEx (FDX) shares are down over 4% following the company's mixed quarterly report. Despite the softer than expected start to the year, FedEx maintained its FY19 revenue growth guidance and increased its adjusted EPS range... Also falling after its earnings report, General Mills (GIS) is down 8% as the packaged foods company reported better than expected quarterly profits and backed its key full-year fiscal 2019 targets. MAJOR MOVERS: Among the noteworthy gainers was Viking Therapeutics (VKTX), which surged 85% after its Phase 2 study of a drug meant to treat a certain form of fatty liver disease met its primary endpoint. Also higher was Tilray (TLRY), which gained 21% after it announced approval by the U.S. Drug Enforcement Administration to import a cannabinoid study drug into the U.S. from Canada. Among the notable losers was Athenahealth (ATHN), which slipped 4% following a report that Paul Singer's Elliott Management is backing away from its potential $160 per share bid for the company. Also lower was AutoZone (AZO), which fell 3% after reporting quarterly results. INDEXES: Near midday, the Dow was up 162.31, or 0.62%, to 26,224.43, the Nasdaq was up 83.19, or 1.05%, to 7,978.98, and the S&P 500 was up 19.41, or 0.67%, to 2,908.21.