| 2017-07-17 16:21:25|
PG, AMC… 16:21 07/17 07/17/17
On The Fly: Top stock stories for Monday
Stocks moved in a very narrow range throughout the day as investors prepared for the earnings season, which begins in earnest this week. The market is sitting at all-time highs and investors will be watching the early rounds of reporting for an early read on the trend for the season. Netflix (NFLX) earnings come out after the close today, to be followed by tomorrow's reports from Bank of America (BAC), Goldman Sachs (GS), Johnson & Johnson (JNJ), and United Healthcare (UNH). ECONOMIC EVENTS: In the U.S., Empire manufacturing index headline reading for July fell to 9.8 from a 3-year high of 19.8 in June. In Asia, China's Q2 GDP growth came in at 6.9%, topping the consensus forecast for 6.8% growth. Measures of June activity also pointed to strength in the economy, as readings on industrial production and retail sales came in above expectations. COMPANY NEWS: Trian Fund Management, which owns approximately $3.3B of Procter & Gamble (PG) shares, filed a proxy statement for the election of CEO and Founding Partner Nelson Peltz, to the company's board of directors. In response, P&G said it has maintained an "active and constructive dialogue" with Trian since it made its investment in the company, but also said Trian "has not provided any new or actionable ideas to drive additional value for P&G shareholders" beyond the company's existing strategic plan. While speaking on CNBC after the disclosure of his plan for a proxy fight, Peltz said that Procter & Gamble has not lived up to its potential "in some time"... Shares of Tesla (TSLA) slipped 2.5% after founder and CEO Elon Musk said at the National Governors Association conference that the company's stock price is "higher than we have any right to deserve." Musk later clarified his thoughts in a tweet, saying that Tesla shares are "obviously high based on past & present, but low if you believe in Tesla's future." MAJOR MOVERS: Among the notable gainers was General Cable (BGC), which jumped 10% after the company announced that its Board has initiated a review of strategic alternatives, including a potential sale of the company. Also higher was Hortonworks (HDP), which gained 8% after Craig-Hallum analyst Chad Bennett started the stock with a Buy rating and $23 price target. Among the noteworthy losers was AMC Entertainment (AMC), which fell 10% after a report that Chinese regulators advised China's big state-owned banks that six of AMC owner Dalian Wanda's recent foreign transactions were at odds with government capital restrictions enacted last year. Also lower was Blue Apron (APRN), which dropped 10.5% after a media report saying Amazon (AMZN) has filed a trademark that makes it appear the e-commerce giant is getting into the meal kit business. INDEXES: The Dow slipped 8.02, or 0.04%, to 21,629.72, the Nasdaq rose 1.97, or 0.03%, to 6,314.43, and the S&P 500 declined 0.13, or 0.01%, to 2,459.14.
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