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Yahoo BusinessAug 12, 2020
Apple's Split to End Dominion of Dow Average's Biggest Stock
(Bloomberg) -- Apple Inc.'s planned stock split will diminish its influence on the Dow Jones Industrial Average after the iPhone maker's 100% surge since March lows nearly dragged the price-weighted measure back to an all-time high.At its current price of $452 a share, Apple has the biggest weighting in the index at 11%. A 4-to-1 split now would drop its price tag to about $113 and send its ranking in the Dow Average down to 16th. Apple has rallied almost 55% in 2020, adding more than 1,100 points to a stock measure that's fallen about 2% during that time. The split is scheduled to take effect Aug. 31.In a world where passive investing rules the stock market, a drop of weight in indexes like the Dow Average is likely to prompt outflows from money managers who mimic benchmark changes. About $31.5 billion was either indexed or benchmarked to the gauge at the end of 2019, according to data from S&P Dow Jones Indices.A stock split "is an appeal to retail," said Charles Day, a UBS managing director and private wealth adviser with more than $600 million in assets under management. "It will make a difference for the Dow."The split, however, won't affect Apple's No. 1 position in the S&P 500, an index that's weighted by market capitalization, rather than stock prices.Apple has rallied the most in the Dow this year as locked-down consumers snapped up new iPhones, iPads and Mac computers to stay connected during the pandemic. While any selling as a result of the weighting change may pale in comparison to the c

MarketWatchAug 12, 2020
Cisco shares dip 6% on tepid earnings outlook, revenue decline; CFO to retire
Cisco Systems Inc. reported financial results that were largely in line with Wall Street estimates, but another revenue decline and soft earnings guidance dinged the stock in after-hours trading Wednesday.

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MarketWatch MarketPulseAug 12, 2020
Icahn sells over $700 million worth of Herbalife stock, but remains largest shareholder
Shares of Herbalife Nutrition Ltd. fell 2.1% in morning trading Wednesday, after billionaire activist investor Carl Icahn said his Icahn Enterprises L.P. sold 14.7 million of the nutritional supplements company's shares, which reduced its stake in the company by about 42%. Icahn said the stock sale was part of Herbalife's self-tender offer, in which it accepts to buy back up to $750 million worth of its shares at $48.75 each. At that price, the 14.7 million shares Icahn sold would be valued at $716.6 million. Icahn Enterprises' stock rose 1.3% in morning trading. Icahn remains Herbalife's largest shareholder with about 20.5 million shares, or 15.5% of the shares outstanding. Herbalife's stock has dropped 8.6% amid a four-day losing streak, since it closed at a 14-month high of $52.63 on Aug. 6. The stock has gained 0.8% year to date, while the S&P 500 has tacked on 4.3%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



Yahoo BusinessAug 12, 2020
Why Nio Has A Shot At Becoming The 'Tesla Of China'
Chinese electric vehicle manufacturer Nio Inc - ADR (NYSE: NIO) reported Tuesday with forecast-beating second-quarter results and issued a strong third-quarter outlook. The Nio Analysts: Piper Sandler analyst Alexander Potter reiterated a Neutral rating on Nio and increased the price target from $4 to $14.BofA Securities analyst Ming Hsun Lee reiterated a Buy rating and increased the price target from $17.40 to $18.Why Nio Shares Could Trade In Line With EV Peers: Nio's narrower-than-expected second-quarter loss is due to a higher gross margin, with the vehicle margin coming in at a historical high of 9.7% and several basis points higher than the 5% guidance, Potter said in a note.More importantly, the company guided to continued gross margin expansion in the third and fourth quarters thanks to lower battery costs, the analyst said.From skepticism concerning the company's ability to remain a going concern, Nio has come a long way from skepticism over whether it could stay in business, he said. The automaker boasts unique products and has a reliance on subsidies, which are two prerequisites for success, Potter said.With Nio raising capital in two funding rounds, including a secondary offering in June, there are no longer fears that the company may go out of business, the analyst said. The stock will therefore trade more in-line with peers, and not at a substantial discount to them, he said. View more earnings on NIOThe company will slowly reduce its reliance on partners for core capabilities such as self-driving systems, batteries a

MarketWatch MarketPulseAug 12, 2020
Oil futures end at highest since early March, with domestic crude supplies down a third week
Oil futures on Wednesday marked their highest settlement since early March, buoyed by a third consecutive weekly decline in domestic crude inventories. The Energy Information Administration reported Wednesday that U.S. crude supplies fell 4.5 million barrels for the week ended Aug. 7. September West Texas Intermediate oil climbed by $1.06, or nearly 2.6%, to settle at $42.67 a barrel on the New York Mercantile Exchange. The settlement was the highest, based on the front-month contracts, since March 5, according to FactSet data.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseAug 12, 2020
Dow transports rallying toward longest win streak in 10 years, highest close since January
The Dow Jones Transportation Average rallied 164 points, or 1.5%, putting it on course for the 11th straight gain to the highest close since Jan. 24, amid a broader stock market rally which has been fueled of late by hopes that the negative impact of the COVID-19 pandemic will soon fade. An 11-session win streak would be the longest since the 11-day stretch that ended March 18, 2010. The index has gained 14.0% during its current streak, compared with a 6.6% gain during its March 2010 streak. The 19 of 20 Dow transports components gaining ground Wednesday were led by FedEx Corp.'s stock , which rallied $8.03, or 4.1%, to add about 49 points to the index's price. Among the other more-active components, shares of American Airlines Group Inc. climbed 0.8%, United Airlines Holdings Inc. advanced 0.7% and Delta Air Lines Inc. rose 0.5%. Among other top gainers, shares of Avis Budget Group Inc. hiked up 2.6%, Ryder System Inc. climbed 2.2% and United Parcel Service Inc. were up 2.1%. The Dow transports has now gained 1.4% year to date, while its sister index, the Dow Jones Industrial Average , has lost 2.1%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


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