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MarketWatchSep 24, 2020
Asia Markets: Asian stocks mostly lower early Thursday amid declining confidence in U.S. economy and escalating political turmoil
Asian shares were mostly lower Thursday as caution set in after a retreat on Wall Street driven by a decline in technology shares.

KiplingerSep 23, 2020
Stock Market Today: Stocks Step Back Amid Economic Gloom
Stocks tumbled Wednesday, weighed down by some downbeat economic data and the stalemate in Congress over additional fiscal stimulus. On the economics front, a report from IHS Markit showed the recovery in U.S. business activity slowed last month, raising fears that the economy is decelerating as it approaches the end of the third quarter. Meanwhile, the impasse in D.C. over a second round of financial help for businesses and the unemployed continued to hurt investor sentiment. The blue-chip Dow Jones Industrial Average finished the session down 1.9%, or 525 points, at 26,763.

SEE MORE 13 Best Warren Buffett Growth Stocks Although stocks gave up early gains on Wednesday morning following disappointing business activity data, strategists noted that the landscape wasn't totally bereft of good news. "On the positive side, Nike posted strong fiscal first-quarter earnings, driven by more than 80% growth in digital sales," writes Argus Research. "Johnson & Johnson also announced the start of a Phase 3 trial of its single-dose coronavirus vaccine candidate."

Other action in the stock market today:

The Nasdaq Composite lost 3%.The S&P 500 fell 2.4% The small-cap Russell 2000 declined 2.9%. Tesla's (TSLA) long-awaited "Battery Day" landed with a thud. The electric vehicle company touted a cheaper, more efficient battery that would lower car prices, but ultimately the Street responded by selling the news. "Tesla's battery day was long on vision and boldness, but short on specifics and near term deliverables," wrote Bernstein Research. Shares in


FT.com - Financial MarketsSep 23, 2020
Stocks sell-off spreads to Asia after Fed's stimulus warning
Shares fall across region as US central bank officials say economic recovery could stall

Yahoo BusinessSep 23, 2020
Tesla Slumps as Battery Day Letdown Clouds $320 Billion Gain
(Bloomberg) -- Tesla Inc.'s highly anticipated "Battery Day" fell short of expectations that helped fuel its $320 billion surge in market value this year, with Elon Musk outlining grandiose goals that will take time to pull off.The chief executive officer laid out a plan Tuesday to build a $25,000 car and cut battery costs in half over the next three years. Analysts said while the technology and manufacturing innovations outlined were impressive, Tesla's valuation already reflected its ability to disrupt and investors may be let down by the lack of surprises at the much-hyped battery-showcase event.This seemed to be the case on Wednesday, as the company's shares fell as much as 11% to $375.88, closing at $380.36 in New York. They're up about 360% for the year so far."With the Battery Day in the rearview, we think there is a lack of upcoming catalysts and are cautious about demand given the recessionary environment," Robert W. Baird's Ben Kallo wrote in a Wednesday report naming Tesla a bearish "fresh pick."That was echoed by Patrick Hummel, an analyst at UBS with a "neutral" rating on the stock, who said in a research note Tesla's leadership in battery technology and costs is fully valued into the stock. "Given the high expectations into the event, we think the market will initially respond negatively to the relatively long timelines of the innovations and the lack of granularity," he wrote.Musk, 49, said Tesla wants eventually to produce 20 million cars a year. He described a series of innovations that inc

Forbes HeadlinesSep 23, 2020
How To Dress For The Pandemic, Surprising Trends From The Stitch Fix AI Fashion Forecast
Stitch Fix is doubling down on its algorithms to capture $30 billion of retail market share they expect to move online over the next 12 to 18 months. Chief Algorithms Officer Emeritus, Eric Colson, shares insights on what their AI is saying about the hot looks for the season.

The Motley FoolSep 23, 2020
Why 3 Electric Vehicle Stocks Collapsed Today
A sell-off in Tesla meant EV shares got routed.

MarketWatch MarketPulseSep 23, 2020
Gores Holdings stock soars after SPAC's deal to take United Wholesale Mortgage public
Shares of Gores Holdings IV Inc. shot up 16% in premarket trading Wednesday, after the special purpose acquisition company (SPAC), also known as a blank-check company, announced it will take United Wholesale Mortgage public in deal that values the mortgage lender at $16.1 billion. The deal includes $425 million of cash from Gores and a $500 million private placement, which is anchored by "top tier" institutional investors. After the deal, the company will operate under the United Wholesale Mortgage (UWM) name, and the stock will be listed on the Nasdaq under the ticker symbol "UWMC." Michigan-based United Wholesale said it is the largest wholesale mortgage originator in the U.S., and the companies boast that UWM's valuation makes the deal the largest transaction by a SPAC to date. Gores's stock, which went public in March, has gained 7.9% over the past three months through Tuesday, while the Renaissance IPO ETF has run up 23.1% and the S&P 500 has gained 5.9%.

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 BusinessSep 23, 2020
3M Looks To Sell Food Safety Business For $3.5B: Bloomberg
3M Co (NYSE: MMM) is exploring a sale of its food safety business division for $3.5 billion, reports Bloomberg.What Happened: The post-it notes manufacturer's food safety division makes test kits for food makers to monitor sanitation and allergens. The company could rake in $3.5 billion by selling its business to raise cash as pandemic has hit the food and restaurant industry.3M could still opt to retain its business as a final decision has not been made, according to Bloomberg.Why It Matters: Coronavirus has sent ripples across industries and 3M is no exception. As the company grapples with the grim business situation, raising cash during the pandemic helps it stabilize.3M reported a 12.2% decline in second-quarter revenue and the company didn't provide guidance as the full impact of the pandemic was not known.Earlier this month, 3M issued guidance for third-quarter revenue of $8.2 billion to $8.3 billion, in-line with analyst expectations.Credit Suisse has maintained an Outperform rating on 3M with a price target of $197 on Sep. 16.Benzinga's Take: The food safety business generated $341 million in revenue last year -- representing approximately 5% of the overall health care unit, according to Bloomberg. In such a scenario, parting away with the small portion of revenue to raise cash makes sense for 3M.Price Action: 3M shares closed 0.61% higher to $162.34 on Tuesday. The stock is down 8% year-to-date lagging behind the S&P Industrial index, which is down 5.8%.See more from Benzinga * KKR Gets A Piece Of India's Retail Wit

CNBC FinanceSep 23, 2020
Dow closes more than 500 points lower as tech pressure mounts, Apple slides 4%
Stocks fell sharply as tech shares took another leg lower and investors fretted over uncertainty around the coronavirus pandemic and further stimulus.

Forbes HeadlinesSep 23, 2020
Defanged And De-Energized: Technology And Energy Shares Lead Broad-Based Selloff
Selling in Tech seemed to be triggered today by the congressional action, and then it just started building on itself. Meanwhile, there wasn't much sign of investors finding other sectors to rotate into.

FT.com - Financial MarketsSep 23, 2020
US stocks fall after Fed officials warn on stimulus
Tech shares lead the market lower as equities drop for the fifth time in six sessions

Yahoo BusinessSep 23, 2020
SPI Energy Soars More Than 1,200% on Electric Vehicle Plans
(Bloomberg) -- The hunt for renewable energy stocks sent one obscure firm soaring more than 4,000% in a single day, albeit with a tiny amount of shares on the market.SPI Energy Co. jumped after launching a unit, EdisonFuture, to design and develop electric vehicles and charging solutions Wednesday. The stock gained 1,237% to $14 per share Tuesday and triggered at least seven volatility trading halts over four hours.The company has about 14.8 million shares outstanding, along with a float of about 7.4 million, according to data compiled by Bloomberg. Trading volume Wednesday topped 300 million shares, nearly 700 times its usual activity."With the addition of EV and EV charging segments to our diverse solar business, we are positioning SPI Energy for the future of renewable energy," Xiaofeng Peng, the company's chief executive offer said in a statement Wednesday.EVs have garnered extra attention after Nikola Corp.'s founder recently stepped down amid allegations of misleading investors.SPI's operating headquarters are in Santa Clara, California, with operations in Asia, Europe, North America and Australia.(Updates closing share price.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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