Market Closing Prices Yesterday
- The S&P 500 Index dipped -2.84 points, or 0.11%, to 2,680.50
- The Dow Jones Industrial Average slid -7.85 points, or 0.03%, to 24,746.21
- The Nasdaq Composite dropped -23.71 points, or 0.34%, to 6,936.25
- The Russell 2000 Index advanced 1.30 points, or 0.08% to 1,544.23
· 7:00 AM EST MBA Mortgage Applications Data
· 10:00 AM EST Consumer Confidence for December…est. 128.0
· 10:00 AM EST Pending Home Sales MoM for November…est. (-0.5%)
· 10:30 AM EST Weekly DOE Inventory Data
Sector News Breakdown
- Nissan (NSANY) is expected to recall 127,738 vehicles in Russia due to potential problems with the airbag safety devices, Reuters reports, citing Russian technical safety watchdog
- Callaway Golf Company (ELY) owns a minority interest in Topgolf International, consisting of common stock and various classes of preferred stock. On December 26, Topgolf announced that it had completed a private placement led by Fidelity Management, in which Callaway invested an additional $20M
- Shell (RDSA) estimated its U.S. tax-related charge in Q4 could amount to between $2 billion and $2.5 billion, stemming from a reduction in the value of its deferred tax assets.
- Oil prices slip after touching two-and-a-half year highs in light volume on Tuesday, boosted by an explosion on a crude pipeline in Libya and voluntary OPEC-led supply cuts
- WTI oil prices hit a 2 1/2-year high on Tuesday, while Brent crude rose 2.7% after an explosion at a pipeline that connects crude-oil fields to Es Sider oil terminal. Libya’s state-owned National Oil Corporation said it expects a production loss of 70,000 to 100,000 barrels a day.
- EDF SA has signed an agreement with Areva SA to buy 75.5% of New NP, the French electricity provider said. The deal would value New NP, Areva SA’s nuclear reactor unit, at EUR2.47 billion ($2.93 billion) for 100% of its shares
- Chubb Ltd. (CB) said it expects a one-time benefit in excess of $250 million in the fourth quarter with the passage of the U.S. tax overhaul. “
- Barclays (BCS) is planning to take a GBP1B, or $1.34B, write-down on its annual post-tax profit due to the U.S. tax reform signed into law by President Donald Trump on December 22, Reuters reports, citing the bank
- Ocwen (OCN) says in filing co. has entered into added agreements to resolve regulatory actions brought by Oregon and Wyoming
Industrials & Materials
- Boeing (BA) and Royal Air Maroc report orders for four 787-9 Dreamliners, valued at $1.1 billion at list prices, according to a statement.
- General Electric (GE), through its wholly owned subsidiary GE Sweden Holdings AB, is increasing its ownership in Arcam Aktiebolag to more than 90% after having entered into a trade with both Elliott Management and Polygon Investment Group to purchase their outstanding Arcam shares at SEK 345 per share
Technology, Media & Telecom
- Energous Corp. (WATT) shares up 79%; said the FCC certified its transmitter that can charge devices from a distance; said its WattUp Mid Field transmitter can power and charge small enabled devices like smartphones and earbuds from up to three feet away using radiofrequency signals.
- Apple (AAPL) has been named in its first class-action suit for slowing down performance on older iPhones. Following three suits filed in federal courts in Illinois, Los Angeles and Northern California last week, five lead plaintiffs in Brooklyn, New Jersey and Florida claim in the new suit that fraudulently hid from consumers the fact that certain iPhones exhibited lower performance over time.