The markets experienced a swing in a positive direction to start the week as indexes closed higher across the board. But the Dow closed up just 40 points despite being higher by triple digits midday as General Electric (GE) continued to weigh on the average.
Investors should be keenly attuned to China tomorrow, if they weren't already. Chinese President Xi Jinping is set to give an economic speech at the Boao Forum for Asia- China's version of Davos-on Tuesday and provide his first direct response to President Donald Trump's tariff threats. For some experts the late day sell-off in the Dow could be a sign that investors are taking money off the table in anticipation that Xi takes a hard line on U.S.-China relations and stocks fall. For others, it's simply a signal that stock picking has gotten a whole lot more difficult recently and that cash can still be king despite what Bitcoin bulls might say.
A real bright spot in the market Monday, albeit a complicated one, seemed to the uber-volatile group known as the biotechs. The sector was strong on Monday as companies including Bluebird Bio (BLUE) and BioMarin (BMRN) , Audentes Therapeutics (BOLD) and UniQure (QURE) all popped on the back of Novartis' (NVS) latest acquisition of gene therapy specialist AveXis (AVXS) . According to The Deal's Armie Lee, the acquisition by the Switzerland-based healthcare giant adds validity to the gene therapy market in that it proves that the treatments can be worked into traditional care regimens, unlike previously thought. The biotech sector, however, remains as unpredictable as ever, and if the president turns his sights back on the drug industry, it could get even more difficult to decipher.
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ICYMI Dealtalk-- Netflix (NFLX) is coming to a billboard near you. Yes, billboards, at least reportedly. Netflix's reported interest in Los Angeles billboard company Regency Outdoor Advertising may seem anachronistic for a company that has spread its video service throughout the globe by selling digital subscriptions. Signs are as "old media" as it gets, points out The Deal's Chris Nolter. Yet Reed Hasting's company has considered a $300 million offer for Regency Outdoor Advertising, according to Reuters. If the reports are true, the entry of FANG companies into the outdoor market could drive up multiples, making acquisitions more difficult for companies like Lamar Advertising (LAMR) , Outfront Media (OUT) and Clear Channel Outdoor (CCO) . Moral of the story: No one is safe from these tech giants, not even on the side of a freeway in Hollywood.
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Photo of the day: Kering SA to unload Volcom
French luxury goods maker Kering SA is trading in its surfboard for something a little more posh: cash. The Paris-based maker of Gucci loafers and Balenciaga handbags has said that its focus on high-end brands meant that its street- and skate-wear brand Volcom had become peripheral to its strategy and will be sold. The sale had been expected after Kering earlier this year announced it would cut ties with its sportswear operations, most notably by spinning off nearly all of its 86.25% stake in Puma. Read More
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