Here Are 3 Hot Things to Know About Stocks Right Now
- The Dow Jones Industrial Average
turned higher at the close on the first trading day of the second half of 2018. The blue-chip index fell 1.8% in the first six months of the year.
- The S&P 500
rose 1.7% in the first half of 2018, and the tech-heavy Nasdaq jumped 8.8%.
- Tesla Inc. (TSLA) reached its goal of producing 5,000 Model 3s in the last week of the second quarter. The stock fell 2.3% after rising earlier in the trading session.
Wall Street Overview
The Dow Jones Industrial Average
With just days to go before Donald Trump's decision to impose fresh tariffs on $34 billion in China-made goods goes into effect, and with investors in the region fearing a prolonged trade war could sap growth prospects in the world's second-largest economy, China's benchmark Shanghai Composite fell 2.52%, slipping further into bear market territory.
Markets received a bit of a lift after the ISM Manufacturing Index rose to 60.2 in June from 58.7, and construction spending rose 0.4% in May.Tesla Inc. ( TSLA) fell 2.3% despite the electric car company saying it produced 5,031 Model 3 vehicles in the last week of the second quarter, surpassing its target of 5,000. Tesla said Monday it expects to increase production to 6,000 Model 3s by late August.
- Tesla Delivers More Than 40,000 Vehicles in Second Quarter
- Tesla Now Has Another Problem After Hitting Model 3 Production Milestone
Dell Technologies Inc. (DVMT) said Monday it would offer to swap stock that tracks its VMware Inc. (VMW) subsidiary for either cash or shares in the computer company controlled by founder and CEO Michael Dell.
Dell said investors can swap the VMware Class V tracking shares for either 1.3665 in Dell common stock or $109 in cash each, with a ceiling of $9 billion for the total transaction. The price gives investors a 29% premium to the Class V closing price on Friday, June 29.
"I am proud to lead this great company into its next chapter as we continue to evolve and grow to the benefit of our customers, partners, investors and team members," said Michael Dell. "Unprecedented data growth is fueling the digital era of IT, and we are uniquely positioned with our portfolio of technologies and services to enable the digital, IT, security and workforce transformations of our customers."
Dell Technologies rose 9%, while VMware shares were up 9.6%.
Perry Ellis International Inc. (PERY) rose 7.8% to $29.25 after it received a proposal from Randa Accessories, a men's accessories company, to acquire the company for $28 a share. Perry Ellis founder and former executive chairman, George Feldenkreis, offered to take the company private earlier this year for $27.50 a share.
Wynn Resorts (WYNN) fell 8% to $153.83 after statistics showed smaller than expected gains in gaming revenue in Macau. Wynn generates around half of its revenue in the Asian gambling enclave.
United Rentals Inc. (URI) agreed to buy BakerCorp International Holdings Inc., a provider of tank, pump, filtration and trench shoring rental solutions for industrial and construction applications, for about $715 million in cash. The stock fell 1.8%.
Nordstrom Inc. (JWN) was downgraded to market perform from outperform at Cowen Inc., and the price target of the retailer's stock was lowered to $51 from $56. Nordstrom fell 2.2%.