Here Are 3 Hot Things to Know About Stocks Right Now
- The Dow Jones Industrial Average traded lower Monday after closing last week with a gain of 0.4%.
- The S&P 500 also fell into negative territory. The S&P 500 has closed lower in 10 of the past 12 sessions.
- Hasbro Inc. (HAS) tumbled 3.1% after the toymaker posted third-quarter earnings and revenue that missed expectations.
Wall Street Overview
Stocks traded mixed on Monday, Oct. 22, losing a boost from equities in China that soared to their biggest single-day gain in nearly three years following government pledges on tax and liquidity.
The Dow Jones Industrial Average fell 128 points, or 0.5%, to 25,316, the S&P 500 slipped 0.43% and the Nasdaq rose 0.26%.
The People's Bank of China said Monday that tax cuts floated over the weekend by government leaders in Beijing could be worth as much as 1% of GDP in the world's second-largest economy, or $1.2 trillion, a move officials hope will help ignite growth and steady financial markets as they grapple with efforts to reduce risky lending and reach a settlement in the ongoing trade war with the United States.
The pledge helped the Shanghai Composite close with a gain of 4.09%, its best gain since 2015.
Halliburton Co. (HAL) reported third-quarter earnings of 50 cents a share, beating forecasts by 1 cent. Revenue in the quarter was $6.17 billion and topped forecasts of $6.1 billion. The stock declined 3.14%.
Hasbro Inc. (HAS) posted third-quarter earnings and revenue that missed analysts' expectations, and shares of the toymaker fell 4.5% in premarket trading. The company also said it would record a fourth-quarter restructuring charge of $50 million to $60 million. The stock tumbled 3.1%.
Kimberly-Clark Corp. (KMB) reported earnings and revenue for the third quarter that beat Wall Street's expectations. The owner of such brands as Kleenex and Huggies also named Michael Hsu as CEO. He has served as chief operating officer since Jan. 1, 2017. Shares fell 3.47%.
Fiat Chrysler Automobiles N.V. (FCAU) sold its auto components division, Magneti Marrelli, to Japanese automotive component supplier Calsonic Kansei Corp. in a deal valued at €6.2 billion ($7.1 billion).
Fiat Chrysler said the sale would create the world's seventh-largest components maker. It will have revenue of €15.2 billion. The stock rose 3.7%.
Bristol-Myers Squibb Co. (BMY) fell 6.3% Monday after the U.S. Food & Drug Administration extended the approval date for a combination-drug treatment for lung cancer patients.
Bristol-Myers said the marketing application for its Opdivo plus Yervoy cancer therapy combination will be delayed by three months, until May 2019. European Union regulators asked for more information on the therapy, which is being tested as part of a trial the company calls "CheckMate -227," including an overall survival analysis for certain types of patients. Bristol-Myers said an OS analysis for the same patient sub-group also was submitted to the FDA.
CBS Corp. (CBS) said Richard Parsons, the media company's interim chairman, resigned from the board because of illness. Parsons was named interim chairman in September following the ouster of chief Les Moonves amid allegations of sexual assault and harassment.
Strauss Zelnick, who currently serves as CEO and chairman of Take-Two Interactive Software Inc. (TTWO) , will serve as interim chairman, the company said. CBS shares fell 1.6%.
What Are "Closed-End" Mutual Funds and How Do They Fit Into a Savvy Investors' Portfolios? Click here to register for a free online video in which TheStreet's retirement expert Robert Powell and an all-star panel run down all you need to know.