Happy Monday everyone. Today is July 20th and Stock futures declined early Monday, giving back earlier gains as investors tried to build on last week’s solid performance. Dow Jones Industrial Average futures pointed to a loss of about 50 points at the open. S&P 500 futures and Nasdaq-100 futures also traded lower. Capitol Hill is met with pressure to pass yet another stimulus bill as coronavirus cases across the country worsen. Mall owners are looking to bail out their tenants in order to keep them afloat. The “Strike for Black Lives” is set for today, and Disney quietly joins the Facebook ad boycott.
Stock futures declined early Monday, giving back earlier gains as investors tried to build on last week’s solid performance.Dow Jones Industrial Average futures pointed to a loss of about 50 points at the open. S&P 500 futures and Nasdaq-100 futures also traded lower. Last week, the S&P 500 and Dow rose 1.3% and 2.3%, respectively, for their third straight weekly advances.
With Covid-19 cases hitting alarming highs, lawmakers return to Washington on Monday, under pressure to pass a new economic stimulus measure. Senate Majority Leader Mitch McConnell, R-Ky., is expected to roll out his $1 trillion-plus proposal. House Speaker Nancy Pelosi, D-Calif., already pushed through a $3 trillion relief bill.
A risky bet by America’s mall owners: Plucking retailers out of bankruptcy to salvage a pandemic-hit industry
Dozens of retailers, some of them the lifeblood of America’s shopping malls, have filed for bankruptcy during the coronavirus pandemic. America’s biggest mall owners are increasingly looking to do deals to salvage them. “I think this is an opportunity for the Simons of the world,” said Scott Stuart, CEO of the Turnaround Management Association. “They’re acting like their own private-equity firms. They are sitting on a lot of cash and they are testing the waters.”
Ford is partnering with Mobileye, an auto tech subsidiary of Intel, for its next generation of advanced driving and safety features. Camera-based technology such as Mobileye’s is critical for active safety features to prevent crashes as well as driver-assist systems such as Tesla’s Autopilot. Israel-based Mobileye, which Intel purchased for $15.3 billion in 2017, is considered a leader in advanced driving technology.
Disney has become the latest company to cut its advertising spending on Facebook as the social network faces an ad boycott over its handling of hate speech and controversial content, according to The Wall Street Journal. Disney joins other companies including Starbucks and Unilever that have pulled ads from the tech giant. Unlike others, Disney did not make a public announcement but instead quietly shifted its Facebook ad spending, the Journal reported.
Chevron agreed to buy Noble Energy in an all-stock deal, valuing the Houston-based oil and gas producer at $5 billion.The offer values Noble at $10.38 a share or 0.1191 Chevron share, a 7.5% premium to Noble’s Friday close.The deal would value Noble at roughly $13 billion, including debt.