The Economy
Russia To Support Extended OPEC Oil Supply Cut
Russia says it is ready to support an extended oil supply cut by OPEC countries through the end of 2018, ahead of the upcoming OPEC meeting scheduled for November 30.
The OPEC, Russia and several other major producers have cut their combined output by about 1.8 million barrels per day since January to reduce inventories and boost oil prices.
The Markets
Wall Street Closes Higher On Strong Holiday Season Expectations
The U.S. stock market closed higher on Black Friday — with the S&P 500 hitting an all-time high — as the strong shopping numbers shown on Thanksgiving Day are shining a bright light for the upcoming season for retailers.
The gains in the retail index were led by Amazon (NASDAQ:$AMZN), whose stock went up by 2.6%. Retailers like Macy’s (NYSE:$M) and Kohl’s (NYSE:$KSS) also saw similar gains.
Top Active Stocks
SandRidge Energy Inc. (NYSE:$SD) shares jumped by 8% on Friday as activist investor Carl Icahn disclosed a big stake in the company and said he would oppose its $746 million bid for rival Bonanza Creek Energy Corp. (NYSE:$BCEI), whose shares tumbled by 11.7%. Icahn is the second investor to oppose the proposed buyout.
Teva Pharmaceutical Industries Ltd. (NASDAQ:$TEVA) shares went up by 1.6% on Friday despite yesterday’s news that the drugmaker is prepping massive job cuts — as much as 25% of its workforce — in both the United States and Israel.
China-based online microlender Qudian Inc. (NYSE:$QD) plunged by 23.8% on Friday as investment banker Macquarie lowered its price target on the stock to $24 from $36, citing that the company’s profits will take a big hit in the future as it will no longer be able to charge high interest rates on loans provided by financial firm Alipay.
Another China-based company, Baozun (NASDAQ:$BZUN), went up by 4% at market close on Friday. Earlier this week, the e-commerce services provider posted strong Q3 earnings results.
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