The Economy
Fed Likely To Raise Interest Rates Next Week
According to a recent poll by Reuters, the Federal Reserve is very likely to raise interest rates next week, with three additional rate hikes expected next year as well. These expectations are in line with the Fed’s own projections.
European Markets Tumble On Uncertainty Over Brexit
European markets tumbled on Tuesday as certain issues remain unresolved between the U.K. and the European Union over the terms of U.K.’s exit from the EU.
The Markets
Stock Market Falls Despite Rebound In Tech Sector
The U.S. stock market failed to rally on Tuesday despite a rebound from the tech sector. This follows up on the tax bill designed to cut corporate taxes that was approved by the Senate over the weekend.
Oil Price Moves Up In Anticipation Of Tight Supply
The price of oil edged higher on Tuesday, resulting from a faster-than-expected growth in demand, declining inventories and the recently extended oil supply cut by the OPEC. Analysts are anticipating a tightening in oil supply next year as well.
Alibaba Faces Renewed Lawsuit Over IPO
A U.S. appeals court has revived a lawsuit accusing Alibaba Group Holding Ltd. (NYSE:BABA) of defrauding shareholders by concealing a regulatory warning about counterfeiters that the company had received shortly before going public. The court considered the regulatory warning to be “highly material” to investors as it could hurt the results of the IPO.
Top Active Stocks
Regal Entertainment Group (NYSE:RGC) went up by 9.4% following today’s news that Britain’s Cineworld Group Plc has agreed to buy the company for $3.6 billion cash. Regal’s stock has been going up ever since this deal was rumored back in November.
Twenty-First Century Fox Inc. (NASDAQ:FOXA) also went up on reports that Walt Disney Co. (NYSE:DIS) is leading the race to buy much of Fox’s assets. It is reported that the Murdoch family, which controls Fox, prefers to do a deal with Disney rather than rival Comcast Corp. (NASDAQ:CMCSA).
McDonald’s Corp. (NYSE:MCD) shares climbed by 1.4% on Tuesday as Jefferies upgraded the restaurant chain’s rating to “Buy” from “Hold” and increased its price target to $200 from $150.
Revance Therapeutics (NASDAQ:RVNC) jumped by 33.7% to a 52-week high, closing at $34.72 per share, following strong results posted from two phase 3 studies evaluating RT002 for the treatment of glabellar lines. The company thinks that if RT002 is approved by the FDA, it would be the first neuromodulator that works for as long as six months.
Featured Image: Depositphotos/ cozyta
