The Economy
Top Central Bankers Promise To Guide Investors About Future Policy Moves
Four of the world’s top central bankers, the Federal Reserve, the European Central Bank, the Bank of England, and Bank of Japan, have promised to keep guiding investors about future policy moves as they slowly withdraw the huge monetary stimulus rolled out during the financial crisis.
“All guidance should be conditional and related to the outlook for the economy,” said Federal Reserve chair Janet Yellen.
The Markets
U.S. Market Down As General Electric, Energy Stocks Plunge
The U.S. stock market took a hit on Tuesday morning as General Electric (NYSE:$GE) continued its freefall and lower oil prices caused a decline in energy stocks. The oil price drop was likely due to a rising U.S. production output that counteracted the continuing OPEC-led production cuts, as well as concerns over global oil demand.
SoftBank Considers Investment In Uber
Japan’s SoftBank Group Corp (OTCPK:$SFTBY) said on Tuesday that it is considering investing in Uber, but no final agreement has been made. SoftBank and Dragoneer Investment Group are leading a consortium that plans to invest $1 billion to $1.25 billion in Uber, along with a purchase of up to 17% of its existing shares in a secondary transaction.
HSBC To Pay 300 Million Euros To Settle Tax Evasion Investigation
HSBC Holdings (NYSE:$HSBC) has agreed to pay 300 million euros to settle an investigation into tax evasion by French citizens via its private bank in Switzerland. The investigation found that several French taxpayers had not declared to tax authorities assets held in the books of the Swiss bank. Two former directors of the Swiss bank remain subject to possible legal action.
OMERS Private Equity To Buy Controlling Stake In Trescal
OMERS Private Equity, the private equity investment arm of the OMERS Pension Plan, has entered into an agreement with France’s Ardian to acquire a majority stake in calibration services firm Trescal for approximately 670 million euros.
Top Active Stocks
Roku Inc (NASDAQ:$ROKU) shares fell 14.6% on Tuesday, a day after which it reached a record high on news that it has signed a technology licensing deal with Funai Electric that would put Roku’s technology on Philips-branded televisions in the United States.
Buffalo Wild Wings Inc (NASDAQ:$BWLD) shares went up by as much as 26% on Tuesday following a report stating that the company has received a $2.3 billion takeover bid from private-equity firm Roark Capital Group. The reported offer was a premium of at least 28% to the company’s market close on Monday.
General Electric Co (NYSE:$GE) fell to a five-year low on Tuesday, the same day on which the company announced its plans to build new wind farms in Finland and Sweden. Last week, the company entered a deal with Green Investment Group to build a 650 MW wind farm in Sweden.
Advance Auto Parts Inc (NYSE:$AAP) shares soared by almost 16% on Tuesday following its Q3 earnings release. The company reports adjusted earnings per share of $1.43, which was significantly higher than analysts’ consensus estimate of $1.20.
The Home Depot Inc (NYSE:$HD) also saw a jump in its share price on Tuesday, as the company raised its full-year profit and sales forecast due to higher demand for generators, flashlights and rebuilding materials following the aftermath of hurricanes Harvey and Irma.The company’s shares are up 23% this year.
Telecom company Vodafone Group plc (NASDAQ:$VOD) is another company that raised its earnings forecast on Tuesday. The stock is now up by 5.5%.
Featured image: Depositphotos/ jetcityimage2
