Launched by popular demand, we’re bringing you a quick recap of key moves in the market this week. We’ll break it down by sector because your portfolio likely looks the same. Here’s a guide to the market if you’re shy about your sector knowledge (that’s the whole world, by the way).
Each week, we’ll report key updates to 11 sectors, citing big changes, new IPOs, important company and industry updates.
Here’s this week’s breakdown:
The UK is taking a stand against gasoline, diesel or hybrid cars. On Tuesday, the government announced they’ll ban the sale of any vehicles running on these fuels by 2035.
Chevron’s 2019 total earnings slid 80 percent, posting a $6.6 billion (with a B) loss in their fourth quarter.
OPEC and its allies met this week to determine how much production should be cut based on the looming coronavirus. Last year, the allies agreed to reduce supply by 1.7 million barrels a day until March 2020. Waiting to hear how they’ll slash production in light of the pandemic.
Copper took a blow this week as Chinese buyers halted shipments from Chilean miners due to port shutdowns resulting from the spreading virus.
Industrial gases producer, Linde (NYSE: LIN), announced plans to open a new plant in Florida amidst growing demand from NASA.
Tesla’s in the news again this week. After a ski high stock price soaring last week, the mania ended with a 21 percent plunge on Wednesday. What’s the deal? The virus strikes again. Investors showed concerns after an anticipated struggle for their Shanghai factory to keep up with demand.
Nike is all about Tokyo 2020. The company just announced its plans to dress athletes in uniforms and kicks made out of recycled polyester and ground up shoe parts in promotion of their broader sustainability plans.
United Airlines is buying a flight-training academy so they can start hiring over 10,000 pilots by 2030. They’re doubling down on training as existing pilots are hitting those golden years.
The FTC announced its plans to block Edgewell’s $1.37 billion acquisition of Harry’s shave club amidst concerns of a monopoly from giant companies like P&G (owner of Gillette) and Schick (owner of Edgewater).
Consumer Staples (Cons Stpl)
Sephora’s moving from the mall. The company’s parent company (LVMH) is looking to expand to 100 stores in an attempt to expand to local neighborhoods.
Wuhan’s test center has now opened to better detect the deadly coronavirus. The CDC is shipping more diagnostic kits to the region in an attempt to more quickly diagnose the disease. Meanwhile, the Chinese government has just applied for a patent for the Gilead drug, which they believe might fight the virus.
Both insurance giants, Chubb Ltd. and Allstate Corp., posted strong profits in their fourth quarter earnings report this past week thanks to fewer catastrophe claims and growth on premium products and services.
LinkedIn is seeing some changes in management as their CEO, Jeff Weiner, steps down.
Spotify announced its plans to buy The Ringer in an attempt to earn more audio content. The Ringer, owned by Bill Simmons, ex-ESPN reporter, owns and operates 30 podcasts and publishes original content daily.
Google’s parent Alphabet reported weaker fourth quarter earnings and is now feeling some serious heat from Wall Street after providing some clarity around its streaming and cloud services. Oh, it’s also about to crack down on those ads.
Mortgage refinancing levels are at their highest since June 2013. What’s the give? Well mortgage interest rates are the lowest they’ve been in almost four years, encouraging borrowers to call for re-fi’s. Meanwhile, severe home shortages continue to drive prices.