Wall Street is struggling to regain its footing after a rough couple of weeks.
Stocks (^DJI, ^GSPC, ^IXIC) posted modest gains in early trading even as oil prices (CLM16.NYM) turned lower. Crude prices were higher earlier on concerns that a massive wildfire still raging in Canada could hurt production and after Saudi Arabia ousted its long-time oil minister replacing him with the chairman of the state-owned oil company Aramco.
Stocks to watch
Lending Club (LC) shares plunged in early trading after the company’s co-founder, chairman and CEO Renaud Laplanche stepped down following an internal investigation that found sales of $22 million in near-prime loans to a single investor. The online lender said while the financial impact is minor, the loan sales violated the company’s business practices. The news comes as the company reported earnings that came in line with expectations, while revenue topped estimates, with sales jumping nearly 87% from a year earlier.
Krispy Kreme (KKD) shares soared in early trading following news that it’s being taken private by JAB Beech in a deal worth about $1.35 billion or $21 dollars a shares in cash. That is nearly a 25% premium based on the doughnut chain’s closing price on Friday.
Disney (DIS) shares are in focus this morning after “Captain America: Civil War” conquered the box office over the weekend. The Disney-Marvel film grossed about $182 million in the U.S. and Canada, marking the fifth-highest debut in box-office history according to comScore estimates.
Facebook’s big China win
Facebook (FB) ) isn’t allowed to operate in China, but the social networking company won a trademark case in the country. The company sued over a new drink called … you guessed it … Facebook. A Beijing court called the drink an obvious act of copying that harms fair market competition.
Uber and Lyft will suspend services in Austin, Texas, over a regulation dispute. The demands of Austin’s mayor have both of the ride sharing companies them both up in arms.
Trump on taxes
Presumptive GOP presidential candidate Donald Trump is changing his mind on taxes and wants to raise them, but only for certain people. How is the Republican Party is reacting to this about-face?