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Fly Intel - End of Day Brief - Wednesday June 12, 2019

Stocks end in negative territory as Trump comments on trade

The S&P, Nasdaq, Dow all declined as crude oil also dropped to the lowest level since January amid continuing concern that the trade dispute between the U.S. and China could put a dent in economic growth for both of the superpowers. A lukewarm consumer inflation reading may give the Fed more room to maneuver as investors continue to ponder whether the central bank may react to trade worries and cut rates.

ECONOMIC EVENTS: In the U.S., the May Consumer Prices Index report undershot assumptions with 0.1% gains for both the headline and the core readings.

Meanwhile, President Donald Trump said during a press conference from the White House that he will be meeting with China's president Xi Jinping and thinks that the U.S. can strike a trade deal with Beijing. Trump added that he would never have made a deal with Mexico without the threat of tariffs.

TOP NEWS: Tesla (TSLA) held its annual shareholder meeting on Tuesday, where CEO Elon Musk said there is not a demand problem for the Model 3 and that the company expects to unveil its pickup truck this summer. After starting the session higher, shares of Tesla closed nearly 4% lower.

Facebook (FB) uncovered emails that appear to show CEO Mark Zuckerberg's connection to potentially problematic privacy practices at the company, The Wall Street Journal reported, citing people familiar with the matter. In a statement to the Journal, Facebook said that the company and its executives, "including Mark, at all times strive to comply with all applicable law, and at no point did Mark or any other Facebook employee knowingly violate the company's obligations under the FTC consent order." Facebook shares slid 2% following the report.

Dassault Systemes (DASTY) and Medidata Solutions (MDSO) announced overnight the signing of a definitive agreement for Dassault to acquire Medidata in an all-cash transaction at a price of $92.25 per share, representing an enterprise value of $5.8B. Shares of Medidata fell about 4% to about $91 per share after the news as the stock had jumped yesterday amid reports that a deal could be forthcoming.

Meanwhile, Bloomberg reported that a California jury has found Johnson & Johnson (JNJ) and Colgate-Palmolive (CL) liable in the case of a dying woman who blamed the companies' talc-based products for her rare cancer. The jury ordered the companies to pay $12M to Patricia Schmitz, who claimed that the companies' products were a cause of her mesothelioma. Following the news, J&J told Reuters that the company will pursue an appeal of the verdict.

Additionally, Bloomberg reported that Dish Network (DISH), Charter Communications (CHTR) and Altice (ATUS) are among bidders for assets T-Mobile (TMUS) intends to sell to gain regulatory approval for its proposed $26.5B acquisition of Sprint (S). 

MAJOR MOVERS: Among the noteworthy gainers was Beyond Meat (BYND), which rose almost 13% after Restaurant Brands' (QSR) Tim Hortons unit announced that breakfast sandwiches featuring the company's meat alternative are now available at almost 4,000 restaurants nationwide in Canada. Also higher was MagnaChip (MX), which gained 12% after reporting quarterly results.

Among the notable losers was Teva (TEVA), which slid 4% after reports that an Oklahoma judge is declining to approve the state's proposed $85M settlement with the company until he is assured it complies with a new law targeting such deals. Also lower was Dave & Buster's (PLAY), which fell 22% after reporting quarterly results.

INDEXES: The Dow fell 43.68, or 0.17%, to 26,004.83 , the Nasdaq lost 29.85, or 0.38%, to 7,792.72 , and the S&P 500 declined 5.88, or 0.20%, to 2,879.84 .


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