NEW YORK (Reuters) - The U.S. transportation sector, which many see as a proxy indicator of the economy’s health, has retreated 2.3 percent from its Sept. 14 record, hinting to some analysts that the longest bull market on record has entered its late stages. FILE PHOTO: A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S. December 28, 2016. REUTERS/Andrew Kelly Railways, freight carriers and package deliverers get less attention than heavy-hitting momentum stocks like Apple Inc (AAPL.O) and Amazon.com (AMZN.O), but the sector could be showing cracks in what analysts and the U.S. Federal Reserve characterize as a robust economy. Several constituents of the Dow Jones Transportation Average (DJT) have provided disappointing guidance in recent months. As the third-quarter reporting season approaches, investors will watch to gauge whether trade, fuel and dollar risks are affecting the sector’s bottom line. … [Read more...] about Are transportation stocks the market’s canary in a coal mine?
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Electric automaker Nio hit the New York Stock Exchange earlier this week and raised $1 billion by going public. When trading started, the startup car manufacturer was priced at $6.26 a share, just one cent above the bottom of its pricing range. Consequently, Nio failed to raise the $1.8 billion it had aimed for. Throughout the first day of trading, prices varied between $5.84 and as high as $6.81 before closing out the first day at $6.60, giving Nio a total market cap of $7.1 billion. Seeing Nio go public in the United States is interesting on a number of fronts. For starters, the company doesn’t sell any vehicles in the U.S. and has no intention of doing so in the immediate future. What’s more, it has only recently started production and deliveries of its first mass-production model, the ES8 SUV. As of late-August, Nio had delivered just 1381 examples of the ES8, despite receiving more than 17,000 orders for the EV. Prior to its listing, Nio said it would use any proceeds … [Read more...] about Nio Raises $1 Billion Through NYSE Listing, Falls Way Off Target
Nio shares start trading on New York Stock Exchange on September 12, 2018Shares of Chinese electric car startup Nio started trading on the New York Stock Exchange on Wednesday under the ticker symbol NIO. A total 160 million shares were listed at a price of $6.26, which was just $0.01 above the lower bound range of the company's initial public offering announced in late August. It means Nio only managed to raise $1 billion and not the $1.3 billion it had hoped. Nevertheless, the price means Nio has a total market cap of $6.41 billion, which isn't a bad deal for a car company that's only four years old and as of August has only delivered about 1,600 cars. Nio's orders are about 10 times that amount however and growing. 2018 Nio ES8 On the first day of trading, the share price quickly dropped below $6 but then bounced back to close more than 5 percent up at $6.60. Nio was founded by Chinese entrepreneur William Li, originally as NextEV. In its last round of funding it managed to raise $1 … [Read more...] about Nio shares start trading on NYSE, value company at $6.41B
(Reuters) - The S&P 500 inched toward a record high on Tuesday, lifted by Amazon, Alphabet and Microsoft, and by a strong second-quarter earnings season that fueled optimism about the strength in the U.S. economy. A trader works on the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., July 31, 2018. REUTERS/Lucas Jackson The S&P 500 last closed at a record high on Jan. 26, and a new peak would reassure investors who have worried in recent months that almost a decade of gains on Wall Street might be ending. A sharp rally in tech stocks has already helped Nasdaq recover much faster than the broader markets from a selloff in February, hitting a record high late last month. “We might hit the record and blow through it. As long as there are still strong earnings and there are no corporate blow-ups, there’s nothing that says we have to stop. Momentum can go on for a long time,” said Liz Young, Senior Investment … [Read more...] about Amazon and Alphabet push S&P 500 closer to record high
(Reuters) - The S&P 500 index hovered near record levels on Tuesday, lifted by gains in bank and technology shares, with a strong second-quarter earnings season fueling optimism about the strength in the U.S. economy. A trader works on the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., July 31, 2018. REUTERS/Lucas Jackson The index .SPX was up 0.43 percent at 2,862.69, about half a percent shy of the record it hit on Jan. 26. The Dow Jones Industrial Average .DJI, which rose 0.68 percent, is still 3.6 percent below its life high. A sharp rally in tech stocks has already helped Nasdaq recover much faster than the broader markets, hitting a record high late last month. The index .IXIC was up 0.39 percent at 7,890.03. The financial sector .SPSY rose 0.91 percent and boosted the benchmark index as higher yields on the 10-year U.S. treasury note US10YT=RR buoyed bank stocks. [US/] JPMorgan (JPM.N) rose 0.4 percent and Bank of America … [Read more...] about S&P nears record as bank, tech stocks climb