Market News: Molson Coors, Ryder System, Vital Therapies

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Market News: Molson Coors, Ryder System, Vital Therapies
market news

The stock markets in the United States declined after experiencing gains over the past several trading sessions. Today, the equities of companies in the financial sector dropped prior to the release of its financial results this week.

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Bloomberg noted that the KBW Bank Index fell 0.6% today as JP Morgan Chase & Co is scheduled to report its quarterly earnings after the market closes.

13F Roundup: Top Hedge Fund Positions In Q1 2022

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Commenting on the market trends, Eric Green, director of research and senior managing partner at Penn Capital said, “We’ve had a very, very strong run the first ten days of October. Expectations are relatively low for earnings. Expectations for economic data have been set lower around the world. Some backing and filling is probably appropriate here.”

Global equities erased as much as $14 trillion in value during the market rout in August, which was caused by investors’ concern regarding China’s economic slowdown that could spill over around the world. Yesterday, data showed that China’s imports plummeted 17.7%, and exports dropped 1.1% in yuan terms in September.

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Meanwhile, Federal Reserve Governor Daniel Tarullo stated that he is not in favor of increasing interest rates this year. His position contradicts the stance of Chairperson, who expects a rate hike by the end of 2015.

In an interview with CNBC, Tarullo said, “Right now, my expectation is, given where I think the economy would go, I wouldn’t expect it would be appropriate to raise rates.”

U.S. Markets

  • Dow Jones Industrial Average (DJIA) – 17, 081.89 (-0.29%)
  • S&P 500- 2.003.69 (-0.68%)
  • NASDAQ- 4,796.61 (-0.87%)
  • Russell 2000- 1148.83 (-1.34%)

European Markets

  • EURO STOXX 50 Price EUR- 3,221.28 (-0.80%)
  • FTSE 100 Index- 6,342.28 (-0.45%)
  • Deutsche Borse AG German Stock Index DAX- 10,032.82 (-0.86%)

Asia-Pacific Markets

  • Nikkei 225- 18,234.74 (-1.11%)
  • Hong Kong Hang Seng Index- 22,600.46 (-0.57%)
  • Shanghai Shenzhen CSI 300 Index- 3,445.04 (-0.08%)

Stocks in Focus

The stock price of Molson Coors Brewing Company increased almost 10% to $86.59 per share after Anheuser-Busch InBev agreed to buy SABMIller for $106 billion. Molson Coors is expected to benefit from the deal since the combined entity will probably sell its stake in MillerCoors.

Ryder System fell more than 9% to $68.63 per share. The company reduced its earnings outlook for the third quarter due to fleet management issues. Ryder System is now expecting its earnings to be around $1.68 to $1.70 per share, lower than the $1.86 per share consensus estimate for the period.

Vital Therapies climbed more than 12% to $5.15 per share. The call volumes on the stock are five times higher than its normal intraday level as investors are betting on its extended gains. The biotherapeutic company gained more than 52% in stock value over the past month.

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Marie received her Bachelors Degree in Mass Communication from New Era University. She is a former news writer and program producer for Nation Broadcasting Corporation (NBC-DZAR 1026), a nationwide AM radio station. She was also involved in events management. Marie was also a former Young Ambassador of Goodwill during the 26th Ship for Southeast Asian Youth Program (SSEAYP). She loves to read, travel and take photographs. She considers gardening a therapy.
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