Market Movers, August.05. The China Tariff Turmoil Reaches a Crescendo

“China Retaliation Is ‘11’ on Scale of 1 to 10, Wall Street Warns”, Bloomberg Reports

“Dow futures drop 380 points after China retaliates, escalating trade war”, CNBC reports

7:52am, gold up 14 points

7:56am, TVIX up 12% on 839,448 shares traded.

8:01am, BTC $11 829. Exploded over the weekend

8:00am, RIOT moving with bitcoin. Watch out though, they filed an S-3 not too long ago, and it was approved on May.08th.

8:13am, Allakos Inc is up 77% on 254,512 shares traded after reporting positive results from their AK002 trials. Click the image for the full report

Taking a closer look at RIOT’s financials

wow..

8:51am, Cars.com is down 39% on 58,645 shares traded after announcing they failed to initiate a sale of their company

GLYC down 54% after Phase 3 clinical failure of rivipansel. Several analysts downgraded the company today. Read more

HSBC fires CEO after only 18 months. He had worked for the bank for 30 years. Read more. They also lowered their 2020 outlook

 9:43am, Dow down 500 points

 9:48am, SOHU down 17% after reporting a net loss of US$53 million. Click the image for the full report

oil stocks are getting killed this morning. As of 9:50am, the commodity is down 1.98%

9:51am, Nasdaq down 2.53%

9:57am, Genie Energy down 21% after reporting a net loss of 29 cents per share

“China dismisses Trump agri purchase claim, says honoring pledges”, Reuters

10:05am, AAPL plunges 4.2% on 9,034,618 shares traded

10:06am, SE is down 6.8% on 911,587 in trading volume

 Nasdaq is on track to fall for the 6th straight session, which would qualify as its worst losing streak since late 2016; Dow down 726 points as of 1:04pm. CNBC reports

“China halting new agricultural purchases, may slap tariff on farm products recently bought: Report”, CNBC reports

“Oil prices could crash by $30 if China buys Iranian crude: BofA”, CNBC reports

“IRAN THINKS IT CAN DO WHATEVER IT WANTS IN THE GULF – ANALYSIS”, Jerusalem Post reports

“Iran Sanctions Breach Suspicion Prompts Bank to Seize Ships”, Bloomberg reports

 2:49pm, Dow down 855 points, worst drop of 2019

” “Expect Apple to absorb tariff impact and prioritize market share, implies -8% EPS headwind. We estimate a price increase of around 6% is required to absorb the impact of a 10% tariff and maintain gross margin dollars, although still implying a modest ~180 bps to Product gross margins. However, we believe Apple is more likely to absorb all the tariff impact and not raise prices on iPhone shipments (roughly 35% of total) and other hardware devices into the US, which we estimate will lead to a ~300 bps headwind to iPhone margins.” CNBC reports

“Morgan Stanley: If the trade war escalates, a recession will be here in 9 months”, CNBC reports

Dow finishes down 760 points

“China confirms it is suspending agricultural product purchases in response to Trump’s new tariffs” CNBC reports

8:25pm, Dow futures point to 510 point decline tomorrow.

Stay tuned for updates!

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