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GM, UAW reach tentative deal after monthslong strike

2 min ago

Shares of General Motors Co. rose more than 2% Wednesday after news that the car maker and the United Auto Workers union had reached a tentative deal to end the monthslong strike at GM. The strike affected more than 30 GM plants in the U.S. and a deal would cover more than 46,000 UAW-represented workers. The union has declined to provide details of the agreement, which will need to be approved by a simple majority of workers, according to a report by The Wall Street Journal. The strike was the longest since the 1970s. GM stock has gained 11% this year, underperforming the S&P 500 index , which has gained 19% in the same period.

McKesson, Cardinal Health, AmerisourceBergen stocks surge after WSJ report of $18 billion settlement talks

14 min ago

Shares of McKesson Corp. rallied 5.7% in midday trading Wednesday, enough to pace all of its larger-capitalization health care peers, after The Wall Street Journal reported that the drug distributor, and two others, were in talks to pay $18 billion to settle all litigation brought by state and local governments blaming the companies for fueling the opioid crisis. Of the other two drug distributors, shares of AmerisourceBergen Corp. climbed 4.7% and Cardinal Health Inc. hiked up 3.7%. Shares of Johnson & Johnson rose 2.4% after the WSJ report out late Tuesday, citing people familiar with the situation, said the company was also involved in the discussions to contribute additional money. The four companies' stocks topped the list of gainers in the SPDR Health Care Select Sector ETF , which inched up 0.1%, while the S&P 500 slipped 0.2%.

Bank of America's stock rises toward 6-day win streak earnings beat, upbeat CEO comments on the economy

40 min ago

Shares of Bank of America Corp. rallied 2.3% toward a sixth straight gain in morning trading Wednesday, after the bank beat third-quarter earnings expectations and provided an upbeat outlook on the U.S. economy. That would match the 6-day win streak ending Jan. 18. Chief Executive Brian Moynihan said on the post-earnings conference call with analysts that despite repeated discussions around a potential recession and concerns over the impact of the U.S.-China trade war, the bank's activities suggests the U.S. economy is in "solid shape" and the consumer continues to benefit by strong employment prospects." Moynihan said he should know, since BofA's annual customer outgoing payments of nearly $3 trillion represents about 15% of the U.S. economy. He said consumer payments are up 6% year to date from the same period a year ago. In addition, Moynihan said commercial loans grew 6%, including 6% growth in the small-business segment. "These are tangible examples that the U.S. economy is in solid shape despite the worries about trade wars, capital investment slowdowns and other global macro conditions," Moynihan said, according to a FactSet transcript. Moynihan did say, however, the bank managed to generate operations savings despite a lower interest rate environment and "other revenue challenges with a slowing economy." The stock has gained 6.6% over the past 12 months, while the Dow Jones Industrial Average has advanced 4.7%.

Workday leads software stocks lower after analyst day

1 hour ago

Workday Inc. shares are off more than 11% in Wednesday morning trading and pacing the declining software sector after the company held its user conference and analyst day. Several analysts flagged the company's commentary on its human-capital management product, which Workday expects to end the year with 20% growth, marking a slowdown. "Financials will need to continue to grow at healthy rates to offset this," wrote Jefferies analyst Brent Thill, though he said the attachment rate of financials to the core product is relatively low, suggesting opportunity. While Workday also announced some new products, Macquarie analyst Sarah Hindlian questioned the revenue potential for some of them. "For example, blockchain-enabled Workday Credentials allows verification of credentials such as employment and educational history," she wrote. "We think this is likely a limited market opportunity." Another issue for Workday is that its chief executive commented that the company has "definitely seen some delays" in deal activity, but Workday doesn't expect these to impact the business or result in cancellations. Other software stocks are getting hit in Wednesday trading as well, including Slack Technologies Inc. , which was the subject of a price-target cut at Morgan Stanley, and Adobe Systems Inc. , which received a Citi Research downgrade. Shares of Okta Inc. , Splunk Inc. , Zoom Video Communications Inc. , and Atlassian Corp. PLC are also down. The iShares Expanded Tech-Software ETF is off 2.3%, while the S&P 500 has lost 0.1%.

Canadian cannabis company Flowr should benefit from its focus on Europe: MKM

1 hour ago

MKM Partners analyst Bill Kirk initiated coverage of Canadian cannabis company The Flowr Corp. on Wednesday with a buy rating and said the company stands out from the crowd in Canada thanks to its focus on Europe. "We believe growing at an EU GMP certified facility in Portugal (expected before year-end) will put Flowr at an advantage to those trying to export from Canada to Europe, and even the growers in South America," Kirk wrote in a note to clients. Portugal offers a better climate for cannabis growing than Canada, and has a cheaper labor force and lower transportation costs, he wrote. The analyst estimates that Toronto-based Flowr can save 50% of costs by operating in Portugal and possibly even achieve parity with growers in Columbia. "This should give Flowr a distinct advantage to capture share in the EU, which presents an opportunity more than 10x the size of Canada. Within Canada, Flowr is focused on high-end product, which offers a non-commoditized niche opportunity," said Kirk. He assigned the stock a C$4.00 price target that about double its current trading level. Germany, France, Spain, the U.Kl and italy are likely bigger markets than Canada, and the overall European market will likely be at least 10 times the size of the current Canadian market. However, regulatory and legal barriers remain as Europe has been slow to develop a framework for cannabis. Flowr's U.S.-listed shares were up about 1% but have fallen 48% in 2019, while the ETFMG Alternative Harvest ETF has fallen 22% and the S&P 500 has gained 16%.

Gap Inc.'s Hill City brand opens year-long pop-up store

1 hour ago

Gap Inc. has announced the first brick-and-mortar location for its year-old men's athleisure line Hill City. The 12-month pop-up store, located in San Francisco, is the first of many efforts to move the brand from e-commerce into the real world, with a Hill City Truck heading to the streets of San Francisco, wholesale partnerships that will put Hill City product in stores like Neighborhood Goods and Ships in Tokyo, and local events. Gap is taking steps to spin off its Old Navy brand, and raise awareness of brands like Athleta and children's label Jack & Janie, which the company will franchise. Gap stock is down more than 35% over the past year while the S&P 500 index is up 6.5% for the period.

Adobe stock falls after Citi downgrade

1 hour ago

Shares of Adobe Systems Inc. are off 3.6% in Wednesday trading after Citi Research analyst Walter Pritchard cut his rating on the stock to neutral from buy. He argues that consensus expectations for Adobe's digital experience revenue are too high given current trends and that the company will have to invest further in this area of the business, which potentially limits margin expansion. His analysis also indicates that excluding price increases, Adobe saw flat annual-recurring-revenue trends in its Creative Cloud business over the past two years. "We are downgrading Adobe from buy to neutral based on concerns about the ability to continue the financial momentum it has had over the last five-plus years," he wrote, while lowering his target price to $313 from $322. The stock is down 12% over the past three months, as the S&P 500 has shed 0.5%.

Slack has a 'tougher road to large opportunity,' says Morgan Stanley

1 hour ago

Morgan Stanley analyst Keith Weiss lowered his price target on shares of Slack Technologies Inc. to $28 from $38 on Wednesday, writing that he expects a number of factors to impact Slack's trading multiple, including heightened competition, weakening IT spending, and mixed results in its most recently reported quarter. The stock is down 7% in Wednesday's session. Weiss sees a "tougher road to large opportunity" for the workplace messaging company, and because he doesn't forecast multiple expansion, he said any upside to the stock price will have to come from "more gradual outperformance over time." He rates the shares at equal weight. Slack's stock is off 33% over the past three months, as the S&P 500 has dropped 0.5%.

American Eagle Outfitters to hire 10,000 part-time seasonal workers at jobs event, down from 22,000 last year

1 hour ago

American Eagle Outfitters Inc. said Wednesday that it plans to hire 10,000 part-time seasonal workers for both its American Eagle and Aerie banners at a jobs event taking place Oct. 20. Hiring will span the U.S and Canada. Last year, the company brought on 22,000 part-time workers at a jobs event. Workers will be eligible for a 40% merchandise discount. American Eagle stock has tumbled 30.6% over the past year while the S&P 500 index has gained 6.3%.

U.S. business inventories flat in August

1 hour ago

WASHINGTON (MarketWatch) - Business inventories in the U.S. were flat in August after a revised 0.3% increase in the prior month, the Commerce Department said Wednesday. Sales rose 0.2% in the month. The ratio of inventories to sales, meanwhile, was unchanged at 1.40. That's how many months it would take to sell all the inventory on hand. One year ago, the inventory-to-sales ratio was 1.35. An increase in inventories adds to gross domestic product while a decrease subtracts from it.

Dow, Nasdaq fall but market breadth data suggests gains

1 hour ago

While the Big 3 stock market indexes lost ground, market internals are painting a more positive picture. The number of advancing stocks outnumbered decliners 1,318 to 1,227 on the NYSE and 1,226 to 1,169 on the Nasdaq Exchange. Volume of advancing stocks represented 57.3% of total volume on the Big Board and 52.3% of total volume on the Nasdaq. Meanwhile, the Dow Jones Industrial Average fell 40 points, or 0.2%, the S&P 500 slipped 0.2% and the Nasdaq Composite gave up 0.4%, while the Russell 2000 index of small capitalization stocks rose 0.1% and the Dow Jones Transportation Average tacked on 0.3%.

Funding market strains resurface as repo rates stay elevated

2 hours ago

Strains in short-term lending markets popped up again on Wednesday as the cost of borrowing funds overnight in return for high-quality collateral, or the repo rate, shot up on Wednesday. Hedge funds and banks use the repo market to finance their balance sheets and trading positions. The overnight repo rate spiked as high as 2.26%, according to one estimate. This compared with the effective fed funds rate, which stood at 1.90% on Oct. 15. The repo rate usually closely tracks the central bank's benchmark interest rate as they both are considered sources of short-term borrowing. Repurchasing agreements of $75 billion by the Federal Reserve was fully taken up for the first time since Sept. 25. Since last month, the central bank has looked to relieve pressures in funding markets by offering regular injections of liquidity and announcing monthly purchases of $60 billion Treasury bills at least through the second quarter.

Dow breaks lower at the open as investors weigh soft retail-sales report

2 hours ago

U.S. stocks opened modestly lower Wednesday morning as the market reacted to weaker-than-expected economic data and geopolitical developments. The Dow Jones Industrial Average slipped 50 points, or 0.2%, to 26,969, the S&P 500 index fell 0.2% to 2,988, while the Nasdaq Composite Index retreated 0.4% to 8,118, near the opening bell. A report on retail sales showed that it fell 0.3% last month, the government said Thursday, ending a streak of six straight strong gains that helped to fuel economic growth in the middle of the year. Economists polled by MarketWatch had expected a 0.3% increase. Consumers have been the pillar of the current economic expansion and cracks in that segment of the U.S. economic sentiment. Moves for stocks come as investors also digest quarterly results from American companies, with Bank of America Corp. reporting profits that topped analysts' consensus estimates and United Airlines Holdings Inc. also posted third-quarter results that topped expectations.

Probability of an October Fed rate cut soars after disappointing retail sales data

2 hours ago

Fed funds futures markets on Wednesday indicated a 90.3% probability that the Federal Reserve will cut interest rates for a third consecutive meeting when the central bank's interest-rate setting committee gathers Oct. 30 and 31, up from a 73.8% chance Tuesday, according to CME Group data. The move follows a Commerce Department estimate that U.S. retail sales fell in September for the first time in seven months. The yield on the 10-year U.S. Treasury note fell 2.7 basis points to 1.742%, that on the 2-year note fell 3.7 basis points to 1.577%, while the 30-year Treasury Bond yield retreated 0.6 basis point to 2.226%. A monthlong strike at General Motors may have contributed to weaker sales, after it has idled tens of thousands of workers in the Midwest.

Beyond Meat's stock gains after Hardee's to test plant-based meat options for breakfast, lunch and dinner

2 hours ago

Shares of Beyond Meat Inc. rose 1.4% in premarket trading Wednesday, after CKE Restaurants Holdings Inc.'s Hardees restaurants said it is offering plant-based meat options in two markets, with an eye toward college students. Hardees will test a new Beyond Breakfast Sausage Biscuit and an Original Beyond Thickburger for a limited time in Raleigh, North Carolina and Kansas City, Missouri, starting Wednesday. "We're kicking off the plant-based test in two markets with a strong college presence--we know college campuses specifically are helping to drive bold new conversations and lead culinary trends of the future, like the flexitarian diet," said Jenna Folk, senior director of brand marketing at Hardees. "Knowing Beyond Meat is the market leader in the category, and with the tremendous success we've had at Carl's Jr., we're thrilled to expand the partnership in select Hardee's restaurants." Beyond Meat's stock has tumbled 29.3% over the past three months through Tuesday, while the S&P 500 has slipped 0.3%.

British pound volatile after report says major Brexit-deal obstacle removed

3 hours ago

The British pound was sent on a rollercoaster ride Wednesday, spiking briefly against the U.S. dollar on a report that a big obstacle to a Brexit deal has been removed. The pound briefly jumped to a session high of $1.2839, which would make for its best level since June, after RTE reported that Northern Ireland's Democratic Unionist Party was accepting the so-called consent element of the revised Brexit agreement, seen as the last big obstacle to a deal. The U.K. has said it's open to some flexibility on the mechanism that would allow Northern Ireland politicians to decide whether it remains in regulatory alignment with the European Union as set out in Britain's latest Brexit deal proposals. The pound has since fallen back after the DUP's leader Arlene Foster reportedly denied the report and said talks will continue. Markets have been on a knife-edge in the runup to a two-day European Union meeting that starts Thursday, seen as a deadline for a deal to get done. The pound has since drifted back to $1.2783.

Canadian cannabis company Cronos says Australian joint venture is planning a November IPO

3 hours ago

Canadian cannabis company Cronos Group Inc. said Wednesday its 50/50 joint venture with NewSouthern Capital Pty Ltd. called Cronos Australia is planning to offer 40 million shares in an initial public offering planned for November. The company is expected to price the deal at AUD$0.50 ($0.34) a share. The venture was formed in February of 2018. Once the deal has been completed, Cronos will own a 31% stake in Cronos Australia, which is expected to have an initial market capitalization of AUD$64.4 million. Cronos shares were up 1.6% in premarket trade, but have fallen 20% in 2019, while the ETFMG Alternative Harvest ETF has fallen 21% and the S&P 500 has gained about 20%.

Tech Data's stock soars toward record high after report of Apollo buyout interest

3 hours ago

Shares of Tech Data Corp. soared 13% toward a record high in premarket trading Wednesday, after Reuters reported that Apollo Global Management made a bid to buy the information technology company for nearly $5 billion. The report, out late Wednesday, said Apollo would pay $130 for each Tech Data share, which represents a 17% premium to Tuesday's closing price of $111.34, and imply a market capitalization of about $4.63 billion. On Wednesday, Stifel Nicolaus analyst Matthew Sheerin reiterated his hold rating but raised his stock price target to $125 from $105. "Although Tech Data's board is obligated to give serious consideration to any takeout offers, we would not be surprised to see the the company consider other, potentially higher offers, particularly considering the strong execution at the company in recent quarters," Sheerin wrote in a note to clients. The stock has rallied 7.9% amid a 5-day win streak to a record close Tuesday. It has climbed 36.1% year to date through Tuesday, while the S&P 500 has advanced 19.5%.

European Commission orders Broadcom to halt anti-competitive practices

3 hours ago

The European Commission said Broadcom , the world's leading supplier of chipsets used for TV set-top boxes and modems, is engaging in anti-competitive practices and ordered it to halt the practices. Broadcom is using clauses containing exclusive or quasi-exclusive purchasing obligations and granting customers commercial advantages conditional on the customer buying systems-on-a-chip for cable modems exclusively or quasi-exclusively, the regulator alleged. The Commission's use of injunction power was the first in 18 years, The Wall Street Journal reported. In a statement, Broadcom said it will appeal the ruling and that the ruling won't have a material impact on the set-top box or broadband modem businesses. "As we previously disclosed in an 8-K filing on June 26, 2019, Broadcom's contracts with the customers that the European Commission characterizes as exclusivity-inducing remain in force, other than the provisions at issue, and we intend to continue to support these customers going forward," the company said. (Updates with Broadcom's response.)

Nio's stock drops after report that talks of funding for a new factory were halted

3 hours ago

Shares of Nio Inc. dropped 5.2% in active premarket trading Wednesday, after a report that talks for a sizable investment to build a factory in China were called off. On Tuesday, the China-based electric car maker's stock rose 1.3% after the National Business Daily (NBD) reported that Nio was in talks with Wuxing District of Huzhou City on funding of over 5 billion renminbi, or about $704 million at current exchange rates, for a factory in the district with a capacity to make 200,000 vehicles a year. On Wednesday, NBD reported the talks were halted given the heavy risks, with no agreement of intent having been reached. Nio's stock has plunged 53.0% over the past three months through Tuesday, while U.S.-based rival EV maker Tesla Inc. shares have gained 2.2% and the S&P 500 has eased 0.3%.

AMC streaming service may help company capture market share from rivals: analyst

3 hours ago

Imperial Capital analyst David Miller said AMC Theatres new streaming service for its loyalty program members will likely spur more loyalty from those customers and may help the company take market share from competitors. "In general, more services tacked on to loyalty programs in price elastic businesses tend to, more often than not, foster more loyalty," Miller wrote in a note to clients. "That has been the case over the years in the airline industry as airline loyalty programs have grown more sophisticated." Miller said his initial reaction to the news was negative. AMC said the more than 20 million U.S. households that are AMC Stubs members can now stream more than 2,000 films on its mobile app, and/or a Roku device on demand and receive points against their Stubs memberships, that can be used in-theater. That seemed to encourage them to stay at home to watch films, the exact opposite of what cinemas are trying to persuade them to do. But he changed his view on seeing the positive market response and realizing that the company is using its loyalty program as a distribution network for the first time. "'AMC Theaters on Demand' now has the opportunity not only to promote various trailers for upcoming films in the theater, but also to promote new theater/re-seating renovations and/or MacGuffins Wine Bar features at select locations," he wrote. The analyst is sticking with his outperform rating on the stock and $21 price target. AMC shares were up 2% premarket, but have fallen 25% in 2019, while the S&P 500 has gained 19.5%.

Incyte reports positive results in late-stage trial of treatment for GVHD

3 hours ago

Incyte Corp. shares rose 1.2% in premarket trade Wednesday, after the biotech said a late-stage trial of a treatment for patients with steroid-refractory acute graft-versus-host disease, or GVHD, met its main goal of improving overall response rate. Wilmington, Delaware-based Incyte said there were no new safety signals in the phase 3 trial evaluating ruxolitinib (Jakafi). GVHD is a condition that can occur after the transfer of stem cells from a donor when the donated cells trigger an immune response and attack the recipient's organs. "GVHD is a challenging and serious disease, and physicians around the world need access to therapies that can improve outcomes for patients," said Peter Langmuir, M.D., group vice president, targeted therapies, at Incyte. The trial, which is sponsored by Novartis as well as Incyte, continues with results expected to be presented in 2020. Incyte shares have gained 23.5% in 2019, while the S&P 500 has gained 19.5%.

Penske Automotive raises quarterly cash dividend to 41 cents a share

4 hours ago

Penske Automotive Group In c. said Wednesday its board has approved another increase in its quarterly cash dividend, boosting it to 41 cents a share from 40 cents last quarter. The operator of commercial truck dealerships and parts maker said it's the 34th straight quarterly increase. The new dividend will be payable Dec. 3 to shareholders of record as of Nov. 8. Shares were not yet active premarket, but have gained 11.8% in 2019, while the S&P 500 has gained 19.5%.

Abbott Labs stock falls after profit matches expectations, sales comes up a bit shy

4 hours ago

Shares of Abbott Laboratories fell 2.7% in premarket trading Wednesday, after medical device, diagnostics and drug maker reported a third-quarter profit that was in line with expectations, while sales came up a bit shy. Net income rose to $960 million, or 53 cents a share, from $563 million, or 32 cents a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share grew to 84 cents from 75 cents, matching the FactSet consensus of 84 cents. Sales increased 5.5% to $8.08 billion, below the FactSet consensus of $8.11 billion. Within Abbott's business segments, revenue for medical devices was slightly above expectations, while nutrition, diagnostics and established pharmaceuticals was slightly below. Looking ahead, Abbott expects fourth-quarter adjusted EPS of 94 cents to 96 cents, surrounding the FactSet consensus of 95 cents, and narrowed its 2019 guidance range to $3.23 to $3.25 from $3.21 to $3.27. The stock has gained 13.3% year to date through Tuesday, while the SPDR Health Care Select Sector ETF has advanced 5.8% and the S&P 500 has climbed 19.5%.

Achillion Pharmaceuticals' stock rockets after Alexion Pharmaceuticals $930 million buyout deal

4 hours ago

Shares of Achillion Pharmaceuticals Inc. rocketed 82% in premarket trading Wednesday, after the biopharmaceutical company agreed to be acquired by Alexion Pharmaceuticals Inc. in a cash deal valued at $930 million. Alexion's stock slipped 0.1% ahead of the open. Under terms of the deal, Alexion will pay $6.30 for each Achillion share outstanding, which is 73% above Tuesday's closing price of $3.65 and implies a market-capitalization of $880.05 million. The deal also includes potential for an additional payment for Achillion shares in the form of contingent value rights (CVRs) to be paid if certain clinical and regulatory milestones are achieved. The CVRs include $1 a share for U.S. Food and Drug Administration approval of danicopan and $1 a share for ACH-5228 phase 3 initiation. Danicopan, Achillion's lead drug candidate, has received breakthrough therapy designation for treatment, in combination with a C5 monoclonal antibody, for patients with a rare blood disorder paroxysmal nocturnal hemoglobinuria (PNH). Over the past three months, Achillion's stock has rallied 47.8% and Alexion shares have dropped 14.7%, while the iShares Nasdaq Biotechnology ETF has slipped 2.9% and the S&P 500 has eased 0.3%.

Bank of America's stock jumps after profit beats expectations, revenue surprisingly rises

4 hours ago

Shares of Bank of America Corp. rose 1.8% in premarket trading Wednesday, after the bank reported a third-quarter profit that fell less than expected, while revenue surprisingly increased, as consumer and global banking and wealth and investment management revenue increased to offset a slight decline in global markets revenue. Net income fell to $5.78 billion, or 56 cents a share, from $7.17 billion, or 66 cents a share, in the year-ago period. Total revenue rose to $22.81 billion from $22.72 billion, while the FactSet consensus was for a decline to $22.58 billion. Net interest income grew to $12.19 billion from $12.06 billion, above the FactSet consensus of $12.15 billion, and non-interest income slipped to $10.62 billion from $10.66 billion but topped expectations of $10.38 billion. Average loans rose 5% to $9 billion, driven by residential mortgages. Equities revenue grew 13% to $1.1 billion, helped by growth in client financing activities, while fixed income, currency and commodities revenue was flat at $2.1 billion as improvement in mortgages and municipal products was offset by weaker trading in FX and credit products. The stock has gained 2.6% over the past three months through Tuesday, while the Dow Jones Industrial Average has slipped 1.1%.

Eli Lilly says late-stage trial of pancreatic cancer treatment failed to meet its main goal of overall survival

4 hours ago

Eli Lilly and Co. said Wednesday a late-stage trail of a treatment for pancreatic cancer did not meet its main goal of overall survival. The company said detailed results of the phase 3 trial called Sequoia evaluating pegilodecakin plus FOLFOX (folinic acid, 5-FU, oxaliplatin) compared to FOLFOX alone in patients with metastatic pancreatic cancer will be presented at a future medical meeting. Metastatic pancreatic cancer is one of the deadliest major cancers with just 3% of patients that are diagnosed in the U.S. surviving five years after being diagnosed. The disease is the third leading cause of cancer deaths and is expected to become the second leading cause in the next 10 years. "While we are disappointed by the outcome of the SEQUOIA study, we look forward to the upcoming results in lung cancer, learning from those results and increasing our understanding of pegilodecakin's novel mechanism of action in cancer immunotherapy," Maura Dickler, vice president of late phase development at Lilly Oncology said in a statement. Eli Lilly shares were not yet active premarket, but have fallen 5% in 2019, while the S&P 500 has gained 19.5%.

Hexo to sell Original Stash cannabis flower at 'black market prices'

5 hours ago

Hexo Corp. unveiled Wednesday its value cannabis brand Original Stash, which the Canada-based company said is priced at "black market prices." The company said adult-use consumers can buy 28 grams, or one ounce, of Original flash dried flower for C$125.70 ($95.11) including taxes, or the equivalent of C$4.49 a gram ($3.40). The first Original Stash product is OS.210, offered as a hybrid sativa dried flower blend at 12% to 18% THC, which will be available in retail stores on Oct. 17. "Our aim with Original Stash is to disrupt the illicit market, educate consumers about the value of a regulated and tested product, and drive them to purchase their cannabis legally," said Hexo Chief Executive Sebastien St-Louis. Hexo's stock has tumbled 49% over the past three months, while the ETFMG Alternative Harvest ETF has tumbled 35% and the S&P 500 has eased 0.3%.

Pound slides after report EU refers to Brexit deal impossible without U.K. concession

5 hours ago

The British pound came under pressure on Wednesday as concerns grew that EU and U.K. negotiators huddled in Brussels were at an impasse over an exit deal. The pound slid below $1.27 after Bloomberg reported an EU official said a Brexit agreement was impossible without more concessions from the U.K. The development comes after Democratic Unionist Party raised objections to Johnson's proposals. Negotiators working through the night were unable to reach a compromise, meaning talks could run into Thursday's European Union summit.

British CPI stays at 1.7% in September, slightly below forecast

7 hours ago

U.K. consumer price growth stayed at 1.7% in September, the Office for National Statistics said Wednesday. Economists polled by FactSet expected a 1.8% rise. While fuel prices, used cars and electricity prices fell, there were increases for furniture, household appliances and hotel stays.