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Apple stock falls 1.6% to pace the Dow’s premarket losers
Fed’s Clarida: If inflation pressures are not transitory we will use our tools to bring inflation to 2% goal
Fed’s Clarida says it may take time for supply to rise to level of demand as economy reopens
Fed’s Clarida says he was surprised by the April inflation data
Meet Elise Stefanik, favored to replace Liz Cheney as the No. 3 Republican in the House
5 things to know about the New York Representative being endorsed by former President Trump
MGM Resorts’ Las Vegas Strip gaming floors can return to 100% occupancy, no social distancing
MGM Resorts International said Wednesday that it was approved by the Nevada Gaming Control Board to return to 100% occupancy and no social distancing on its gaming floors inside its properties on the Las Vegas Strip. The company said the waiver for its properties, which only applies to gaming floors, was granted given MGM’s efforts to vaccinate its workforce. The 80% occupancy restrictions and 3-feet social distancing requirements are still in effect outside of the gaming floors. The properties allowed to resume full operations on its gaming floors include Bellagio Resort Casino, MGM Grand Hotel Casino, Mandalay Bay Resort and Casino, Park MGM, The Mirage Hotel Casino, New York-New York Hotel Casino, Luxor Hotel and Casino, Excalibur Hotel Casino and ARIA Resort Casino. “This is yet another major milestone in Las Vegas’ incredible recovery and a testament to the importance of vaccination in the effort to fully reopen our community,” said MGM Chief Executive Bill Hornbuckle. “We will continue working to vaccinate as many people as possible and remain vigilant with health and safety protocols designed to protect our employees, guests and community.” MGM’s stock, which fell 0.9% in premarket trading, has soared 180.1% over the past 12 months through Tuesday, while the SP 500 has rallied 44.7%.
MGM Resorts OK’d to return to 100% occupancy, no social distancing on gaming floors in Las Vegas
Shares in travel-and-tourism giant Tui sink while London stocks lead European rebound
Tui reported a $1.8 billion loss in the six months to the end of March, as the continuation of travel restrictions due to the COVID-19 pandemic left airplanes on the ground and hotel rooms empty.
Arthur J. Gallagher stock slips after public stock offering, used to help fund purchase of Willis Tower assets
Shares of Arthur J. Gallagher Co. fell 0.7% in premarket trading Wednesday, after the insurance brokerage and consulting services company announced a public offering of 9 million shares of common stock. At Tuesday’s stock closing price of $148.46, the offering, which represents about 4.6% of the shares outstanding, would be valued at $1.34 billion. The company plans to use the proceeds from the offering to fund a part of the deal announced earlier in which it buys certain Willis Towers Watson PLC’s assets for $3.57 billion. Willis Towers and merger partner Aon PLC said the sale of the assets resolves questions raised by the European Commission and other jurisdictions related to the companies’ merger, which was originally announced in March 2020. Aon’s stock edged up 0.1% and Willis Tower shares slipped 0.1%, while futures for the SP 500 dropped 0.7%.
Fed’s Clarida says one-time increases in prices are likely to have only transitory effects on inflation
Fed’s Clarida expresses more concern about weak labor market than higher inflation
Federal Reserve Vice Chairman Richard Clarida indicated Wednesday he is more worried about the weak labor market than higher inflation.
$259 a day to rent a car? Here’s how to rent one this summer without blowing your budget
Travelers typically book flights or hotels first — and then a rental car. But that strategy won’t work this year.
U.S. inflation climbs in April to the highest level in 13 years, CPI shows
Consumer prices rose sharply again in March and drove the rate of inflation to the highest level in 13 years, signaling greater stress on the economy as businesses grapple with supply shortages that are raising the cost of many goods and services.
Trex stock price target raised to $103 from $81 at B. Riley
Arcturus Therapeutics stock price target cut to $23 from $35 at B. Riley
Novavax stock price target cut to $286 from $365 at B. Riley
Catabasis Pharmaceuticals started at buy with $6 stock price target at Ladenburg Thalmann
FuboTV stock price target cut to $32 from $35 at Oppenheimer
Global-e to go public after IPO priced at top of range, valuing company at more than $3.5 billion
Global-e Online Ltd. is set to go public Wednesday, after the direct-to-consumer, cross-border ecommerce platform company’s initial public offering priced at $25 a share, at the top of the expected range of between $23 and $25 a share, to value the Israel-based company at about $3.56 billion. The company sold 15.0 million shares in the IPO to raise $375.0 million. The stock is expected to start trading on the Nasdaq under the ticker symbol “GLBE.” Goldman Sachs, Morgan Stanley and Jefferies were the lead underwriters. The company reported a net profit of $725,000 on revenue of $136.4 million in 2020, after a loss of $7.5 million on revenue of $65.9 million in 2019. The company is looking to go public at a time that the Renaissance IPO ETF has tumbled 25.5% over the past three months while the SP 500 has gained 5.5%.
Biden to meet with McConnell, McCarthy as he presses big spending plans
President Joe Biden on Wednesday is due to sit down with the top four congressional leaders, as the Democratic president ramps up a push for infrastructure and other domestic spending that has so far failed to gain Republican support.
Yearly advance in core CPI rises to 26-year high of 3% from 1.6%
U.S. dollar up 0.1% at 108.77 Japanese yen
Euro down 0.5% versus dollar at $1.2096
Dollar strenghens after CPI data
House Republicans poised to oust Liz Cheney from leadership post
House Republicans look set to vote Wednesday in favor of ejecting Rep. Liz Cheney of Wyoming from her leadership role, in a move that has been in the works for weeks following her criticism of former President Donald Trump.
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