What's moving markets today: March 11, 2019

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11:47 a.m. ET, March 11, 2019

Icahn's stake in Caesars keeps growing

Carl Icahn's stake in Caesars Entertainment (CZR) has grown again to 17.75%, according to a new regulatory filing.

That's up from 15.53% last week and 9.78% in February.

The billionaire investor had his hand in remaking the casino company's board. He's ultimately pushing Caesars to either merge or sell itself.

Caesars' stock is up 1% Monday.

11:20 a.m. ET, March 11, 2019

Boeing won't issue new guidance 'at this point'

Boeing (BA) has released a new statement in response to the Ethiopian Airlines crash of a 737 MAX 8 aircraft.

Here's Boeing's full statement obtained by CNN's Jim Sciutto:

"We have engaged our customers and regulators on concerns they may have — and would refer you to them to discuss their operations and decisions. Safety is our number one priority and we are taking every measure to fully understand all aspects of this accident, working closely with the investigating team and all regulatory authorities involved. The investigation is in its early stages, but at this point, based on the information available, we do not have any basis to issue new guidance to operators."
11:27 a.m. ET, March 11, 2019

Look at how Boeing's stock is declining

Boeing (BA) shares are down 8% in early trading:

10:27 a.m. ET, March 11, 2019

Boeing pushes the Dow lower; Broader markets rise

Boeing is single-handedly pushing the Dow lower following the tragic Ethiopian Airlines crash over the weekend.

  • The Dow fell as much as 242 points on Monday morning before rebounding. It was recently down just 40 points
  • The S&P 500 gained 0.7%, while the Nasdaq jumped 1.1%.

Boeing (BA) dropped as much as 13.5% following the second crash of its 737 MAX 8 jet in five months. All 157 people on board the Ethiopian Airlines flight were killed.

Boeing stock recovered somewhat and was recently down about 8%. If Boeing closes down by more than 10.4%, it would be its worst day since September 17, 2001, the first day of trading following the 9/11 terror attacks.

The Boeing slide had an outsized impact on the Dow because the aerospace company is the most expensive stock in the index -- and the index is price-weighted.

Southwest Airlines (LUV), which operates the largest fleet of 737 Max 8 jets, fell 2%.

The mixed open comes after the Dow and S&P 500 fell 2% last week, their worst of 2019.

9:45 a.m. ET, March 11, 2019

Retail sales bounce back after a brutal December

Americans were back shopping in stores -- and on their phones -- in January following an unusually large drop in retail sales for December.

The Census Bureau said Monday that overall retail sales rose 0.2% in January compared to last month. That was better than expected and follows a steep 1.6% monthly drop in December.

So where were consumers spending? At home improvement stores and online. Sales at building material and garden equipment and supplies dealers like Home Depot (HD) surged 8.7 percent from a year ago while non-store retailers, the category that includes Amazon (AMZN) and other e-commerce sites, rose 7.3 percent from last year.

The resilience of the US consumer has been great news for investors too. S&P Global Market Intelligence noted in a recent report about the 10-year anniversary of the bull market that retail has been the best performing sector in the stock market over the past decade.

8:53 a.m. ET, March 11, 2019

IEA: US oil is driving 'extraordinary change'

The International Energy Agency says that rising US energy production powered by a "shale revolution" has caused major changes in global oil markets.

“Global oil markets are going through a period of extraordinary change. The United States is increasingly leading the expansion in global oil supplies,” the group said in an annual report.

Here are a couple of key findings from the agency:

  • The United States will account for 70% of the increase in global production capacity until 2024, adding a total of 4 million barrels a day.
  • The United States will become a net petroleum exporter by 2021.
  • Oil demand growth will slow modestly over next five years. But it will still average 1.2 million barrels a day to 2024, meaning there's no peak in sight.

For more on the shale revolution, read this story from CNN Business' Matt Egan.

9:19 a.m. ET, March 11, 2019

Barrick ends its attempted takeover of Newmont Mining

Barrick Gold has dropped its attempted takeover of Newmont Mining. Instead the two companies are creating a joint venture for their Nevada assets, per our Paul R. La Monica:

  • Last week, Newmont Mining's board of directors said it was "unanimously determined" to not accept Barrick's $18 billion bid.
  • Shares of Newmont Mining (NEM) are up 3% in premarket trading. 
  • Barrick Gold (GOLD) shares are up 2% in premarket trading. 
8:03 a.m. ET, March 11, 2019

Levi's looks to raise nearly $600 million in IPO

Jeans maker Levi Strauss has revealed more details in a regulatory filing about its upcoming IPO:

  • It's offering 36.7 million shares priced between $14 and $16 per share.
  • The company is looking to raise around $580 million at the higher range.
  • Goldman Sachs, J.P. Morgan and Morgan Stanley are some of the 12 members underwriting the IPO. Their number of shares weren't revealed.
  • The stock would trade on the NYSE under the ticker "LEVI."
7:34 a.m. ET, March 11, 2019

Nvidia is buying a chipmaker for $6.9 billion

Nvidia (NVDA) is purchasing Mellanox (MLNX), a company that makes chips for data centers, for $6.9 billion.

"The emergence of AI and data science, as well as billions of simultaneous computer users, is fueling skyrocketing demand on the world’s data centers,” said Nvidia CEO Jensen Huang said in a newly released statement.

  • Mellanox shares are up 9% in premarket trading.
  • Nvidia shares are down more than 1% in premarket trading.