What's moving markets today: March 25, 2019
US markets were all essentially unchanged at the end of trading Monday.
Nike (NKE) increased 0.2% after federal prosecutors in New York charged lawyer Michael Avenatti with attempting to exert more than $20 million from the company. Earlier, the stock was down as much as 1.6% after Avenatti tweeted that he would hold a press conference to disclose a “scandal” involving Nike.
Following a slump at the open, the Dow is now in positive territory. Here's a check:
- The Dow is up 13 points, or 0.05%
- Nasdaq is down 6 points, or 0.08%
- S&P is flat
Here's a check of some stocks:
A dour analyst note from RBC Capital Markets analyst Joseph Spak warning of "meager demand" for the Model 3 sunk Tesla's (TSLA) stock by as much as 2.75% in early trading:
- He revised the number of Model 3 deliveries down for first quarter 2019 to 52,500 from 57,000.
- Spak also lowered the stock's price target to $210 per share. It's currently trading around $260 per share.
- "In our view, the balance sheet is stressed and additional capital may be required," he warned.
Stocks stabilized Monday following Friday's huge sell-off on recession worries and weak economic data in Germany.
Viacom (VIAB) shares soared 7% after the Nickelodeon and MTV owner reached a deal with AT&T's (T) DirecTV to avoid a blackout of Viacom's cable channels. (CNN Business is owned by AT&T's WarnerMedia.)
Viacom and AT&T have agreed to a new carriage deal that keeps its channels, including Comedy Central, Nickelodeon and VH1, on DirecTV and U-Verse. Terms of the new contract were not disclosed.
"The deal also brings AT&T customers more choice and improved value for Viacom content," the two companies said in a statement. "We expect to announce additional details in the near future."
The media, tech and investment firm, which was founded over a century ago in South Africa, is best known for paying $32 million in 2001 for a major stake in what was then seen as a young Chinese tech startup.
The company said it wants to list the new company in Amsterdam.
Naspers said it will own approximately 75% of the new company, which includes holdings in tech companies like Tencent, mail.ru and DeliveryHero.
What is clear is that the tech giant will be jumping into an already crowded — and growing -— streaming market.
Apple is expected to roll out a streaming-video product at a press event in Cupertino — one that could come with a lineup of original programming from the likes of Oprah, Reese Witherspoon and Steven Spielberg.
This video product, whatever shape it takes, will be competing for viewers' time and money against some of the biggest entertainment companies in Hollywood, which are creating, promoting and launching their own services in 2019.
The stock is unchanged in premarket trading.