What's moving markets today: April 11, 2019
US jobless claims dropped to their lowest level since October 1969 last week, the Labor Department reported. Only 196,000 people filed for unemployment benefits in the week ended April 6. The four-week average was 207,000.
The data stressed the strength of the US labor market in the face of worries about economic slowdown.
US stock futures were mostly unchanged Thursday, pointing at a flat to slightly higher open. The dollar, measured by the ICE US Dollar Index, was up 0.2% at 97.108.
In other economic data, the producer price index for March rose 0.6% on the month and 2.2% year-over-year, beating expectations.
Rite Aid's (RAD) board has approved a reverse stock split at a ratio of 1-for-20 to keep the struggling company from being delisted on the New York Stock Exchange.
The split was approved at a March 21 meeting and stock will begin trading on a split-adjusted bases on the NYSE on April 22.
"Once effective, the reverse stock split will reduce the number of shares of common stock issued and outstanding from approximately 1.08 billion to approximately 54 million," it said in a filing.
The stock is down 10%, hitting a ten-year low.
The stoppage is because of financial problems, according to the Nikkei Asian Review.
Panasonic is one of the world's biggest producers for the batteries that power Tesla's green fleet. "These companies are shifting their strategy reflects the EV industry's thin profits," Nikkei said.
The report has sent Tesla's shares down more than 4% in premarket trading.
Uber is expected to file paperwork as soon as Thursday in what is likely to be one of the biggest public offerings ever for a technology company.
The IPO caps off Uber's rapid and very public effort to overhaul its internal culture and move past a long list of scandals that upended the company.
Uber is still facing problems: The company lost $1.8 billion in 2018, an unprecedented sum for a company about to go public.
Lyft (LYFT), its chief US rival, gained market share amid Uber's stumbles.
But Lyft shares dropped almost 11% on Wednesday following media reports about the Uber IPO and are now trading more than 16% below their IPO price.
Investors are about to learn a lot more about Disney's (DIS) new streaming product.
The entertainment giant is expected to show off its Disney+ streaming service during its investors day on Thursday.
Buying Fox (FOX) will help Disney meet the threat. The deal strengthened what was already the entertainment industry's most enviable array of brands, with Fox's National Geographic among the announced Disney+ elements.
The European Union has granted Britain a six-month delay to Brexit with an option to leave earlier if the UK parliament can agree an exit deal.
The British pound was flat on Thursday, as the news of the delay did not come as a major surprise.
Businesses and investors will be relieved that the United Kingdom has, for now, avoided crashing out of the European Union without a deal. But the delay will prolong the uncertainty that has already damaged the UK economy.
The situation remains uncomfortable and potentially unstable," said Holger Schmieding, chief economist at Berenberg bank.
🇺🇸 US stock futures are slightly up.
🇪🇺European markets opened mixed.
🌏Asia had a downbeat trading session.