What's moving markets today: June 10, 2019

By CNN Business

Updated 5:30 p.m. ET, June 10, 2019
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12:10 p.m. ET, June 10, 2019

Saks Fifth Avenue's owner soars 45% on a bid to take it private

From CNN Business' Jordan Valinsky

Hudson's Bay (HBAYF) stock soared 45% after its executive chairman and others revealed a plan to take the struggling retail giant private. The company owns Lord & Taylor, Saks Fifth Avenue, Saks Off 5th as well as namesake department stores.

The release said a group of shareholders, which owns 57% of Hudson's Bay, submitted a proposal to take it private at $9.45 per share in Canadian dollars. That's a 50% premium from Friday's close.

The company cautioned that there's "no assurance that any definitive agreement will be executed or that the proposed transaction will be approved or consummated."

Last month, the company announced it was pursuing strategic options, including a merger or sale for Lord & Taylor.

10:21 a.m. ET, June 10, 2019

Trump attacks the Fed once again

From CNN Business' Anneken Tappe

President Donald Trump attacked the Federal Reserve once again on Monday morning, when he called into CNBC's Squawk Box show to talk tariffs, trade and corporate America.

When asked whether Beijing was devaluing its currency to lessen the impact of US-imposed tariffs, the president said "Absolutely. They devalue their currency and they have done for years."

The United States didn't have that advantage with the strong dollar, he said. And the Fed's interest rates hikes were to blame.

The Fed is very, very disruptive for us," said Trump

"They made a big mistake, raising interest rates far too fast," the president continued. China, on the other hand, was pumping money into its system while devaluing its currency, he said, adding that Chinese President Xi Jinping was the de facto head of the central bank.

Trump's continued attacks on the Fed and its monetary policy have some investors worried about the central bank's independence.

The Fed has raised interest rates nine times since cutting rates to ultra-low levels in the aftermath of the financial crisis. However, it took its foot off the gas in January and is now expected to cut rates before the end of the year amid slowing economic growth and risks posed by the ongoing trade spat.

10:05 a.m. ET, June 10, 2019

Apple's cash pile shrank by 17% in the last year

From CNN Business' Matt Egan

The top five cash-rich companies — Apple (AAPL), Microsoft (MSFT), Alphabet (GOOGL), Amazon (AMZN) and Facebook (FB) — drew down their war chests by a combined $111 billion, according to a new Moody's report.

Apple alone held $245 billion in cash at the end of 2018, down nearly 17% from the year before.

Still, Apple's cash pile is bigger than the aggregate amount of cash of every non-tech industry, according to the firm.

The report revealed that US non-financial companies were sitting on $1.69 trillion at the end of 2018.

While that's an epic amount of money, it's down by 15% from the record $1.99 trillion at the end of 2017.

Read more here.

9:42 a.m. ET, June 10, 2019

Wall Street rallies after Mexico tariffs avoided

From CNN Business' Matt Egan

Wall Street is celebrating after the United States and Mexico reached a deal that avoids opening a new front in the Trump administration's global trade war.

  • The Dow opened 180 points, or 0.7%, higher on Monday.
  • The S&P 500 gained 0.7%.
  • And the Nasdaq jumped 1%.

The rally comes after US markets surged last week, posting their strongest performance of 2019.

In addition to the Mexico deal that averts tariffs, markets were boosted by a pair of big deals.

United Technologies (UTX) and Raytheon (RTN) traded flat after reaching a blockbuster deal to join forces in an all-stock merger.

Tableau Software (DATA) soared 36% after reaching a deal to be sold to Salesforce (CRM) for $15.7 billion. Salesforce dropped 3%.

9:00 a.m. ET, June 10, 2019

Christine Romans: Be careful what you what you wish for on rate cuts

From CNN Business' Christine Romans

Hurray, markets look like they'll open higher! Last week was the best week for blue-chips all year! The Dow was up five days in a row, Yippee!

Not so fast. We just lived through a week of the upside-down logic of Wall Street where bad news is actually good news.

The bad news: The president’s trade experiments seem disconnected and unpredictable. A weak US jobs report suggests a potential turning point in business confidence in May, which is the very month investors began to believe the president’s trade war with China was not temporary at all.

All the gloom has investors betting the Federal Reserve might have to backstop the US economy with a rate cut later this summer or later this year.

Anyone who has been investing for the past decade knows Wall Street loves cheap money and stock investors love the idea the Fed Chief Jay Powell will be the shock absorber for the president’s trade shocks.

But be careful what you wish for: When the Fed cuts rates, it’s usually for a bad reason. A weakening economy. A financial crisis. And usually, when the Fed cuts rates, it begins cutting them from levels a lot higher than where we are today. It doesn’t give policymakers much room to maneuver.

8:05 a.m. ET, June 10, 2019

Kraft Heinz says it's 'returning to a path of normalization'

From CNN Business' Jordan Valinsky

Kraft Heinz (KHC) is moving higher in premarket trading, per our Paul R. La Monica:

As he previously reported, the company is in trouble.

Investors are growing concerned that the company focused too much on cost cutting following the 2015 merger of Kraft and Heinz and not enough on finding new, innovative food products that younger consumers would actually want to buy and eat.

The stock is down 33% for the year.

7:47 a.m. ET, June 10, 2019

Salesforce to buy data company Tableau for $15.7 billion

From CNN Business' Jordan Valinsky

Salesforce CEO Marc Benioff
Salesforce CEO Marc Benioff

Salesforce (CRM) announced plans to buy Tableau Software (DATA) in a $15.7 billion all-stock deal.

"Tableau helps people see and understand data, and Salesforce helps people engage and understand customers," said Salesforce CEO Marc Benioff in a statement.

Tableau shareholders will get 1.103 shares of Salesforce, according to the terms of the deal.

Stock in the data analytics company soared 34% in premarket trading, while Salesforce's slipped 3%.

The deal comes just a few days after Alphabet (GOOGL) said it has agreed to acquire Looker, a business intelligence platform, for $2.6 billion in cash. The acquisition will help bolster its cloud computing division by providing customers with more powerful data analytics.

11:16 a.m. ET, June 10, 2019

Beyond Meat exec says it's going through a 'breakthrough moment'

From CNN Business' Jordan Valinsky

Beyond Meat (BYND), the plant-based protein company, is on fire.

The company had a wildly successful initial public offering last month. Since then, its stock price has increased dramatically with shares trading more than five times the $25 IPO price.

On Friday, the stock gained 40% following its first-ever earnings report. And it's continuing to move higher: Shares are rallying 20% in early trading on Monday.

Beyond's executive chair Seth Goldman told CNN Business' Danielle Wiener-Bronner over the weekend that the company is experiencing a "breakthrough moment."

Read the full interview here.

6:28 a.m. ET, June 10, 2019

Top Uber execs are leaving one month after disappointing IPO

From CNN Business' Sara Ashley O'Brien

Two of Uber's top executives are leaving the company one month after its lackluster Wall Street debut.

Uber (UBER) said late Friday that its chief operating officer, Barney Harford, and chief marketing officer, Rebecca Messina, will depart the company.

The stock is down 1% in premarket trading.

Read more here.