What's moving markets today: Live updates

 edition.cnn.com  05/17/2019 18:33:00 

less than 1 min ago

From CNN Business' Paul R. La Monica

Does the Eye Network want to add cable TV hits "American Gods," "Outlander" and "Power" to its roster? Tech site The Information reported Friday that CBS made a $5 billion offer to acquire Starz, the media company that merged with TV and movie studio Lions Gate in 2016.

Shares of the two classes of Lions Gate stock (LGFA) (LGFB) surged more than 10% on the report. CBS (CBS) was flat.

The Information said that Lions Gate turned down the offer, which makes sense. Lions Gate only bought Starz a little more than 2 years ago. It paid $4.4 billion. So a $5 billion paycheck from CBS would represent less than a 6% premium.

So it will be interesting to see how badly CBS CEO Joseph Ianniello wants Starz. Shares of CBS are down more than 6% in the past year in the wake of the ouster of longtime chief Les Moonves following a sexual harassment scandal.

The stock is lagging ABC owner Disney (DIS) and NBC Universal parent Comcast (CMCSA). The Lions Gate chatter also comes at a time when there is rampant speculation that CBS may want to reunite with its former movie studio sibling Viacom (VIAB).

31 min ago

From CNN Business' Paul R. La Monica

Beyond Meat has been a stunning success on Wall Street. The plant-based meat company's shares have nearly tripled in value since going public on May 2. But that's leaving a bad taste in the mouth of one prominent short seller.

Citron Research, the investing firm run by Andrew Left, tweeted Friday that the stock is now "beyond stupid" and predicted that shares would drop to $65. That's about 30% below where Beyond Meat (BYND) closed on Thursday. The stock fell 6% on Friday.

Interestingly, Citron seems to think that Beyond Meat's big rival, Impossible Foods, might also be considering an IPO. If that happens, Left seems to suggest that Beyond Meat's stock could tank just like ridesharing #2 Lyft (LYFT) did once Uber (UBER) went public.

59 min ago

From CNN Business' Jordan Valinsky

Cray (CRAY) shares are surging 20% after HP Enterprise�(HPE)�announced it will buy the legendary tech company for $1.3 billion.

The company might not sound familiar, but it has recognizable roots according to our David Goldman:

Cray briefly achieved pop-culture fame in the 1990s when author Michael Crichton wrote "Jurassic Park." In the 1990 novel, four Cray X-MP supercomputers powered the theme park's DNA sequencer that brought dinosaurs back to life. In the 1993 film, Jurassic Park's DNA sequencing lab was powered by Cray computers in the background.

Read more the Cray-z purchase here.

2 hr 44 min ago

From CNN Business' Jordan Valinsky

Here's where the markets stand at the midway trading point:

  • The Dow is down 15 points, or -0.06%
  • The Nasdaq fell 40 points, or -0.50%
  • The S&P slipped 5 points, or .20%

The Dow is a mix of red and greens with Dow Chemical (DOW) losing the most. It's down 2.4%. Boeing (BA) and UnitedHealth (UNH) are the top gainers, with both climbing more than 1.6%.

Luckin Coffee (LK) made its trading debut on the Nasdaq. It surged 50% above its opening price of $17 per share, but has clawed back some of its gains.

3 hr 39 min ago

From CNN Business' Jordan Valinsky

The debut of Luckin Coffee (LK) on the Nasdaq was a strong brew.

The stock opened at $25 per share  surging nearly 50% above its $17 per share opening price.

Read more about Luckin here.

3 hr 41 min ago

From CNN Business' Jordan Valinsky

Luckin Coffee (LK) believes it can take on Starbucks (SBUX) in China because it has developed a new tech-heavy retail model.

For example, its stores don't accept cash -- customers can only pay through the Luckin app, which offers loyalty bonuses.

CFO Reinout Schakel spoke to CNN's Julia Chatterley today. The Chinese company is set to go public on the Nasdaq today.

We want to provide a high quality coffee for a much more affordable price and still be able to become profitable," he said.

Schakel said he believes Luckin will become profitable "rather quickly" but declined to comment on exactly when.

5 hr 4 min ago

From CNN Business' Jordan Valinsky

Uber shares slid 2% following news that Amazon is investing in an Uber Eats rival.

Deliveroo is one of the United Kingdom's top restaurant delivery services and�announced Friday�that it had raised $575 million. The funding round was led by Amazon.

Amazon's�(AMZN)�backing will bolster Deliveroo in its battle with�Uber�(UBER)�Eats and others in the fiercely contested market.

Uber's stock has been on the rebound since Monday when it closed nearly 11% lower. The stock has closed higher each day since then and recouped that loss.

5 hr 15 min ago

From CNN Business' Matt Egan

Wall Street is once again under pressure from the US-China trade war.

  • The Dow fell 160 points, or 0.7%, on Friday morning
  • The S&P 500 declined 0.6%
  • And the Nasdaqlost 0.7%

The losses leave all three major indexes on track to snap a three-day winning streak. Investors are focused on rising trade tensions between the United States and China after the Trump administration imposed tough sanctions on Huawei.�

It is hard to think of a worse week for U.S.-China relations under Trump than this one," Chris Krueger, an analyst at Cowen Washington Research Group, wrote in a note to clients.

Speaking of the trade war, Deere (DE) dropped 5% after reporting disappointing earnings and lowering its outlook. The tractor maker blamed rising trade tensions, specifically the impact on soybeans.

Chinese search engine Baidu (BIDU) tumbled 15% after suffering its first loss in 15 years due to weakness in online advertising. Pinterest (PINS) plummeted 14% as its debut earnings report revealed more red ink than investors had been bracing for.

6 hr 5 min ago

From CNN Business' Jordan Valinsky

John Deere (DE) shares are sliding following a skittish earnings report, our Paul R. La Monica notes:

Here's what Deere CEO Samuel Allen said:

Ongoing concerns about export-market access, near-term demand for commodities such as soybeans, and a delayed planting season in much of North America are causing farmers to become much more cautious about making major purchases."

Read more about Deere's earnings here.

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