GM stock is surging after CEO Mary Barra, who is presenting at Deutsche Bank conference, gave good news to shareholders when she revealed the company's 2017 adjusted EPS forecast, which at $6.00-$6.50 was well above the consensus estimate of $5.73, and also substantially above the 2016 year end guidance which forecast the carmaker would make "at the high end" of a $5.50-$6.00 range.
Valeant is selling its Dendreon cancer business and three skincare brands for about $2.12 billion to L'Oreal and China's Sanpower Group, as the troubled Canadian drugmaker seeks to pay down some of its massive $30 billion debt. The stock bounced 15% in pre-market trading on the news.
Global stocks were fractionally lower in early European trading, closed Asia mixed, while S&P futures were unchanged, as the dollar fell for a second day on concerns ahead of Trump's press conference on Wednesday. Oil rebounded after its Monday plunge, while commodity metals like iron ore rose limit up in Chinese trading.
With the Trump inauguration just over 10 days away, attention shifts to what he will do once he arrives in the White House, and judging by his campaign promises, Trump will be a busy man from day one in the Oval Office. Here is a complete list of what Trump can do on both day one and the rest of 2017, courtesy of Goldman Sachs.
The main point of naming China as a currency manipulator would be to bring China back to the negotiation table at the lowest cost. Trump has publicly stated that he supports bilateral vs. multilateral trade agreements. It is possible that the Trump administration will seek to engage China in trade agreement negotiations as soon as possible, even before a manipulation conclusion is drawn.
President-elect Trump's senior advisor Kellyanne Conway questioned whether additional investigations are needed into reports of Russian hacking during the campaign and, during an interview with USA Today, indicated the incoming president would consider rolling back some of the punitive actions President Obama had ordered in response.
Iran is to receive a huge shipment of 130 tons uranium from Russia to compensate it for exporting tons of reactor coolant. The move was approved by the outgoing U.S. administration and other governments "seeking to keep Tehran committed to a landmark nuclear pact." According to outside experts, the shipment could be "enriched to enough weapons-grade uranium for more than 10 simple nuclear bombs."
Alibaba executive Chairman Jack Ma met with Donald Trump on Monday to discuss plans to create 1 million new U.S. jobs over the next five years. At the same time, Toyota said it plans to invest $10 billion in the US over the next 5 years.