- The Dow Jones Industrial Average fell 167.09 points, or 0.56%, to 29,783.35, the S&P 500 lost 17.38 points, or 0.48%, to 3,609.53 and the Nasdaq Composite dropped 24.79 points, or 0.21%, to 11,899.34.
- Tesla Inc. shares rocketed higher Tuesday following news that the electric-auto maker is joining the S&P 500, increasing the volatile company’s sway over financial markets. Analysts expect the addition to further boost Tesla’s highflying shares because some $11 trillion in mutual funds and other investments track the S&P 500, many of which will now need to buy them.The shares climbed as much as 13% before closing up 8.2% after index provider S&P Dow Jones Indices.
- Amazon on 17th Nov launched online pharmacy in new contest with drug retail, called Amazon Pharmacy, for delivering prescription medications in the United States, increasing competition with drug retailers such as Walgreens WBA.O, CVS Health CVS.N and Walmart WMT.N. Shares of Walgreens Boots Alliance, Rite Aid and CVS tumbled between 8% and 15%. The new store lets customers price-compare as they buy drugs on the company’s website or app. Shoppers can toggle at checkout between their co-pay and a non-insurance option, heavily discounted for members of its loyalty club Prime.
- Huachen, owned by the government of Liaoning province, defaulted on a 1-billion-yuan ($151.88 million) bond in October, joining a growing number of delinquent state firms in a development that hit investor confidence and roiled CCP’s credit bond market. Dagong Global Credit Rating downgrade the credit rating of Huachen from BB to CCC.
- Rental Specialist Danke, which is operated by Beijing-based Phoenix Tree Holdings is rumored to be taken over by the A-share listed company 5i5j Holding Group CO.,LTD., and Danke [NYSE:DNK] rose 75% to 2.4 US dollars immediately. On 17th Nov, Danke closed 9.27% due to rumors of bankruptcy. Danke landed on the New York Stock Exchange in January 2010, with an issue price of US$13.5. Despite the 75% increase last night, the share price of $2.4 is still far from the issue price of $13.5.
- The 8th wave of animal feed price increases again! CCP’s large animal feed businesses announced price increase is between RMB 75/ton and 200/ton since November. The shortage of corn and soybean in the CCP increased feed demand, and insufficient imports have pushed up prices. During the year, the price of feed increased by 1,100 yuan per ton.
By 【G-Translators – Financial and Law Team-Tracy】