Day: October 8, 2020

Stock futures rise as traders await for clues on new fiscal stimulus

spike 4 months ago

People walk by the New York Stock Exchange (NYSE) in lower Manhattan on October 02, 2020 in New York City.

Spencer Platt | Getty Images

U.S. stock futures rose on Thursday night as Wall Street continued to search for clarity surrounding a new potential fiscal aid bill.

Drew Hammill, deputy chief of staff to Nancy Pelosi, tweeted that the House Speaker and Treasury Secretary Steven Mnuchin spoke for 40 minutes earlier in the day. He noted that the conversation “focused on determining whether there is any prospect of an imminent agreement on a comprehensive bill. The Secretary made clear the

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GenMark Diagnostics, Nvidia, Zoom Video & more

spike 4 months ago

Jen-Hsun Huang, president and chief executive officer of Nvidia Corp., speaks during the company’s event at Mobile World Congress Americas in Los Angeles on Oct. 21, 2019.

Patrick T. Fallon | Bloomberg | Getty Images

Check out the companies making headlines after the bell Thursday:

GenMark Diagnostics — GenMark shares popped more than 4% after the Food and Drug Administration granted the company emergency clearance to run a test that screens for the flu, Covid-19 and other viruses.

Exelon — Shares of the nuclear energy producer rose more than 1% in after-hours trading after activist investor Keith Meister pitched the

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With $20 billion in deals this year, Morgan Stanley pivots further away from risky Wall Street

spike 4 months ago

Morgan Stanley CEO James Gorman has just completed a pivot that began more than a decade ago.

With the announcement Thursday that Morgan Stanley is acquiring investment manager Eaton Vance for $7 billion, Gorman is adding heft and scale to the smallest of the New York-based bank’s three main businesses: the manufacturer of mutual funds and other investments.

It completes Morgan Stanley’s shift from being a firm dominated by traders and investment bankers to one where the more subdued and dependable management of money rules.

The bank began that journey in early 2009 when Morgan Stanley purchased Smith Barney from

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Years of low interest rates made the current economic crisis worse, Fed’s Rosengren says

spike 4 months ago

The Federal Reserve Bank of Boston’s President and CEO Eric S. Rosengren

Keith Bedford | Reuters

Years of low interest rates led to excessive risk taking in commercial real estate and will make the current economic downturn even more severe, Boston Federal Reserve President Eric Rosengren said Thursday.

The central bank official said he expects a wave of defaults and bankruptcies to hit that will aggravate an unemployment problem that has hit lower-wage workers disproportionately.

Regulatory authorities, he added, should have been able to see conditions building up that would make any unexpected crisis worse.

“Clearly a deadly pandemic was

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