Saturday, October 29, 2016

Today's Headlines

  • OPEC Splits Prevent Deal With Other Producers to Curb Supply. OPEC’s internal disagreements over how to implement oil-supply cuts agreed last month prevented a deal to secure the cooperation of other major suppliers. More than 18 hours of talks over two days in Vienna yielded little more than a promise that the world’s largest oil producers would keep on talking. Discussions will continue in late November, just days before the Organization of Petroleum Exporting Countries is supposed to finalize the accord that lifted oil prices to one-year highs. Non-OPEC nations ended talks with the group on Saturday without making any supply commitments, Brazil’s Oil and Gas Secretary Marcio Felix said after the meeting. The outcome of the process hinges on Iran and Iraq, two nations that are more interested in increasing production than reducing it, said Azerbaijan’s Energy Minister Natiq Aliyev.
  • Pharma Stocks Struck as Drug Pricing Story Takes Its Toll. It’s been a brutal October for health-care investors. The worst may be yet to come. A year after presidential candidate Hillary Clinton first tweeted about outrageous price gouging, the reality of pricing pressure in the U.S. hit Wall Street in the most concrete way: earnings. From drug distributor McKesson & Co., to biotechnology giants Amgen Inc. and AbbVie Inc. and insulin maker Eli Lilly & Co., this week’s third-quarter results showcased widespread evidence that the industry has pulled back on prices under the growing pressure from politicians and pharmacy benefit managers. The crush has sent shares down in the U.S. and beyond, hitting foreign drugmakers like Denmark-based Novo Nordisk A/S, the world’s largest maker of insulin, that have a large portion of their business in the country.
Wall Street Journal:
  • Had bullish commentary on (VMC), (CTXS), (ITT), (HLT) and (JEC).
Zero Hedge:

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