Saturday, August 05, 2017

Today's Headlines

  • US Marines Missing After Aircraft Crashes Off Australia. Search and rescue operations were underway for three U.S. Marines who were missing after their Osprey aircraft crashed into the sea off the east coast of Australia on Saturday while trying to land. Twenty-three of 26 personnel aboard the aircraft have been rescued, the Marine base Camp Butler in Japan said in a statement.
  • Surface Calm in the S&P 500 Masks a Spate of Blowups. (video) On the surface, it was another up week for the S&P 500 Index. Underneath, things were a little more complicated. Consider a version of the S&P 500 that strips out market-value biases -- the “equal-weight S&P,” in which Apple Inc. matters as much as relative pipsqueaks like Garmin Ltd. and Macy’s. Analysts normally like to see the two indexes moving together, a sign the rising market is lifting all boats. That didn’t happen in the past five days. In fact, the equal-weighted version just posted its biggest weekly drop since May, and its worst week versus the regular S&P 500 all year. The reason: while enough megacap stocks rose to keep the S&P 500 afloat, single-stock blowups were far more common than single-stock rallies.
  • Toshiba to Cut Off Western Digital's(WDC) Future Supply of Chips. Toshiba Corp. took another stab at its U.S. joint venture partner, Western Digital Corp., saying it has no rights to new chip production that’s vital to the future of both companies. The latest escalation of the fight between the two centers on a new factory called Fab 6. Toshiba said it will build the plant without any participation from its U.S. partner, thereby cutting off Western Digital from chips made with the factory’s new technology. Western Digital inherited its stake in the joint venture when it bought SanDisk Corp.
  • United Technologies(UTX) Weighs Deal for Rockwell Collins(COL). Jet-engine manufacturer United Technologies Corp. is weighing an acquisition of aviation-equipment supplier Rockwell Collins Inc., according to people familiar with the matter, in a deal that would potentially rank among the largest ever in the aerospace industry.
Wall Street Journal:
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