H&W in the Media
Fed, oil move Wall Street; Valeant woes continue; Lyft drivers get boost from GM
Stocks (^DJI, ^GSPC, ^IXIC, ^RUT) are stumbling as crude oil (CLJ16.NYM) falls and investors wait for tomorrow’s Federal Reserve announcement and comments from Chair Janet Yellen. Stephen Guilfoyle, managing director of floor operations for Deep Value Execution Services, joins us from the floor of the New York Stock Exchange to discuss the markets.
To discuss some of the other big stories of the day are Yahoo Finance’s Alexis Christoforous and Nicole Sinclair, as well as Kevin Mahn, CIO at Hennion & Walsh Asset Management.
Valeant troubles mount as Clinton targets drug prices
As the election heats up, the price of prescription drugs has become a hot topic, one of the few issues where we see both Donald Trump and Hillary Clinton on the same side. Clinton specifically targeted the Canadian drug manufacturer Valeant (VRX) in one of her campaign advertisements, saying, “I’m going after them … This is predatory pricing and we’re going to make sure it is stopped.” Well, she may have gotten her way, because Valeant just reported this morning, and the stock has been down over 45%.
Obama reverses course on offshore drilling
President Obama is reversing himself on offshore drilling in the Atlantic. The Obama Administration is now saying it won’t auction off oil and gas drilling rights in the mid- and south-Atlantic in 2021 as originally planned. The decision comes after environmentalists and shore communities protested. Will this put further pressure on crude supply down the road?
Lyft drivers get rentals from GM
Lyft drivers getting a lift from General Motors (GM). Today the carmaker and ride-hailing service are beginning a new program that allows Lyft drivers to rent a GM vehicle for free, including insurance, if they meet certain pickup goals. You may recall earlier this year that GM announced a half a billion dollar investment in Lyft. Will Ford (F) and Chrysler (FCAU) have to play catch-up?