Charting the Nasdaq’s belated breakout as S&P 500 approaches 3,000 mark
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U.S. stocks are flattish early Wednesday, treading water after a generally strong batch of quarterly earnings reports combined with softer-than-expected retail sales data.
Against this backdrop, the bigger-picture market technicals have strengthened this week, with each big three U.S. benchmark building on last week’s breakout.
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Bill O’Reilly calls out Beto O’Rourke for lying — he probably wishes he didn’t
Presidential hopeful and former Texas congressman Beto O’Rourke, in a seemingly innocuous comment made during Tuesday night’s debate, said he had met a woman who was working four jobs to support her special needs child.
He was responding to a question of whether a wealth tax, a hot-button topic ahead of the 2020 election, is the best way to deal with income inequality.
“She wants to know how we are going to help her, how we’re going to make sure that her child has the care that she needs, that we strengthen protections for those with disabilities, that she just has to work one job because it pays a living wage,” O’Rourke said. This seemed to rile up Bill O’Reilly:
It didn’t take long for O’Rourke’s digital director to fire back:
From there, the interaction took on a TwitterTWTR, -0.93%life of its own, with the internet dragging O’Reilly over his history of sexual assault allegations and subsequent settlements that led to his leaving Fox News in 2017 as well as for his being detached from the real world and real financial problems.
Syrian Observatory: Syrian government forces enter city of Kobani
BEIRUT (Reuters) – Syrian government troops accompanied by Russian forces have entered the city of Kobani, the Syrian Observatory reported on Wednesday.
Their arrival to Kobani comes after a deal cut between Kurdish-led Syrian Democratic Forces, who control the city, and Damascus to deploy the Syrian army to border areas to help fend off a Turkish offensive into northeastern Syria.
General Motors, United Auto Workers reach tentative deal to end 31-day strike
General Motors and the United Auto Workers on Wednesday reached a tentative settlement to end a strike that has dragged on for 31 days, The Post has learned.
The auto company and the union have reached an agreement in principle, and will send the agreement to the UAW’s national council to vote on it Thursday, according to a person directly familiar with the agreement.
While many of the final details weren’t immediately known, the proposal comes a day after the UAW and GM negotiators reached an agreement that would allow temporary workers to become full-time after three consecutive employments, The Post exclusively reported yesterday.
GM CEO Mary Barra has also tried to get the deal wrapped up, and has met with union executives twice in the last two weeks, as Wall Street analysts have estimated the company lost $1.5 billion during the strike and was in danger of having its bonds slide into junk status.
Southwest Airlines, Brazil’s Gol Ground 13 Boeing 737 NG Aircraft
Southwest Airlines (LUV) grounded two Boeing Co 737 Next Generation aircraft, while Brazil’s Gol Linhas Aereas Inteligentes (GOL) grounded 11 aircraft, after U.S. regulators ordered urgent inspections last week.
Southwest said it found signs of cracking on two aircraft and removed them out of service until repairs are completed. The airline reported its findings to Boeing and the FAA.
The Dallas-based company has about 100 more aircraft to examine under the FAA requirement.
Gol said that it grounded 11 planes where it found evidence of the need to replace a specific component, whose characteristics were not compliant with the standards set by the maker.
The Brazilian airline said that grounding of aircraft will affect 3% of passengers through December 15.
The U.S. Federal Aviation Administration, acting after an alert from Boeing, issued an urgent directive last week requiring the checks on planes with more than 30,000 total flights by October 10. There are an estimated 165 aircraft that fit that description in the U.S., including 737-600, 737-700, 737-800, and 737-900 models, the FAA said in a statement.
“This condition could adversely affect the structural integrity of the airplane and result in loss of control of the airplane,” FAA said in the order.
A Crucial Major Depressive Disorder Study Is About to Be Underway
After Axsome Therapeutics Inc. (NASDAQ: AXSM) announced that it has completed patient enrollment in its Gemini study, a Phase 3 trial of AXS-05 in patients with major depressive disorder (MDD), shares of the firm saw a handy gain on Wednesday.
Approximately 300 patients with a confirmed diagnosis of moderate to severe MDD will be randomized in a 1:1 ratio to treatment with AXS-05 or placebo for six weeks. Assessments including the Montgomery-Åsberg Depression Rating Scale, safety parameters, clinician-rated scales, as well as patient-reported outcome measures, will be conducted throughout the study.
Note that MDD is a debilitating, chronic, biologically-based disorder characterized by low mood, inability to feel pleasure, feelings of guilt and worthlessness, low energy and other emotional and physical symptoms, and it impairs social, occupational, educational or other important functioning. In severe cases, MDD can result in suicide.
According to the National Institutes of Health, an estimated 7.1% of U.S. adults, or approximately 17.3 million, experience MDD each year. Nearly two-thirds of diagnosed and treated patients do not experience adequate treatment response with currently available first-line therapy, highlighting the need for additional therapies with new mechanisms of action.
Axsome remains on track to report topline results from the Gemini study in the fourth quarter of 2019.
Shares of Axsome traded about 4% on Wednesday, at $21.43 in a 52-week range of $1.94 to $30.50. The consensus price target is $36.83.