Dow slides 300 points as Trump's trade war escalates
The Dow paring losses here despite Trump’s trade bluster rolling on. Plus – Musk warns sabotage is afoot. Should Tesla shareholders be concerned, or is Elon cracking under the pressure? And – Puma’s back on the court with Jay-Z on the squad. Are Nike and Adidas under threat? Plus – are trade wars freaking you out? Lee Munson on how to position yourself, and what he likes here. Catch The Final Round at 3:55 ET p.m. with Jen Rogers, Yahoo Finance markets correspondent Myles Udland, and Dan Roberts.
Winners and losers
Stocks bucking the tough tape include Foundation Medicine as Roche said it would pay $2.4 billion to buy the shares it doesn’t already own of the diagnostics firm, Verizon – our parent company – as Deutsche Bank upgraded the stock to “buy” from “hold” pointing to potential from 5G technology and an improving wireless business, and Acadia Pharmaceuticals – share’s getting a boost as Steven Cohen’s Point72 Asset Management ups its stake in the pharma name to 5.2%
Stocks in the red include Sirius XM as the satellite radio operator was downgraded by Pivotal Research to “hold” citing valuation, still maintaining a price target of $7.75, Snap as Cowen cuts its price target to $9 citing lowered expectations for 2018 revenue, and Tesla – shares sinking after CEO Elon Musk said in an email that an employee conducted “extensive and damaging sabotage” against the company and sent highly sensitive data to third parties.
