Market comeback continues
Personal income is up 0.2% in May thanks to higher demand in automobiles and other goods. Unfortunately, Britain's vote to leave the EU may hurt consumer confidence. Meanwhile, global markets are all in the green. We’re seeing rallies in Asia, Europe, and the U.S. for a second straight day, rebounding from the post-Brexit selloff.
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Shares of Toyota (TM) were down 1% ahead of the open. The carmaker plans on recalling a combined 3.4 million vehicles due to problems with airbags and emissions control units. This would be separate from the big recall of Takata airbags from a few weeks ago. Toyota’s stock is down 18% year-to-date.
Investors were also keeping a close eye on Sony (SNE), with shares up 3% in premarket trading. The consumer electronics giant said virtual reality headsets will raise its games sales target next year. Sony plans to begin selling the headsets in October. The company’s CEO also said it’s working on a robot “capable of forming an emotional bond.” But Sony cut its outlook on image sensors revenue, blaming slowing smartphone sales. Investors have been bonding with the stock, which is up just shy of 14% so far this year.
Verizon (VZ) plans to sell $1.2 billion in bonds sometime in the third quarter. But these bonds will be backed by new smartphone sales contracts with roughly 2.5 million customers. According to The Wall Street Journal, Fitch is expected to give most of the bonds an AAA rating. Verizon shares are up 14% since the start of 2016.
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North American leaders talk trade
President Barack Obama, Mexican President Enrique Pena Nieto, and Canadian Prime Minister Justin Trudeau are discussing the threat of Brexit and how to make it easier to facilitate trading across borders. What new trade options are possible?
Trump blasts trade agreement
There’s definitely one person who doesn’t like the trade meeting, and that’s presidential hopeful Donald Trump. Trump says he will force Canada and Mexico to renegotiate the trade agreement if he’s elected president. He feels the current deal is a jobs killer for the US. Is Trump right?
LendingClub’s bombshell
LendingClub (LC) says that former CEO Renaud Laplanche borrowed money in order to inflate the company’s volume. Investors use loan volumes as a key way of figuring out an online lender's value. What does this mean for Laplanche and the future of online trading?
