Chewy debuts on NYSE with strong 59% surge
Chewy, the Dania Beach based online pet store, opened on the New York Stock Exchange with a 59 percent jump and a market value near 14 billion dollars. The IPO raised about 1 billion from 46.5 million shares at $22 each, closing at 34.99 after peaking at 41.34.
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Trump to keep criticizing Fed over rates
President Donald Trump says he will continue public attacks on the Federal Reserve's interest rate policy. He argued higher growth and stock prices would occur if Chair Jerome Powell had not raised rates and noted the Fed's four rate hikes last year. Powell has signaled potential cuts if China trade tension threatens the economy.
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Industrial production up in May despite weak manufacturing
U S industrial output rose 0.4% in May after a 0.4% drop in April, with manufacturing up 0.2% but unable to offset earlier declines. Factory production is down 1.5% since late 2018 as import tariffs weigh on demand with a 14.9% plunge in motor vehicle output, 5.8% furniture drop, and 22.6% clothing decline. May capacity utilization was 75.79%, below December 2018 levels, signaling softer demand for factories.
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NBCUniversal to build studio in Albuquerque New Mexico
NBCUniversal announced a 10 year venture to convert a north downtown Albuquerque warehouse into a television and film studio with two sound stages offices and a mill. The project aims to expand in a growing U S film production hub while citing trimmed orders due to trade tensions and Huawei related curbs.
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Bayer to Invest 5.6 Billion in New Weed Fighting Methods
German firm Bayer plans to invest about 5.6 billion dollars over the next decade to develop additional weed control methods as it faces U S court clashes over Monsanto's Roundup. Bayer defends glyphosate safety while acknowledging ongoing lawsuits linked to cancer claims. The Monsanto acquisition totaled 63 billion dollars.
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May Retail Sales Rose 0.5 Percent Amid Steady Consumer Spending
The Commerce Department reports a 0.5 percent rise in May retail sales following a 0.3 percent April gain. Revised April data show better performance, suggesting sustained consumer spending as tax-cut stimulus fades. By June, the economy matches 1990s expansion length, and consumer confidence nears 19-year highs, reducing urgency for near-term rate cuts.
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Broadcom Warns Hit From Trade Fight Dents Forecast
Broadcom said its 2019 revenue forecast would fall by about $2 billion as chipmakers broadly declined after warnings that U.S. measures against China and Huawei hurt demand. The news followed Broadcom’s disclosure after market close on Thursday that revenue would miss prior targets.
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Judge Grants AA Order Against Two Unions
Federal judge in Fort Worth Texas issues a temporary restraining order against the Transport Workers Union and the International Association of Machinists and Aerospace Workers. The order seeks to stop interference with American Airlines operations amid allegations of an illegal work slowdown causing flight delays and cancellations.
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FAA proposes 715000 fine for Allegiant engine work
Federal aviation regulators propose a fine of more than 715000 dollars against Allegiant Air for not properly fixing an MD 88 engine issue that produced exhaust fumes. Allegiant said it followed a procedure approved by the manufacturer and government after the April 2018 incident on a retired MD 88.
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