Morning Movers: Las Vegas Sands Tumbles, Tesla Jumps, Alkermes Soars

The Dow Jones Industrial Average looks set to drop this morning on continued trade tensions. In today's Morning Movers, we...


Getty Images

•...we explain why the Dow is off more than 150 points; •...highlight the slumping gambling growth rate that's caused Wynn Resorts (WYNN) and Las Vegas Sands (LVS) to tumble; •...and review Tesla's (TSLA) ability to hit 5,000 cars.

Over the weekend, I wrote about the forces that could cause bear market in 2020. But if these trade tensions keep building, you have to wonder if it will come earlier than that.

Trade is all the rage this morning, after Canada imposed new tariffs on U.S. products, and Commerce Secretary Wilbur Ross said President Donald Trump won't change his position on tariffs even if the market continues to drop. And did we mention reports that the President wants the U.S. to leave the World Trade Organization ?

"Tariffs are now real," writes NatAlliance Securities' Andrew Brenner. "Markets don't like it, and while the effects may be small to start for GDP numbers, the sentiment is causing risk off to look ugly." S&P 500 futures have declined 0.6% at 9:00 a.m. this morning, while Dow Jones Industrial Average futures have fallen 158 points, or 0.7%, and Nasdaq Composite futures have dropped 0.8%.

And I wish I could say that's all that's bothering the market. But China's purchasing managers' index fell in June, Mexico just elected a left-leaning President, and Germany's governing coalition could be on the brink of falling apart over immigration. In fact, it's so bad out there, that perhaps the best the market can hope for is to not completely fall apart. "Today, a'win' for the bulls will be having support at 2700 in the S&P 500 hold," the Sevens Report's Tom Essaye writes.

What are the odds of that?

Earnings & News

Alkermes (ALKS) is up 6.9% to $43.98 after the Food and Drug Administration approved its injectable schizophrenia treatment Aristada Intio.


Getty Images

Core Laboratories (CLB) is down 2.5% to $123 after providing light second-quarter guidance.

Tesla (TSLA) is up 4.6% to $358.60 after Reuters reported that it reached its Model 3 production milestone of 5,000 vehicles per week.

VMWare (VMW) is up 10.6% to $162.51 after announcing a one-time special dividend and reaffirming its guidance following Dell's agreement to buy its tracking stock.

Wynn Resorts (WYNN) has dropped 3.9% to $160.89 and Las Vegas Sands (LVS) has slumped 4.4% to $73 after June gambling revenue in Macau came in short of expectations. Also, BofA Merrill Lynch cut Las Vegas Sands to Neutral from Buy.

Upgrades & Downgrades

Canon (CAJ) is down 2.4% to $31.90 after Goldman Sachs downgraded it to Sell.


Justin Sullivan/Getty Images

Nordstrom (JWN) is down 1% to $51.28 after Cowen & Co. downgraded it to Market Perform.

Paccar (PCAR) is down 2% to $60.70 after Robert W. Baird downgraded it to Underperform.

TechnipFMC (FTI) is down 2.1% to $31.09 after Citigroup downgraded it to Neutral.

Walgreens Boots Alliance (WBA) has fallen 0.7% to $59.62 after getting cut to Neutral from Buy at Mizuho.

Sign up to Review & Preview, a new daily email from Barron's. Every evening we'll review the news that moved markets during the day and look ahead to what it means for your portfolio in the morning.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story


Other Topics

US Markets

Latest Markets Videos


    Barron's is a leading source of financial news, providing in-depth analysis and commentary on stocks, investments and how markets are moving across the world.

    Learn More