US tax reforms provided a $3.6bn boost to CSX’s profit during the fourth quarter. However, results from the freight rail operator underscore the challenges it faces as it looks to push ahead with its turnaround efforts following the unexpected death of chief executive Hunter Harrison in December.
A proposed takeover of Newcastle United appeared to have collapsed on Tuesday night as associate of Mike Ashley, billionaire owner of the English football club, claimed long-simmering talks with financier Amanda Staveley had proved “frustrating and a complete waste of time”.
Precious metals are one of the key beneficiaries of a weaker dollar and robust global growth. Palladium has surged to hit record levels of $1,140 a troy ounce this month, while gold is trading at a four-month high.
If there is a tipping point for cable — the nickname for the pound’s value against the dollar — it is the $1.40 level. Historically, the market tends to see $1.40 as a floor for the currency, and in the post-Brexit era, that floor is coming into view.
It’s not just Wall Street that is seeing records being shattered on Tuesday.
Brazilian equities also climbed to a new all-time high as investors ramp up bets that Latin America’s largest economy — despite its political dysfunction and endless corruption scandals — would get a lift from stronger US and global economic growth.
Qualcomm, the $100bn US chipmaker that is trying to fend off a hostile bid approach from rival Broadcom, laid out its case to shareholders on Tuesday, saying the company would be better off as a standalone company.
Informa is in talks to acquire UBM in a deal that will bring together the UK-listed operators of conventions and business information services, creating a company with a market value of more than £9bn.
It’s crunch time for KitKat maker Nestlé which on Tuesday finally announced it had sold its US confectionery business for $2.8bn to Italy’s Ferrero in an auction that had included Hershey, the biggest chocolate manufacturer in the US and private equity group Rhône Capital.
Guggenheim’s global chief investment officer Scott Minerd predicts the Federal Reserve will be forced into raising interest rates four times this year, with the unemployment rate falling to 3.5 per cent and wage growth accelerating.
US homebuilder Hovnanian announced on Tuesday that it has received consent from some bond investors to proceed with a controversial debt refinancing deal with Blackstone-backed hedge fund GSO, and extended the deadline for others to provide consent.
The difference between yields on short- and longer-dated US Treasuries edged back towards a 10-year low on Tuesday, as 10- and 30-year US sovereign bonds found renewed investor appetite after the long holiday weekend.
US stocks got off the starting blocks running on Tuesday, with both the Dow Jones Industrial Average and the S&P 500 hitting new milestones as ebullient investors continue to take heart from strong economic data and the solid start to the fourth-quarter earnings season.
The pension trustees of GKN, the British engineering group currently fighting a takeover approach from turnround group Melrose, have warned the unwanted suitor it would have to take account of a £1.1bn deficit to make GKN’s pension schemes self-sufficient.