Dog days and bear weeks collide on Wall Street
August's hot temperatures and Wall Street's recent performance are both making investors sweat these days, with the Dow coming off its biggest weekly percentage loss since June of 2012. August is now on track to be the worst month for the Dow since May of 2012, and the worst for the S&P 500 since October of 2012. The Dow and the S&P 500 also face the possibility of chalking up their first four-day losing streaks of 2013 if they fall today.
If investors are to find comfort today, it won't come from any economic reports. The economic calendar is blank both today and tomorrow, with the next significant reports coming Wednesday with the latest FOMC minutes and existing home sales for July.
The earnings calendar is similarly bereft this morning, with no reports of note on the schedule. After the closing bell, we will get the latest quarterly numbers from retailer Urban Outfitters (URBN), following a number of discouraging reports from retail companies in recent days.
JPMorgan Chase (JPM) leads our list of stocks to watch, following a New York Times report that the bank is being investigated by the SEC for its hiring practices in China. According to the report, regulators want to know whether JPM hired the children of Chinese officials in efforts to boost its business prospects in that country.
U.S. Steel (X) has named Mario Longhias as its new CEO, effective September 1. Longhias is currently the steel maker's President and Chief Operating Officer, and will succeed the retiring John Surma.
Live Nation Entertainment (LVY) said Nathan Hubbard, CEO of its Ticketmaster division, has resigned, although he will serve as a consultant through the end of the year.
Investor Carl Icahn has increased his stake in Chesapeake Energy (CHK) to 9.98 percent from 8.98 percent, according to an SEC filing.
Yahoo (YHOO) has named Maynard Webb permanent chairman. Webb had taken over as interim chairman in April following the departure of Fred Amoroso. Webb has a long career in Silicon Valley, including a stint as chief operating officer of eBay from 1999 to 2006.
Edwards Group (EVAC) is being bought by Sweden's Atlas Copco in a deal worth $10.50 per share, a 24 percent premium to Friday's closing price. Edwards is a British industrial technology firm.
ConocoPhillips (COP) sold its assets in Trinidad and Tobago For $600 million, as it continues to shed non-core assets.