It’s a wild day in the markets. The Dow is jumping, as tech sells off—big time. And the great rotation is here from tech to financials—is it just a short term blip? Plus, we talk Bitcoin’s wild ride to 11,000, and the how the Fed wants a piece. We explain. Catch The Final Round at 3:55 p.m. with Jen Rogers, Andy Serwer and Jared Blikre.
Winners and losers
Shares in the red today include EA as the game publisher faces backlash for its ‘loot box’ micro-transactions scheme in Star Wars Battlefront 2; Autodesk as the software maker announced a layoffs affecting 13% of its staff; and Marvell, with shares of the chipmaker dropping despite as earnings beat, as revenue fell from a year ago.
Stocks in the green today include Chipotle as founder and chairman Steve Ells will step down as CEO; Steven Madden as the shoe retailer was upgraded to ‘buy’ at Buckingham Research with a $48 price target; and Regal Entertainment, with shares of the movie theater operator in the spotlight as it confirmed an approach by UK-based Cineworld Group.
How the Trump tax cuts will help one business but hurt another
Tax reform isn’t a slam dunk for all businesses. Rick Newman is here to separate fact from fiction.