U.S. markets remained fairly flat Thursday and more in the Closing Bell on Money and Markets.
The Top Story
Declining sales are forcing home-DNA test provider 23andMe to layoff approximately 100 people.
Most of the layoffs will come from the company’s operations division, CEO Ann Wojcicki told CNBC.
To get out of the downturn, Wojcicki said that 23andMe will focus more on its direct-to-consumer business and therapeutics division while moving away from its clinical studies.
While she offered limited ideas as to the drop in sales, she did say privacy likely plays a role and that “privacy is top of mind” for her team.
“I think the tech world needs to own this (and) better communicate privacy standards to build trust,” she said.
Money and Markets: Closing Bell*
S&P 500: 3,325 (+3 points, +0.1%)
DOW: 29,160 (-26 points, -0.09%)
NASDAQ: 9,402 (+18 points, +0.2%)
GOLD: $1,562.20 (+$3.70, +0.2%)
BITCOIN: $8,386.77 (-$273.29, -3.1%)
U.S. 10-YEAR YIELD: 1.73%
*- as of 4:15 p.m.
A Big Win and Bigger Loss
In Thursday morning’s Wall Street Wake-Up, we told you about American Airlines Group Inc. (Nasdaq: AAL) beating earnings estimates in its quarterly report. Shares of the airline rose 5.4% Thursday.
We also warned you about VF Corp. (NYSE: VFC) after the company revised its full-year guidance downward. The parent company of Vans and The North Face saw its shares tumble 9.6% in afternoon trading.
M&A News
Moody’s Corp. (NYSE: MCO) is acquiring anti-money laundering data company Regulatory DataCorp. for $700 million. Shares of Moody’s fell 0.1%.
Golden Nuggets
Gold prices rose slightly Thursday amid continued concerns over the coronavirus spreading in China.
Gold was up $3.80 an ounce to $1,562.30 in afternoon trading Thursday. Silver dipped slightly to $17.77 an ounce while platinum was off $10 an ounce to $1,003. Palladium dropped off $26 to $2,339 an ounce.
Cannabis Corner
Cannabis stocks were mostly down Thursday in afternoon trading.
Aurora Cannabis Inc. (NYSE: ACB) closed the day up 1.5% while Canopy Growth Corp. (NYSE: CGC) was up 1.8%.
Stock Market Update
Markets were relatively flat Thursday as investors continued to monitor the situation with the coronavirus on China.
The Dow Jones Industrial Average fell 26 points, or 0.09% to 29,160. The S&P 500 rose 0.1% after remaining flat for most of the day and the Nasdaq Composite moved up slightly, 0.2%
In other market news, U.S. long-term mortgage rates hit their lowest level in three months.
A 30-year fixed mortgage rate dropped to 3.60% from 3.65% last week. The average 15-year mortgage rate fell to 3.04% from 3.09% the week before.
Today’s Big Winners:
Citrix Systems Inc. (Nasdaq: CTXS) +7.7%
L Brands Inc. (NYSE: LB) +5.1%
Netflix Inc. (Nasdaq: NTFX) +7.2%
Western Digital Corp. (Nasdaq: WDC) +3.3%
Boeing Co. (NYSE: BA) +2.8%
Today’s Big Losers:
VF Corp. (NYSE: VFC) -9.6%
Raymond James Financial Inc. (NYSE: RJF) -6.1%
Travelers Companies Inc. (NYSE: TRV) -5%
Align Technology Inc. (Nasdaq: ALGN) -3%
Walt Disney Co. (NYSE: DIS) -1.2%
Check back for the most important news and numbers each day after the Closing Bell, only on Money and Markets.
Don’t forget about “Marijuana Markets: a POTcast,” featuring the biggest cannabis news and investment notes from Banyan Hill’s Anthony Planas, here on Money and Markets each Saturday morning.