Delta is going green, while Nvidia and Canopy had big days and more in today’s Closing Bell on Money and Markets.
The Top Story
At least one U.S. airline is planning to be carbon neutral by the end of the year.
Delta Air Lines Inc. (NYSE: DAL) CEO Ed Bastian said the company will invest $1 billion over the next 10 years to limit the impact of air travel on the environment.
“There’s no challenge we face that is in greater need of innovation than environmental sustainability, and we know there is no single solution,” Bastian said in a statement.
With the investment, Delta will become the first carbon-neutral airline globally. It provided no details on how it will invest the money.
It’s not the first time Delta has looked at ways to reduce its impact on the environment.
The company previously pledged to cap its greenhouse gas emissions at 2012 levels even with a 20% growth in carbon offset purchases.
The new investment will begin in March.
“We are on a journey, and though we don’t have all the answers today, we know that our scale, along with investments of time, talent and resources will bring meaningful impact to the planet and ensure the sustainability of our business for decades to come,” Bastian said.
Delta shares fell 0.4% Friday.
Money and Markets: Closing Bell*
S&P 500: 3,380 (+6 points, +0.1%)
DOW: 29,398 (-25 points, -0.1%)
NASDAQ: 9,731 (+19 points, +0.2%)
GOLD: $1,582.70 (+$7, +0.4%)
BITCOIN: $10,383 (+$187.54, +1.8%)
U.S. 10-YEAR YIELD: 1.58%
*- as of 4:15 p.m.
A Big Win
In Friday’s Wall Street Wake-Up, we told you about strong earnings reported by Nvidia Corp. (Nasdaq: NVDA). The company also reported strong demand heading into the next quarter. Shares of Nvidia rose 7% Friday (Check out our analysis of Nvidia’s earnings here).
M&A News
Citizens Financial Group Inc. (NYSE: CFG) is acquiring Los Angeles-based advisory firm Trinity Capital. The deal will allow Citizens Financial to expand its corporate finance division. Terms of the deal were not disclosed.
U.K.-based Domino’s Pizza Group is divesting its entire position in Norwegian-based DP Norway. Domino’s is selling a 71% stake to Pizza Holding and EYJA Fjarfestingafelag III EHF for approximately $9.1 million.
Golden Nuggets
Gold prices rose to new highs against the euro and the Japanese yen Friday as investors continue to fear the spread of the coronavirus.
The price of gold futures jumped 0.4% to 1,582.70, marking the second day of gains for the precious metal.
Silver prices also increased Friday. Futures moved up 0.6% to $17.73 an ounce — inching it closer to the elusive $18 mark. The price of platinum did fall 0.4% to $964 an ounce while palladium pared back from Thursday’s gains to $2,310 an ounce.
Cannabis Corner
Cannabis giant Canopy Growth Corp. (NYSE: CGC) turned in a massive earnings report Friday.
Revenue came in above Wall Street estimates while earnings per share losses were less than anticipated.
Shares of Canopy Growth surged 13% Friday.
The report carried to other companies in the cannabis market as other big players experienced gains during the day.
Aurora Cannabis Inc. (NYSE: ACB) shares rose 7.4% while Cronos Group Inc. (Nasdaq: CRON) stock jumped more than 6.8% during the day.
Stock Market Update
Google fired back against what it called an “eye-catching” $2.6 billion fine from European Union officials.
On Friday, the subsidiary of Alphabet Inc. (Nasdaq: GOOG) said the fine “is not justified by the actual facts of the case.”
The challenge came on the final day of a three-day hearing at the General Court. It’s just one of the three battles the company has with EU antitrust groups. The other two will be heard in the coming months.
In other market news, the Dow Jones Industrial Average was on track to close out Friday with a loss. The index fell 0.1%. The S&P 500 and Nasdaq Composite rose slightly.
Today’s Big Winners:
Expedia Group Inc. (Nasdaq: EXPE) +11%
Nvidia Corp. (Nasdaq: NVDA) +7%
Mohawk Industries Inc. (NYSE: MHK) +4%
Illumina Inc. (Nasdaq: ILMN) +2.6%
Visa Inc. (NYSE: V) +1.4%
Today’s Big Losers:
IPG Photonics Corp. (Nasdaq: IPGP) -7%
Arista Networks Inc. (NYSE: ANET) -5.9%
American International Group Inc. (NYSE: AIG) -4.8%
Liberty Global PLC (Nasdaq: LBTYK) -3.7%
IBM Corp. (NYSE: IBM) -2.3%
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.
Note: The markets are closed Monday, so we will not have the Closing Bell. We will resume a normal schedule Tuesday.