Here is what you need to know.
- It’s jobs day in America. Economists surveyed by Bloomberg forecast that the employment report for May will show that nonfarm payrolls increased by 175,000 and that the unemployment rate held at 3.6%.
- Beyond Meat crushed its first earnings report as a public company. Shares gained as much as 28% premarket and are up by more than 300% since the company went public in May.
- Elliott Management has agreed to buy Barnes & Noble. The troubled bookseller will be acquired for $US6.50 a share in an all-cash transaction valued at about $US476 million, according to a statement.
- Facebook will reportedly debut a cryptocurrency system as early as this month. Facebook has been in discussions with dozens of financial institutions and tech companies that will oversee the new cryptocurrency and contribute funding to the program, The Information reported.
- Cloudera crashed 42% for its largest intraday drop on record. The move came both as the software company’s dismal first-quarter earnings report prompted Wall Street to issue scathing mea culpas and as the CEO’s departure was announced.
- Tesla’s largest institutional investor explained to us how the firm decides it’s time to ditch a company. Baillie Gifford increased its stake in the electric-car maker in the first quarter amid a flood of controversial news.
- Buying the stocks loved by both hedge funds and mutual funds has produced supercharged returns, Goldman Sachs says. The firm identified 12 companies that fit the bill.
An overlooked signal of the stock market’s future suggests a tough road ahead, Morgan Stanley says. Narrow leadership and overt divergence between market sectors worsens the overall equity outlook for 2019, according to the firm’s chief US equity strategist.
- Politics, miscommunication, and ‘betrayal’ of Nissan crashed Fiat Chrysler’s deal with Renault. The deal fell apart over the French government’s fears that the Japanese automaker Nissan, a longtime partner of Renault, wasn’t on board and could undermine the tie-up in the future, according to Bloomberg.
- US stock futures are higher ahead of the jobs report. Dow futures gained 71 points, or 0.3%.
Business Insider Emails & Alerts
Site highlights each day to your inbox.