Reuters - Daily Investor Update

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Tuesday, July 11, 2017

Snap shares drop on downgrade by lead underwriter Morgan Stanley

(Reuters) - Snap Inc shares tumbled on Tuesday after Morgan Stanley, the lead underwriter on the company's initial public offering, downgraded the stock and raised concerns about the social media company's ability to compete with Facebook Inc's Instagram.

Factbox: Snap IPO underwriters' coverage

(Reuters) - Snap Inc's shares dropped 5.2 percent in early trading on Tuesday, after lead IPO underwriter Morgan Stanley downgraded the stock and slashed its price target.

Investors pay top dollar to short Snap

NEW YORK (Reuters) - Short-sellers placed more bets that shares of social media company Snap Inc would continue to fall on Tuesday, representing about 2.4 percent of trading volume in the stock, even though Snap is one of the most expensive shares on Wall Street to borrow.

Exxon blocked from enforcing Venezuela arbitration award: U.S. appeals court

NEW YORK (Reuters) - A U.S. appeals court said on Tuesday that Exxon Mobil Corp cannot enforce a large international arbitration award against Venezuela stemming from an asset seizure in 2007, when the country was nationalizing its oil industry.

Higher prices, healthier snacks drive PepsiCo profit beat

(Reuters) - PepsiCo Inc's second-quarter profit topped estimates, as the company sold more higher-margin healthier foods such as baked chips and raised prices on its drinks in North America.

Wall Street partly recovers after falling on Trump Jr emails

(Reuters) - U.S. stocks pared some of its losses on Tuesday after falling sharply as emails disclosed by President Donald Trump's eldest son cited Russian support for his father's election campaign.

Get on Twitter, @Lagarde tells policymakers

DUBROVNIK, Croatia (Reuters) - How do you explain the European Central Bank's capital key in 140 characters? Or the U.S. Federal Reserve's dot plot?

Chief of bitcoin exchange Mt. Gox denies embezzlement as trial opens

TOKYO (Reuters) - The 32-year-old chief executive of defunct Mt. Gox pleaded not guilty on Tuesday to charges relating to the loss of hundreds of millions of dollars worth of bitcoins and cash from what was once the world's biggest bitcoin exchange.

U.S. says 2.7 million additional Takata inflators to be recalled

WASHINGTON (Reuters) - The U.S. National Highway Traffic Safety Administration said Tuesday that new testing is prompting Takata Corp to declare 2.7 million air bag inflators defective in Ford Motor Co , Nissan Motor Co and Mazda Motor Corp vehicles.

Oil jumps almost 2 percent after European storage data

NEW YORK (Reuters) - Oil prices surged almost 2 percent on Tuesday along with rising gasoline and heating oil futures after a report showed European product stockpiles fell despite an increase in refinery crude runs.