Stocks edge lower…Morgan Stanley to buy E-Trade… Victoria’s Secret being sold
NEW YORK (AP) – Stocks are edging lower in early trading on Wall Street following a record-setting day for major indexes. The virus outbreak originating in China remains a lingering concern as more companies say they’ll be affected. Technology and health care companies are falling. Companies that rely on consumer spending are holding up better than most. Industrial companies are also faring well. E-Trade soared after agreeing to be acquired by Morgan Stanley. Bond prices rose, sending yields lower.
NEW YORK (AP) – Morgan Stanley is buying online brokerage E-Trade for about $13 billion. Discount brokers like E-Trade have engaged in a vicious fight for customers since late last year, when Charles Schwab Corp. announced that it would eliminate the fees it charges customers for trades. Weeks later, Charles Schwab and TD Ameritrade Holding Corp. said they would merge, creating a colossus of a rival for E-Trade. In the all-stock deal, E-Trade shareholders will receive 1.0432 Morgan Stanley shares for each share they own.
NEW YORK (AP) – Victoria’s Secret is being sold. The company has been beset by falling sales and uncomfortable questions about its billionaire founder who has run the company for five decades. Company owner L Brands says the private-equity firm Sycamore Brands will buy 55% of Victoria’s Secret for about $525 million. The Columbus, Ohio company will keep the remaining 45% stake. L Brands has come under scrutiny because CEO Les Wexner has ties to the late financier Jeffrey Epstein, who was indicted on sex-trafficking charges. Wexner will step down after the transaction is completed.
BANGKOK (AP) – Thailand’s government is scrambling to cope with new travel restrictions after Israel banned the citizens of Thailand and three other Asian countries and territories from entering over concerns about a new virus. Israel announced on Monday that it’s refusing entry to all foreign nationals who traveled to Thailand, Singapore, Hong Kong and Macau during the past 14 days. Israeli citizens and residents will be isolated at home for 14 days after their return from areas at risk.
LONDON (AP) – Britain’s new 20-pound note went into circulation today. The note, worth about $29, replaces the image of a pioneering economist with a battered warship being towed away for scrap. The polymer banknote replaces a paper predecessor bearing the image of 18th-century economist Adam Smith. The new version features a self-portrait of artist J.M.W. Turner alongside his painting “The Fighting Temeraire.” The HMS Temeraire helped win the 1805 Battle of Trafalgar.