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Dow industrials — up 350 points earlier Friday — turn negative by midday
- History suggests the correction isn’t near over, as this chart demonstrates
- Stock-market tumble sends investors fleeing equity funds
- Head of the world’s largest hedge fund said at Davos that you’d ‘feel pretty stupid’ holding cash — how’s he feeling now?
- The Dow’s down 10%? It’s time for some buying, says longtime bear Doug Kass
- Investor pessimism hits three-month high as FOMO turns to ‘oh, no’
- Jonathan Clements: Why you shouldn’t panic about the stock-market volatility
- Panicked about a stock-market crash? What you need to remember fits on one note card
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Need to Know
High-yield bond ETFs fall toward 15-month lows, which could be worrisome for stocks
While the stock market holds steady for the moment, high-yield bond exchange-traded funds continue to fall toward 15-month lows, which may be a worrisome sign for Wall Street. "High-yield bonds are risky, and thus they tend to be more sensitive to changes in financial market liquidity," Tom McClellan, publisher of the investment newsletter McClellan Market Report, wrote in a recent research note. That's why high-yield bonds proxies tend to trade more like stocks than Treasurys, McClellan has said, so continued declines in junk-bond ETFs could be warning for more trouble for stocks. The SPDR Bloomberg Barclays High Yield Bond ETF [: jnk] is down 0.9% and the iShares iBoxx $ High Yield Corporate Bond ETF is shedding 0.8%, with both trading at the lowest levels since mid-November 2016, while the S&P 500 is down just 0.1%.
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Personal finance
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3 ways to get your taxes done free
Here are three tricks for getting your tax prep bill down to nothing or almost nothing.
![What love can teach you about money]()
What love can teach you about money
Love—and the stock market—both have their ups and downs.
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Inside MarketWatch
CBOE's stock tumbles after profit, revenue miss
Shares of CBOE Global Markets Inc. tumbled 5.5% in premarket trade Friday, after the futures and trading exchange holding company reported fourth-quarter profit and revenue that missed expectations. Net income rose to $254.6 million, or $2.26 a share, from $44.7 million, or 55 cents a share, in the same period a year ago. Excluding non-recurring items, such as a one-time $191.5 million benefit from the recent tax legislation, adjusted earnings per share came to 87 cents, below the FactSet consensus of 88 cents. Total net revenue rose to $265.6 million from $143.0 million, but missed the FactSet consensus of $267.0 million. "We delivered on our key strategic initiatives and achieved record trading in our highest-margin proprietary products, including VIX futures and options and SPX options, while continuing to launch new innovative products such as Cboe Bitcoin Futures," said Chief Executive Edward Tilly. Bitcoin futures begain trading in December, while CBOE said 2017 trading volume in futures on the VIX for 23% from 2016. The stock has shed 2.6% over the past three months through Thursday, while the S&P 500 has eased 0.1%.
Starboard launches proxy fight to oust Newell Brands board
An activist investor is launching a proxy fight to replace the entire board and CEO of the conglomerate, which makes everything from Elmer’s glue to Mr. Coffee machines, with the help of former Jarden Chairman Martin Franklin.
Priceline, TripAdvisor stocks sink after Expedia earnings fall short
Shares of online-travel businesses Priceline Group Inc. and TripAdvisor Inc. are down 2.6% and 1.9%, respectively, in premarket trading Friday after Expedia Inc. reported weaker-than-expected earnings and delivered a disappointing outlook for the full year ahead. Expedia said it would be investing heavily in marketing and working to increase its hotel inventory. All three companies have discussed ramps in ad spending in recent months. Expedia shares are down 15% in premarket trading. TripAdvisor is due to report December-quarter results on Feb. 14, while Priceline is set to report on Feb. 27. TripAdvisor shares are down 24% in the past 12 months, compared with a 12% gain for Priceline shares. Expedia's stock is little changed over that time, as the S&P 500 has gained 12%.
Expedia shares tumble 17% premarket as Benchmark downgrades to hold from buy
Shares of online travel service Expedia Inc. tumbled 17% in premarket trade Friday, after Benchmark downgraded the stock to hold from buy after disappointing earnings. "We were concerned after the management transition that the apparent inventory war brewing between Priceline (PCLN:Buy) and Expedia would weigh on the space similar to what happened in China with Qunar," analyst Daniel Kurnos wrote in a note. "However, we believed management had taken their lumps in the initial guidance, which, unfortunately, proved not to be the case." Kurnos slashed his estimates for the company and said it expects earnings to come in at the low end of the revised guidance range, "with not enough growth to offset the increased investment near-term." Expedia reported fourth-quarter profit of $55.2 million, or 35 cents a share, on sales of $2.32 billion, up from $2.09 billion a year ago. After adjustments for stock-based compensation and other effects, Expedia claimed earnings of 84 cents a share, down from $1.17 a year before. Analysts on average expected adjusted earnings of $1.15 a share on sales of $2.36 billion. Shares are down 0.2% in the last 12 months, while the S&P 500 has gained 12%.
