SoftBank IPO; Carlos Ghosn indicted; Huawei and markets

1. SoftBank goes bigger: SoftBank is raising $23.5 billion from the IPO of its Japanese mob...

Posted: Dec 10, 2018 11:17 AM
Updated: Dec 10, 2018 11:17 AM

1. SoftBank goes bigger: SoftBank is raising $23.5 billion from the IPO of its Japanese mobile business, making it the second biggest stock market listing ever.

Strong demand from investors for a piece of one of Japan's biggest wireless carriers prompted the tech company to increase the number of shares available by 160 million.

Banking, finance and investments

Bond markets

Brexit

Business figures

Business, economy and trade

Company activities and management

Company earnings

Consumer prices

Continents and regions

Economic conditions

Economic decline

Economic indicators

Economy and economic indicators

Europe

European Union

Financial markets and investing

Financial performance and reports

Financial results

Government organizations - Intl

Inflation

North America

Northern Europe

Recession

Securities trading

Stock indexes

Stock markets

Sundar Pichai

The Americas

United Kingdom

United States

Yield curve

Wall Street

Asia

East Asia

Japan

Companies

Nissan Motor Corporation

Carlos Ghosn

Crime, law enforcement and corrections

Criminal law

Financing and stock offering

Indictments

Initial public offering

Law and legal system

SoftBank Group Corp

Huawei Technologies Co Ltd

Technology

China

Government and public administration

Government bodies and offices

Government departments and authorities

International relations

International relations and national security

State departments and diplomatic services

It priced the shares at 1,500 yen ($13) each, raising a total of 2.65 trillion yen ($23.5 billion), according to a regulatory filing on Monday.

Listing the mobile business is a key part of CEO Masa Son's efforts to reposition SoftBank (SFTBY) as a global tech investor.

The transaction splits the company in two, allowing investors to choose between its mobile unit and its tech investment business. Shares in the mobile unit begin trading in Tokyo on December 19.

2. Nissan trouble: Nissan (NSANY) and its former executive Carlos Ghosn have been indicted in Japan on allegations of financial misconduct.

Shares in Nissan took a hit from the news, dropping 2.9% in Tokyo.

Tokyo prosecutors said they indicted Ghosn and Nissan for under-reporting his income over a five-year period and are investigating allegations that the practice went on for even longer.

Ghosn's sudden downfall began when he was arrested last month. He has since been ousted as chairman of Nissan and Mitsubishi Motors (MMTOF) and temporarily replaced as head of France's Renault (RNSDF).

3. Huawei and markets: Investors are watching for trade fallout after the arrest of a top Chinese tech executive wanted by the United States.

The detention of Huawei CFO Meng Wanzhou in Canada has put a new strain on the tense relationship between Washington and Beijing just as the two sides are trying to negotiate an end to their damaging trade war.

The Chinese Foreign Ministry said over the weekend that it has summoned the US and Canadian ambassadors to address the arrest, which it described as "lawless, reasonless and ruthless."

Much rides on the outcome of Meng's bail hearing, which continues Monday in Canada.

US stock futures were lower. European markets opened with losses, following the trend set in Asia. Investors moved into safe haven assets including the Japanese yen.

"Hopes of fruitful trade negotiations have taken a beating since the optimism that was around a week ago when the Buenos Aires G20 meeting prompted hope of a rally into the end of the year for equities," said Kit Juckes, a strategist at Societe Generale.

The Dow closed down 2.2% on Friday, bringing its total loss for the week to 4.5%. The S&P 500 shed 2.3% and the Nasdaq slumped 3.1%.

Before the Bell newsletter: Key market news. In your inbox. Subscribe now!

4. Earnings and economics: Stitch Fix (SFIX) will release earnings after the close.

Japan's economy contracted at an annualized rate of 2.5% in the third quarter, according to new data. The slump was much worse than the previous estimate of a 1.2% contraction.

French President Emmanuel Macron is expected to address the nation after a fourth weekend of protests. France's central bank slashed its quarterly growth estimate to 0.2% from 0.4% compared to the previous three months.

5. Coming this week:
Monday — Stitch Fix (SFIX) earnings
Tuesday — Parliament votes on Theresa May's Brexit deal; Google CEO Sundar Pichai testifies before Congress; PPI report
Wednesday — CPI report
Thursday — Adobe (ADBE) and Costco (COST) earnings
Friday — US retail sales data

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 319115

Reported Deaths: 7353
CountyCasesDeaths
DeSoto22246264
Hinds20612421
Harrison18342316
Rankin13855282
Jackson13666248
Madison10213224
Lee10050176
Jones8452167
Forrest7810153
Lauderdale7253242
Lowndes6488149
Lamar632288
Lafayette6295120
Washington5412136
Bolivar4833133
Panola4659110
Oktibbeha465898
Pearl River4591146
Marshall4571105
Warren4436121
Pontotoc424573
Union415576
Monroe4154135
Neshoba4059179
Lincoln4007111
Hancock385187
Leflore3514125
Tate342386
Sunflower339391
Pike3366110
Alcorn323272
Scott319274
Yazoo313971
Adams304785
Itawamba304777
Copiah299666
Coahoma298283
Simpson297889
Tippah291168
Prentiss283361
Leake271674
Marion271280
Covington266683
Wayne264442
Grenada264087
George251851
Newton248563
Tishomingo230867
Winston229881
Jasper222048
Attala214973
Chickasaw210459
Holmes190374
Clay187454
Stone187233
Tallahatchie179941
Clarke178980
Calhoun173732
Yalobusha167740
Smith164034
Walthall135147
Greene131633
Lawrence131024
Montgomery128643
Noxubee127934
Perry126638
Amite125942
Carroll122330
Webster115032
Tunica107927
Jefferson Davis107633
Claiborne102930
Benton102225
Humphreys97533
Kemper96628
Franklin84923
Quitman81816
Choctaw79018
Wilkinson69332
Jefferson66228
Sharkey50817
Issaquena1696
Unassigned00

Alabama Coronavirus Cases

Cases: 547323

Reported Deaths: 11266
CountyCasesDeaths
Jefferson808021563
Mobile41925826
Madison35600522
Tuscaloosa26136458
Shelby25554254
Montgomery25067610
Baldwin21774313
Lee16234175
Calhoun14692325
Morgan14614285
Etowah14132361
Marshall12443230
Houston10748287
Elmore10295212
Limestone10180157
St. Clair10146250
Cullman9921200
Lauderdale9582248
DeKalb8955189
Talladega8441184
Walker7318279
Autauga7215113
Blount6925139
Jackson6900113
Colbert6394139
Coffee5616126
Dale4928114
Russell454441
Chilton4461116
Franklin430683
Covington4263122
Tallapoosa4117154
Escambia400280
Chambers3715123
Dallas3604156
Clarke352861
Marion3231106
Pike313978
Lawrence3121100
Winston283372
Bibb267364
Geneva256981
Marengo250565
Pickens236562
Barbour234559
Hale226578
Butler223371
Fayette217162
Henry193843
Cherokee187245
Randolph186844
Monroe179141
Washington170339
Macon163051
Clay159559
Crenshaw155057
Cleburne152543
Lamar145837
Lowndes141953
Wilcox127030
Bullock124242
Conecuh112930
Coosa111129
Perry108726
Sumter105732
Greene93434
Choctaw61725
Out of AL00
Unassigned00
Tupelo
Clear
79° wxIcon
Hi: 94° Lo: 74°
Feels Like: 83°
Columbus
Clear
73° wxIcon
Hi: 93° Lo: 73°
Feels Like: 73°
Oxford
Clear
73° wxIcon
Hi: 92° Lo: 74°
Feels Like: 73°
Starkville
Clear
72° wxIcon
Hi: 92° Lo: 73°
Feels Like: 72°
Rain and thunderstorms will continue into this afternoon and evening. However, drier weather is in store for next week.
WTVA Radar
WTVA Temperatures
WTVA Severe Weather