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Car trouble in Japan; Adidas soars; Pandora CEO out

1. Car trouble in Japan: Shares in Suzuki, Yamaha and Mazda took a hit on Thursday after Ja...

Posted: Aug 9, 2018 1:18 PM
Updated: Aug 9, 2018 1:18 PM

1. Car trouble in Japan: Shares in Suzuki, Yamaha and Mazda took a hit on Thursday after Japanese regulators said the automakers had admitted to improper handling of fuel economy and emissions tests.

Suzuki stock dropped 6%. Yamaha and Mazda suffered smaller losses.

The issues came to light after regulators ordered internal investigations at automakers following emissions scandals at Nissan and Subaru.

Suzuki, Yamaha and Mazda each apologized in statements.

2. Score one for Adidas: Shares in Adidas jumped as much as 9% in Frankfurt after the company reported earnings.

The German sportswear firm said that second quarter sales rose 10% over the previous year. CEO Kasper Rorsted said the company got a boost from the World Cup, and its "strategic focus areas North America, Greater China and e-commerce."

While Adidas performed well, sales at its Reebok brand dropped 3% in the second quarter.

3. Not so charming: Jewelry maker Pandora said that CEO Anders Colding Friis will step down by the end of the month.

Shares in the Danish company slumped 24% on Tuesday after it warned its sales would be weaker than expected. The stock has lost roughly half its value this year.

Shares rebounded 3.4% on Thursday after the company announced the departure of Friis. The company will hold an investors' call on Thursday.

4. Russian pain: The Russian ruble fell 1.2% against the dollar, extending its losses for the week.

The Trump administration announced Wednesday that it will impose more sanctions on Russia following the poisoning of a former Russian agent and his daughter in the United Kingdom.

Russian stock markets also fell.

5. Global market overview: US stock futures were flat.

European markets opened mostly lower. Stocks in Asia posted gains.

The Dow Jones industrial average closed 0.2% down on Wednesday, while the S&P 500 was flat. The Nasdaq added 0.1%.

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

6. Earnings and economics: Canada Goose, Coca-Cola European Partners, Gannett, Party City, Tribune Media and Viacom will release earnings before the open.

Funko, Lions Gate Entertainment, News Corp., Tronc and Planet Fitness will release earnings after the close.

The US Bureau of Labor Statistics will release its July inflation report at 8:30 a.m. ET.

Markets Now newsletter: Get a global markets snapshot in your inbox every afternoon. Sign up now!

7. Coming this week:
Thursday — Viacom and Tronc earnings, PPI report, Samsung holds its "Unpacked" event
Friday — CPI report

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