China’s bold move Tuesday to sharply devalue its currency could squeeze exporters around the world whose goods are likely to become costlier versus Chinese products.
The Standard & Poor’s 500 index fell 20.11, or 1 percent, to 2,084.07. The Dow Jones industrial average fell 212.33, or 1.2 percent, to 17,402.84. The Nasdaq composite index fell 65.01, or 1.3 percent, to 5,036.79.
The action has also intensified fears about the weakening of the world’s second largest economy, whose growth rate has reached a six-year low as its exports have steadily dwindled.
A cheaper yuan will benefit China’s products by making them less expensive overseas. Yet those gains could come at the expense of manufacturers in other countries, including the United States and Europe. U.S. exporters have long complained that China manipulates its currency to gain a trade advantage. Some members of Congress have backed legislation to impose retaliatory tariffs.
China’s currency move also set off a sharp selloff in global financial markets. Oil, copper and other commodity prices fell as traders anticipated weaker demand from China. That led to big drops in energy and material stocks. Companies that derive a large part of their sales from China, such as Apple and Yum Brands, also fell sharply.
Yamana Gold Inc. (NYSE:AUY) finished last trade at $2.12, gaining +0.04%. Trading volume recorded for this company was about 15.32 million shares as compared to its average volume of 11.51 million shares. The share price rushed almost +0.04% in the last one month while its 52 week high is $9.04. The company has the total of 946.35M outstanding shares while its market capitalization is now about $1.97B. Yamana Gold, Inc. (NYSE:AUY) announced its financial and operating results for the second quarter 2015. Total gold production of 298,818 ounces representing a 7% increase in gold production from continuing operations compared to the second quarter of 2014; including 9% increase in gold production at core operations(1) compared to the second quarter of 2014.Total gold production of approximately 604,000 ounces to mid-year.
Kinder Morgan Inc (NYSE:KMI) closed at $32.90, up +0.40%, on volume of over 15.59 million shares. The share price fell -1.94% in the last 5 days. The company has an average trading volume of 14.05 million shares. In the time frame of the last one month, shares dropped almost -5.19%. Its market capitalization was $71.26B. Kinder Morgan, Inc. (NYSE:KMI) reported it has begun to receive Powder River Basin volumes into its Double H pipeline system via a newly constructed connection near Douglas, Wyoming, for crude oil deliveries to Guernsey, Wyoming, increasing its system capacity to approximately 99,000 barrels per day (bpd). The Powder River Basin project is the result of the successful open season held earlier this year on the local Double H pipeline and the joint Hiland/Pony Express systems which resulted in additional commitments to the Double H pipeline from sources in North Dakota and Wyoming.
Comcast Corporation (NASDAQ:CMCSA) traded with -0.66% lost momentum to $58.79 in the latest trading session It captured $148.95B in market value. The total number of shares traded on the latest trading day was about 16.53 million shares. The day started out with an opening price of $59.07 and changed hands at price range of $58.43 to $59.35 apiece. Comcast Corporation (NASDAQ:CMCSA) publicized as part of its ongoing commitment to California that it has made a significant investment in the Santa Cruz area and will launch 30 new television networks, increase the speeds of two of its residential Xfinity Internet tiers at no additional cost to customers, and introduce four new tiers of Internet service for commercial business customers. All of the additions and changes have taken place on August 11th.
Rite Aid Corporation (NYSE:RAD) shares touched a high of $8.91 before closing at $8.85, a plunge of -0.09%. The trading volume was 15.72 million shares. Its shares advanced about 2.77% since the start of year and has at 0.91% gain momentum in last three months. Rite Aid Corporation (NYSE:RAD) proclaimed recently that all of the Company’s nearly 4,600 stores nationwide will begin accepting mobile payments, including Apple PayTM and Google Wallet TM, starting Saturday, August 15. The Company will also accept Google’s forthcoming Android Pay TM. Additionally, all Rite Aid stores will also accept tap and pay credit and debit cards.