Plus, Trump’s lawyers question if he’s actually been impeached yet, Boris Johnson got his Brexit bill passed, and Boeing’s Starliner spacecraft failed to reach the International Space Station.
Stocks rose higher to start the last day of the week with the Dow adding 84 points, or 0.2%. The S&P 500 gained 0.4%, while the Nasdaq traded 0.2% higher.
House Speaker Nancy Pelosi and Senate Majority Leader Mitch McConnell’s impasse over the terms of the Senate’s impeachment trial against President Donald Trump deepened, with Congress leaving Washington for the holiday break without the House’s articles of impeachment being delivered to the Senate. Pelosi’s delay in handing over the impeachment case to the Senate dilutes Democrats’ argument that the issues at hand are a matter of urgent national interest, and have Trump’s lawyers asking if he has really been impeached since the articles passed by the House haven’t yet been delivered.
Chinese President Xi Jinping is not expected to attend the World Economic Forum in January in Davos, Switzerland, dashing hopes hopes for a face-to-face meeting between him and U.S. President Trump. However, Trump said in a tweet this morning that he had a “very good talk” with Xi about the phase one deal and that a formal signing of the agreement is being arranged. Beijing is expect to send its top trade negotiator, Vice Premier Liu He, to Washington to sign the deal in early January
Lawmakers in the U.K. approved Prime Minister Boris Johnson’s Brexit bill today, putting the country on course to leave the European Union by January 31, 2020. Members of Parliament have agreed to the legislation in principle and the bill will now be debated by both chambers of Parliament at the start of the new year. The new bill isn’t without controversy, though. It outlaws any extension to the U.K.’s transition period past December 31, 2020, after the country formally exits the EU, tightening the gap that the U.K. will have to establish a trade deal with the bloc and increasing the chances of a no-deal Brexit. “This deal does not bring certainty for communities or for business or the workforce,” said Labour party leader Jeremy Corbyn. “In fact, it does the opposite, and hard-wires the risk of a no-deal Brexit next year. We warned before the general election the Prime Minister’s Brexit deal was a terrible deal for our country, and we still believe int’s a terrible deal today.”
Boeing’s Starliner spacecraft failed to achieve the proper orbit to reach the International Space Station after it launched early this morning. The human-less flight was planned as one of the key tests of the Starliner before it flies astronauts. “Starliner believed it was in an orbital insertion burn… the spacecraft burned more fuel than anticipated to maintain precise control,” said NASA Administrator Jim Bridenstine, adding that the space agency is hoping to still salvage some of the test mission if possible as “we are getting good burns and are elevating the orbit of the spacecraft.” Boeing, for its part, said that it is “assessing next steps.” “The Boeing Starliner space vehicle experienced an off nominal insertion. The spacecraft currently is in safe and stable configuration. Flight controllers have completed a successful initial burn and are assessing next steps,” the company said in a statement. “Boeing and Nasa are working together to review options for the test and mission opportunities available while the Starliner remains in orbit.”
AirPods became a big business for Apple this year, according to Bernstein’s Toni Sacconaghi, who estimates the product doubled to bring in $6 billion this year. The analyst estimated that Apple could sell 85 million AirPods in 2020, generating around $15 billion in revenue, making the wireless headphones Apple’s third largest business. News also broke today that the company has a secret team working on satellites and related wireless technology working toward deploying their results within five years. It’s not clear if Apple plans to build its own satellites or if it will use existing satellites, though the company’s interest is likely to be able to transport data directly to devices, reducing the dependence on wireless carriers.
Stocks We’re Watching
Endra Life Sciences Inc (NASDAQ: NDRA): Endra Life Sciences shares jumped nearly 30% this week following the company announcing it had submitted its Technical File for CE Mark review, a major step toward commercialization of its TAEUS FLIP device. The Company’s investigational Thermo-Acoustic Enhanced UltraSound (TAEUS) system is designed to help clinicians visualize tissue function, composition, and monitor a variety of therapeutic interventions, and its first application is for identifying the amount of fat in the liver for early detection and monitoring of Non-Alcoholic Fatty Liver Disease.
PolyOne Corp (NYSE: POL): PolyOne shares are up 13% this week following the company’s announcement that it has reached a deal with Clariant AG to buy its master batches business for $1.45 billion. PolyOne CEO, President and Chairman Robert Patterson called the acquisition “truly transformational” that will help make the $4 billion company “truly global.” “it’s a perfect match and one that aligns with the world’s megatrends,” Patterson said.