ECONOMIC SILUET: Stocks fall for a third day | Breaking down big Schwab deal

Kamis, 21 November 2019

Stocks fall for a third day | Breaking down big Schwab deal | Marble stock crashes 98%

THU, NOV 21, 2019

EVENING BRIEF

AS OF THU, NOV 21, 2019 • 04:00 ET

DJIA		27765.82
		-0.20%	-55.27

S&P 500		3103.44
		-0.16%	-5.02

NASDAQ		8506.21
		-0.24%	-20.52

Most Active

DOW
NAME	LAST	CHG	%CHG
AAPL	262.01	-1.18	-0.45%
CSCO	44.84	-0.24	-0.53%
PFE	37.74	+0.69	+1.86%

S&P 500
NAME	LAST	CHG	%CHG
AMD	39.52	-1.46	-3.56%
SCHW	48.03	+3.28	+7.33%
M	14.68	-0.34	-2.26%

NASDAQ
NAME	LAST	CHG	%CHG
AMD	39.52	-1.46	-3.56%
AAPL	262.01	-1.18	-0.45%
SIRI	6.96	+0.06	+0.87%

EDITOR'S NOTE

When the going gets tough, joining forces may be the best alternative.

A source told CNBC's Becky Quick that discount brokerage Charles Schwab was in talks to buy rival TD Ameritrade. The news sent both stocks surging.

The potential merger comes as brokerages face pressure from plummeting fees, a longtime revenue stream for such companies, writes CNBC's Maggie Fitzgerald. Last month, Schwab tossed its trading commission fees out the window and TD Ameritrade followed suit.

But the possible combination also has massive ramifications for the financial advisory business. Charles Schwab has approximately $3.8 trillion in client assets while TD Ameritrade has $1.3 trillion. A deal would not only create a giant asset manager, writes CNBC's Darla Mercado. It also reduces the number of choices investors have for retirement investment advisors, or RIAs.

The broader stock market was far less exciting with the major averages holding a tight trading pattern for most of the session Thursday and ultimately falling for a third day as investors tried to make sense of the latest U.S.-China trade developments. Trading around macro factors such as U.S.-China can be hard, just ask Louis Bacon.

Bacon, who made his name trading around macro events such as wars, is returning capital to investors after 30 years in the business, writes CNBC's Tom Franck. He cited "disappointing returns" from his flagship Remington funds this year. Still, Bacon's career as a macro trader is rivaled by few. Moore Capital, Bacon's hedge fund, has a cumulative return of more than 21,000% since the Remington funds were launched.

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