In other news, the founder and executives of Insys Therapeutics Inc have been found guilty by a federal jury for bribing doctors to prescribed the synthetic opioid fentanyl. They were also accused of lying to insurance companies.
Meanwhile, Trump spoke to his boss Putin for an hour this morning and, for reasons, they discussed the Mueller report.
Finally, fund managers don't know how to financially plan around the impact climate change is having on the agricultural industry so some managers are investing in companies that tend to do better when everything is a disaster.
“I just don’t know how to value these companies now,” said Christopher Terry, a portfolio manager at Hodges Capital in Dallas. “It’s harder to invest around a theme when you’re talking multi-decade impacts.”
More extreme weather in the Midwest, for instance, will boost the cost of grains for feed, which will cut margins of egg producers like Cal-Maine Foods Inc, he noted. Barge companies such as Kirby Corp that move commodities down the Mississippi River may have more days that operations are out of service because of flooding, he added.
Other fund managers said they were seeking agricultural companies that might actually benefit from more severe weather.
Michael Underhill, chief investment officer at Capital Innovations, said he is focusing on midstream companies such as grains merchant Archer Daniels Midland Co and production companies like equipment maker Deere & Co that may benefit from greater volatility in commodity prices. ADM has a proven track record of hedging commodity bets, he said, while Deere may benefit if higher crop prices following extreme weather prompt farmers to invest in new machinery.
Have a good weekend!