Director of government affairs
In a press release on March 19, PPG Industries (PPG) announced that it appointed Emily Elizer as the director of government affairs effective on March 18. As the director of government affairs, Elizer will lead PPG Industries’ government affairs activities, which include international and domestic public policy, political engagement, the PPG Political Action Committee, and other related compliance activities.
Before joining PPG Industries, Elizer was associated with the National Rifle Association as the state director. She was responsible for representing the organization and its members before state and local elected officials in Delaware.
Bryan Lams, PPG Industries’ vice president of corporate and government affairs, said, “Emily’s extensive experience in developing bipartisan relationships with key officials, coordinating grassroots advocacy campaigns and securing economic development incentives will make her an invaluable member of our government affairs team.”
Stock price updates
PPG Industries’ stock price fell 3.0% and closed at $106.69 for the week ending March 22. J.P. Morgan’s downgrade was likely the main reason for the lower price. J.P. Morgan expects that first-quarter headwinds in the end markets could have a negative impact on PPG Industries. Despite the sharp decline in PPG Industries’ stock price, the stock traded 0.9% above its 100-day moving average price of $105.70. The company’s 14-day relative strength index is at 40, which indicates that the stock isn’t overbought or oversold.
Investors could hold PPG Industries indirectly by investing in the iShares U.S. Basic Materials ETF (IYM). IYM fell 2.6% during the week. IYM has invested ~4.3% of its portfolio in PPG Industries as of March 22.
Last week, Cronos Group was among the biggest losses. Cronos Group fell nearly 8.4% from the closing on March 15 to the closing on March 22.
Broadcom (AVGO) stock fell ~8.5% after markets closed yesterday following the semiconductor giant's fiscal 2019 second-quarter earnings release. It missed analysts' revenue estimate and cut its fiscal 2019 revenue guidance by $2 billion to $22.5 billion due to sluggishness in its semiconductor solutions business.
The SPDR Gold Shares ETF (GLD), which tracks physical gold prices, has underperformed the broader markets year-to-date, rising just 4.4% compared to the S&P 500’s (SPY) gain of 15.9% as of June 14. The sentiment for gold, however, has been turning around.
Safe havens such as Treasuries and gold were back in favor on June 14 as stocks fell due to rising tensions in the Middle East, concerns over growth, and the looming threat of the US-China trade war. The tech-heavy Nasdaq Composite Index fell 0.67% in the first hour of trading.
Lululemon (LULU) stock rose 2.1% on June 13 in reaction to better-than-expected first-quarter results and an upgraded outlook for fiscal 2019 overall. The company's first-quarter adjusted EPS grew 34.5% to $0.74 on revenue growth of 20.4% to $782.32 million. Analysts had expected EPS of $0.70 and revenue of $755.31 million. Here's why the outlook got an upgrade.
As of 4:40 AM Eastern Time today, US crude oil active futures were at $51.83, ~4% below their closing level in the previous week. If US crude oil prices stay at those levels today, they'll mark their third week of decline in five weeks.
Kimberly-Clark (KMB) stock has risen 20.5% this year, boosted by the company’s better-than-expected sales and earnings during its last reported quarter. However, its stock could stop climbing. Here's why.