Worries about a trade war continue to batter stocks worldwide.
Suits over climate change were decided in favor of big oil. According to The Wall Street Journal:
A federal judge on Monday dismissed lawsuits by the cities of San Francisco and Oakland alleging that five of the world’s largest oil companies should pay to protect the cities’ residents from the impacts of climate change.
U.S. District Judge William Alsup granted a motion by the companies— BP PLC, Royal Dutch Shell PLC, Exxon Mobil Corp. , ConocoPhillips and Chevron Corp. —to dismiss the suits, ruling that while global warming was a real threat, it must be fixed “by our political branches.
The FDA approved the first drug with chemicals from pot. According to The Wall Street Journal:
The U.S. Food and Drug Administration approved the first prescription drug derived from the marijuana plant, as a treatment for rare forms of epilepsy that primarily afflict children.
The FDA said Monday that it cleared GW Pharmaceuticals PLC’s Epidiolex, also known as cannabidiol, to reduce seizures associated with forms of epilepsy known as Lennox-Gastaut syndrome and Dravet syndrome, in patients 2 years of age and older.
There was another M&A deal in the media industry. According to The Wall Street Journal:
Gray Television Inc. has agreed to buy fellow television-station owner Raycom Media Inc. in a $3.65 billion deal that would create a company that reaches nearly a quarter of U.S. TV households.
The move comes amid consolidation in the TV industry as station owners look to increase their leverage with broadcast networks, which supply much of their programming, and pay-TV distributors, which carry their channels.
Bitcoin staged a small rally after a long collapse. According to CNBC:
Bitcoin bounced back Monday after falling below $6,000 on Friday. But blockchain venture capitalist Spencer Bogart, who said he’s “super bullish on crypto right now,” told CNBC that prices will likely go lower.
“If we go back to the summer of 2017, when crypto prices were booming, there was about a 100, 200, maybe 300 new crypto hedge funds that were formed,” Bogart, who is a partner at Blockchain Capital in San Francisco, said on “Fast Money” Monday.
Wells Fargo & Co. (NYSE: WFC) was charged for bad behavior again. According to CNNMoney:
Wells Fargo is once again being accused of misconduct, this time because it allegedly used complex financial investments to take advantage of mom-and-pop investors.
The Securities and Exchange Commission said on Monday that between 2009 and 2013, Wells Fargo (WFC) reaped large fees by “improperly encouraging” brokerage clients to actively trade high-fee debt products that were intended to be held to maturity.
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