Business News

An Almost Perfect Correlation

While we slept in was reported China's manufacturing sector contracted at the fastest pace since 2012 in January.  That added worries about oil demand from the world's second-biggest economy at a time when the market is already weighed down by a large supply overhang. For the last month or so oil and the stocks have assumed an almost perfect correlation.  So you got it oil is down and so are stocks. (Bloomberg)

The health insurer Aetna had a profit of $1.37 per share in the fourth quarter, above estimates. Revenue also beating forecasts. Aetna was helped by improved membership numbers and margins in its Medicare business. (CNBC)

Drug distributor Cardinal Health earned a profit of $1.30 per share in Q4, better than expected as were sales.  The company said its results were boosted by growth in its customer base and solid fundamentals. (CNBC)

It is no longer buying the world a Coke. Coca-Cola has taken 40% stake in Nigerian juice and snack Chi as it continues its push into Africa. (Bloomberg)

Boeing won the contract to begin preliminary work on a new fleet of Air Force One presidential jets, based on its 747-8 model. The initial contract is worth $25.8 million, while estimates put the deal's total worth at $1.65 billion. (CNBC)

The S&P 500 is down 18 and the NASDAQ is down 32. The MSCI international index is flat.

Oil is down $1.16 at $32.43 a barrel.

Gold is up $6 at $1113 a Troy ounce.

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