February PPI, Mnuchin eyes TikTok, Under Armour: 3 Things
In This Article:
February's Producer Price Index (PPI) print saw wholesale inflation rise more than expected by 0.6% month-over-month and 1.6% year-over-year.
Former US Secretary of the Treasury Steve Mnuchin is reportedly assembling an investor group to potentially buy TikTok from its parent company ByteDance amid the looming threat of a ban on the app in the United States. Mnuchin recently led the charge injecting $1 billion into regional bank New York Community Bancorp (NYCB).
Lastly, Under Armour (UA, UAA) Founder Kevin Plank is returning to the helm as CEO as Stephanie Linnartz will be stepping down from the chief executive position and leaving the company's board.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor's note: This article was written by Luke Carberry Mogan.
Video Transcript
SEANA SMITH: So let's dig into it and get right to it. The three things that you need to know, your roadmap for the trading day. Yahoo Finance's Alexandra Canal, Josh Schafer, and Brian Sozzi have more.
JOSH SCHAFER: Hey, Seana. Another hotter than expected inflation print out this morning. Producer prices rising 0.6% on a monthly basis compared to the 0.3% that was expected, and rising 1.6% year over year versus the 1.2% that was expected. We also saw retail sales tick higher in February up 0.6% in the month though slightly below expectations. Still, overall, a reversal from that slump we saw in January.
ALEXANDRA CANAL: And former Treasury Secretary Steve Mnuchin saying on CNBC this morning he is putting together an investor group to try to buy TikTok. This comes as the US House of Representatives passed a bill on Wednesday that would force TikTok's Chinese parent company ByteDance to divest the social media app or face a ban in the US. Mnuchin said he thinks the legislation should pass and that TikTok should be sold.
BRIAN SOZZI: And investors are running away from Under Armour shares on surprise news that CEO Stephanie Linnartz is stepping down after just about a year at the helm. The brand's controversial founder Kevin Plank is returning to the role after moving aside four years ago. Plank returns to see his stock price down 85% from its 2015 highs as the company bleeds market share to Lululemon, Nike, and a host of other apparel upstarts.