Wall Street

US Construction Spending was in decline year over year for the 2nd month in a row. Because of downward revisions, construction spending is the weakest since 2015. Public construction was weaker than private construction, but both were in decline. Public sector seasonally adjusted annual rate of construction spending in August was down 2% from July. It was down 0.3% in the private sector. The chart below shows a clear picture of how weak construction spending is.

Facebook Inc (NASDAQ:FB) announced its new “Marketplace” part of its website which aims to formalize buying and selling which was occurring on its “Groups” feature. Facebook says 450 million people use its site to buy and sell goods locally. Facebook tried launching a product like this 9 years ago, but it was PC only. This new product is better integrated with mobile. eBay stock sold off on this news.

Dynavax Technologies Corporation (NASDAQ:DVAX) received requests for information from the FDA review team for its Biologics License Application looking for approval of HEPLISAV-B which is a Hepatitis B Vaccine. The firm is working with the FDA review team to resolve all questions to complete the review by the scheduled action date which is December 15th.

Deutsche Bank AG (USA) (NYSE:DB) is continuing its negotiation with the DOJ over its $14 billion fine. The stock spiked on rumors a deal would be made for $5.4 billion. This is likely to be a good estimate of what will be settled upon based on previous fines. The fine also needs to be lowered because the firm cannot afford to pay $14 billion without raising capital; the U.S. government doesn’t want to tank Germany’s largest bank. In other news, Deutsche Bank was implicated in a money laundering scandal which is engulfing Italy’s Banca Monte Dei Paschi.

Tesla Motors Inc (NASDAQ:TSLA) delivered about 24,500 vehicles in Q3. It moved 15,800 Model S cars and 8,700 Model X SUVs. This beat more than half of the analysts’ expectations for deliveries. The firm delivered 14,402 units last quarter. The company maintained guidance for 50,000 units delivered in the 2nd half. The firm made the following statement on this announcement: “Our Q3 delivery count should be viewed as slightly conservative, as we only count a car as delivered if it is transferred to the customer and all paperwork is correct. We expect Q4 deliveries and production to be at or slightly above Q3, despite Q4 being a shorter quarter and the challenge of delivering vehicles in winter weather over holidays.”