The Traderszone Network

Jim Cramer says stocks are finally out of crazy town. Don’t give up on 2016, yet — there are plenty of good things brewing.

Asian stocks fell on Wednesday as Beijing continued guiding the yuan lower and a survey pointed to weakness in China’s services sector, while the Japanese yen drew support from risk aversion. MSCI’s broadest index of Asia-Pacific shares outside Japan lost 1 percent. Japan’s Nikkei (.N225) dropped 1.1 percent.

BERLIN/WASHINGTON (Reuters) – Volkswagen is struggling to agree with U.S. authorities a fix for vehicles capable of cheating emissions tests, a VW source said on Tuesday, showing how relations between the two sides remain strained four months after the cheating came to light. The source said the German carmaker would hold further talks with the Californian Air Resources Board this week and with the U.S. Environmental Protection Authority (EPA) next week, and still hoped to reach a solution by a mid-January deadline.

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A sale would represent the latest effort by Verizon, the No. 1 U.S. wireless carrier, to streamline its portfolio following a divestment last year of a chunk of its landline business and a portfolio of wireless towers. It would also mark a reversal of its strategy to expand in hosting and colocation services after it acquired data center operator Terremark Worldwide Inc in 2011 for $1.4 billion.

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Oil prices edged higher on Wednesday, rebounding from near 11-year lows in the previous session as concerns over growing supply and rising stock levels outweighed tensions between key Middle East producers. A rift between Saudi Arabia and Iran over the Saudi execution of a Shi’ite cleric failed to boost prices this week, as it appeared to put an end to speculation that OPEC members could agree production cuts to lift prices. U.S. crude for February delivery was 19 cents higher at $36.16 a barrel at 0124 GMT (2024 ET), after slipping 79 cents in the previous session.

The source did not clarify whether the CEO would be temporary or would permanently replace Pearson, 56, who is recovering from a severe case of pneumonia. Pearson’s hospitalization, disclosed on Dec. 25, is the latest challenge for the Canadian drugmaker whose shares have fallen nearly 60 percent since late August in the face of questions from Congress, investors and customers about how it prices and sells drugs. Valeant only last week said a group of company executives would take over for Pearson until he returned, an unusual arrangement that sent shares diving.

The recall involves Sam’s Choice Black Angus Vidalia Onion brand beef patties supplied by the Minnesota-based Huisken Meat Company, according to the release dated Monday. Sam’s Choice products are sold exclusively in Wal-Mart stores. Wal-Mart has told its stores to pull and destroy the product, a company spokesman said, adding that customers who had purchased the item could return it for a refund.