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 Mega-cap stocks struggle when borrowing costs rise.
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 Shares of Phunware Inc. surged more than 1,000% early Friday, as a special-purpose acquisition company, or SPAC, called Digital World Acquisition Corp. , was revealed to be merging with an entity called Trump Media & Technology Group. Austin-based Phunware is an advertising startup that has been associated with former President Donald Trump's 2020 presidential campaign, and appeared to be getting a lift from the DWAC SPAC deal, which apparently represents the former president's latest attempt to launch a social-media platform. Meanwhile, shares of DWAC were up 190% on Friday, contributing to a 1,345% weekly gain for the entity. Trump announced that he expects to upend Silicon Valley via a new app called TRUTH Social, which will be a property of the newly formed social-media company Trump Media & Technology Group. Digital World closed up 356.8% on Thursday, marking the best first day of trading ever by a SPAC, according to Dow Jones Market Data. Meanwhile, Phunware's market value is just $116 million, FactSet data show, even with the surge in its stock on Friday.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Sonoco-Alcore S.a.r.l., a Belgian unit of packaging company Sonoco Products Co. , said Friday it is raising priced on all tube and core grades sold in the EMEA region by 50 euros ($58.20) per ton, or 50 pounds in the U.K., due to continued inflationary pressures. The increase will effective for all shipments made on or after Nov. 1, the company said. "The new headline news is energy with the massive increases all industries are now seeing across Europe. Other cost areas still continue to rise in addition, and we remain very active in offsetting as much as we can to assist our customers. The speed and magnitude of the energy increase has simply left us with no option but to pass it on," said Karsten Kemmerling, division VP - sales & marketing EMEA. Sonoco shares were not yet active premarket, but are up 0.5% in the year through Thursday, while the S&P 500 has gained 21%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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