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 NEWS: MARKETWATCH MARKETPULSE
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   NEWS: MARKETWATCH MARKETPULSE
MarketWatch MarketPulse
Dec 08, 2022

Cooper Cos. sales forecast squeaks past estimates
Medical-products maker Cooper Cos. on Thursday forecast sales for the year ahead that were above expectations, helped by what management said were "share gains in contact lenses and fertility," even though its profit forecast came up short. The company - which makes contact lenses, along with equipment used in fertility clinics and medical offices - forecast full-year fiscal 2023 sales of between $3.455 billion and $3.515 billion and adjusted earnings per share of $12.30 to $12.60. The sales outlook was slightly above FactSet forecasts for $3.452 billion, but the profit outlook was below estimates for adjusted earnings of $13.10 a share. Shares were unchanged after hours. Cooper reported fourth-quarter net income of $65.6 million, or $1.32 a share, down from $110.3 million, or $2.21 a share, in the same quarter last year. Sales rose 12% to $848.1 million, compared with $759.1 million in the prior-year quarter. Adjusted for some expenses and taxes, Cooper earned $2.75 a share, down 16% from the company's fourth quarter last year. Analysts polled by FactSet expected adjusted earnings per share of $3.11, on revenue of $838.7 million.

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.



MarketWatch MarketPulse
Dec 08, 2022

Bath & Body Works stock gains after Third Point discloses 6% stake
Shares of Bath & Body Works Inc. were rising more than 5% in after-hours trading Thursday after Third Point LLC disclosed a stake in the company, which sells lotions, soaps, and candles. Third Point disclosed ownership of 13.75 million shares in a Securities and Exchange Commission filing that came out after the closing bell. That position amounts to a 6.02% stake. The funds associated with Daniel Loeb's Third Point "expended an aggregate of approximately $524,644,070 of their own investment capital" to acquire the shares, according to the filing. Shares of Bath & Body Works have declined 45% over the past 12 months, as the S&P 500 has lost 16%.

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.



MarketWatch MarketPulse
Dec 08, 2022

S&P 500 snaps 5-session skid Thursday, stocks book solid gains
The S&P 500 ended a five-session slide on Thursday as major U.S. equity indexes booked a solid round of daily gains. The Dow Jones Industrial Average rose about 182 points, or 0.5%, closing near 33,780, while the S&P 500 index gained 0.8% and the Nasdaq Composite Index outperformed with a 1.1% advance, according to FactSet data. Investors were migrating back into stocks after weekly labor market data pointed to potential weakness, with businesses not hiring as many workers. A roaring labor market has been one of several factors keeping Wall Street on edge as the Federal Reserve has been trying to cool high inflation by sharply raising interest rates. Rising wages have threatened to throw a wrench in that effort, while also rekindling fears that the U.S. central bank might need to get even more aggressive than earlier anticipated with its rate hiking plans. Higher rates have weighed heavily on stocks and bonds in 2022, but could also threaten to tip the U.S. economy into a deeper recession than expected in the coming months. The 10-year Treasury rate rose 8.5 basis points to 3.492% on Thursday.

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.



MarketWatch MarketPulse
Dec 08, 2022

U.S. stocks rise in final hour of trade as S&P 500 attempts to end 5-day losing streak
U.S. stock indexes were higher in the last hour of trade on Thursday, with the S&P 500 attempting to snap a five-session streak of losses. The Dow Jones Industrial Average rose 148 points, or 0.5%, at 33,742. The S&P 500 gained 0.7%, while the Nasdaq Composite advanced 1.3%. The large-cap index kicked off the week deep in the red after recent stronger-than-expected economic data raised fears about further interest rate rises by the Federal Reserve and the chances of a harder economic downturn. Employment data released Thursday showed the number of Americans who applied for unemployment benefits in early December rose slightly to 230,000, which was exactly in line with the Dow Jones estimate. Meanwhile, the number of people already collecting unemployment benefits rose by 62,000 to 1.67 million, the highest reading since February. The weekly numbers pointed to a slow but steady increase in layoffs as the U.S. economy weakens.

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.



MarketWatch MarketPulse
Dec 08, 2022

: U.S. oil futures settle lower, but speculation of SPR refills emerge
U.S. oil futures settled lower on Thursday, down a fifth straight session, but an oil leak that led to a shutdown of the Keystone Pipeline and talk of a potential buyback of oil to refill U.S. reserves helped to limit price losses. The White House said in October that the Biden administration intends to repurchase oil for the Strategic Petroleum Reserve when prices are at or below $67 to $72. U.S. benchmark WTI crude for January delivery CLF23 fell 55 cents, or 0.8%, to settle at $71.46 a barrel on the New York Mercantile Exchange on Thursday. With U.S. prices now within that price band, that "‘Biden SPR put' is definitely playing a part in the market finding some price support in the low $70 range," said Tyler Richey, co-editor at Sevens Report Research.

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.



MarketWatch MarketPulse
Dec 08, 2022

: Gold futures settle back above $1,800, up 3 sessions in a row
Gold futures posted a third straight climb on Thursday, with prices settling back above the key $1,800 an ounce level for the first time in four sessions. A softer U.S. dollar helped to support gold prices, ahead of a key round of inflation data, said Edward Moya, senior market analyst at OANDA. Data on Friday include a reading on the producer price index and University of Michigan inflation expectations. Next week, the Federal Reserve is expected to "downshift" to a half-point rate-hike, but traders will want to hear what is has to say about the trend of inflation and where rates could peak, said Moya. Gold for February delivery GCG23 rose $3.50, or 0.2%, to settle at $1,801.50 an ounce on Comex.

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.



MarketWatch MarketPulse
Dec 08, 2022

Coronavirus Update: Foxconn, which makes iPhones, reportedly urged Chinese government to loosen COVID restrictions
Getty ImagesRead through a roundup of the COVID news you should know about:Foxconn urged looser COVID restrictions in China. The founder of Foxconn Technology Group FXCOF reportedly wrote a letter attempting to persuade the Chinese government to relax its zero-COVID policy, saying China's position in the global supply chain was under threat, people familiar with the matter told The Wall Street Journal. The Chinese company is the world's largest assembler of iPhones. Apple AAPL said last month that shipments of the iPhone 14 Pro and iPhone 14 Pro Max could be delayed because of COVID restrictions in China.The CDC needs more money — and authority. That's what CDC director Rochelle Walensky told CQ Roll Call this week, saying that the public-health agency needs better data about COVID surveillance and testing. "[Lawmakers] have no idea we didn't have the authorit[y]" to collect such data, she said.Most young children in the U.S. can now get a bivalent COVID booster. The Food and Drug Administration on Thursday announced changes to the emergency authorizations for the COVID vaccines made by Moderna MRNA and by BioNTech BNTX and Pfizer PFE. Children between the ages of 6 months and 6 years who received Moderna's two-dose vaccine can get Moderna's updated booster shot, and children ages 6 months through 4 years can get the BioNTech/Pfizer bivalent booster as the third dose in the primary series of those companies' shots. (Children in this age group who have received all three shots of the original BioNTech/Pfizer vaccine are not yet eligible for a booster.)Guess your virus. There are higher-than-normal levels of respiratory syncytial virus (RSV) and influenza circulating in the U.S. right now, at the same time that COVID infections are increasing. "Figuring out what's making people sick is going to be a conundrum," Sandra Fryhofer, an internal medicine physician, said this week.Your Door Dasher can drop off your Paxlovid prescription — for free. Walgreens Boots Allianc

MarketWatch MarketPulse
Dec 08, 2022

: EIA reports a weekly decline of 21 billion cubic feet in U.S. natural-gas supplies
The U.S. Energy Information Administration reported on Thursday that domestic natural-gas supplies fell by 21 billion cubic feet for the week ended Dec. 2. That compared with an average analyst forecast for a decline of 26 billion cubic feet, according to a survey conducted by S&P Global Commodity Insights. Total working gas stocks in storage stand at 3.462 trillion cubic feet, down 51 billion cubic feet from a year ago and 58 billion cubic feet below the five-year average, the government said. Following the data, January natural gas NGF23 was up 13.7 cents, or 2.5%, at $5.086 per million British thermal units on the New York Mercantile Exchange. Prices traded at $5.906 before the supply data.

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.



MarketWatch MarketPulse
Dec 08, 2022

FDA to allow bivalent COVID boosters for some infants and young children
The Food and Drug Administration on Thursday authorized the bivalent COVID-19 boosters made by Moderna Inc. and BioNTech SE /Pfizer Inc. for children as young as 6 months old. The regulator said children between the ages of 6 months and 6 years old who first received Moderna's two-dose vaccine can now get Moderna's updated booster shot. The authorization for BioNTech and Pfizer's vaccine is slightly different. Children who are 6 months through 4 years can now get the companies' bivalent booster as the third dose in the primary series of BioNTech and Pfizer's shots; however, kids in this age group who were immunized with all three shots of the original BioNTech/Pfizer vaccine are not yet eligible for a booster. The updated boosters are designed to better protect against omicron and its subvariants.

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.



MarketWatch MarketPulse
Dec 08, 2022

U.S. stocks open higher after five straight day of losses for S&P 500
U.S. stock indexes opened modestly higher on Thursday after the S&P 500 booked its five consecutive declines as fears of a recession gripped Wall Street. The Dow Jones Industrial Average rose 100 points, or 0.3%, at 33,701. The S&P 500 gained 0.2%, while the Nasdaq Composite advanced 0.3%. The number of Americans who applied for unemployment benefits in early December rose slightly to 230,000, which was exactly in line with the Dow Jones estimate. The weekly number pointed to a slow but steady increase in layoffs as the U.S. economy weakens. The yield on the 10-year Treasury rose 6.1 basis points to 3.486% from 3.407% on Wednesday.

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.



MarketWatch MarketPulse
Dec 08, 2022

: Biden says U.S. will keep pressing for Whelan's release as Griner freed from Russian prison
President Joe Biden on Thursday celebrated the freeing of WNBA star Brittney Griner from a Russian prison, saying the U.S. will continue to press for the release of another American, Paul Whelan. Biden announced early Thursday that Russia had freed Griner in a high-level prisoner exchange. The U.S. released Viktor Bout, a Russian arms dealer once nicknamed "the Merchant of Death." But Whelan, a Michigan corporate-security executive in a Russian jail since December 2018, remains incarcerated on espionage charges that the U.S. government says are baseless. In brief remarks at the White House, Biden said Griner was "in good spirits" and on her way home. The U.S. will "never give up" in trying to free Whelan, the president said.

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.



MarketWatch MarketPulse
Dec 08, 2022

Piper Sandler initiates coverage of JPMorgan, Citigroup, Bank of America
Piper Sandler on Thursday said it launched coverage of three large U.S. banks including an overweight rating on JPMorgan Chase & Co. , with a price target of $150 a share, as well as neutral ratings on Bank of America Corp. and Citigroup with price targets of $36 a share and $48 a share respectively. The firm also reiterated an overweight rating on Wells Fargo & Co. . "We prefer JPM as our favorite quality name, and we prefer WFC as an ongoing turnaround story," said analyst R. Scott Siefers. The four banks hold nearly 40% of the deposits in the U.S. JPMorgan Chase stock rose 0.7% in premarket trades. Bank of America is up by 0.9% while Citigroup is gaining 1.1% and Wells Fargo is ahead by 0.8%.

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.



MarketWatch MarketPulse
Dec 08, 2022

COVID tally: Hospitalizations and deaths are higher than they were two weeks ago
The number of new COVID-19 cases in the U.S. is now up 38% over the past two weeks, with the daily average of new infections now at about 60,000, according to a New York Times tracker. Hospitalizations are also ticking up, and the daily average of people hospitalized with a COVID infection is now 37,000. That's 30% more people in the hospital with COVID-19 than 14 days ago. The number of COVID deaths is increasing, as well, with 343 people dying on Wednesday. That's 4% higher than two weeks ago.

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.



MarketWatch MarketPulse
Dec 08, 2022

Relmada Therapeutics shares decline 40% on Thursday
Shares of Relmada Therapeutics Inc. tumbled about 40% in premarket trading on Thursday, the day after the company said its experimental depression drug did not meet the primary endpoint in a Phase 3 clinical trial. The stock closed Wednesday at $4.16, a three-year low. The study was evaluating REL-1017 as an adjunctive treatment for major depressive disorder. The same drug previously failed as a monotherapy for the same condition. Relmada said it is continuing to study the investigational therapy, specifically with an aim to improve the design of the clinical trials. "We understand investors' frustration as the poor clinical conduct has jeopardized the interpretation of the Phase 3 results," SVB Securities Marc Goodman told investors. "With two failed pivotal studies, it would be easy to say that this drug doesn't work; however, failed studies are very normal with MDD trials, and we still believe this drug has activity." Relmada's stock has tumbled 81.5% this year, while the S&P 500 has declined 17.4%.

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.



MarketWatch MarketPulse
Dec 08, 2022

Entrada Therapeutics shares jump on collaboration with Vertex
Shares of Entrada Therapeutics Inc. rallied 15% in premarket trading on Thursday after the company announced a deal with Vertex Pharmaceuticals Inc. that aims to develop treatments for myotonic dystrophy type 1, a genetic disorder that causes progressive muscle weakness. The collaboration includes Entrada's ENTR-701, which is currently in preclinical studies. Per the terms of the deal, Vertex will pay Entrada an upfront payment of $224 million and make an equity investment of $26 million, with additional milestone payments worth up to $485 million. Entrada's stock has gained 44.6% this year, while the broader S&P 500 is down 17.4%.

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.



MarketWatch MarketPulse
Dec 08, 2022

Digital Ally rallies on plans to spin off ticketing business to a public company, Kustom Entertainment
Digital Ally Inc. stock jumped 9.8% in premarket trades Thursday after the company said it will separate its ticketing and entertainment unit into a separate, publicly-traded company called Kustom Entertainment Inc. Digital Ally, Inc. will continue its focus as provider of video technology for law enforcement agencies, commercial fleets and event security. The two standalone businesses are expected to post revenue of $23 million to $25 million in 2022. The tax-free distribution of Kustom Entertainment shares to Digital Ally stockholders is expected to take place in the first half of 2023.

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.



MarketWatch MarketPulse
Dec 08, 2022

Wolverine Worldwide reducing workforce as part of cost saving efforts
Wolverine World Wide Inc. said Thursday it has initiated an undisclosed number of job cuts in an effort expected to generate $30 million of cost savings in 2023. The footwear maker also said it will either sell or license its Keds and Wolverine Leathers businesses. All told, the Rockford, Mich., company expects 2023 cost savings efforts will generate $65 million. Shares of Wolverine World Wide fell 0.4% in premarket trades.

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.



MarketWatch MarketPulse
Dec 08, 2022

Ciena stock jumps on top- and bottom-line beat
Ciena Corp. stock surged 19.1% before market open Thursday, lifted by fourth-quarter results that beat Wall Street's top- and bottom-line expectations. Ciena reported net income of $57.6 million, or 39 cents a share, compared with net income of $103.5 million, or 66 cents a share, in the same period last year. On an adjusted basis, Ciena reported earnings of 61 cents a share, compared with 85 cents a share, in the prior year's quarter. Revenue was $971 million, compared with $1.04 billion in the prior year's quarter. Analysts surveyed by FactSet were looking for adjusted earnings of 8 cents a share and sales of $850 million. "Our strong fiscal fourth quarter financial results were better than expected as we benefited from some favorable supply chain developments in the second half of the quarter," said Ciena CEO Gary Smith, in a statement. "Looking ahead, we expect to deliver outsized revenue growth in fiscal 2023 given our significant backlog and continued signs of gradual supply improvement."

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.



MarketWatch MarketPulse
Dec 08, 2022

Air Products and AES to build $4 bln hydrogen production plant powered by wind and solar power
Air Products and AES Corp. said Thursday they plan to build, own and operate a $4 billion hydrogen production facility in Wilbarger County, Texas. With plans to go into operation by 2027, the plant will "serve a growing demand for zero-carbon intensity fuels for the mobility market as well as other industrial markets," the companies said. The project includes 1.4 gigawatts of wind and solar power generation, along with electrolyzer capacity. It will produce more than 200 metric tons per day of green hydrogen and avoid more than 50 million metric tons of carbon dioxide. It would be the largest green hydrogen facility in the U.S., the companies said. Air Products and AES will jointly and equally own the renewable energy and electrolyzer assets, the companies said. Air Products will serve as the exclusive off-taker and marketer of the green hydrogen under a 30-year contract. Shares of AES are up 15.1% in 2022 while Air Products stock is up 3.7% for the year. The S&P 500 is down 17.5% in 2022.

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.



MarketWatch MarketPulse
Dec 08, 2022

Exxon Mobil boosts stock buybacks and plans to double cash flow by 2027
Exxon Mobil Corp. said Thursday it will buy back up to $50 billion in stock through 2024, including $15 billion in 2022. Exxon also plans to increase lower-emission efforts by 15% to roughly $17 billion through 2027. The oil major will keep capital expenditures flat at $20 billion to $25 billion through 2027. Overall, Exxon expects to double "potential" earnings and cash flow by 2027. Shares of Exxon Mobil rose 1.1% in premarket trades. The stock is up 69.4% so far in 2022, compared to a 7.5% drop by the Dow Jones Industrial Average .

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.



MarketWatch MarketPulse
Dec 08, 2022

Express lowers sales outlook after swinging to third-quarter loss
Express Inc. posted a loss for its fiscal third quarter as the company called out an "extremely challenging" macroeconomic climate. The company generated a net loss of $34.4 million, or 50 cents a share, whereas it posted net income of $13.1 million, or 19 cents a share, in the year-earlier period. Net sales fell to $434.1 million from $472.0 million a year before, while the two analysts tracked by FactSet who cover Express's stock were anticipating $451.8 million on average. Consolidated comparable sales were down 8% in the quarter. "The third quarter was tougher than we anticipated and that is reflected in our results," Chief Executive Tim Baxter said in a release. "The macroeconomic, consumer and competitive environments were extremely challenging, and became more acute as the quarter progressed." The company now expects that comparable sales could be flat to up 1% for the full fiscal year. In the company's fiscal second-quarter report, it had called for a mid-single-digit increase on the metric. The stock was down 3% in premarket trading Thursday.

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.



MarketWatch MarketPulse
Dec 08, 2022

Chinese companies and U.S. casino operators with Macau operations climb in premarket trade
Chinese companies and U.S. casino operators with Macau operations gained in premarket trade, following a 3.4% gain the Hang Seng on Thursday. The Hang Seng is now up 30% from its Oct. 31 low, driven by steps taken by China to loosen its tight COVID-19 restrictions. Gainers on Thursday included Las Vegas Sands , Wynn Resorts , Yum China , Alibaba and JD.com .

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.



MarketWatch MarketPulse
Dec 08, 2022

LSE slumps as UBS downgrades exchange operator
London Stock Exchange Group shares dropped 4% after UBS cut its rating to neutral from buy and lowered its price target to 8500 pence from 9000 pence. Analysts led by Michael Werner gave three reasons for the downgrade. One is the rising pound , as two-thirds of its EBITDA is in U.S. dollars. The second is valuation, as LSE is trading at the upper end of its 18-month trading range. The third reason was share overhang, as lock-ups on the 35% stake held by Blackstone and Thomson Reuters begin to unlock.

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.



MarketWatch MarketPulse
Dec 07, 2022

Chevron sees 25% jump in spending for 2023, excluding acquisitions
Oil major Chevron Corp. on Wednesday said it expected capital expenditure budgets next year of $14 billion for its subsidiaries and $3 billion for its affiliates. The numbers, which followed a year of higher oil prices but higher costs for almost everything else, were close to the high end of its forecasts and would represent a more than 25% jump in expected spending, excluding acquisitions, the company said. However, the company said affiliate spending for 2023 would be down from the expected levels for 2022. The plans for next year included roughly $2 billion in lower-carbon spending, and assumed "cost inflation that averages in the mid-single digits with certain areas higher, such as the Permian Basin that assumes low double-digit cost inflation," the company said. "Our capex budgets remain in line with prior guidance despite inflation," Chief Executive Mike Wirth said in a statement. Shares dipped .08% after hours.

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.



MarketWatch MarketPulse
Dec 07, 2022

Shares of Tommy Bahama, Lilly Pulitzer maker jump on stronger forecast
Shares of clothing maker Oxford Industries Inc. rose 6.3% after hours on Wednesday after the company raised its full-year outlook, following strong demand for its Tommy Bahama brand, gains from "another period of robust full-price selling" and confidence heading into the holidays. The company, which also owns the Lilly Pulitzer resort-wear brand, said it expected full-year net sales of between $1.395 billion and $1.410 billion, up from a prior forecast of between $1.3 billion and $1.325 billion. The company said it expected to report adjusted earnings per share of between $10.60 and $10.75 for the full year, compared with an earlier outlook for a range of $9.85 to $10.10. "We kicked off the holiday season with excellent Thanksgiving weekend selling and are optimistic that we can deliver a strong fourth quarter to complete an excellent year," Chief Executive Tom Chubb said in a statement. For the third quarter, Oxford reported net income of $19.7 million, or $1.22 a share, compared with around $26 million, or $1.54 a share, in the same quarter last year. Sales rose 26% to $313 million, compared with $247.7 million in the prior-year quarter. Adjusted for the inventory charges for women's apparel maker Johnny Was and charges related to the September acquisition of that company, Oxford earned $1.46 a share. Analysts polled by FactSet expected adjusted earnings of $1.22 a share and sales of $303 million.

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.



MarketWatch MarketPulse
Dec 07, 2022

Wine maker Duckhorn tops fiscal Q1 views on volume growth
Shares of Duckhorn Portfolio Inc. rose nearly 2% in the extended session Wednesday after the Napa Valley wine maker beat Wall Street expectations for profit and sales thanks mostly to its wholesale business and an increase in volume. Duckhorn earned $19.8 million, or 17 cents a share, in the fiscal 2023 first quarter, compared with $21.3 million, or 18 cents a share, in the year-ago period. Adjusted for one-time items, the company earned 18 cents a share. Revenue rose 3.8% to $108.2 million, Duckhorn said, thanks to 9.2% volume growth mostly supported by "strong" wholesale performance. Analysts polled by FactSet expected the wine maker to report adjusted earnings of 14 cents a share on sales of $98.9 million. Separately, Duckhorn said that Chief Financial Officer Lori Beaudoin plans to retire in the spring of 2023 after more than 13 years with the company. Duckhorn has launched a national search for its next CFO, and Beaudoin will continue in the role until a new CFO joins the company. Shares of Duckhorn ended the regular trading day down 1.3%.

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.



MarketWatch MarketPulse
Dec 07, 2022

U.S. stocks end mostly lower, with S&P 500 suffering longest losing streak since October
U.S. stocks closed mostly lower Wednesday, with the S&P 500 falling a fifth straight day as investors continued fearing a recession could be triggered by the Federal Reserve's aggressive interest rate hikes as it fights high inflation. The Dow Jones Industrial Average closed about flat, while the S&P 500 fell 0.2% and the Nasdaq Composite dropped 0.5%, preliminary data from FactSet show. The S&P 500 finished with its longest losing streak since October 12, according to Dow Jones Market Data. Of the S&P 500's 11 sectors, only healthcare, consumer staples and real estate finished with gains.

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.



MarketWatch MarketPulse
Dec 07, 2022

S&P 500 on pace to book fifth straight day of losses as stocks struggle to rebound in final hour of trade
U.S. stock indexes extended losses in the last hour of trade, struggling to recover ground after a four-day losing streak. The Dow Jones Industrial Average shed 50 points, or 0.2%, at 33,546, after rallying over 145 points in the morning session. The S&P 500 was down 0.4%, on pace to book its fifth straight day of losses, according to Dow Jones Market Data. The Nasdaq Composite fell 0.7%. Investors continued to assess the potential economic damage inflicted by high inflation and the likelihood of a more aggressive hiking cycle from the Federal Reserve than previously anticipated.

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.



MarketWatch MarketPulse
Dec 07, 2022

: U.S. oil futures end lower, with energy market losses led by a drop in petroleum product prices
U.S. oil futures fell by 3% on Wednesday, with losses in the energy sector led by sharp declines in futures prices for petroleum products. The Energy Information Administration reported Wednesday that domestic crude-oil supplies fell last week, but supplies of gasoline and distillates climbed. U.S. benchmark WTI crude for January delivery CLF23 fell $2.24, or 3%, to settle at $72.01 a barrel on the New York Mercantile Exchange. That was the lowest front-month contract finish since Dec. 21, 2021, according to Dow Jones Market Data. January heating oil HOF23 also fell by 4.6% to $2.7805 a gallon and January gasoline RBF23 settled at $2.0772 a gallon, down nearly 3.4%.  

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.



MarketWatch MarketPulse
Dec 07, 2022

White House says Warnock's win gives Biden 'more ability to deliver' on his agenda
White House press secretary Karine Jean-Pierre on Wednesday said Georgia Democratic Sen. Raphael Warnock's re-election on Tuesday should help President Joe Biden's agenda. Democrats will have a 51-49 Senate majority in the new year, up from holding just 50 seats currently. "What I would say ... about what this means for moving forward, when it comes to the president's legislative agenda, when it comes to Democrats' legislative agenda, it's that it gives us a little bit more breathing room, a little bit more ability to deliver for the American people," Jean-Pierre said during a press briefing.

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MarketWatch MarketPulse
Dec 07, 2022

Deere boosts its dividend by 6%
Deere & Co. announced Wednesday afternoon that it is raising its quarterly dividend to $1.20 a share. The new dividend marks a roughly 6% increase from the prior level of $1.13 a share. Deere shares are up 0.5% in Wednesday's session. They've gained 22% over the past 12 months as the S&P 500 has fallen 16%.

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.



MarketWatch MarketPulse
Dec 07, 2022

AMC's APEs hit new low
AMC Entertainment Holdings Inc.'s AMC Preferred Equity Units , or APEs, hit a new low of $0.82 on Wednesday. The stock was down 7.6% by mid-afternoon Wednesday, outpacing the S&P 500 Index's decline of 0.01%. The APEs have fallen 86.3% since making their trading debut on Aug. 22, but rallied last week as AMC shares spiked up in volatile trading. With its APE equity unit, AMC created something like a 2-for-1 stock split, marking the company's latest effort in a fight over stock issuances. AMC is also taking aim at its massive debt burden with the 'APE' special dividend. The name is a nod to the investors who turned the company into a meme stock, who often refer to themselves as "apes" or "ape nation."

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.



MarketWatch MarketPulse
Dec 07, 2022

: Gold futures up a second straight session, but hold below $1,800 an ounce
Gold futures tallied back-to-back session gains on Wednesday, but prices settled below $1,800 an ounce for a third consecutive session as traders await next week's Federal Reserve decision on interest rates. The technical outlook remains bullish for gold near term, but "if we see rates and the dollar begin to rise, we are likely to see much of the November rally retraced in the weeks ahead," analysts at Sevens Report Research wrote in Wednesday's newsletter. Gold for February delivery GCG23 rose $15.60, or 0.9%, to settle at $1,798 an ounce on Comex.

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MarketWatch MarketPulse
Dec 07, 2022

Cannabis stocks posts second day of steep losses on uncertainty over SAFE Plus Banking measure
Shares of cannabis companies fell sharply for the second straight day as optimism faded around passage of a banking measure to open up the financial system to legal cannabis companies. The SAFE Plus banking measure, which includes provisions for expungement of cannabis convictions and other additions, was not included in the National Defense Authorization Act announced late Tuesday. It may still be included in the Omnibus spending bill on deck in Congress. Analysts are divided over whether SAFE Plus Banking will pass, with Benjamin Salisbury of Height Capital Markets assigning a 35% to $40% chance of passage, while Cowen analyst Cowen analyst Jaret Seiberg has stuck to his 75% estimate. The AdvisorShares Pure US Cannabis ETF is down 7.7%, while Curaleaf is off by 11%, Cresco Labs is lower by 11.3%, Trulieve is down 10.8% and Green Thumb Industries is off by 8.4%.

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Dec 07, 2022

: EIA reports a weekly drop in U.S. crude supplies, product stocks rise
The Energy Information Administration on Wednesday reported that U.S. crude inventories fell by 5.2 million barrels for the week ended Dec. 2. On average, analysts forecasted a decline of 2.6 million barrels, according to a poll conducted by S&P Global Commodity Insights. The EIA, however, showed weekly inventory gains of 5.3 million barrels for gasoline and 6.2 million barrels for distillates. The analyst survey had called for increases of 2.9 million barrels for gasoline and 1.9 million barrels for distillates. Crude stocks at the Cushing, Okla., Nymex delivery hub declined by 400,000 barrels for the week, the EIA said. January West Texas Intermediate crude CLF23 was down 18 cents, or 0.2%, at $74.07 a barrel on the New York Mercantile Exchange. It was at $74.72 before the supply data.

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Dec 07, 2022

Carvana downgraded at Wedbush on restructuring concerns, stock slammed
Carvana Co. shares were falling about 30% in morning trading Wednesday after Wedbush analyst Seth Basham downgraded the stock to underperform from neutral, writing of his view that the company's bankruptcy risk is rising. He mentioned a Bloomberg report describing a pact between some of Carvana's large creditors like Apollo Global Management and PIMCO that is meant to avoid brutal fighting among creditors in the event of a debt restructuring. He pointed to other factors as well, including that "many CVNA bonds have been trading at ~50 cents on the dollar." In Basham's view, recent developments indicate "a higher likelihood of debt restructuring that could leave the equity worthless in a bankruptcy scenario (pre-packaged or otherwise), or highly diluted in a best case." He added that the company's "ill-timed acquisition of Adesa's U.S. physical auction business earlier this year has an albatross around its neck, not only adding $336m of incremental annual interest expense due but also saddling the company with additional reconditioning capacity that it does not need." The shares have plunged 98% so far this year as the S&P 500 has lost 17%.

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Dec 07, 2022

Sports memorabilia company Fanatics draws $31 billion valuation in funding round
Fanatics Inc., the sports memorabilia company led by billionaire entrepreneur Michael Rubin, has raised $700 million at a valuation of $31 billion, according to a source familiar with the investment. Clearlake Capital LP and LionTree led the round, which was initially reported by The Wall Street Journal. The latest round comes about nine months after the company raised $1.5 billion at a $27 billion valuation with Fidelity, BlackRock Inc. and MSD Partners, the private investment firm founded by Dell Inc.'s Michael Dell. Fanatics teamed up with NBA greats LeBron James and Kevin Durant, as well as rap mogul Jay Z, to buy Mitchell & Ness Nostalgia Co. at a reported value of $250 million, in October. Fanatics also paid $500 million for Topps in January.

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Dec 07, 2022

Private equity firm Thoma Bravo raises largest tech-focused software fund at $24.3 bln
Thoma Bravo, a private equity firm that specializes in software deals, on Wednesday said it drew in $32.4 billion in capital commitments for three private equity funds. The firm, which is based in Chicago, San Francisco and Miami, said it raised $24.3 billion for Thoma Bravo Fund XV, two years after it raised $17.8 billion for Fund XIV. The firm said Fund XV ranks as the largest technology-focused fund ever raised. Thoma Bravo raised $6.2 billion for Thoma Bravo Discover Fund IV and $1.8 billion for the Thoma Bravo Explore Fund II. Law firm Kirkland & Ellis was legal adviser for the funds.

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Dec 07, 2022

Prometheus shares rally 177% as it prepares to move drug into Phase 3 studies
Shares of Prometheus Biosciences Inc. soared 177.0% in premarket trading on Wednesday after the company said it will advance an experimental therapy into Phase 3 clinical trials for ulcerative colitis and Crohn's disease next year. The treatment, PRA023, was both safe and efficacious in a pair of Phase 2 clinical trials for the same conditions, Prometheus said in a news release. The full data from both mid-stage studies is expected to be shared at a medical meeting in the future. Prometheus "now has a meaningfully de-risked program with first-in-class/best-in-class potential in both UC and CD," SVB Securities analyst Thomas Smith told investors on Wednesday. Prometheus shares are down 8.8% this year, while the S&P 500 has declined 17.1%.

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Dec 07, 2022

Brown-Forman misses profit and revenue target, but sees supply chain constraints easing
Brown-Forman Cop. said Wednesday its second-quarter net income fell 4% to $236 million, or 49 cents a share, from $227 million, or 47 cents a share, in the year-ago quarter. Revenue increased by 10% to $994 million, while the cost of sales rose 19%. The maker of Jack Daniels and other spirits was expected to earn 55 cents a share on revenue of $1.08 billion, according to analyst estimates compiled by FactSet. Looking ahead, Brown-Forman said it expects fiscal 2023 organic sales growth in the high single-digit range, "reflecting the strength of our portfolio of brands, stronger consumer demand, and the easing of supply chain constraints." Brown Forman shares fell 0.9% in premarket trades.

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MarketWatch MarketPulse
Dec 07, 2022

Robinhood says November monthly active users were flat relative to October
Robinhood Markets Inc. said Wednesday morning that it had 12.5 million monthly active users at the end of November, flat with what it had at the end of October. The trading company had 23.0 million net cumulative funded accounts as of the end of November, up about 40,000 from its October total. Assets under custody were $70.2 billion, flat with October 2022 levels. The company disclosed that notional trading volumes, which drive transaction revenue, came in higher for options and crypto in November relative to October, but were lower for equities. Shares were off 0.4% in premarket trading Wednesday. They've declined 47% so far this year as the S&P 500 has lost 17%.

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MarketWatch MarketPulse
Dec 07, 2022

United Foods stock dips after mixed earnings
Shares of United Natural Foods Inc. were falling 2.5% in premarket trading Wednesday after the distributor of natural and organic foods posted a mixed earnings report. United Natural Foods generated $66 million, or $1.07 a share, in net income for its fiscal first quarter, down from $76 million, or $1.25 a share, a year before. On an adjusted basis, the company saw earnings per share of $1.13, up from $1.10 in the year-earlier period but below the FactSet consensus, which was for $1.16. Net sales grew to $7.53 billion from $7.00 billion, while analysts had been modeling $7.48 billion. The company reaffirmed its prior outlook for the full fiscal year. "We are leveraging our scale, diversification, and capabilities to enhance connectivity between customers and suppliers, finding unique ways to create more value for both," Chief Executive Sandy Douglas said in a release. Shares have lost 7% over the past 12 months as the S&P 500 has fallen 16%.

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MarketWatch MarketPulse
Dec 07, 2022

Ollie's Bargain Outlet shares fall after retailer misses earnings target
Ollie's Bargain Outlet Holdings Inc. shares fell 8% in premarket trades on Wednesday after the retailer fell short of analyst estimates for its third-quarter results in the face of "a highly promotional and inflationary environment." The Harrisburg, Pa.-based company said it earned $23.08 million, or 37 cents a share, in the third quarter, about flat with its year-ago profit of $23.19 million, or 36 cents a share. Adjusted net income in the latest quarter totaled 37 cents a share, below the Wall Street analyst estimate of 40 cents a share, according to FactSet data. Revenue rose to $418.07 million from $383.49 million in the year-ago quarter, but missed the analyst estimate of $562.7 million. The company now expects fourth-quarter adjusted earnings of 78 cents a share to 83 cents a share, well below the estimate of 94 cents a share.

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MarketWatch MarketPulse
Dec 07, 2022

Raymond James downgrades Signature Bank on expectations for slower growth as it limits crypto exposure
Raymond James on Wednesday cut its rating on Signature Bank to market perform from strong buy after the lender disclosed plans to diversity its business and limit its exposure to digital currencies. "While we remain bullish on the bank's long-term prospects to produce superior loan growth, operating efficiency, and credit metrics, we see near-to intermediate-term headwinds related to its balance sheet initiatives," analyst David J. Long said in a research note. The bank's plan to diversify its business model will likely result in slower growth and net interest margin compression, Long said. Signature Bank has disclosed plans to limit its digital currency-related deposit exposure to less than 20% of total deposits and run off $8 billion to $12 billion of deposits in the next several months. Meanwhile, its largest lending portfolio, capital call lines of credit, "will remain stagnant or potentially decline as it focuses on deposit gathering within its fund banking business," Long said. Shares of Signature Bank are down 2.8% in premarket trades.

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MarketWatch MarketPulse
Dec 07, 2022

COVID tally: New cases, hospitalizations are still increasing
COVID-19 cases continue to rise across the U.S., with the daily average of new infections still up about 28% over the last two weeks, according to a New York Times tracker. There were at least 54,000 new cases on Tuesday, while about 34,000 people are currently hospitalized with COVID. The number of people being treated in intensive care units has also increased, by 21% over the last two weeks, with about 4,100 people with COVID in ICU beds. The number of people dying from COVID each day is largely the same as it's been over the last 14 days, with reports of 287 people passing away on Tuesday.

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MarketWatch MarketPulse
Dec 07, 2022

FDA set to decide on Pfizer's RSV vaccine by May
Pfizer Inc. said Wednesday that its experimental respiratory syncytial virus vaccine received Priority Review from the Food and Drug Administration. The drug maker is seeking FDA approval of the vaccine in adults who are 60 years old and older. The regulator is now expected to make its decision whether to approve RSVpreF by some time in May of next year. Pfizer's stock has declined 15.8% this year, while the broader S&P 500 is down 17.1%.

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MarketWatch MarketPulse
Dec 07, 2022

AMC's APEs trading below $1
AMC Entertainment Holdings Inc.'s AMC Preferred Equity Units , or APEs, are trading below $1. The APEs ended Tuesday's session down 6.5% at $0.8898, outpacing the S&P 500 Index's decline of 1.4%. The APEs have fallen 85.2% since making their trading debut on Aug. 22, but rallied|https://www.marketwatch.com/story/amc-stock-spikes-up-in-volatile-trading-other-meme-stocks-also-rally-2022-12-01] last week as AMC shares spiked up in volatile trading. With its APE equity unit, AMC created something like a 2-for-1 stock split, marking the company's latest effort in a fight over stock issuances. AMC is also taking aim at its massive debt burden with the 'APE' special dividend. The name is a nod to the investors who turned the company into a meme stock, who often refer to themselves as "apes" or "ape nation."

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MarketWatch MarketPulse
Dec 07, 2022

Campbell Soup stock rises after earnings beat, increased outlook
Shares of Campbell Soup Co. were up more than 3% in premarket trading Wednesday after the company topped expectations with its latest results and increased its full-year forecast. Campbell reported fiscal first-quarter net earnings of $297 million, or 99 cents a share, compared with $261 million, or 86 cents a share, in the year-earlier period. After adjustments, Campbell earned $1.02 a share, up from 89 cents a share a year before. The FactSet consensus was for 88 cents a share. Net sales increased to $2.58 billion from $2.24 billion, while analysts were modeling $2.45 billion. "Through a combination of inflation-driven pricing actions and productivity improvements, we have substantially mitigated significant inflationary pressure in the quarter while continuing to provide quality and value to consumers," Chief Executive Mark Clouse said in a release. Campbell now expects 7% to 9% growth in net sales for fiscal 2023, whereas its prior forecast was for 4% to 6% growth. The company also now expects $2.90 to $3.00 in adjusted earnings per share for the full fiscal year, compared with a prior outlook that calls for $2.85 to $2.95.

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MarketWatch MarketPulse
Dec 07, 2022

Mobileye gives upbeat outlook in first earnings report since Intel spinoff
Mobileye Global Inc. issued an upbeat revenue forecast Wednesday in conjunction with its first earnings report since spinning back out of Intel Corp. this fall. The company generated a fiscal third-quarter net loss of $45 million, or 6 cents a share, compared with a loss of $26 million, or 3 cents a share, in the year-earlier period. Revenue rose to $450 million from $326 million, while the FactSet consensus was for $447 million. Mobileye's implied fiscal fourth-quarter outlook calls for $527 million to $545 million in revenue. The FactSet consensus was for $483 million in revenue. Chief Executive Amnon Shashua said in a release that the company's "established base" advanced driver-assistance system (ADAS) products "continue to generate strong growth and profitability while our advanced portfolio is beginning to contribute significantly, particularly by boosting average system price." Shares have risen 18% over the past month as the S&P 500 [S: SPX] has gained about 4%.

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MarketWatch MarketPulse
Dec 07, 2022

Southwest Airlines to re-start dividend payments
Southwest Airlines Co. said Wednesday it's reinstating dividend payments that it suspended in 2020 during the COVID-19 travel lockdown. "Today's announcement reflects the strong return in demand for air travel and the company's solid operating and financial results since March," CEO Bob Jordan said. The carrier declared a quarterly cash dividend of 18 cents a share. Shareholders of record as of the close of Jan. 10 will be paid the dividend on Jan. 31. The company dividend is equivalent to Southwest's shareholder payout prior to the pandemic. Collectively, the payment amounts to approximately $428 million, and an approximate 1.8% dividend yield on an annual basis. CEO Jordan said the company's fourth quarter outlook "remains strong, and we have a solid plan for 2023." Southwest stock is down 7.4% in 2022 compared to a 17.3% drop by the S&P 500 .

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MarketWatch MarketPulse
Dec 07, 2022

Goldman's digital asset chief sees 'interesting opportunities' to buy or invest in crypto companies: report
Goldman Sachs Group Inc. is taking a look at more attractive valuations for investment and acquisitions in the digital currency space, an executive at the firm told Reuters. The investment bank is considering tens of millions of dollars of investments in the crypto space in the wake of the collapse of FTX, which has signaled an opportunity for banks to grow their footprint into the space. "We do see some really interesting opportunities, priced much more sensibly," Mathew McDermott, head of digital assets at Goldman, told the news service, according to a report on Tuesday. Goldman Sachs CEO David Solomon said in an interview Tuesday that the firm sees more potential in blockchain and the underlying technology of digital assets, rather than specific cryptocurrencies. "I find cryptocurrencies that people speculate on completely uninteresting," he said. Shares of Goldman Sachs are down 5.1% in 2022, compared to a 7.6% loss by the Dow Jones Industrial Average .

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MarketWatch MarketPulse
Dec 07, 2022

Carvana creditors ink cooperation agreement ahead of expected cash crunch for used car seller: Bloomberg
Carvana Co. creditors led by Apollo Global Management Inc. and Pacific Investment Management Co. inked an agreement to team up in credit talks with the company in a move to avoid the conflicts that have arisen in other debt restructurings, Bloomberg reported Wednesday. Firms holding 70% or about $4 billion of Carvana's unsecured debt have signed the cooperation agreement, the report said, citing unnamed sources. Carvana has been burning through cash, causing creditors including Apollo, Pacific Investment, as well as BlackRock Inc. , Ares Management Corp. , and Knighthead Capital Management to come up with a pact to prevent infighting. The agreement will last at least three months. Carvana stock has dropped 97% in 2022, compared to a 29.6% drop by the Nasdaq .

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MarketWatch MarketPulse
Dec 07, 2022

Lowe's announces new $15 billion buyback program
Lowe's Cos. Inc. announced a new $15 billion buyback authorization Wednesday morning, ahead of the company's investor day. The program has no expiration date. Lowe's still has $6.4 billion remaining on its prior buyback authorization. The company reaffirmed its 2022 outlook in a Wednesday morning release, while in a presentation, offered some fiscal 2023 targets. Those included one that saw revenue ranging from $87 billion in a weak market to $92 billion in a strong market. Comparable-store sales could be down 4% in a weak market to up 2% in a strong market. Lowe's shares have lost 22% so far this year as the S&P 500 has declined 17%.

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MarketWatch MarketPulse
Dec 06, 2022

Madison Square Garden changes spinoff plans, focusing on live entertainment business
Madison Square Garden Entertainment Corp. said late Tuesday its board has approved a "revised" plan for the planned spinoff of its businesses, and it is now exploring the separation of its live-entertainment business from the company's MSG Sphere, MSG Networks, and Tao Group Hospitality. Madison Square Garden had said it was looking to spin off the live entertainment business alongside the media business MSG Networks. "However, after thorough evaluation, the company believes the revised plan is optimal for maximizing shareholder value, while providing both companies with enhanced strategic and financial flexibility to drive long-term growth," it said in a statement. Shares dropped about 1% in the extended session Tuesday after ending the regular trading day down 2.7%.

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MarketWatch MarketPulse
Dec 06, 2022

Dave & Buster's stock heads lower after hours after Q3 earnings
Dave & Buster's Entertainment Inc. fell around 7% in the extended session Tuesday despite a beat for the restaurant and entertainment chain's third-quarter results. Dave & Buster's earned $1.9 million, or 4 cents a share, compared with $10.6 million, or 21 cents a share, in the third quarter of 2021. Revenue rose 51% to $481.2 million, a record for the company, it said. FactSet consensus called for earnings of 2 cents a share on sales of $471 million. Shares of Dave & Buster's ended the regular trading day down 2.8%.

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MarketWatch MarketPulse
Dec 06, 2022

Stitch Fix stock sinks on trimmed forecast, falling sales and clothing demand
Shares of Stitch Fix Inc. fell 4% after hours on Tuesday after the online wardrobe-styling platform trimmed its full-year sales forecast and reported another drop in active clients for its fiscal first quarter. The company forecast full fiscal-year sales of between $1.6 billion and $1.7 billion, down slightly from a prior outlook of between $1.76 billion and $1.86 billion. Stitch Fix reported a first-quarter net loss of $55.9 million, or 50 cents a share, compared with a net loss of $1.8 million, or two cents a share, in the same quarter last year. Sales for that quarter fell 22% to $455.6 million, compared with $581.2 million in the prior-year quarter. Active clients fell 11% year-over-year to around 3.7 million, with sales per client roughly flat. Analysts polled by FactSet expected Stitch Fix to lose 47 cents a share, on revenue of $460 million, with active clients of 3.711 million. The company has struggled with what it called a "difficult macro environment" that has weighed on demand for clothing, as it tries to turn a profit and lean more into selling apparel directly.

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MarketWatch MarketPulse
Dec 06, 2022

Smith & Wesson stock drops after fiscal Q2 earnings miss expectations on lower demand
Smith & Wesson Brands Inc. stock fell more than 6% in the extended session Tuesday after the firearms manufacturer missed Wall Street expectations for its fiscal second-quarter results, with sales dropping significantly year-on-year on weakened demand. Smith & Wesson earned $9.6 million, or 21 cents a share, in the quarter, compared with $50.9 million, or $1.05 a share, in the year-ago period. Adjusted for one-time items, Smith & Wesson earned 26 cents a share. Net sales dropped 47% to $121 million, from $230 million a year ago. Consensus on FactSet called for earnings of 44 cents a share on revenue of $145 million in the quarter. Firearm demand continues "to normalize" and was "significantly down" from a year earlier, Chief Executive Mark Smith said in a statement. The cooling demand is "coinciding with a broader consumer slowdown driven by persistently high inflation, the beginning of the winter heating season across the northern half of the country, and rising interest rates," Smith said. "While fiscal 2023 continues to be a year of recalibration and adjustment for our industry and Smith & Wesson, we expect to remain highly profitable and continue delivering on our commitments to customers, employees, and stockholders well into the future," he said. Chief Financial Officer Deana McPherson added that sales were impacted by an "ongoing inventory correction combined with the impact of promotional activity by our competitors and the trading down by consumers to lower priced products." Shares of Smith & Wesson ended the regular trading day down 2.2%.

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MarketWatch MarketPulse
Dec 06, 2022

Mastercard hikes dividend by 16%, announces new $9 billion buyback program
Mastercard Inc. announced Tuesday afternoon that it was boosting its quarterly dividend to 57 cents a share from 49 cents a share. The new dividend, which will be paid Feb. 9, 2023 to holders of record as of Jan. 9, 2023, marks a 16% increase from the previous amount. Mastercard also announced a new $9 billion buyback program, which will take effect once the company's prior $8 billion program is complete. The card giant still has $4.1 billion remaining on the earlier share-repurchase program. Mastercard shares were up 0.6% in after-hours trading Tuesday. The stock has declined about 3% so far this year as the S&P 500 has fallen 17%.

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MarketWatch MarketPulse
Dec 06, 2022

S&P 500 books fourth straight day of losses as U.S. stocks close sharply lower
U.S. stocks ended sharply lower Tuesday, with the S&P 500 falling for a fourth straight day, as investors sought safe-haven assets amid recession concerns and increased market volatility. The Dow Jones Industrial Average dropped around 350 points to close 1% lower, while the S&P 500 fell 1.4% and the Nasdaq Composite sank 2%, according to preliminary data from FactSet. Energy was the hardest hit sector of the S&P 500, followed by communication-services, information-technology and consumer-discretionary shares, FactSet data show. Utilities, a defensive area of the stock market, was the sole sector of the S&P 500 to finish with gains, rising around 0.7%. The yield on the 10-year Treasury note, a safe haven asset, fell 8.6 basis points to 3.512%, according to Dow Jones Market Data. Treasury yields and prices move in opposite directions.

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MarketWatch MarketPulse
Dec 06, 2022

Netflix co-CEO Sarandos predicts revenue rebound in 2023
Netflix Inc. co-Chief Executive Ted Sarandos believes the video-streaming giant will rebound with growth next year after a rough 2022. "We're, like most companies, happy to get '22 behind us," he said at the UBS conference in New York on Tuesday. "This year, in very tough conditions, we've launched five of our most watched shows in the history of Netflix ... and three of our most watched films." A new advertising-supported platform should boost revenue, he said, though Sarandos acknowledged competition from the likes of media powers Walt Disney Co. , Apple Inc. , Amazon.com Inc. , and Comcast Corp. . Netflix's stock is down 49% so far this year. But the stock has bounced back 55% in the second half of 2022.

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MarketWatch MarketPulse
Dec 06, 2022

Morgan Stanley laying off 2% of workforce: reports
Morgan Stanley on Tuesday reduced its employee count by 2% or 1,600 of the bank's 81,567 employees, according to reports. The move comes after Morgan Stanley hired 3,181 people between June 30 and Sept. 30, according to disclosures from the bank. Morgan Stanley CEO James Gorman said at a conference last week that the bank would carry out "modest cuts" to its workforce. The Wall Street Journal reported the job cuts, citing people familiar with the bank after CNBC-TV initially reported the move. Investment banks have been re-introducing performance reviews and subsequent layoffs this year after suspending them during the COVID-19 lockdown. Shares of Morgan Stanley fell 2.7% on Tuesday amid steep losses in the financial sector on recession jitters.

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MarketWatch MarketPulse
Dec 06, 2022

Dow down over 400 points in last hour of trade as stocks tumble for second straight day
Major U.S. stock indexes fell sharply Tuesday afternoon, continuing a sharp rout on Wall Street for the week. The Dow Jones Industrial Average was off about 430 points, or 1.3%, at 33,516, after touching a session low of 33,418.59, according to FactSet. The S&P 500 index was down 1.7% and the Nasdaq Composite Index was 2.1% lower. At the session lows, both the S&P 500 and Dow were headed for their worst 2-day decline in about two months, according to Dow Jones Market Data. Investors have grown jittery about a roaring labor market that could thwart the Federal Reserve's attempt to start raising its policy rate in smaller increments. Inflation has proven hard to ease after it hit a 40-year high earlier this year, even through the Fed's policy rate already in November climbed to its highest level in 15 years.

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MarketWatch MarketPulse
Dec 06, 2022

: U.S. oil futures settle at lowest price of the year
Oil futures fell sharply on Tuesday, with U.S. prices marking at their lowest price of the year. The oil market is "moving in fear that the Federal Reserve is going to drive the economy into a recession," said Phil Flynn, senior market analyst at The Price Futures Group. Traders also await the weekly U.S. petroleum supply report due Wednesday. On average, analysts polled by S&P Global Commodity Insights expect the report to show a decline of 2.6 million barrels for the week ended Dec. 2. U.S. benchmark WTI crude for January delivery CLF23 fell $2.68, or 3.5%, to settle at $74.25 a barrel on the New York Mercantile Exchange. That was the lowest front-month contract finish since Dec. 23, 2021, according to Dow Jones Market Data.

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MarketWatch MarketPulse
Dec 06, 2022

: Gold holds below $1,800, marking a slight rebound from recent losses
Gold futures on Tuesday marked a modest rebound from losses seen a day earlier on the back of some weakness in the U.S. dollar and a pullback in Treasury yields. "The direction of yields and the U.S. dollar is likely to remain the key driver for gold prices, with next week's [Federal Reserve] meeting the key catalyst when it comes to the next move in prices," said Michael Hewson, chief market analyst at CMC Markets UK. Gold for February delivery GCG23 rose $1.10, or nearly 0.1%, to settle at $1,782.40 an ounce on Comex after falling 1.6% on Monday.

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MarketWatch MarketPulse
Dec 06, 2022

BuzzFeed to cut 12% of staff, citing possible downturn that could extend 'well into 2023'
BuzzFeed Inc. on Tuesday said it planned to cut roughly 12% of its staff, citing a shift to video content and the prospect of a downturn that could extend "well into 2023," Chief Executive Jonah Peretti said in a message to employees. "Our revenues are being impacted by a combination of worsening macroeconomic conditions, and the ongoing audience shift to vertical video, which is still developing from a monetization standpoint," he said. "That requires us to lower our costs. Unfortunately, reducing our workforce is an essential part of cost cutting. Staff salaries are the single largest cost at the company." He also said the integration of the entertainment network Complex Networks, which BuzzFeed acquired last year, presented "opportunities to consolidate and centralize some areas where we've had duplication." Shares were down 4.4% on Tuesday. The layoffs were the latest in the media industry, after Gannet Co. Inc. and CNN also announced cuts. BuzzFeed had 1,522 employees at the end of last year, with roughly 10% unionized in NewsGuild. The company said it expected to book charges of $8 million to $12 million related to severance, continued benefits, and other aspects of the restructuring. The layoffs were announced a day after The Information reported that social-media platform Pinterest planned to cut some staff.

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Dec 06, 2022

GE stock gets upgrade from Oppenheimer, price target raised to $104
Analysts at Oppenheimer on Tuesday upgraded their rating on General Electric Co. stock to the equivalent of buy, reflecting "strong" momentum for its aviation business, "consistent and broad-based profitability" for its power business, and the fact that the health-care unit is on track for a spinoff. The analysts also raised their price target on the stock to $104, representing an upside of around 22% from Tuesday prices. GE last week said its board officially approved the GE HealthCare spinoff, with the unit becoming a corporation to be named GE HealthCare Technologies Inc. The company is expected to begin trading on the Nasdaq on Jan. 4. Shares of GE have lost about 11% so far this year, compared with losses of around 17% for the S&P 500 index.

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Dec 06, 2022

Baidu stock heads toward longest winning streak in 21 months
U.S.-listed shares of Baidu Inc. are up 1.7% in midday trading Tuesday and on track to log their seventh straight session of gains. If the stock finishes in positive territory Tuesday, it would notch its longest winning streak since Feb. 16, 2021, when it rallied for 11 trading days in a row, according to Dow Jones Market Data. Baidu shares are ahead 26.9% during the current stretch of gains. Baidu's rally comes as enthusiasm continues to build for an eventual reopening of the Chinese economy, after officials in some major cities recently moved to lift certain strict pandemic-related restrictions. Baidu shares are still down about 20% on the year, as the KraneShares CSI China Internet ETF has declined 17%.

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Dec 06, 2022

: Jan. 6 committee to make criminal referrals, chairman says
The House panel probing the Jan. 6, 2021 attack on the U.S. Capitol has decided to make criminal referrals to the Department of Justice, its chairman said Tuesday. Rep. Bennie Thompson, the Mississippi Democrat who leads the Jan. 6 committee, said the panel has agreed to take the step, but had not agreed on who would be the subject of the referrals, according to a New York Times report. Four lawyers on the committee have studied whether to issue criminal referrals to the Justice Department for former President Donald Trump and some of his top allies, the Times reports.

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Dec 06, 2022

: EIA lowers 2022, 2023 U.S. and global oil-price forecasts
The U.S. Energy Information Administration lowered its 2022 and 2023 forecasts for U.S. and global benchmark oil prices, according to a monthly report released Tuesday. The EIA said this year's Brent crude is expected to average $101.48, down 0.6% from the November forecast. West Texas Intermediate crude prices are expected to average $95.22 a barrel this year, down 0.7% from the previous forecast. The EIA also cut its WTI and Brent oil forecasts for 2023 by more than 3% each to $86.36 for WTI and $92.36 for Brent. In Tuesday dealings, oil prices continued to trade sharply lower. January WTI crude CLF23 was down $2.28, or 3%, to $74.65 a barrel on the New York Mercantile Exchange. February Brent crude BRNG23 fell $2.57, or 3.1%, to $80.11 a barrel on ICE Futures Europe.

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Dec 06, 2022

JetBlue announces 'aggressive' emissions reduction targets
JetBlue Airways Corp. on Tuesday announced ambitious emissions reduction targets, including a commitment to reduce jet-fuel emissions by 50% per revenue tonne-kilometer by 2035. That's the airline's "most aggressive near-term emissions reduction target to-date," and one that aligns with the goals of the Paris Agreement and JetBlue's own goal to reach net zero carbon emissions by 2040, which the airline said it was 10 years ahead of broader airline industry targets. "To meet this aggressive near-term target, the airline will increase its investments in lower-carbon solutions within its operation? and will evaluate future sustainability investments with its science-based target in mind," the airline said. That includes having electric vehicles on tarmacs, turning more and more to sustainable aviation fuel, retiring less fuel efficient jets earlier, and investing in carbon removals and offsets, among other initiatives, the company said. JetBlue did not specify a cost related to these goals. The stock has lost 44% this year, compared with losses of around 17% for the S&P 500 index.

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Dec 06, 2022

Rackspace stock extends declines as company says ransomware incident may lead to lost revenue
Shares of Rackspace Inc. were off 1.6% in Tuesday morning trading to build on sharp declines experienced during Monday's session, in the wake of a security incident that the cloud-computing company disclosed over the weekend. Rackspace offered an update in a Tuesday morning release, announcing that the issue affecting its Hosted Exchange environment came as the result of a ransomware incident. Rackspace said it was proactive after detecting the incident and while the company hasn't seen impacts to its other services, it's put additional security measures in place. Still, the incident "may continue to cause an interruption in its Hosted Exchange business and may result in a loss of revenue for the Hosted Exchange business," per the release. Rackspace generates about $30 million in revenue annually from this part of the business. Additionally, the company disclosed that it might see costs associated with its response to the incident. Shares of Rackspace have lost 70% so far in 2022 as the S&P 500 has fallen 17%.

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Dec 06, 2022

Spread on 2- and 10-year Treasury yields shrinks past minus 80 basis points, remains at most inverted level in 41 years
One of the bond market's most widely followed recession indicators flashed more deeply worrisome signals on Tuesday. The spread on 2- and 10-year Treasury yields shrank to minus 83 basis points and as little as minus 86 basis points at one point --- and was poised to end the New York session at its most inverted level since Oct. 2, 1981, when it reached minus 96.8 basis points. Investors are weighing a string of strong U.S. economic data, which is complicating the Fed's inflation-fighting campaign and makes it more likely the central bank will continue to hike rates in 2023 despite the risks of a recession.

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Dec 06, 2022

Sunrise New Energy Co. stock rises sharply on large order for EV battery material
Sunrise New Energy Co. Ltd. stock jumped 18.6% on Tuesday after the company said it received a $464 million order for 80,000 metric tons of graphite anode for a two-year period for a top five global electric vehicle manufacturer. Sunrise New Energy said it will begin recognizing "significant revenue" related to the purchase order in February as additional production capacity comes online. The company did not name the manufacturer who placed the order.

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MarketWatch MarketPulse
Dec 06, 2022

U.S. stocks open lower, with Dow down slightly from Monday's slump
U.S. stocks opened slightly lower Tuesday, with the S&P 500 and Nasdaq Composite trading about flat after Monday's sharp selloff. The Dow Jones Industrial Average was down about 0.1% soon after the opening bell, while the S&P 500 slipped about 0.1% and the Nasdaq Composite was down down less 0.1%, according to FactSet data, at last check. The yield on the 10-year Treasury note was down about three basis points at 3.57% Tuesday morning, while the two-year Treasury yield was up about two basis points at around 4.40%. In economic data released Tuesday, the U.S. trade deficit rose to a four-month high amid a weakening global economy.

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MarketWatch MarketPulse
Dec 06, 2022

COVID tally: Infections and hospitalizations are rising in the U.S.
The daily average of new COVID-19 cases was 53,019 on Monday, about 28% higher than it was two weeks ago, according to a New York Times tracker. About 35,000 people in the U.S. are currently hospitalized with COVID infections, and 261 people died on Monday.

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Dec 06, 2022

Fortune Brands Home & Security to change name to Fortune Brands Innovations
Fortune Brands Home & Security Inc. will separate into two companies on Dec. 14 following the spinoff of its MasterBrand Inc. cabinets business, with Fortune Brands changing its name to Fortune Brands Innovations Inc., the company said Tuesday. "I am thrilled to introduce Fortune Brands Innovations, a brand, innovation and channel leader in the home, security and commercial building markets," said Fortune Brands CEO Nicholas Fink, in a statement. "Our focus on safety and sustainability, our ongoing digital transformation, and our disciplined approach to strategic acquisitions also set the stage for further long-term value creation," he added. MasterBrand will trade on the New York Stock Exchange under the symbol MBC. Fortune Brands' stock has fallen 42.5% in 2022, outpacing the S&P 500 Index's decline of 16.1%.

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Dec 06, 2022

Kroger gets second request for Albertson's merger info from Federal Trade Commission
Kroger Co. said Tuesday it received a second request for information from the Federal Trade Commission as part of the regulatory review process for its merger with Albertsons Companies Inc. , but it continues to expect to complete the deal by early 2024. "We will continue to work cooperatively with the FTC as it conducts its review of the merger, including developing a thoughtful divestiture plan," the company said. The second request extends the waiting period imposed by the Hart-Scott-Rodino Antitrust Improvements Act until 30 days after Kroger and Albertsons Cos. have complied with the requests. Shares of Kroger rose 0.5% in premarket trades. Albertsons dipped 0.3%.

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Dec 06, 2022

BorgWarner to spin off its fuel systems and aftermarket businesses
BorgWarner Inc. announced Tuesday morning that it plans to spin off its fuel systems and aftermarket segments into a new, publicly traded company. "The intended separation supports optimizing our combustion portfolio and advancing our electrification journey while NewCo would be able to pursue growth opportunities in alternative fuels, such as hydrogen, and in Aftermarket," Alexis Michas, the automotive-supply company's non-executive chairman, said in a release. "Ultimately, we expect the intended separation to maximize shareholder value by having two focused and strong companies, each pursuing their respective strategies." The company expects to complete the tax-free spinoff late in 2023. Shares of BorgWarner were up 2.6% in premarket trading Tuesday. They've lost 7% so far this year as the S&P 500 has fallen 12%.

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MarketWatch MarketPulse
Dec 06, 2022

Gossamer Bio's stock falls 64% on findings for Phase 2 study for hypertension drug
Shares of Gossamer Bio Inc. plunged 64.5% in premarket trading on Tuesday after Wall Street analysts questioned the performance of the company's experimental hypertension drug in a Phase 2 clinical trial. Though Gossamer said the drug, seralutinib, met the primary endpoint in a Phase 2 clinical trial, SVB Securities analyst Joseph Schwartz told investors that the therapy didn't outperform Merck & Co. Inc.'s sotatercept. "We expect the street to be disappointed in these topline results given both endpoints fell below the [Phase 2] placebo-adjusted data from sotatercept," he wrote in a note. "We note that the topline data also fell below our base case expectation for seralutinib vs. placebo to show a 20% to 30%" reduction in pulmonary vascular resistance. Gossamer's stock is down 17.8% this year, while the S&P 500 has declined 16.1%.

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MarketWatch MarketPulse
Dec 06, 2022

Bed Bath & Beyond further extends exchange offers for certain debt securities
Bed Bath & Beyond Inc. has further extended its previously announced offers to exchange any and all of its outstanding senior notes. Each of the exchange offers and consent solicitations, which were previously scheduled to expire at 11:59 p.m., Eastern Standard Time, on Dec. 5, has been extended until 11:59 p.m., Eastern Standard Time, on Dec. 19, the home goods retailer and meme stock darling said, in a statement.

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MarketWatch MarketPulse
Dec 06, 2022

Editas shares jump 9% on positive news from sickle-cell study
Shares of Editas Medicine Inc. rallied 9.3% in premarket trading on Tuesday after the company said in a news release that it had positive results from the first two patients enrolled in a Phase 1/2 clinical trial assessing its experimental treatment for sickle-cell disease. Editas said the therapy was well-tolerated. "These promising clinical results from the RUBY trial suggest clinical proof of concept for EDIT-301 and support our belief that EDIT-301 can be a clinically differentiated, one-time, durable medicine that can provide life changing clinical benefits to patients with severe sickle cell disease long term," Dr. Baisong Mei, chief medical officer for Editas, said in a news release. The company's stock has declined 62.9% this year as the S&P 500 is down about 16%.

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MarketWatch MarketPulse
Dec 06, 2022

Textron stock jumps after Army contract win that takes a 'key risk' off the table
Shares of Textron Inc. were rising about 9% in premarket trading Tuesday after the company announced that its Bell business won a U.S. Army development contract for the Future Long-Range Assault Aircraft (FLRAA) program. Bernstein analyst Doug Harned wrote that the FLRAA "will ultimately replace the Black Hawk" and that while the initial award could get up to $1.3 billion in value, "the program could lead to revenues well in excess of $40 billion through 2050." Harned said that he saw the odds of Textron's win here near 50/50, with Lockheed Martin Corp. and its primary subcontractor Boeing Co. as the competition, though he suspected the market was more "heavily skewed" toward a win for Textron. "The Textron win takes, what we saw as a key risk for the stock, off the table," he continued. Textron shares have lost about 9% so far this year as the S&P 500 has declined 13%.

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MarketWatch MarketPulse
Dec 06, 2022

Prada names CEO from LVMH and Luxottica
Prada S.p.A. on Tuesday said it's recommending former LVMH Moet Hennessy Louis Vuitton SE executive Andrea Guerra as its next chief executive officer for approval at the luxury brand's Jan. 26 shareholder meeting. Miuccia Prada Bianchi and Patrizio Bertelli will cease to act as CEOs. Guerra was formerly CEO of Luxottica Group S.p.A. and CEO of Hospitality Excellence at LVMH Moët Hennessy Louis Vuitton SE . Shares of Prada are down 13.3% in 2022, compared to a drop of 16.1% by the S&P 500 .

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MarketWatch MarketPulse
Dec 06, 2022

FDA to review Emergent's request to approve over-the-counter Narcan
Shares of Emergent BioSolutions Inc. were up 1.7% in premarket trading on Tuesday after the company said the Food and Drug Administration is reviewing its application for over-the-counter Narcan. The spray is used to treat known or suspected opioid overdoses. The regulator is set to make its decision whether to approve the application by March 29. The FDA indicated in November that it would consider approving OTC use of Narcan for the first time. Emergent's stock has tumbled 73.9% this year, while the broader S&P 500 is down 16.1%.

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MarketWatch MarketPulse
Dec 06, 2022

X-Energy Reactor Company to go public through $2 billion merger with Ares Acquisition
X-Energy Reactor Company is merging with special purpose acquisition company Ares Acquisition Corp. in a $2 billion deal that will see the developer of small nuclear reactors go public. When the transaction closes, the combined company will be named X-Energy, Inc., and will be listed on the New York Stock Exchange. "The combination will establish X-energy as a publicly-traded, developer of a more advanced small modular reactor ("SMR") and proprietary fuel that supports the transition to clean, affordable energy through enhanced safety, lower cost, scalability and broader industrial applications," Ares Acquisition said, in a statement. "X-energy's entry into the public markets is expected to accelerate its growth strategy through additional investment opportunities and financial flexibility as well as differentiated sponsorship by Ares Management Corporation," it added. Investing and consulting company Ares Management Corp. launched Ares Acquisition in 2021 with the goal of entering into a combination with one or more businesses. The SPAC merger has a pre-money equity value of more than $2 billion, according to the companies. Ares Acquisition's stock rose 0.1% before market open Tuesday, while Ares Management was down 1.3%.

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MarketWatch MarketPulse
Dec 06, 2022

AutoZone tops expectations on revenue and earnings
AutoZone Inc. reported better-than-expected revenue and earnings Tuesday, driven by growth in both commercial and retail sales. The seller of automotive replacement parts recorded fiscal first-quarter net income of $539.3 million, or $27.45 a share, compared with net income of $555.2 million, or $25.69 a share, in the year-earlier period. The FactSet consensus was for $25.18 a share in earnings. AutoZone's revenue rose to $3.99 billion from $3.67 billion a year before, while analysts tracked by FactSet were anticipating $3.86 billion. The company said it saw a 5.6% increase in domestic comparable-store sales, or sales at stores that were open for at least a year. Inventory was up 17.6% from a year before, driven by inflation and company growth initiatives. AutoZone shares have risen 21% so far this year, as the S&P 500 has declined 16%.

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MarketWatch MarketPulse
Dec 06, 2022

NRG Energy buying Vivint Smart Home in $5.2 billion deal
NRG Energy Inc. said Tuesday it will pay $12 a share or $2.8 billion in cash for Vivint Smart Home Inc. and assume $2.4 billion of the company's debt for a total deal value of $5.2 billion. The price of $12 a share is a 33% premium to Vivint's closing share price on Monday. Shares of Vivant jumped 31% in premarket trades. The deal is expected to close in the first quarter. NRG said the transaction will fit its effort to become "the leading provider of essential services for homes and businesses." Vivint's products include Vivint smart hub, Vivint smart home app, Vivint doorbell camera pro, and Vivint outdoor camera pro. Shares of NRG Energy are down 5.2% in 2022 compared to a 16.1% drop by the S&P 500 .

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Dec 05, 2022

AMC Networks names board chair James Dolan its interim CEO
AMC Networks Inc. said late Monday that it has appointed board chair James Nolan its interim chief executive. The appointment follows the departure last week of Chief Executive Christina Spade, who joined AMC in September, and news that the company was planning layoffs. Dolan will not receive any additional compensation in connection with the appointment, the company said. He will serve as interim CEO until March 6 or until the board appoints a permanent CEO, whichever comes first, the media company said. Shares of AMC Networks were flat in the extended session Monday after ending the regular trading day down 2.4%. AMC Networks expects between $350 million and $475 million in restructuring charges related to layoffs and other cost cuts, it said last week.

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MarketWatch MarketPulse
Dec 05, 2022

AMC Networks names board chair James Dolan its interim executive chairman
AMC Networks Inc. said late Monday that it has appointed board chair James Dolan its interim executive chairman, giving him oversight of the company until a new CEO is named. The appointment follows the departure last week of Chief Executive Christina Spade, who joined AMC in September, and news that the company was planning layoffs. Dolan will not receive any additional compensation in connection with the appointment, the company said. He will serve as interim chairman until March 6 or until the board appoints a permanent CEO, whichever comes first, the media company said. Shares of AMC Networks were flat in the extended session Monday after ending the regular trading day down 2.4%. AMC Networks expects between $350 million and $475 million in restructuring charges related to layoffs and other cost cuts, it said last week.

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Dec 05, 2022

Sumo Logic stock jumps more than 10% after third-quarter beat, raised outlook
Shares of Sumo Logic Inc. jumped 11% after hours on Monday after the software-as-a-service provider reported third-quarter results that beat expectations and gave upbeat forecasts for the fourth quarter and full year. The company reported a net loss of $26.3 million, or 22 cents a share, compared with a loss of $30.8 million, or 28 cents a share, in the same quarter last year. Revenue increased to $79 million from $62 million in the prior-year quarter. Excluding stock-based compensation, taxes and other costs, Sumo Logic lost four cents a share, compared with a 12-cent per-share loss in the quarter a year ago. Analysts polled by FactSet expected an adjusted per-share loss of 15 cents, on revenue of $74.2 million. Sumo Logic raised its full-year sales outlook to a range of between $298 million and $299 million, and forecast a narrower adjusted per-share loss of between 35 cents and 36 cents. Management also forecast fourth-quarter sales of between $77 million and $78 million, and an adjusted net loss of eight cents to nine cents a share, both of which were above FactSet forecasts.

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Dec 05, 2022

PepsiCo to lay off 'hundreds' in snack and beverage divisions: WSJ
PepsiCo Inc. is laying off "hundreds" of workers at the headquarters of its North American snacks and beverages divisions, The Wall Street Journal reported Monday, citing people familiar with the matter. Hundreds of jobs will be eliminated, one of the people told the newspaper. In a memo to staff viewed by the Journal, PepsiCo told employees that the goal was to simplify the organization so it can operate "more efficiently." Shares of Pepsi were flat in the extended session Monday after ending the regular trading day down 1.4%. Several major tech companies, including Amazon.com Inc. and Google parent Alphabet Inc. are conducting or planning layoffs or have embarked on hiring freezes, and some retailers such as Walmart.com have followed suit.

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Dec 05, 2022

Energy ETFs drop as investors weigh Russian oil cap, Fed concerns after fresh economic data
Exchange-traded funds focused on oil and gas dropped Monday, as investors weighed a price cap on Russian oil as well as economic data prompting concerns that the Federal Reserve may need to keep up its aggressive monetary tightening for longer. Shares of the SPDR S&P Oil & Gas Exploration & Production ETF closed about 4.6% lower Monday, while the United States Oil Fund LP finished down around 3% and the United States Natural Gas Fund tanked about 10.4%, according to data from FactSet. The Institute for Supply Management released index data Monday showing that the services sector in the U.S. was stronger than expected in November. The Fed has been raising interest rates to cool the economy in order to bring down high inflation. The energy ETFs suffered a steeper decline Monday than the broader U.S. stock market, with the Dow Jones Industrial Average closing down 1.4%, the S&P 500 dropping 1.8% and the Nasdaq Composite sinking 1.9%. That marked the biggest daily percentage drops for the S&P 500 and Nasdaq since Nov. 9, according to Dow Jones Market Data.

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MarketWatch MarketPulse
Dec 05, 2022

White House says too early to weigh in on new bipartisan deal on immigration reform
White House press secretary Karine Jean-Pierre on Monday indicated that it was too early to comment on a bipartisan plan for immigration reform, following reports that Arizona Democratic Sen. Kyrsten Sinema and North Carolina Republican Sen. Thom Tillis had reached a deal that involves protections for 2 million "Dreamers" and more money for border security. "We haven't seen all of the language on that particular bill, so don't want to comment from here. I don't want to get too far ahead," Jean-Pierre said during a briefing for reporters. But she added that President Joe Biden has long supported permanent protections for Dreamers, which refers to undocumented immigrants brought to the U.S. as children by their parents. Analysts have long said the U.S. immigration system has problems but a divided Washington hasn't been able to deliver reforms.

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MarketWatch MarketPulse
Dec 05, 2022

U.S. stocks book worst day in about a month after strong services data puts Fed hikes back in focus
U.S. stock indexes posted their worst day in nearly a month on Monday as hotter-than-expected reading on the U.S. services sector fueled speculation that the Federal Reserve will hike interest rates more aggressively to subdue inflation. The Dow Jones Industrial Average finished 482 points lower, or 1.4%, to 33,947. The S&P 500 dropped 1.8% to close below 4,000-level for the first time in nearly a week, while the Nasdaq Composite slumped 1.9%. A barometer of U.S. business conditions at service-sector companies rose to 56.5% in November, a strong signal that the economy is still expanding at a steady pace but raising concerns that the central bank will continue hiking rate aggressively at its December 13-14 meeting. The yield on the 10-year note rose 9.6 basis points to 3.598% on Monday.

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MarketWatch MarketPulse
Dec 05, 2022

: Dow falls 550 points, S&P 500 breaks below 4,000 as stocks head for worst day in nearly a month
U.S. stocks are on track for their worst daily pullback in nearly a month on Monday as the S&P 500 traded below 4,000. Equity prices have been rattled by stronger-than-expected economic data, which market strategists say could inspire the Federal Reserve to hike interest-rates more aggressively. The S&P 500 SPX fell 82 points, or 2%, to 3,988. The Dow Jones Industrial Average DJIA fell 540 points, or 1.6%, to 33,889. The Nasdaq Composite COMP fell 254 points, or 2.2%, to 11,206. All three indexes were on track for their worst day since at least Nov. 9, according to FactSet data. Meanwhile the Russell 2000 RUT was down 55 points, or 2.9%, to 1,837, on track for its biggest drop since Nov. 2.

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MarketWatch MarketPulse
Dec 05, 2022

: U.S. oil futures settle at lowest in more than a week
Oil futures fell on Monday, with U.S. prices settling at their lowest price in more than a week. The Institute for Supply Management's reading on U.S. service-sector business conditions rose to 56.5% in November, despite efforts by the Federal Reserve to ease inflation. "Continued Fed tightening can only reduce demand for oil," said Manish Raj, chief financial officer at Velandera Energy Partners. Meanwhile, on the first day of trading after the European Union ban on Russian seaborne oil, Russian barrels are "flowing unabated with new Asian orders replacing the expiring European ones," he said. U.S. benchmark WTI crude for January delivery CLF23 fell $3.05, or 3.8%, to settle at $76.93 a barrel on the New York Mercantile Exchange. That was the lowest front-month contract finish since Nov. 25, FactSet data show.

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MarketWatch MarketPulse
Dec 05, 2022

: AT&T to pay $6.25 million following SEC charges over disclosing nonpublic information
AT&T Inc. T will pay $6.25 million to settle U.S. charges related to the company's selective disclosure of material nonpublic information to research analysts, the Securities and Exchange Commission said Monday. AT&T agreed to pay the fine and settle the SEC's charges without admitting or denying the allegations. The agency alleged that AT&T and three executives broke the rule known as Regulation Fair Disclosure in March 2016.

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MarketWatch MarketPulse
Dec 05, 2022

: Gold ends lower as better-than-expected U.S. economic data lifts the dollar, Treasury yields
Gold futures fell on Monday to finish below the $1,800 mark as better-than-expected, separate readings on the U.S. services sector and wage growth helped strengthen the dollar and Treasury yields. The upbeat economic data also backed expectations for more aggressive Federal Reserve interest-rate hikes. Gold for February delivery GCG23 fell $28.30, or 1.6%, to settle at $1,781.30 an ounce on Comex.

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MarketWatch MarketPulse
Dec 05, 2022

Currencies: Global financial system vulnerable to $80 trillion-plus problem in FX market, warns BIS
Fabrice Coffrini/Agence France-Presse/Getty ImagesThere's a "huge, missing and growing" problem inside the round-the-clock foreign-exchange market, and it's one that can't be seen. That's according to the Bank for International Settlements, which cited trillions in dollar debt by non-U.S. borrowers contained in FX swaps/forwards and currency swaps which do not appear on balance sheets and are missing from statistics. Non-U.S. banks owe upwards of $35 trillion, while non-bank entities outside the U.S. owe as much as $25 trillion, the BIS said in a quarterly report. The total amount in outstanding obligations embedded inside the foreign-exchange market, however, is closer to "$80 trillion-plus," the report said."The $80 trillion-plus in outstanding obligations to pay US dollars in FX swaps/forwards and currency swaps, mostly very short-term, exceeds the stocks of dollar Treasury bills, repo and commercial paper combined," according to the report written by Claudio Borio, Patrick McGuire, and Robert McCauley.FX swap markets, in particular, are vulnerable to funding squeezes and the lack of information about the dollar debt "makes it harder for policy makers to anticipate the scale and geography or dollar rollover needs," they said. "Thus, in times of crisis, policies to restore the smooth flow of short-term dollars in the financial system (eg central bank swap lines) are set in a fog."A global squeeze on dollars is one big way that the strong greenback can reverberate around the world. For much of 2022, the dollar has been on a tear and wreaking havoc, though it fell off dramatically in November — shrinking its gain over the past 12 months to 8.9% from 20.6% in late October, based on the ICE U.S. Dollar Index DXY.The Bank for International Settlements, based in Basel, Switzerland, is regarded as the central bank for central banks, with a unique but often overlooked role in the international financial system.

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Dec 05, 2022

Dow tumbles 300 points, S&P 500 skids 1.3% as investors eye Fed response to strong U.S economic data
U.S. stocks fell Monday to kick off a fresh week, with the S&P 500 and Nasdaq both down more than 1.2% heading into midday. The Dow Jones Industrial Average was down about 299 point, or 0.9%, trading near 34,134, while the S&P 500 index was off 1.2% and the Nasdaq Composite Index was 1.4% lower, according to FactSet. Stocks were lower on fears that the Federal Reserve might need to be more aggressive in 2023 in tightening monetary policy than previously expected to tame high inflation, given that the U.S. economy has proven relatively resilient to the Fed's aggressive pace of rate hikes already this year. The 10-year Treasury yield also was marching higher, up 7 basis points to about 3.58% on Monday, while the shorter 2-year Treasury rate was at 4.36%.

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