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 NEWS: MARKETWATCH MARKETPULSE
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   NEWS: MARKETWATCH MARKETPULSE
MarketWatch MarketPulse
May 17, 2021

: Twilio to acquire ZipWhip for $850 million
Twilio Inc. TWLO said late Monday it plans to acquire business-texting platform ZipWhip for about $850 million in cash and stock. The company said ZipWhip will become a part of its Messaging Business Unit. The company expects the deal to close by the end of 2021. Twilio reiterated its second-quarter revenue guidance of $591 million to $601 million, noting that it would not be affected by the deal, while analysts surveyed by FactSet expect $597.1 million. Twilio shares were flat after hours, following a 0.7% decline to close at $297.20, for a 12-month gain of 57%, compared with the Nasdaq Composite Index's COMP 48% gain.

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
May 17, 2021

U.S. stock market ends lower Monday but off low as tech and communication-services stocks slump
U.S. stocks ended slightly lower Monday, weighed by declines technology and tech-related shares, as concerns about inflation continued to buffet Wall Street, following the worst week for stocks since Feb. 26. The Dow Jones Industrial Average finished about 0.2% lower at 34,328, off the low for the day at 34,176.65, with shares of Walt Disney & Co. and Home Depot leading the blue-chip benchmark's slide. The S&P 500 index closed off 0.3% at roughly 4,163, led lower by technology and communicatiion-services shares, while the Nasdaq Composite Index retreated 0.4% to 13,379, off a low of 13,265. The slump for stocks came as gold futures jumped, settling above their 200-day moving average and marking the highest finish for the most-active contract since early February. Federal Reserve Vice Chairman Richard Clarida, the Fed's No.2, said the U.S. economy had yet to reach the "substantial further progress" that would be needed to peel back accommodative policies, even as investors fear that inflation is set to run hotter than the central bank is predicting. In corporate news, AT&T shares fell 2.7% after it agreed to combine media assets with Discovery Inc. and spin them off into a new, publicly traded company. Shares of Disovery fell more than 5%.

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
May 17, 2021

U.S. oil futures end at highest in more than 2 years
Oil futures climbed Monday, with optimism that an economic recovery in the U.S. and Europe will lead to higher energy demand sending U.S. prices to their highest settlement in more than two years. Prices got a boost on "hopes that large parts of Europe will soon be able to follow the U.K. on easing restrictions further, thus driving up demand over the next few weeks," said Michael Hewson, chief market analyst at CMC Markets UK. June West Texas Intermediate crude rose 90 cents, or 1.4%, to settle at $66.27 a barrel on the New York Mercantile Exchange. That was the highest front-month contract finish since April 23, 2019, when prices settled at $66.30, FactSet data show.

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
May 17, 2021

Gold prices climb to highest finish since January
Gold futures on Monday posted their strongest daily gain in more than week to mark the highest settlement since January. Prices finished higher on the back of weakness in the U.S. dollar as well as losses in the U.S. benchmark stock indexes. Also providing support, Federal Reserve Vice Chairman Richard Clarida said Monday that the U.S. economy hasn't hit the benchmark of "substantial further progress" needed for the Federal Reserve to scale back asset purchases. June gold climbed $29.50, or 1.6%, to settle at $1,867.60 an ounce, with prices for the most-active contract at their highest since Jan. 7, according to FactSet 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
May 17, 2021

U.S. plans to send 20 million more COVID vaccine doses overseas: White House
The U.S. plans to send 20 million COVID-19 vaccine doses authorized for use in the U.S. to other countries battling the pandemic by the end of June, White House press secretary Jen Psaki said Monday, as she said President Joe Biden will be officially announcing that later in the day. Those doses from Pfizer , Moderna or Johnson & Johnson are in addition to sending 60 million doses from AstraZeneca , she 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
May 17, 2021

New York Gov. Andrew Cuomo says state will adopt CDC's new mask guidelines on Wednesday
New York Gov. Andrew Cuomo announced Monday that the state will adopt the CDC's new mask guidelines starting Wednesday. Masks will no longer be required for vaccinated people, except in nursing homes, schools, homeless and health-care facilities. Wednesday also marks the next stage of the state's reopening as most capacity restrictions will be lifted, which was previously announced. The subway, meanwhile, returned to 24-hour service on Monday. - Pete Catapano

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
May 17, 2021

Duke Energy's stock spikes up, then pares gains after WSJ report that activist investor is urging to split up
Shares of Duke Energy Corp. spiked up as much as 4.8% in midday trading, before paring gains to be up 0.7%, after The Wall Street Journal reported that activist investor Elliott Management Corp. is urging the electric utility to separate into three companies. The stock was the best performer among components of the SPDR Utilities Select Sector ETF , which fell 0.5% in midday trading. The WSJ report said Elliott is seeking seats on Duke's board of directors, and wants the company to for a committee to explore the possibility of separating into three companies, based on the three major geographies the company serves, which are the Carolinas, Florida and part of the Midwest. The WSU previously reported that Elliott was one of Duke's 10-largest shareholders. Duke's stock has gained 13.3% year to date, while utilities ETF has tacked on 4.7% and the S&P 500 has advanced 10.5%.

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
May 17, 2021

Harley-Davidson stock surges toward 3rd straight gain, after E.U. decision not to raise tariffs
Shares of Harley-Davidson Inc. jumped 3.9% in morning trading, and have run up nearly 10% amid a three-day win streak, as the motorcycle maker was set to benefit from the European Union's decision to postpone plans raise tariffs on some U.S. goods, including motorcycles. "We are encouraged by today's announcement that tariffs affecting our products will not escalate from 31% to 56%," said Chief Executive Jochen Zeitz. "Harley-Davidson employees, dealers, stakeholders and motorcycles have no place in this trade war. These tariffs provide other motorcycle manufacturers with an unfair competitive advantage in the E.U. European motorcycles only pay up to 2.4% to be imported into the U.S." The stock, which is up 9.9% the past three days, is now within sight of its three-year closing high of $49.92 on April 28. It has soared 35.0% year to date, while the S&P 500 has advanced 10.8%.

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
May 17, 2021

U.S. stocks open modestly lower after worst week in 3 months
Stocks opened modestly lower Monday, under renewed pressure after major benchmarks saw their biggest weekly declines since February --- a selloff blamed on worries over rising inflation pressures. The Dow Jones Industrial Average was down 9 points, or less than 0.1%, at 34,373, while the S&P 500 fell 0.3% to 4,162.33. The Nasdaq Composite shed 0.7% to trade at 13,328.45. Shares of Discovery Inc. rose more than 10%, while AT&T Inc. shares rose 4.7% after the companies announced a $43 billion deal to combine WarnerMedia with Discovery.

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
May 17, 2021

Murphy USA to hire 3,000 employees, will include $500 bonus and Premium Pay at some locations
Murphy USA Inc. said Monday that it is looking to hire 3,000 employees for its gas station and convenience store network. The company, which operates 1,650 stores, across the Southwest, Southeast, Midwest and Northeast U.S., said new hires in select at select locations will receive a $500 summer bonus if hired by May 31, to be paid out if they remain employed through Sept. 10. In addition, new hires at select locations will be offered "Premium Pay" of an extra $2 an hour through Sept. 10. The stock, which was still inactive in premarket trading, has rallied 13.3% over the past three months while the S&P 500 has gained 6.2%.

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
May 17, 2021

Nuvve stock soars after plansto form JV to deploy EV charging networks, provide 'TaaS' for school buses
Shares of Nuvve Holding Corp. shot up 13.9% in premarket trading Monday, after the commercial vehicle-to-grid technology company and Stonepeak Partners LP announced plans to form a new joint venture called Levo Mobility LLC to deploy electric vehicle charging for school buses and other commercial EV fleets. The JV will also provide transportation as a service (TaaS). Stonepeak, along with its portfolio company Evolve Transition Infrastructure LP will provide a $750 million capital commitment to Levo Mobility, which will use the money to focus initially on electrifying school buses and providing associated charging infrastructure. "Through our relationship [with Stonepeak], we plan to remove barriers that currently exist for school districts and other fleet operators to convert to electric vehicles," said Nuvve Chief Executive Gregory Poilasne. Nuvve's stock has plunged 52.1% over the past three months through Friday, while the S&P 500 has gained 6.2%. Earlier Monday, Lion Electric Co. announced an order for 260 all-electric school buses from First Student.

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
May 17, 2021

CDC: 3 million teens between ages of 12 and 17 have received at least one COVID-19 shot
More than 3 million teens between the ages of 12 and 17 years old have gotten at least one COVID-19 shot, as of Monday, according to the Centers for Disease Control and Prevention. The public health agency does not break out more specific age categories on its COVID Data Tracker page; however, it says that about 157 million people over the age of 12 have received one dose of a vaccine, and about 154 million of those shots went to people who are at least 18 years old. Federal regulators last week authorized the BioNTech SE and Pfizer Inc. two-dose, mRNA vaccine for use in teens between the ages of 12 and 15 years old, making it the first vaccine available in the U.S. to this group of younger teens. (The shot had previously been authorized for anyone who was at least 16 years old.)

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
May 17, 2021

AMC stock rallies toward 7th straight gain
Shares of AMC Entertainment Holdings Inc. rallied 3.3% in premarket trading, putting them on track to stretch their winning streak to seven sessions. That would be the longest win streak for the movie theater operator's stock since the seven-day stretch ending July 17. The stock had run up 44.2% over the past six sessions, which was the longest win streak since the six-day streak ended July 31. The so-called "meme" stock has received a boost amid renewed interest by retail investors, as MarketWatch's Thornton McEnery reported. Meanwhile, fellow "meme" stock GameStop Corp. fell 0.1% ahead of Monday's open. During AMC's latest win streak, GameStop's stock has slipped 0.7% and the S&P 500 has given up 0.7%.

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
May 17, 2021

Redbox to go public after merger with SPAC Seaport Global, valuing company at $693 million
Redbox announced Monday plans to go public through a merger with special purpose acquisition company (SPAC) in a deal valuing the new-release movies and home entertainment company at $693 million. Redbox is owned by Apollo Global Management Inc., which acquired Redbox through its purchase of Outerwall in September 2016. After the deal closes, which is expected to occur in the third quarter of 2021, Redbox expects to have about $209 million in cash, which it expects to use to pay down debt, fund digital expansion, content acquisition and for marketing. B. Riley is capital markets advisor to Seaport Global and BTIG is lead financial advisor to Redbox. Seaport Global's stock, which went public in December, and is currently halted for news until 8:30 a.m. Eastern, has lost 4.0% over the past three months, while the Renaissance IPO ETF has dropped 23.4% and the S&P 500 has gained 6.2%.

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
May 17, 2021

Curaleaf to acquire Los Sueños Farms for $67 million in stock and cash
Curaleaf Holdings Inc. said Monday it has reached a deal to acquire Los Sueños Farms, the biggest outdoor cannabis grow in Colorado, for $67 million in cash, stock and assumed debt. The company will pay $49 million for the Los Sueños operating companies and $18 million for the real estate and farm assets. The price will be paid 61% in Curaleaf subordinate voting shares, 29% in cash at closing and 10% in assumed debt maturing in five years. An additional consideration of $8 million in stock will be paid based on operating cash flow-based targets for 2022. "This will significantly expand Curaleaf's Colorado presence, vertically integrating in the state with large-scale outdoor cannabis cultivation," said Curaleaf, which is based in Wakefield, Massachusetts. The deal involves three outdoor grow facilities covering 66 acres of cultivation capacity, an 1,800 plant indoor grow and two retail cannabis dispensary locations offering adult-use recreational cannabis. Curaleaf shares were slightly higher premarket and have gained 20% in the year to date, while the AdvisorShares Pure US Cannabis ETF has gained 11%, matching the S&P 500's gain.

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
May 17, 2021

Kraton to raise prices on CTO refinery products by 20%
Kraton Corp. said Monday it will raise prices by 20% across all of its crude tall oil (CTO) refinery products and derivatives, effective June 1, amid rising raw materials costs. CTO is a byproduct of pine wood pulping and then refined into tall oil fatty acid (TOFA), tall oil resin (TOR), distilled tall oil (DTO) and pitch, which can then be upgraded into biobased chemicals. The products are used in many applications, including fuel additives, detergents, soaps, adhesives, oilfield chemicals and metalworking fluids. In Kraton's first-quarter results announced on April 29, Chief Executive Kevin Fogarty had said he expected "further realization of announced price increases will alleviate margin pressure associated with raw material price inflation experienced during the first quarter of the year." Kraton's stock, which was still inactive in premarket trading, has lost 5.5% over the past three months while the S&P 500 has gained 6.2%.

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
May 17, 2021

Pizza Hut adds Beyond Meat to the menu in Canada
Pizza Hut and Beyond Meat Inc. said Monday that the plant-based meat alternative will be coming to Pizza Hut menus in Edmonton and the Greater Toronto Area (GTA). Restaurants in these regions will offer a limited-time three-item menu, each topped with Beyond Italian Sausage Crumble: a veggie pizza called The Great Beyond; Beyond Creamy Alfredo, a pasta dish; and an alfredo topped flatbread. Beyond Italian Sausage Crumble will also be available to add to any item on the Pizza Hut menu. Pizza Hut is part of the Yum Brands Inc. portfolio. Yum Brands shares are up nearly 10% for the year to date. Beyond Meat stock is down 16% for the period. And the S&P 500 index has gained 11.1% for the period.

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
May 17, 2021

United Airlines to boost July flight schedule, to reach 80% of pre-pandemic levels
United Airlines Holdings Inc. said Monday that it is adding more than 400 daily flights to its July schedule and will increase its service to destinations in Europe, as booking for summer travel had more than tripled (up 214%) compared with 2020 levels. The air carrier said its July schedule in the U.S. will reach 80% of July 2019 levels, making it the largest monthly schedule since before the COVID-19 pandemic. "This July we're taking a big step toward flying at pre-pandemic levels for our domestic network," said Ankit Gupta, vice president of domestic network planning and scheduling. "By adjusting our bank structures at two key hub airports, we're able to offer our customers easy connections to destinations across the U.S. so they can start their vacations at times convenient for them." United's stock, which slipped 0.4% in premarket trading Monday, has run up 20.0% over the past three months through Friday, while the U.S. Global Jets ETF has gained 7.9% and the S&P 500 has tacked on 6.2%.

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
May 17, 2021

Hexo to acquire 48North Cannabis Corp. in the latest merger in cannabis sector
Hexo Corp. said Monday it has agreed to acquire 48North Cannabis Corp. in an all-stock deal valued at about C$50 million ($41.3 million). Hexo, which in February announced the acquisition of Zenabis Global Inc. in an all-stock deal valued at about C$235 million, said this latest deal is expected to generate synergies of about C$12 million annually within one year of close. The deal expands its product line to include topicals, bath and intimacy products. Under the terms of the deal, 48North shareholders will receive 0.02366 of a Hexo share for each share owned. Including a working capital bridge loan that Hexo will extend to 48North, the deal offers a premium of about 20% based on the 10-day volume-weighted average price of 48North common shares on the TSX-V and HEXO common shares on the TSX as of the close of markets on Friday. Hexo shareholders will own 96% of the combined company's shares, while 48North shareholders will own the remaining 4%. 48North's U.S.-listed shares were not yet active premarket, while Hexo shares were up 0.5% and have gained 65% in the year to date, while the Cannabis ETF has gained 26% and the S&P 500 has gained 11%.

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
May 17, 2021

Lion Electric stock surges after order for 260 all-electric school buses
Shares of Lion Electric Co. surged 6.0% in premarket trading Monday, after the Canada-based maker of zero-emission commercial trucks and buses announced an order for 260 all-electric buses from student transportation provider First Student. Deliveries of the buses will start in the second half of 2021 and will be completed in the first half of 2023. Financial terms were not disclosed. "Today marks a new step in the adoption of zero-emission school buses," said Lion Electric Chief Executive Marc Bedard. "First Student's leadership demonstrates that zero-emission technology is here to meet the needs of the market at scale, as is our production capacity -- we are not talking about pilot programs, but rather entire bus fleets going electric, with vehicles that meet the daily requirements of the industry's largest operators." Lion Electric's stock has dropped 15.1% year to date through Friday, while the S&P 500 has gained 11.1%.

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
May 17, 2021

Coronavirus tally: Global cases of COVID-19 163 million and India close to 25 million cases
The global tally for the coronavirus-borne illness climbed above 163 million on Monday, according to data aggregated by Johns Hopkins University, while the death toll rose topped 3.38 million. The U.S. continues to lead the world in total cases with 32.9 million and deaths with 585,970. However, cases, hospitalizations and deaths are all falling as more Americans become vaccinated. The Centers for Disease Control and Prevention's vaccine tracker is showing that 37% of the nation is fully vaccinated and 47.4% have received at least one dose of a two-jab regimen. U.S. cases have fallen about 32% in the last two weeks, according to a New York Times tracker. India remains a worrisome hotspot, though cases fell below 300,000 on Monday for the first time in weeks, the Associated Press reported. In total, India is second worldwide with 24.9 million cases and third with 274,390 deaths, although those numbers are understood to be greatly undercounted, given a shortage of tests. Brazil is third in cases with 15.6 million and second in deaths with 435,751. Mexico is fourth by fatalities with 220,437 and 2.4 million cases. The U.K. has 4.5 million cases and 127,941 deaths, the fifth-highest in the world and most of any country in Europe.

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
May 17, 2021

Bright Machines to go public via merger with SPAC SCVX in $1.1 billion deal
Bright Machines, which makes software aimed at automating manufacturing, is going public via a merger with special purpose acquisition corporation SCVX Corp. in a deal with a pro forma enterprise value of $1.1 billion. The deal is expected to close in the second half, at which time the combined company will operate as Bright Machines and trade under the ticker "BRTM," the companies said in a joint statement. The new company will have up to $435 million in cash proceeds, while a group of investors, including XN, Hudson Bay Master Fund Ltd., SB Management Limited (a subsidiary of SoftBank Group Corp and manager to SB Northstar LP), Fidelity Management & Research Company LLC, and Alyeska Investment Group, have committed to invest $205 million in the form of a PIPE -- private investment in public equity -- immediately before the deal closes. The company will use the proceeds to accelerate its growth, including expanding into new markets. "Our industrial automation platform, powered by proprietary software and AI-driven solutions, allows even the most traditional manufacturing companies to quickly and easily deploy flexible automation solutions at scale," said Bright Machines CEO Amar Hanspal. The company was created in 2018 and has growth to more than 500 employees.

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
May 17, 2021

Clarivate to buy ProQuest for $5.3 billion in cash and equity from Cambridge Information Group
Clarivate PLC announced Monday a deal to buy software, data and analytics company ProQuest in a deal valued at $5.3 billion from Cambridge Information Group. The deal, which is expected to close during the third quarter of 2021, includes $4.0 billion in cash and $1.3 billion in equity. Clarivate said it expects the deal to add to 2022 earnings in the double-digit percentage range, and to 2023 earnings in the mid-teens range. "Clarivate is building a globally connected and highly personalized experience for researchers, academic institutes and funders across the entire digital research value-chain, from ideation through to outcome," said Mukhtar Ahmed, president of science at Clarivate. "With this acquisition we will be able to further empower both present and future generations of academic and corporate researchers as they each pursue their journey of innovation." Clarivate's stock, which was still inactive in premarket trading, has slipped 4.1% year to date, while the S&P 500 has gained 11.1%.

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
May 14, 2021

Medical-device maker Femasys files for IPO
Medical-device maker Femasys Inc. has filed for an initial public offering. The Georgia-based company, which focuses on women's health care, filed to sell $40.25 million worth of shares. The company plans to list its shares on the Nasdaq under the symbol FEMY, according to a filing with U.S. securities regulators on Friday. Femasys said its sales rose 12% to $1.04 million in 2020, and its net loss narrowed to $6.9 million in 2020 from an $11.3 million net loss in 2019. One of its devices, FemVue, used in artificial inseminations, has marketing clearances or authorization in the U.S., Europe, Canada, and Japan, but currently its sale is "a very limited direct effort," the company 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
May 14, 2021

: Vimeo to begin trading in late May as IAC shareholders OK spinoff
IAC/Interactive Corp. IAC said late Friday that Vimeo will begin trading as a public company in late May, following a vote from shareholders to approve a spinoff of the video hosting and streaming site. IAC expects Vimeo to start trading on the Nasdaq under the ticker "VMEO" on May 25. The spinoff is still subject to final approval from IAC's board, the company said. IAC said that Vimeo will trade on the Nasdaq "on a ‘when issued' basis" under the ticker "VMEOV" from May 18 to May 24. Earlier in the month, Vimeo was credited with driving accelerated revenue growth in IAC's quarterly results. Plans for the spinoff were first announced in late December.

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
May 14, 2021

Neera Tanden, who withdrew as budget nominee, becomes senior adviser to Biden
Neera Tanden, who withdrew in March as President Joe Biden's nominee to head the Office of Management and Budget, has become a senior adviser to the president, according to reports and the think tank she heads. Tanden's portfolio will include planning for potential policy changes that could result from the forthcoming Supreme Court decision on Republican legal efforts to strike down the Affordable Care Act, CNN reported. Before withdrawing as OMB nominee, Tanden had come under fire for using Twitter to criticize former President Donald Trump and Republican lawmakers, and was also critical of the liberal Vermont independent Sen. Bernie Sanders. Tanden now heads the Center for American Progress, whose director John Podesta said in a statement that Tanden would bring "intellect, tenacity, and political savvy" to her new role. The White House did not immediately return a request for comment.

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
May 14, 2021

ViacomCBS says disputes with former CEO Moonves resolved, arbitration dismissed
ViacomCBS Inc. said in a filing late Friday that the disputes with former Chairman and Chief Executive Leslie Moonves have been resolved, with both parties dismissing the arbitration started by Moonves in January 2019. Assets of a grantor trust relating to the matter will revert to the ViacomCBS "in their entirety," the media company said in a U.S. Securities and Exchange Commission filing. Shares of ViacomCBS rose 0.2% in the extended session Friday after ending the regular trading day up 1%. The media executive resigned in 2018 following allegations he sexually assaulted or harassed multiple women. Moonves has denied the allegations.

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
May 14, 2021

Dow ends 360 points higher as stocks trim weekly decline
Stocks ended with strong gains Friday, building on the previous session's bounce as major benchmarks trimmed weekly losses. The Dow Jones Industrial Average rose around 361 points, or 1.1%, to end near 34,382, according to preliminary figures. The S&P 500 finished around 61 points higher, up 1.5%, near 4,174, while the Nasdaq Composite rallied around 305 points, or 2.3%, to close near 13,430. Friday's gains were broad based, with tech-related shares rising alongside stocks tied more closely to the economic reopening. Equities slumped earlier in the week and tumbled hard on Wednesday after data showed a hotter-than-expected rise in the April consumer price index. The bounce left the Dow with a weekly loss of 1.1%, while the S&P 500 stumbled 1.4% and the Nasdaq declined 2.3%.

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
May 14, 2021

Oil prices finish the week higher as pipeline shutdown 'short lived'
Oil futures climbed on Friday, erasing previous losses to finish higher for the week. "The Colonial Pipeline debacle got most of the attention from energy traders this week," but the shutdown "did not have a material impact on the broader market as the outage was short-lived and all operations are reportedly back to normal as we approach the weekend," said Tyler Richey, co-editor at Sevens Report Research. June West Texas Intermediate crude rose $1.55, or 2.4%, to settle at $65.37 a barrel on the New York Mercantile Exchange. For the week, the front-month contract gained 0.7%, FactSet data show.

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
May 14, 2021

White House says fuel supply returning through Colonial Pipeline but normalcy will take 'few days'
The White House on Friday said fuel supplies are coming back through the re-opened Colonial Pipeline but it would take a "few days" to return to normal. "We know that supply is returning and that the end is in sight," White House press secretary Jen Psaki said. "We want to remind the public that it will take a few days to fully return to normal," she said, and again urged Americans to only buy the gasoline they need. Colonial Pipeline on Wednesday moved to fully reopen its 5,500 mile pipeline, which provides around 45% of fuel needs to the U.S. East Coast. Oil futures rose Friday, as the pipeline reopened after being shut down since last weekend in response to a ransomware attack.

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
May 14, 2021

Gold prices settle at highest since February
Gold futures settled Friday at their highest since February, with prices for the most-active contract up roughly 0.4% for the week. "Investor concerns about sooner-than-expected policy tightening" from the Federal Reserve eased a little "given the dovish rhetoric from several FOMC members this week," said Fawad Razaqzada, market analyst at ThinkMarkets. June gold climbed $14.10, or 0.8%, to settle at $1,838.10 an ounce, with prices marking the highest finish since Feb. 10, according to FactSet 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
May 14, 2021

Baker Hughes data show U.S. oil-drilling rigs up a second week
Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil was up by eight at 352 this week, following an increase of two rigs last week. The total active U.S. rig count, which includes those drilling for natural gas, also climbed by five to stand at 453, according to Baker Hughes. June West Texas Intermediate crude continued to trade higher for the session. The contract was up $1.46, or 2.3%, to $65.28 a barrel on the New York Mercantile Exchange.

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
May 14, 2021

DoorDash, Airbnb stocks upgraded at Wells Fargo
Wells Fargo analyst Brian Fitzgerald upgraded shares of Airbnb Inc. and DoorDash Inc. to overweight from equal weight Friday, following earnings reports that he said showed momentum coming out of the pandemic. "Within our coverage group, we view ABNB as likely the strongest play on the future of remote and hybrid work," he wrote, while maintaining a $200 price target on Airbnb's stock. He was encouraged by momentum in urban regions, which represented 40% of nights booked in the latest quarter. In Fitzgerald's view, a rise in urban travel is "a shift back to one of Airbnb's power alleys." For DoorDash, he wrote that the company's beat-and-raise quarter "is large enough to offset the rotation to 'value' that has afflicted 'growth' stocks" so far this year. Upbeat indications from the latest report included sequential and year-over-year increases in average order value among existing customers and a more than doubling of subscriptions to the company's DashPass product relative to a year earlier, he wrote. Fitzgerald raised his price target on DoorDash's stock to $170 from $165. Airbnb shares are up 2.2% in Friday morning trading, while DoorDash shares are up 14.8%.

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MarketWatch MarketPulse
May 14, 2021

Dow up more than 200 points as stocks open higher in bid to extend bounce
Stocks opened higher Friday in a bid to extend the previous session's bounce at the end of a volatile week that saw inflation fears move front and center across capital markets. The Dow Jones Industrial Average was up 216 points, or 0.6%, at 34,237, while the S&P 500 rose 34 points, or 0.8%, to 4,146. The Nasdaq Composite gained 142 points to trade at 13,267, a gain of more than 1%. Major benchmarks remain on track for hefty weekly losses, with the Dow down 1.5%, the S&P 500 sporting a decline of more than 2% and the Nasdaq off 3.6%.

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MarketWatch MarketPulse
May 14, 2021

ESPN enters 8-year deal to exclusively carry LaLiga games in the U.S. on ESPN
Walt Disney Co.'s ESPN announced an agreement Friday in which the sports media company's ESPN streaming service will be the new English- and Spanish-language carrier for LaLiga's top two professional soccer leagues in Spain for the next eight seasons. Starting in August, and running through the 2028-2029 season, live LaLiga Santander and LaLiga SmartBank matches will be shown exclusively on ESPN . "This agreement creates a true home for LaLiga in the U.S. for years to come and cements ESPN as the premier platform for soccer," said Russell Wolff, general manager at ESPN .

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MarketWatch MarketPulse
May 14, 2021

Graphic Packaging stock surges toward a record after $1.45 billion deal to buy AR Packaging
Shares of Graphic Packaging Holding Co. surged 6.9% into record territory in premarket trading Friday, after the consumer packaging company announced an agreement to buy AR Packaging Group AB for about $1.45 billion in cash from CVC Capital Partners Fund IV. Graphic Packaging said AR Packaging is Europe's second largest producer of fiber-based consumer packaging. The company said it expects the deal to add $1.1 billion in annual sales, result in $40 million in synergies and immediately add to earnings after the deal closes, which is expected to occur in four to six months. "Acquiring AR Packaging will result in significant value creation opportunities for our customers, our employees, and our stockholders as we bring together two leading providers of fiber-based consumer packaging solutions with long histories of innovation and creative packaging design," said Graphic Packaging Chief Executive Michael Doss. The stock has rallied 16.3% over the past three months through Thursday, while the S&P 500 has gained 4.5%.

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MarketWatch MarketPulse
May 14, 2021

Tyson Foods to sell its pet treats business for $1.2 billion, 11 years after entering the business
Tyson Foods Inc. announced Friday a deal to sell its pet treats business for $1.2 billion to General Mills Inc. , about 11 years after the foods company entered the pet treats business. The deal is expected to close by the end of Tyson's fiscal year, which ends September. Tyson's pet treats business includes the Nudges, True Chews and Top Chews brands, and generated sales of more than $240 million in the 12 months through April 3. The company said it will continue to provide meat ingredients for the pet treats business after the deal is completed. Tyson said it entered the pet treat market in 2010, when it launched True Chews. Tyson's stock rose 0.7% in premarket trading and General Mills shares tacked on 0.6%.

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MarketWatch MarketPulse
May 14, 2021

Coronavirus tally: Global COVID-19 cases top 161 million, while U.S. sees signs of normalization
The global tally for the coronavirus-borne illness climbed above 161.2 million on Friday, according to data aggregated by Johns Hopkins University, while the death toll rose topped 3.3 million. The U.S. continues to lead the world in total cases with 32.85 million and deaths with 584,495. But with nearly 119 million people fully vaccinated, about 36% of Americans can see some return to normalcy, as the Centers for Disease Control and Prevention said fully vaccinated people "can resume activities that you did prior to the pandemic." India remains a worrisome hotspot, with about 350,000 new cases on Friday and 4,000 new deaths. In total, India is second worldwide with 24.05 million cases and third with 262,317 deaths, while Brazil is third in cases with 15.43 million and second in deaths with 430,417.

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MarketWatch MarketPulse
May 13, 2021

HyreCar stock rises more than 6% as Q1 sales rise
Shares of HyreCar Inc. rallied more than 6% late Thursday after the peer-to-peer car-sharing platform reported a wider quarterly loss but sales came in slightly above expectations. HyreCar said it lost $7.2 million, or 37 cents a share, in the quarter, compared with $4.1 million, or 25 cents a share, in the year-ago period. Sales rose 29% to $7.45 million, "showing the resilience of our platform and the growing demand for our services as the country opens up," Chief Executive Joe Furnari said in a statement. Analysts polled by FactSet expected HyreCar to report a GAAP loss of 13 cents a share on sales of $7.2 million. The stock ended the regular trading day down 6.7%.

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MarketWatch MarketPulse
May 13, 2021

: Poly stock drops on outlook, company formerly called Plantronics to change ticker
Shares of the company formerly known as Plantronics Inc. PLT, now known as Poly, dropped in the extended session Thursday after the business audio and video products maker's outlook fell short of Wall Street estimates. Shares dropped 14% after hours, following a 1.8% decline in the regular session to close at $36.99. The company forecast adjusted first-quarter earnings of 35 cents to 55 cents a share on revenue of $410 million to $450 million. Analysts surveyed by FactSet had estimated earnings of 82 cents a share on revenue of $441.3 million. "The global semiconductor chip shortage has impacted companies worldwide and we expect we will continue to experience ongoing tightness in our supply chain," the company said in a statement. "End market demand remains strong for video and headsets, while voice demand is recovering." The company reported fiscal fourth-quarter net income of $11 million, or 25 cents a share, versus a loss of $667.9 million, or $16.94 a share, in the year-ago period, when it reported a large goodwill impairment. Adjusted earnings, which exclude stock-based compensation expenses and other items, were $1.23 a share, compared with 30 cents a share in the year-ago period. Revenue rose to $476.2 million from $403 million in the year-ago quarter. Analysts had forecast earnings of 93 cents a share on revenue of $455.7 million. The company also said its ticker symbol on the New York Stock Exchange will become "POLY," replacing PLT, at the open of trading on May 24. The company officially changed its name to Poly earlier in the year.

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MarketWatch MarketPulse
May 13, 2021

GoodRx stock heads lower after mixed Q1 results
Shares of GoodRX Holdings Inc. fell more than 5% in the extended session Thursday after the health-care company reported first-quarter sales slightly below Wall Street expectations and met the forecast for adjusted profit. GoodRx said it earned $1.7 million, breaking even on a per-share basis, in the quarter, compared with $27.3 million, or 8 cents a share, in the year-ago quarter. Adjusted for one-time items, the company earned 7 cents a share. Sales rose 20% to $160.4 million, the company said. Analysts polled by FactSet expected GoodRX to earn an adjusted 7 cents a share on sales of $160.6 million. Monthly active consumers rose 17% to 5.7 million people, it said. GoodRX guided for second-quarter revenue between $172 million and $176 million, and full-year 2021 revenue between $740 million and $760 million. The stock ended the regular trading day down 4%.

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MarketWatch MarketPulse
May 13, 2021

: Bionano Genomics stock jumps as revenue beats Street
Bionano Genomics Inc. BNGO shares rallied in the extended session Thursday after the genome analysis company's quarterly revenue came in better than Wall Street expected. Bionano shares surged 10% after hours, following a 7% decline in the regular session to close at $4.41. The company reported a first-quarter loss of $9.9 million, compared with $10.5 million in the year-ago period. Revenue rose to $3.2 million from $1.1 million in the year-ago quarter. Analysts surveyed by FactSet had forecast revenue of $3 million. "2021 is off to a solid start for Bionano," said Erik Holmlin, Bionano chief executive, in a statement. "In the first quarter, we sold a record number of flow cells, analyzed a record number of samples in our service lab, drove broad adoption of Saphyr instruments and ramped up the installation of Saphyr systems that weren't yet operational because of 2020's travel restrictions." Bionano's Saphyr system aids researchers in the development of gene-based drugs.

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MarketWatch MarketPulse
May 13, 2021

Oscar Health stock gains after first results as public company
Oscar Health Inc. stock rose nearly 3% late Thursday after the digital health-insurance company reported its first results as a public company, missing Wall Street expectations but showing more subscribers than expected. Oscar said it lost $87.4 million, or 98 cents a share, in the first quarter, compared with a loss of $96.9 million, or $3.36 a share, in the year-ago quarter. Revenue rose to $369 million, from $88.4 million a year ago, the company said. Analysts polled by FactSet had expected Oscar to report a GAAP loss of 53 cents a share on sales of $598 million. Its membership grew 29%, it said. "We achieved very attractive first-quarter growth, while simultaneously lowering our medical loss ratio and administrative cost ratio year-over-year," Chief Executive Mario Schlosser said in a statement. Shares of Oscar ended the regular trading day down 7.4%. Oscar went public in March.

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MarketWatch MarketPulse
May 13, 2021

Coinbase meets analysts' expectations in first-quarter earnings
Crypto platform Coinbase late Thursday reported first-quarter earnings of $3.05 per share, or $771.51 million, on revenue of $1.8 billion from $585 million in the previous period. The results were mostly in line with investor expectations and matched the company's preliminary report that was released ahead of its April 14 listing on the Nasdaq. Investors were expecting Coinbase to report EPS of about $3.07 on revenue of $1.814 billion, according to a consensus of analysts estimates polled by FactSet, as of May 12. The company said that monthly transacting users, or MTUS, more than doubled to 6.1 million from 2.8 million in its previous three-month period. Coinbase also boasts 56 million verified users. The company says it expects user growth between 5.5 million and 9 million. The report comes amid a downturn for bitcoin and the broader crypto complex. Shares of Coinbase initially slumped 4% in afterhours trade, but later recovered to flat, after closing down 6.5% in regular trading Thursday. Investors will be eager to here more about the company's stance in addressing growing competition in the crypto trading space against the likes of Robinhood Markets and Gemini.

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MarketWatch MarketPulse
May 13, 2021

Coinbase's stock extends slide in afterhours trade, off around 4% after quarterly update
Crypto platform Coinbase late Thursday reported first-quarter earnings of $3.05 per share, or $771.51 million, on revenue of $1.8 billion from $585 million in the previous period. The results were mostly in line with investor expectations and matched the company's preliminary report that was released ahead of its April 14 listing on the Nasdaq Inc. Investors were expecting Coinbase to report EPS of about $3.07 on revenue of $1.814 billion, according to a consensus of analysts estimates polled by FactSet, as of May 12. The company said that monthly transacting users, or MTUS, more than doubled to 6.1 million from 2.8 million in its previous three-month period. Coinbase also boasts 56 million verified users. The company says it expects user growth between 5.5 million and 9 million. The report comes amid a downturn for bitcoin and the broader crypto complex. Shares of Coinbase were down over 4% in afterhours trade after closing down 6.5% in regular trading Thursday. Investors will be eager to here more about the company's stance in addressing growing competition in the crypto trading space against the likes of Robinhood Markets and Gemini. Its earnings call starts 5 p.m. Eastern Time.

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MarketWatch MarketPulse
May 13, 2021

Biden hails new CDC guidance on masks for vaccinated Americans: 'It's a great milestone'
President Joe Biden on Thursday sounded a celebratory note in a brief speech after the Centers for Disease Control and Prevention said Americans for the most part don't need to wear masks if they're fully vaccinated against COVID-19. "I think it's a great milestone, a great day," Biden said.

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MarketWatch MarketPulse
May 13, 2021

Dow ends more than 430 points higher as stocks take back a chunk of Wednesday's rout
Stocks bounced back Thursday to end sharply higher, taking back a chunk of the losses suffered in the previous session. The Dow Jones Industrial Average rose around 433 points, or 1.3% to close near 34,021, according to preliminary figures. The S&P 500 advanced around 49 points, or 1.2%, to around 4,112, while the Nasdaq Composite gained around 93 points, or 0.7%, to finish near 13,125. Stocks tumbled on Wednesday after a hotter-than-expected April rise in the consumer-price index. Rate-sensitive tech and growth stocks led the early rebound for equities as Treasury yields pulled back, but more cyclically sensitive sectors moved into the lead, with financials and industrials, both up 1.9%, the top gainers among S&P 500 sectors.

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MarketWatch MarketPulse
May 13, 2021

U.S. oil prices log lowest settlement since April
Oil futures declined Thursday, with U.S. prices settling at their lowest level so far this month, following news that Colonial Pipeline has restarted operations following a ransomware-related operational shutdown late last week. The restart took "the sting out of concern about supply shortages," said Michael Hewson, chief market analyst at CMC Markets UK. June West Texas Intermediate crude fell $2.26, or 3.4%, to settle at $63.82 a barrel on the New York Mercantile Exchange. That was the lowest front-month contract finish since April 30, FactSet data show.

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MarketWatch MarketPulse
May 13, 2021

CDC: No need to wear masks if you're fully vaccinated (for the most part)
The Centers for Disease Control and Prevention updated its guidance around masks for people who are fully vaccinated, saying they no longer need to wear a mask or socially distance "in any setting" except when required by laws or rules, such as those set out by workplaces and health care facilities. Masks are still required on public forms of transportation, such as on flights, buses, and trains, federal health officials said. The CDC also said that people who are fully vaccinated no longer need to get tested for COVID-19 following an exposure to someone who is sick, with the exception of residents and employees of correctional facilities or homeless shelters. But if individuals start to feel sick, they still need to follow the protocols of the last year. "If you develop symptoms, you should put your mask back on and get tested right away," CDC director Rochelle Walensky said Thursday during a White House briefing.

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MarketWatch MarketPulse
May 13, 2021

COVID-19 deaths in the U.S. fall to lowest point since April 2020
The number of COVID-19 deaths in the U.S. is at the lowest point since April 2020, according to remarks made Thursday by a federal health official. "Our progress has been steady," Andy Slavitt, the White House's senior advisor for the COVID-19 response, said during a White House briefing. More than 580,000 people in the U.S. have died from COVID-19, and 4,119 deaths have been reported over the last seven days, according to CDC data. The seven-day daily average is 587 deaths per day. Cases of COVID-19 are also dropping as vaccination rates increase. During the same briefing, CDC director Rochelle Walensky said that the U.S. is averaging 36,800 cases per day.

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MarketWatch MarketPulse
May 13, 2021

Square to let developers build on top of its online platform
Square Inc. said Thursday that it would begin allowing developers to build on top of the Square Online platform. The company announced at its Unboxed developer conference that its new Snippets API function would let developers make plugins to enhance the online-shopping experience. "The ability to build extensions for Square Online was one of the most requested developer features over the past year due to the rapid growth of online selling," the company said in a blog post. Square Online has seen its number of active sellers more than double each quarter since the beginning of 2020, according to the release. The company also announced new application programming interfaces (APIs) for loyalty rewards programs and web payments. Square shares are off nearly 4% in Thursday afternoon trading. The stock has gained 169% over the past 12 months as the S&P 500 has risen 46%.

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MarketWatch MarketPulse
May 13, 2021

PayPal to acquire e-commerce returns company Happy Returns
PayPal Holdings Inc. plans to acquire Happy Returns, a company focused on improving the process for e-commerce returns. The company works with retail brands to let customers visit "return bars" to send back online purchases without having to box and ship items themselves. Happy Returns previously partnered with PayPal and said in a blog post announcing the acquisition that it would be focused on " improving our platform and expanding our footprint, all with the goal of providing more customers with the most seamless, cost-effective and environmentally friendly way to make and process returns." PayPal expects the deal to close in the second quarter, according to a spokesperson. The company didn't announce the financial terms of the deal. Shares of PayPal are off 0.3% in Thursday afternoon trading. They've gained 66% over the past 12 months as the S&P 500 has risen 45%.

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MarketWatch MarketPulse
May 13, 2021

Tesla stock on track to close below 200-day moving average
Tesla Inc. stock on Thursday is on pace to close below its 200-day moving average for the first time in more than a year, and on track for its worst week since the week of March 20, 2020. The stock is down 3.41%, which would be the lowest close in nine weeks. Chief Executive Elon Musk tweeted late Wednesday that the electric-car makerwas halting car-buying using bitcoin on environmental concerns, sending Tesla shares and the cryptocurrency lower. When Tesla dipped below the 200-day average last year, it did so amid the March 2020 pandemic selloff, and the stock bounced more than 18% the next session. Shares of Tesla have gained 255% in the past 12 months, compared with an advance of 45% for the S&P 500 index.

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MarketWatch MarketPulse
May 13, 2021

Gold futures end higher after back-to-back losses
Gold futures ended higher on Thursday, finding support after back-to-back session declines, as U.S. Treasury yields eased back from their highest levels in weeks and U.S. equities traded mostly higher. "Traders are anxious about a correction in equities given the length of this bull run," said David Russell, director of marketing at GoldCore. "Gold will always move in tandem with strong sell-offs in equities as leveraged positions become unwound," he said. So while inflationary environments favor gold over the long term, "deleveraging will take place first." On Wednesday, gold's decline coincided with losses in U.S. benchmark stock indexes, but prices for the metal moved up as the stock market strengthened Thursday. June gold edged up by $1.20, or nearly 0.1%, to settle at $1,824 an ounce.

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MarketWatch MarketPulse
May 13, 2021

Colonial Pipeline paid nearly $5 million in ransom after cyberattack: report
Colonial Pipeline paid Eastern European hackers nearly $5 million in an untraceable cryptocurrency last week in response to a ransomware attack, Bloomberg reported Thursday, citing people familiar with the transaction. A Colonial spokesman didn't immediately respond to a request for comment on the report. Colonial closed its pipeline, which feeds nearly 45% of fuel needs on the U.S. East Coast, over the weekend, resulting in fuel shortages across the southeastern U.S. The company announced Wednesday it would begin returning the pipeline to service. On Thursday morning, it reported "substantial progress" in safely restarting the pipeline system and said that product delivery was under way in a majority of the markets that Colonial serves. All markets were projected to begin receiving product by midday.

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MarketWatch MarketPulse
May 13, 2021

EIA reports a 71 billion cubic foot weekly rise in U.S. natural-gas supplies
The U.S. Energy Information Administration reported on Thursday that domestic supplies of natural gas rose by 71 billion cubic feet for the week ended May 7. That was generally in line with the average increase of 70 billion cubic feet forecast by analysts polled by S&P Global Platts. The EIA said the data, however, included an adjustment to the week's total to account for a reclassification of some gas stocks from working gas to base gas. Working gas is the volume of gas available in the market. Total stocks now stand at 2.029 trillion cubic feet, down 378 billion cubic feet from a year ago and 72 billion cubic feet below the five-year average, the government said. Following the data, June natural gas was up nearly 0.1% at $2.97 per million British thermal units. It traded at $2.96 shortly before the data.

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MarketWatch MarketPulse
May 13, 2021

Heron's stock rises after FDA approval of surgical medicine
Shares of Heron Therapeutics Inc. gained 3.0% in trading on Thursday after the company said the Food and Drug Administration had approved its non-opioid anesthetic for use in some surgical patients. The drug, Zynrelef, is expected to become available to hospitals in July. Heron's stock is down 16.2% for the year, while the S&P 500 is up 8.1%.

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MarketWatch MarketPulse
May 13, 2021

Apple stock bounces back above the 200-day moving average, like it did 13 months ago
Shares of Apple Inc. rallied 2.4% in morning trading Thursday, to bounce back above the 200-day moving average (DMA), one day after closing below the widely watched technical level for the first time in 13 months. The stock was trading recently at $125.72, after closing Wednesday $122.77, while the 200-DMA rose to $123.12 from $122.96. J.P. Morgan analyst Samik Chatterjee reiterated the overweight rating he's had on the stock for at least nearly four years, citing data showing April iPhone sales in China were better than usual seasonal trends, pointing to continued market share gains. The last time Apple's stock spent time below the 200-DMA was during the post-pandemic lows of late-March to early-April last year. At that time, the stock's first close below the 200-DMA was March 16; the stock bounced 4.4% the next day to close back above it, then closed back below it for the next six sessions, and for the next 10 of 13 sessions. The stock has lost 7.1% over the past three months, while the Nasdaq 100 has declined 4.3% and the Dow Jones Industrial Average has gained 8.2%.

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MarketWatch MarketPulse
May 13, 2021

U.S. stock market opens higher, aims to snap 3-session skid
U.S. stocks on Thursday opened higher Thursday, with tech shares rising in as dip buyers look for a bounce to halt a three-session slide, a day after hot inflation data sent the Dow Jones Industrial Average down for a third day to its biggest one-day loss since January. The Dow rose 140 points, or 0.4%, to 33,723, the S&P 500 index climbed 0.7% to 4,090, while the Nasdaq Composite Index added 1.1% early Thursday. The moves come as investors took another round of U.S. inflation data in stride, after April producer price index jumped 0.6%, far above forecasts for a 0.3% rise. Year over year, wholesale inflation rose 6.2% versus a 4.2% rise in March. Concerns about inflation have moved front and center for investors after data on Wednesday showed prices at the consumer level saw the biggest monthly rise since 2009 and the largest year-over-year increase since 2008.

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MarketWatch MarketPulse
May 13, 2021

Amazon hiring 75,000 people, at an average pay of more than $17 an hour
Amazon.com Inc. said Thursday that it is hiring 75,000 people in the U.S. and Canada for work in its logistics and fulfillment network. The ecommerce and cloud giant said new hires will be paid an average of more than $17 an hour, and will receive sign-on bonuses of up to $1,000. The new hires will also receive an additional $100 if they show proof of COVID-19 vaccination. Amazon said its locations with the most job openings include Arizona, California, Colorado, Georgia, Illinois, Kentucky, Maryland, Minnesota, New Jersey, Pennsylvania, Tennessee, Washington and Wisconsin. The stock, which rose 1.2% in premarket trading, has slipped 3.2% year to date through Wednesday, while the Nasdaq Composite has edged up 1.1% and the S&P 500 has gained 8.2%.

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MarketWatch MarketPulse
May 13, 2021

Xcel Energy CEO Fowke to retire from role, after 10 years as CEO
Xcel Energy Inc. said Thursday that Chief Executive Ben Fowke will retire from that role, effective Aug. 18, after 10 years as CEO. The Minnesota-based electricity generator and distributor said Fowke continue in his role as executive chairman during a transition period. The company said Chief Operating Officer Bob Frenzel, who joined the company in 2016, will succeed Fowke as CEO. The stock, which was still inactive in premarket trading, has gained 5.3% year to date, while the Dow Jones Utility Average has edged up 2.8% and the Dow Jones Industrial Average has advanced 8.2%.

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MarketWatch MarketPulse
May 13, 2021

One Medical's parent company says COVID-19 testing volume 'meaningfully' declined in April
1Life Healthcare Inc. , which operates the One Medical direct primary care business, on Wednesday told investors that it started seeing a "meaningful drop" in COVID-19 testing in April as a greater number of Americans were vaccinated against the virus and the number of coronavirus cases in the U.S. continued to decline. 1Life CFO Bjorn Thaler cited a "faster-than-anticipated education in COVID-19 testing volumes," according to a FactSet transcript of the company's first-quarter earnings call. "As we look at the rest of the year, certainly we don't expect those numbers to come back," Thaler added. 1Life's stock is down 12.2% for the year, while the broader S&P 500 is up 8.1%.

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MarketWatch MarketPulse
May 13, 2021

Constellation Brands buys stake in minority-owned wine La Fête du Rosé
Constellation Brands Inc. said Thursday it has made its first investment in a Black or minority-owned business by buying a stake in rosé label, La Fête du Rosé. The Corona-beer brewer said the deal is the first in a plan to invest $100 million in Black or minority-owned businesses by 2030. It did not disclose the terms of the deal. La Fête du Rosé -- French for the rosé party -- was founded in 2019 by Donae Burston, a 15-year veteran of the beverage industry, and was inspired by the popularity of rosé in the French peninsula of Saint Tropez. People like to see themselves in anything, and that's what we're trying to do with La Fête du Rosé -- create an exceptional liquid and brand that's focused on reaching a wider audience," said Burston, founder & CEO of La Fête du Rosé.

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MarketWatch MarketPulse
May 13, 2021

Ralph Lauren sells Club Monaco brand to private-equity firm Regent
Ralph Lauren Corp. announced the sale of the Club Monaco brand to private-equity firm Regent L.P. on Thursday. The value of the deal was undisclosed. Ralph Lauren is undergoing a business turnaround and said the sale is part of the effort to focus on the core namesake brands. Analysts say the strategy is yielding results. Club Monaco has been part of the Ralph Lauren lineup for 22 years. With the Club Monaco sale and the licensing of the Chaps brand, Ralph Lauren says its portfolio review is complete. The Club Monaco transaction is expected to close by the end of June. Ralph Lauren stock has gained 23.4% for the year to date while the S&P 500 index is up 8.2% for the period.

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MarketWatch MarketPulse
May 13, 2021

MicroStrategy buys more bitcoin, stock sinks as bitcoin selloff weighs
Shares of MicroStrategy Inc. sank 7.5% toward a four-month low in premarket trading Thursday, as the enterprise software company and bitcoin play is being weighed down by the selloff in the cryptocurrency. The company has been seen as a bitcoin play, because the company has been acquiring bitcoin and said it uses bitcoin as its primary treasury asset. The company disclosed that it spent $15.0 million to buy about 271 bitcoins on Thursday at an average price of $55,387 per bitcoin, including fees. The company said it now holds about 91,850 bitcoins, purchased for $2.24 billion at an average price of $24,403 per bitcoin. Bitcoin tumbled 8.1% early Thursday, after Tesla Inc. Chief Executive Elon Musk surprised investors when he said the electric vehicle maker has suspended vehicle purchases using bitcoin. MicroStrategy's stock has run up 39.5% year to date, while bitcoin has soared 73.0%, the SPDR S&P Software & Services ETF has slipped 2.6% and the S&P 500 has gained 8.2%.

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MarketWatch MarketPulse
May 13, 2021

Target launching lineup of plant-based items, most priced under $5
Target Corp. is adding more than 30 plant-based items to the Good & Gather brand, many of them priced under $5. The products include plant-based dips, meat alternatives, coffee creamers and more. The items will roll out through the fall. Companies like Beyond Meat Inc. are focused on cutting the price of plant-based foods to make them more accessible. Target stock is up 15% for the year to date while the S&P 500 index has gained 8.2% for the period.

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MarketWatch MarketPulse
May 13, 2021

Nucor sets new $3 billion stock repurchase program, which could represent more than 10% of its shares
Nucor Corp. said Thursday it has set a new $3.0 billion stock repurchase program. Based on the previous session's stock closing price of $95.99, the steel products company could buy back about 10.4% of the shares outstanding. The company said the new program replaces the $2.0 billion program that was authorized in September 2018, of which $1.55 billion of common stock had been repurchased. The new program has no expiration date. The stock, which slipped 0.3% in premarket trading, has soared 80.5% year to date through Wednesday, as continuous HRC Steel Futures have run up 66.2% and the S&P 500 has gained 8.2%.

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MarketWatch MarketPulse
May 13, 2021

Canada Goose stock jumps after surprise profit, revenue that rose well above forecasts
The U.S.-listed shares of Canada Goose Holdings Inc. rallied 2.3% in premarket trading Thursday, after the Canada-based luxury apparel maker reported a surprise fiscal fourth-quarter profit and revenue that rose well above forecasts and pre-pandemic levels, as ecommerce revenue more than doubled. Net income rose to C$2.9 million ($2.4 million), or 3 cents a share, from C$2.5 million, or 2 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came in at 1 cent, compared with the FactSet per-share loss consensus of 12 cents. Revenue jumped 48.2% to C$208.8 million ($171.8 million), beating the FactSet consensus of C$158.9 million, as global ecommerce revenue increased 123.2%. The company said revenue rose in all geographic regions except Canada, which revenue fell 6.9% amid elevated mandatory retail closures relative to other markets. "Canada Goose has shifted from recovery to growth beyond pre-pandemic levels. We achieved our largest ever fourth quarter by revenue," said Chief Executive Dani Reiss. The stock has slipped 3.6% over the past three months through Wednesday, while the S&P 500 has gained 3.3%.

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MarketWatch MarketPulse
May 13, 2021

Genworth shares slide 2.6% premarket after it postpones IPO of mortgage insurer Enact
Genworth Financial Inc. said Thursday it has decided to postpone the planned initial public offering of its mortgage insurer Enact Holdings Inc., citing trading volatility in that sector. "In light of the recent significant trading volatility in the mortgage insurance (MI) sector, Genworth's Board of Directors determined that current market pricing for the planned offering does not accurately reflect Enact's value," Genworth Chief Executive Tom McInerney said in a statement. "Therefore, we have decided to postpone the IPO and will continue to evaluate our options as market conditions develop." The company remains positive on its long-term outlook for the mortgage insurance sector given strong trends in the U.S. housing market, and expects further tailwinds as the economy recovers from the coronavirus pandemic, he added. Genworth has sufficient liquidity to meet near-term needs and is not dependent on the IPO, he said. Shares fell 2.6% premarket, but have gained 1.6% in the year through Wednesday, while the S&)P 500 has gained 8%.

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MarketWatch MarketPulse
May 13, 2021

Casper stock rallies after revenue rises to a record to beat expectations as losses narrow
Shares of Casper Sleep Inc. surged 4.8% toward a three-month high in premarket trading Thursday, after the mattress-in-a-box seller reported a narrower loss and revenue that rose above expectation, and provided an upbeat outlook. The net loss narrowed to $21.2 million, or 52 cents a share, from $34.0 million, or $1.23 a share, in the year-ago period. The FactSet consensus for per-share losses was 53 cents. Revenue grew rose to a record $127.7 million from $113.0 million, beating the FactSet consensus of $125.0 million, as gross margin improved to 52.2% from 46.9%. "Our third-party manufacturing model is enabling us to effectively navigate industry-wide supply chain challenges as we meet growing demand for our products," said Chief Executive Philip Kim. For the second quarter, the company expects revenue of $146 million to $153 million, above the current FactSet consensus of $134.1 million. Casper's stock has lost 4.7% over the past three months through Wednesday but has run up 57.6% year to date, while the S&P 500 has gained 3.3% the past three months and advanced 8.2% this year.

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MarketWatch MarketPulse
May 13, 2021

Trulieve first-quarter revenue beats estimates
Trulieve Cannabis Corp. said Thursday it had net income of $30.1 million in the first quarter, up from $23.6 million in the year-earlier period. The multistate cannabis operator, which said Monday it has agreed to acquire Harvest Health & Recreation Inc. in an all-stock deal valued at about $2.1 billion, did not offer per-share numbers. Revenue rose $193.8 million from $96.1 million a year ago and $168.4 million in the fourth quarter. The FactSet consensus was for net income of $34.7 million and revenue of $189.2 million. "Our continued strength in our home state of Florida, as well as the build out of our northeast hub, with progress in Pennsylvania, Massachusetts and West Virginia, has generated momentum for an exciting remainder of the year," Chief Executive Kim Rivers said in a statement. Shares were not active premarket, but have gained 25% in the year to date, while the Cannabis ETF has gained 26% and the AdvisorShares Pure US Cannabis ETF has gained 11%.

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MarketWatch MarketPulse
May 13, 2021

Coronavirus tally: Global cases of COVID-19 top 160 million and India nears 24 million cases
The global tally for the coronavirus-borne illness climbed above 160.4 million on Thursday, according to data aggregated by Johns Hopkins University, while the death toll rose above 3.3 million. The U.S. continues to lead the world in cases and deaths by wide margins, with 32.8 million cases and 583,685 deaths, or about a fifth of the worldwide tallies. The Centers for Disease Control and Prevention authorized the use of the Pfizer BioNTech vaccine for use in 12- to 15-year-olds late Wednesday, paving the way for that group to start getting jabs. More than 60 million people in the U.S. have been immunized with the two-dose, mRNA vaccine developed by the two companies. India is second to the U.S. by cases at 23.7 million and third by fatalities at 258,317, although those numbers are held to be widely undercounted as the Indian crisis has overwhelmed its healthcare system. Brazil is third with 15.3 million cases and second by fatalities at 428,034. Mexico has the fourth-highest death toll at 219,590 and 2.4 million cases, or 15th highest tally. The U.K. has 4.5 million cases and 127,901 deaths, the fifth-highest in the world and highest in Europe.

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MarketWatch MarketPulse
May 12, 2021

Colonial Pipeline initiates restart of pipeline operations, says it'll take several days for product delivery to return to normal
Colonial Pipeline announced Wednesday that it has "initiated the restart of pipeline operations" as of 5 p.m. Eastern time, following a ransomware-related operational shutdown late last week. The company operates the 5,500-mile pipeline that transports 2.5 million barrels a day of fuel consumers from Houston, Texas to the New York Harbor. It said it will take several days for the product delivery supply chain to return to normal and some markets service by the pipeline "may experience, or continue to experience, intermittent service interruptions during the start-up period." Colonial pledged to move "as much gasoline, diesel and jet fuel as is safely possible." Many gas stations in the Southeast have suffered from shortages as drivers have rushed to fill up their tanks in the wake of the shutdown, according to GasBuddy. The average price for a gallon of regular gasoline topped $3 a gallon on Wednesday for the first time since 2014, GasBuddy reported, but the travel and navigation app also said that prices would have likely reached that level even without the pipeline issue as demand has started to recover from weak pandemic levels.

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MarketWatch MarketPulse
May 12, 2021

: Coupang stock slips after first results as public company
Coupang Inc. CPNG shares slipped in the extended session Wednesday after the South Korean e-commerce company reported its first quarterly results as a publicly traded company. Coupang shares slipped 2.6% after hours, following a 2.5% decline in the regular session to close at $35.33. The company reported a first-quarter loss of $295 million, or 68 cents a share, compared with a loss of $140.2 million, or $5.74 a share, in the year-ago period. Revenue rose to $4.21 billion from $2.41 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast a loss of 16 cents a share on revenue of $4.19 billion. The company started publicly trading March 11 on the New York Stock Exchange.

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MarketWatch MarketPulse
May 12, 2021

: AppLovin stock wobbles following first public quarterly results
AppLovin Corp. APP shares shifted between gains and losses in the extended session Wednesday following the marketing software company's first quarterly results as a public company. AppLovin shares, which had originally gained about 3% after hours, were last down 2.4% in the extended session. Shares closed down 2.3% in the regular session at $52.25. The company reported a first-quarter loss of $10.5 million, or 5 cents a share, versus net income of $3 million, or a penny a share, in the year-ago period. Revenue surged to $603.9 million from $260.2 million in the year-ago quarter. Analysts surveyed by FactSet had forecast a loss of a penny a share on revenue of $557.3 million. AppLovin forecast fiscal 2021 revenue of $2.65 billion to $2.7 billion, while analysts estimate revenue of $2.51 billion for the year. AppLovin shares went public on April 15 and closed down nearly 20% from their IPO price on their first day of trading.

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MarketWatch MarketPulse
May 12, 2021

Biden predicts 'good news' on Colonial Pipeline in next 24 hours
President Joe Biden on Wednesday afternoon said his administration had been in "very, very close contact with Colonial Pipeline" and there would be "some good news" in the next 24 hours. "I think we'll be getting that under control," Biden said. On Tuesday, the Biden administration said Colonial Pipeline would be in a position to make a "full restart decision" by the close of business on Wednesday as it aims to restore service substantially for its East Coast fuel artery by the end of the week following a cyberattack.

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MarketWatch MarketPulse
May 12, 2021

Dow tumbles nearly 700 points for worst day in 6 months as inflation worries spark stock-market rout
The U.S. stock market on Wednesday finished sharply lower for a third straight session, with the declines on the session driving the Dow and S&P 500 perilously close to a breach below of their short-term trend lines for the first time since March amid a selloff that was at least partly fueled by a reading on inflation that came in at the highest rate in about 13 years. The April CPI report reignited fears that the Federal Reserve may need to dial back its easy money policies earlier than expected. The S&P 500 index closed down 2.2% at 4,063, putting the broad-market index near its 50-day moving average at 4,049.95, a trend line it hasn't breached since March 25, according to FactSet data. It was the third straight drop for the index and its worst day since Feb. 25. The Dow Jones Indusrial Average closed 681.50 points, or 2%, lower to 33,588, approaching its 50-day moving average at 33,318.84, which it hasn't fallen below since early March. It was the blue-chip gauges worst day since Oct. 28, when it fell 943 points or 3.4%. The Nasdaq Composite Index , meanwhile, ended down 2.7% to 13,031, deepening its slide beneath its 50-day moving average. The U.S. consumer-price index rose 4.2% from a year ago, compared with average economists' estimates surveyed by Econoday for a 3.6% increase. The month-over-month rise was 0.8%, versus a forecast for a rise of 0.2%. Overall, the rise was the fastest rate of climb since September 2008.

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MarketWatch MarketPulse
May 12, 2021

Apple's stock closes below 200-day moving average for the first time in 13 months
Shares of Apple Inc. fell 2.5% to $122.77 on Wednesday, to close below the widely watched 200-day moving average (DMA) for the first time in 13 months. The 200-DMA is viewed by many chart watchers as a dividing line between uptrends and downtrends. Apple's 200-DMA extended to $122.96 on Wednesday, up from $122.82 on Tuesday, according to FactSet data. The last time the technology giant's stock closed below its 200-DMA was April 3, 2020, to end a 15-day period in which the stock closed below the 200-DMA 11 times. After the first close below the 200-DMA on March 16, 2020, the stock fell another 7.3% to bottom out at a 6-month closing low of $56.09 on March 23, which was 31% below the record close at the time of $81.80 on Feb. 12, 2020. On Wednesday, the stock is 14.2% below the Jan. 26, 2021 record close of $143.16. Meanwhile, the Nasdaq Composite closed at 13,031.68 and the Dow Jones Industrial Average ended at 33,587.07, both well above their respective 200-DMAs at 12,451.78 and 30,215.15.

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MarketWatch MarketPulse
May 12, 2021

CDC committee recommends that Pfizer's COVID-19 shot be used in 12- to 15-year-olds
A Centers for Disease Control and Prevention committee voted 14-0-1 in favor of recommending that Pfizer Inc.'s COVID-19 vaccine can be safely used in 12- to 15-year-olds. The recommendation, made Wednesday by the CDC's Advisory Committee on Immunization Practices, follows a similar regulatory pathway as the original emergency-use authorization awarded in December. The expanded authorization for this age group was announced Monday by the Food and Drug Administration, the CDC committee voted Wednesday, and now CDC director Dr. Rochelle Walensky is expected to sign off on the recommendation. More than 60 million people in the U.S. have been immunized with the two-dose, mRNA vaccine developed by Pfizer and BioNTech SE , according to the latest CDC data.

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MarketWatch MarketPulse
May 12, 2021

Oil futures settle at highest since March amid brighter U.S. demand prospects
Oil futures settled at their highest level since March on Wednesday, finding support in the wake of an overall upbeat outlook for 2021 oil demand from the International Energy Agency. Meanwhile, the outlook for U.S. demand brightened ahead of the summer driving season. The Energy Information Administration reported strong implied U.S. demand for motor gasoline in the last four weeks and said domestic crude inventories fell last week, though the 400,000-barrel decrease was smaller than most analysts expected. June West Texas Intermediate crude rose 80 cents, or 1.2%, to settle at $66.08 a barrel on the New York Mercantile Exchange. That was the highest front-month contract finish since March, FactSet data show.

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MarketWatch MarketPulse
May 12, 2021

Hertz shares soar 55% after it approves bankruptcy exit plan that benefits shareholders
Shares of bankrupt car-rental company Hertz Global Holdings Inc. soared 55% in afternoon trade Wednesday, after the company said it has selected and approved a revised proposal from Knighthead Capital Management LLC, Certares Opportunities LLC and Apollo Capital Management to provide the equity capital to allow it to exit Chapter 11. The $6 billion bid will fund Hertz's Chapter 11 plan through investors aggregating $2.781 billion, the issuance of $1.5 billion of new preferred stock to Apollo, and a fully backstopped rights offering to the company's existing shareholders to purchase $1.635 billion of additional common stock, Hertz said in a statement. "The revised plan would provide for the payment in cash in full of all administrative, priority, secured, and unsecured claims in the Chapter 11 cases and would deliver significant value to the Company's existing shareholders," said the statement. That includes $239 million of cash, common shares equal to 3% of the shares of the reorganized company, 30-year warrants for 18% of the stock of the reorganized company with a strike price based on a total equity value of $6.5 billion or the chance for eligible shareholders to subscribe in the rights offering. That is good news for Reddit investors who last year started to buy the shares of the bankrupt company, even though at that time, the equity stood a chance of being fully wiped out. A rival group including Centerbridge Partners, Warburg Pincus LLC, Dundon Capital Partners, LLC and an ad hoc group of the Company's unsecured bondholders were also vying to fund Hertz's exit from bankruptcy. Hertz shares are up 343% in the year to date.

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MarketWatch MarketPulse
May 12, 2021

Gold futures finish lower after data show a jump in U.S. inflation
Gold futures finished lower on Wednesday after data on U.S. inflation revealed a jump in April to the highest level in nearly 13 years. The Consumer Price Index data led to "a very fast sell reaction in gold market along with anticipation the [Federal Reserve] will have to do something to stem inflation tide in near term as part of their mandate for price stability along with full employment," said Jeff Wright, chief investment officer at Wolfpack Capital. June gold fell $13.30, or 0.7%, to settle at $1,822.80 an ounce. Prices fell by nearly 0.1% on Tuesday, but ended Monday at the highest since Feb. 10.

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MarketWatch MarketPulse
May 12, 2021

Dow sinks by 500 points at low Wednesday as inflation-fear fueled slump deepens
A slide in U.S. stock indexes accelertaed Wednesday midday, after a reading on inflation for the year to April climbed 4.2%, marking the highest rate in about 13 years, reigniting fears that the Federal Reserve may need to dial back its easy money policies earlier than expected. The Dow Jones Industrial Average was trading 487 points, or 1.4%, lower at 33,783, trying to defend its 50-day moving average at 33,328. The S&P 500 index was trading 1.8% lower at 4,079, while the Nasdaq Composite Index was off 2.5% to around 13,056.

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MarketWatch MarketPulse
May 12, 2021

Global-e stock opens below IPO price, then bounces back above it
Global-e Online Ltd. received a less-than-enthusiastic reception on its public debut, as the direct-to-consumer, cross-border ecommerce platform company's stock opened 3% below its initial public offering price before trading higher, on a big down day for the broader market. The stock's first trade was at $24.25 at 11:56 a.m. Eastern for 1.7 million shares. The IPO had priced at $25, which was at the top of the expected range of between $23 and $25 a share, as the company raised $375.0 million. At the stock's first trade, the company was valued at $3.45 billion. The stock has bounced above the IPO price since the open, as it was recently trading up 1.2% at $25.29. The company went public on a day that the Renaissance IPO ETF dropped 3.7% and the S&P 500 sank 1.5%.

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MarketWatch MarketPulse
May 12, 2021

IPower stock opens 13% above IPO price, which was below the expected range
IPower Inc. received a nice reception in its public debut Wednesday, even after the seller of hydroponic equipment's initial public offering priced below the recently lowered expected range. The stock's first trade was at $5.66 at 11:37 a.m. ET for 228,400 shares, which was 13.2% above the IPO price of $5 a share. The IPO was priced below the expected range of between $7 and $9 a share, which was lowered last week from a previously expected range of between $9 and $11 a share. At that opening price, the company was valued at $139.3 million. The stock has added slightly to its gains since the open, to recently trade up 15.0% at $5.75. The stock's positive open occurred on a day that the Renaissance IPO ETF slumped 3.0% and the S&P 500 dropped 1.2%.

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MarketWatch MarketPulse
May 12, 2021

Oil futures remain higher as EIA reports a smaller-than-expected fall in U.S. crude supplies
The Energy Information Administration reported Wednesday that U.S. crude inventories edged lower by 400,000 barrels for the week ended May 7. On average, analysts polled by S&P Global Platts forecast a decline of 4.1 million barrels for crude stocks, while the American Petroleum Institute on Tuesday reported a 2.5 million-barrel decline, according to sources. The EIA data also showed crude stocks at the Cushing, Okla., storage hub down by 400,000 barrels for the week. The EIA reported that gasoline supply rose by 400,000 barrels, while distillate stockpiles fell 1.7 million barrels for the week. The S&P Global Platts survey had expected a weekly supply climb of 700,000 barrels for gasoline and 2 million-barrel decline for distillates. Oil prices held onto their earlier gains, with June West Texas Intermediate crude up $1.20, or 1.8%, at $66.48 a barrel on the New York Mercantile Exchange. Prices were trading at $66.36 before the supply data.

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MarketWatch MarketPulse
May 12, 2021

IPower stock set to go public, after IPO priced below recently lowered expected range
IPower Inc. is set to go public Wednesday, after the California-based supplier hydroponic equipment, which are used by its consumers to grow vegetables, fruit, flowers and cannabis, said its initial public offering priced at $5 a share, which was below the recently lowered expected range of between $7 and $9 a share. The company raise $16.8 million as it sold 3.36 million shares in the IPO, that's up from an expected 3.00 million share offering as of May 7. When the company initially set terms for its IPO on April 27, the company said it was offering 5.00 million shares at an expected pricing of between $9 and $11 a share. With 24.6 million shares outstanding after the IPO, the pricing values the company at $123.0 million. The stock is expected to start trading on the Nasdaq under the ticker symbol "IPW." D.A. Davidson, Roth Capital Partners and Tiger Brokers were the underwriters. For the six months ended Dec. 31, 2020, the company reported net income of $1.34 million on revenue of $26.21 million, after income of $577,222 on revenue of $15.51 million in the same period a year ago. The company is going public on a day that the Renaissance IPO ETF was shedding 2.2% and the S&P 500 was down 1.0%.

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MarketWatch MarketPulse
May 12, 2021

Shares of Domino's Pizza jumps to record early Wednesday as Bill Ackman says Pershing Square has 6% stake in company
Domino's Pizza trades at records Wednesday, popping into positive territory after Bill Ackman, who runs hedge fund Pershing Square Capital, said he had taken a 6% stake in the pizza franchise. Ackman was speaking at a virtual event hosted by the Wall Street Journal, called the Future of Everything Festival. Shares of Domino's were at $437, surprassing its May 4th record at $433.99, FactSet data show.

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MarketWatch MarketPulse
May 12, 2021

Array Technologies stock plummets below IPO price after profit miss, withdrawal of guidance
Shares of Array Technologies Inc. plummeted 32.8% to pace all Nasdaq decliners, putting them on track to close below their IPO price for the first time, after the maker of ground-mounting systems used in solar energy projects missed first-quarter profit expectations and withdrew its full-year outlook citing continued increases in steel and freight costs. The company went public on Oct. 15 at an IPO price of $22 a share, and the stock closed as high as $51.05 on Jan. 22 before starting to sell off. The company reported late Tuesday net income that fell to $2.9 million, or 2 cents a share, from $73.7 million, or 61 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came in at 19 cents, below the FactSet consensus of 20 cents. Revenue dropped 44% to $245.9 million, due primarily to a reduction in the amount of investment tax credit (ITC) safe harbor-related shipments, but beat the FactSet consensus of $238.8 million. Gross margin decreased to 18% from 27%, amid higher input costs due to a "rapid increase in commodity prices and greater freight costs resulting in part from disruptions caused by the winter storm in Texas, as well as port closures and congestion." The stock has now tumbled 62.2% over the past three months, while the Renaissance IPO ETF has shed 26.2% and the S&P 500 has gained 4.8%.

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MarketWatch MarketPulse
May 12, 2021

Stocks fall in early trade after stronger-than-expected inflation data
Stocks opened lower Wednesday, with the tech-heavy Nasdaq Composite leading major benchmarks to the downside after data showed a stronger-than-expected jump in the April consumer-price index. The Dow Jones Industrial Average dropped 79 points, or 0.2%, to 34,190, while the S&P 500 fell 0.5% to 4,130. The Nasdaq dropped 1% to 13,244. April CPI rose 0.8% to match the biggest monthly increase since 2009, the government said. Economists had expected a reading of 0.2%. The rate of inflation over the past year jumped to 4.2% from 2.6% in the prior month - the highest level since 2008.

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MarketWatch MarketPulse
May 12, 2021

MGM Resorts' Las Vegas Strip gaming floors can return to 100% occupancy, no social distancing
MGM Resorts International said Wednesday that it was approved by the Nevada Gaming Control Board to return to 100% occupancy and no social distancing on its gaming floors inside its properties on the Las Vegas Strip. The company said the waiver for its properties, which only applies to gaming floors, was granted given MGM's efforts to vaccinate its workforce. The 80% occupancy restrictions and 3-feet social distancing requirements are still in effect outside of the gaming floors. The properties allowed to resume full operations on its gaming floors include Bellagio Resort & Casino, MGM Grand Hotel & Casino, Mandalay Bay Resort and Casino, Park MGM, The Mirage Hotel & Casino, New York-New York Hotel & Casino, Luxor Hotel and Casino, Excalibur Hotel & Casino and ARIA Resort & Casino. "This is yet another major milestone in Las Vegas' incredible recovery and a testament to the importance of vaccination in the effort to fully reopen our community," said MGM Chief Executive Bill Hornbuckle. "We will continue working to vaccinate as many people as possible and remain vigilant with health and safety protocols designed to protect our employees, guests and community." MGM's stock, which fell 0.9% in premarket trading, has soared 180.1% over the past 12 months through Tuesday, while the S&P 500 has rallied 44.7%.

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MarketWatch MarketPulse
May 12, 2021

Arthur J. Gallagher stock slips after public stock offering, used to help fund purchase of Willis Tower assets
Shares of Arthur J. Gallagher & Co. fell 0.7% in premarket trading Wednesday, after the insurance brokerage and consulting services company announced a public offering of 9 million shares of common stock. At Tuesday's stock closing price of $148.46, the offering, which represents about 4.6% of the shares outstanding, would be valued at $1.34 billion. The company plans to use the proceeds from the offering to fund a part of the deal announced earlier in which it buys certain Willis Towers Watson PLC's assets for $3.57 billion. Willis Towers and merger partner Aon PLC said the sale of the assets resolves questions raised by the European Commission and other jurisdictions related to the companies' merger, which was originally announced in March 2020. Aon's stock edged up 0.1% and Willis Tower shares slipped 0.1%, while futures for the S&P 500 dropped 0.7%.

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MarketWatch MarketPulse
May 12, 2021

Global-e to go public after IPO priced at top of range, valuing company at more than $3.5 billion
Global-e Online Ltd. is set to go public Wednesday, after the direct-to-consumer, cross-border ecommerce platform company's initial public offering priced at $25 a share, at the top of the expected range of between $23 and $25 a share, to value the Israel-based company at about $3.56 billion. The company sold 15.0 million shares in the IPO to raise $375.0 million. The stock is expected to start trading on the Nasdaq under the ticker symbol "GLBE." Goldman Sachs, Morgan Stanley and Jefferies were the lead underwriters. The company reported a net profit of $725,000 on revenue of $136.4 million in 2020, after a loss of $7.5 million on revenue of $65.9 million in 2019. The company is looking to go public at a time that the Renaissance IPO ETF has tumbled 25.5% over the past three months while the S&P 500 has gained 5.5%.

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May 12, 2021

Toyota expects 15% of U.S. sales to be battery, fuel cell electric vehicles by 2030
Toyota Motor Corp. said Wednesday it expects battery electric vehicles (BEV) and fuel cell electric vehicles (FCEV) to make up 15% of total U.S. sales by 2030. The Japan-based auto maker said that including hybrid electric vehicles (HEV) and plug-in hybrids (PHEV), 70% of the combined Toyota and Lexus vehicles sold will be electrified by 2030. Globally, Toyota expects to sell 8 million electrified vehicles by 2030, including 2 million BEVs and FCEVs. Toyota's U.S.-listed stock rose 2.6% in premarket trading, after the company reported a fiscal fourth-quarter profit that more than doubled and was well above expectations. The stock has lost 1.5% year to date through Tuesday, while shares of U.S.-based rival General Motors Co. have soared 33.8%, the iShares MSCI Japan ETF has edged up 0.3% and the S&P 500 has gained 10.5%.

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MarketWatch MarketPulse
May 12, 2021

Lumentum stock sinks after revenue misses amid deployment delays, downbeat outlook
Shares of Lumentum Holdings Inc. sank 6.5% toward a seven-month low in premarket trading Wednesday, after the optical and photonic products company reported a fiscal third-quarter profit that matched expectations but revenue that missed, citing deployment delays in China, and provided a downbeat outlook. Net income jumped to $225.5 million, or $2.85 a share, from $43.4 million, or 56 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to $1.40 from $1.26, matching the FactSet consensus of $1.40. Revenue increased 4.1% to $419.5 million, below the FactSet consensus of $433.4 million. "Out of an abundance of caution, we deferred $14.8 million of revenue due to delays in 5G deployments in China, which decreased our reported revenue accordingly," said Chief Executive Alan Lowe. For the fourth quarter, the company expects adjusted EPS of 92 cents to $1.14 and revenue of $360 million to $400 million, both below the FactSet consensus for EPS of $1.25 and for revenue of $410 million. Lumentum's stock has dropped 12.6% over the past three months through Tuesday, while the S&P 500 has gained 5.5%.

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May 12, 2021

Wendy's increases its dividend, share repurchase program and guidance
Wendy's Co. shares rose 4.8% in Wednesday premarket trading after the fast-food chain reported first-quarter earnings that beat expectations and raised its guidance. Net income totaled $41.4 million, or 18 cents per share, up from $14.4 million, or 6 cents per share, last year. Adjusted EPS of 20 cents beat the FactSet consensus for 15 cents. Revenue of $460.2 million was up from $405.0 million last year and also ahead of the FactSet consensus for $445.0 million. Global same-restaurant sales rose 13% with the U.S. up 13.5% and international sales up 7.9%. The FactSet consensus was for global 14.5% growth with the U.S. up 12%. Wendy's raised its dividend by 11% to 10 cents per share, payable on June 15, 2021 to shareholders of record as of June 1, 2021. As of May 5, there were 221 million shares outstanding. The company also raised its share repurchase plan by $50 million to a total of $150 million. And Wendy's raised its full-year guidance. The company now expects adjusted EPS of 72 cents to 74 cents, and 8%-to-10% global systemwide sales growth. The company was previously guiding for 6%-to-8% sales growth. The FactSet consensus is for EPS of 69 cents and sales of $1.817 billion, implying 4.8% growth. Wendy's stock has gained 4% for the year to date while the S&P 500 index is up 10.5% for the period.

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MarketWatch MarketPulse
May 12, 2021

Papa John's to repurchase some of Starboard's stake, which is being converted to common stock
Papa John's International Inc. said Wednesday that Starboard Value L.P.'s investment in preferred shares will converted to common stock, with the pizza seller repurchasing 31% of the preferred shares before the conversion. In 2019, Starboard had invested $250 million in Papa John's Series B convertible preferred stock with a total yield of about 5.4%, which were convertible to common stock at Starboard's option at a conversion price of $50.06. The stock closed Tuesday 93.8% above the conversion price at $97.01. At the time of the investment, Starboard's stake on a as-converted basis represented about 13.2% of the outstanding common stock. With Papa John's repurchase of preferred shares, Starboard's stake will be about 9.5% of the outstanding common stock. After the repurchase and conversion, the number of outstanding shares will increase by 3.5 million shares. The company will record a $110 million charge as a result of the transactions. Papa John's stock, which was still inactive in premarket trading, has lost 11.1% over the past three months, while the S&P 500 has gained 5.5%.

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MarketWatch MarketPulse
May 12, 2021

Moderna's new supply deal with Australia is for 25 million COVID-19 vaccine doses
Moderna Inc. announced Wednesday a new agreement to supply 25 million doses of its COVID-19 vaccine to Australia. The agreement includes 10 million doses of the biotechnology company's mRNA-1273 vaccine to be delivered this year and 15 million doses of its variant booster vaccine candidate to be delivered in 2022. The agreement is subject to approval of mRNA-1273 and the booster vaccine candidate by Australia's Therapeutic Goods Administration. Moderna's stock, which fell 0.2% in premarket trading, has run up 52.2% year to date through Tuesday, while the S&P 500 has gained 10.5%.

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MarketWatch MarketPulse
May 12, 2021

TransUnion boosts dividend by 27%
TransUnion said Wednesday its quarterly dividend has been raised by 27%, to 9.5 cents a share from 7.5 cents. The information and insights company's new dividend will be payable June 10 to shareholders of record on May 26. Based on Tuesday's stock closing price $104.83, the new annual dividend rate implies a dividend yield of 0.36%, compared with the implied yield for the S&P 500 of 1.41%. TransUnion's stock, which was still inactive in premarket trading, has gained 5.7% year to date, while the S&P 500 has advanced 10.5%.

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MarketWatch MarketPulse
May 12, 2021

Wolverine World Wide profit matches forecasts while revenue comes up short, but full-year outlook lifted
Wolverine World Wide Inc. reported a first-quarter profit that matched expectations but revenue that came up a bit shy, while lifting its full-year outlook amid stronger-than-anticipated ecommerce growth. The stock was still inactive in premarket trading. The footwear and apparel company, which brands include Hush Puppies, Stride Rite and Saucony, said net income tripled to $38.5 million, or 45 cents a share, from $13.0 million, or 16 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to 40 cents, matching the FactSet consensus of 40 cents. Revenue rose 16.3% to $510.7 million, below the FactSet consensus of $511.8 million, with owned ecommerce revenue growing 83.6%. Cost of goods sold increased 12.0%, with gross margin improving to 43.5% from 41.4%. For 2021, the company nudged up its revenue guidance range to $2.24 billion to $2.30 billion from $2.19 billion to $2.25 billion. "Our ongoing investment in digital fueled eCommerce growth of 84%, well ahead of our expectations. Our brands are well positioned in trending, performance-oriented product categories like running, hiking, and work; and their momentum remains strong," said Chief Executive Blake Krueger. "We anticipate growth to continue to accelerate moving forward." The stock has rallied 36.8% year to date, while the S&P 500 has advanced 10.5%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



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