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 NEWS: MARKETWATCH MARKETPULSE
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   NEWS: MARKETWATCH MARKETPULSE
MarketWatch MarketPulse
Jul 23, 2021

SpaceX wins NASA contract to be part of Jupiter's moon program
Space Exploration Technologies Corp., or SpaceX, won a $178 million NASA contract to provide launch services for the first mission to Jupiter's moon Europa. The mission, called Europa Clipper, will launch in October 2024 on a Falcon Heavy rocket from the NASA's Kennedy Space Center in Florida, NASA said. The goal is to "conduct a detailed survey of Europa and use a sophisticated suite of science instruments to investigate whether the icy moon has conditions suitable for life." Privately held Space X is led by Tesla Inc. Chief Executive Elon Musk.

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
Jul 23, 2021

Dow ends above 35,000 as major stock indexes close at records
The Dow Jones Industrial Average closed above the 35,000 milestone for the first time Friday as the blue-chip gauge and other major indexes ended the week on a strong note, logging record finishes. The rally capped a week that began with a heavy selloff that saw the Dow post its biggest one-day drop since October, with the bounce attributed to easing worries about the economic impact of the spread of the delta coronavirus variant and upbeat corporate earnings. The Dow rose around 238 points, or 0.7%, to end near 35,062, according to preliminary figures. The S&P 500 jumped around 44 points, or 1%, to close near 4,412, while the Nasdaq Composite advanced around 152 points, or 1%, ending near 14,837.

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
Jul 23, 2021

NanoVibronix stock triples in very active trading after upbeat report on UTI treatment
Shares of NanoVibronix Inc. more than tripled in very volatile and active afternoon trading Friday, after the company pointed out an upbeat report regarding its treatment for urinary tract infections. The stock was up 204% before the latest volatility trading halt, as volume of 58.8 million shares compared with the full-day average of about 204,000 shares. The stock has so far been halted 13 times for volatility, all after 1:20 p.m. Eastern. The company said "The Journal of Medical & Surgical Urology" is publishing an article with "overwhelmingly positive" findings from a study of patients that used its UroShield product in real world settings. "As we would expect, the patient experiences in the study were statistically significant, with all responding patients reporting that our device was simple, easy to use and materially benefitted them," said NanoVibronix Chief Executive Brian Murphy. The company said the peer-reviewed publication has been submitted to the National Institute for Clinical Excellence. The stock has gained 44.3% over the past 12 months, while the S&P 500 has advanced 36.3%.

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
Jul 23, 2021

Oil futures finish higher for the session and week
Oil futures edged higher on Friday, with prices shaking off a steep loss on Monday to end the week with a gain. Oil prices had plunged in the early part of the week on "concerns that rising global delta variant infection rates could undermine the economic rebound," or slow it down, said Michael Hewson, chief market analyst at CMC Markets UK. These worries haven't gone away, but even with the new OPEC agreement to raise output, there are still "residual concerns" that the market "could see supply struggle to keep up with demand, hence the recovery in prices heading into the weekend," he said. West Texas Intermediate crude for September delivery tacked on 16 cents, or 0.2%, to settle at $72.07 a barrel on the New York Mercantile Exchange. For the week, prices based on the front-month contract prices rose 0.7%, according to Dow Jones Market 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
Jul 23, 2021

PropertyGuru to go public through merger with SPAC, with the valuing company at $1.35 billion
PropertyGuru Pte. Ltd. announced an agreement that will take the Southeast Asia property technology company public, through a merger with special purpose acquisition company (SPAC) Bridgetown 2 Holdings Ltd. that will value the combined company at $1.35 billion. Bridgetown 2's stock rose 1.0% in afternoon trading. The deal is expected to provide $431 million of gross proceeds. After the deal closes, which is expected to occur by the end of July 2021 to mid-August 2021, the combined company will be listed on the NYSE. Bridgetown 2 was formed by Pacific Century Group and Thiel Capital LLC. "This process of becoming a public company will provide us with greater financial resources to do what we do best - helping people find, finance and own their homes in an efficient and transparent manner," said PropertyGuru Chief Executive Hari Krishnan. Bridgetown 2's stock, which started trading on Jan. 26, has slipped 1.3% over the past three months while the Renaissance IPO ETF has eased 1.7% and the S&P 500 has gained 5.5%.

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
Jul 23, 2021

Domino's stock pulls back after long-time bullish analyst said price is 'just too high' to buy
Shares of Domino's Pizza Inc. pulled back 3.2% in afternoon trading Friday, after analyst John Ivankoe at J.P. Morgan backed away from his long-time bullish stance on the pizza seller. "Price just too high, believe now is time to step away from shares," Ivankoe wrote, as he downgraded the stock to neutral after being at overweight since March 2019. The downgrade comes a day after the stock shot up 14.6% close at a record $538.82 on Thursday, after Domino's beat profit and revenue expectations, and announced a new $1 billion stock repurchase program. Still, Ivankoe raised his price target on the stock to $530, which is now 1.6% above current prices, from $425. He said current valuations are at the higher end of the typical multiple range for Domino's stock. "[A]t this point, we don't believe a sustained higher multiple or higher earnings relative to our optimistic assumptions warrants a risk of further upside in the stock beyond current levels," Ivankoe wrote. The stock has rallied 36.0% year to date, while the SPDR Consumer Discretionary Select Sector ETF has gained 14.0% and the S&P 500 has advanced 17.4%.

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



MarketWatch MarketPulse
Jul 23, 2021

Gold prices post a weekly loss after 4 consecutive weeks of gains
Gold futures finished lower on Friday, with prices down about 0.7% for the week, according to FactSet data. Gold declined as "risk appetite runs wild," with the S&P 500 making a fresh intraday record high and Treasury yields poised to end Friday near this week's high, said Edward Moya, senior market analyst at Oanda. The precious metal is likely to continue to trade around the $1,800 level leading up to the Federal Reserve policy decision on Wednesday, he said. August gold fell $3.60, or 0.2%, to settle at $1,801.80 an ounce.

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
Jul 23, 2021

Baker Hughes data show U.S. oil-drilling rigs up a fourth week in a row
Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil was up by seven at 387 this week. That marked a fourth weekly rise in a row. The total active U.S. rig count, which includes those drilling for natural gas, also rose by seven to stand at 491, according to Baker Hughes. September West Texas Intermediate crude traded little changed, with the contract up 4 cents, or less than 0.1%, to $71.95 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
Jul 23, 2021

A Dow finish above 35,000 would mark fifth 1,000-point milestone of 2021
The Dow Jones Industrial Average was on track to surpass another milestone Friday as it pushed back above the 35,000 level. The blue-chip gauge traded above that threshold earlier this month but failed to close above it, ending at a record 34,996.18 on July 12. A finish above 35,000 on Friday would come 69 trading days after its first close above 34,000, making it the slowest such rise since the 218-day gap between the run from a close above 29,000 to a finish above 30,000 that ended on Nov. 24, 2020, according to Dow Jones Market Data. Of course, such milestones become less impressive the higher the market rises. A move from 34,000 to 35,000 is a rise of just 2.9%. The Dow was up 212.66 points, or 0.6%, at 35,036.01 in early afternoon trade, with the S&P 500 and Nasdaq Composite also on track to close at records.

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
Jul 23, 2021

Core & Main stock rises in its debut, valuing company at more than $5.2 billion
Core & Main Inc. received a warm reception on Wall Street Friday, as the Missouri-based water, wastewater and fire protection products distributor's stock debuted on the NYSE 8.5% above the initial public offering price. The company's IPO priced overnight at $20 a share, at the low end of the expected range, as the company sold 34.9 million shares to raise $698 million. The stock's first trade was at $21.70 at 11:57 a.m. Eastern for 1.9 million shares. At that price, Core & Main was valued at $5.23 billion. The stock has edged higher since the open to trade up 12.1% at $22.43 in midday trading. The upbeat opening for the stock came on a day of weakness for IPO stocks, as the Renaissance IPO ETF dropped 0.7% while the S&P 500 gained 0.8%.

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



MarketWatch MarketPulse
Jul 23, 2021

Outbrain shares up 1.6% in trading debut after IPO priced below range
Shares of New York-based online content recommendation company Outbrain Inc. rose 1.6% in their trading debut Friday, after the company's initial public offering priced at $20 a share, below the $24 to $26 price range. The company sold 8 million shares to raise $160 million at a valuation of $1.07 billion. The stock is trading on the Nasdaq under the ticker symbol "OB." Citigroup, Jefferies, Barclays and Evercore ISI led a group of seven underwriters. The company recorded net income of $4.4 million on revenue of $767.1 million in 2020, after a loss of $20.5 million on revenue of $687.3 million in 2019. The Renaissance IPO ETF is down 3% in the year to date, while the S&P 500 has gained 17%.

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
Jul 23, 2021

Nikola stock falls after shareholders file to sell off their stakes
Share of Nikola Corp. shed 2.7% in morning trading Friday, after the electric vehicle maker disclosed the offering of 1.68 million shares by selling stockholders. In and S-1 filing with the Securities and Exchange Commission late Thursday, Quasar Energy Partners LLC, Philipp Brothers Fertilizer LLC and Little Brothers LLC are selling off their entire stakes in Nio, totaling 1,682,267 shares, representing 0.4% of the shares outstanding and valued at $77.5 million at Thursday's closing price of $46.07. The company said it will not receive any proceeds from the offering. The stock has lost 9.7% year to date, while shares of EV leader Tesla Inc. have declined 8.8%, and the S&P 500 has gained 16.7%.

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
Jul 23, 2021

Moderna's stock jumps after announcing its COVID-19 shot is nearing authorization for teens in Europe
Shares of Moderna Inc. gained 4.7% in trading on Friday after the company said that European regulators recommended authorizing its COVID-19 vaccine for teens as young as 12 years old. The European Medicines Agency's Committee for Medicinal Products for Human Use issued the recommendation; next up will be the final decision from the European Commission. Moderna's shot has not yet been authorized for teens in the U.S. The company's shares have soared 223.2% so far this year, while the S&P 500 is up 16.3%.

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
Jul 23, 2021

Dow pushes back above 35,000 as stocks open higher
Stocks opened higher Friday, with the Dow Jones Industrial Average and the S&P 500 trading above their previous record closes. The Dow was up 230 points, or 0.7%, at 35,052, while the S&P 500 advanced 0.4% to 4,386.41. The Nasdaq Composite was up 0.1% at 14,700.93.

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
Jul 23, 2021

More homes for sale will see price declines in coming weeks, Redfin said
Real estate brokerage Redfin Corp. said Friday that it expects more homes for sale will suffer price declines in the coming weeks, as supply starts to pile up and pending sales continue to decline. "Just as buyers are pulling back, more listings are hitting the market," said Redfin Chief Economist Daryl Fairweather. "I'm optimistic this will create conditions for a little bit of rain in this inventory drought. A homeowner who is thinking of selling to buy again is going to have a much easier time now than they would have back in March." Pending home sales for the four-week period ending July 18 were up 9% from the year-ago period, Redfin said, but that was the smallest increase since the four-week period ending June 28, 2020. The company said 55% of homes sold above list price during the period, up from 29% a year ago, but Redfin said that measure is "plateauing," as it has been at 54%-55% since the four-week period ending June 27. The SPDR S&P Homebuilders ETF has lost 3.2% over the past three months, while the S&P 500 has gained 4.5%.

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
Jul 23, 2021

Cvent to go public via merger with SPAC Dragoneer Growth in $5.3 billion deal
Cvent, a meetings, events and hospitality tech provider, said Friday it is going public by merging with special purpose acquisition corporation Dragoneer Growth Opportunities Corp. II in a deal with an initial enterprise value of $5.3 billion. Cvent will have $801 million in cash once the deal closes and will use the funds for product innovation, R&D, to pay down debt and solidify its stake in the market for in-person, virtual and hybrid events, that it expects is valued at $30 billion. The stock ticker will change to "CVT" and trade as Cvent Holding Corp. Vista Equity Partners and Cvent management will roll their equity holdings into the combined company. It will also have a private investment in public equity, or PIPE, of $475 million from investors including Fidelity .P., and Zoom Video Communications, Inc., among others. The deal is expected to close in the fourth quarter.

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
Jul 23, 2021

Jabil OKs new $1 billion stock buyback program
Jabil Inc. said Friday it has set up a new $1 billion stock repurchase program, that will last through fiscal 2023. The buyback program represents 12.3% of the contract manufacturer's market capitalization of $8.11 billion as of Thursday's stock closing price of $55.62. "This $1 billion authorization reflects our belief in Jabil's ability to generate strong earnings and free cash flows," said Chief Executive Mark Mondello. The company said that since 2016, it has repurchased 63.6 million shares at an average price of $28.73, for a value of $1.83 billion. The stock has rallied 62.9% over the past 12 months through Thursday, while the S&P 500 has advanced 35.0%.

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
Jul 23, 2021

Kimberly-Clark profit slides to miss estimates as sales fall short amid reduced demand for tissue
Kimberly-Clark Corp. shares slid 3.9% in premarket trade Friday, after the consumer goods company missed earnings estimates for the second quarter and lowered its guidance, as higher costs and reduced demand for consumer tissue weighed. The company posted net income of $404 million, or $1.19 a share, in the quarter, down from $681 million, or $1.99 a share, in the year-earlier period. Adjusted per-share earnings came to $1.47, missing the $1.71 FactSet consensus. Sales edged up 2% to $4.722 billion from $4.612 billion, also below the $4.766 billion FactSet consensus. Chief Executive Mike Hsu said the numbers reflect continued pandemic-driven volatility. "We are facing significantly higher input costs and a reversal in consumer tissue volumes from record growth in the year ago period as consumers and retailers in North America continued to reduce home and retail inventory," Hsu said in a statement. "While we look forward to a return to a more normalized environment, we have moved decisively to take pricing actions to mitigate inflationary headwinds and continue to prudently manage costs." The company is now expecting full-year adjusted EPS of $6.65 to $6.90, down from prior guidance of $7.30 to $7.55. It expects sales to grow 1% to 4%, down from prior guidance of 3% to 5%. It also expects to complete a restructuring program in 2021 and to book charges of $2.0 billion to $2.1 billion. Shares have fallen 0.1% in the year through Thursday, while the S&P 500 has gained 16%.

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



MarketWatch MarketPulse
Jul 23, 2021

SOPHiA Genetics set to go public at a $1.1 billion valuation
SOPHiA Genetics SA is set up for a public debut Friday, as the Switzerland-based data-driven medicine company's initial public offering price overnight at $18 a share, which was in the middle of the expected range of between $17 and $19 a share. The company sold 13.0 million shares in the IPO to raise $234 million, with the IPO pricing valuing the company at about $1.14 billion. The stock is expected to begin trading some time after the open on the Nasdaq under the ticker symbol "SOPH." J.P. Morgan, Morgan Stanley, Cowen and Credit Suisse are the joint book-running managers. The company recorded a net loss of $39.3 million on revenue of $28.4 million in 2020, after a loss of $33.8 million on revenue of $25.4 million in 2019. The company is going public at a time that the Renaissance IPO ETF has lost 1.0% over the past three months while the S&P 500 has gained 4.5%.

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
Jul 23, 2021

Xponential Fitness' downsized IPO prices at $12 a share, below $14 to $16 price range
Xponential Fitness Inc. said its initial public offering priced at $12 a share late Thursday, below its $14 to $16 price range. The company downsized the deal to 10 million shares from an earlier plan to offer 13.3 million. The shares are expected to start trading on the New York Stock Exchange later Friday, under the ticker 'XPOF.' BofA Securities, Jefferies and Morgan Stanley were lead underwriters in a syndicate of eight banks.The company is a boutique fitness franchiser with chains including Club Pilates; Row House, a studio chain for indoor rowing; and Stride, a treadmill-based studio chain. The deal comes a week after Mark Walhberg-backed F45 Training Holdings Inc. hit the market. Both companies are going public after a year in which the health-club industry took a beating due to COVID-19. The Renaissance IPO ETF has fallen 1.3% in the year to date, while the S&P 500 has gained 16%.

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



MarketWatch MarketPulse
Jul 23, 2021

Core & Main set to go public after IPO priced at low end of expected range
Core & Main Inc. is set to go public Friday, as the Missouri-based water, wastewater and fire protection products distributor's initial public offering priced overnight at $20 a share, which was the low end of the expected range of between $20 and $23 a share. The company, which was valued at $4.81 billion at the IPO pricing, sold 34.88 million shares in the IPO to raise $697.7 million. The stock is expected to begin trading on the NYSE some time after the open under the ticker symbol "CNM." Goldman Sachs, Credit Suisse and J.P. Morgan were the lead underwriters. The infrastructure company is going public at a time that the Renaissance IPO ETF has slipped 1.0% over the past three months while the S&P 500 has gained 4.5%.

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
Jul 23, 2021

Schlumberger stock rallies after swinging to profit that beat expectations
Shares of Schlumberger Ltd. rallied 1.9% in premarket trading Friday, after the oil services company reported second-quarter profit and revenue that beat expectations, and said it expects the momentum of international activity growth is likely to continue in the face of concerns over potential resurgence of COVID-19-related disruptions. The company swung to net income of $431 million or 30 cents a share, from a loss of $3.43 billion, or $2.47 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of 30 cents topped the FactSet consensus of 26 cents. Revenue rose 5% to $5.63 billion, above the FactSet consensus of $5.51 billion. All business segments topped revenue expectations, with revenue up 32% for digital and integration, up 8% for production systems and up 1% for well construction, but down 4% for reservoir performance. "[W]e believe the momentum of international activity growth that we experienced in the second quarter will continue as the cyclical recovery unfolds," said Chief Executive Olivier Le Peuch. "This view is supported by rig count trends, capital spending signals, and customer feedback." The stock has run up 28.2% year to date through Thursday, while the VanEck Vectors Oil Services ETF has climbed 23.8% and the S&P 500 has advanced 16.3%.

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
Jul 23, 2021

Outbrain IPO prices below range at $20 a share
New York-based online content recommendation company Outbrain Inc. said Friday it's initial public offering priced at $20 a share, below the $24 to $26 price range. The company sold 8 million shares to raise $160 million at a valuation of $1.07 billion. The stock is expected to start trading on the Nasdaq later Friday under the ticker symbol "OB." Citigroup, Jefferies, Barclays and Evercore ISI led a group of seven underwriters. The company recorded net income of $4.4 million on revenue of $767.1 million in 2020, after a loss of $20.5 million on revenue of $687.3 million in 2019. The Renaissance IPO ETF is down 1.3% in the year to date, while the S&P 500 has gained 16%.

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



MarketWatch MarketPulse
Jul 23, 2021

Pfizer and BioNTech to supply U.S. govt with additional 200 million doses of COVID-19 vaccine
Pfizer Inc. and German partner BioNTech SE said Friday the U.S. government has purchased an additional 200 million doses of their COVID-19 vaccine. The partners said the new doses will be delivered from Oct. 2021 through April 2022. The new order brings the total the two companies will deliver to the U.S. government under its existing supply agreement to 500 million. Separately, on June 10, the companies confirmed an order for 500 million doses that the U.S. government plans to donate to the world's poorer countries. The companies are expecting to deliver 110 million of the additional doses by year-end with the remaining 90 million to come in early 2022. "The U.S. government also has the option to acquire an updated version of the vaccine to address potential variants as well as new formulations of the vaccine, if available and authorized," they said in a statement. Pfizer shares were down 0.3% premarket, while BioNTech was up 1.4%, and has gained 245% in the year to date, while the SPDR S&P 500 Biotech ETF has fallen 9% and the S&P 500 has gained 16%.

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



MarketWatch MarketPulse
Jul 23, 2021

Honeywell stock gains toward a record after profit and sales beats, raised full-year outlook
Shares of Honeywell International Inc. gained 0.1% toward record territory in premarket trading Friday, after the aerospace and industrials company reported second-quarter profit and sales that beat expectations and raised the full-year outlook, citing a turnaround in several end markets hit hardest by the pandemic. Net income rose to $1.45 billion, or $2.04 a share, from $1.10 billion, or $1.53 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $2.02 beat the FactSet consensus of $1.94. Sales grew 17.8% to $8.81 billion, above the FactSet consensus of $8.64 billion. All business segments saw growth, while slight misses in aerospace and safety and productivity solutions sales were offset by beats in building technologies and performance materials and technologies. For 2021, the company raised its guidance ranges for adjusted EPS to $7.95 to $8.10 from $7.75 to $8.00 and for sales to $34.6 billion to $35.2 billion from $34.0 billion to $34.8 billion. "We are especially pleased to see a turnaround in several of our key end markets that were hardest hit by the pandemic, with commercial aerospace aftermarket and the UOP business returning to growth in the quarter," said Chief Executive Darius Adamczyk. The stock, which was on track to open above the June 1 record close of $232.95, has gained 9.4% year to date through Thursday while the Dow Jones Industrial Average has advanced 13.8%.

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
Jul 23, 2021

Nio stock falls after shareholders file to sell off their stakes
Share of Nio Inc. shed 1.8% in premarket trading Friday, after the China-based electric vehicle maker disclosed the offering of 1.68 million shares by selling stockholders. In and S-1 filing with the Securities and Exchange Commission late Thursday, Quasar Energy Partners LLC, Philipp Brothers Fertilizer LLC and Little Brothers LLC are selling off their entire stakes in Nio, totaling 1,682,267 shares, representing 0.4% of the shares outstanding and valued at $77.5 million at Thursday's closing price of $46.07. The company said it will not receive any proceeds from the offering. The stock has lost 5.5% year to date, while shares of U.S.-based EV leader Tesla Inc. have declined 8.0%, the iShares MSCI China ETF has slipped 4.3% and the S&P 500 has gained 16.3%.

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
Jul 23, 2021

Coronavirus tally: Global cases of COVID-19 top 192.6 million and CDC head warns U.S. not out of the woods yet
The global tally for the coronavirus-borne illness climbed above 192.6 million on Friday, while the death toll climbed above 4.1 million, according to data aggregated by Johns Hopkins University. The U.S. leads the world with a total of 34.3 million cases and in deaths with 610,177 as the highly infectious delta variant continues to spread fast, especially in states with low vaccination rates. CDC Director Dr. Rochelle Walensky warned Thursday that the U.S. is not out of the woods yet, as the highly transmissible delta variant continues to infect especially unvaccinated people. "It is one of the most infectious respiratory viruses we know of and that I have seen in my 20-year career," Walensky said at a White House briefing, with hospitals reaching capacity in some parts of the country. The CDC's vaccine tracker shows rates remain static from day-to-day, as fewer Americans come forward for shots. Just 48.8% of the overall population is fully vaccinated, and just 59.7% of adults 18-years-and-older have received both shots, while 68.6% have received at least one. That remains just short of President Joe Biden's goal of having at least 70% of the adult population receive one shot by the recent July 4 holiday. India is second by cases at 31.3 million and third by deaths at 419,470, according to its official numbers, which are expected to be undercounted. Brazil is second in deaths at 547,016 but is third in cases at 19.5 million. Mexico has fourth-highest death toll at 237,626 but has recorded just 2.7 million cases, according to its official numbers. In Europe, Russia continues to pull ahead of the U.K. by deaths at 149,796, while the U.K. has 129,266, making Russia the country with the fifth-highest death toll in the world and highest in Europe. The U.K. fully reopened its economy on Monday against the advice of healthcare experts, who are concerned at the continued rapid spread of cases there that is forcing many to isolate and quarantine.

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MarketWatch MarketPulse
Jul 22, 2021

Del Taco shares decline 3% despite sales jump, quarterly profit
Shares of Del Taco Restaurants Inc. were down 3% in extended trading Thursday after the fast-food chain reported fiscal second-quarter results. Del Taco reported net income of $6 million, or 16 cents a share, vs. a net loss of $576,000, or 2 cents a share, in the year-ago quarter. The company's adjusted net income was $6.1 million, or 16 cents a share. Revenue jumped 19.5% to $125 million from $104.6 million a year ago. Analysts surveyed by FactSet had expected net income of 12 cents a share on revenue of $122.8 million. Del Taco's shares are up 5% so far in 2021. The broader S&P 500 index has gained 16% this year.

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
Jul 22, 2021

VeriSign shares slip 3% on slight earnings miss
VeriSign Inc. stock dipped 3% in extended trading Thursday after the e-signature company reported fiscal second-quarter results. VeriSign reported net income of $147.7 million, or $1.31 a share, compared with net income of $150.5 million, or $1.32 a share, in the year-ago quarter. Revenue improved 5% to $329.4 million from $314.4 million a year ago. Analysts surveyed by FactSet had expected net income of $1.36 a share on revenue of $329 million. VeriSign's stock is up 8% so far in 2021. The broader S&P 500 index has gained 16% this year.

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
Jul 22, 2021

Stocks extend winning streak to 3 days, shaking off weak labor data
U.S. stocks finished slightly higher Thursday, with major indexes rising for a third straight session as investors looked past data showing a rise in first-time claims for unemployment benefits last week. The Dow Jones Industrial Average rose around 25 points, or 0.1%, to close near 34,823, according to preliminary figures. The S&P 500 gained around 9 points, or 0.2%, to finish near 4,368, while the Nasdaq Composite advanced around 53 points, or 0.4%, ending near 14,685.

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
Jul 22, 2021

Oil futures tally a third-straight session gain to trade higher week to date
Oil futures marked their third-consecutive gain on Thursday, as U.S. prices continued to rebound from Monday's more than 7% drop. Front-month contract prices for West Texas Intermediate turned higher for the week so far, as traders weighed the risks to global oil demand amid the rise in COVID cases linked to the spread of the coronavirus delta variant. On its first full day as a front-month contract, WTI for September delivery climbed by $1.61, or 2.3%, to settle at $71.91 a barrel on the New York Mercantile Exchange. The August WTI contract, which was the front month at the end of last week, had settled at $71.81 last Friday, FactSet data show.

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MarketWatch MarketPulse
Jul 22, 2021

Airbnb's stock extends bounce after BTIG analyst turns bullish, cites 'appealing' buying opportunity
Shares of Airbnb Inc. gained 0.6% in afternoon trading, putting them on track for a third-straight gain, after BTIG analyst Jake Fuller turned bullish on the home-rental company, saying the recent selloff has created an "appealing entry point" for a "best-in-breed" online travel agent (OTA). The stock has now bounced 6.2% since closing Monday at a seven-month low of $131.88, which was 39% below the Feb. 11 record close at $216.84. He raised his rating to buy, after being at neutral since Airbnb went public in December. "[Airbnb's stock] wasn't interesting to us $200 in February, but at 90% of traffic direct) model," Fuller wrote in a note to clients. The FactSet consensus for 2021 revenue has increased to $5.29 billion from $4.69 billion at the end of February, and represents 57% growth from 2020. "We can't say how a COVID resurgence might impact travel, but can say that [Airbnb] is better situated than peers to deal with it," Fuller wrote. He noted that Airbnb's bookings fell less that its peers and have fully recovered to 2019 levels, which others are still below pre-pandemic levels. The stock has slipped 4.6% year to date, while the S&P 500 has gained 16.3%.

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MarketWatch MarketPulse
Jul 22, 2021

Biogen beats on earnings, says it's brought in $2 million in sales of Alzheimer's drug
Shares of Biogen gained 1.6% in premarket trading on Thursday after the company beat expectations for the second quarter and disclosed that it's already sold $2 million of its new, controversial Alzheimer's disease drug. Biogen had earnings of $448.5 million, or $2.99 per share, in the second quarter of 2021, compared to $1.5 billion, or $9.59 per share, in the same quarter a year ago. Adjusted EPS were $5.68, against a FactSet consensus of $4.55. Revenue was $2.7 billion for the quarter, down from $3.7 billion in the second quarter of 2020. The FactSet consensus was $2.6 billion. Biogen cited a 24% decline of revenue in its multiple sclerosis portfolio for the quarter; Tecfidera sales, for example, tumbled to $578.5 million for the quarter, compared with $1.19 billion in the same quarter a year ago. Biogen said its recently approved Alzheimer's drug Aduhelm brought in $2 million in revenue during the quarter even as questions persist about the regulatory process that led to approval. The company updated its guidance for the year, now saying it expects revenue of $10.65 billion to $10.85 billion, instead of $10.45 billion to $10.75 billion. Biogen's stock is up 31.9% so far this year, while the broader S&P 500 is up 15.1%.

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MarketWatch MarketPulse
Jul 22, 2021

Gold prices finish higher as U.S. Treasury yields decline
Gold prices finished higher on Thursday, finding support from a decline in U.S. Treasury yields. The precious metal "continues to remain stuck" around the $1,800 level and that will probably remain the case until after next week's Federal Reserve meeting on monetary policy, said Edward Moya, senior market analyst at Oanda. August gold rose $2, or 0.1%, to settle at $1,805.40 an ounce. Prices on Wednesday had marked the lowest most-active contract finish since July 8.

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Jul 22, 2021

Absci's stock soars in public debut, as first trade values company at $1.9 billion
Absci Corp. received a warm reception on Wall Street Thursday, as the shares of the Washington-based provider of an artificial intelligence-powered drug creation platform opened 31.2% above the initial public offering price. The company said overnight that the IPO priced at $16 a share, which was in the middle of the expected range of between $15 and $17 a share. The stock's first trade was at $21.00 at 12:13 p.m. Eastern for 358,014 shares. At that price, Absci was valued at $1.90 billion. The stock's strong opening occurred on a day that the Renaissance IPO ETF fell 0.5% while the S&P 500 eased 0.1%.

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MarketWatch MarketPulse
Jul 22, 2021

Stanley Black & Decker boosts dividend 13%
Stanley Black & Decker Inc. announced a 13% dividend hike on Thursday, raising its quarterly cash dividend to 79 cents. The dividend is payable on September 21, 2021 to shareholders of record as of close of business on September 7, 2021. Stanley Black & Decker stock is up 13.2% for the year to date while the S&P 500 index has gained 16% for the period.

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Jul 22, 2021

Zevia stock opens more than 10% below IPO price
Zevia PBC stumbled out of the gate Thursday, as the California-based zero-calorie beverage company's stock opened 10.7% below the initial public offering price. The company's downsized IPO priced at $14 a share, in the middle of the expected range of between $13 and $15 a share, as the company raised $149.8 million, rather than previous expectations of up to $214.5 million. The stock's first trade was at $12.50 at 11:51 a.m. Eastern for 732,406 shares. At that price, Zevia was valued at about $807.0 million. The company's disappointing debut occurred on a day that the Renaissance IPO ETF inched up 0.1% while the S&P 500 was little changed.

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MarketWatch MarketPulse
Jul 22, 2021

EV maker Faraday Future's stock debuts on Nasdaq
Faraday Future Intelligent Electric Inc. started trading on Thursday, veering between gains and losses and down 0.5% at last check. The electric-vehicle maker, formerly Faraday Future, merged with a blank-check company in a deal announced in January and finalized this week. Faraday said its luxury electric crossover FF 91 is coming to market next year. "Now as a public company, FF will capture the growing market with an entirely differentiated product," the company said. The vehicle was promised three years ago. The deal gave Faraday $1 billion, "sufficient funds" to support the production and delivery of the FF 91 electric vehicle, which is to be sold in the U.S. and in China, the company said in January.

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MarketWatch MarketPulse
Jul 22, 2021

S&P 500, Nasdaq gain despite soundly bearish market breadth
While the S&P 500 gained 0.1% and Nasdaq Composite tacked on 0.3% in morning trading Thursday, market internals are painting a clearly bearish picture. The number of stocks losing ground outnumbered advancers 2,054 to 855 on the NYSE and 2,636 to 1,069 on the Nasdaq. In addition, volume in declining stocks made up 85.4% of total volume on the Big Board and 61.6% of total volume on the Nasdaq. Meanwhile, the Dow Jones Industrial Average fell 26 points, or 0.1%, with 16 of 30 components losing ground, while the Russell 2000 index of small-capitalization stocks shed 1.4%.

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MarketWatch MarketPulse
Jul 22, 2021

Natural-gas prices extend decline; EIA reports a weekly supply climb of 49 billion cubic feet
The U.S. Energy Information Administration reported on Thursday that domestic supplies of natural gas rose by 49 billion cubic feet for the week ended July 16. IHS Markit had forecast an increase of 51 billion cubic feet. Total stocks now stand at 2.678 trillion cubic feet, down 532 billion cubic feet from a year ago and 176 billion cubic feet below the five-year average, the government said. Following the data, August natural gas continued to trade lower, losing 3.5 cents, or 0.9%, at $3.92 per million British thermal units. Prices were at $3.93 shortly before the data.

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MarketWatch MarketPulse
Jul 22, 2021

Moderna to supply 35 million more doses of its COVID-19 vaccine to Taiwan in 2022 and 2023
Shares of Moderna Inc. gained 0.3% in trading on Thursday after the company said Taiwan purchased another 35 million doses of its COVID-19 vaccine. The deal could also include Moderna's variant booster shot if and when it is authorized. Twenty million doses are expected to be delivered in 2022 and another 15 million in 2023. Moderna's stock has jumped 209.8% since the beginning of the year, while the broader S&P 500 is up 15.1%.

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MarketWatch MarketPulse
Jul 22, 2021

Leading U.S. indicators point to strong economic growth
The U.S. economy grew rapidly in June and is likely to maintain its recent momentum, according to the leading economic indicators. The index increased 0.7% last month, the Conference Board said Thursday. "While month-over-month growth slowed somewhat in June, the LEI's overall upward trend - which started with the end of the pandemic - induced recession in April 2020-accelerated further in the second quarter," said Ataman Ozyildirim, director of business cycles research at the board." A measure of? current conditions rose 0.4%, while a "?lagging" index was unchanged. The LEI is a weighted gauge of 10 indicators designed to signal business-cycle peaks and valleys.

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MarketWatch MarketPulse
Jul 22, 2021

Travelers' stock drops to pace the Dow's decliners after double downgrade at BofA
Shares of Travelers Companies Inc. dropped 1.8% in morning trading Thursday, enough to pace the Dow Jones Industrial Average's decliners, after analyst Joshua Shanker at BofA Securities swung to bearish from bullish on the insurer, citing decelerating commercial property and casualty pricing and eroding underwriting margins in personal auto and homeowners insurance. The double downgrade comes two days after the Travelers reported a big second-quarter profit beat, as investment income tripled. BofA's Shanker cut his rating to underperform from buy, while trimming his stock price target to $161 from $171. He also reduced his 2022 earnings estimate to a Wall Street low $11.80 from $12.30, given the pricing and margins weakness. "While pricing increases can improve margins in 2022...we expect these improvements to level off in 2023," Shanker wrote in a note to clients. The stock has gained 6.2% year to date, while the SPDR S&P Insurance ETF has climbed 12.9% and the Dow has advanced 13.4%.

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MarketWatch MarketPulse
Jul 22, 2021

First Energy stock surges after agreeing to $230 million penalty to resolve DOJ investigation
Shares of First Energy Corp. charged up 4.4% toward a one-year high after the Ohio-based utility said it reached an agreement with the U.S. Attorney's Office to pay $230 million to resolve an investigation by the Department of Justice into allegations of bribery disclosed in July 2020. As part of the three-year deferred prosecution agreement, the company will pay the $230 million penalty, split equally between the U.S. Treasury and the Ohio Development Service Agency. The company has also agreed to to the government's filing of a single charge of "conspiracy to commit honest services wire fraud," which the charge to be dismissed if FirstEnergy abides by the settlement agreement. The company said it has taken remedial actions, including employment consequences for executives and employees who engaged in misconduct, enhancements to compliance programs, improvements to policies and procedures and remediation to ratepayers. "Moving forward, we are intently focused on fostering a strong culture of compliance and ethics, starting at the top, and ensuring we have robust processes in place to prevent the type of misconduct that occurred in the past," said Chief Executive Steven Strah. The stock has run up 28.0% year to date, while the SPDR Utilities Select Sector ETF has edged up 3.8% and the S&P 500 has gained 15.9%.

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MarketWatch MarketPulse
Jul 22, 2021

Stocks open mixed after unexpected rise in first-time jobless claims
U.S. stocks saw a mixed start Thursday after data showed an unexpected rise in first-time applications for unemployment benefits last week. The Dow Jones Industrial Average was off 36 points, or 0.1%, at 34,761, while the S&P 500 was up less than 0.1% at 4,359.35. The Nasdaq Composite rose 0.2% to 14,665.17.

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MarketWatch MarketPulse
Jul 22, 2021

Macy's names CVS vet as Bluemercury CEO
Macy's Inc. has named Maly Bernstein chief executive of the Bluemercury chain of beauty shops, effective September 13. Bernstein will be based out of the Bluemercury headquarters in Bethesda, Md. and report to Tony Spring, chief executive of Bloomingdale's. Bernstein was most recently vice president of e-commerce at CVS Health Corp. and has executive experience in the beauty and personal care space. Bernstein succeeds Marla Beck, who has moved on to pursue other opportunities. Macy's stock has rallied 56.3% for the year to date while the S&P 500 index has gained 16% for the period.

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MarketWatch MarketPulse
Jul 22, 2021

Uber's stock drops after $2.25 billion cash-and-stock deal to buy Transplace from TPG
Uber Technologies Inc. subsidiary Uber Freight announced Thursday a deal to buy logistics technology company Transplace for about $2.25 billion in cash and stock from TPG Capital. Under terms of the deal, the purchase price includes $750 million worth of Uber stock and the rest in cash. Uber's stock slipped 0.6% in premarket trading. "This is a significant step forward, not just for Uber Freight but for the entire logistics ecosystem," said Lior Ron, head of Uber Freight. "This is an opportunity to bring together complementary best-in-class technology solutions and operational excellence from two premier companies to create an industry-first shipper-to-carrier platform that will transform shippers' entire supply chains, delivering operational resilience and reducing costs at a time when it matters most." Uber's stock has declined 6.8% year to date through Wednesday, while the S&P 500 has advanced 16.0%.

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MarketWatch MarketPulse
Jul 22, 2021

Didi shares slide 3.3% premarket on report Chinese government mulling serious penalties for U.S. IPO
Shares of Chinese ride-sharing company Didi Global Inc. fell 3.3% in premarket trade Thursday, after Bloomberg reported that Chinese regulators are considering serious penalties for the company after its U.S. initial public offering in June, citing people familiar with the matter. Didi raised $4.4 billion in the deal, which came despite pushback from China's cyberspace administration. The decision to push ahead with the deal is being viewed as a challenge to Beijing's authority, the people told Bloomberg. Officials from that agency, the Ministry of Public Security, the Ministry of State Security, the Ministry of Natural Resources, along with tax, transport and antitrust regulators, have launched an investigation at the company's offices. The penalties under consideration include a fine, suspension of some operations or the introduction of a state-owned investor. But the company may also be forced to delist its U.S. shares, although it is unclear how that might happen. The Chinese government started a crackdown on its big tech giants last year, forcing Alibaba Founder Jack Ma's Ant Group Co. to pull what would have been the world's biggest-ever IPO.

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MarketWatch MarketPulse
Jul 22, 2021

Gambling.com IPO's expected pricing slashed, cutting potential valuation by more than $130 million
Gambling.com Ltd. disclosed Thursday that the expected pricing of its initial public offering has been slashed, lowering the valuation for the U.K.-based provider of digital marketing services for the online gambling industry to up to $304.3 million from up to $439.5 million. The company is still offering 5.25 million shares in the IPO, but selling shareholders are no longer offering 2.25 million shares, as previously disclosed, as the expected pricing was cut to between $8 and $9 a share from between $11 and $13 a share. The company is now looking to raise up to $47.25 million, down from up to $68.25 million. Jefferies, Stifel and Truist Securities are the underwriters. The stock is expected to list on the Nasdaq under the ticker symbol "GAMB." The company recorded net income of $4.5 million on revenue of $11.5 million for the three months ended March 31, compared with net income of $4.7 million on revenue of $4.1 million in the same period a year ago. The company is looking to go public at a time that the Renaissance IPO ETF has slipped 1.4% year to date while the S&P 500 has rallied 16.0%.

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MarketWatch MarketPulse
Jul 22, 2021

Seres shares fall 55% after the company says its colitis drug failed in mid-stage clinical trial
Shares of Seres Therapeutics Inc. tumbled 55.4% in premarket trading on Thursday after the company said a mid-stage study testing its experimental ulcerative colitis drug failed. As a result, Seres closed the open-label and maintenance part of the trial. Seres' stock is down 15.0% so far this year, while the S&P 500 has gained 15.1%.

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MarketWatch MarketPulse
Jul 22, 2021

Zevia's downsized IPO prices at $14 a share, midpoint of range
Zevia PBC, a beverage company that makes zero-calorie and zero-sugar beverages with "clean" ingredients, said Thursday its initial public offering priced at $14 a share, the midpoint of its $13 to $15 price range. The company reduced the size of the deal to 10.7 million shares from a previous plan to offer 14.3 million, raising $149.8 million to fund working capital and other general corporate purposes. Goldman Sachs & Co. LLC, BofA Securities and Morgan Stanley were the lead underwriters in a syndicate of six banks. The Encino, Calif.-based company's shares will start trading on the New York Stock Exchange later Thursday, under the ticker "ZVIA." Zevia eked out a profit of $19,000 in the first quarter of 2021, after a loss of $2.6 million in the year-earlier period, but the company acknowledges it is effectively not yet profitable. "We have a history of losses, and we may be unable to achieve profitability," it says in its IPO documents. The Renaissance IPO ETF has fallen 1.4% in the year to date, while the S&P 500 has gained 16%.

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MarketWatch MarketPulse
Jul 22, 2021

Union Pacific stock jumps after record earnings that rose above expectations
Shares of Union Pacific Corp. jumped 2.2% in premarket trading Thursday, after the railroad operator reported record results for the second-quarter, as profit and revenue rose above expectations in the face of continued supply chain disruptions, particularly in the intermodal business. Net income grew to $1.80 billion, or $2.72 a share, from $1.13 billion, or $1.67 a share, in the year-ago period. The FactSet consensus for earnings per share was $2.55. Revenue rose 30% to $5.50 billion, beating the FactSet consensus of $5.36 billion. Bulk revenue rose 19% to $1.65 billion, topping the FactSet consensus of $1.63 billion, while industrial revenue increased 24% to $1.86 billion to beat expectations of $1.82 billion. Total revenue carloads increases 22% to 2.1 million. "The Union Pacific team leveraged volume growth, core pricing gains, and productivity to produce record quarterly results," said Chief Executive Lance Fritz. "As we move into the second half of 2021, we will continue working with our customers and the broader supply chain to increase fluidity and efficiently handle the strong demand for freight transportation." The stock has tacked on 4.3% year to date, while the Dow Jones Transportation Average has climbed 17.5% and the Dow Jones Industrial Average has gained 13.7%.

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MarketWatch MarketPulse
Jul 22, 2021

Pfizer to pay at least $1 billion to develop, commercialize Arvinas' investigational breast-cancer therapy
Shares of Arvinas Inc. were up 6.0% in premarket trading on Thursday after the company announced a billion-dollar deal with Pfizer Inc. to develop and commercialize its experimental breast-cancer treatment. Pfizer will make a $650 million upfront payment to Arvinas, in addition to a $350 million equity investment. Separately, there are up to $1.4 billion in potential milestone payments. The therapy, ARV-471, is expected to move into Phase 3 clinical trials sometime next year. Arvinas' stock is down 8.7% for the year, while the S&P 500 is up 15.1%.

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MarketWatch MarketPulse
Jul 22, 2021

ECB tweaks forward guidance in line with new, symmetric inflation target
The European Central Bank, as expected, left interest rates and its program of asset purchases unchanged Thursday, while tweaking its forward guidance on policy to put it in line with its newly adopted inflation target. The ECB earlier this month completed a strategic review, adopting a symmetric 2% inflation target in place of its previous aim of keeping inflation near but just below 2%. In a statement following its policy meeting, the Governing Council said it expects "key ECB interest rates to remain at their present or lower levels until it sees inflation reaching two per cent well ahead of the end of its projection horizon and durably for the rest of the projection horizon, and it judges that realized progress in underlying inflation is sufficiently advanced to be consistent with inflation stabilizing at 2% over the medium term." The ECB said this "may also imply a transitory period in which inflation is moderately above target."

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MarketWatch MarketPulse
Jul 22, 2021

Biogen's beats on earnings, says it's also brought in $2 million in sales of Alzheimer's drug
Shares of Biogen gained 1.6% in premarket trading on Thursday after the company beat expectations for the second quarter and disclosed that it's already sold $2 million of its new, controversial Alzheimer's disease drug. Biogen had earnings of $448.5 million, or $2.99 per share, in the second quarter of 2021, compared to $1.5 billion, or $9.59 per share, in the same quarter a year ago. Adjusted EPS were $5.68, against a FactSet consensus of $4.55. Revenue was $2.7 billion for the quarter, down from $3.7 billion in the second quarter of 2020. The FactSet consensus was $2.6 billion. Biogen cited a 24% decline of revenue in its multiple sclerosis portfolio for the quarter; Tecfidera sales, for example, tumbled to $578.5 million for the quarter, compared with $1.19 billion in the same quarter a year ago. Biogen said its recently approved Alzheimer's drug Aduhelm brought in $2 million in revenue during the quarter even as questions persist about the regulatory process that led to approval. The company updated its guidance for the year, now saying it expects revenue of $10.65 billion to $10.85 billion, instead of $10.45 billion to $10.75 billion. Biogen's stock is up 31.9% so far this year, while the broader S&P 500 is up 15.1%.

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MarketWatch MarketPulse
Jul 22, 2021

Domino's Pizza earnings beat expectations, announces $1 billion share repurchase program
Domino's Pizza Inc. stock rose 2.1% in Thursday premarket trading after the pizza delivery company reported second-quarter earnings and revenue that beat expectations. Net income totaled $116.6 million, or $3.06 per share, after net income of $118.7 million, or $2.99 per share, last year. Adjusted EPS of $3.12 beat the FactSet consensus for $2.87. Revenue totaled $1.032 billion, up from $920.0 million last year and also ahead of the FactSet consensus for $974.0 million. U.S. same-store sales grew 3.5%, beating the FactSet consensus for a 1.4% decline. And international same-store sales growth of 13.9% was ahead of the FactSet consensus for 8.7% growth. Domino's has authorized a new $1 billion share repurchase program. On July 20, the company declared a quarterly dividend 94 cents to be paid on September 30 to shareholders of record as of September 15. Domino's stock has rallied 22.7% for the year to date while the S&P 500 index is up 16% for the period.

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MarketWatch MarketPulse
Jul 22, 2021

Abbott Labs stock gains after profit more than doubles, sales rise above expectations
Shares of Abbott Laboratories edged up 0.2% in premarket trading Thursday, after the medical devices, diagnostics and nutrition company reported second-quarter profit and sales that rose above expectations, with beats in all of its major business segments. Net income more than doubled, to $1.19 billion, or $1.17 a share, from $537 million, or 57 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $1.17 topped the FactSet consensus of $1.02. Sales grew 39.5% to $10.22 billion, above the FactSet consensus of $9.69 billion, with strongest growth in diagnostics sales (62.8%) and medical devices (51.3%). For 2021, the company expects adjusted EPS of $4.30 to $4.50, compared with the FactSet consensus of $4.36. "We're achieving very strong growth across our portfolio," said Chief Executive Robert Ford. "Perhaps most impressively, excluding COVID testing-related sales, our sales grew more than 11 percent on an organic basis compared to pre-pandemic levels in the second quarter of 2019, which demonstrates the fundamental strength of our performance." The stock has gained 8.7% year to date through Wednesday, while the S&P 500 has advanced 16.0%.

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MarketWatch MarketPulse
Jul 22, 2021

Crocs shares jump after record revenue
Crocs Inc. stock jumped 3.8% in Thursday premarket trading after the shoe company reported record second-quarter revenue. Net income totaled $319.0 million, or $4.93 per share, up from $56.6 million, or 83 cents per share last year. Adjusted EPS of $2.23 blew past the FactSet consensus for $1.59. Revenue was $640.8 million, nearly double the $331.5 million last year and also ahead of the FactSet consensus for $567.0 million. For the third quarter, Crocs is guiding for revenue growth between 60% and 70%. The FactSet consensus is for $510.2 million, implying a 41.1% rise. And for the full year, Crocs is forecasting revenue growth between 60% and 65%. The FactSet consensus is for $2.051 billion, suggesting an increase of 47.9%. Crocs is also making a commitment to net zero emissions by 2030 by moving to sustainable ingredients in its products, reducing packaging and taking other measures. Crocs stock has skyrocketed 91.5% for the year to date while the S&P 500 index is up 16% for the period.

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MarketWatch MarketPulse
Jul 22, 2021

American Airlines adjusted loss narrows more than expected, as revenue jumps more than 4-fold
American Airlines Group Inc. reported Thursday an adjusted loss that narrowed more than expected, revenue that more than quadrupled to beat forecasts and daily cash burn turned positive as the post-COVID-19 recovery continues. The stock slipped 0.4% in premarket trading, after soaring 12.8% over the past two days. On a net basis, the air carrier swung to income of $19 million, or 3 cents a share, from a loss of $2.07 billion, or $4.82 a share, in the year-ago period. Excluding nonrecurring items, the adjusted per-share loss narrowed to $1.69 from $7.82, beating the FactSet loss consensus of $2.03. Total revenue climbed 361% to $7.48 billion, above the FactSet consensus of $7.32 billion. Load factor improved to 77.0% from 42.3%, matching expectations, as traffic jumped to 42.02 billion revenue passenger miles from 7.23 billion RPM and capacity grew to 54.56 billion available seat miles from 17.08 billion ASM. The company took in an average of $1 million in cash per day, and ended the second quarter with a record $21.3 billion of total available liquidity. The stock has run up 35.7% year to date through Wednesday, while the U.S. Global Jets ETF has gained 4.4% and the S&P 500 has advanced 16.0%.

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MarketWatch MarketPulse
Jul 22, 2021

Southwest Airlines swings to Q2 profit thanks to PSP program as revenue tops estimates
Southwest Airlines Co. said Thursday it had net income of $348 million, or 57 cents a share, in the second quarter, after a loss of $915 million, or $1.63 a share, in the year-earlier period, when travel stalled during the global pandemic. The profit was driven by a $724 million offset of salaries and other benefits related to the receipt of proceeds from the Payroll Support Program, a federal relief program for airlines. Excluding that offset, the company had an adjusted loss of 35 cents a share, wider than the 23 cents loss consensus estimate of FactSet analysts. Revenue rose to $4.008 billion from $1.008 billion, topping the $3.939 billion FactSet consensus. "Second quarter 2021 marked an important milestone in the pandemic recovery as leisure travel demand surged," Chief Executive Gary C. Kelly said in a statement. The company generated net income in June, to mark its first monthly profit without the benefit of temporary salary and benefit relief since the start of the pandemic, he said. The rapid ramp-up in travel demand has proved a challenge and the company is now focused on bring back workers and improving operations. Jet fuel prices are also significantly higher and expected to remain so in the third quarter. "To support the return of flight activity, we expect to recall the vast majority of our Employees early from voluntary time-off by the end of third quarter 2021, which is expected to reduce our prior forecasted savings from voluntary leave programs beyond second quarter 2021," said Kelly. The company's load factor stood at 82.9% in the second quarter, while available seat miles were up 86.8%. The company is expecting capacity to rise 49% in the third quarter as travel demand continues to improve. Shares were down 1% premarket, but have gained 14% in the year to date, while the U.S. Global JETS ETF has gained 4% and the S&P 500 has gained 16%.

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MarketWatch MarketPulse
Jul 22, 2021

Quest Diagnostics adjusted profit more than doubles, beat expectations
Quest Diagnostics Inc. reported Thursday second-quarter adjusted profit that more than doubled to beat expectations, as revenue also topped forecasts, as the recovery in the lab results and diagnostics company cited a faster-than-expected recovery in its base business. Net income rose to $631 million, or $4.96 a share, from $185 million, or $1.36 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share grew to $3.18 from $1.42, beating the FactSet consensus of $2.87. Revenue increased 39.5% to $2.55 billion, above the FactSet consensus of $2.39 billion, as diagnostics information services revenue rose 40.2% to $2.47 billion. For 2021, the company expects revenue of $9.54 billion to $9.79 billion, compared with expectations of $9.45 billion, and expects adjusted EPS of $10.65 to $11.35 vs. expectations of $11.13. "his was the first quarter since 2019 that organic base testing revenues grew in the quarter, driven by contributions from new hospital lab management contracts as well as people returning to the healthcare system," said Chief Executive Steve Rusckowski. The stock, which was still inactive in premarket trading, has rallied 13.9% year to date while the S&P 500 has gained 16.0%.

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MarketWatch MarketPulse
Jul 22, 2021

Coronavirus tally: Global cases of COVID-19 top 192 million as Biden says children under 12 may soon be approved for shots
The global tally for the coronavirus-borne illness climbed above 192 million on Thursday, while the death toll climbed above 4.1 million, according to data aggregated by Johns Hopkins University. The U.S. leads the world with a total of 34.2 million cases and in deaths with 609,862 as the highly infectious delta variant continues to spread fast, especially in states with low vaccination rates. President Joe Biden expressed frustration Wednesday over the slowing COVID-19 vaccination rate in the U.S. and pleaded that it's "gigantically important" for Americans to step up and get inoculated against the virus as it surges once again, the AP reported. Biden also said he expects that children under 12 will be approved for shots in the coming months. India is second by cases at 31.3 million and third by deaths at 418,987, according to its official numbers, which are expected to be undercounted. Brazil is second in deaths at 545,604 but is third in cases at 19.5 million. Mexico has fourth-highest death toll at 237,207 but has recorded just 2.7 million cases, according to its official numbers. In Europe, Russia continues to pull ahead of the U.K. by deaths at 149,012, while the U.K. has 129,182, making Russia the country with the fifth-highest death toll in the world and highest in Europe. The U.K. fully reopened its economy on Monday against the advice of healthcare experts, who are concerned at the continued rapid spread of cases there that is forcing many to isolate and quarantine.

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MarketWatch MarketPulse
Jul 22, 2021

AbSci to go public as IPO prices in middle of expected range, valuing company at more than $1.4 billion
AbSci Corp. is headed for its public debut Thursday, after the Washington-based provider of an artificial intelligence-powered drug creation platform said overnight that its IPO priced at $16 a share, in the middle of the expected range. The company sold 12.5 million shares in the IPO to raise $200 million, and the IPO pricing valued the company at about $1.45 billion. The stock is expected to begin trading later Thursday on the Nasdaq under the ticker symbol "ABSI." The company is going public at a time that the Renaissance IPO ETF has gained 1.0% over the past three months while the S&P 500 has tacked on 5.4%.

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MarketWatch MarketPulse
Jul 22, 2021

Zenvia IPO prices at $13 a share, low end of proposed range
Zenvia Inc. , a Brazilian customer experience communications platform, said its initial public offering priced at $13 a share, the low end of a $13 to $15 price range. The company offered 11.5 million shares to raise $149.5 million. Concurrent with the offering, Twilio Inc. has agreed to buy 3..8 million Class A shares to be issued by Zenvia in a private placement. Goldman Sachs and Morgan Stanley led a syndicate of six banks underwriting the deal.

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MarketWatch MarketPulse
Jul 22, 2021

Dow swings to profit, revenue beats expectations as prices rise
Shares of Dow Inc. edged up 0.5% in premarket trading Thursday, after the chemicals company swung to a second-quarter profit and reported revenue that rose above expectations, boosted by sharp local price increases amid stronger demand. Net income was $1.93 billion, or $2.51 a share, after a loss of $217 million, or 31 cents a share, in the year-ago period. Excluding nonrecurring items, operating earnings per share was $2.72, beating the FactSet consensus of $2.47. Sales jumped 66.2% to $13.89 billion, above the FactSet consensus of $13.13 billion, as all three business segments topped sales expectations. Local price increased 70% in packaging and specialty plastics, rose 53% in industrial intermediates and infrastructure and grew 16% in performance materials and coatings. "Our second quarter results reflected strong demand in all our value chains and regions as we achieved substantial growth in sales and earnings both sequentially and year-over-year," said Chief Executive Jim Fitterling. "Looking ahead, we expect earnings momentum from additional improvements in consumer spending, international travel and industrial production." The stock has gained 7.6% year to date through Wednesday, while the Dow Jones Industrial Average has advanced 13.7%.

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MarketWatch MarketPulse
Jul 22, 2021

Vitamin e-commerce platform iHerb files confidentially for IPO
iHerb Holdings Inc., an e-commerce platform for vitamins, minerals and supplements, said Thursday it has filed confidentially for an initial public offering. The number of shares and price range have not yet been determined. The Pasadena, Calif.-based company expects to pursue a deal once the Securities and Exchange Committee has completed its review process.

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MarketWatch MarketPulse
Jul 22, 2021

Gap launches new rewards program covering Old Navy, Gap, Banana Republic and Athleta
Gap Inc. launched a new rewards program on Thursday that offers consumers rewards on all four brands, namely Old Navy, Gap, Banana Republic and Athleta for in-store and online purchases. The program combines the previous loyalty programs under Navyist Rewards, Gap Good Rewards, Banana Republic Rewards, and Athleta Rewards. "Our goal is to turn our customers into lifelong loyalists by reimagining our Rewards program and creating unique, personalized experiences that will make it easier to shop, earn and redeem rewards across our family of brands," said John Strain, Chief Customer, Digital and Technology Officer at Gap Inc. Gap has more than 19 million new customers that signed up for a rebooted loyalty program launched in fall of 2020. The company now has more than 37 million cardmembers and rewards members combined, who will be automatically moved to the new program. Gap shares were down 0.6% premarket, but have gained 46% in the year to date, while the S&P 500 has gained 16%.

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MarketWatch MarketPulse
Jul 21, 2021

Netgear's stock drops 12% on sales, earnings miss
Shares of Netgear Inc. plunged 12% in extended trading Wednesday after the computer-networking company reported fiscal second-quarter results. Netgear reported net income of $17.8 million, or 57 cents a share, compared with net income of $22.96 million, or 72 cents a share, in the year-ago quarter. Revenue declined 3% to $308.8 million from $317.9 million a year ago. Analysts surveyed by FactSet had expected net income of 71 cents a share on revenue of $315 million. Netgear's shares are down 9% so far in 2021. The broader S&P 500 index has gained 16% this year.

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MarketWatch MarketPulse
Jul 21, 2021

Dow erases ground lost in Monday rout as stocks end higher
Stocks finished higher Wednesday, logging back-to-back gains as investors continued to buy the dip following a sharp Monday selloff. The Dow Jones Industrial Average rose around 286 points, or 0.8%, to finish near 34,798, according to preliminary figures, with the blue-chip gauge joining other major indexes, which had turned positive for the week on Tuesday. The S&P 500 rose around 36 points, or 0.8%, to end near 4,359, while the Nasdaq Composite advanced around 133 points, or 0.9%, to finish near 14,632.

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MarketWatch MarketPulse
Jul 21, 2021

Boston Beer stock slips ahead of earnings after MKM analyst warns revenue could miss on seltzer weakness
Shares of Boston Beer Co. eased 0.2% in afternoon trading Wednesday, a day before the beer brewer was scheduled to report second-quarter results. MKM Partners analyst Bill Kirk cut his price target on the stock to $974 from $1,204, while reiterating his neutral rating, ahead of the earnings report. "With a slowing seltzer category and underwhelming on-premise contribution, we believe that Boston Beer's 2Q is at risk for a topline miss and that forward guidance needs to be cut," Kirk wrote in a note to clients. Boston Beer is slated to report earnings after Thursday's closing bell. The FactSet consensus for second-quarter earnings per share is $6.60 and for revenue is $657.6 million. For full-year 2021, the company said it expects adjusted EPS of between $22.00 and $26.00, while the FactSet revenue consensus is $2.50 billion. The stock has tumbled 25.5% over the past three months, while the S&P 500 has tacked on 4.3%.

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MarketWatch MarketPulse
Jul 21, 2021

Treasury to run out of cash to pay bills in October or November absent debt-limit hike, CBO says
The Treasury Department will probably run out of cash and be unable to make usual payments in October or November absent an increase in the U.S. debt limit, the Congressional Budget Office predicted Wednesday. The borrowing limit is suspended through July 31, and Treasury Secretary Janet Yellen has previously warned that so-called extraordinary measures her department uses to keep paying obligations may not last long past the end of July. Senate Republican Leader Mitch McConnell has suggested Democrats would need to raise the limit on their own, something Senate Majority Leader Chuck Schumer called "shameless, cynical and totally political." The White House on Tuesday said President Joe Biden expects Congress to raise the limit.

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MarketWatch MarketPulse
Jul 21, 2021

Oil futures settle sharply higher amid tight supplies at the U.S. storage hub
Oil futures rallied Wednesday, with U.S. prices recouping much of their recent losses to finish back above the $70-a-barrel mark. Prices have rebounded after suffering a steep drop on Monday of more than 7%, the biggest daily decline of the year as the spread of the delta variant of the coronavirus threatened the outlook for oil demand. The Energy Information Administration on Wednesday reported an unexpected weekly rise in U.S. crude supplies, but also revealed that stocks at the Cushing, Okla., storage hub fell to their lowest since January 2020. West Texas Intermediate oil for September delivery climbed by $3.10, or 4.6%, to settle at $70.30 a barrel on the New York Mercantile Exchange.

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MarketWatch MarketPulse
Jul 21, 2021

J&J to stop selling opioids for 10 years and will pay $5 billion as part of settlement
Shares of Johnson & Johnson were up 0.3% in trading on Wednesday after a dozen or so state attorneys general announced an opioid settlement that requires J&J to pay $5 billion over nine years, including $3.7 billion in payments over the first three years. The company is also required to stop selling opioids for 10 years, and it cannot fund or provide grants to organizations that promote opioids or lobby on opioids during that time period. The agreement resolves around 4,000 opioid-related lawsuits in both federal and state courts. As part of the deal, which has been in the works for several years, AmerisourceBergen Corp. , Cardinal Health Inc. , and McKesson Corp. will pay $21 billion. J&J's stock is up 7.4% so far this year, while the broader S&P 500 has gained 15.2%.

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MarketWatch MarketPulse
Jul 21, 2021

Gold prices settle at a nearly 2-week low
Gold prices declined Wednesday to post their lowest settlement in almost two weeks. Prices have been "affected by a combination of U.S. dollar index and bond yields," said Chintan Karnani, director of research at Insignia Consultants, adding that bond traders expect some surprises from the European Central Bank meeting Thursday. For now, gold traders are booking profit between $1,825 and $1,835, he said. August gold fell $8, or 0.4%, to settle at $1,803.40 an ounce. That was the lowest most-active contract finish since July 8, FactSet data show.

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MarketWatch MarketPulse
Jul 21, 2021

Kaltura stock opens with a 15% gain, valuing company at more than $1.4 billion
Kaltura Inc. received a warm welcome on Wall Street Wednesday, as the New York-based real-time, on-demand video products provider's stock opened 15% above its initial public offering price. The IPO priced at $10 a share, in the middle of the expected range of between $9 and $11 a share, as the company raised $150.0 million. The stock's first trade on the Nasdaq was at $11.50 at 12:42 p.m. Eastern for 1.3 million shares. At that price, the company was valued at $1.43 billion. The company went public on day of relatively strong investor interest in IPOs, as the Renaissance IPO ETF rose 1.7% in afternoon trading while the S&P 500 tacked on 0.6%.

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MarketWatch MarketPulse
Jul 21, 2021

Pelosi rejects appointment of Republican Reps. Jordan, Banks to Jan. 6 committee
House Speaker Nancy Pelosi on Wednesday said she rejected the appointment of Republican Reps. Jim Banks of Indiana and Jim Jordan of Ohio to the select committee investigating the Jan. 6 Capitol attack. The two were part of a group selected by House Minority Leader Kevin McCarthy, and both are allies of former President Donald Trump.

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MarketWatch MarketPulse
Jul 21, 2021

CS Disco stock soars out of the gate, valuing company at more than $2.5 billion
CS Disco Inc. kicked off its public life with a rally Wednesday, as shares of the Texas-based provider of legal document review and ediscovery services to law firms opened 41.4% above the initial public offering price. The company raised $224.0 million as the IPO priced at $32 a share, above the recently raised expected range of between $30 and $31 a share. The stock's first trade was at $45.26 at 12:26 p.m. Eastern for 671,873 shares. At that price, the company was valued at $2.55 billion. The stock has pared some gains since the open, to trade up 37.5% at $44.00. The stock's opening rally occurred on a relatively strong day for IPO shares, as the Renaissance IPO ETF rose 2.0% in midday trading while the S&P 500 tacked on 0.6%.

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MarketWatch MarketPulse
Jul 21, 2021

VTEX stock opens 32% above IPO price to value company at $4.7 billion
VTEX charged out of the gate Wednesday, as the shares of the U.K.-based software company that helps retailers build e-commerce businesses opened 32.1% above the initial public offering price. The company raised $263.7 million as the IPO priced at $19 a share, above the expected range of $15 and $17 a share. The stock's first trade was at $25.10 at 11:57 a.m. Eastern for 1.8 million shares. At that price, the company was valued at $4.70 billion. The stock has pared some gains since the open, to trade up 31.6% at $35.00 in recent trading. The company went public on a relatively good day for IPO stocks, as the Renaissance IPO ETF rose 1.5% in midday trading while the S&P 500 tacked on 0.7%.

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MarketWatch MarketPulse
Jul 21, 2021

McConnell comments on Democrats raising debt limit alone 'shameless,' Schumer says
Senate Majority Leader Chuck Schumer on Wednesday said comments by Republican Leader Mitch McConnell about Democrats raising the debt limit on their own were "shameless, cynical and totally political." Kentucky Sen. McConnell told Punchbowl News he "can't imagine there will be a single Republican voting to raise the debt ceiling after what we've been experiencing," and suggested Democrats would need to put a suspension or increase in an upcoming bill the party plans to pass on its own. On Tuesday, the White House said President Joe Biden expects Congress will vote to raise the U.S. debt limit. The borrowing limit is suspended through July 31, and Treasury Secretary Janet Yellen has warned that so-called extraordinary measures her department uses to keep paying obligations may not last long past the end of July.

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MarketWatch MarketPulse
Jul 21, 2021

EIA reports a climb in U.S. crude supplies, fall in stocks at storage hub
The Energy Information Administration reported on Wednesday that U.S. crude inventories rose by 2.1 million barrels for the week ended July 16, marking the first weekly rise in nine weeks. On average, analysts polled by S&P Global Platts forecast a decline of 6.7 million barrels for crude stocks, while the American Petroleum Institute on Tuesday reported an 806,000 barrel increase, according to sources. The EIA also reported that gasoline supplies edged down by 100,000 barrels, while distillate stockpiles fell by 1.3 million barrels for the week. The S&P Global Platts survey forecast a supply decrease of 1.1 million barrels for gasoline and 600,000 barrels for distillates. The EIA data also showed crude stocks at the Cushing, Okla., storage hub declined by 1.4 million barrels for the week. September West Texas Intermediate crude was up $2.21, or 3.3%, at $69.41 a barrel on the New York Mercantile Exchange. Futures were trading at $69.35 before the supply data.

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MarketWatch MarketPulse
Jul 21, 2021

Stocks open higher, extending rebound from Monday rout
Stocks opened higher Wednesday, extending a bounce from a selloff that started the week as investors played down worries over the spread of the delta variant of the coronavirus that causes COVID-19 and took comfort in upbeat earnings reports. The Dow Jones Industrial Average was up 159 points, or 0.5%, at 34,671, while the S&P 500 rose 0.4% to 4,340.40 and the Nasdaq Composite gained 0.2% to trade at 14,527.95.

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MarketWatch MarketPulse
Jul 21, 2021

Zoom Video launches Zoom Apps and Zoom Events, stock inches up
Zoom Video Communications Inc. announced Wednesday the launch of Zoom Apps and Zoom Events, in an effort to enhance the hybrid work experience. The stock inched up 0.1% in premarket trading. The company said Zoom Apps embeds third-party apps within its Zoom Meetings and desktop client offerings, while Zoom Events is a platform for creating interactive and immersive virtual events. "These innovations will enhance the ways in which we connect and collaborate with our colleagues, clients, friends, family members, and others, improving productivity and collaboration while maintaining elements of fun and well-being," said Chief Executive Eric Yuan. The stock has gained 5.5% year to date through Tuesday, while the S&P 500 has advanced 15.1%.

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MarketWatch MarketPulse
Jul 21, 2021

Chembio's stock more than doubles off 11-year low after large order for COVID-19 antigen tests
Shares of Chembio Diagnostics Inc. rocketed 102% on heavy volume in premarket trading Wednesday, infectious diseases diagnostic company announced a $28.3 million purchase order its SARS-CoV-2 antigen tests from Brazil-based Bio-Manguinhos. Trading volume spiked to 22.3 million shares, compared with the full-day average of about 525,100 shares. The stock was the biggest gainer and most actively traded ahead of the open. Chembio's SARS-CoV-2 antigen test is designed to detect an active COVID-19 infection in 20 minutes using a nasal swab. The order from Bio-Manguinhos, a subsidiary of the Oswaldo Cruz Foundation, is for delivery during 2021. To put the $28.3 million order in perspective, Chembio recorded total revenue of $32.47 million in 2020. Benchmark analyst Bruce Jackson said the order win is "important" for the company, as it tries to improve its cash position and manage its working capital. The stock, which closed Tuesday at an 11-year low, has tumbled 56.6% year to date while the Nasdaq Composite has gained 12.5% and the S&P 500 has advanced 15.1%.

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MarketWatch MarketPulse
Jul 21, 2021

DraftKings to launch NFT marketplace
Shares of DraftKings Inc. shot up 3.2% in premarket trading Wednesday, after the esports and gaming company announced plans to launch DraftKings Marketplace, which will offer non-fungible tokens (NFTs) and will support secondary market transactions. DraftKings Marketplace will be the exclusive distributor of NFTs from Autograph, which has licensing deals with athletes and celebrities for digital collectibles. "The NFT boom has reinvented the collectibles industry and driven excitement to early-adopting audiences worldwide--including the DraftKings community," said DraftKings President and co-Founder Matt Kalish. "DraftKings Marketplace will sit at the center of this technological and cultural phenomenon, providing our immense existing customer base with an easily accessible experience that rivals all legacy marketplaces." DraftKings stock has tumbled 22.1% over the past three months through Tuesday, while the S&P 500 has gained 3.6%.

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MarketWatch MarketPulse
Jul 21, 2021

Media platform Teads to offer 38.5 million shares in planned IPO at $18 to $21 each
Media platform Teads set terms for its initial public offering on Wednesday with plans to offer 38.5 million shares priced at $18 to $21 each. The company has applied to list on Nasdaq, under the ticker "TEAD." Goldman Sachs, Morgan Stanley and JP Morgan are lead underwriters in a syndicate of eight banks. Proceeds of the deal will go to the selling shareholders. "We operate a leading, cloud-based, end-to-end technology platform that enables programmatic digital advertising for a global, curated ecosystem of quality advertisers and their agencies and quality publishers," the company says in its filing documents. The company had a profit of $28 million in the quarter through March 31, after a loss of $1.045 million in the year-earlier period. Revenue rose to $126.6 million from $95.6 million. The Renaissance IPO ETF has fallen 3% in the year to date, while the S&P 500 has gained 15%.

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MarketWatch MarketPulse
Jul 21, 2021

Seagate Technology stock surges after profit and revenue beats, citing 'rapidly accelerating' data storage demand
Shares of Seagate Technology Holdings PLC charged up 2.6% in premarket trading Wednesday, after the data storage company reported fiscal fourth-quarter profit and revenue that rose to multiyear highs and beat expectations, and provided an upbeat outlook, citing "rapidly accelerating" demand for data. Net income for the quarter to July 2 rose to $482 million, or $2.07 a share, from $166 million, or 64 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share grew to a nine-year high of $2.00 from $1.20, beating the FactSet consensus of $1.87. Revenue increased 19.7% to $3.01 billion, a six-year high, to top the FactSet consensus of $2.97 billion. For the fiscal first quarter, Seagate expects adjusted EPS of in the range of $2.05 to $2.35, above the FactSet consensus of $1.90, and projects revenue in the range of $2.95 billion to $3.25 billion, compared with expectations of $2.99 billion. "Demand for data is rapidly accelerating in the cloud and at the edge, driving secular growth for mass capacity data storage," said Chief Executive Dave Mosley. The stock as soared 37.5% year to date through Tuesday, while the S&P 500 has advanced 15.1%.

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MarketWatch MarketPulse
Jul 21, 2021

AMC CEO Adam Aron named chairman of the cinema operator's board
AMC Entertainment Holdings Inc. said Wednesday its board has named Chief Executive Adam Aron as chairman of the board. The board of the world's biggest cinema operator named Ambassador Philip Lader at its lead director. Aron has been CEO and president of AMC since 2016, overseeing the company through the difficult pandemic year. Lader has been an independent director since July of 2019, after serving as U.S. ambassador in London and was administrator of the U.S. Small Business Administration during the presidency of Bill Clinton. As expected, Lin Zhang and Mao Jun have resigned from the board. The pair are senior executives at China's Wanda Group, which recently sold most of the shares n AMC that it held between 2012 and 2020. AMC shares were down 2.9% premarket, but have gained 341% in the past three months, after the stock became one of the meme stocks, beloved by a group of traders that gather on the Reddit forum WallStreetBets.

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MarketWatch MarketPulse
Jul 21, 2021

Pfizer, BioNTech partner with South African drug maker to make and distribute COVID-19 shot in Africa
Shares of Pfizer Inc. gained 0.5% in premarket trading on Wednesday after the company and its COVID-19 partner BioNTech SE signed a deal with a South African drug maker to produce and distribute their shot in the African Union. BioNTech's stock was up 0.3%. The company, The Biovac Institute Ltd, is based in Cape Town; it also manufactures and distributes Pfizer's Prevenar 13 pneumococcal vaccine. (That vaccine is referred to as Prevnar 13 in the U.S.) Biovac's plant is expected to produce 100 million doses annually once it is up and running. So far this year, Pfizer's stock is up 11.5%, BioNTech shares have soared 200.7%, and the broader S&P 500 has gained 15.1.%.

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MarketWatch MarketPulse
Jul 21, 2021

Kaltura set to go public as IPO priced in middle of expected range, valuing company at more than $1.2 bln
Kaltura Inc.'s stock is expected to debut on the Nasdaq on Wednesday, after the New York-based real-time, on-demand video products provider said its recently downsized initial public offering priced at $10 a share, in the middle of the expected range of between $9 and $11 a share. The company sold 15.0 million shares in the IPO to raise $150.0 million. The IPO pricing valued the company at $1.24 billion. The company is going public on a day that the Renaissance IPO ETF was indicated up 0.1% in premarket trading while futures for the S&P 500 tacked on 0.1%.

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MarketWatch MarketPulse
Jul 21, 2021

Lithia Motors stock shoots up after profit more than tripled, revenue more than doubled to big beats
Shares of Lithia Motors Inc. hiked up 4.7% in premarket trading Wednesday, after the auto retailer reported earlier second-quarter profit that more than tripled and revenue that more than doubled to beat expectations by wide margins, amid strength in same-store used vehicle sales. Net income rose to $304.9 million, or $10.75 a share, from $77.7 million, or $3.38 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $11.12 beat the FactSet consensus of $6.17. Revenue increased 117.8% to $6.01 billion, well above the FactSet consensus of $5.08 billion. New vehicle retail revenue grew 130% to $3.15 billion, above the FactSet consensus of $2.50 billion, and used vehicle retail revenue rose 95.7% to $1.80 billion to be expectations of $1.52 billion. Same-store revenue growth was 20% for new vehicles and 49% for used vehicles. The stock has rallied 21.5% year to date through Tuesday, while the S&P 500 has advanced 15.1%.

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MarketWatch MarketPulse
Jul 21, 2021

Coca-Cola beats expectations, raises guidance
Coca-Cola Co. shares rose 2.6% in Wednesday premarket trading after the beverage giant reported second-quarter earnings that beat expectations and raised its full-year guidance. Net income totaled $2.64 billion, or 61 cents per share, up from $1.78 billion, or 41 cents per share last year. Adjusted EPS of 68 cents beat the FactSet consensus for 56 cents. Revenue of $10.13 billion rose from $7.15 billion last year and was also ahead of the FactSet consensus for $9.31 billion. Coca-Cola's share of the non-alcoholic ready-to-drink category has surpassed 2019 levels, with global unit case volumes rising 18% during the quarter. "Our results in the second quarter show how our business is rebounding faster than the overall economic recovery, led by our accelerated transformation," said Chief Executive James Quincey in a statement. For 2021, Coca-Cola now forecasts EPS growth of 12% to 15% from $1.95 in 2020, up from previous guidance of high-single digit to low-double digit growth. The FactSet consensus is for EPS of $2.18, suggesting an 11.9% rise. Coca-Cola stock is up 1.8% for the year to date while the benchmark Dow Jones Industrial Average has gained 12.8% for the period. See: Coca-Cola Zero Sugar gets a recipe refresh

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MarketWatch MarketPulse
Jul 21, 2021

Baker Hughes stock jumps after adjusted profit misses but revenue beats
Shares of Baker Hughes Co. climbed 2.5% in premarket trading Wednesday, after the oil and natural gas company reported second-quarter adjusted profit that surprisingly declined but revenue that rose above expectations, and provided an upbeat demand growth outlook. Net loss for the quarter narrowed to $68 million, or 8 cents a share, from $195 million, or 30 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share slipped to 10 cents from 12 cents, while the FactSet consensus was for a rise to 16 cents. Revenue rose 8.6% to $5.14 billion, beating the FactSet consensus of $4.94 billion, oil field services, turbomachinery and process solutions and oilfield equipment revenues all topped expectations. "As we look ahead to the second half of 2021, we see continued signs of global economic recovery that should drive further demand growth for oil and natural gas," said Chief Executive Lorenzo Simonelli. "Although we recognize the risks presented by the variant strains of the COVID-19 virus, we expect spending and activity levels to gain momentum through the year as the macro environment improves, likely setting up the industry for stronger growth in 2022." The stock has shed 3.9% year to date through Tuesday, while the SPDR Energy Select Sector ETF has run up 25.6% and the S&P 500 has gained 15.1%.

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MarketWatch MarketPulse
Jul 21, 2021

Empower Retirement to acquire Prudential's full-service retirement business in $3.55 billion deal
Empower Retirement is acquiring Prudential Financial Inc.'s full-service retirement business in a deal valued at $3.55 billion, the companies said Wednesday in a joint release. The deal is expected to add expertise, and an expanded product portfolio to Greenwood Village, Colo.-based Empower's business and drive scale. The business will be bolstered by $2.1 billion of capital through a combination of the balance sheet of the acquired business plus Empower capital and surplus. Prudential's retirement recordkeeping business consists of more than 4,300 workplace savings plans, involving abut 4 million plan participants with $314 billion in assets. The business has more than 1,800 employees. "The acquisition will allow Empower to expand services to the broadening spectrum of workplace savings plans it now serves, which includes mega, large, mid-size and small corporate 401(k) plans; government plans ranging in scale from state-level plans to municipal agencies; not-for-profit 403(b) plans; and collectively bargained Taft-Hartley plans," said the release. The deal is expected to close in the first quarter of 2022. Prudential will use proceeds of the deal for general corporate purposes and now expects to return $11 billion to shareholders through 2023, up from the $10.5 billion announced in May. Prudential shares were up 1.5% premarket and have gained 27% in the year to date, while the S&P 500 has gained 15%.

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MarketWatch MarketPulse
Jul 21, 2021

Johnson & Johnson beats earnings estimates for Q2 and raises full-year guidance
Johnson & Johnson shares rose 1.1% in premarket trade Wednesday, after the consumer and health company beat earnings estimates for the second quarter and raised its full-year guidance. The company said it had net income of $6.278 billion, or $2.35 a share, up from $3.626 billion, or $1.36 a share, in the year-earlier period. Adjusted per-share earnings came to $2.48, ahead of the $2.29 FactSet consensus. Sales rose 27.1% to $23.312 billion from $18.336 billion, also ahead of the $22.490 billion FactSet consensus. Chief Executive Alex Gorksy said sales were strong across the company's medical device, consumer health and pharma businesses. Consumer health sales rose 13.5 to $3.735 billion, pharma sales rose 17.2% to $12.599 billion and medical device sales rose 62.7% to $$6.978 billion. The company raised its full-year guidance and now expects adjusted EPS to range from $9.50 to $9.60, up from prior guidance of $9.30 to $9.45. It expects sales of $92.5 billion to $93.3 billion including its COVID-19 vaccine, versus prior guidance of $89.3 billion to $90.3 billion. Shares have gained 7% in the year to date, while the Dow Jones Industrial Average has gained 12.8%.

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MarketWatch MarketPulse
Jul 21, 2021

Harley-Davidson stock surges after profit, revenue beat expectations as motorcycle sales more than doubled
Shares of Harley-Davidson Inc. shot up 2.4% in premarket trading Wednesday, after the motorcycle seller swung to a second-quarter profit that beat expectations and revenue that rose above forecasts, as a slight miss in motorcycle revenue was offset by a beat in parts and accessories sales. Net income was $206 million, or $1.33 a share, after a loss of $92 million, or 60 cents a share, in the year-ago period. Excluding nonrecurring items, the company swung to earnings per share of $1.41 from a per-share loss of 38 cents, beating the FactSet consensus of $1.21. Revenue grew 77% to $1.53 billion, topping the FactSet consensus of $1.39 billion. Motorcycle revenue jump 131% to $1.03 billion, just shy of the FactSet consensus of $1.11 billion, while parts and accessories revenue grew 32% to $223 million to beat expectations of $212.9 million. Harley-Davidson retail motorcycle sales increased 24% to 65,300 units, including 43% growth in North America to 48,200 units. "We are encouraged by the signs of consumer positivity in the market; however, we remain mindful of the significant supply chain challenges that we expect to continue to impact the sector," said Chief Executive Jochen Zeitz. The stock has rallied 19.4% year to date through Tuesday, while the S&P 500 has gained 15.1%.

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MarketWatch MarketPulse
Jul 21, 2021

Coronavirus tally: Global cases of COVID-19 top 191.4 million and study finds J&J vaccine less effective vs. delta variant
The global tally for the coronavirus-borne illness climbed above 191.4 million on Wednesday, while the death toll climbed above 4.1 million, according to data aggregated by Johns Hopkins University. The U.S. leads the world with a total of 34 million cases and in deaths with 609,529 as the highly infectious delta variant continues to spread fast, especially in states with low vaccination rates. The one-shot coronavirus vaccine from Johnson & Johnson is much less effective against the highly transmissible delta variant than it is against the original version of COVID-19, according toa new study posted online Tuesday.The study, which examined blood samples in a laboratory setting and has not yet been peer-reviewed, suggests that anyone who received the J&J vaccine may need a booster shot as the variant continues to spread across the US. India is second by cases at 31.2 million and third by deaths at 418,480, according to its official numbers, which are expected to be undercounted. Brazil is second in deaths at 544,180 but is third in cases at 19.4 million. Mexico has fourth-highest death toll at 236,810 but has recorded just 2.7 million cases, according to its official numbers. In Europe, Russia continues to pull ahead of the U.K. by deaths at 148,229, while the U.K. has 129,109, making Russia the country with the fifth-highest death toll in the world and highest in Europe. The U.K. fully reopened its economy on Monday against the advice of healthcare experts, who are concerned at the continued rapid spread of cases there that is forcing many to isolate and quarantine.

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MarketWatch MarketPulse
Jul 21, 2021

VTEX valued at over $3.5 billion as IPO prices above the expected range
VTEX is headed for its public debut Wednesday, as the U.K.-based software company that helps retailers build e-commerce businesses raised $263.66 million as its initial public offering priced at $19 a share, above the expected pricing range of between $15 and $17 a share. The company sold 13.88 million Class A shares in the IPO, and selling shareholders sold 5.12 million shares to raise $97.34 million. With a total of 187.26 million Class A and Class B shares outstanding after the IPO, the pricing values the company at $3.56 billion. The stock is scheduled to start trading on the NYSE under the ticker symbol "VTEX." J.P. Morgan, Goldman Sachs and BofA Securities were the lead underwriters. The company recorded a net loss of $12.5 million on revenue of $25.9 million in the three months ended March 31, after a loss of $5.2 million on revenue of $16.6 million in the same period a year ago. The company is going public at a time that the Renaissance IPO ETF has eased 0.3% over the past three months while the S&P 500 has gained 3.6%.

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MarketWatch MarketPulse
Jul 21, 2021

Anthem tops profit and revenue estimates in latest quarter
Anthem Inc. said Wednesday it had net income of $1.793 billion, or $7.25 a share, in the second quarter, down from $2.276 billion, or $8.91 a share, in the year-earlier period. Adjusted per-share earnings came to $7.03, ahead of the $6.34 FactSet consensus. Revenue rose 15.7% to $33.851 billion from $29.264 billion, ahead of the $33.125 billion FactSet consensus. The health benefits company said medical enrollment totaled about 44.3 million members as of June 30, up by 1.9 million, or 4.4%. Government business enrollment rose by 2.1 million, driven by Medicaid. Commercial & specialty business enrollment fell by 174,000. The company realized net realized investment gains of $172 million, up from $29 million a year ago. The company is now expecting full-year GAAP EPS of more than $24.89 and adjusted EPS of more than $25.50. The current FactSet consensus is for full-year EPS of $25.56. Shares were not yet active premarket, but have gained 21% in the year to date, while the S&P 500 has gained 15%.

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MarketWatch MarketPulse
Jul 21, 2021

CS Disco to go public as IPO prices above expected range
CS Disco Inc. is set to go public Wednesday, as the Texas-based provider of legal document review and ediscovery services to law firms' initial public offering priced overnight above its expected range. The company raised $224.0 million as it sold 7.0 million shares in the IPO, which priced at $32 a share. Earlier this week, the expected pricing had been raised to between $30 and $31 a share from between $26 and $29 a share. With 56.38 million shares outstanding, the IPO pricing values the company at $1.80 billion. The company is going public at a time that the Renaissance IPO ETF has slipped 0.3% over the past three months while the S&P 500 has gained 3.6%.

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MarketWatch MarketPulse
Jul 20, 2021

EV maker Faraday Future to start trading as early as Wednesday
Electric-car maker Faraday Future said shareholders approved its merger with blank-check company Property Solutions Acquisition Corp. in a special meeting Tuesday. Faraday said it expects to receive about $1 billion in gross proceeds at the time of the business combination, and change its name to Faraday Future Intelligent Electric Inc. The stock is expected to trade on the Nasdaq as early as Wednesday under the symbol "FFIE," the company said. The EV maker announced the deal in January.

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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