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MarketWatch MarketPulse
Jul 05, 2022

Tech giants fuel Nasdaq 100's surge, even as Dow, S&P 500 fall
Rallies in the shares of the biggest technology company's helped lift the tech-heavy Nasdaq 100 to a healthy gain, even as the broader stock market was selling off. The Nasdaq 100 climbed 1.3% in afternoon trading, reversing an earlier drop of as much as 1.9%, as the index's top-five most valuable companies by market capitalization all rose. Shares of Apple Inc. gained 1.5%, Microsoft Corp. rose 1.0%, Alphabet Inc. ran up 3.8%, Amazon.com Inc. advanced 3.6% and Tesla Inc. tacked on 1.9%. The index's biggest gainer was early-pandemic beneficiary Zoom Video Communications Inc.'s stock , which rose 7.8%. Meanwhile, the Dow Jones Industrial Average slumped 279 points, or 0.9%, and the S&P 500 declined 0.9%.

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MarketWatch MarketPulse
Jul 05, 2022

Oil futures settle sharply lower, with U.S. prices below $100 a barrel
Oil futures fell sharply on Tuesday, with U.S. prices below the $100-a-barrel mark - at their lowest in more than two months, pressured by strength in the U.S. dollar and concerns over a possible recession that would hurt energy demand. WTI oil's fall was "inevitable as the market rebalances after fears of sanctions give way to the realities of Russian sales to new buyers in Asia, and the impact of high prices on demand and the economy become increasingly apparent," said Michael Lynch, president at Strategic Energy & Economic Research. West Texas Intermediate crude for August delivery fell $8.93, or 8.2%, to settle at $99.50 a barrel on the New York Mercantile Exchange, the lowest front-month finish since April, 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 05, 2022

Banks stocks hit hard as continued fall in Treasury yields fuel recession fears
Financial stocks traded broadly lower Tuesday, as longer-term Treasury yields continued to fall amid growing concerns that a recession was on the horizon. Lower longer-term yields can weigh on banking profits, as they narrow the spread between what banks earn on longer-term assets, such as loans, that are funded by shorter-term liabilities. The SPDR Financial Select Sector ETF slid 1.5% in afternoon trading, with 56 of 66 equity components losing ground, to outpace the S&P 500's 0.9% decline. Among the ETF's more-active components, shares of Bank of America Corp. declined 2.4%, Citigroup Inc. shed 1.7%, Wells Fargo & Co. dropped 0.9% and JPMorgan Chase & Co. gave up 1.5%. The most-active of the gainers was Synchrony Financial's stock , which gained 0.6%. Meanwhile, the yield on the 10-year Treasury note fell 8.7 basis points (0.087 percentage points) to 2.802%, and have lost 40.4 basis points amid a four-day losing streak. The yield briefly fell below the 2-year Treasury yield , something known as a yield-curve inversion, which often foretells an economic recession.

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 05, 2022

Giuliani, Graham subpoenaed by Georgia grand jury in election probe: report
A special grand jury in Georgia investigating potential criminal interference in that state's 2020 elections has subpoenaed key members of former President Donald Trump's legal team, including his personal lawyer Rudy Giuliani, the Atlanta Journal-Constitution reported Tuesday. In addition to other individuals, the grand jury also subpoenaed Sen. Lindsey Graham, a South Carolina Republican who is one of Trump's top allies in the U.S. Senate. Also among those being summoned are John Eastman, Cleta Mitchell, Kenneth Chesbro and Jenna Ellis, all of whom advised Trump on strategies for overturning Joe Biden's wins in Georgia and other swing states, the newspaper said.

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MarketWatch MarketPulse
Jul 05, 2022

Gold futures fall more than 2% to settle at the lowest price of the year
Gold futures dropped by more than 2% on Tuesday to settle at their lowest price of the year so far. The yellow metal fell along with silver, copper, and other commodities amid a technical breakdown, said Chintan Karnani, director of research at Insignia Consultants. "Recession fears and faster interest rate hikes by most central banks have accelerated the sell off," he said. "There is also fear that Chinese domestic economic growth in the third quarter will be less than expected." August gold declined $37.60, or 2.1%, to settle at $1,763.90 an ounce, marking the lowest most-active contract settlement since early December, FactSet data show.

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MarketWatch MarketPulse
Jul 05, 2022

Oil and gas stocks suffer a broad beating as crude oil, natural gas futures are hit hard
The energy sector took a broad beating in afternoon trading Tuesday, as crude oil and natural gas prices took sharp dives on the back of a surge in the U.S. dollar and continued fears that a recession would dampen demand. The SPDR Energy Select Sector ETF tumbled 5.8% toward a more than four-month low, with all 21 of the equity components losing ground by more than 4%. The biggest decliners were shares of Halliburton Co. , which slumped 9.0%, and APA Corp. , which dropped 8.5%. Among the more-active components, Exxon Mobil Corp.'s stock slid 5.0% toward the lowest close since mid-April, even after the company said late Friday that it would get a boost of at least $2.5 billion to second-quarter profit from rising oil and gas prices. Elsewhere, shares of Occidental Petroleum Corp. were knocked down 5.1% and Marathon Oil Corp. took a 7.9% hit. The best performer in the ETF was Chevron's stock , which fell 4.3%. Meanwhile, continuous crude oil futures dove 9.4% and natural gas futures sank 5.8%, while the S&P 500 lost 0.9%.

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 05, 2022

Arms Index shows stock market's selloff is relatively calm
The Arms Indexes for both the New York Stock Exchange and the Nasdaq exchange are showing that investors are behaving in a relatively calm fashion despite the steep declines in the market indexes. The Arms is a volume-weighted breadth measure that is used to depict the intensity of selling and buying in declining and advancing stocks, by comparing the ratio of advancing stocks to declining stocks to the ratio of advancing volume to declining volume. The Arms tends to rise above 1.000 when stocks fall, with many believing readings above 2.000 depict panic-like selling behavior. But while the Dow Jones Industrial Average was down 695 points, or 2.2% in morning trading, the S&P 500 was losing 2.0% and the Nasdaq Composite was falling 1.1%, the NYSE Arms was up to just 1.191 and the Nasdaq Arms was actually down to 0.698 according to FactSet. That comes as the ratio of the number of declining stocks to advancers was 4.4-to-1 on the NYSE and 1.9-to-1 on the Nasdaq, while the ratio of volume in declining stock to advancing volume was 5.2-to-1 on the Big Board and 1.3-to-1 on the Nasdaq.

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 05, 2022

Spread between 2- and 10-year Treasury yields briefly falls below zero for first time since June 14
A widely followed indicator of the economic outlook briefly flashed a recession warning on Tuesday as fears of a downturn continued to grip markets. The spread between 2- and 10-year yields briefly fell below zero Tuesday morning for the first time since June 14, driven by a bigger decline in the 10-year rate than in the 2-year yield. Investors piled into the safety of government bonds amid a selloff in stocks that sent Dow industrials down by more than 600 points. An inversion of the 2s10s spread is considered to be a reliable indicator of a recession, albeit with a lag.

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 05, 2022

Novavax stock rallies after EU expands CMA on COVID vaccine for 12 to 17-year olds
Shares of Novavax Inc. surged 4.4% toward a two-month high in morning trading Tuesday, to buck the selloff in the broader stock market, after the biotechnology company said its COVID-19 vaccine Nuvaxovid received expanded conditional marketing authorization (CMA) from the European Commission (EC) for people aged 12 through 17. Novavax's COVID vaccine has not yet been authorized for use in the U.S., and the trade name Nuvaxovid has not yet been approved by the U.S. Food and Drug Administration. The company said the EU authorization was based on data showing the vaccine was well tolerated, and shoed 80% clinical efficacy at a time that the delta variant was dominant. "With this authorization, we are extremely pleased to be able to offer our Nuvaxovid COVID-19 vaccine to adolescents in the EU," said Chief Executive Stanley Erck. The stock has tumbled 58.3% year to date, while the iShares Biotechnology ETF has slid 21.6% and the S&P 500 has dropped 21.2%.

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



MarketWatch MarketPulse
Jul 05, 2022

Ford U.S. sales jump in June to buck industry declines, but stock falls toward 17-month low
Shares of Ford Motor Co. dropped 4.6% toward a 17-month low in morning trading Tuesday, even after the automaker reported a year-over-year jump in U.S. vehicles sales for June despite ongoing industry semiconductor and supply constraints. The company said total sales rose 31.5% to 152,262 vehicles, bucking the 11% decline in overall industry sales, as Ford's U.S. market share improved to 12.9%. Ford said truck sales for the month increased 26.4% to 79,823 vehicles, sport-utility vehicle (SUV) sales climbed 36.1% to 67,788 vehicles and electric vehicle (EV) sales hiked up 76.6% to 4,353 EVs. Ford's stock has tumbled 48.0% year to date, while rival General Motors Co. shares have slumped 47.5% and the S&P 500 has lost 21.2%.

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



MarketWatch MarketPulse
Jul 05, 2022

U.S. stocks open sharply lower Tuesday morning after the July 4 holiday
U.S. stocks opened sharply lower Tuesday, with all three major benchmarks falling after the July 4 holiday as recession fears continue to weigh on the market. The Dow Jones Industrial Average was down around 450 points, or 1.5%, soon after the opening bell, while the S&P 500 also fell around 1.5% and the Nasdaq Composite dropped 1.6%, according to FactSet data, at last check. Investors will see fresh data on factory orders at 10 a.m. Eastern Time.

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 05, 2022

Dow's early selloff is unanimous, as all 30 component stocks fall
The Dow Jones Industrial Average's early selloff Tuesday is unanimous, as the stocks of all 30 of the blue-chip barometer's components are trading lower in the premarket. Dow futures sank 327 points, or 1.1%, ahead of the open. Among the biggest early decliners, shares of Caterpillar Inc. slid 1.8%, Goldman Sachs Group Inc. shed 1.8%, Salesforce Inc. dropped 1.7% and Boeing Co. lost 1.7%. The most-active Dow stock was Apple Inc.'s , which shed 1.0%, while the best performer was Johnson & Johnson's stock , which eased 0.15%.

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 05, 2022

Rubicon stock soars toward 6 1/2-year high after Janel to buy large stake at a 120% premium
Shares Rubicon Technology Inc. soared 70.0% toward a 6 1/2-year high in premarket trading Tuesday, after Janel Corp. launched a tender offer to buy a 45% interest in the optical systems company for $20.00 a share. The price of the tender offer represents a 119.8% premium to Friday's closing price of $9.10. The tender offer is expected to kick off within the next 10 business days and is expected to be completed about 30 days after the start. Rubicon said once the tender offer is completed, it will pay a special dividend of $11.00 a share to its shareholders. And after the closing, two current board member will resign and Janel will have the right to select their replacements, and Rubicon plans to start the process of voluntarily delisting its stock from the Nasdaq. Rubicon's stock has gained 1.5% year to date through Friday, while the S&P 500 has dropped 19.7%.

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 05, 2022

Airline stocks fall even as July 4 weekend travelers reach pandemic-era highs
Shares of air carriers were broadly lower Tuesday, even as travelers over the July 4 holiday weekend reached a pandemic-era high and as fewer flights were cancelled than in the days leading up to the weekend. The U.S. Global Jets ETF fell 0.8% in premarket trading, with the shares of all of its U.S.-based airline components that are trading losing ground. Among the more-active U.S. air carriers, shares of American Airlines Group Inc. dropped 2.1%, Delta Air Lines Inc. slid lost 1.1%, United Airlines Holdings Inc. shed 1.5%, JetBlue Airways Corp. lost 0.8%, Spirit Airlines Inc. sank 2.6% and Southwest Airlines Co. gave up 1.7%. Meanwhile, data provided by the U.S. Transportation Security Administration showed that the number of travelers going through TSA checkpoints fell to a one-month low of 2,081,119 on Monday, and was below last year's 2,160,147.

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 05, 2022

BioNTech stock falls after CureVac files suit, saying COVID vaccine infringes patents
Shares of BioNTech SE fell 0.9% in premarket trading Tuesday, after CureVac N.V. filed in Germany a patent infringement suit against the biotechnology company. CureVac said there were certain of its patents that were utilized in the manufacture and sale of BioNTech and Pfizer Inc.'s COVID-19 vaccine, Comirnaty. CureVac said while it doesn't seek an injunction, and won't take legal action to impede the production or sale of Comirnaty, it is seeking "fair compensation" for infringement of its patents. CureVac's stock rose 0.4% in premarket trading, and Pfizer shares slipped 0.8%. Year to date, CureVac's stock has tumbled 58.5% and BioNTech shares have shed 38.9%, while the iShares Biotechnology ETF has dropped 21.3% and the S&P 500 has shed 19.7%.

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 05, 2022

Coronavirus tally: Daily hospitalizations dip for first time since mid-April, but deaths reach 2 1/2-month high
Amid growing optimism of easing COVID-19 restrictions in Asia, which have been particularly strict given China's zero-COVID policy, the seven-day average of hospitalizations slipped for the first time since mid-April and new cases also dipped. The daily average of new COVID-19 cases fell to 105,754 on Monday from 113,235 on Sunday, but was still up 10% from two weeks ago. The daily average of hospitalizations fell to 33,953 on Monday from, 33,993 on Sunday, but was still up 12% from two weeks ago. Meanwhile, the daily average for deaths rose to 389 from 387 on Sunday, and has jumped 25% from two weeks ago, to the highest level since April 19.

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 05, 2022

New Fortress Energy, Apollo to form LNG marine infrastructure platform JV in a deal valued at $2 billion
New Fortress Energy LLC announced Tuesday that it will sell 11 liquid natural gas (LNG) infrastructure vessels to a new joint venture formed with Apollo Global Management Inc. in a deal valued at $2 billion. Apollo will own about 80% of the JV and New Fortress Energy (NFE) will own 20%. As part of the deal, NFE agreed to charter 10 of the 11 vessels for up to 20 years. "Together with Apollo, we are creating a leading LNG marine infrastructure platform to help accelerate the energy transition while freeing up capital to continue to invest into our Fast LNG and downstream LNG projects worldwide," said NFE Chief Executive Wes Edens. NFE and Apollo shares were still inactive in premarket trading. Year to date, NFE's stock has soared 64.1% and Apollo shares have tumbled 32.0%, while the S&P 500 has dropped 19.7%.

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 05, 2022

U.S. stock futures turn lower as dollar rallies
U.S. stock futures turned lower on Tuesday, as the dollar raced higher against the euro. There wasn't any obvious major fundamental news driving the shift after a three-day weekend in the U.S. Futures on the Dow Jones Industrial Average slumped 118 points, while the dollar index climbed 0.7% as the euro traded around a 19-year low.

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 01, 2022

Biden proposal would allow up to 11 offshore-drilling sales
The Biden administration on Friday proposed up to 10 oil and gas lease sales in the Gulf of Mexico and one off the Alaska coast over the next five years, scaling back a Trump-era plan that called for dozens of offshore drilling opportunities, including in undeveloped areas. Administration officials said fewer lease sales - or even no lease sales at all - could occur, with a final decision not due for months. Friday's announcement opens a 90-day public comment period, then a final plan must be submitted to Congress.

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 01, 2022

Crypto brokerage Voyager Digital shares fall as much as 40% after suspending trading, deposits, withdrawals
Crypto brokerage Voyager Digital shares plummeted as much as 40% after it announced Friday that it has temporarily suspended trading, deposits, withdrawals, and loyalty rewards starting 2 pm Eastern time on Friday. It shares dropped to as low as $0.25 before it rebounded to about $0.33 at market close. The crypto brokerage earlier this week issued a notice of default to Three Arrows, formerly one of the most active crypto hedge funds, after it defaulted on a loan to Voyager of about $666.7 million, including 15,250 BTC, or about $297 million based on bitcoin's recent price, and $350 million USDC. Voyager said it has engaged Moelis & Company as a financial advisor, and that has been in discussions with advisors to Three Arrows regarding potential legal remedies.

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 01, 2022

FTX signs deal to bail out crypto lender BlockFi with option to buy it for up to $240 million
Crypto exchange FTX signed a deal on Thursday to bail out embattled digital-asset lender BlockFi. The deal also includes an option for FTX to buy BlockFi at a maximum price of $240 million, based on performance triggers, according to Zac Prince, chief executive at BlockFi, in a tweet. FTX US will also provide a $400 million revolving credit facility to BlockFi, which found itself in a perilously fiscal situation after it reportedly lost about $80 million resulting in exposures to crypto hedge fund Three Arrows, which was reportedly ordered by a British Virgin Isle court to liquidate.

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 01, 2022

Home builder stocks enjoy broad gains as Treasury yields fall to 1-month low
Shares of home builders were broadly higher Friday, as the continued drop in longer-term Treasury yields helped soothe some fears about home affordability. The iShares U.S. Home Construction ETF ran up 4.3% with all 47 equity components trading higher, while the S&P 500 edged up 0.7%. PulteGroup Inc. was the biggest gainer of the group, rallying 7.0%, which would be the biggest one-day percentage gain since it surged 7.4% on Nov. 4, 2020. Among the sector ETF's other more-active components, shares of Lennar Corp. climbed 5.2%, D.R. Horton Inc. hiked up 5.4%, Builders FirstSource Inc. surged 6.4% and KB Home tacked on 4.4%. The yield on the 10-year Treasury note fell 8.4 basis points (0.084 percentage points) to a one-month low of 2.888%, and has dropped 59.5 basis points since it closed at an 11-year high of 3.483 on June 14, amid growing concerns over a possible recession. Meanwhile, lower Treasury yields lead to lower mortgage rates, which also lowers the cost of buying a home. Elsewhere, real estate services company Redfin Corp.'s stock soared 8.6% on Friday.

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



MarketWatch MarketPulse
Jul 01, 2022

Oil futures settle higher, with U.S. prices up less than 1% the week
Oil futures climbed on Friday, with U.S. prices up about 0.8% for the week. "Low investment in oil discovery and the shutdown of refineries during the pandemic-induced recession of 2020 have led to a supply crunch," said Lukman Otunuga, manager, market analysis, at FXTM. "The geopolitical developments concerning Ukraine-Russia poured fuel to the fire," he said, and oil bulls "remain supported by various forces" which may push prices higher. However, "concerns over tighter monetary policy tipping the global economy into a recession may hit the demand outlook for oil, limiting upside gains." West Texas Intermediate crude for August delivery rose $2.67, or 2.5%, to settle at $108.43 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 01, 2022

NYC REIT stock drops after dividend suspended to help fund leasing commitment, tenant improvement costs
Shares of New York City REIT Inc. slid 1.7% in afternoon trading Friday, after the real estate investment trust that owns a portfolio of commercial real estate in New York, said it was "temporarily suspending" its dividend to help fund upfront costs of leasing commitments and tenant improvements. The REIT last paid a quarterly dividend of 10 cents a share in April. At current stock prices, the annual dividend rate implies a dividend yield of 7.75%, which compares with the yield for the SPDR Real Estate Select Sector ETF of 3.07% and with the implied yield for the S&P 500 of 1.71%. NYC REIT said its portfolio was over 87% occupied as of June 30. "Leasing commissions and tenant improvement costs, which are payable prior to rent commencement, are economically beneficial compared to the substantial rent paid over the terms of the leases," said Chief Executive Michael Weil. "To potentially help fund these future expenses, we are temporarily suspending the dividend as we maintain our leasing momentum." The stock has plunged 51.4% year to date, while both the REIT sector ETF and the S&P 500 have lost 20.3%.

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 01, 2022

Gold pares losses after a dip below the key $1,800 mark; silver settles at a 2-year low
Gold futures pared much of their losses by Friday's settlement, after a dip below the key $1,800-an-ounce mark, while worries that a recession would hurt demand for industrial metals pulled silver prices to their lowest in about two years. Gold moved up from the session lows after the 10-year Treasury yield extended declines following a soft ISM manufacturing report that "suggested the labor market is cooling," said Edward Moya, senior market analyst at OANDA. August gold declined $5.80, or 0.3%, to settle at $1,801.50 an ounce, marking the lowest most-active contract settlement since February, FactSet data show. Prices touched an intraday low of $1,783.40. September silver fell 68 cents, or 3.4%, to settle at $19.667 an ounce, the lowest finish since July 2020.

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 01, 2022

Biden says Dems need 'two more votes' in the Senate to change the filibuster and codify abortion rights
President Biden called on Americans to vote in November to expand Democrats majority in the Senate by 2, so that his party has the votes to reform the filibuster in order to pass a law that guarantees American women the right to an abortion in all 50 states. "Congress is going to have to act to codify Roe into federal law," the president said during a virtual meeting with Democratic governors on the topic of reproductive health. "The filibuster should not stand in the way of us being able to do that, but right now we don't have the votes in the Senate to change the filibuster." Biden also predicted that if Republicans take control of Washington, "we're going to meet a situation where the Republicans are going to pass a nationwide prohibition" of abortion.

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 01, 2022

Alcoa's stock slumps as 'operational challenges' leads to partial curtailment of Indiana facility
Shares of Alcoa Corp. slumped 3.5% toward a seven-month low in afternoon trading Friday, after the aluminum producer said it will immediately start curtailing one of three smelting lines that are operating at its Warrick Operations facility in Indiana, citing "operational challenges." The company said the one line, which has an annual capacity of approximately 54,000 metric tons, is expected to be fully curtailed by the end of the day. Alcoa's stock, which is headed for the lowest close since Dec. 1, 2021, has dropped 26.2% year to date, while the S&P 500 has fallen 20.8%.

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 01, 2022

Panera, SPAC USHG Acquisition end partnership deal as a Panera IPO is now 'unlikely' near term
USHG Acquisition Corp. and Panera Brands Inc. said Friday that they have decided to end their partnership, as deteriorating market conditions has made it "unlikely" that an initial public offering for Panera will happen in the near term. USHG shares were little changed in morning trading. USHG, a special purpose acquisition company, and fast-casual restaurant chain Panera, had announced an agreement in November in which USHG would have participated alongside the Panera Brands IPO. As part of the agreement, each USHG share would have been exchanged for a number of shares of Panera common stock following the IPO at an exchange ratio of $10 divided by the IPO price. USHG's stock was still inactive in premarket trading. Panera said it will continue to prepare for and evaluate a potential IPO should market conditions improve. The partnership's end comes at a time of relative investor disdain for recently IPO'd stocks, as the Renaissance IPO ETF has plunged 47.0% year to date while the S&P 500 has dropped 20.8%.

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 01, 2022

U.S. stocks open slightly lower as third quarter begins
U.S. stocks opened lower on Friday ahead of a long holiday weekend as markets kicked off the second half of the year in the red. The Dow Jones Industrial Average dropped 54 points, or 0.2%, to 30,720. The S&P 500 shed 4 points, or 0.1%, to 3,781. The Nasdaq Composite dropped 20 points, or 0.2%, to 11,006. Stocks just wrapped up one of the first first-half stretches in decades during what has been a brutal year as growth fears and inflation have battered markets.

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MarketWatch MarketPulse
Jul 01, 2022

GM stock slumps after earnings warning, as chip shipment timing and supply chain disruptions weigh
Shares of General Motors Co. dropped 1.7% in premarket trading Friday, after the automaker warned of a second-quarter earnings shortfall, as vehicle wholesale volumes were hurt by the timing of semiconductor shipments and other supply chain disruptions. The company expects net income for the quarter to June 30 to be between $1.6 billion and $1.9 billion, well below the FactSet consensus of $2.46 billion. The company affirmed its full-year outlook, however, as the supply disruptions are expected to be temporary. "[W]e had a total of approximately 95 thousand vehicles in our inventory that were manufactured without certain components as of June 30, 2022, a majority of which were built in June," the company said in a statement. "We expect that substantially all of these vehicles will be completed and sold to dealers before the end of 2022." GM still expects 2022 net income of $9.6 billion to $11.2 billion, which surrounds the FactSet consensus of $10.24 billion. The stock has tumbled 45.8% year to date through Thursday, while shares of rival Ford Motor Co. have dropped 46.4% and the S&P 500 has slumped 20.6%.

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 01, 2022

Panera, SPAC USHG Acquisition end partnership deal as a Panera IPO is now 'unlikely'
USHG Acquisition Corp. and Panera Brands Inc. said Friday that they have decided to end their partnership, as deteriorating market conditions has made it "unlikely" that an initial public offering for Panera will happen in the near term. USHG, a special purpose acquisition company, and fast-casual restaurant chain Panera, had announced an agreement in November in which USHG would have participated alongside the Panera Brands IPO. As part of the agreement, each USHG share would have been exchanged for a number of shares of Panera common stock following the IPO at an exchange ratio of $10 divided by the IPO price. USHG's stock was still inactive in premarket trading. The partnership's end comes at a time of relative investor disdain for recently IPO'd stocks, as the Renaissance IPO ETF has plunged 47.9% year to date while the S&P 500 has dropped 20.6%.

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 01, 2022

JPMorgan Chase downgrades three regional banks
JPMorgan Chase & Co. analysts on Friday downgraded three regional bank stocks and said they're moving their outlook for the sector to neutral based on rising expectations of a recession as well as more aggressive interest rate hikes from the U.S. Federal Reserve. JPMorgan cut its ratings on Live Oak Bancshares Inc. and Huntington Bancshares Inc. to neutral from overweight and downgraded HBT Financial Inc. to underweight from neutral. "On LOB, while our call on the stock has been to buy at the point of maximum pessimism, with the Fed now adopting a much more hawkish posture, we now believe this point remains on the road ahead rather than in the rear-view mirror," JPMorgan analysts said. "For HBAN and HBT, despite both companies having peer-leading [customer loyalty], they have yet to translate this premium experience into stronger top- and bottom-line growth versus peers." Analysts said they are neutral on regional banks, partly because bank stock valuations are already discounting a 50% probability of a recession and inflation could ease back. Analysts spotlighted First Republic Bank , Signature Bank , SVB Financial Group , Silvergate Capital Corp. and Cullen/Frost Bankers Inc. as their top picks in the sector. The KBW Bank Index is down 23.6% in 2022, compared to a drop of 20.6% by the S&P 500 .

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MarketWatch MarketPulse
Jul 01, 2022

Tesla's stock bounces into positive territory after China-based rivals report upbeat June deliveries
Shares of Tesla Inc. bounced into positive territory in premarket trading Friday, going from an earlier loss of as much as 1.7% to a gain of 0.5%, after China-based electric vehicle makers reported strong June deliveries data. China is an important market for Tesla, as the EV giant generated 24.8% of its revenue from China in the first quarter, and 25.7% of its revenue from China in 2021. The stock's bounce comes after it had lost 8.6% amid a four-day losing streak through Thursday, to end the month of June with a 11.2% decline. NIO Inc. , Li Auto Inc. and XPeng Inc. all reported big increases in June deliveries, both from a month ago and from a year ago, to continue a recovery after a relatively rough April. Tesla's stock has dropped 36.3% year to date through Thursday, while the S&P 500 has declined 20.6%.

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MarketWatch MarketPulse
Jul 01, 2022

Kohl's says Franchise Group takeover talks have ended without a deal
Kohl's Corp. announced Friday that takeover talks with Franchise Group have ended without a deal. Franchise Group was the top bidder at $60 per share after Kohl's engaged with 25 companies. "Despite a concerted effort on both sides, the current financing and retail environment created significant obstacles to reaching an acceptable and fully executable agreement. Given the environment and market volatility, the Board determined that it simply was not prudent to continue pursuing a deal," said Peter Boneparth, board chair, in a statement. There had been media reports of an end to the talks earlier Friday, which sent Kohl's shares plunging more than 11% before the stock was halted . Franchise Group stock fell 3.2% in Friday premarket trading. Kohl's board reaffirmed its commitment to a $500 million accelerated share repurchase (ASR) program after second-quarter results are announced. The company also talked up its partnership with beauty retailer Sephora and a plan to open 100 smaller-format locations as part of a plan to grow the business. However, for the second quarter the company now expects sales to be down high-single digits year-over-year versus previous guidance for down low-single digits. The FactSet consensus is for sales of $4.127 billion, implying a 2.3% decline. The company will announce second-quarter results on August 18. Kohl's stock is down 27.7% for the year to date.

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MarketWatch MarketPulse
Jul 01, 2022

Boxer Mike Tyson's cannabis company gets venture financing
Private cannabis company Tyson 2.0 said Thursday it closed an oversubscribed, $9 million round of Series A financing led by JW Asset Management, with investments from K2, Ambria Capital, Tress Capital, and Patrick Carroll. The investment round for the cannabis company named after widely known boxing champ Mike Tyson comes after its launch last year. Tyson 2.0 now sells cannabis in 20 U.S. states and Canada and is led by co-founder, president, CEO and chairman Chad Bronstein. Tyson 2.0 plans to use its fresh capital to buy celebrity intellectual property, grow its brand lineup and increase its marketing and distribution efforts.

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MarketWatch MarketPulse
Jul 01, 2022

XPeng stock rallies after June deliveries more than double from a year ago
The U.S.-listed shares of XPeng Inc. surged 2.1% in premarket trading Friday, after the China-based electric vehicle maker reported big jumps in June deliveries from a month ago and from last year. The company also said it expect to begin accepting pre-orders for its G9 sports utility vehicle in August, ahead of an official launch in September. For June, the company delivered 15,295 EVs, up 51% from May and up 133% from a year ago. The June deliveries consisted of 8,045 P7 sports sedans, 5,598 P5 sedans and 1,652 G3i and G3 compact sport utility vehicles. For the second quarter, XPeng delivered 34,422 EV, more than rival China-based EV makers NIO Inc. and Li Auto Inc. . XPeng's stock has plunged 36.9% year to date through Thursday, while the iShares MSCI China ETF has declined 11.1% and the S&P 500 has shed 20.6%.

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MarketWatch MarketPulse
Jul 01, 2022

Coronavirus tally: Daily cases break out to 4 1/2-month high, as hospitalizations keep climbing
The U.S. is stocking up on COVID-19 vaccines and health regulators have recommended updating booster shots to fight the omicron subvariants, amid concerns of another surge in the fall and spring. There's good reason for those concerns, as the seven-day average of new COVID-19 cases have broken out of a two-month range, and has risen 10% from two weeks ago to 114,000 on Thursday, according to a New York Times Tracker, the most since Feb. 16. And the daily average for hospitalizations have increased every day since April 18 to 33,077 on Thursday, which was up 10% from two weeks ago and the most since March 8. The daily average for deaths was 378 on Thursday, up 18% from two weeks ago, but down from a two-month high of 388 on Wednesday.

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MarketWatch MarketPulse
Jul 01, 2022

NIO stock jumps after June EV deliveries rise sharply from a last month and from last year
The U.S.-listed shares of NIO Inc. jumped 2.4% in premarket trading Friday, after the China-based electric vehicle maker reported June deliveries that rose sharply from last month and from a last year. The company said it delivered 12,961 vehicles in June, up 84.5% from May and 60.3% more than the same period a year ago. The June deliveries consisted of 8,612 sport utility vehicles, including 1,684 ES8s, 5,100 ES6s and 1,828 EC6s, as well as 4,349 ET7 sedans. For the second quarter, NIO delivered 25,059 EVs, up 14.4% from a year ago. During the quarter, on June 15, the company unveiled the ES7 five-seater SUV. NIO's stock has tumbled 31.4% year to date through Thursday, while the iShares China Large-Cap ETF has slipped 7.3% and the S&P 500 has dropped 20.6%.

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MarketWatch MarketPulse
Jul 01, 2022

Li Auto stock rallies after June EV deliveries rise nearly 70%
The U.S.-listed shares of Li Auto Inc. rose 1.5% in premarket trading Friday, after the China-based electric vehicle maker reported a more than 63% jump in second-quarter deliveries. The company said it delivered 13,024 Li ONEs in June, up 68.9% from a year ago, after delivering 11,496 Li ONEs in May. The company had unveiled its Li L9 six-seat smart utility vehicle on June 21. That lifted second-quarter deliveries to 28,687, a 63.2% increase from a year ago. Li Auto's stock has rallied 19.4% year to date through Thursday, while the iShares MSCI China ETF has lost 11.1% and the S&P 500 has dropped 20.6%.

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MarketWatch MarketPulse
Jul 01, 2022

Kohl's shares plunge on report deal talks have ended
Shares of department store operator Kohl's fell 14% in premarket trade after CNBC reported that deal talks for it to be bought by Franchise Group have ended. The report cited two people familiar with the matter. Franchise Group had proposed a buyout worth $60 per share, subject to due diligence. Kohl's ended Thursday at $35.69.

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MarketWatch MarketPulse
Jul 01, 2022

Facebook's Meta warns of engineer job cuts, sharp downturn ahead: report
Facebook owner Meta is bracing for a sharp downturn, with plans to cut 30% of engineer jobs this year, Chief Executive Officer Mark Zuckerberg told employees on Thursday, Reuters reported. "If I had to bet, I'd say this might be one of the worst downturns that we've seen in recent history," Zuckerberg said during a weekly meeting with employees. He said the company's plan to hire engineers had been cut to 6,000 to 7,000 from an original target of 10,000, would also be leaving some jobs unfilled and also pressure managers to weed out underperforming workers. "Part of my hope by raising expectations and having more aggressive goals, and just kind of turning up the heat a little bit, is that I think some of you might decide that this place isn't for you, and that self-selection is OK with me," he said, according to Reuters, which listened to an audio file of the meeting. A separate memo from Chief Product Officer Chris Cox said the company was in "serious times," with "fierce" headwinds.

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MarketWatch MarketPulse
Jul 01, 2022

FedEx cut to hold from buy at Berenberg, amid 'cloudy macroeconomic outlook'
FedEx Corp. was downgraded to hold from buy, and its price target cut to $275 per share from $300 by Berenberg analysts, who said the shipping giant had become "too much of a 'show-me story. Shares had seen a recent reprieve amid a CEO change and apparent influence of an activist investor, analysts William Fitzalan Howard and Conor Dwyer said in a note on Friday. "This raised hopes that the capital markets day this week might mark a break from the business's chequered reputation of the past few years. However, with near-term earnings risks now mounting and mixed prospects for the execution of the strategic review, we think the shares may pause for breath until the macroeconomic outlook becomes clearer," they said.

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MarketWatch MarketPulse
Jun 30, 2022

U.S. stocks end lower, with S&P 500 suffering worst first half of a year since 1970
U.S. stocks closed lower Thursday, ending the second quarter with steep losses that left the S&P 500 suffering its worst first half of a year since 1970. The Dow Jones Industrial Average fell around 250 points to close 0.8% lower, while the S&P 500 dropped 0.9% and the Nasdaq Composite slid 1.3%, according to preliminary FactSet data. All three major benchmarks ended down after economic data released Thursday showed U.S. consumer spending in May increased less than expected as high inflation rises faster than wages. The S&P 500 dropped more than 20% during the first six months of 2022.

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MarketWatch MarketPulse
Jun 30, 2022

Oil futures fall for the month, but hold on to a year-to-date gain
Oil futures fell on Thursday to tally a loss for the month, but held on to a gain so far this year. The Organization of the Petroleum Exporting Countries and their allies, together known as OPEC , confirmed an existing agreement to boost production in August. The decision either illustrates the group's "inability to boost production above what is planned," or its "indifference to do so in order to meet western demand," said Hakan Kaya, senior portfolio manager at Neuberger Berman. West Texas Intermediate crude for August delivery fell $4.02, or 3.7%, to settle at $105.76 a barrel on the New York Mercantile Exchange. Based on the front-month contracts, prices fell 7.8% for the month, but trade nearly 41% higher year to date, according to Dow Jones Market Data.

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MarketWatch MarketPulse
Jun 30, 2022

FTX nears deal to acquire BlockFi for $25 million, reports say
Digital asset exchange FTX is nearing a deal to acquire crypto lender BlockFi for $25 million, or a 99% discount to its most recent private-market valuation, according to a report in CNBC. The deal could take months to close, according to the report, but a term sheet could be signed by the end of this week. The news comes one week after BlockFi announced it had secured a $250 million line of credit with FTX to bolster its balance sheet amid broad declines in major cryptos including bitcoin and ether . A separate report in the Block stated that the deal would involve turning the $250 million loan into equity.

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MarketWatch MarketPulse
Jun 30, 2022

Gold prices down a fourth straight session, tally a loss for the month
Gold futures marked a fourth straight session decline on Thursday, ending more than 2% lower for the month, according to FactSet data. A "strong U.S. dollar and rising interest-rate expectations continue to weigh on the precious metal, with the metal once again unable to benefit from the ongoing risk aversion in the markets," said Fawad Razaqzada, market analyst at City Index and FOREX.com, in a Thursday note. August gold declined $10.20, or 0.6%, to settle at $1,807.30 an ounce, the lowest most-active contract finish since February.

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MarketWatch MarketPulse
Jun 30, 2022

Nikola adjourns shareholder meeting, still short of support share issuance
Electric-truck maker Nikola Corp. adjourned its shareholder meeting for a second time to July 18 after a key proposal failed to pass, the company said Thursday. Nikola has sought to increase its authorized number of shares to 800 million, from the about 600 million it has, potentially to raise capital. Of those 600 million shares, about 567 million shares are either issued or reserved for future issuance, Nikola said. Increasing the number would provide "flexibility to support the growth of the business," the EV maker said. "Nikola stockholders have voted overwhelmingly in favor of Proposal 2, with the exception of the vote of a stockholder who appears to represent more than 85% of the votes against Proposal 2," the company said without identifying the shareholder. Founder and former Chairman Trevor Milton has been reported as voting against the share issuance. Milton is Nikola's top shareholder, with a 11.7% stake, according to FactSet. Milton stepped down from the company in September 2020 after a short seller accused Nikola of misleading investors about the capabilities of a prototype, which the company denied.

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MarketWatch MarketPulse
Jun 30, 2022

Vipshop stock falls after disclosing more sales by JD.com
The U.S.-listed shares of Vipshop Holdings Ltd. sank 5.7% in morning trading Thursday, and have now tumbled TK% amid a four-day losing streak, after disclosing that a large shareholder, JD.com Inc. , sold off a chunk of its holdings in the past week. JD.com's stock fell 2.0% in morning trading. In an amended 13D filing Thursday morning, the China-based online apparel and accessories seller said fellow China-based ecommerce company JD.com owned 5.64 million Vipshop shares, or 4.3% of the shares outstanding. Just six days earlier, an amended 13D filing showed that JD.com owned 7.10 million shares, or 5.4% of the shares outstanding. In mid-April, another amended 13D filing showed JD.com owned 8.59 million Vipshop shares, or 6.3% of the shares outstanding. Vipshop's stock has rallied 14.0% year to date and JD.com shares have declined 9.3%, while the iShares China Large-Cap ETF has lost 8.7% and the S&P 500 has dropped 21.0%.

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MarketWatch MarketPulse
Jun 30, 2022

FDA says COVID-19 boosters should be updated to combat two omicron subvariants
The Food and Drug Administration on Thursday told COVID-19 vaccine makers that plan to update their boosters to add a BA.4 and BA.5 spike protein component to the new shots that are in development. These "bivalent" boosters should equally target the two subvariants of omicron as well as the original strain of the virus and are expected to be rolled out to Americans in the fall or winter. Earlier this week, the FDA's advisory committee on vaccines voted 19-2 that the COVID-19 boosters need to be modified to better combat omicron and its subvariants. The BA.4 and BA.5 subvariants now make up more than half of U.S. cases. The FDA said the primary series of shots will not be updated at this time. Moderna Inc., BioNTech SE and Pfizer Inc. , and Novavax Inc. said this week that they plan to modify their COVID-19 boosters. Johnson & Johnson has no plans to modify its COVID-19 shot.

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MarketWatch MarketPulse
Jun 30, 2022

Natural-gas futures trade lower as EIA reports a bigger-than-expected rise in U.S. supplies
The U.S. Energy Information Administration reported on Thursday that domestic natural-gas supplies rose by 82 billion cubic feet for the week ended June 24. That compared to an average forecast for an increase of 74 billion cubic feet from analysts polled by S&P Global Commodity Insights. Total working gas stocks in storage stand at 2.251 trillion cubic feet, down 296 billion cubic feet from a year ago and 322 billion cubic feet below the five-year average, the government said. Following the data, August natural gas was down 25.5 cents, or 3.9%, at $6.243 per million British thermal units. Prices traded at $6.432 before the supply data.

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MarketWatch MarketPulse
Jun 30, 2022

Coal miner stocks fall after Supreme Court ruling limiting EPA's role
Coal miner stocks are falling, in the wake of the Supreme Court's ruling that restricts the U.S. government's reach in controlling emission from coal-fired power plants. Shares of Peabody Energy Corp.'s stock sank 7.1% in morning trading, Arch Resources Inc. dropped 5.7% and Warrior Met Coal Inc. slid 5.2%. That compares with the 1.7% decline in the S&P 500 .

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MarketWatch MarketPulse
Jun 30, 2022

SPAC Resources Acquisition withdraws $150 million IPO filing
Resources Acquisition Corp. filed Thursday to withdraw its previous filing for an initial public offering. The special purpose acquisition company (SPAC) had filed in February to go public, as it looked to raise $150 million through the sale of 15.0 million "units" at $10 a share, which each unit consisting of one common share and one-half of a warrant to buy a common share. The only reason the SPAC gave for the withdrawal was because it determined not to pursue an IPO. As part of the withdrawal, the SPAC requested that all fees paid to the Securities and Exchange Commission for the IPO filing be credited to its account. The withdrawal comes at a time of relative investor disdain for IPO'd stocks, as the Renaissance IPO ETF has plunged 35.1% over the past three months while the S&P 500 has dropped 18.7%.

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MarketWatch MarketPulse
Jun 30, 2022

RH stock slumps after downward guidance revision, analyst price target cuts
RH shares dropped 11.7% in early Thursday trading following an after-hours downward guidance revision and subsequent analyst price target cuts. The stock has declined 21% for the week so far. While some analysts held on to their bullish outlook for the company, multiple groups slashed their price target. "We have previously noted price increases well in excess of the industry and are concerned that the company could be 'firing' its core aspirational luxury customer too aggressively before truly appealing to a true luxury customer," wrote Wedbush in a note. "Nonetheless, RH last indicated willingness to sustain substantial market share losses for over 18 months in order to protect its brand for the long-term." Wedbush rates RH outperform with a $274 price target, down from $315. RH's price target was also cut at Cowen (down to $300 from $450, stock rated outperform) and JPMorgan (lowered to $300 from $400, stock rated overweight). "In what could prove to be a prudent move, RH proactively lowered its FY guidance citing a slowdown in demand over the past few weeks. Still, the key is whether it has lowered its outlook enough or will there be a need to cut guidance again later in the year," said UBS, which rates the stock neutral and reduced its price target to $240 from $350. RH also pulled down other home stocks, with Williams-Sonoma Inc. falling 6.7% on Thursday, and The Container Store Group Inc. down 6.7%. RH shares have plunged 61% for the year to date.

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MarketWatch MarketPulse
Jun 30, 2022

All 30 Dow stocks are falling, with Goldman Sachs and Salesforce the biggest drags
The Dow Jones Industrial Average's is suffering a unanimous decline of 480 points, or 1.6%, as all 30 of the blue-chip barometer's components are trading lower. The biggest point drags are the shares of Salesforce Inc. , which are losing $8.05, or 4.7%, and of Goldman Sachs Group Inc. , which are down $6.61, or 2.2%; the combined price declines are shaving about 97 points off the Dow's price. The biggest percentage decliner is Walgreens Boots Alliance Inc.'s stock , which slumped 4.9% after the drugstore chain reported fiscal third-quarter results. The Dow's most-active stock is Apple Inc.'s , which slid 2.4%, and the best performer was Merck & Co. Inc. shares , which slipped 0.3%.

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MarketWatch MarketPulse
Jun 30, 2022

Biden says he supports Senate filibuster 'exception' for abortion rights
President Joe Biden called on Congress Thursday to pass a law codifying abortion rights for all Americans, and he argued the Senate should create an exception to the filibuster rule to do so. "I believe we have to codify Roe v. Wade in the law," Biden said at a press conference, in reference to the 1973 Supreme Court decision that first granted abortion rights to all American women, before that decision was overturned by the Supreme Court last Friday. "And if the filibuster gets in the way...we should provide an exception for this."

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MarketWatch MarketPulse
Jun 30, 2022

Stocks open sharply lower as S&P 500 heads for worst start to a year since 1970
Stocks opened sharply lower Wednesday, on track to cap a brutal first half for equities that has the S&P 500 on pace for its worst such start since at least 1970. The Dow Jones Industrial Average fell 352 points, or 1.1%, while the S&P 500 dropped 1.1% and the Nasdaq Composite shed 1.2%. Data on Thursday showed a key gauge of U.S. inflation rose 0.6% in May largely due to the higher cost of gas and food, though there were signs that price pressures were starting to ease. The rise in the so-called personal-consumption price index was triple the 0.2% gain in April. But a narrower measure of inflation that omits volatile food and energy costs, known as the core PCE, rose by a relatively modest 0.3% for the fourth month in a row - below Wall Street's 0.4% forecast.

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MarketWatch MarketPulse
Jun 30, 2022

Canopy Growth shares fall after it agrees to convert debt into stock in deal with Constellation Brands
Canopy Growth Corp. fell 17% in premarket trades on Thursday after the company said it reached an agreement with Constellation Brands Inc. to convert about $198 million of convertible debt into stock. Constellation agreed to acquire between 21.93 million or 5.4% of Canopy stock and 30.7 million shares or 7.6% of Canopy stock that will convert from debt. The prices for the stock will range from $2.50 a share to $3.50 a share. Canopy Growth CFO Judy Hong said the transaction will address?a "substantial portion"?of its soon-to-mature convertible debt and will help the company de-leverage its balance sheet and reduce interest payments by more than C$10.9 ($8.44 million) each year. "These actions are critical as we navigate broader economic headwinds and will enable us to continue investing in the highest potential areas of our business to drive future growth," Hong said.

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MarketWatch MarketPulse
Jun 30, 2022

Constellation Brands plan to eliminate Class B stock would boost Class A shares outstanding by about 14%
Constellation Brands Inc. said Thursday it will seek shareholder approval to eliminate its higher-vote Class B shares, which would end the associated voting control of the Sands Family and simplify the equity capital structure. Class B shares entitle holders to 10 votes per share, while Class A shares represent one share. Class B shares are currently principally held by members of the Sands family, giving them the majority of the voting power held by all shareholders. The beer, wine and spirits company said as part of the proposed plan to eliminate Class B shares, each Class B share will be converted into the right to receive one Class A share plus cash of $64.64 per Class B share, for a total cost of $1.5 billion. As of April 14, there were 162.76 million Class A shares outstanding and 23.2 million Class B shares, meaning the elimination of Class B shares would boost the Class A shares outstanding by about 14.3%. The proposal's announcement came after the company reported fiscal first-quarter profit and sales that beat expectations. The stock, which dropped 6.4% in premarket trading, has slipped 2.9% year to date through Wednesday, while the S&P 500 has dropped 19.9%.

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MarketWatch MarketPulse
Jun 30, 2022

Aura's stock jumps 11% after announcing Fast Track status for its bladder cancer treatment candidate
Shares of Aura Biosciencs Inc. were up 11.3% in premarket trading on Thursday after the company said it received a Fast-Track designation from the Food and Drug Administration for its experimental bladder-cancer treatment. Aura is planning to start the Phase 1 clinical trial for this indication in 2023. The company's stock is down 25.9% this year, while the broader S&P 500 has declined 19.9%.

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MarketWatch MarketPulse
Jun 30, 2022

Blueprint inks deal with Sixth Street, Royalty Pharma worth up to $1.2 billion
Shares of Blueprint Medicines Corp. gained 3.3% in premarket trading on Thursday after the company announced a deal with investment firm Sixth Street and Royalty Pharma , which acquires pharmaceutical royalties, worth up to $1.2 billion. Sixth Street will pay $250 million upfront for future royalties for two products, up to $400 million in a senior secured credit facility, and $260 million in a potential credit facility to support any buy-side business opportunities. Royalty Pharma will pay $175 million for royalties for some sales of cancer-drug Gavreto, with up to $165 million in potential milestones. Blueprint's stock is down 51.2% this year, while the broader S&P 500 has declined 19.9%.

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MarketWatch MarketPulse
Jun 30, 2022

Heron Therapeutics to cut about one-third of its workforce as part of cost-cutting plan
Heron Therapeutics Inc. said Thursday it will lay off about one-third of its workforce as part of a restructuring expected to save $43 million a year. The biotechnology company's stock was still inactive in premarket trading. The company said it's enacting the restructuring and cost cutting measures to address "the current market realities and macro headwinds facing many commercial-stage biotechnology companies," and to help support its acute care and oncology care franchises. The company said the cost cutting actions will mostly result from the reduction of 34% of its workforce, which would represent about 103 employees, based on 302 full-time employees the company had as of Dec. 31. Heron said about 70% of the jobs being cut are coming from research and development. The stock has plunged 65.3% year to date, while the iShares Biotechnology ETF has dropped 22.7% and the S&P 500 has shed 19.9%.

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MarketWatch MarketPulse
Jun 30, 2022

First Guaranty Mortgage files for bankruptcy
First Guaranty Mortgage Corp. said Thursday that it has filed for Chapter 11 bankruptcy protection, due to "significant operating losses and cash flow challenges" resulting from adverse market conditions for the mortgage lending industry. The mortgage company said its bankruptcy has not impact on closed mortgages, as they are already serviced by third parties, and said it has retained "a portion of its workforce" to manage the day-to-day business. "The sharp and unexpected decline in performance reflects the intense pressure on mortgage originations due to the dramatic collapse of the mortgage refinance market and the weakening mortgage purchase market, which has suffered from a lack of housing inventory and increasing affordability issues," the company said. FGMC said it will try to accommodate the maximum number of borrowers who have started buy not yet completed the loan process.

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MarketWatch MarketPulse
Jun 30, 2022

Universal Health stock tumbles after profit warning, given 'shortfall' in patient volumes
Shares of Universal Health Services Inc. tumbled 8.6% toward a two-year low in premarket trading Thursday, after the hospital and health care services company cut its earnings outlook, citing a "significant shortfall" in results during April and May. The company expects second-quarter adjusted earnings per share of $2.05 to $2.15, well below the FactSet consensus of $2.79. For 2022, Universal Health cut its guidance ranges for adjusted EPS to $9.60 from $10.40 from $11.90 to $12.90 and for revenue to $13.235 billion to $13.371 billion from $13.424 billion to $13.694 billion. "The lower than expected earnings projected for the second quarter of 2022 was due primarily to lower than expected patient volumes, revenues and income generated at our acute care hospitals," the company said. "Although the decreased patient volumes at our acute care hospitals has relieved some of the staffing shortages and related cost escalations previously experienced at those facilities, recovery from the effects of the labor pressures has been occurring at a somewhat slower pace than expected." The stock has lost 17.3% year to date through Wednesday, while the SPDR Health Care Select Sector ETF has lost 8.8% and the S&P 500 has dropped 19.9%.

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MarketWatch MarketPulse
Jun 30, 2022

Walgreens beats Street views but sees sharp profit decline
Walgreens Boots Alliance Inc. reported third-fiscal-quarter net income totaling $289 million, or 33 cents per share, down from $1.197 billion, or $1.38 per share, last year. Adjusted EPS of 96 cents beat the FactSet consensus of 92 cents. Sales of $32.6 billion were down from $34.03 billion a year before and ahead of the FactSet consensus for $32.06 billion. U.S. comparable retail sales were up 2.4%, excluding tobacco. Walgreens administered 4.7 million COVID-19 vaccines and 3.9 million tests during the quarter. The Walgreens Health segment of the business, which includes VillageMD, a primary healthcare company, saw a 65% pro forma sales increase year-over-year. Walgreens announced this week that, after a strategic review, it will keep the Boots business. Walgreens continues to forecast full-year adjusted EPS growth at a low-single-digits percentage. The FactSet consensus calls for EPS of $5.04, implying an increase of 2.6%. Walgreens stock fell 1.6% in Thursday premarket trading and is down 21.6% to date in 2022. The S&P 500 index is down nearly 20% on the year.

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MarketWatch MarketPulse
Jun 30, 2022

Constellation Brands swings to a profit, adj. 2022 view beats target
Constellation Brands Inc. shares rose 1% in premarket trades Thursday after it said its first-quarter net income increased to $389.5 million, or $2.06 a share, from a loss of $908.1 million, or $4.74 a share, in the year-ago quarter. Adjusted profit was $2.90 a share excluding losses of 24 cents a share from its investment in cannabis company Canopy Growth Corp. . Sales at the wine, spirits and beer maker rose to $2.36 billion from $2.03 billion. Analysts expected Constellation Brands to earn $2.52 a share on revenue of $2.17 billion, according to FactSet data. Looking ahead, Constellation Brands expects adjusted 2022 profit of $11.20 to $11.50 a share, compared to the analyst view of $11.08 a share. Constellation booked a GAAP loss of $165 million for Canopy Growth in the quarter and said it's recognized a $556 million unrealized net loss since its initial Canopy investment in Canopy in November, 2017.

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MarketWatch MarketPulse
Jun 30, 2022

Pfizer submits a new NDA to FDA for COVID-19 pill PAXLOVID
Pfizer Inc. said Thursday that it has submitted a New Drug Application (NDA) for COVID-19 treatment pills PAXLOVID for patients at high risk for progression to severe illness. PAXLOVID has previously been granted Emergency Use Authorization (EUA) for treatment of mild-to-moderate COVID-19. The drug maker said the NDA submission provides longer-term follow-up data needed for potential approval. "Data from our clinical development program, coupled with the more than 1.7 million patients around the world who have been prescribed our oral treatment to date, reinforce PAXLOVID as an important treatment option for mild-to-moderate COVID-19 in patients at greater risk of progression to severe symptoms, regardless of vaccination status," said Pfizer Chief Executive Albert Bourla. The stock, which slipped 0.6% in premarket trading, has lost 13.7% year to date through Wednesday, while the S&P 500 has climbed 19.9%.

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MarketWatch MarketPulse
Jun 30, 2022

Coronavirus tally: Daily hospitalizations and deaths keep climbing, as cases rise to top of recent range
While health regulators debated over how to proceed with developing new booster shots, COVID-19-related hospitalizations and deaths have quietly climbed to new multi-month highs as cases bump up against the top of a six-week range. The seven-day average of new cases rose 7% from two weeks ago to 112,464 on Wednesday, according to a New York Times tracker. The highest reading over the past six weeks was 112,797 on June 7. Big increases in the South, with Arkansas, Mississippi and Alabama seeing cases surge more than 50% in two weeks, offset declines in most Northeast states. The daily average for hospitalizations, which has been rising every day since April 18, rose 9% from two weeks ago to 32,706 on Wednesday, the most since March 9. The daily average for deaths jumped 18% from two weeks ago to 388, the most since April 19.

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MarketWatch MarketPulse
Jun 30, 2022

ADP says it will pause its private-sector employment report as it retools survey
ADP said it's going to halt the release of its private-sector employment report as it retools the report to make it "a more robust, high-frequency view of the labor market and trajectory of economic growth." The report has been criticized for not being a good predictor of what the Labor Department reports in its employment report that is typically issued two days after the ADP survey. ADP says it's targeted August 31, 2022 to reintroduce the new ADP National Employment Report and said it will work with the Stanford Digital Economy Lab on the project.

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MarketWatch MarketPulse
Jun 30, 2022

Acuity Brands reports big profit beat, with strength in lighting and lighting controls sales
Acuity Brands Inc. reported Thursday fiscal third-quarter profit that rose well above expectations, amid strength in its lighting and lighting controls business. The lighting company's stock was still inactive in premarket trading. Net income for the quarter to May 31 rose to $105.7 million, or $3.07 a share, from $85.7 million, or $2.37 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $3.52 beat the FactSet consensus of $2.96. Sales grew 17.9% to $1.06 billion, above the FactSet consensus of $985.4 million, with brands lighting and lighting control sales up 18.6% to $1.0 billion and intelligent spaces sales rising 5.2% to $58.3 million. Cost of sales increased 20.0% to $615.5 million, as gross margin contracted to 42.0% from 43.0%. The company said it spent $296 million on share repurchases during the quarter. The stock has dropped 26.4% year to date, while the S&P 500 has shed 19.9%.

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MarketWatch MarketPulse
Jun 30, 2022

Gazprom shares lose a quarter of value after halting dividend
Moscow-listed shares of Russian natural gas giant Gazprom plunged 27% after the natural-gas giant decided not to pay a dividend. Famil Sadigov, its deputy chairman, said in a statement that paying a dividend was "unreasonable." He said the company's priorities are to implement its investment program and prepare for the coming winter. He also said Gazprom must be ready to pay a higher tax liability.

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MarketWatch MarketPulse
Jun 29, 2022

U.S. to pay $3.2 billion to Pfizer, BioNTech for more COVID-19 vaccines for fall
Pfizer Inc. and BioNTech SE said late Wednesday they have inked a new agreement with the U.S. government to supply 105 million doses of their COVID-19 vaccines, including a formulation adapted to target omicron variants, pending approval from the FDA. The two pharma companies said the doses are expected to be delivered as soon as late summer, and continue into the end of the year. Under the agreement, the U.S. has the option to buy up to 195 million additional doses, which would bring the total number of potential doses to 300 million. "As the virus evolves, this new agreement will help ensure people across the country have access to vaccines that may provide protection against current and future variants," Pfizer Chief Executive Albert Bourla said in a statement. Shares of Pfizer rose 0.6% in after the news, matching their advance in the regular session, while the American depositary receipts of BioNTech rose 1.2% after hours following a 1.5% advance during regular trading.

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MarketWatch MarketPulse
Jun 29, 2022

Xerox CEO Visentin passes away
Xerox Holdings Corp. on Wednesday announced the death of Chief Executive John Visentin "due to complications from an ongoing illness." Steve Bandrowczak, Xerox's president and chief operations officer, will serve as interim CEO.

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MarketWatch MarketPulse
Jun 29, 2022

Dow clings to gain as stocks post mixed finish
U.S. stocks ended near unchanged Wednesday, with the Dow Jones Industrial Average hanging on to a small gain, as investors weighed remarks by Federal Reserve Chair Jerome Powell. The Fed chief, speaking at a central banking conference in Portugal, said that he sees a path back to 2% inflation while sustaining a strong labor market as monetary policy tightens, but warned there was "no guarantee that we can do that." The Dow ended around 81 points higher, up 0.3%, near 31,028, according to preliminary figures. The S&P 500 fell around 3 points, or 0.1%, to close near 3,819, while the Nasdaq Composite lost less than 0.1% to finish near 11,178.

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MarketWatch MarketPulse
Jun 29, 2022

Oil futures end lower after three consecutive session gains
Oil futures ended lower on Wednesday, pulling back after posting three consecutive gains, ahead of a meeting of key oil producers Thursday. The Organization of the Petroleum Exporting Countries and their allies, together known as OPEC , are expected to confirm an existing agreement to boost production in August. The loss in oil prices came despite data from the Energy Information Administration which revealed declines in U.S. crude inventories in each of the past two weeks. West Texas Intermediate crude for August delivery fell $1.98, or 1.8%, to settle at $109.78 a barrel on the New York Mercantile Exchange.

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MarketWatch MarketPulse
Jun 29, 2022

JPMorgan now sees 'reasonable' risk U.S. and/or global economy 'slips into recession' in 2022
In a note released on Wednesday, after data showed first-quarter U.S. gross domestic product contracted by more than previously estimated, JPMorgan Chase & Co.'s Bruce Kasman and Joseph Lipton said "it is reasonable to consider the risk that the US and/or global economy slips into recession this year." They said "rising concern about persistent inflation shocks has combined with news of a more aggressive Fed and sliding sentiment to materially shift our views on 2H22 growth." Just a week ago, JPMorgan released a global markets outlook that indicated the firm's economics department saw no recession materializing this year.

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MarketWatch MarketPulse
Jun 29, 2022

Gold prices tally a third straight session loss
Gold futures posted a third straight session loss on Wednesday, with prices settling at their lowest in just over two weeks. Strength in the U.S. dollar pressured prices for the precious metal after comments from Federal Reserve Chairman Jerome Powell suggested that the central bank will continue to tightening monetary policy. August gold declined $3.70, or 0.2%, to settle at $1,817.50 an ounce, the lowest most-active contract finish since June 14, FactSet data show.

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MarketWatch MarketPulse
Jun 29, 2022

PSE&G to invest $511 million in 4 years to modernize, boost reliability during 'extreme weather'
Public Service Enterprise Group Inc. , also known as PSE&G, said the New Jersey Board of Public Utilities has approved its Infrastructure Advancement Program (IAP), which allows it to invest $511 million over four years to update its distribution systems and improve reliability, "including during extreme weather." The company said its program will create "hundreds of well-paying jobs." PSE&G said the IAP includes modernizing electric circuits, upgrading five electric substations and four natural gas metering and regulating stations and $234 million of "last mile" improvements to increase reliability and prepare the grid for the transition to electric vehicles. "Homes now are more important than ever to people's daily lives, playing the added roles of offices, entertainment centers, classrooms, and even fueling stations for electric vehicles," said PSE&G President Kim Hanemann. The stock, which slipped 0.3% in midday trading, has declined 6.5% year to date, while the SPDR Utilities Select Sector ETF has eased 3.6% and the S&P 500 has tumbled 19.9%.

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MarketWatch MarketPulse
Jun 29, 2022

EIA reports 2 consecutive weeks of declines in U.S. crude supplies
The Energy Information Administration on Wednesday released data showing declines in U.S. crude supplies in the past two weeks. Data covering the week ended June 17, which the EIA had delayed due to "systems issues," revealed a fall to 418.3 million barrels in crude supplies, from 418.7 million barrels the week before, implying a decline of roughly 400,000 barrels. Data covering the week ended June 24 showed a fall of 2.8 million barrels to 415.6 million barrels, compared with an average decrease of 500,000 barrels forecast by analysts polled by S&P Global Commodity Insights. The report also showed increases of 2.6 million barrels each for supplies of gasoline and distillates for the week ended June 24. Survey forecasts called for declines of 875,000 and 525,000 barrels for gasoline and distillates, respectively. August West Texas Intermediate crude was up 74 cents, or 0.7%, at $112.50 a barrel on the New York Mercantile Exchange. It was at $113.79 before the supply data.

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MarketWatch MarketPulse
Jun 29, 2022

The Dow may be up over 100 points, but stocks falling are more than double stocks rising
The Dow Jones Industrial Average is rallying 143 points, or 0.5%, in morning trading, with 17 of 30 components gaining ground, but investors shouldn't let that fool them into thinking the stock market is rallying. That's because the number of declining stocks is outnumbering advancers 1,958 to 876 on the New York Stock Exchange and 2,426 to 1,120 on the Nasdaq. And volume in advancing stocks is just 20.4% of the NYSE's total volume and 42.8% of total Nasdaq volume. Meanwhile, the S&P 500 is up 0.2% and the Nasdaq Composite is up 0.2%.

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MarketWatch MarketPulse
Jun 29, 2022

Bank of America upgrades Goldman Sachs on relative performance to other banks, but cuts earnings view
Goldman Sachs Group Inc. rose 1.6% after Bank of America analyst Ebrahim H. Poonawala upgraded the company to buy from neutral on his view that the bank offers a relatively better value than its peers in a looming economic downturn. Poonawala raised his price target on Goldman to $380 a share from $360 a share. Goldman's revenue could also benefit from geopolitical volatility and monetary policy which may drive elevated trading activity. However, Poonawala cut his Goldman Sachs earnings estimate for 2022 to $33.17 a share from $38.73 a share and his 2023 earnings estimate to $36.83 a share from $38.50 a share. "Our ratings change (first upgrade of 2022) does not indicate an improved outlook for bank stocks," Poonawala said. "To the contrary, we see the stock as well-positioned to outperform in what is likely to be a worsening economic backdrop that could weigh more materially on the EPS outlooks for its balance sheet lending heavy peers."

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MarketWatch MarketPulse
Jun 29, 2022

Schnitzer Steel shares advance on earnings
Schnitzer Steel Industries Inc. rose 3.4% on Wednesday despite losses in other steel stocks after the company beat its earnings and revenue targets. Schnitzer Steel's third-quarter earnings of $2.59 a share beat the estimate of $2.30 a share and its revenue of $1.01 billion came in ahead of the forecast of $919.1 million, according to FactSet data. "The company's third quarter performance benefited from strong global demand for recycled metals and robust West Coast market conditions for finished steel products," Schnitzer said. Meanwhile, Nucor fell 0.9% and US Steel dropped 1.2%. Schnitzer shares have fallen 32.2% in 2022, compared to a loss of 28.5% by the Nasdaq and a drop of 19.7% by the S&P 500 .

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MarketWatch MarketPulse
Jun 29, 2022

U.S. stocks open slightly higher after two days of losses
U.S. stocks opened slightly higher on Wednesday following two days of losses after the final reading on first-quarter GDP showed the American economy shrank by an even larger margin, while Federal Reserve Chairman Jerome Powell said the central bank is aiming to provoke a moderation in growth. The S&P 500 rose 3.8 points, or 0.1%, to 3,825, the Dow Jones Industrial Average gained 94 points, or 0.3%, to 31,041. The Nasdaq Composite was flat at 11,181.

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MarketWatch MarketPulse
Jun 29, 2022

ALX's stock is up 11% after getting orphan-drug designation for cancer drug
Shares of ALX Oncology Holdings Inc. gained 11.5% in premarket trading on Wednesday after the company said it received an orphan-drug designation for evorpacept, its experimental acute myeloid leukemia therapy. This designation is granted to drugs that treat diseases or conditions that affect fewer than 200,000 people in the U.S. ALX's stock has declined 62.5% so far this year, while the broader S&P 500 is down 19.8%.

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MarketWatch MarketPulse
Jun 29, 2022

PayChex tops profit and revenue expectations, provides upbeat outlook
Shares of Paychex Inc. edged up 0.1% in premarket trading Wednesday, after the human resources services company reported fiscal fourth-quarter profit and revenue that just topped expectations, while providing an upbeat full-year outlook. Net income for the quarter to May 31 rose to $296.4 million, or 82 cents a share, from $263.0 million, or 73 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of 81 cents was above the FactSet consensus of 80 cents. Revenue grew 11.2% to $1.14 billion, topping the FactSet consensus of $1.14 billion. Operating margin was 34.4%, in line with a year ago. For fiscal 2023, the company expects adjusted EPS growth of 9% to 10%, while the current FactSet EPS consensus of $4.06 implies 7.7% growth. The stock has lost 9.6% over the past three months through Tuesday, while the S&P 500 has dropped 17.5%.

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MarketWatch MarketPulse
Jun 29, 2022

Trevi's stock gains 38% after announcing positive data for skin-disease drug
Shares of Trevi Therapeutics Inc. jumped 38.1% in premarket trading on Wednesday after the company said its experimental treatment for prurigo nodularis, a type of inflammatory skin disease, met the primary endpoint in a Phase 2b/3 clinical trial. If approved, the oral treatment would be the first therapy to treat prurigo nodularis, Trevi said. The company's stock has soared 158.2% this year, while the broader S&P 500 is down 19.8%.

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MarketWatch MarketPulse
Jun 29, 2022

Performance Food Group sticks to 2022 sales view
Performance Food Group Co. on Wednesday reiterated its 2022 sales forecast of $50.5 billion to $51 billion, including the impact of 10 months its Core-Mark acquisition. Analysts surveyed by FactSet currently expect the company to generate sales of $50.94 billion. By fiscal 2025, Performance Food Group forecasts sales of $62 billion to $64 billion. Analysts have not yet forecast sales for 2025 for the company, but they currently expected 2024 sales of $59.35 billion, according to FactSet data. Shares of the Richmond, Va., food service company are up 0.6% in 2022, compared to a drop of 19.8% by the S&P 500 .

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MarketWatch MarketPulse
Jun 29, 2022

General Mills beats quarterly expectations and raises dividend
General Mills Inc. posted fourth-quarter net income of $822.8 million, or $1.35 per share, nearly double $416.8 million, or 68 cents per share, last year. Adjusted EPS of $1.12, ahead of the FactSet consensus for $1.01 per share. Sales of $4.891 billion were up from $4.524 billion last year and also beat the FactSet consensus for $4.805 billion. General Mills raised its quarterly dividend by 6% to 54 cents per share, payable on August 1, 2022 to shareholders of record as of July 8, 2022. General Mills brands include Cheerios, Chex Mix and Old El Paso. The company has redesigned its portfolio over the past year, adding pet treats brands like Nudges and divesting its European yogurt business, for instance. The company says these moves will have an impact on the company long term, while consumer health and inflation, as well as supply chain disruptions, particularly during the first half of fiscal 2023, will have an impact on results for the coming year. General Mills is guiding for an organic net sales increase of 4% to 5%. The FactSet consensus is for $18.889 billion, implying 4.2% growth. General Mills shares rose 1.8% in Wednesday premarket trading and are up 4.3% for the year to date. The broader S&P 500 index is down nearly 20% for the period. See also: McCormick's stock takes a dive after profit misses expectations, sales surprisingly falls

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MarketWatch MarketPulse
Jun 29, 2022

Citigroup's Mexican unit draws bids from Banorte, Santander: Report
Citigroup Inc.'s efforts to sell its Citibanamex consumer banking unit in Mexico has drawn bids from Financiero Banorte and Banco Santander SA , Reuters reported on Tuesday. Citigroup CEO Jane Fraser put the unit up for sale in January as part of an effort to refocus the bank's international business on commercial customers. Citing a person familiar with the deal, Reuters reported that Banorte hired Bank of America as an adviser on its bid to buy Citibanamex. Meanwhile, Santander has hired Credit Suisse and Goldman Sachs, the report said. Billionaire Carlos Slim tweeted earlier this year that he was also looking at Citibanamex, but his name has not surfaced in recent reports. Shares of Citigroup fell 0.4% in premarket trades.

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MarketWatch MarketPulse
Jun 29, 2022

Eli Lilly to supply another 150,000 doses of COVID treatment to the government
Eli Lilly & Co. said Wednesday that it will supply the U.S. government with an additional 150,000 doses of its COVID treatment bebtelovimab for about $275 million. Delivery of the doses will begin immediately and be completed no later than Aug. 5. The company expects the government supply of bebtelovimab, including the new purchase, to meet demand through late August. Lilly expects the additional dose order to add about $275 million to 2022 revenue, and to boost earnings per share by 8 cents. The company said an option for an additional 350,000 doses, to be exercised no later than Sept. 14, is still part of the original agreement. Lilly's stock slipped 0.5% in premarket trading. It has run up 15.0% year to date through Tuesday, while the S&P 500 has dropped 19.8%.

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MarketWatch MarketPulse
Jun 29, 2022

McCormick's stock takes a dive after profit misses expectations, sales surprisingly falls
Shares of McCormick & Co. Inc. took a 5.6% dive in premarket trading Wednesday, after the spices and seasoning mix company reported fiscal second-quarter profit that missed expectations and a surprise decline in sales, and cut its full-year outlook, citing "persistently high" inflation and supply chain challenges. Net income for the quarter to May 31 declined to $118.5 million, or 44 cents a share, from $183.7 million, or 68 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to 48 cents, below the FactSet consensus of 65 cents. Sales fell 1.3% to $1.54 billion, while the FactSet consensus was for a slight increase to $1.61 billion, as consumer segment sales fell below expectations to offset growth in flavor solutions sales above forecasts. Cost of goods sold increased more than sales, rising 7.6% to $1.01 billion as gross margin contracted to 34.0% from 39.5%. For fiscal 2022, the company affirmed its sales growth guidance of 3% to 5% but lowered its adjusted EPS guidance range to $3.03 to $3.08 from $3.17 to $3.22. The stock has declined 10.1% year to date through Tuesday, while the S&P 500 has shed 19.8%.

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MarketWatch MarketPulse
Jun 29, 2022

Coronavirus tally: Daily Hospitalizations and deaths rise to multi-month highs, cases hold steady above 100K
Just as COVID-19-related hospitalizations and deaths are starting to break out to new multi-month highs, the U.S. Food and Drug Administration recommended on Tuesday that the U.S. should pursue a booster strategy had better protects against newer more dominant strains, like omicron. The FDA indicated that a new generation of COVID-19 boosters could be ready for rollout as soon as late summer or early fall. Meanwhile, the seven-day average of new COVID cases rose 3% from two weeks ago to 108,963 on Tuesday, and has held relatively steady for the past two months, according to a New York Times tracker. But the daily average of hospitalizations have increased every day since mid-April, and rose 7% from two weeks ago to a 3 1/2-month high of 32,148 on Tuesday. The daily average for deaths was 377 on Tuesday, up 17% from two weeks ago and the highest number since April 20. The number of Americans who have received a first booster shot was 105.09 million, or 47.3% of the population, according to data provided by the Centers for Disease Control and Prevention.

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MarketWatch MarketPulse
Jun 28, 2022

Visa deposits $600 million into litigation escrow account that functions like a share buyback
Visa Inc. said Tuesday that its board of directors approved a deposit of $600 million into a litigation escrow account that the company previously set up in response to a years-old merchant lawsuit. The account is set up so that funding of the litigation escrow account dilutes the value of the company's bank-owned class B shares relative to the company's class A shares. As such, the move functions like a buyback of Visa's regular class A shares because the conversion rate of class B shares is reduced. The account was set up this way when Visa went public more than a decade ago after living most of its corporate life as a bank-owned cooperative. Visa has funded this account numerous times in the past and didn't immediately respond to MarketWatch's request for comment about why it was adding the incremental $600 million now. For more on Visa's class B shares, MarketWatch discussed the setup in depth following a 2018 funding of the litigation escrow account.

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MarketWatch MarketPulse
Jun 28, 2022

API data reportedly show a 3.8 million-barrel fall in U.S. crude supplies
The American Petroleum Institute reported late Tuesday that U.S. crude supplies declined by 3.8 million barrels for the week ended June 24, according to sources. The API also reportedly showed a weekly inventory increases of nearly 2.9 million barrels for gasoline and 2.6 million barrels for distillate. Oil stocks at the Cushing, Okla., delivery hub were down by 650,000 barrels last week, sources said. Inventory data from the Energy Information Administration covering the week ended June 17 had been delayed last week due to "systems issues." The EIA will now release its supply reports covering the week ended June 17 and June 24 on Wednesday. On average, analysts polled by S&P Global Commodity Insights said the EIA is expected to show crude inventories down by 500,000 barrels for the week ended June 24, along with supply declines of 875,000 barrels for gasoline and 525,000 barrels for distillates. In electronic trading Tuesday, August West Texas Intermediate crude was at $112.04 a barrel, after settling at $111.76 on the New York Mercantile Exchange.

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MarketWatch MarketPulse
Jun 28, 2022

Disney extends CEO Chapek's contract three years
Walt Disney Co.'s board on Tuesday unanimously voted to extend Chief Executive Bob Chapek's contract for three years. "Disney was dealt a tough hand by the pandemic, yet with Bob at the helm, our businesses -- from parks to streaming -- not only weathered the storm, but emerged in a position of strength," Disney Chairman Susan Arnold said in a statement. "In this important time of growth and transformation, the Board is committed to keeping Disney on the successful path it is on today, and Bob's leadership is key to achieving that goal. Bob is the right leader at the right time for The Walt Disney Company, and the Board has full confidence in him and his leadership team." Chapek, 63, who has spent nearly 30 years at Disney, succeeded Bob Iger in February 2020. Disney's stock is down 38% in 2022; the S&P 500 index has declined so far 20% this year.

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MarketWatch MarketPulse
Jun 28, 2022

U.S. stocks end lower, Dow falls almost 500 points as consumer confidence slumps
U.S. stocks closed sharply lower Tuesday, falling for a second straight day, as a fresh reading on consumer confidence slumped more than expected. The Dow Jones Industrial Average dropped around 490 points to close about 1.6% lower, while the S&P 500 slid about 2% and the Nasdaq tumbled around 3%, according to preliminary FactSet data. The Conference Board said Tuesday that its consumer confidence index dropped in June to the lowest level since February 2021 on concerns over inflation, particularly rising prices of food and gas. Energy was the sole sector of the S&P 500 to post gains Tuesday, climbing sharply as oil prices rose amid supply fears.

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MarketWatch MarketPulse
Jun 28, 2022

Top 5 U.S. companies losing a total of $260 billion in market cap, led by Apple and Amazon
Shares of the top-five largest U.S. companies by market capitalization are all falling more than the broader stock market, as the stocks of Amazon.com Inc. and Tesla Inc. led the way lower. The combined market-cap losses of the five companies was about $259.9 billion as of Tuesday afternoon. In order of market-cap size, shares of Apple Inc. shed 2.8% to lost $63.3 billion in market cap; Microsoft Corp. dropped 2.9% to shave $58.1 billion off its market cap; Alphabet Inc. slid 2.8%, with its market cap falling by $43.4 billion; Amazon sank 5.2%, and lost $59.4 billion in market cap; and Tesla slumped 4.7% to lose $35.7 billion in market cap. Meanwhile, the benchmark large-cap tracker, the S&P 500 , lost 1.9%.

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MarketWatch MarketPulse
Jun 28, 2022

Oil gains for a third straight session, with U.S. prices at their highest since mid-June
Oil futures finished higher for a third consecutive session on Tuesday, with the U.S. crude benchmark settling at its highest price since mid-June. "The easing of China's zero-COVID policy helped oil to the third day of gains following a decent correction in recent weeks," said Craig Erlam, senior market analyst at OANDA. Also supporting oil were reports that the United Arab Emirates and Saudi Arabia are "producing near capacity, in stark contrast to claims that both are holding back and could do more." West Texas Intermediate crude for August delivery rose $2.19, or 2%, to settle at $111.76 a barrel on the New York Mercantile Exchange. Prices based on the front month settled at their highest since June 16, FactSet data showed. After a delay due to "systems issues," the Energy Information Administration will release U.S. petroleum supply data for the weeks ended June 17 and June 24 on Wednesday.

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



MarketWatch MarketPulse
Jun 28, 2022

Amazon stock falls again after price target cut by 20% at UBS
Shares of Amazon.com Inc. slumped 4.8% in afternoon trading Tuesday, adding to Monday's 2.8% drop, after UBS analyst Lloyd Walmsley cut his stock price target to $167 from $209, citing "some risks" to the ecommerce and cloud giant's financial outlook depending no the macroeconomic environment. Walmsley lowered his revenue estimate for 2022 to $523.2 billion from $526.7 billion and for 2023 to $598.7 billion from $615.9 billion. Walmsley kept his rating at buy, however, as his lowered price target still implied about 43% upside from current levels, and his longer-term outlook remained upbeat. "We see risk to the consensus revenue and operating income outlook near term, through for investors with longer-term time horizons, we think the current risk/reward looks compelling," Walmsley wrote in a note to clients. "We do see margins improving in 2023 as the company cuts fulfillment and logistics capacity, sees COVID costs continue to come out of the P&L [profit-and-loss], benefits from a full year of the Prime price hikes and the fuel surcharges." Amazon's stock has tumbled 35.4% year to date, while the S&P 500 has dropped 19.4%.

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
Jun 28, 2022

Gold settles at its lowest price in nearly 2 weeks
Gold futures fell on Tuesday, posting back-to-back losses to mark their lowest settlement in nearly two weeks. "It's not surprising that gold continues to struggle on upticks," said Peter Grant, vice president and senior metals strategist at Zaner Metals and Tornado Precious Metals Solutions. He points out that Federal Reserve Chairman Jerome Powell last week said the Fed won't hesitate to impose a more painful solution if current policy measures fail to get inflation back to the 2% target, and the implication is that the "pain would take the form of even more aggressive rate hikes that would further slow the economy and raise unemployment." Still, "while persistently hot inflation hasn't pulled investors back into the gold market, maybe a dose of Fed-induced 'pain' will," said Grant. August gold declined $3.60, or 0.2%, to settle at $1,821.20 an ounce, the lowest most-active contract finish since June 15, FactSet data show.

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



MarketWatch MarketPulse
Jun 28, 2022

J&J does not plan to update its COVID-19 vaccine
Johnson & Johnson does not plan to update its COVID-19 vaccine, though other vaccine makers like Moderna Inc. , BioNTech SE and Pfizer Inc. , and Novavax Inc. are already working on new versions that aim to better protection against the currently circulating strains of the virus. "The company will focus on supplying its COVID-19 vaccine in parts of the world where the pandemic remains an emergency and there is acute need," a J&J spokesperson told MarketWatch in an email on Tuesday. "To date, two doses of the Johnson & Johnson vaccine have shown robust protection against severe COVID-19 disease across variants, including omicron." Executives from Moderna, Pfizer, and Novavax on Tuesday morning presented clinical data to a Food and Drug Administration committee that is expected to decide whether the COVID-19 vaccines need to be updated. J&J did not present. The FDA recently restricted who can get J&J's COVID-19 shot over concerns about blood-clot risks. J&J's stock is up 3.5% so far this year, while the broader S&P 500 is down 18.1%.

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



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