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MarketWatch MarketPulse
Oct 18, 2021

Ex-NFL player Ricky Williams launches Highsman cannabis brand
Former NFL running back Ricky Williams on Monday launched Highsman, a brand that will focus on selling "premium quality cannabis" along with cannabis-related apparel and accessories. The initial focus will be in California, Oregon and Nevada. "Highsman is about an appreciation for greatness. There is a passionate and dedicated team behind the brand, and together we want to help all people inspire greatness in themselves," Williams said in a statement. Highsman CEO Eric Hammond said the company is launching "at a tipping point where sports and cannabis collide, and we are excited to continue to break boundaries between the two." Williams, 44, played in the NFL for 11 years and ran for 10,000 rushing yards. His football career ended in 2012. He was suspended by the league five times for violating its substance-abuse policy.

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MarketWatch MarketPulse
Oct 18, 2021

Foot Locker launching a new apparel line
Foot Locker Inc. announced Monday that it's launching a new apparel line, LCKR by Foot Locker, focused on casual items like pullover hoodies and sweatpants on October 20. Items will be available in men's sizes ranging from S to XXL and be priced from $40 to $75. The launch campaign has enlisted a few notable names like rapper and activist Gunna. Foot Locker stock is up 16.4% for 2021 so far while the S&P 500 index has gained 19% for the period.

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



MarketWatch MarketPulse
Oct 18, 2021

U.K., Europe natural gas prices see spike on fading hopes of more Gazprom supplies
Natural gas prices in the U.K. and Europe briefly spiked on Monday, after a report that Russia's Gazprom may not send more supplies as expected following recent comments from Russian President Vladimir Putin. European natural gas futures - based on benchmark November Title Transfer Facility (TTF) futures in the Netherlands -- climbed to 107.70 euros per megawatt hour (MWh) before easing back to 94.82 euros, with similar rollercoaster moves seen for U.K. futures . That's after a closely watched pipeline capacity auction on Monday showed no rise in supplies, according to media reports on Monday. The pipelines run through the Ukraine and Poland. Putin recently said he would help Europe with its pipeline shortages, but some accuse his country of trying to weaponize natural gas supplies to speed up EU approval of the Nord Stream 2 gas pipeline. The U.K. and Europe are heavily reliant on Russia for natural gas supplies, and prices have been soaring this year in part due to higher demand from Asia and elsewhere.

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
Oct 18, 2021

Colin Powell was on board of Salesforce.com and Bloom Energy
Gen. Colin Powell, who died of COVID-19 complications, was on several boards, including that of two publicly traded companies, customer relationship management company Salesforce.com and fuel-cell maker Bloom Energy . The former secretary of state also was a strategic advisor to Kleiner Perkins, the venture capital firm.

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MarketWatch MarketPulse
Oct 18, 2021

Stocks open lower after China slowdown as investors await earnings
Major U.S. stock indexes kicked off the week on a soft note Monday, under pressure after data showed slowing economic growth in China, and as investors awaited a heavy slate of corporate earnings. The Dow Jones Industrial Average fell 153 points, or 0.4%, to 35,143, while the S&P 500 was down 0.4% at 4,455 and the Nasdaq Composite gave up 0.3% to trade at 14,853. China reported 4.9% year-over-year growth in the third quarter, a big slowdown from the 7.9% recorded in the second quarter as construction output slowed.

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MarketWatch MarketPulse
Oct 18, 2021

Square may build bitcoin mining system, CEO Jack Dorsey says
Square Inc. is contemplating building a system for bitcoin mining, according to Chief Executive Jack Dorsey. The system would be open source and "based on custom silicon," Dorsey announced in a late Friday tweet. He argued that bitcoin mining needs to become more distributed, efficient, and accessible. "Bitcoin mining should be as easy as plugging a rig into a power source," he wrote. "There isn't enough incentive today for individuals to overcome the complexity of running a miner for themselves." Dorsey has long been interested in bitcoin and looked for tie-ins with Square's business. He introduced the ability for users of Square's Cash App mobile wallet to buy and sell bitcoin a few years back and announced in July that the company was working on an open-developer platform mainly focused on bitcoin. Square shares are off 0.6% in premarket trading Monday. They've gained 14% so far this year as the S&P 500 has risen 19%.

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MarketWatch MarketPulse
Oct 18, 2021

Kulicke & Soffa raises dividend to lift implied yield above the S&P 500's
Shares of Kulicke & Soffa Industries Inc. rose 0.6% in premarket trading Monday, after the Singapore-based semiconductor company said it has raised its quarterly dividend by 21.4%. The new quarterly dividend of 17 cents a share, up from 14 cents, will be payable Jan. 10 to shareholders of record on Dec. 23. Based on Friday's stock closing price of $49.20, the new annual dividend rate implies a dividend yield of 1.38%, which compares with the yield for the VanEck Semiconductor ETF's yield of 0.57% and the implied yield for the S&P 500 of 1.35%. The stock's gain bucked the weakness in Kulicke & Soffa's peers and the broader stock market, as the semiconductor ETF dropped 0.8% in premarket trading while futures for the S&P 500 fell 0.5%.

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MarketWatch MarketPulse
Oct 18, 2021

Adamis Pharmaceuticals stock rockets on heavy volume after opioid overdose treatment gets FDA approval
Shares of Adamis Pharmaceuticals Corp. soared 20.4% on massive volume toward an eight-month high in premarket trading Monday, after the biopharmaceutical company said Zimhi, it's high-dose naloxone injection for the treatment for opioid overdose, has been approved by the Food and Drug Administration. Trading volume spiked to 32.8 million shares, enough to make the stock the most actively traded ahead of the open, and compared with the full-day average of about 2.0 million shares. "We are very excited by this approval and are working with our commercial partner, US WorldMeds, to make this much-needed, lifesaving product readily available to the market," said Adamis Chief Executive Dennis Carlo. "Zimhi provides the highest systemic levels of naloxone compared to any of the nasal or intramuscular products currently available." The stock has soared 132.9% year to date through Friday, while the iShares Biotechnology ETF has tacked on 3.7% and the S&P 500 has gained 19.0%.

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MarketWatch MarketPulse
Oct 18, 2021

Walmart is bringing back 'Black Friday Deals for Days' event
Walmart Inc. announced the return of its "Black Friday Deals for Days" event, taking place during the month of November. Over the course of three separate multi-day events, the company will offer promotions across electronics, home goods and other categories. Walmart members will get early access to the first two events, starting online on November 3 and November 10. Black Friday is the day after Thanksgiving. Walmart stock has fallen 2.5% for the year to date while the Dow Jones Industrial Average is up 15.3% for the period.

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MarketWatch MarketPulse
Oct 18, 2021

Revance Therapeutics plummets after FDA said it can't approve BLA of treatment for frown lines
Shares of Revance Therapeutics Inc. plummeted 34.7% toward an 18-month low in premarket Monday, which puts them on track for a record one-day selloff, after the company said the the Food and Drug Administration issued a Complete Response Letter (CRL) regarding the biotechnology company's treatment of glabellar, or frown, lines. The company said late Friday that FDA determined it could not approve the Biologics License Application (BLA) for DaxibotulinumtoxinA for Injection in its present form, citing deficiencies related to an inspection of Revance's manufacturing facility. The announcement comes after the company said late on Oct. 12, after Revance's stock plunged 25.1% that day, that it continued to expect the FDA to approve DaxibotulinumtoxinA for Injection this year. The stock, which is on track to open at the lowest price seen during regular-session hours since April 2020, has dropped 19.9% year to date through Friday, while the iShares Biotechnology ETF has gained 3.7% and the S&P 500 has rallied 19.0%.

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MarketWatch MarketPulse
Oct 18, 2021

Revance's stock falls 35% after FDA says it won't approve the company's frown-line injection
Shares of Revance Therapeutics Inc. tumbled 35.3% in premarket trading on Monday after the company said Friday that the Food and Drug Administration had declined to approve Revance's application for a frown-line treatment. The FDA issued a complete response letter that the company received Oct. 15, citing issues with Revance's manufacturing facilities. Revance said it plans to address those concerns. Revance's stock is down 19.9% for the year, while the broader S&P 500 is up 19.0%.

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MarketWatch MarketPulse
Oct 18, 2021

Amazon seeks 150,000 seasonal hires in addition to more than 150,000 previously announced job openings
Amazon.com Inc. said Monday that it's looking for 150,000 seasonal hires, both full- and part-time. This is in addition to the previously announced goal of adding 40,000 corporate and tech workers and 125,000 fulfillment and transportation workers. "Our seasonal hiring helps us deliver on our promises to customers while also providing flexibility to our full-time employees during busy periods," said Alicia Boler Davis, senior vice president of global customer fulfillment, in a statement. Workers receive a starting wage of $18 per hour, a sign-up bonus of up to $3,000 and an additional $3 per hour in many locations depending on the shift. Among the states with the most seasonal openings are Arizona, California and New York. Amazon says many seasonal workers come back year after year. Amazon stock is up 4.7% for the year to date while the S&P 500 index has gained 19% for the period.

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MarketWatch MarketPulse
Oct 18, 2021

: Colin Powell dies from COVID-19 complications, family says
yuri gripas/Agence France-Presse/Getty ImagesGen. Colin Powell, the former secretary of state and chairman of the joint chiefs of staff, died age 84 from COVID-19 complications, his family said Monday in a Facebook post.Powell was fully vaccinated and had been treated at Walter Reed National Medical Center.

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MarketWatch MarketPulse
Oct 18, 2021

Peabody Energy provides preliminary third-quarter update, and stock rallies
Peabody Energy Corp. said Monday it expects to report third-quarter revenue of $670 million to $690 million, net of $238 million of unrealized mark-to-market losses from hedges. The FactSet revenue consensus was $876.8 million. Shares of the coal producer shot up 3.7% in premarket trading. The company said it expects after-tax net loss from continuing operations of $55 million to $75 million, while coal sales to customers were more than $900 million to reached the highest level in seven quarters. The company is expected to report full third-quarter results on Oct. 28, with analysts surveyed by FactSet expecting Peabody to swing to earnings of 83 cents a share from a loss of 66 cents a year ago. The stock has rocketed 562.2% year to date through Friday, while the S&P 500 has gained 19.0%.

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MarketWatch MarketPulse
Oct 18, 2021

Biogen says ALS drug did not meet primary endpoint in Phase 3 clinical trial
Shares of Biogen were down 0.6% in premarket trading on Monday, the day after the company said an experimental amyotrophic lateral sclerosis (ALS) drug did not meet the primary endpoint in an open-label, Phase 3 clinical trial. Biogen said it is considering next steps for the investigational drug, tofersen, which was being tested in people with a rare form of the neurodegenerative disease. "These preliminary data may be supportive of some hints of efficacy; however, the study failed the well-understood ALS primary endpoint, and thus we don't see how Biogen would be able to proceed with a filing with this data," SVB Leerink analyst Marc Goodman told investors on Sunday. Biogen's stock is up 14.8% this year, while the broader S&P 500 has gained 19.0%.

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MarketWatch MarketPulse
Oct 18, 2021

Esperion Therapeutics to reduce workforce by 40%
Shares of Esperion Therapeutics Inc. were down 1.5% in premarket trading on Monday after the company said it plans to reduce its workforce by 40%, citing the challenges of launching two cholesterol-lowering medications during the pandemic. It also said it plans to streamline its commercial strategy, and with those programs in place, Esperion expects to save at least $20 million in 2021. Research and development expenses are now expected to be $110 to $115 million in 2021, down from previous guidance of $120 to $130 million, and selling, general and administrative expenses are expected to be $195 to $200 million this year, down from previous guidance of $200 to $210 million. Esperion's stock has tumbled 64.8% so far this year, while the S&P 500 is up 19.0%.

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MarketWatch MarketPulse
Oct 18, 2021

State Street net income rises by 29%
State Street Corp. said Monday its third-quarter profit increased to $714 million, or $1.96 a share, from $555 million, or $1.45 a share, in the year-ago period. Excluding items, profit in the latest period totaled $2 a share. Revenue rose to $2.99 billion from $2.78 billion. Analysts expected the financial services firm to earn $1.89 a share, with non-GAAP income of $1.92 a share and revenue of $2.96 billion. State Street said it plans to resume its share repurchase program in the second quarter of 2022. It suspended the effort in September and raised $1.9 billion of capital through a common stock issuance to finance its $3.5 billion acquisition of BBH Investor Services. Shares of State Street are up 27.4% this year, compared to a rise of 19% by the S&P 500.

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MarketWatch MarketPulse
Oct 18, 2021

Occidental Petroleum stock rallies after Truist analyst upgrades, boosts price target to Street high
Shares of Occidental Petroleum Corp. rallied 2.3% in premarket trading Monday, putting them on track to snap a five-day losing streak, after Truist analyst Neal Dingmann became Wall Street's most bullish on the oil and natural gas exploration and production company, citing expectations that record free cash flow will continue. Dingmann raised his rating to buy from hold. He raised his price target to $50, which implies a 58% gain off Friday's closing price of $31.66, from $35. That is now the highest price target among the 29 analysts surveyed by FactSet. "[W]e believe the company will soon discuss plans to return its quarterly dividend to 2019/2020 levels along with the further possibility of an additional variable dividend and/or stock repurchase program," Dingmann wrote in a note to clients. "Further, [Occicental's] decarbonizing operations continue to gain steam capitalizing on its notable infrastructure in place/under development." Occidental's stock, which had lost 5.9% over the past five days, since it closed at a 20-month high on Oct. 8, has soared 82.9% year to date through Friday, while crude oil futures have run up 71.9%, natural gas futures have rocketed 110.4%, the SPDR Energy Select Sector ETF has rallied 51.3% and the S&P 500 has advanced 19.0%.

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MarketWatch MarketPulse
Oct 18, 2021

Albertsons shares pop after profit and sales beat expectations, guidance raised
Albertsons Cos. Inc. shares jumped 5% in Monday premarket trading after the grocer reported fiscal second-quarter results that beat expectations and raised its full-year guidance. Net income totaled $295.2 million, or 52 cents per share, up from $284.5 million, or 49 cents per share, last year. Adjusted EPS of 54 cents beat the FactSet consensus for 45 cents per share. Sales of $16.506 billion were up from $15.758 billion and also ahead of the FactSet consensus of $15.864 billion. Identical sales rose 1.5%, above the FactSet consensus for a 1.2% decline. Albertsons announced a 20% rise to the company's dividend to 12 cents. And the company has raised its full-year outlook. It now expects identical sales in the range of a 2.5%-to-3.5% decline, versus previous guidance for a 5%-to-6% drop. And adjusted EPS is now forecast for a range of $2.50 to $2.60 up from previous guidance for a range of $2.20 to $2.30. The FactSet consensus is for an identical sales decline of 4% and EPS of $2.28. Albertsons shares have gained 62.5% for the year to date while the benchmark S&P 500 index is up 19% for the period.

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MarketWatch MarketPulse
Oct 18, 2021

Sinclair Broadcast says it is investigating ransomware attack that took data from its networks, shares down 1.5% premarket
Sinclair Broadcast Group Inc. shares slid 1.5% in premarket trade Monday, after the operator of TV stations said it is investigating a potential cybersecurity incident. The Baltimore, Md.-based Sinclair said it has identified that certain servers and workstations were encrypted with ransomware and that some of its networks were disrupted and data was taken. The company is working to determine what information the taken data contained and will take actions as appropriate. "Promptly upon detection of the security event, senior management was notified, and the company implemented its incident response plan, took measures to contain the incident, and launched an investigation," the company said in a statement. "Legal counsel, a cybersecurity forensic firm, and other incident response professionals were engaged. The Company also notified law enforcement and other governmental agencies." For now, the company said the incident has disrupted parts of its business, including the provision of local ads to local broadcast stations on behalf of clients. It is working to restore operations. It's too early to say if the incident will have a material impact on financial results. Shares are down 15% in the year to date, while the S&P 500 has gained 19%.

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MarketWatch MarketPulse
Oct 18, 2021

Hexo close to finding a new CEO after departure of Sebastien St-Louis
Hexo Corp. said Monday it's in advanced talks with "a preferred CEO candidate" and it expects to make an announcement in coming days. The company said founder and CEO Sebastien St-Louis has left the cannabis beverage company as part of a strategic reorganization. Hexo chairman Michael Munzar thanked St-Louis and said the board has set up a special committee for succession to find a new CEO to help the company defend its "position as a market leader in Canada and secure our place as a top-three global cannabis company." In a statement, St-Louis said the Hexo"future is bright" and that he looks forward to the company's next stage of growth as a significant shareholder. Hexo COO Donald Courtney has also resigned but will remain in the position until a replacement is identified. St-Louis had been with Hexo since he founded the company in 2013. HEXO shares are down 53% this year, negatively outpacing the Cannabis ETF's 3% dip YTD.

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MarketWatch MarketPulse
Oct 18, 2021

Albertsons raises quarterly dividend by 20% to 12 cents a share
Supermarket operator Albertsons Cos. Inc. said Monday its board has approved a 20% increase in its quarterly dividend, raising it to 12 cents a share from 10 cents. The new dividend will be payable Nov. 12 to shareholders of record as of Oct. 29. Shares were up 3.6% premarket and have gained 62% in the year to date, while the S&P 500 has gained 19%.

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MarketWatch MarketPulse
Oct 18, 2021

Blue Owl Capital to acquire Oak Streat Real Estate Capital and investment advisory business for $950 million
Blue Owl Capital Inc. said Monday it entered an agreement to acquire Oak Street Real Estate Capital LLC and its investment advisory business for $950 million in cash and stock. The deal is expected to close in the fourth quarter. Blue Owl will fund the deal through cash and up to 39 million common units. Oak Street shareholders will be entitled to up to $650 million in earnouts, payable in cash or Blue Owl common units at future dates. The deal is expected to be 5% to 7% accretive to distributable EPS starting in 2022. Chicago-based Oak Street was founded in 2009 and has more than 35 employees and $10.8 billion of assets under management. The company focuses on structuring sale-leasebacks, including triple net leases, and providing seed and strategic capita. "One of the many key synergies with Oak Street is that the firm provides leading products to the high-net-worth and retail channels, a critical part of Blue Owl's business strategy," said Blue Owl co-founder and co-president Michael Rees in a statement. Once the deal closes, certain members of Oak Street's management team will remain in place and the Chicago office will become an additional Blue Owl office. Blue Owl shares were not active premarket, but have gained 40% in the year to date, while the S&P_500 has gained 19%.

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MarketWatch MarketPulse
Oct 18, 2021

CDW to pay $2.5 billion in cash to buy Sirius Computer Solutions from CD&R
CDW Corp. announced Monday an agreement to buy Sirius Computer Solutions Inc. for $2.5 billion in cash from Clayton, Dubilier & Rice. Sirius Computer is an information technology solution integrator, which recorded 2020 sales of $2.04 billion. CDW's stock is will inactive in premarket trading. "As customers require increasingly complex and critical digital transformation initiatives, Sirius' broad portfolio of world-class technology-based solutions and services-led approach will immediately add to our capabilities to meet this demand," said CDW Chief Executive Christine Leahy. The deal is expected to close in December 2021. CDW's stock has rallied 34.9% year to date, while the S&P 500 has gained 19.0%.

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MarketWatch MarketPulse
Oct 18, 2021

Coronavirus tally: Global cases of COVID-19 top 240 million and U.S. edges toward 725,000 fatalities
The global tally for the coronavirus-borne illness climbed above 240 million on Monday, while the death toll edged above 4.9 million, according to data aggregated by Johns Hopkins University. The U.S. continues to lead the world with a total of 44.9 million cases and 724,318 deaths. The U.S. is averaging more than 1,500 deaths a day according to a New York Times tracker, , although new cases and hospitalizations are declining. But some northern states are seeing cases rise again as the cold months send people indoors again, the New York Times reported. Alaska is still leading by new cases on a per capita basis. In medical news, Two doses of either the vaccine made by Pfizer and BioNTech or Oxford-AstraZeneca vaccines provided a similar level of protection to prior natural infection when the Delta variant was dominant, the U.K. Office of National Statistics said Monday. French biotech Valneva said its coronavirus vaccine candidate outperformed AstraZeneca's in a trial. India is second by cases after the U.S. at 34 million and has suffered 452,290 deaths. Brazil has second highest death toll at 603,282 and 21.6 million cases. In Europe, Russia has most fatalities at 220,323, followed by the U.K. at 138,997.

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MarketWatch MarketPulse
Oct 18, 2021

Informatica sets terms for it IPO, to raise up to $928 million
Informatica Inc. has set IPO terms for its initial public offering, as the California-based data management software company looks to raise up to $928.0 million. The company is offering 29.0 million shares in the IPO, which is expected to price between $29 and $32 a share. With 229.6 million Class A shares and 44.1 million Class B-1 shares expected to be outstanding after the IPO, the pricing could value the company at up to $8.76 billion. The stock is expected to list on the NYSE under the ticker symbol "INFA." Goldman Sachs and J.P. Morgan are the lead underwriters. The company recorded a net loss of $36.3 million on revenue of $675.5 million during the six months ended June 30, after a loss of $102.8 million on revenue of $619.3 million in the same period a year ago. The company is looking to go public at a time that the Renaissance IPO ETF has rallied 10.4% over the past three months while the S&P 500 has gained 3.3%.

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MarketWatch MarketPulse
Oct 18, 2021

Zillow to stop purchasing U.S. homes after building big backlog and facing staff shortages: Bloomberg
Zillow Group Inc. is pausing the purchase of U.S. homes as it works through a backlog of properties, Bloomberg News reported Sunday. The real-estate platform acquired more than 3,800 homes in the second quarter, after expanding into the home-flipping business in 2018 through its Zillow Offers unit. That company invites homeowners to request an offer on their house and uses its algorithms to come up with a price. If an owner accepts, it purchases the property, makes some repairs and puts it back on the market. "We are beyond operational capacity in our Zillow Offers business and are not taking on additional contracts to purchase homes at this time," a spokesperson for Zillow told Bloomberg in an email. "We continue to process the purchase of homes from sellers who are already under contract, as quickly as possible." The iBuying process, while powered by algorithms and pools of capital, also requires humans, including inspectors, contractors and decorators. But finding those workers has become challenging during the pandemic, which has see labor shortages across the economy. Zillow shares were down 6% premarket and have fallen 26% in the year to date, while the S&P 500 has gained 19%.

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MarketWatch MarketPulse
Oct 18, 2021

Toyota to invest $3.4 billion for EV battery production in the U.S., will create 1,750 jobs
Toyota Motor Corp. announced Monday a big get on the electric vehicle market in the U.S., saying it will make a $3.4 billion investment in EV batteries through 2030. The investment is for developing and localizing EV battery production, and is part of the Japan-based automaker's pledge to invest $13.5 billion in battery development and production globally. As part of the investment, Toyota North America said it will create 1,750 jobs as it establishes a new company and build an automotive batter plant, with an aim to start battery production in 2025. The project includes an investment of $1.29 billion until 2031. Toyota's U.S.-listed shares, which were still inactive in premarket trading, has gained 14.0% year to date while the S&P 500 has advanced 19.0%.

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MarketWatch MarketPulse
Oct 18, 2021

Pfizer and AstraZeneca vaccines were as effective as prior infection, U.K. study finds
Two doses of either the vaccine made by Pfizer and BioNTech [s:bntx] or Oxford-AstraZeneca vaccines provided a similar level of protection to prior natural infection when the Delta variant was dominant, the U.K. Office of National Statistics said Monday. Vaccination significantly reduced the risk of people testing positive during both the Alpha-dominant period and the Delta-dominant period, but effectiveness was reduced in the Delta-dominant period compared with the Alpha-dominant period. The ONS added that two doses of either vaccine provided significantly greater protection than one dose across all analyses.

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MarketWatch MarketPulse
Oct 18, 2021

Valneva shares jump 30% after saying vaccine candidate outperformed AstraZeneca's
Valneva shares jumped 30% in Paris trading after saying its coronavirus vaccine candidate outperformed AstraZeneca's in a Phase 3 study, which met both its co-primary endpoints. Valneva said its vaccine had a neutralizing antibody seroconversion rate above 95% and that it had a better tolerability profile.

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MarketWatch MarketPulse
Oct 18, 2021

Enapter shares rise after winning an Earthshot award
Enapter , a German-listed maker of hydrogen generators, rose 4% in early Frankfurt tradingas one of the five winners of Prince William's Earthshot prize. The company received £1 million in the "fix our climate" category. The company says its AEM Electrolysers are compact modules that can be combined to produce green hydrogen at any scale and aims to account for 10% of the world's hydrogen power generation by 2050. The company lost nearly €4 million on revenue of €2 million in the first half of the year.

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MarketWatch MarketPulse
Oct 15, 2021

S&P 500 sees biggest weekly rise since July as stocks rally on earnings
Stocks ended higher Friday, booking solid weekly gains for major indexes as investors cheered a strong start to earnings season and data showing stronger-than-expected September retail sales. The Dow Jones Industrial Average advanced around 383 points, or 1.1%, to close near 35,295, ending above the 35,000 threshold for the first time since Sept. 8, according to Dow Jones Market Data. The Dow rose 1.6% for the week. The S&P 500 gained around 33 points, or 0.7%, to finish near 4,472, leaving the large-cap benchmark with a 1.8% weekly rise --- its largest since July 23, according to FactSet. The tech-heavy Nasdaq Composite ended near 14,897, up around 74 points, or 0.5%. The Nasdaq rallied 2.2% for the week, its biggest such rise since August. Goldman Sachs Group Inc. shares rose 3.8% Friday, leading Dow gainers after earnings that topped estimates.

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MarketWatch MarketPulse
Oct 15, 2021

Oil futures finish higher, with U.S. prices up nearly 4% for the week
Oil futures rose on Friday, with U.S. benchmark crude prices posting a weekly gain of almost 4%. "Another round of strong earnings and economic data suggest the economy can still handle the current surge in energy prices," said Edward Moya, senior market analyst at Oanda. "The oil market deficit will only get wider as global stockpiles remain at low levels, unexpected demand comes from colder weather, and on surging jet fuel demand as the U.S. opens up international travel." West Texas Intermediate crude for November delivery rose 97 cents, or 1.2%, to settle at $82.28 a barrel on the New York Mercantile Exchange, with front-month prices up about 3.6% for the week, FactSet data show.

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MarketWatch MarketPulse
Oct 15, 2021

Gold futures end lower, but post a modest gain for the week
Gold futures settled lower on Friday, pressured by strength in Treasury yields and U.S. benchmark stock indexes, but prices still saw a modest gain for the week, the strongest advance in six weeks. Gold gave back most of its gain for the week on Friday, "with investors choosing the racier equity markets over the haven asset," said Fawad Razaqzada, market analyst at ThinkMarkets. The metal "remains stuck inside its existing ranges as investors wonder whether bond yields and the dollar will resume higher," with the Federal Reserve seen tapering its bond purchases program in mid-November or mid-December," he said. "Other investors will be happy to buy the dips as the metal is considered to be a good hedge against inflation." December gold declined by $29.60, or nearly 1.7%, to settle at $1,768.30 an ounce. Prices based on the most-active contract rose 0.6% for the week, the biggest weekly rise since the week ended Sept. 3, FactSet data show.

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MarketWatch MarketPulse
Oct 15, 2021

Milan Laser hair removal company files to go public
Milan Laser Inc., the profitable Nebraska-based laser hair removal company, has filed to go public. The company has not yet determined how many shares it will offering in its initial public offering, the expected pricing of the IPO or the number of shares expected to be outstanding after the IPO. The company did said it have three classes of common stock. The Class A shares to offered in the IPO will have one per share, while Class B and Class C shares will initially have 10 votes. The company expects its shares to list on the NYSE under the ticker symbol "MLAN." Goldman Sachs and Jefferies are the underwriters. The company recorded net income of $10.0 million on revenue of $71.8 million during the six months ended June 30, after a loss of $2.7 million on revenue of $27.4 million in the same period a year ago. The filing comes about two months after European Wax Center Inc. went public, and currently has a market capitalization of about $1.76 billion. Milan Laser said in its S-1 filing: "We believe that laser hair removal is a better alternative to other hair removal techniques such as shaving, waxing or sugaring as it uses FDA-cleared lasers, and it is safe, fast (appointments as short as 10 minutes), effective, affordable, and, most importantly, a permanent solution for the reduction of unwanted hair." The company filed to go public at a time that the Renaissance IPO ETF has run up 10.1% over the past three months while the S&P 500 has gained 2.4%.

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MarketWatch MarketPulse
Oct 15, 2021

Baker Hughes data show U.S. oil-drilling rigs up 6 weeks in a row
Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil climbed by 12 to 445 this week. That followed increases in each of the last five weeks. The total active U.S. rig count, which includes those drilling for natural gas, also climbed by 10 to stand at 543, according to Baker Hughes. November West Texas Intermediate crude continued to trade higher, up 79 cents, or 1%, at $82.10 a barrel on the New York Mercantile Exchange, with prices headed for another finish at the highest since October 2014, FactSet data show.

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MarketWatch MarketPulse
Oct 15, 2021

Forget health and wellness -- Twinkie parent Hostess will benefit from consumer desire for indulgent snacks
Hostess Brands Inc. was initiated at outperform with a $22 target price at Credit Suisse based on the consumer desire for indulgent snacks that bucks the health and wellness trend. "We believe investors who pigeonhole Hostess as structurally disadvantaged owing to health and wellness trends are not looking closely enough," wrote analysts led by Robert Moskow. Analysts say data shows that consumers are snacking more and they're frequently looking for sweet snacks. "Our conclusion is that event consumers leading healthy lives will frequently consume Hostess products because they view it as a reward," Credit Suisse said. Analysts also think Hostess is undergoing a transformation that will result in a more "consumer-centric" company, with research investments that make marketing more effective and product launches, like Baby Bundts, successful. Hostess stock has rallied nearly 25% for the year to date while the S&P 500 index has gained 19% for the period.

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MarketWatch MarketPulse
Oct 15, 2021

U.s. business inventories jump 0.6% in August
U.S. business inventories rose 0.6% in August, the government said Friday. That matched the forecast of economists polled by The Wall Street Journal. Sales fell 0.1% in the month. An increase in inventories adds to gross domestic product and is usually a sign of an expanding economy. The ratio of inventories to sales, meanwhile, rose to 1.26 from 1.25. That's how many months it would take to sell all the inventory on hand. Inventories soared early in the pandemic as sales slumped, but now companies can't keep enough inventory in stock. Sales are strong, but shortages of supplies and labor are holding back production.

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MarketWatch MarketPulse
Oct 15, 2021

FDA: Abbott is recalling two lab-based COVID-19 tests due to the possibility of false positive results
Shares of Abbott Laboratories were up 0.6% in premarket trading on Friday, the day after the Food and Drug Administration said the company is recalling two laboratory COVID-19 test kits because of concerns about false positives. The tests are the Alinity m SARS-CoV-2 AMP Kits and Alinity m Resp-4-Plex AMP Kits. The FDA previously issued a warning about the potential for false positives with these tests in September. Abbott's stock is up 7.8% for the year, while the broader S&P 500 has gained 18.1%.

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MarketWatch MarketPulse
Oct 15, 2021

Dow up over 200 points as stocks open with gains after retail sales data
Stocks opened higher Friday, looking to build on the previous session's sharp gains, after a stronger-than-expected rise in September retail sales. The Dow Jones Industrial Average rose 208 points, or 0.6%, to 35,120, while the S&P 500 advanced 0.5% to 4,459 and the Nasdaq Composite advanced 0.3% to 14,869. The Dow was led higher by shares of Goldman Sachs Group Inc. , up more than 2% after topping Wall Street forecasts.

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MarketWatch MarketPulse
Oct 15, 2021

Ford stock gains after China sales report, with Q3 down but year-to-date sales up
Shares of Ford Motor Co. edged up 0.4% in premarket trading Friday, after the automaker reported overnight third-quarter China vehicle sales that fell from a year ago, amid continued challenges resulting from the semiconductor shortage, but outperformed its U.S. vehicle sales performance by a wide margin. The company said it sold 150,100 vehicles in Greater China during the quarter, down 8.7% from a year ago, while Lincoln brand passenger vehicle sales increased 24%. The year-to-date total has reached 457,000 vehicles, up 11% from the year-ago period. That compares with a 25.8% decline in third-quarter U.S. vehicles sales, with Lincoln-brands sales down 35.8%, according to a MarketWatch analysis of monthly data, and a 7.0% drop in year-to-date sales through September. Ford's stock has soared 75.8% year to date through Thursday, while shares of rival General Motors Co. have rallied 38.5% and the S&P 500 has advanced 16.8%.

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MarketWatch MarketPulse
Oct 15, 2021

Kohl's will offer discounts to customers who opt for store pickup for holiday season orders
Kohl's Corp. will offer a $5 discount on qualifying orders periodically throughout the holiday season to customers who choose to pick up their orders at one of the department store chain's 1,100 locations. Most orders are ready in an hour. The program is part of Kohl's holiday season plan, with promotions starting October 20 at the Kohl's Lowest Prices of the Season Event, happening through October 24. The company is also offering other cash back offers and customer rewards over the next couple of months. Kohl's stock is up 13.5% for the year to date while the S&P 500 index has gained 18.2% for the period.

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MarketWatch MarketPulse
Oct 15, 2021

Charles Schwab stock rises toward another record after profit, revenue rise above forecasts
Shares of Charles Schwab Corp. climbed 1.1% toward another record in premarket trading Friday, after the discount broker reported third-quarter profit and revenue that rose above expectations, as continued bullish investor sentiment helped produce a five-fold increase in trading revenue. Net income rose to $1.53 billion, or 74 cents a share, from $698 million, or 48 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of 84 cents beat the FactSet consensus of 81 cents. Revenue grew 86.7% to $4.57 billion, topping the FactSet consensus of $4.52 billion. Net interest revenue increased 51.2% to $2.03 billion, just shy of the FactSet consensus of $2.04 billion, while trading revenue soared 432.6% to $964 million to beat forecasts of $897.3 million. Total client assets as of Sept. 30 was $7.61 trillion, up from $6.69 trillion at the end of 2020. The stock, which closed at a record $78.11 on Thursday, has run up 47.3% year to date, while the S&P 500 has gained 16.8%.

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MarketWatch MarketPulse
Oct 15, 2021

Goldman Sachs beats Wall Street target as investment banking revenue jumps
Goldman Sachs Group Inc. on Friday reported third-quarter net income of $5.28 billion, or $14.93 a share, compared to $3.23 billion, or $8.98 a share, in the year-ago period. Net revenue increased to $13.6 billion from $10.8 billion. Net interest income climbed to $1.56 billion from $1.08 billion. Goldman Sachs was expected to earn $10.14 a share on revenue of $11.72 billion, according to a survey by FactSet. Goldman's investment banking unit nearly doubled its revenue to $3.55 billion from $1.93 billion. CEO David Solomon said the firm "saw strong operating performance" and that its "opportunity set continues to be attractive across all of our businesses." Goldman Sachs shares are up 48.3% so far this year, compared to an increase of 18.2% by the S&P 500 and a rise of 38% by the KBW Bank Index .

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MarketWatch MarketPulse
Oct 15, 2021

Prologis stock jumps after earnings beat expectations, amid record increases in market rents
Shares of Prologis Inc. rallied 1.7% toward a fifth straight gain Friday, after the real estate investment trust focused leasing logistics facilities reported third-quarter earnings that rose above expectations, and boosted its full-year outlook, amid record increases in market rents and valuations. Net income more than doubled to $722.0 million, or 97 cents a share, from $298.7 million, or 40 cents a share, in the year-ago period. Core funds from operations per share increased to $1.04 from 90 cents, beating the FactSet consensus of $1.03. Total revenue rose 9.3% to $1.18 billion, above the FactSet consensus of $1.04 billion. Average occupancy was 96.6%, up from 96.0% in the second quarter, and with 98.0% of property leased as of Sept. 30. Cash rent change was up 12.9%, with cash same-store net operating income grew 6.7%. For 2021, the company raised its core FFO guidance range to $4.11 to $4.13 from $4.04 to $4.08, compared with the FactSet consensus of $4.07. "Our third quarter results were underpinned by record increases in market rents and valuations," said Chief Executive Hamid Moghadam. "With vacancies at unprecedented lows, space in our markets is effectively sold out." The stock has rallied 36.2% year to date through Thursday, while the SPDR Real Estate Select Sector ETF has advanced 26.3% and the S&P 500 has gained 16.8%.

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MarketWatch MarketPulse
Oct 15, 2021

Minerva Surgical to offer 6.25 million shares in planned IPO, priced at $15 to $17 each
Minerva Surgical Inc. set terms for its initial public offering on Friday, with plans to offer 6.25 million shares, priced at $15 to $17 each. The company would raise $106.25 million at the top of that range, at a valuation of $486 million. The company has applied to list on Nasdaq, under the ticker 'UTRS.' JPMorgan, Piper Sandler, UBS and SVB Leerink are underwriting the deal. "We are a commercial-stage medical technology company focused on developing, manufacturing, and commercializing minimally invasive solutions to meet the distinct uterine healthcare needs of women," the company says in its IPO prospectus. The Renaissance IPO ETF has gained 3% in the year to date, while the S&P 500 has gained 18%.

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MarketWatch MarketPulse
Oct 15, 2021

El Pollo Loco CEO resigns
El Pollo Loco Holdings Inc. announced the resignation of Bernard Acoca, the chicken chain's chief executive, to pursue other opportunities on Friday. Chief Financial Officer Laurance Roberts will serve as interim CEO and Acoca will continue to provide consulting services during the transition. Roberts has been with the company for eight years and was previously CFO and COO of Kentucky Fried Chicken, a Yum Brands Inc. chain. El Pollo Loco stock is down 7.7% for the year to date while the S&P 500 index has gained 18.2% for the period.

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MarketWatch MarketPulse
Oct 15, 2021

FDA: Abbott is recalling two at-home COVID-19 test due to the possibility of false positive results
Shares of Abbott Laboratories were up 0.6% in premarket trading on Friday, the day after the Food and Drug Administration said the company is recalling two at-home COVID-19 test kits because of concerns about false positives. The tests are the Alinity m SARS-CoV-2 AMP Kits and Alinity m Resp-4-Plex AMP Kits. The FDA had previously issued a warning about the potential for false positives with these tests in September. Abbott's stock is up 7.8% for the year, while the broader S&P 500 has gained 18.1%.

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MarketWatch MarketPulse
Oct 15, 2021

FDA to hold advisory committee for Merck's experimental COVID-19 pill
Shares of Merck & Co. Inc. were down 0.1% in premarket trading on Friday, the day after the Food and Drug Administration said it plans to convene an advisory committee on Nov. 30 to discuss the company's experimental COVID-19 pill, molnupiravir. Merck is developing the antiviral with the privately held Ridgeback Biotherapeutics; it recently applied for emergency authorization. The FDA requested advisory committee meetings for each of the authorized COVID-19 vaccines but it did not convene one ahead of the authorizations of the monoclonal antibodies or Gilead Sciences Inc.'s remdesivir, an antiviral used to treat severely ill COVID-19 patients that is now fully approved. "We believe that, in this instance, a public discussion of these data with the agency's advisory committee will help ensure clear understanding of the scientific data and information that the FDA is evaluating to make a decision about whether to authorize this treatment for emergency use," Dr. Patrizia Cavazzoni, director of the FDA's Center for Drug Evaluation and Research, said in a statement. Merck's stock is up 0.4% for the year, while the S&P 500 has gained 18.1%.

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MarketWatch MarketPulse
Oct 15, 2021

Dollar Tree seeks thousands of workers at national hiring event on October 20
Dollar Tree Inc. will be looking for thousands of new associates for the namesake discount chain and Family Dollar at the company's national hiring event, scheduled for October 20. The company is looking for full- and part-time workers to serve as cashiers, managers and in other roles in the U.S. Dollar Tree has 15,865 stores across 48 states and five Canadian provinces. Dollar Tree stock has fallen 8.7% for the year to date while the S&P 500 index has gained 18.2% for the period.

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MarketWatch MarketPulse
Oct 15, 2021

J.B. Hunt's stock set to rally after profit, revenue rise above expectations
Shares of J.B. Hunt Transport Services Inc. were indicated up about 1% in premarket trading Friday, after the trucking company reported third-quarter profit and revenue that rose above expectations, as growth in all business segments helped offset rising wage and truck purchase transportation costs and lack of network fluidity. Net income rose to $199.8 million, or $1.88 a share, from $125.5 million, or $1.18 a share, in the year-ago period. The FactSet consensus for earning per share was $1.78. Revenue grew 27.2% to $3.14 billion, above the FactSet consensus of $3.02 billion. Operating expenses increased 25.0% to $2.87 billion, with wages and benefits costs growing 19.8% and rents and purchased transportation rising 28.5%. The stock has climbed 28.2% year to date, while the Dow Jones Transportation Average has advanced 19.5% and the Dow Jones Industrial Average has gained 14.1%.

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MarketWatch MarketPulse
Oct 15, 2021

Okada Manila to go public by merging with gambling investor Jason Ader's SPAC
Okada Manila, which operates Asian-based Tiger Resort, Leisure and Entertainment Inc., is going public by merging with special purpose acquisition corporation 26 Capital Acquisition Corp. in a deal with an implied enterprise value of $2.6 billion. 26 Capital is the Miami-based SPAC launched by billionaire gambling investor Jason Ader. The Japanese-owned Okada Manila operates casino resorts in Asia and owns the largest integrated resort in the Philippines. The company will have up to $275 million in cash once the deal closes and Ader will help the company with his expertise in gaming, gaming technology, lodging, entertainment and internet commerce, he said in a statement. Proceeds of the deal will be used to support growth initiatives and for general corporate purposes. The deal is expected to close in the first half of 2022. Okada Manila will continue to be led by President Byron Yip, CFO Hans Van Der Sande and the current management team. Universal Entertainment Corporation, Okada Manila's parent company and the current owner of 100% of its equity, will retain all of its current holdings in Okada Manila in the new public company.

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MarketWatch MarketPulse
Oct 15, 2021

Ventyx Biosciences sets IPO terms, to be valued at up to $804 million
Ventyx Biosciences Inc. has set terms for its initial public offering, in which the California-based biopharmaceutical company focused on inflammatory disease treatments looks to raise up to $132.8 million. The company is offering 7.81 million shares in the IPO, which is expected to price between $15 and $17 a share. With about 47.27 million shares expected to be outstanding after the IPO, the expected pricing would value Ventyx at up to about $803.6 million. The stock is expected to list on the Nasdaq under the ticker symbol "VTYX." Jefferies, Evercore ISI and Piper Sandler are the lead underwriters. The company recorded at net loss of $53.2 million on no revenue for the six months ended June 30, after a loss of $4.3 million on no revenue in the same period a year ago. The company is looking to go public at a time that the Renaissance IPO ETF has rallied 9.5% over the past three months while the S&P 500 has edged up 1.8%.

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MarketWatch MarketPulse
Oct 15, 2021

U.K. suspends private lab over potentially 43,000 false-negative COVID tests
The U.K. health department has suspended COVID testing at a private lab over an investigation into thousands of individuals possibly receiving false-negative results. NHS Test and Trace said it had halted operations at the Immensa Health Clinic lab in Wolverhamptom, where around 400,000 samples had been processed. While the "vast majority" will have resulted in ngative results, around 43,000 people may have received incorrect negative PCR test results between September 8 and October 12, mostly in the South West of England, the U.K. Health Security Agency said in a statement on Friday. The individuals in question had received negative PCR test results after previously testing positive on a Lateral Flow Device (LFD).

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MarketWatch MarketPulse
Oct 15, 2021

Alcoa's stock set for strong open after earnings beat, dividend initiation and new $500 million buyback program
Shares of Alcoa shot up 5.5% in premarket trading Friday, after the aluminum company reported third-quarter record net profit and sales that beat expectations, said it was initiating a cash dividend and set a new $500 million stock repurchase program. The company said late Thursday revenue growth was driven by higher aluminum and alumina prices, and higher premiums for value-add products. The new quarterly cash dividend of 10 cents a share will be payable Nov. 19 to shareholders of record on Oct. 29. Based on Thursday's stock closing price of $48.60, the annual dividend rate implies a dividend yield of 0.82%, compared with the implied yield for the S&P 500 of 1.36%. And the new stock buyback program represents 5.5% of Alcoa's market capitalization as of Thursday's close. The stock, which is on track to open just shy of the Sept. 15 three-year closing high of $51.68, has more than doubled (up 110.9%) year to date through Thursday, while the S&P 500 has gained 18.2%.

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MarketWatch MarketPulse
Oct 15, 2021

Coronavirus tally: Global cases of COVID-19 head toward 240 million and FDA panel endorses Moderna boosters for some
The global tally for the coronavirus-borne illness climbed above 239.6 million on Friday, while the death toll edged above 4.88 million, according to data aggregated by Johns Hopkins University. The U.S. continues to lead the world with a total of 44.8 million cases and 721,567 deaths. The U.S. is averaging more than 1,800 deaths a day, according to a New York Times tracker, , although new cases and hospitalizations are declining. A Food and Drug Administration advisory committee said Thursday that some Americans who received Moderna COVID-19 vaccine at least six months ago should get a half-dose booster to rev up protection against the coronavirus. The panel of outside advisers to the Food and Drug Administration voted unanimously to recommend a booster shot for seniors, as well as younger adults with other health problems, jobs or living situations that put them at increased risk from COVID-19.The committee will reconvene on Friday to discuss boosters for the Johnson & Johnson shot. India is second by cases after the U.S. at 34 million and has suffered 451,814 deaths. Brazil has second highest death toll at 602,099 and 21.6 million cases. In Europe, Russia has most fatalities at 216,402, followed by the U.K. at 138,647.

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MarketWatch MarketPulse
Oct 15, 2021

Morgan Stanley lowered to sector perform at RBC
Morgan Stanley was downgraded to sector perform from outperform at RBC Capital Markets. "Its performance over the last 18 months has been very strong due to better than expected core results (driven by the current bull market) and the successful acquisitions of E*TRADE and Eaton Vance. We believe the outlook for the company is still healthy but with the likelihood of higher interest rates over the next 12-18 months, traditional commercial banks will likely outperform the investment banks including MS, in our view," said analyst Gerard Cassidy in a note to clients. Morgan Stanley shares have gained 47% this year.

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MarketWatch MarketPulse
Oct 14, 2021

Dow finishes more than 500 points higher after strong earnings
Stocks ended sharply higher Thursday, lifted by a strong start to earnings season, including largely upbeat results from big banks and a pair of Dow components. The Dow Jones Industrial Average rose around 534 points, or 1.6%, to finish near 34,912, according to preliminary figures. Gains for the blue-chip gauge were led by Walgreens Boots Alliance Inc., up 7.4%, and UnitedHealth Group Inc., up 4.2%, after reporting results. The S&P 500 advanced advanced around 74 points, or 1.7%, to end near 4,438 , while the Nasdaq Composite advanced around 252 points, or 1.7%, to close near 14,823. Share of Bank of America jumped 4.5%, while Morgan Stanley added 2.5% after beating estimates.

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MarketWatch MarketPulse
Oct 14, 2021

Avis stock falls after Morgan Stanley recommends selling, saying it's too early for the 'mega-fleet bull case'
Shares of Avis Budget Group Inc. dropped 2.5% in afternoon trading Thursday, after Morgan Stanley analyst Billy Kovanis recommended investors sell, saying it's too early for investors to be betting on the "mega-fleet bull case." The stock has now lost 4.8% since it closed at a record $153.39 on Tuesday, but has still more than doubled (up 103.6%) over the past three months and rocketed 291.6% year to date, while the S&P 500 has advanced just 18.1% this year. Kovanis downgraded Avis to underweight, after cutting the rating to equal weight in March 2021. Although he raised his tock price target to $110 from $85, the new target still implied about 25% downside from current levels. He said he just doesn't buy that investor suddenly view car rental as a high return-on-invested-capital (ROIC) business in the long run, and that pricing, which has been boosted recently by increased travel and lack of supply, will be permanently higher. "Pricing may very well be higher for a year or two, but we don't see this as a 3-to-5 year phenomenon," Kovanis wrote in a note to clients. He added that rental car stocks are "notably cyclical," so that means, "what goes up, must come down."

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MarketWatch MarketPulse
Oct 14, 2021

U.S. oil futures mark another finish at highest since October 2014 after EIA lifts outlook for crude demand
Oil futures climbed on Thursday, with U.S. prices marking another settlement at the highest since late October 2014 after the International Energy Agency lifted its global oil-demand forecast for this year and next on the back of a "massive" switch to crude by power generators facing an energy shortage. Data from the Energy Information Administration showing a 6.1 million-barrel rise in last week's U.S. crude inventories, however, kept price gains in check. The supply climb was the third weekly rise in a row and biggest since March. West Texas Intermediate crude for November delivery rose 87 cents, or 1.1%, to settle at $81.31 a barrel on the New York Mercantile Exchange.

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MarketWatch MarketPulse
Oct 14, 2021

IHS Holding stock opens well below the IPO price
IHS Holding Ltd. stumbled out of the gate Thursday, as the telecommunications infrastructure operator's stock opened and stayed well below the initial public offering price. The company said overnight that its IPO priced at $21 a share, at the bottom of the expected range of between $21 and $24 a share. The stock's first trade was at $17.65 at 11:54 a.m. Eastern for 1.6 million shares, or 16.0% below the IPO price, to value the company at about $5.8 billion. The stock, which has traded within a range of $16.83 to $18.48 since then, was last down 17.6% at $17.31. The stock's disappointing debut came on a day that both the Renaissance IPO ETF and the S&P 500 rallied 1.7% in afternoon trading.

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MarketWatch MarketPulse
Oct 14, 2021

PLx Pharma stock drops again, and company looks to clarify USPTF's recent comments about aspirin use
Shares of PLx Pharma Inc. dropped 9.2% in afternoon trading Thursday, but nearly halved their earlier loss, as the drug maker responded to recently raised concerns over the use of aspirin to prevent heart attacks. The stock was down as much as 17.7% at a three-month low of $13.38 in intraday trading, and had tumbled 24.9% at that price in two days, after the U.S. Preventive Services Task Force (USPTF) said Tuesday that it no longer recommended people take aspirin to prevent a first heart attack or stroke. PLx makes Vazalore, which is a liquid-filled aspirin capsule. PLx addressed the "confusion" created by the USPTF's recent report, which do not pertain to those who have already suffered a cardivascular event. "VAZALORE's targeted population is those patients with a history of cardiovascular disease and who are already on a physician prescribed aspirin therapy to help prevent another heart attack or clot-related stroke," said Chief Executive Natasha Giordano. "We strongly recommend patients consult with their doctors before starting or stopping aspirin therapy." Despite the recent pullback, PLx's stock was still up 167.4% year to date, while the S&P 500 has gained 18.1%.

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MarketWatch MarketPulse
Oct 14, 2021

Gold futures up a third straight session, settle at highest since mid-September
Gold futures climbed for a third straight session Thursday, with prices for the most-active contract settling at their highest since Sept. 14. "Gold has also been supported because of inflation," said Fawad Razaqzada, market analyst at ThinkMarkets. "Some investors view the metal as a means of hedging against rising prices eroding the value of fiat currencies," he said. "Yet, higher inflation calls for tighter monetary policy, which should mean higher yields -- and higher yields [are] normally bad news for gold. So, the metal remains stuck between a rock and a hard place, despite its impressive comeback." December gold climbed by $3.20, or 0.2%, to settle at $1,797.90 an ounce. Prices briefly traded as high as $1,801.90, the highest since mid-September.

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MarketWatch MarketPulse
Oct 14, 2021

: New York Fed official, giving no fresh taper-plan details, says central bank remains focused on `flexible and adaptable' implementation of policy
SIFMAThe Federal Reserve system remains focused on maintaining "flexible and adaptable" policy implementation, a New York Fed official said Thursday, without offering any fresh details about the central bank's forthcoming plans to taper monthly bond purchases.Officials are continuing to work on ways to improve the resiliency of the U.S. Treasury market, while also keeping their eye on technological innovations and the approaching end of LIBOR, or the London Interbank Offered Rate, said Lorie Logan, an executive vice president in the markets group of the New York Fed. The comments were made during a videoconference to the Money Marketeers of New York University.Her comments came as Fed policy makers are preparing to pull back soon on $120 billion in monthly bond purchases, which were intended to support the economy. Minutes of the Fed's September meeting, released Wednesday, show that officials had discussed a plan to begin tapering those purchases in mid-November or mid-December. The discussion was around reducing asset purchases by $15 billion per month, although several policy makers preferred a more rapid pace.Strong inflation readings this week are raising concerns that the Fed might be pulling back on easy policy just as U.S. economic growth may be stagnating, and policy makers could be forced to lift interest rates by too much down the road, analysts say. Over the past two days, most yields have trended downward despite data showing that U.S. wholesale prices rose sharply in September, and headline consumer prices climbed by a greater-than-expected 5.4% year-over-year rate.On Thursday, Treasury yields remained lower across the board after Logan's speech, with the 10-year rate BX:TMUBMUSD10Y hovering around 1.52%. Stocks were higher, though, with the Dow industrials DJIA rising by more than 400 points and the S&P 500 SPX and Nasdaq Composite COMP indexes each rising by more than 1.5%. Since the COVID-19 pandemic that struck the U.S. early last year, the

MarketWatch MarketPulse
Oct 14, 2021

Lucid Diagnostics stock opens about 9% below the IPO price, and keeps falling
Lucid Diagnostics Inc. was jeered in its public debut, as the New York-based medical diagnostics technology company's stock opened on the Nasdaq 8.9% below its initial public offering price, and kept falling. The company raised $70.0 million, as it sold 5.0 million shares in its IPO, which priced overnight at $14 a share, at the bottom of the expected range of between $14 and $16 a share. The stock's first trade was at $12.75 at 11:03 a.m. Eastern for 365,210 shares. With about 37 million shares outstanding after the IPO, the first trading price valued the company at about $471.65 million. The stock has dropped further since, and was recently trading down 22.1% at $10.91. The stock's weak opening comes on a day of relatively strong investor interest in IPOs, as the Renaissance IPO ETF rallied 2.0% in midday trading while the S&P 500 gained 1.6%.

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Oct 14, 2021

: New York Fed official avoids taper-plan details, says central bank remains focused on `flexible and adaptable' implementation of policy
SIFMAThe Federal Reserve system remains focused on maintaining "flexible and adaptable" policy implementation, said a New York Fed official on Thursday, who didn't offer any fresh details about the central bank's forthcoming plans to taper monthly bond purchases.Officials are continuing to work on ways to improve the resiliency of the U.S. Treasury market, while also keeping their eye on technological innovations and the approaching end of LIBOR, or the London Interbank Offered Rate, said Lorie Logan, an executive vice president in the markets group of the New York Fed. The comments were made in prepared remarks to the Money Marketeers of New York University on Thursday.Her comments come as Fed policy makers are preparing to pull back soon on $120 billion in monthly bond purchases, which were intended to support the economy. Minutes of the Fed's September meeting, released Wednesday, show that officials had discussed a plan to begin tapering those purchases in mid-November or mid-December. The discussion was around reducing asset purchases by $15 billion per month, although several policy makers preferred a more rapid pace.Strong inflation readings this week are raising concerns that the Fed might be pulling back on easy policy just as U.S. economic growth may be stagnating, and policy makers could be forced to lift interest rates by too much down the road. On Thursday, Treasury yields were lower across the board ahead of Logan's speech, with the 10-year rate BX:TMUBMUSD10Y hovering around 1.52%. Stocks were higher, with the Dow industrials DJIA rising by more than 400 points and the S&P 500 SPX and Nasdaq Composite COMP indexes each rising about 1.5%. The Federal Reserve's "ample reserves framework has ensured effectivepolicy implementation recently by adapting to evolving money market conditions," Logan said. "However, market structure continuously evolves, which in turn can have important implications for the framework."

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Oct 14, 2021

Best Buy to launch Black Friday deals on October 19
Best Buy Co. Inc. said Thursday that it will launch its Black Friday deals on Oct. 19, well before the usual holiday shopping event. This first set of Black Friday deals will run through Oct. 22. Black Friday deals will return on Nov. 19, one week before the actual post-Thanksgiving day event. Best Buy will be closed on Thanksgiving Day, but shoppers can visit the website or app, and choose from a variety of fulfillment options, including curbside pickup. Best Buy stock is up 12% for the year to date while the S&P 500 index has gained nearly 18% for the period.

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Oct 14, 2021

EIA reports a third straight weekly climb in U.S. crude supplies
The Energy Information Administration reported on Thursday that U.S. crude inventories rose by 6.1 million barrels for the week ended Oct. 8. That defied expectations for an average 500,000 barrel decline expected by analysts polled by S&P Global Platts. The American Petroleum Institute on Wednesday reported a 5.2 million-barrel climb, according to sources. Supply data were released a day later than usual this week due to Monday's Columbus Day holiday. The EIA also reported a weekly inventory decline of 2 million barrels for gasoline, but said distillate supplies were "virtually unchanged" last week. The S&P Global Platts survey had forecast supply declines of 400,000 barrels for gasoline and 800,000 barrels for distillates. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged down by 1.9 million barrels for the week. Oil prices pared some gains following the EIA data. November West Texas Intermediate crude was up 57 cents, or 0.7%, at $81.01 a barrel on the New York Mercantile Exchange. Futures were trading at $81.23 before the supply data.

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Oct 14, 2021

EIA reports a weekly climb in natural-gas supplies below some market forecasts
The U.S. Energy Information Administration reported on Thursday that domestic supplies of natural gas rose by 81 billion cubic feet for the week ended Oct. 8. That was a bit lower than the average increase of 89 billion cubic feet forecast by analysts polled by S&P Global Platts. Total stocks now stand at 3.369 trillion cubic feet, down 501 billion cubic feet from a year ago and 174 billion cubic feet below the five-year average, the government said. Following the data, November natural gas extended their early gains, trading up 33 cents, or 5.9%, at $5.92 per million British thermal units. Prices were at $5.809 shortly before the data.

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Oct 14, 2021

Plug Power's stock pulls back to snap long win streak after unveiling highlights of annual Symposium
In an apparent case of buy the rumor, sell the news, shares of Plug Power Inc. pulled back 4.4% in morning trading, putting them on track to snap a seven-day win streak, after the after the hydrogen and fuel-cell systems company unveiled some highlights of its much-anticipated annual Symposium. The stock had soared 12.8% on Wednesday, after a Morgan Stanley upgrade, and had soared 38% over the past seven days. The company said it now expects 2022 sales of $825 million to $850 million, which is above the FactSet consensus of $759.7 million. Plug also established 2025 sales guidance of $3 billion, which compares with the current FactSet consensus of $2.22 billion. Among other highlights, Plug said it was partnering with Fortescue Future Industries to form a 50-50 joint venture to build a gigafactory in Australia, entered into an agreement to buy liquified hydrogen transportation company Cryo Technologies and confirmed plans to generate 500 tons per day of liquid green hydrogen by the end of 2025. The stock has run up 21.0% over the past three months, while the S&P 500 has gained 1.1%.

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Oct 14, 2021

Beyond Meat shares rise after McDonald's announces plant-based sandwich test
Beyond Meat Inc. stock rose 3.4% in early Thursday trading after McDonald's Corp. announced it would test the McPlant sandwich in eight U.S. restaurants for a limited time. The McPlant, which was announced late 2020, is the plant-based burger McDonald's created in partnership with Beyond Meat. The two companies announced an exclusive three-year agreement in February. Details on the test are scarce, but McDonald's said in a post on its site that "this particular test will help us understand how offering a burger with a plant-based patty impacts the kitchens in our restaurants." Beyond Meat stock has dropped 13.3% for the year to date. McDonald's shares have risen 13.8%. And the Dow Jones Industrial Average is up 13.4% for the period.

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Oct 14, 2021

Dow opens over 400 points higher, S&P 500 retakes 4,400 as weekly jobs report hits fresh pandemic low
U.S. stock benchmarks rose solidly higher Thursday morning, advancing as a parade of big banks released upbeat earnings and data showed a drop in first-time jobless claims to the lowest since the pandemic began and a smaller-than-expected rise in producer prices. The Dow Jones Industrial Average traded 406 points, or 1.2%, at 34,784. The S&P 500 index advanced 1% to 4,404, retaking a psychologically signicant level at 4,400, while the Nasdaq Composite Index advanced 0.9% at 14,710. Bank of America Corp. reported profit and revenues that topped expectations as it released $1.1 billion in reserves to its bottom line, driven primarily by asset quality improvements. Shares rose 2.8% in premarket trade. In economic reports, weekly first-time claims for unemployment benefits last week dropped to 293,000 - the first sub-300,000 reading since before the pandemic took hold in early 2020.

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Oct 14, 2021

IHS Holding IPO priced at the bottom of the expected range, as company raised $378 million
Shares of IHS Holding Ltd. is set to go public Thursday, as the shares telecommunications infrastructure operator said overnight that it's initial public offering priced at $21 a share, at the bottom of the expected range of between $21 and $24 a share. The company raised $378.0 million as it sold 18.0 million shares in the IPO. The company had previously said selling shareholders were planning to sell 4.5 million shares in the IPO, but that wasn't part of the pricing announcement. With 328.05 million shares expected to be outstanding after the IPO, the pricing values the company at about $6.9 billion. The stock is expected to begin trading on the NYSE some time after the open under the ticker symbol "IHS." Goldman Sachs, J.P. Morgan and Citigroup were the lead underwriters. The company recorded net income of $76.6 million on revenue of $763.6 million during the six months ended June 30, after a loss of $352.9 million on revenue of $664.1 million in the same period a year ago. The company is going public on a day that the Renaissance IPO ETF was climbing on 1.1% in premarket trading, while futures for the S&P 500 were rallying 0.9%.

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Oct 14, 2021

Aris Water sets IPO terms, to raise up to $318 million
Aris Water Solutions Inc. has set terms for its initial public offering, in which the profitable Texas-based water handling and recycling company is looking to raise up to $317.7 million. The company said it is offering 17.65 million Class A shares in the IPO, which is expected to price between $16 and $18 a share. With a total of 19.42 million Class A shares and 34.08 million Class B shares expected to be outstanding after the IPO, the pricing could value the company at up to $963.0 million. The stock is expected to list on the NYSE under the ticker symbol "ARIS." Goldman Sachs and Citigroup are the lead underwriters. The company recorded net income of $7.4 million on revenue of $102.8 million during the six months ended June 30, after a net loss of $1.3 million on revenue of $84.1 million in the same period a year ago. The company is looking to go public at a time that the Renaissance IPO ETF has gained 6.7% over the past three months, while the S&P 500 has eased 0.2%.

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Oct 14, 2021

Plant-based food company Very Good Food to launch a pilot in China
Very Good Food Co. Inc. , a plant-based food company, announced Thursday that it will launch a pilot program in China at the beginning of 2022. The program will include meat alternative items under The Very Good Butchers label. The company also produces food under the The Very Good Cheese Co. brand. Very Good Food began trading on the Nasdaq this week. Shares have been halved, down 51% for the year to date, while the S&P 500 index has gained 16.2% for the period.

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Oct 14, 2021

Nikola's stock rallies after lease agreement with PGT Trucking on 100 FCEVs
Shares of Nikola Corp. rallied 3.4% in premarket trading Thursday, after the electric truck maker announced a collaboration agreement with PGT Trucking Inc. that includes the leasing of 100 Nikola Tre heavy-duty fuel cell electric vehicles (FCEV). The lease with PGT, a flatbed transportation company, includes scheduled maintenance and hydrogen fueling services. Deliveries of the FCEV to PGT are expected to begin in 2023, which is when production is expected to commence at Nikola's Coolidge, Arizona facility. Nikola's stock has slumped 25.6% year to date through Wednesday, while the S&P 500 has gained 16.2%.

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Oct 14, 2021

United Airlines to add 10 new flights and 5 new trendy destinations starting summer of 2022
United Airlines Holdings Inc. said Thursday it's planning its biggest transatlantic expansion ever starting in the summer of 2022, adding 10 new flights and five new "vogue" destinations. The new destinations are Amman, Jordan; Bergen, Norway; Azores, Portugal; Palma de Mallorca, Spain and Tenerife in the Spanish Canary Islands, all routes the airline said are not served by any other North American carrier. It will also add flights to five popular European cities, namely Berlin, Dublin, Milan, Munich and Rome. It will also relaunch seven routes that were disrupted by the coronavirus pandemic, namely Bangalore, Frankfurt, Tokyo's Haneda Airport, Nice and Zurich. Shares were up 0.9% premarket and have gained 11% in the year to date, while the U.S. Global JETS ETF has gained 5% and the S&P 500 has gained 16%.

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Oct 14, 2021

Dream Holdings, SPAC Spring Valley Acquisition cancel $1.2 billion deal to bring AeroFarms public
Shares of special purpose acquisition company Spring Valley Acquisition Corp. shot up 10.1% in premarket trading Thursday, after the SPAC and Dream Holdings Inc., the holding company of indoor vertical farming company AeroFarms, announced the termination of their merger agreement. The companies said neither will be required to pay the other a termination fee, since the decision to terminate the deal was mutual. The merger agreement, which would have taken AeroFarms public, was originally announced in March, in a deal valued at that time at $1.2 billion. "We made this decision to ensure that AeroFarms is in an optimal position to pursue our growth strategy and to deliver on our mission to grow the best plants possible for the betterment of humanity," said AeroFarms Cief Executive David Rosenberg. "We believe proceeding with this transaction is not in the best interests of our shareholders." Spring Valley said it will continue to pursue a merger, before the dissolution deadline of May 27, 2022. Spring Valley's stock had dropped 10.6% since the AeroFarms deal was announced through Wednesday, while the S&P 500 has gained 9.8% over the same time.

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Oct 14, 2021

Citigroup earnings rise 48%, beating analyst estimates
Citigroup Inc. said Thursday its net income climbed 48% to $4.6 billion, or $2.15 per share, from $3.1 billion, or $1.36 a share, in the year-ago quarter. Revenue fell 1% to $17.2 billion including a pre-tax loss of about $680 million tied to the sale of its Australia consumer business unit. Excluding this item, revenue increased 3% amid growth in its institutional clients unit. The bank released $1.1 billion in loan loss reserves. Analysts expected Citi to earn $1.71 a share on revenue of $16.98 billion, according to a survey by FactSet. A lower cost of credit drove earnings, partially offset by lower revenue and higher expenses. Shares of Citi rose 1.5% in pre-market trades. The stock is up 14% this year, compared to a rise of 16.2% by the S&P 500.

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Oct 14, 2021

Regeneron is seeking full FDA approval for its monoclonal antibody for two types of COVID-19 patients
Shares of Regeneron Pharmaceuticals Inc. gained 2.7% in premarket trading on Thursday after the company said the Food and Drug Administration accepted its application for approval of its monoclonal antibody treatment for non-hospitalized COVID-19 patients and as a prophylaxis for some people who have been exposed to the virus. The FDA said it will decide whether to approve the therapy by April 13 based on the priority review designation it granted to the application. It plans to hold an advisory committee meeting in advance of the decision. Regeneron said it plans to submit its monoclonal antibody treatment for FDA approval for hospitalized COVID-19 patients later this year. The treatment, Regen-Cov, has received emergency authorization for all three of these indications in the U.S. Regeneron's stock is up 13.2% this year, while the broader S&P 500 has gained 16.2%.

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Oct 14, 2021

Morgan Stanley fattens profit by $1 billion as investment banking revenue jumps
Morgan Stanley on Thursday said its third-quarter net income rose to $3.7 billion or $1.98 a share, from $2.7 billion, or $1.66 a share, in the year-ago period. Revenue increased to $14.8 billion from $11.7 billion a year ago. Analysts expected the investment bank to earn $1.69 a share on revenue of $13.93 billion. Chairman and CEO James P. Gorman said Morgan Stanley "delivered another very strong quarter, with robust revenues and improved efficiency" with a return on producing a return on average tangible common shareholders' equity (ROTCE) of 20%, highlighted by its "standout performance" in its investment bank and record net new assets of $135 billion in wealth management. The firm's investment banking revenue rose about 68% to $2.85 billion from $1.7 billion. Shares of Morgan Stanley rose 1.8% in pre-market trades. The stock is up 43.8% this year, compared to a gain of 16.2% by the S&P 500.

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Oct 14, 2021

Domino's Pizza shares slide after revenue miss
Domino's Pizza Inc. stock fell 4.7% in Thursday premarket trading after the pizza delivery chain reported third-quarter revenue that missed the Street. Net income totaled $120.4 million, or $3.24 per share, up from $99.1 million, or $2.49 per share last year. Revenue totaled $997.99 million, up from $967.7 million. The FactSet consensus was for EPS of $3.11 and revenue of $1.03 billion. U.S. same-store sales fell 1.9% while international same-store sales rose 8.8%. The FactSet consensus was for a U.S. increase of 1.7% and international rise of 8%. This week, Domino's declared a quarterly dividend of 94 cents, payable to shareholders of record as of December 15 on December 30. Domino's stock has gained 24.2% for the year to date while the S&P 500 index is up 16.2% for the period.

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Oct 14, 2021

NRx shares jump 39% on new clinical data testing its experimental COVID-19 drug in the critically ill
Shares of NRx Pharmaceuticals Inc. soared 39.9% in premarket trading on Thursday after the company said new peer-reviewed data published in the Journal of Infectious Diseases and Treatment showed that its experimental COVID-19 therapy improved survival in critically ill patients. The data came from an open-label trial assessing respiratory failure in 21 patients who were too sick to participate in the company's Phase 2b/3 trial evaluating the drug, aviptadil, in COVID-19 patients with respiratory failure. NRx said there were no adverse events, though low blood pressure was reported and managed in two patients. NRx's stock is down 61.3% so far this year, while the broader S&P 500 is up 16.1%.

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Oct 14, 2021

Walgreens profit and sales beat expectations
Walgreens Boots Alliance Inc. shares rose 2.5% in Thursday premarket trading after the pharmacy retailer reported fiscal fourth-quarter earnings and sales that beat expectations. Net income totaled $627 million, or 72 cents per share, up from $373 million, or 43 cents per share, last year. Adjusted EPS of $1.17 beat the FactSet consensus for $1.02. Sales of $34.26 billion rose from $30.37 billion and were also ahead of the FactSet consensus for $33.03 billion. U.S. comparable pharmacy sales rose 8.1% while Boots UK comparable pharmacy sales were up 11.4%. U.S. comparable retail sales increased 8.9% while Boots UK comparable retail sales rose 15%. Walgreens provided 13.5 million COVID-19 vaccinations in the quarter, and 34.6 million for the entire fiscal year. Walgreens has a virtual investor conference taking place on Thursday. Walgreens stock has gained 18.5% for the year to date, outpacing the S&P 500 index , which is up 16.2% for the period.

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Oct 14, 2021

Canopy Growth enters agreement to buy Wana Brands, with deal including cash payment of nearly $300 mln
The U.S.-listed shares of Canopy Growth Corp. rose 2.0% in prmarket trading Thursday, after the Canada-based cannabis company announced an agreement to buy Wana Brands, which the company says is the number one edibles brand in North America by market share. The deal will go into effect once THC becomes federally permissable in the U.S. The deal is structured as three separate option agreements, with Canopy making an upfront cash payment of $297.5 million as consideration for entering into the agreements. When the rights to acquire each Wana entity is exercised, Canopy will make a payment equal to 15% of the fair market value of such entity at the time the option is exercised. " Wana'sleadership position and ongoing expansion across the U.S. bolsters Canopy Growth's product, brand, and geographic exposure to the U.S. cannabis market upon federal permissibility," the companies said in a statement. Canopy's stock has tumbled 35.7% over the past three months, while the Cannabis ETF has dropped 22.1% and the S&P 500 has eased 0.2%.

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Oct 14, 2021

Wells Fargo earnings top estimates as it releases $1.7 billion from loan loss reserves
Wells Fargo & Co. Inc. said Thursday it had net income of $5.122 billion, or $1.17 a share, in the third quarter, up from $3.216 billion, or 70 cents a share, in the year-earlier period. Revenue fell to $18.834 billion from $19.316 billion. The FactSet consensus was for EPS of $1.00 and revenue of $18.273 billion. The bank said it released $1.7 billion from its credit loss reserve, equal to a 30 cents bump in EPS. It also booked a charge of $250 million, or 5 cents a share, for an enforcement action taken by the Office of the Comptroller of the Currency relating to unsound practices in home lending. The bank said average loans fell to $854.0 million from $931.7 million a year ago. Average deposits rose to $1.451 billion from $1.399 billion. "Charge-offs were low, net interest income stabilized and period-end loans grew for the first time since first quarter 2020," Chief Executive Charlie Scharf said in a statement. Net interest income fell to $8.909 billion from $9.379 billion a year ago, due to lower loan balances. Noninterest income edged down to $9.925 billion from $9.937 billion, as improved results in private equity and venture capital and higher card, deposit-related and investment banking fees were offset by lower mortgage-banking revenue, lower gains on the sale of securities and lower markets revenue. In the bank's retail operations, home lending fell to $2.012 billion from $2.527 billion. "The decline in mortgage banking income was primarily due to lower gain on sale margins and lower originations, as well as a decline in servicing fees, partially offset by higher gains from the re-securitization of loans we purchased from mortgage-backed securities last year," the bank said. Shares were up 0.5% premarket and have gained 53% in the year to date, while the S&P 500 has gained 16%.

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Oct 14, 2021

Bank of America profit boosted by reserve release
Bank of America said Thursday its third-quarter earnings rose to $7.7 billion, or 85 cents a share, from $4.9 billion, or 51 cents a share, in the year-ago period. Revenue increased to $22.8 billion from $20.3 billion. Net interest income rose 10% to $11.1 billion. The bank released $1.1 billion in reserves to its bottom line, driven primarily by asset quality improvements. A survey of analysts by FactSet estimated earnings of 71 cents a share on revenue of $21.68 billion and net interest income of $11.26 billion. CEO Brian Moynihan said the bank results were "strong" as the economy continued to improve and its businesses regained the organic customer growth momentum seen before the pandemic. The stock rose 2% in pre-market trades. Shares of Bank of America are up 42.3% in 2021, compared to a rise of 16.2% by the S&P 500.

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Oct 14, 2021

Barclays analyst lifts price target on Tesla to $300, or 63% below closing price
Barclays reiterated an underweight call on Tesla as it hiked the electric vehicle maker's price target to $300 from $230. "Despite our skepticism around Tesla's sky-high market cap of ~$800bn, we are constructive on the stock going into the 3Q EPS release due to the combination of the delivery beat driving operating leverage and strong pricing. In short, Tesla was able to continue a healthy pace of production and deliveries despite the chip pressures most other major OEMs felt," said analysts led by Brian Johnson. Tesla closed Wednesday at $811.08, up 15% this year.

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Oct 14, 2021

Caterpillar stock bounces off 8-month low after Cowen says buy ahead of first 'megacycle' in 14 years
Shares of Caterpillar Inc. rallied 1.2% in premarket trading, to bounce of an eight-month closing low in the previous session, after the construction and mining equipment got a bullish endorsement from Cowen analyst Matt Elkott, who said he believes the next "megacycle" is underway. Elkott started coverage of Caterpillar's stock with an outperform rating and price target of $241, which implies 28% upside from Wednesday's closing price. Elkott expects Caterpillar to show revenue growth, gross and operating margin expansion and earnings-per-share increases for three consecutive years, the first period of "megacycle" growth the company has enjoyed in 14 years, and only the second in modern history. "We see potential for incremental revenue opportunities of $35 billion for [Caterpillar] from autonomous solutions in the next 10 years," Elkott wrote in a note to clients. "We estimate that at least 75% of CAT's markets will work to reduce emissions. We expect strong growth in services, organically and via acquisition." The stock, which closed Wednesday at the lowest price since Feb. 1, has lost 10.7% over the past three months while the Dow Jones Industrial Average has slipped 1.6%.

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Oct 14, 2021

Coronavirus tally: Global cases of COVID-19 top 239 million as FDA panel meets on Moderna booster
The global tally for the coronavirus-borne illness climbed above 239 million on Thursday, while the death toll edged above 4.87 million, according to data aggregated by Johns Hopkins University. The U.S. continues to lead the world with a total of 44.7 million cases and 719,530 deaths. The U.S. is averaging close to 1,900 deaths a day, according to a New York Times tracker, , although new cases and hospitalizations are declining. a Food and Drug Administration advisory committee will meet later Thursday to discuss and take a vote on whether to authorize a booster dose for people vaccinated with the Moderna vaccine. The committee will reconvene on Friday to discuss boosters for the Johnson & Johnson shot. India is second by cases after the U.S. at 34 million and has suffered 451,435 deaths. Brazil has second highest death toll at 601,574 and 21.6 million cases. In Europe, Russia has most fatalities at 215,438, followed by the U.K. at 138,487.

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Oct 14, 2021

UnitedHealth shares up premarket after earnings beat estimates, raises guidance
UnitedHealth Group Inc. shares jumped 1.7% in premarket trade Thursday, after the health benefits company beat earnings estimates for the third quarter and raised its guidance. The company posted net income of $4.086 billion, or $4.28 a share, up from $3.172 billion, or $3.30 a share, in the year-earlier period. Adjusted per-share earnings came to $4.52, ahead of the $4.41 FactSet consensus. Revenue rose to $72.337 billion from $65.115 billion, also ahead of the $71.347 billion FactSet consensus. The company raised its full-year guidance and now expects EPS to range from $17.70 to $17.95, and for adjusted EPS to range from $18.65 to $18.90. The FactSet consensus is for full-year EPS of $18.75. Shares have gained 15% in the year to date, while the Dow Jones Industrial Average [s :djia] has gained 12%.

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MarketWatch MarketPulse
Oct 13, 2021

Winnebago's board OKs share buyback plan
Winnebago Industries Inc. said late Wednesday that its board has authorized a new share buyback plan of up to $200 million, replacing a previous $70 million share repurchase authorization. The buyback plan is the largest in the company's history "and reflects our confidence in the business, our strong cash generation ability and commitment to creating value for shareholders," Winnebago said in a statement. Winnebago's shares rose 2% in the extended session Wednesday after ending the regular trading day up 0.2%.

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Oct 13, 2021

Tesla releases shareholder meeting's vote tallies
Tesla Inc. late Wednesday released the vote tallies for the proposals presented at its shareholder meeting last week, in which stockholders mostly voted with the company's recommendation and Chief Executive Elon Musk revealed it was moving the company's headquarters to Austin, Texas, from Palo Alto, Calif. Musk's brother Kimbal Musk and James Murdoch, the youngest son of News Corp. founder Rupert Murdoch, were reelected for three-year terms on the board. A proposal sponsored by Tesla to reduce board terms to two years did not get enough votes to pass. Another company-supported proposal, which sought to end supermajority voting requirements, also did not garner enough votes, according to the filing.

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Oct 13, 2021

API data reportedly show a more than 5 million-barrel weekly climb in U.S. crude supplies
The American Petroleum Institute reported late Wednesday that U.S. crude supplies rose by 5.2 million barrels for the week ended Oct. 8, according to sources. The API, which released its report a day later than usual because of Monday's Columbus Day holiday, also reportedly showed inventory declines of 4.6 million barrels for gasoline and 2.7 million barrels for distillates. Crude stocks at the Cushing, Okla., storage hub, meanwhile, edged down by 2.3 million barrels for the week, sources said. Inventory data from the Energy Information Administration will be released Thursday. On average, the EIA is expected to show crude inventories down by 500,000 barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for supply declines of 400,000 barrels for gasoline and 800,000 barrels for distillates. November West Texas Intermediate crude was at $80.56 a barrel in electronic trading, after settling Wednesday at $80.44 on the New York Mercantile Exchange.

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Oct 13, 2021

'Mixing' COVID-19 vaccines triggers a stronger immune response, preliminary NIH study says
Giving people a different COVID-19 booster than the vaccine series that they originally received is safe and generates an immune response that is stronger, according to a preprint study conducted by the National Institutes of Health. (At this time, only BioNTech and Pfizer Inc.'s COVID-19 booster has been authorized for people who were previously vaccinated with that vaccine series.) The preprint, which was published Wednesday in advance of a public presentation set for Friday afternoon, evaluates all three authorized or approved COVID-19 vaccines in the U.S. in 458 participants as part of a "mix-and-match" clinical trial. With the exception of the people who were exclusively vaccinated and boosted with Johnson & Johnson's shots, all participants reported efficacy rates of at least 90.7%. "These data strongly suggest that homologous and heterologous booster vaccine will increase protective efficacy against symptomatic SARS-CoV-2 infection," the authors wrote. There are, however, some limitations to the research. The study is not randomized, and it also only assessed data available 29 days after the participants received their boosters.

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Oct 13, 2021

S&P 500, Nasdaq Composite snap 3-session skid but Dow ensnared in longest losing skid in three weeks
U.S. stocks ended mostly in positive territory Wednesday, halting a string of losses at three, as investors digested minutes from the Federal Reserve's Sept. 21-22 policy meeting that seemed to underscore the cetnral bank's plan to dial back its monthly purchases of Treasurys and mortgage-backed securities as evidence of inflation show that pricing pressures continue to percolate. The Dow Jones Industrial Average ended lower but almost unchanged at about 34,378. Still, it was the fourth straight decline for the blue-chip benchmark, matching the longest losing skid ended Sept. 21, FactSet data show. The S&P 500 index closed up 0.3% at 4,363, while the Nasdaq Composite Index rose 0.7% at about 14,572, and marked the best day since Oct. 7. Several Fed officials said they even preferred a more rapid reduction of the central bank's current $120 billion pace of monthly purchases, rather than the $15 billion reduction anticipated. Data showed that the U.S. consumer-price index rose 0.4% in September after climbing 0.3% in August, the Labor Department said on Wednesday. In the 12 months through September, the CPI increased 5.4% after advancing 5.3% year-over-year in August.

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Oct 13, 2021

Waitr's stock rockets on heavy volume after Morgan Stanley discloses more than 10% stake
Shares of Waitr Holdings Inc. shot up 45.4% on massive volume in afternoon trading Wednesday, to bounce off a 19-month closing low in the previous session, after Morgan Stanley disclosed a 10.3% stake in the company. Trading volume ballooned to 155.9 million shares, enough to make the online ordering technology platform company's stock the most actively traded on major U.S. exchanges, and well above the full-day average of about 4.9 million shares. In a filing with the Securities and Exchange Commission late Tuesday, Morgan Stanley said it owned 12.13 million shares of Waitr stock, which would be enough to make the bank and brokerage Waitr's largest shareholder, according to FactSet data. In Morgan Stanley's latest 13-F filing with the SEC in August, the broker said it owned just 807,195 shares as of June 30. On Tuesday, the stock had closed at 80 cents, the lowest closing price since March 2020. Even with Wednesday's rally, the stock has still tumbled 58.1% year to date, while the S&P 500 has gained 16.0%.

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Oct 13, 2021

U.S. oil futures pull back from a nearly 7-year high, but hold above the key $80 mark
Oil futures declined on Wednesday, with U.S. prices falling back after settling a day earlier at a nearly seven-year high, but holding above the key $80 mark. Traders continued to weigh prospects for demand against a backdrop of tight energy supplies. "With airlines warning that the rise in energy costs may well hinder their recovery, prices are starting to slip over concerns about demand destruction," said Michael Hewson, chief market analyst at CMC Markets UK. West Texas Intermediate crude for November delivery fell 20 cents, or nearly 0.3%, to settle at $80.44 a barrel on the New York Mercantile Exchange. Prices on Tuesday settled at their highest since Oct. 30, 2014.

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Oct 13, 2021

Align Technology stock sinks to pace the S&P 500's decliners after Stifel analyst warns of 'soft' quarterly results
Shares of Align Technology Inc. slumped 6.1% toward a four-month low in afternoon trading Wednesday, enough to pace the S&P 500's decliners, after Stifel Nicolaus analyst Jonathan Block warned investors that his research suggests volumes deteriorated in recent months. Block's warning comes two weeks before the aesthetic dentistry products company is slated to report third-quarter results, after the Oct. 27 closing bell. Block said his past "quarterly diligence" was bullish, leading him to take aggressive stances heading into the previous four quarterly reports, all which beat both profit and revenue expectations. "However, our 3Q21 checks came back soft, and as a result, we view risk/reward for the upcoming print differently versus the last handful of quarters," Block wrote in a note to clients. Meanwhile, he reiterated the buy rating he's had on the stock for at least the past three years and kept his stock price target at $750. The current FactSet consensus for third-quarter earnings per share of $2.59 is the same as it was at the start of the third quarter, while the revenue consensus of $976.9 million has increased from $956.1 million. The stock has shed 8.4% over the past three months, while share of rival SmileDirectClub Inc. have tumbled 20.0% and the S&P 500 has eased 0.1%.

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MarketWatch MarketPulse
Oct 13, 2021

Market Extra: Stronger-than-expected U.S. inflation data has bond traders weighing the risk of a Fed policy error
Justin Sullivan/Getty ImagesStronger-than-expected U.S. inflation data for September has the bond market now considering the risk that the Federal Reserve may end up being forced to tighten interest rates into a stagnating economy with persistently higher price gains.Consumer price readings have come in at 5% or higher on a year-over-year basis for five straight months, undermining the "transitory" theme put forward by central bankers. Bond traders reacted to Wednesday's report by sending Treasury yields lower on maturities from seven years and out, causing the widely followed spread between two- and 10-year Treasury yields to narrow.Wednesday's market moves are important because they signal what some economists say is a profound shift that's under way in the minds of traders and investors. Until recently, many had chosen to give the Fed the benefit of the doubt, siding with the central bank's transitory narrative. But the post-CPI drop in Treasury yields — with the exception of rates between the 3-month bill and the 3-year note, which moved higher — included a surprising, temporary decline in the five-year rate BX:TMUBMUSD05Y to as low as 1.047%, a yield that reflects what would presumably be the Fed's entire, forthcoming rate-hike cycle. Earlier in the day, the Dow Jones Industrial Average DJIA dropped by around 100 points before recovering. The Dow Industrials were little changed, while the S&P 500 SPX erased its earlier losses and headed higher by 0.3%. The tech-heavy Nasdaq Composite Index COMP was up by 0.7%"The inflation numbers weren't great and people think the Fed is not going to let inflation get out of hand," said David Petrosinelli, a senior trader at InspereX in New York, in a phone interview. "Right now, there are a basket of things going on. One of them is that the Fed's hand may be forced to unwind QE purchases faster than Chairman Jerome Powell would like. The policy error would be that the Fed has waited too long to hike, and may be forced

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