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MarketWatch MarketPulse
Nov 25, 2022

Dow ends around 150 points higher; stocks post holiday-week gains
The Dow Jones Industrial Average rose in an abbreviated and thinly traded post-holiday trading session Friday, with major indexes scoring gains in a holiday-shortened week. For Friday's session, the Dow rose around 153 points, or 0.4%, to close near 34,347, according to preliminary figures, while the S&P 500 saw a decline of around 1 point, or less than 0.1%, to 4,026. The Nasdaq Composite shed around 59 points, or 0.5%, to finish near 11,226. U.S. markets were closed Friday for Thanksgiving. For the week, the Dow rose 1.8%, while the S&P 500 gained 1.5% and the Nasdaq Composite advanced 0.7%.

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



MarketWatch MarketPulse
Nov 25, 2022

Qatar on brink of World Cup exit after 3-1 loss to Senegal
Qatar lost its second group game of the World Cup on Friday with a 3-1 defeat to Senegal in Doha. The tiny Persian Gulf nation fell behind in the 41st minute when Senegal's Boulaye Dia pounced on a mistake by Qatari defender Boualem Khoukhi to open the scoring. Famara Diedhiou doubled Senegal's lead early in the second half before Qatar's Mohammed Muntari hit back by scoring the country's first-ever World Cup goal. Bamba Dieng scored in the 84th minute to complete Senegal's victory. Host nation Qatar lost their opening game 2-0 to Ecuador and are now on the verge of elimination from the World Cup with one group stage game remaining. Only one other World Cup host nation, South Africa in 2010, has failed to reach the knockout stage of the competition.

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MarketWatch MarketPulse
Nov 25, 2022

Mexico's president says Biden plans to visit the country in January: report
Mexican President Andres Manuel Lopez Obrador on Friday said President Joe Biden will visit Mexico in early January as part of a North American leaders summit previously planned for December, according to a Reuters report. Lopez Obrador announced the visit at a news conference and suggested it would happen on Jan. 9-10, but he also mentioned earlier dates, the report said.

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MarketWatch MarketPulse
Nov 25, 2022

Apple weighs on Dow Jones Industrial Average; analyst charts iPhone supply woes
Apple Inc. fell 1.9% on Friday as the worst performer in the 30-stock Dow Jones Industrial Average . Wedbush analyst Daniel Ives on Friday reiterated an outperform rating on Apple but said his analysis shows that iPhone 14 Pro shortages and longer wait times for devices have gotten much worse over the last week with very low inventories across the board. "We believe many Apple Stores now have iPhone 14 Pro shortages based on model/color/storage of up to 25%-30% below normal heading into a typical December, which is not a good sign heading into holiday season for Cupertino," Ives said. The Dow Jones Industrial Average is up 172 points, or 0.5%.

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



MarketWatch MarketPulse
Nov 25, 2022

Cowen highlights Macy's, Walmart and Ultra Beauty as top Black Friday holiday stocks
Cowen said Friday that Macy's , Walmart Inc. and Ulta Beauty Inc. rank as its top Black Friday holiday stocks. "We believe each will benefit from product diversification, trend right execution, gifting assortments at competitive prices and value positioning," Cowen analyst Oliver Chen said in a research note. Concerns for the season include lack of newness, excess inventory and pressured low-end consumers, Chen said. "Cowen believes shoppers will look for deeper discounts and shop later as inflation removes discretionary dollars and an extra shopping day allows for procrastination," Chen said. Cowen is currently forecasting a 5% to 7% holiday sales increase, down from a 13.5% increase in 2021. The SPDR S&P Retail ETF is down 26.3% in 2022 compared to a 15.5% loss by the S&P 500 .

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
Nov 25, 2022

Tesla reaches milestone on autopilot efforts
Tesla Inc. founder Elon Musk on Thursday said the company's full self-driving beta is now available to any Tesla owner in North America who requests it on their car screen, if they have bought the option. In a Tweet, Musk congratulated the Tesla autopilot and artificial intelligence team on achieving a "major milestone." Shares of Tesla are down 0.5% in Friday trades. The stock is down 48.3% in 2022 compared to a 28.2% drop by the Nasdaq .

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



MarketWatch MarketPulse
Nov 25, 2022

U.S. stocks open mixed on short trading day
U.S. stock indexes opened mixed on Friday as investors assessed Fed rate policy outlook and weighed China's key bank-reserve's rate cut as COVID-19 cases rose. The Dow Jones Industrial Average rose 57 points, or 0.2%, to 34,251. The S&P 500 lost 0.1%, while the Nasdaq Composite shed 0.6%. The latest meeting minutes from the Federal Reserve showed most policy makers expect a slower pace of interest rate increases ahead. In addition, China's central bank on Friday cut the ratio of deposits banks have to hold in reserve by 0.25 percentage point to an average 7.8%, saying the move would release roughly $70 billion of funds into an economy struggling with a COVID-19 outbreak. Markets will close at 1 p.m. ET on Friday.

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



MarketWatch MarketPulse
Nov 25, 2022

Veris Residential continues to reject buyout offer from Kusher Cos. and Fortress Investment Group
Veris Residential Inc. said Friday it continues to reject a buyout price of $16 a share from Kushner Cos. and Fortress Investment Group as "grossly" undervaluing the company, according to a filing. A fresh offer letter to the company from Kushner Cos. said the deal would be financed by Fortress Investment Group, but it did not include a higher price that was already rejected by the Veris Residential's board on Nov. 3. The company said the latest offer also "denies shareholders the substantial, long-term value expected to be unlocked from Veris Residential's nearly complete strategic transformation." Veris Residential shares closed at $15.79 on Wednesday, down 15.5% this year, compared to a 15.5% loss by the S&P 500 .

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
Nov 25, 2022

VinFast ships first round of electric vehicles to the U.S. market
VinFast said Friday it has shipped its first batch of 999 VF 8 electric vehicles to the U.S. market. The cars are expected to arrive by ship in California about 20 days after sailing from MPC Port in Haiphong, Vietnam. The first U.S. customers are expected to receive their cars by the end of December. The international export marks the start of filling VinFast's 65,000 global orders for its VF 8 and VF 9 cars. The company will ship cars to Canada and Europe for delivery in early 2023.

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



MarketWatch MarketPulse
Nov 25, 2022

Binance launches proof of reserves website
Binance said Friday it's launching a new proof of reserves website to reflect that the crypto currency exchange is holding client funds in full as a custodian. "When a user deposits one Bitcoin, Binance's reserves increase by at least one Bitcoin to ensure client funds are fully backed," Binance said. People will be able to check the site to see Binance's proof of reserves, as well as Binance's reserve ratio next to customer liabilities. The site will also offer two new ways for people to verify their transactions against Binance's Merkle tree, the company said. The moves mark part of Binance's user transparency efforts.

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
Nov 25, 2022

Iran stuns Wales in Qatar World Cup
Iran, which lost its World Cup opening game 6-2 against England, scored two late goals to clinch its first win in Qatar Friday. The Iranian team dominated the game against Wales, who had goalkeeper Wayne Hennessey sent off with a red card for a foul on Iran striker Mehdi Taremi late in the second half. Rouzbeh Chesmi fired Iran into the lead when his stunning strike evaded Wales substitute keeper Danny Ward in the eighth minute of stoppage time at the end of the second half. With Wales desperately pushing for an equalizer Ramin Rezaeian calmly chipped the ball over Ward three minutes later to complete the win. Wales and Iran are in the same World Cup group as the U.S.A, which faces England at 2 pm ET.

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
Nov 25, 2022

COVID tally: There are at least 42,000 new infections in the U.S. each day
The seven-day average of new COVID-19 cases in the U.S. is 42,900, as of Thursday, according to the New York Times tracker. That's up 5% over the last two weeks. COVID hospitalizations largely remain steady, at a seven-day average of 28,531 and up 2% over the last 14 days. About 338 people are still dying from COVID every day. Those numbers have also stayed relatively stable and are up 4% over the last two weeks.

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
Nov 25, 2022

Tesla supercharging prices reduced in several regions, report says
Tesla owners in several regions have reported price drops at supercharging stations, according to the Electrek news website . One Tesla owner tweeted that Tesla has apparently cut the cost of supercharging across Los Angeles and parts of California by as much as 5 cents per kWh. Elektrek reports that some price drops in Europe have gone down by as much as 10 cents per kWh. MarketWatch has reached out to Tesla with a request for comment on this story. Tesla's stock is up 2.2% before opening bell. The stock has fallen 48% in 2022, compared with the S&P 500 Index's decline of 15.5%.

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



MarketWatch MarketPulse
Nov 25, 2022

Amazon workers plan for Black Friday strikes
Workers and union activists at Amazon.com Inc. planned to strike and stage protests Friday in 30-plus countries as part of a #MakeAmazonPay campaign, according to reports. "Amazon workers are overworked, underpaid and they have had enough," Amanda Gearing, an organizer at the GMB union in the U.K., told The Guardian. An Amazon spokesperson in Germany told Reuters the company offers "great pay, benefits and development opportunities -- all in an attractive and safe working environment." The spokesperson said most workers in Germany were on the job, with strike action at nine of 20 fulfillment centers in the country. Amazon shares are up 0.3% in premarket trades.

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



MarketWatch MarketPulse
Nov 25, 2022

D.A. Davidson charts underperformance by retail stocks, but praise Home Depot and Lowe's
D.A. Davison on Friday said stocks in the SPDR S&P Retail ETF tend to underperform during the period from Black Friday to the end of the year. On average, the SPDR S&P Retail ETF has fallen 0.1% since 2010 during this period which amounts to 180 basis points of underperformance compared to the S&P 500 . The worst performers in D.A. Davidson's coverage group during the holidays are Best Buy Co Inc. and Dick's Sporting Goods Inc. , while Home Depot and Lowes's Cos. rank as the safest holiday names to own, analysts said. The SPDR S&P Retail ETF is down 26.2% in 2022 compared to a 15.5% loss by the S&P 500 .

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
Nov 23, 2022

: Activision stock falls after report of ‘likely' FTC antitrust lawsuit against Microsoft acquisition
Activision Blizzard Inc. ATVIshares declined in after-hours trading Wednesday following a report that the Federal Trade Commission was likely to file an antitrust lawsuit to block the videogame publisher's acquisition by Microsoft Corp. MSFTPolitico reported late Wednesday that FTC staff are skeptical of arguments by the companies that the $69 billion acquisition would not give Microsoft an unfair benefit in the videogame market, though commissioners have not yet voted on a lawsuit. Microsoft makes the Xbox videogame console, creating concerns that it would make some of Activision's most popular games — such as the "Call of Duty" franchise — exclusive to its platform, shutting out rival Sony Group Corp.'s JP:6758Playstation. A Microsoft spokesman told Politico that the company "is prepared to address the concerns of regulators, including the FTC, and Sony to ensure the deal closes with confidence." Activision shares fell 4.5% in after-hours trading, while Microsoft's stock increased slightly.

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
Nov 23, 2022

Climate-tech startup Redaptive withdraws IPO
San Francisco-based Redaptive Inc. has scrapped plans to become public, according to a filing late Wednesday. The startup, which funds and installs energy-saving and energy-generating products in commercial buildings, filed for an initial public offering a year ago. As customary, the filing withdrawing the application did not detail reasons for the withdrawal. The company filed to sell $100 million worth of shares.

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MarketWatch MarketPulse
Nov 23, 2022

Stocks end higher after Fed minutes reinforce expectations for smaller rate rises
U.S. stocks end higher Wednesday, gaining ground after minutes of the Federal Reserve's early November policy meeting reinforced expectations that policy makers will shift to smaller rate increases at their December meeting. The minutes showed that a majority of policy makers thought smaller rate increases would be justified, but also noted uncertainty over how high rates would ultimately need to go to rein in inflation that continues to run hot. The Dow Jones Industrial Average ended around 97 points higher, up 0.3%, near 34,195, according to preliminary figures, while the S&P 500 rose around 24 points, or 0.6%, to finish near 4,027. The Nasdaq Composite advanced around 111 points, or 1%, to end near 11,285.

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
Nov 23, 2022

: FTX working with former regulators to investigate its collapse: report
FTX, the collapsed crypto exchange formerly led by Sam Bankman Fried, has hired ex-regulators from the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission, according to a lawyer representing FTX in its first hearing in Delaware bankruptcy court on Tuesday, The Wall Street Journal reported. The firm has hired Steven Peikin, who served as co-director of the SEC enforcement division from 2017 to 2020, and James McDonald, who served the same years as the director of enforcement at CFTC, the report said. FTX also hired Nicole Friedlander, who was previously chief of complex frauds and cybercrime at the U.S attorney's office for the Southern District of New York, and is currently a partner at Sullivan & Cromwell.

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
Nov 23, 2022

Coupa Software shares surge on report of interest from Vista
Shares of Coupa Software Inc. surged as much as 37% Wednesday following a report that Vista Equity Partners was considering buying the company. The stock was halted for volatility at 1:28 p.m. Eastern and resumed trading at 1:39 p.m., and was last up 29%. Earlier, Bloomberg News reported on the deal. Even with the surge, shares are still down about 63% year to date, compared with a 15% decline on the S&P 500 index . By 3 p.m., as many as 9.5 million shares has traded hands, compared with a 52-week daily average volume of 2.1 million shares.

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
Nov 23, 2022

Canada misses penalty in World Cup opener
Canada has kicked off its Qatar World Cup campaign after a 36-year absence from the soccer showpiece. The Canadian team's only previous World Cup appearance was in 1986, when it lost all three games without scoring a goal. Canada's Alphonso Davies had a chance to make history after just 10 minutes when a penalty was awarded for a handball by Belgium's Yannick Carrasco, but his tame spot-kick was easily saved by keeper Thibaut Courtois.

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
Nov 23, 2022

: U.S. stocks advance as Fed officials favor slower rate hikes, minutes show
U.S. stocks advanced to their highest levels of the session on Wednesday after minutes from the Fed's November policy meeting showed Fed officials seeming to favor slower rate hikes due to "uncertain lags" in how higher borrowing costs effect the economy. Fed staff also see a high likelihood of a recession some time over the next year. The S&P 500 SPX rose 0.6% to 4,026, while the Dow Jones Industrial Average DJIA climbed 0.45 at 34,217. The Nasdaq Composite COMP was up 1% at 11,283.

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
Nov 23, 2022

Amazon plans to pour $1 billion annually on theater movies
Amazon.com Inc. will spend more than $1 billion annually on 12 to 15 movies that initially play in theaters, according to a Bloomberg report Wednesday. The ambitious outlay, believed to be the most by an internet company on theater-first movies, comes as Amazon dukes it out with video-streaming rivals Walt Disney Co. , Apple Inc. , and Netflix Inc. who are plowing billions of dollars a year to create movie and episodic content. Amazon had no immediate comment.

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MarketWatch MarketPulse
Nov 23, 2022

Curaleaf eliminating positions as it steps up cost-cutting measures
Cannabis company Curaleaf Holdings Inc. is eliminating "several positions" as it follows through on cost-control plans it shared with analysts recently. The company did not provide a specific number of job cuts. "Every responsible business is making tough choices right now, and as the cannabis industry evolves and faces unique challenges, we know there will continue to be ups and downs," a company spokesperson told MarketWatch in a statement. "Curaleaf has made the difficult decision to eliminate several positions as a part of an effort to control costs and drive efficiencies in the face of economic uncertainties ahead." The company also cited inflation, increased competition and slowing growth in the sector. On Nov. 8, Curaleaf executive chairman Boris Jordan told analysts the company was "taking appropriate actions" to ensure it continues driving growth and margin expansion next year. "We are taking the steps to right size our cost structure across all areas of the organization," Jordan said. "We are tightening our belts, reducing store payroll hours and eliminating unnecessary expenditures" as the U.S. cannabis industry is projected to grow 13% in 2023. Shares of Curaleaf are up 0.2% on Wednesday.

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MarketWatch MarketPulse
Nov 23, 2022

Bentex children's clothes with Disney characters recalled for lead poisoning hazard
Bentex recalled on Wednesday about 87,000 children's clothing sets in nine different Walt Disney Co. characters and themes for a lead poisoning hazard, according to the U.S. Consumer Product Safety Commission. The clothing sets, made in Egypt and imported by The Bentex Group, of New York, contain levels of lead that exceed either the federal lead paint ban for the federal lead content ban. The sets were sold nationwide at stores including TJMAXX, DD's/Ross, Burlington and Army & Airforce Exchange Service and on Amazon.com from November 2021 through August 2022 for between $5 and $25.

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MarketWatch MarketPulse
Nov 23, 2022

Spread on 2- and 10-year Treasury yields shrinks to almost minus 80 basis points, remains at most inverted level in 41 years
One of the bond market's most widely followed recession gauges dipped further below zero on Wednesday, signaling deepening concerns about the U.S. economic outlook. The spread on 2- and 10-year Treasury yields shrank to as little as minus 79.5 basis points, remaining at its most inverted level in 41 years. The inversion was being driven by a continued drop in the 10-year Treasury rate, to 3.72%, as investors fret about China's ongoing COVID-19 restrictions.

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MarketWatch MarketPulse
Nov 23, 2022

: U.S. stocks open flat as investors await Fed minutes
U.S. stocks opened flat on Wednesday as investors awaited the release of minutes from the Federal Reserve's November policy meeting, where they hope to glean more insights about the Fed's plans regarding the pace of future hikes. The S&P 500 SPX fell 1.2 points, or less than 0.1%, to 4,002, while the Dow Jones Industrial Average DJIA gained 10 points, or less than 0.1%, to 34,108. The Nasdaq Composite COMP advanced 5 points, or less 0.1%, to 11,179.

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
Nov 23, 2022

MarketWise CEO resigns effective immediately, after 5 years in charge
MarketWise Inc. said Wednesday that Chief Executive Mark Arnold has resigned, effective immediately, after five years in the role and nearly 10 years with the company. The provider of financial research and education tools for investors named board member Stephen Sjuggerud interim CEO while it searches for a permanent replacement. There was no comment on any reason for the resignation. The stock, which was still inactive in premarket trading, had closed at a record low of $1.91 on Nov. 3. The stock has plunged 70.7% year to date, while the S&P 500 has lost 16.0%.

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MarketWatch MarketPulse
Nov 23, 2022

Cowen sees rising risk of rail strike
Cowen analysts on Wednesday said the possibility of the first U.S. rail strike since 1991 is currently at about 30% after statements earlier this week from union members. "Channel checks suggest that customers are already pulling freight off the rails as strike risk rises," analyst Jason Seidl said in a research note. Back in September when a potential work stoppage had loomed ahead of the midterm elections, Seidl projected a roughly 15% chance of a rail strike. While Congress appears motivated to intervene if a strike takes place, Seidl said he's seeing "clear stubbornness from both sides that is likely increasing animosity" and that strike sentiment appears to be growing and shippers are taking action. The president of the Association of American Railroads said Monday, "The window continues to narrow as deadlines rapidly approach" and that the companies are ready to reach new agreements with unions. The association's members work at Warren Buffett's BNSF, Union Pacific Corp. and Norfolk Southern .

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MarketWatch MarketPulse
Nov 23, 2022

Life sciences company Azenta enters $500 million ASR with JP Morgan Chase
Life sciences company Azenta Inc. said Wednesday it has entered an accelerated share buyback agreement with JP Morgan Chase Bank to buy back $500 million of its own share. The deal is part of a plan to buy back up to $1.5 billion of its stock. "In addition to the ASR, the Company intends to repurchase at least an additional $500 million in common stock over the next year," the company said in a statement. Companies are hurrying to buy back their own stock ahead of the imposition of a 1% tax starting in 2023. Shares were up 2.7% premarket, but have fallen 44% in the year to date, while the S&P 500 has fallen 16%.

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MarketWatch MarketPulse
Nov 23, 2022

Wedbush takes Jack in Box off its Best Ideas list
Wedbush on Wednesday said it is removing Jack in the Box Inc. from its Best Ideas List but maintained its outperform rating on the restaurant chain. "We continue to believe JACK's current valuation discounts an overly pessimistic view of management's ability to successfully integrate the Deal Taco acquisition and to achieve unit growth acceleration and same-store sales growth over the longer-term across both brands," Wedbush said in a research note. Wedbush said until is sees incremental visibility around Jack in the Box's Taco refranchising efforts and its impact on earnings before interest, taxes, depreciation and amortization, it'll remove the company from its Best Ideas list, which now includes 18 companies. Shares of Jack in the fell 16% on Tuesday after it issued a downbeat forecast for the year.

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MarketWatch MarketPulse
Nov 23, 2022

Netflix stock chart produces first bullish 'golden cross' in 15 months
Shares of Netflix Inc. edged up 0.2% in premarket trading, as the first bullish "golden cross" chart pattern in 15 months. Many Wall Street chart watchers believe the pattern, which is when the 50-day moving average (DMA) crosses above the 200-DMA, is a sign that a shorter-term bounce has graduated to a longer-term uptrend. The streaming entertainment service's stock closed Tuesday at $286.69, up 72.3% from the May 11 five-year low of $166.37, while the Nasdaq Composite has slipped 1.7% and the S&P 500 has gained 1.7% over the same time. On Wednesday, the 50-DMA is set to rise to $260.03 from $258.78, while the 200-DMA is set to slip to $258.39 from $258.98. The last golden cross appeared on Aug. 16, 2021, and the stock rallied as much as 34% before peaking about three months later.

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MarketWatch MarketPulse
Nov 23, 2022

Coronavirus tally: Fauci says U.S. unlikely to see same COVID case surge this winter but urges Americans to get updated booster
The U.S. is unlikely to suffer the same surge of COVID infections this winter as it did last year, when the omicron variant first emerged and swept across the country, senior health officials said Tuesday. Dr. Anthony Fauci, President Joe Biden's chief medical adviser, addressed reporters for the last time ahead of his retirement, saying that the combination of infections and vaccinations means there's "enough community protection that we're not going to see a repeat of last year at this time." But Fauci urged those Americans who have not yet had their updated booster to do so quickly, telling them it's the best one so far. Only 35 million Americans have had the booster since it was rolled out in September. In the U.S., known cases of COVID are rising again with the daily average standing at 42,220 on Tuesday, according to a New York Times tracker, up 7% from two weeks ago. The daily average for hospitalizations was flat at 27,923, while the daily average for deaths is up 3% to 319. Globally, the confirmed case tally rose above 639.1 million on Wednesday, according to data aggregated by Johns Hopkins, while the death toll is above 6.62 million with the U.S leading the world with 98.4 million cases and 1,077,800 fatalities.

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MarketWatch MarketPulse
Nov 23, 2022

Deere stock surges after revenue beats by more than $2 billion as infrastructure spending provides a boost
Shares of Deere & Co. surged 3.7% toward a seven-month high in premarket trading Wednesday, after the agriculture, construction and forestry equipment maker reported fiscal fourth-quarter sales that were well above expectations, and provided an upbeat full-year outlook, citing positive farm fundamentals and fleet dynamics and increased investment in infrastructure. Net income rose to $2.25 billion, or $7.44 a share, from $1.28 billion, or $4.12 a share, in the year-ago period. That beat the FactSet consensus for earnings per share of $7.11. Sales grew 37.2% to $15.54 billion, above the FactSet consensus of $13.44 billion, with all business segments beating expectations. Operating margin also improved for all segments. For fiscal 2023, the company expects production and precision agriculture sales to be up 15% to 20% from a year ago, while the FactSet sales consensus of $24.96 billion implies 13.4% growth. The stock has rallied 21.5% year to date, while the S&P 500 has dropped 16.0%.

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MarketWatch MarketPulse
Nov 22, 2022

Guess stock drops more than 5% on quarterly miss, lower outlook
Shares of Guess Inc. fell more than 5% in the extended session Tuesday after the retailer reported mixed quarterly results and guidance that was below estimates. Guess earned $21.8 million, or 34 cents a share, in the fiscal third quarter, compared with $29.9 million, or 45 cents a share, in the year-ago quarter. Adjusted for one-time items, Guess earned 44 cents a share. Sales fell 2% to $633.4 million. Analysts polled by FactSet expected adjusted earnings of 55 cents a share on sales of $614 million. "We are well positioned for our holiday period," Chief Executive Carlos Alberini said in a statement. "We have a solid business plan and inventory levels are well aligned with our business trends. Our updated outlook for the fiscal year reflects these trends and the impact of further currency headwinds." Guess said it expects fiscal 2023 fourth-quarter revenue to be down around 3.5% from the fourth quarter of fiscal 2022. For the full fiscal 2023, revenues are seen up around 2% over fiscal 2022, Guess said. Guess guided for fiscal fourth-quarter adjusted EPS of $1.32 and fiscal 2023 adjusted EPS of $2.35, both below FactSet consensus of $1.48 a share and $2.63 a share, respectively. Shares of Guess ended the regular trading day up 1.5%.

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MarketWatch MarketPulse
Nov 22, 2022

Goldman Sachs Asset Management fined $4 million to settle SEC charges of lax ESG policies
Goldman Sachs Asset Management on Tuesday agreed to pay a $4 million fine to the U.S. Securities and Exchange Commission after the agency claimed it failed to uphold Environmental, Social and Governance (ESG) policies in several investment strategies. The asset manager failed to have "any written policies and procedures for ESG research" for one product between April 2017 and June 2018, the SEC said in a statement Tuesday, while also claiming those guidelines weren't consistently followed before February 2020 once they were established. Like others charged with lax ESG standards, Goldman Sachs Asset Management didn't admit to the SEC's findings. The penalty still marks another milestone in the SEC's crackdown on Wall Street investment firms that use ESG labels to attract investor funds but might fail to abide by those standards. In May, BNY Mellon Investment Advisor paid a $1.5 million penalty to the SEC after the agency claimed there were misstatements and omissions concerning its ESG considerations. The regulator made policing ESG standards a bigger focus in 2021 with the rollout of a Climate and ESG Task Force within its enforcement division. The SEC also made headlines after it raided the offices of Deutsche Bank's asset management arm, DWS Group, after claiming it overstated how much it used ESG criteria in its selection of assets.

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MarketWatch MarketPulse
Nov 22, 2022

: Manchester United owners confirm exploration of sale or investment
Manchester United Ltd. MANU management publicly confirmed Tuesday that they are exploring potential financial investment in the club or an outright sale. While the English soccer club is publicly traded, the American family Glazer family owns the majority of the club and retains control. "As we seek to continue building on the Club's history of success, the Board has authorized a thorough evaluation of strategic alternatives," Executive Co-Chairmen Avram and Joel Glazer said in a statement Tuesday. "We will evaluate all options to ensure that we best serve our fans and that Manchester United maximizes the significant growth opportunities available to the Club today and in the future." Sky News reported that Manchester United would seek outside investment or a sale earlier Tuesday, sending shares in the club up more than 15% in intraday trading. The stock closed the day's session up 14.7% at $14.94, and increased about 3% in after-hours trading following the public announcement.

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Nov 22, 2022

Dow, S&P 500 post best day in nearly 2 weeks on Tuesday
U.S. stocks finished higher Tuesday, shaking off back-to-back losses, in a shorter holiday week for Thanksgiving. The Dow Jones Industrial Average climbed about 397 points, or 1.2%, ending near 34,098, while the S&P 500 index gained 1.4%. It marked the highest daily percentage gain for both equity indexes since Nov. 10, according to FactSet data. The Nasdaq Composite Index rose 1.4%. Investors have been keeping a wary eye on low trading volumes, a common trend in the shortened holiday week of Thanksgiving. China's return to strict lockdowns in response to rising COVID cases also has been on radar of investors. Wednesday brings a raft of economic data and minutes of the Fed's November policy meeting, which will be closely digested by investors ahead of the Thanksgiving break.

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Nov 22, 2022

Genesis has $2.8 billion in outstanding loans on balance sheet: report
Troubled crypto lender Genesis Global has outstanding loans of $2.8 billion on its balance sheet, with around 30% of lending made to related parties, including parent company Digital Currency Group, Bloomberg reported Tuesday, citing people familiar with the matter. The Block reported that in a note to shareholders, Digital Currency Group founder and CEO Barry Silbert said that in the "ordinary course of business, DCG has borrowed money from Genesis Global Capital in the same vein as hundreds of crypto investment firms. These loans were always structured on an arm's length basis and priced at prevailing market interest rates." Silbert said DGC currently has a liability to Genesis of around $575 million, due in May 2023 and that the loans were used to "fund investment opportunities and to repurchase DGC stock from non-employee shareholders in secondary transactions previously highlighted in quarterly shareholder updates." Silbert did not immediately return a request for comment from MarketWatch.

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MarketWatch MarketPulse
Nov 22, 2022

Tencent Music stock jumps after J.P. Morgan recommends investors buy
The U.S.-listed shares of Tencent Music Entertainment Group surged 3.6% in afternoon trading Tuesday, after J.P. Morgan recommended investors buy into the China-based streaming music and audio entertainment company, as the online music business has evolved from being a cost center to a profit driver. Analyst Alex Yao raised his rating to overweight, after being at neutral for the past 15 months, while boosting his stock price target to $7.70 from $4.80. As Tencent's online music business has grown from 32% of total revenue with gross profit margin (GPM) in the low-teens percentage range in 2020, to 47% of revenue at mid-20s GPM in the third quarter, "we believe online music has finally become a key financial driver for the group, thanks to a multi-dimensional monetization model and efficiency improvement," Yao wrote in a note to clients. "In addition, we expect the segment will increasingly become a profit driver for the group in the next few years." The stock has soared 29.2% over the past three months, while the Invesco Golden Dragon China ETF has tumbled 19.2% and the S&P 500 has slipped 3.5%.

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Nov 22, 2022

VC firm Sequoia apologizes to limited partners for $150 million FTX loss: WSJ
Venture capital firm Sequoia Capital apologized to its limited partners on Tuesday over its investment in collapsed crypto exchange FTX and said it would improve its due diligence process for future investments, the Wall Street Journal reported, citing people familiar with the matter. The apology came on a conference call with LPs. The firm earlier this month wrote off its entire $150 million investment in FTX -- one of the largest written by a venture firm in the company -- after the crypto exchange struggled to meet a wave of withdrawals. FTX filed for bankruptcy protection on Nov 11. In the call, a Sequoia partner said that the firm would be able to push harder to have even early stage startups' financial statements audited by one of the Big Four accounting firms, the people said.

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Nov 22, 2022

Petrobras stock sinks below $10 on NYSE-leading volume after UBS swings to a sell rating
The U.S.-listed shares of Petroleo Brasileiro S/A sank 3.3% in very active afternoon trading Tuesday, putting them in track for the first sub-$10 close in exactly a year, after UBS swung to bearish on the Brazil-based oil and gas giant, citing concerns over "three transformational points": fuel prices, investments and overhead. Trading volume swelled to 49.1 million shares, making the stock the most actively traded on the New York Stock Exchange (NYSE). Analyst Luiz Carvalho doubled downgraded the stock to sell from buy, while slashing his price target by more than half, to $8.50 from $18.10. "On fuel prices, there is no definition of the company's new pricing policy, and we expect refining margin compression," Carvalho wrote in a note to clients. "We also think a key risk lies in higher investments as, in the past, Petrobras was unable to diversify from non-core integrated oil profitability, a trend that could potentially return." He added that diversification into renewables and energy transition would require the company to become larger, and overhead becomes a concern. The stock has tumbled 29.6% over the past three months, while front-month crude oil futures hvae dropped 8.9% and the S&P 500 has shed 3.6%.

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Nov 22, 2022

U.S. sets up website to track at-home COVID test results
The National Institutes of Health set up a website for people to anonymously self-report the results of at-home COVID-19 tests, whether positive or negative. The site, MakeMyTestCount.org, will gather the data and then share the de-identified information with the public health systems that track COVID-19 test results from healthcare providers and laboratories. The widespread use of at-home COVID tests in 2022 meant the U.S. had a more limited understanding of COVID surges than it had in the past.

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Nov 22, 2022

Cristiano Ronaldo to leave Manchester United 'with immediate effect'
Portuguese soccer star Cristiano Ronaldo is leaving Manchester United , the club confirmed on Tuesday. "Cristiano Ronaldo is to leave Manchester United by mutual agreement, with immediate effect," Manchester United tweeted on Tuesday. "The club thanks him for his immense contribution across two spells at Old Trafford." Widely regarded as one of the greatest players of all-time, Ronaldo returned to Manchester United in 2021. But the 37-year-old's relationship with the club has broken down in recent months, culminating in a controversial interview with Piers Morgan where he slammed Manchester United's management.

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MarketWatch MarketPulse
Nov 22, 2022

Norfolk Southern stock rallies toward 3-month higher after Cincinnati Southern Railway purchase
Shares of Norfolk Southern Corp. rallied 1.1% toward a three-month high in morning trading Tuesday, after the railroad operator announced a deal to buy nearly all of the assets of Cincinnati Southern Railway (CSR) for $1.62 billion in cash from the City of Cincinnati. CSR consists of 337 miles of railroad that runs from Cincinnati to Chattanooga, Tenn. The deal, announced late Monday, is expected to close in the first half of 2024. Citi Research analyst Christian Wetherbee said the deal appears to be more strategic than growth-oriented for Norfolk, as the rail had previously been operating on the CSR network long-term lease, and the contract was set to renew at a higher rate in about four years. "[T]he acquisition won't add incremental revenue, but the avoidance of higher lease payments and the ability to swap the lease expenses with depreciation expenses, should be a positive to the OR [operating ratio]." The stock has lost 15.4% year to date, while the Dow Jones Transportation Average has lost 12.2% and the Dow Jones Industrial Average has slipped 6.6%.

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Nov 22, 2022

Blackstone shares fall on Credit Suisse downgrade to underperform
Blackstone Inc. shares fell 2.5% on Tuesday after Credit Suisse downgraded the alternative investment manager to underperform from neutral and cut its price target to $67.50 a share from $85.50 a share. Credit Suisse analyst Bill Katz said the firm is now the only broker on Wall Street with a negative rating on Blackstone. Katz cited a lower contribution to fee-related earnings from its flagship Blackstone Real Estate Income Trust, with mixed-to-deteriorating lead indicators. Wall Street's consensus estimates for Blackstone's 2023-2024 distributable earnings are currently 5% to 12% too high. "Our work also points to relatively undifferentiated relative performance, adding another flow headwind," Katz said. Shares of Blackstone Group are down 31.8% in 2022, compared to a 16.7% loss by the S&P 500 over the same time period.

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Nov 22, 2022

Stocks open higher as investors watch China, Fed
U.S. stocks opened higher Tuesday, after falling three of the past four sessions, as investors remain nervous about COVID-19 lockdowns in China and look for more clues to the pace and size of future rate increases by the Federal Reserve. Minutes of the Fed's November meeting are due Wednesday. Trading conditions were expected to remain thin this week due to Thursday's Thanksgiving Day holiday, when U.S. markets will be closed, followed by an abbreviated session on Friday. The Dow Jones Industrial Average rose 188 points, or 0.6%, while the S&P 500 was up 0.4% and the Nasdaq Composite ticked up 0.1%.

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MarketWatch MarketPulse
Nov 22, 2022

Carvana stock gets another downgrade
Cowen & Co. analyst John Blackledge downgraded shares of Carvana Co. to market perform from outperform late Monday, joining analysts from Oppenheimer and Wedbush who both lowered their ratings on the used-car retailer's stock in the past few weeks. Cowen's Blackledge wrote that "industry & macro headwinds have impacted unit growth and revenue trajectory while lengthening the path to profitability" for Carvana. "Despite recent cost-cutting efforts, CVNA has not met '22 profit targets while carrying a significant debt load. Overall, we are less confident in CVNA's timeline for reaching positive free cash flow." He added that the company has been working to reduce costs in areas like advertising spend, but he said that such efforts have "further weighed on units sold." Carvana's stock was off 0.3% in premarket trading Tuesday following the downgrade. The shares have plunged 97% so far this year as the S&P 500 has dropped 17%.

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Nov 22, 2022

American Eagle Outfitters beats profit view and issues healthy Q4 view on gross margin
American Eagle Outfitters Inc. stock is up 7.7% in premarket trades after the retailer beat Wall Street estimates for third-quarter revenue and net income, while posting an operating profit of $118 million that exceeded pre-pandemic 2019 levels. The Pittsburgh-based company said its third-quarter net income fell to $81.27 million, or 42 cents a share, from $152.2 million, or 74 cents a share, in the year-ago quarter. The retailer's latest profit includes includes a $1 million addback to net income of interest expense associated with the company's convertible notes. Third-quarter revenue edged down to $1.24 billion from $1.27 billion. Wall Street analysts expected American Eagle to earn 22 cents a share on revenue of $1.21 billion, according to FactSet data. For the fourth quarter, American Eagle Outfitter expects fourth-quarter gross margin in the range of 32% to 33%, at the higher end of its previous estimates.

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MarketWatch MarketPulse
Nov 22, 2022

Jack in the Box stock sinks after profit beats expectations but outlook was well below
Shares of Jack in the Box Inc. sank 8.2% in premarket trading Tuesday, after the burger chain reported fiscal fourth-quarter results that beat expectations but provided a downbeat full-year outlook, amid continued headwinds from the inflationary impact on margins. Net income for the quarter to Oct. 2 rose to $45.9 million, or $2.17 a share, from $38.9 million, or $1.80 a share, in the year-ago period. The FactSet consensus for earnings per share was $1.36. Revenue grew 44.6% to $402.8 million, above the FactSet consensus of $392.0 million. Same-store sales rose 4.0%, as a higher average check, as increased pricing and traffic to company-operated restaurants offset a decrease in traffic for franchise. Restaurant margin fell to 16.2% from 20.1%, as wage inflation of 11.3% and increases in utilities and maintenance costs offset menu price increases. For fiscal 2023, the company expects EPS of $5.25 to $5.65, compared with the FactSet consensus of $6.59. The stock has lost 4.0% over the past three months through Monday, while the shares of rival burger chain McDonald's Corp. has gained 4.4% and the Dow Jones Industrial Average has tacked on 1.9%.

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MarketWatch MarketPulse
Nov 22, 2022

Peloton's 'challenging post-pandemic trajectory' sparks downgrade of its stock
Shares of Peloton Interactive Inc. were off 1.8% in premarket trading Tuesday after Cowen & Co. analyst John Blackledged lowered his rating on shares of the connected-fitness company to market perform from outperform. Blackledge cited the company's "challenging post-pandemic trajectory and demand uncertainty amid turnaround effort." He wrote that macroeconomic pressures are likely to linger in the short run, putting more inflationary pressure on consumers. "We think consumers are likely to continue to prefer out-of-home experiences in the near-term and believe Peloton is still working through pandemic pull-forward," Blackledge wrote. He also noted that there is "limited visibility" into Peloton's trajectory for fiscal 2023 given that the company "somewhat understandably" hasn't offered a full-year forecast for subscribers or revenue. He added that Peloton's treadmill "and other hardware launches haven't performed as well as we had forecast." Blackledge trimmed his price target to $12 from $14 on shares of Peloton, which have fallen 73% so far in 2022 as the S&P 500 has lost 17%.

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MarketWatch MarketPulse
Nov 22, 2022

Lyft stock downgraded amid concerns about economic pressures, insurance costs
Shares of Lyft Inc. were down more than 1% in premarket trading Tuesday after Cowen & Co. analyst John Blackledge downgraded the stock to market perform from outperform, writing of potential pressures stemming from insurance costs and the macroeconomic climate. On Lyft's last earnings call, President John Zimmer said that inflationary pressures and rising insurance costs were an "industry issue" and that they were "primarily driven by rising premiums as a result of higher cost of used vehicles, vehicle repair, higher medical costs and increased litigation costs." Cowen's Blackledge wrote late Monday that insurance costs "could remain a [near-term] headwind to margins" for Lyft, adding that they are "exacerbated by recent inflationary pressures." He also is concerned that a recession would limit upside opportunities when it came to "rider use cases" since people could become less likely to go out at night. "We acknowledge that a recession should drive better driver supply and lower driver [acquisition] costs (from higher unemployment), but we would be concerned about impact from a slowing top line," Blackledge wrote. He cut his price target to $14 from $36 on shares of Lyft, which have fallen 74% so far this year as the S&P 500 has declined 17%.

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MarketWatch MarketPulse
Nov 22, 2022

Dick's Sporting Goods stock dips premarket even as earnings top estimates and retailer offers upbeat guidance
Dick's Sporting Goods Inc. stock slid 3.7% in premarket trade Tuesday, even after the retailer topped estimates for the third quarter with positive same-store sales and an upbeat outlook. The company posted net income of $228 million, or $2.45 a share, for the quarter, down from $317 million, or $2.78 a share, in the year-earlier period. Adjusted per-share earnings came to $2.60, ahead of the $2.27 FactSet consensus. Sales climbed to $2.959 billion from $2.748 billion, also ahead of the $2.702 billion FactSet consensus. Same-store sales rose 6.5%, while FactSet expected a decline of 2.2%. "Because of our continued strong performance, quality of inventory and the confidence we have in our business, we are raising our full year 2022 outlook," Chief Executive Lauren Hobart said in a statement. Dick's is now expecting full-year adjusted EPS of $11.50 to $12.10 and same-store sales to be down 3% to down 1.5%. The FactSet consensus is for EPS of $11.51 and same-store sales to be down 3.5%. Shares have fallen 7% in the year to date, while the S&P 500 has fallen 17%.

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MarketWatch MarketPulse
Nov 22, 2022

Carl Icahn shorting GameStop, report says
Billionaire investor Carl Icahn is shorting video game retailer and meme stock darling GameStop Corp. , Bloomberg reports. Citing people familiar with the matter, Bloomberg reports that Icahn began shorting GameStop in January 2021, around the height of the meme stock frenzy, and still holds a large position. GameStop's stock rose 2.1% before opening bell on Tuesday. The stock has fallen 32.2% this year, outpacing the S&P 500 Index's decline of 17.1%.

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MarketWatch MarketPulse
Nov 22, 2022

Warner Music delivers earnings beat, despite 'challenging macro environment'
Warner Music Group Corp. delivered a top and bottom line beat when it reported its fourth-quarter results early Tuesday. The media giant's stock rose 4% before opening bell. Warner Music earned 28 cents a share on net income of $150 million compared with 5 cents a share on net income of $30 million in the same period last year, above analysts' estimate of 13 cents a share. The company reported revenue of $1.497 billion, compared with $1.376 billion in the year ago-quarter. Analysts surveyed by FactSet were looking for sales of $1.403 billion. "Against the backdrop of a challenging macro environment, we once again proved music's resilience, with new commercial opportunities emerging all the time," said Warner Music CEO Steve Cooper, in a press release. "We're very well positioned for long-term creative success, and continued top and bottom line growth."

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MarketWatch MarketPulse
Nov 22, 2022

Dollar Tree stock drops after earnings beat expectations, but full-year outlook was downbeat on margin pressure
Shares of Dollar Tree Inc. dropped 3.2% in premarket trading Tuesday, after the discount retailer reported fiscal third-quarter earnings that rose above expectations, but said full-year profit would be at the low-end of guidance as strong consumable sales pressure margins. Net income rose to $266.9 million, or $1.20 a share, from $216.8 million, or 96 cents a share, in the year-ago period. Sales grew 8.1% to $6.94 billion, above the FactSet consensus of $6.84 billion. Same-store sales increased 6.5%, beating expectations of 4.6% growth, as Dollar Tree branded store sales rose 8.6% and Family Dollar sales grew 4.1%. Gross margin improved by 2.40 percentage points to 29.9%, and merchandise inventories of $5.66 billion as of Oct. 29 was up 31.1% from a year ago. For the full fiscal year, the company raised its guidance range for sales to $28.14 billion to $28.28 billion from $27.85 billion to $28.10 billion, but said EPS would be in the lower half of the previously provided range of $7.10 to $7.40, which compares with the FactSet consensus of $7.29. The stock has run up 17.6% year to date through Monday, while the S&P 500 has dropped 17.1%.

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MarketWatch MarketPulse
Nov 22, 2022

Abercrombie & Fitch 'cautiously optimistic' about holiday season
Abercrombie & Fitch Co. shares rallied 13% in premarket trades on Tuesday after the retailer beat revenue projections and delivered a narrow adjusted profit against an expected loss. Abercrombie & Fitch said it swung to a third-quarter net loss of $2.2 million, or 4 cents a share, versus net income of $47.2 million, or 77 cents a share in the year-ago quarter. The retailer posted adjusted net income of a penny a share, against the analyst estimate for a loss of 15 cents a share, according to FactSet data. Revenue at the retailer fell 3% to $880.1 million from $905.2 million in the year-ago quarter. Analysts were looking for revenue of $831.1 million. Looking ahead, Abercrombie & Fitch said it is "cautiously optimistic" about the holiday season. Abercrombie & Fitch said it expects fourth-quarter sales to fall 2% to 4% from $1.2 billion in 2021's fourth quarter. Analysts are currently expecting fourth-quarter revenue of $1.09 billion.

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MarketWatch MarketPulse
Nov 22, 2022

Analog Devices stock gains after earnings as company gives upbeat outlook
Shares of Analog Devices Inc. were up 4% in premarket trading Tuesday after the chip company topped earnings expectations for its latest quarter and issued an upbeat outlook. The company posted fiscal fourth-quarter net income of $936 million, or $1.82 a share, compared with $76 million, or 16 cents a share, in the year-earlier period. On an adjusted basis, Analog Devices earned $2.73 a share, up from $1.73 a share a year before. Analysts tracked by FactSet were anticipating $2.58 a share in adjusted earnings. Revenue rose to $3.25 billion from $2.34 billion, while analysts were expecting $3.15 billion. For the fiscal first quarter, executives at Analog Devices model revenue of $3.05 billion to $3.25 billion, along with adjusted earnings per share of $2.50 to $2.70. The FactSet consensus was for $3.04 billion in revenue and $2.42 in adjusted EPS. "While the economic backdrop continues to cause demand uncertainty, we are well-positioned in the near-term with stabilizing orders, a strong backlog, and continued design win momentum," Chief Executive Vincent Roche said in a release.

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Nov 22, 2022

AgroFresh Solutions rallies on buyout deal with Paine Schwartz Partners
AgroFresh Solutions Inc. rose 4.7% in premarket trades Tuesday after the company confirmed a go-private buyout deal with sustainable food chain investing firm Paine Schwartz Partners. Philadelphia-based AgroFresh said it agreed to be acquired for $3.00 per share. The stock closed at $2.79 a share on Monday, with a market capitalization of $150 million. AgroFresh CEO Clint Lewis said the deal will "provide enhanced flexibility for AgroFresh to build on its strong foundation and advance its mission of preventing food waste and conserving the planet's resources for years to come."

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MarketWatch MarketPulse
Nov 22, 2022

Saudi Arabia stuns Argentina with victory in Qatar World Cup
Saudi Arabia came from behind to defeat Argentina in the World Cup on Tuesday in a major upset. Led by superstar Lionel Messi, Argentina are one of the favorites to win the tournament. Saudi Arabia are ranked 51st in the world. Messi gave Argentina a 10th-minute lead from the penalty spot before Saleh Al Sheri equalized for Saudi Arabia early in the second half and Salem Al Dawsari struck the winner in the 53rd minute. The Qatar tournament may be the last opportunity for the 35-year-old Messi to win soccer's biggest prize. Messi is widely regarded as one of the greatest players of all time but has never lifted the World Cup. Argentina last won the World Cup in 1986 when they were led by Diego Maradona.

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MarketWatch MarketPulse
Nov 22, 2022

Best Buy stock surges after profit, revenue and same-stores sales all beat expectations
Shares of Best Buy Co. Inc. surged 6.9% toward a two-month high in premarket trading Tuesday, after the consumer electronics and appliances retailer reported fiscal third-quarter results that beat expectations and raised its full-year outlook, as well as an improved inventory situation. Net income fell to $277 million, or $1.22 a share, from $499 million, or $2.00 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $1.38 beat the FactSet consensus of $1.03. Revenue declined 11.1% to $10.59 billion but was above the FactSet consensus of $10.31 billion, as same-store sales fell 10.4% to beat expectations of a 12.9% drop. Cost of sales fell less than sales, down 9.4% as gross margin contracted to 22.0% from 23.5%. Merchandise inventories total $7.29 billion as of Oct. 29, down 14.7% from a year ago. For fiscal 2023, the company now expects same-store sales to fall about 10% versus prior guidance of down about 11%. The stock has lost 8.5% over the past three months through Monday while the S&P 500 has declined 4.5%.

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MarketWatch MarketPulse
Nov 22, 2022

Burlington Stories earnings fall short of estimates and CEO says 'not happy' with its performance
Burlington Stores Inc. stock slid 1.7% in premarket trade Tuesday before reversing those losses to trade flat, after the discount clothing retailer posted weaker-than-expected third-quarter earnings and Chief Executive Michael O'Sullivan said it was "not happy" with its performance. The company had net income of $17 million, or 26 cents a share, for the quarter, up from $14 million, or 20 cents a share, in the year-earlier period. Adjusted per-share earnings came to 43 cents, below the 52 cent FactSet consensus. Sales fell 11% to $2.036 billion, also below the $2.055 billion FactSet consensus. Same-store sales fell 17%, while FactSet was forecasting a 16.6% decline. "As we said on our August earnings call, as an off-price retailer we should be able to perform better in this environment despite the significant macro headwinds," said O'Sullivan. "Recent results from other off-price retailers reinforce this view." The customers' frame of reference for value shifted significantly in 2022, he added, and Burlington did not react aggressively enough. But the company is upbeat for 2023 and believes it can set up well for off-price. "We also recognize that we will be lapping our own execution mistakes and under-performance from 2022. Based on these factors we believe that we can start to drive significant sales, margin, and earnings recovery next year," he said. The company is now expecting full-year same-store sales to fall 15% to 14%, compared with a FactSet consensus for a decline of 14.6%. It expects adjusted EPS of $3.77 to $4.07, compared with a FactSet consensus of $4.00. Shares have fallen 46% in the year to date, while the S&P 500 has fallen 17%.

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MarketWatch MarketPulse
Nov 22, 2022

Medtronic stock falls after profit beats expectations but revenue misses, and outlook is downbeat
Shares of Medtronic PLC dropped 2.4% in premarket trading Tuesday, after the medical devices maker reported fiscal second-quarter profit that topped expectations but revenue that missed and provided a downbeat full-year outlook, citing weakness in procedure volumes in certain businesses and the pricing impact of procurement in China. Net income for the quarter to Oct. 28 fell to $427 million, or 32 cents a share, from $1.31 billion, or 97 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $1.30 beat the FactSet consensus of $1.28. Sales fell 3.3% to $7.59 billion, below the FactSet consensus of $7.70 billion, as cardiovascular revenue fell 2%, medical surgical revenue dropped 10% and diabetes revenue lost 5%, while neuroscience revenue rose 2%. For fiscal 2023, the company lowered its revenue expectations given a "slower pace of market and supply recovery. The company expects adjusted EPS of $5.25 to $5.30, below the FactSet consensus of $5.52. The stock has lost 11.6% over the past three months through Monday while the S&P 500 has declined 4.5%.

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MarketWatch MarketPulse
Nov 22, 2022

Coronavirus tally: China counts more than 253,000 COVID cases in three weeks as daily average rises
More than 253,000 coronavirus cases have been found in China in the past three weeks and the daily average is rising, the government said Tuesday, adding to pressure on officials who are trying to reduce economic damage by easing controls that confine millions of people to their homes, the Associated Press reported. China is the only major country in the world still trying to curb virus transmissions through strict lockdown measures and mass testing. The ruling Communist Party promised earlier this month to reduce disruptions from its "zero- COVID" strategy by making controls more flexible. In the U.S., known cases of COVID are rising again with the daily average standing at 41,530 on Monday, according to a New York Times tracker, up 4% from two weeks ago. The daily average for hospitalizations was down 1% at 27,547, while the daily average for deaths is down 2% to 294. Globally, the confirmed case tally rose above 638.5 million on Tuesday, according to data aggregated by Johns Hopkins, while the death toll is above 6.62 million with the U.S leading the world with 98.4 million cases and 1,077,225 fatalities.

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MarketWatch MarketPulse
Nov 22, 2022

Baidu tops estimates as it says online marketing business recovers
Baidu , the Chinese internet giant, said a gradual recovery of its online marketing business and the steady growth of cloud revenue helped it post stronger-than-forecast revenue. Baidu lost 12 cents per U.S. share during the quarter. Baidu said its adjusted earnings per U.S.-listed share, which exclude items including the fair value loss and impairments of long-term investments and stock-based compensation, rose to $2.37 on revenue of $4.57 billion. Analysts polled by FactSet expected earnings of $2.15 a share on sales of $4.44 billion.

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MarketWatch MarketPulse
Nov 21, 2022

Faraday Future postpones sales of its EV again, 'going concern' warning kept
Faraday Future Intelligent Electric Inc. said in a filing late Monday that the timing of the first deliveries of its FF 91 electric vehicle is "uncertain" and "not expected to occur in 2022." In a previous filing, the EV maker pegged the delivery of the crossover for the end of the year. In Monday's filing, the company said that the start of sales "remains subject to various conditions, many of which are outside of FF's control, including the timing, size, and availability of additional financing." Faraday kept a "going concern" language in the filing, as it had three months ago, sowing doubts about its ability to remain in business based on "recurring losses from operations since inception and continued cash outflows from operating activities." Shares of Faraday Future ended the regular trading day down 6.8%. The company's tumultuous year has included losing auditors and a board dispute.

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Nov 21, 2022

Agilent stock rallies after quarterly beat, outlook
Agilent Technologies Inc. shares rallied more than 4% after-hours Monday after the life-sciences electronics maker beat Wall Street expectations. Agilent earned $368 million, or $1.23 a share, compared with $442 million, or $1.45 a share, in the year-ago quarter. Adjusted for one-time items, Agilent earned $1.53 a share. Revenue rose 11% to $1.85 billion, the company said. Analysts polled by FactSet expected adjusted EPS of $1.38 on sales of $1.76 billion. Agilent guided for full-year revenue between $6.90 billion and $7 billion, which would represent growth of 0.8% to 2.2%, and a full-year adjusted EPS in a range between $5.61 and $5.69. First-quarter revenue was seen between $1.68 billion and $1.70 billion, and first-quarter adjusted EPS between $1.29 and $1.31 a share, with the top within analyst expectations. "The Agilent team delivered double-digit core revenue growth in each of our business groups in FY 2022," Chief Executive Mike McMullen said in a statement. "Our track record of strong execution and broad-based strength across our portfolio sets us up well as we look forward to a new fiscal year." Shares of Agilent ended the regular trading day down 0.7%.

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Nov 21, 2022

Senators press Fidelity to reconsider allowing bitcoin access in 401(k) plans
Democratic Sens. Dick Durbin, Elizabeth Warren and Tina Smith on Monday turned up pressure on Fidelity to reconsider its decision to allow employers to offer bitcoin exposure to 401(k) plan participants, after crypto exchange FTX filed for bankruptcy earlier this month. The senators first wrote a letter to Fidelity in July. "Since our previous letter, the digital asset industry has only grown more volatile, tumultuous, and chaotic-all features of an asset class no plan sponsor or person saving for retirement should want to go anywhere near," the senators wrote in the Monday letter. Bitcoin is trading at as low as $15,591 on Monday, the lowest level since November 2020, according to CoinDesk data.

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Nov 21, 2022

US ties with Wales on World Cup return
The U.S. men's soccer team tied with Wales in its first World Cup game in eight years on Monday. Forward Tim Weah gave the U.S. a deserved half-time lead when he latched onto Christian Pulisic's pass before calmly shooting past Wales goalkeeper Wayne Hennessy in the 36th minute. But the U.S., which is the second-youngest team in the tournament, was unable to find a go-ahead goal. Wales tied the game in the 82nd minute when captain Gareth Bale stepped up to convert a penalty after he was fouled by Walker Zimmerman. Wales' last World Cup appearance was in 1958.

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Nov 21, 2022

U.S. stocks end lower Monday, with Nasdaq seeing biggest losses
U.S. stocks ended lower Monday, after a fresh COVID-19 lockdown in China hurt market sentiment and investors weighed remarks from Federal Reserve Bank of San Francisco President Mary Daly on interest rates. The Dow Jones Industrial Average edged down 0.1%, while the S&P 500 fell 0.4% and the Nasdaq dropped 1.1%, according to preliminary data from FactSet. San Francisco Fed President Daly said Monday that financial markets are acting like the Fed's benchmark rate is around 6%, instead of the actual 3.75%-4% range. Earlier Monday, the Associated Press reported that China's southern metropolis of Guangzhou locked down its largest district in a bid to contain a major COVID outbreak.

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Nov 21, 2022

President Biden expected to sign cannabis research bill
A White House spokesperson on Monday confirmed reports that President Joe Biden plans to sign the Medical Marijuana and Cannabidiol Research Expansion Act after the measure won approval in the U.S. Senate last week. The measure ranks as the first standalone cannabis reform bill to pass both the U.S. House of Representatives and the Senate. The bill aims to eliminate red tape that's slowing cannabis research for new treatments. The White House spokesperson did not say when Biden planned to sign the bill. The AdvisorShares Pure U.S. Cannabis ETF is down 4% in recent trades while the ETFMG Alternative Harvest ETF is off by 2%.

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Nov 21, 2022

U.S. stocks head mostly lower in final hour of trade Monday, led by 1% drop in Nasdaq
Major U.S. stock indexes were trading mostly lower in the final hour of trading on Monday, led by a 1% drop in the Nasdaq Composite Index. Dow industrials toggled back and forth between slight gains and losses near 33,735, while the S&P 500 was down 0.3%. Stocks were pulled lower by concerns about slowing global growth as COVID cases rose in China, where lockdowns returned.

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Nov 21, 2022

Oil ends slightly lower after tumble to 10-month lows
Oil futures ended with small losses but well off session lows after tumbling to levels last seen in January after The Wall Street Journal reported that Saudi Arabia and other OPEC members were discussing a potential output boost for their December meeting. Crude quickly trimmed declines after Saudi Arabia's energy minister denied the report. West Texas Intermediate crude for December delivery fell 35 cents, or 0.4%, to end at $79.73 a barrel on the New York Mercantile Exchange. January WTI , the most actively traded contract, lost 7 cents, or less than 0.1%, to close at $80.04 a barrel.

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Nov 21, 2022

Dow's gain defies bearish breadth
The Dow Jones Industrial Average's gain in afternoon trading Monday defies the weakness the broader stock market is showing. The Dow is up 27 points, or 0.1%, with 19 of 30 components gaining ground. Walt Disney Co.'s stock is up 6.0%, and by itself adding about 37 points to the Dow's price. Meanwhile, the number of declining stocks is leading advacersby 1,606 to 1,387 on the NYSE and by 2,595 to 1,572 on the Nasdaq. Volume in declining stocks is 62.5% of total volume on the Big Board and 71.7% of total volume on the Nasdaq. Meanwhile, the S&P 500 is shedding 0.2% and the Nasdaq Composite is down 0.9%.

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Nov 21, 2022

DraftKings stock falls after report cites cases of unauthorized account withdrawals, but company says it wasn't breached
Shares of DraftKings Inc. were off 8% in afternoon trading Monday after an Action Network report highlighted customer stories of weekend instances in which they said money left their accounts without their permission. In one reported instance, a customer saw a series of unauthorized withdrawals from the bank card that he uses for his deposits, while in another, a customer saw a withdrawal from his DraftKings account that he didn't authorize. The Action Network report mentioned that in multiple cases, users noticed that their account phone numbers had been changed. Paul Liberman, DraftKings' president of global technology and product, said that the company was "aware that some customers are experiencing irregular activity with their accounts" but that the company has seen no evidence that it was breached to gain customer login credentials. "We currently believe that the login information of these customers was compromised on other websites and then used to access their DraftKings accounts where they used the same login information," Liberman said in a statement. DraftKings has identified less than $300,000 of customer funds affected and plans to "make whole any customer that was impacted."

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Nov 21, 2022

US kicks off its World Cup campaign against Wales in Qatar
The U.S. men's soccer team has kicked off its World Cup campaign against Wales at the Al Rayyan stadium in Qatar. The game marks the U.S. team's return to the World Cup after an eight-year absence from the soccer showpiece. Wales' last World Cup appearance was in 1958.

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Nov 21, 2022

: CFTC's Behnam to testify on FTX collapse before Senate panel on Dec. 1
The Senate Agriculture Committee on Dec. 1 will hold a hearing on "lessons learned from the FTX collapse," the panel announced Monday. The sole witness announced by the committee Monday is Rostin Behnam, the chairman of the Commodity Futures Trading Commission. FTX has filed for bankruptcy protection and its former chief executive, Sam Bankman-Fried, has resigned. The House Financial Services Committee has announced a separate hearing on FTX for December.

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Nov 21, 2022

Redfin sees pending home sales fall by a record in October, as cancellations surge
Shares of Redfin Corp. tumbled 9.6% in midday trading Monday, after the real estate services company said pending home sales plunged 32.1% in October from a year ago, the most since it started keeping records in 2013. The drop off in pending sales comes as deal cancellations jumped to a record 17.9% of home that went under contract, and a record 23.9% of homes for sales experienced a price drop. "The Fed's actions to curb inflation are causing the housing market to slow at a pace not seen since the financial crisis," said Redfin Economics Research Lead Chen Zhao. Meanwhile, the median U.S. home sale price in October fell 1.4% from September, the biggest month-over-month drop for any October since 2012, but prices were still up 4.9% from a year ago. Redfin's stock has plummeted 88.0% year to date, while the S&P 500 has lost 17.3%.

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Nov 21, 2022

Tesla stock at two-year low, other EV-maker stocks tank as concerns swirl about China, oil futures
Tesla Inc. shares and shares of other electric-vehicle makers underperformed the broader market in midday trading Monday, as worries about China's COVID lockdowns were back to the forefront and oil futures prices dropped more than 5% to trade at 10-month lows. Tesla shares were on track for their lowest close in two years, down more than 5%. American depositary shares of China-based Nio Inc. were down 5%, and competitor XPeng Inc.'s ADRs fell more than 7%. General Motors Co. and Ford Motor Co. were down 1.2% and 0.4% respectively. The energy sector was taking a broad beating as well, with the SPDR Energy Select Sector ETF looking at a four-week low.

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Nov 21, 2022

Oil and gas stocks take a broad beating as crude oil futures sink toward 10-month lows
The energy sector was taking a broad beating, as worries that new COVID-related lockdowns in China would hurt demand sent crude oil futures sliding toward 10-month lows. The SPDR Energy Select Sector ETF dropped 4.3% in midday trading toward a four-week low with all 23 components losing at least 2%, and as the S&P 500's eight biggest losers are all from the energy sector. Of the biggest decliners, shares of Diamond Back Energy Inc. tumbled 8.2%, Halliburton Co. slid 7.9% and Marathon Oil Corp. shed 7.2%. Chevron Corp.'s stock was losing 3.4% to pace the Dow Jones Industrial Average's decliners. The stock, which was headed for a four-week closing low, has lost 6.0% amid a four-day losing streak since it closed at a record $188.05 on Nov. 15. Crude oil futures gave up 5.6% toward the lowest settlement since January 2022.

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Nov 21, 2022

Oil tumbles over 5% to trade at lowest since January
Oil futures extended a drop Monday amid worries over China's COVID-19 lockdowns, recession worries and a sharply higher U.S. dollar. West Texas Intermediate crude for December delivery fell $4.58, or 5.7%, to $75.50 a barrel on the New York Mercantile Exchange, while the most actively traded January contract shed $4.28, or 5.3%, to $75.83 a barrel. WTI traded at its lowest since January for both the front-month and most-active contracts.

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Nov 21, 2022

New York officials meet to award cannabis retail licenses
The New York Office of Cannabis Management's Cannabis Control Board is considering whether to approve 36 conditional adult-use retail dispensary (CAURD) licenses in the state at Monday's public hearing under way on Monday. The Office of Cannabis Management will also take up the awarding of 16 adult use cultivator licenses as well as eight cannabis processor licenses and three cannabis laboratory permits. The office will also consider a resolution to revise cannabis packaging and labeling rules.

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Nov 21, 2022

Disney's stock soars to add more than 50 points to the Dow's price, leads S&P 500 gainers
Shares of Walt Disney Co. shot up 8.5% in morning trading Monday, to make it them the biggest gainers in both the Dow Jones Industrial Average and S&P 500 , as Wall Street cheered the return of Bob Iger as chief executive officer. The stock's $8.16 price gain is adding about 52 points to the price of the Dow, which is down 12 points, or less than 0.1%. The media and entertainment giant's stock has run up 14.9% since the Nov. 9 close of $86.75, which was the lowest close since March 23, 2020, and was on track for the biggest one-day gain since it soared 13.6% on Dec. 11, 2020.

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MarketWatch MarketPulse
Nov 21, 2022

U.S. stocks open mostly lower amid China COVID lockdown concerns
U.S. stocks opened mostly lower Monday, with the S&P 500 down modestly, amid concern over China's lockdown of a district in a southern city as it seeks to curb the spread of COVID-19. The Dow Jones Industrial Average edged up 0.2% soon after the opening bell, while the S&P 500 fell 0.2% and the Nasdaq Composite slipped 0.4%, according to FactSet data, at last check. The Associated Press reported Monday that China's southern metropolis of Guangzhou locked down its largest district in an effort to control a COVID outbreak. In the U.S., Federal Reserve Bank of San Francisco President Mary Daly is scheduled to speak on inflation at 1 p.m. Eastern time.

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Nov 21, 2022

Mobileye stock surges after 2 more analysts start coverage with bullish ratings
Shares of Mobileye Global Inc. surged 4.5% in premarket trading Monday, after more analysts started coverage of the autonomous driving spinoff of Intel Corp. with bullish outlooks. Raymond James analyst Brian Gesuale initiated Mobileye with a strong buy rating and stock price target of $50, which implies 75.9% upside from Friday's closing price of $28.42. "A combination of fast-paced ADAS [advanced driver assistance systems] adoption, deeper penetration of a $40B TAM [total addressable market], and rebound in auto production as supply chain constraints dissipate provide the foundation for ~40% sales CAGR from 2022-26," Gesuale wrote in a note to clients. Mizuho's Vijay Rakesh started coverage of the stock at buy with a $35 price target, citing the company's market share of about 70% and growing of camera-based ADAS with an artificial intelligence (AI)-driven training platform. Of the 11 analysts surveyed by FactSet covering the stock, which went public on Oct. 26, there are now nine who are bullish and two who are neutral. Shares of Intel, which owns 100% of the 750.0 million Class B shares and 99.4% of the voting power -- there are 46.3 million Class A common shares outstanding -- slipped 0.5% in the premarket, while futures for the Dow Jones Industrial Average eased 25 points, or 0.1%.

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Nov 21, 2022

Cargill promotes COO Brian Sikes as 10th CEO in its 157-year history
Cargill Inc. on Monday named 31-year company veteran Brian Sikes as the tenth chief executive officer of the 157 year-old, privately-held agribusiness giant. Sikes, who is currently chief operating officer, will become CEO of the 160,000-employee company on Jan. 1. CEO Dave MacLennan will become executive chair of Cargill's board of directors. Sikes has worked on long-term planning and has helped grow the company's global protein and salt enterprise into an industry leader, Cargill said. MacLennan has been CEO since 2013.

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Nov 21, 2022

UnitedHealth, Cigna stocks fall after Raymond James downgrades, citing tripledemic and policy concerns
Shares of UnitedHealth Group Inc. fell 0.5% and Cigna Corp. slumped 2.3% in premarket trading Monday, after Raymond James analyst John Ransom downgraded the health insurers, citing concerns that the "tripledemic" of the flu, RSV (respiratory syncytial virus) and COVID could lead to higher-than-expected medical loss ratios (MLRs). Ransom is also concerned about potential negative outcomes from upcoming policy catalysts, including Medicare Advantage Advanced Notice and risk adjustment data validation (RADV) final rule. "[T]he general view that the combination of mostly ideal factors in 2022 (lower medical trend, higher-than-expected MA rate increase and rotation into U.S.-centric defensive stocks) are unlikely to be replicated," Ransom wrote in a note to clients. He cut his rating on both companies to outperform from strong buy and kept his stock price targets at $615 for UnitedHealth and at $370 for Cigna. UnitedHealth's stock has gained 5.6% and Cigna shares have run up 39.0% year to date, while the SPDR Health Care Select Sector ETF has lost 4.5% and the Dow Jones Industrial Average has declined 7.1%.

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Nov 21, 2022

Bed Bath & Beyond extends exchange offers for certain debt securities
Bed Bath & Beyond Inc. said MOnday it has further extended offers to exchange some of its outstanding debt securities for cheaper debt to reflect changes to some of the new notes. The troubled retailer said it's now offering to exchange 3.749% senior notes that mature in 2024 for new 3.693% senior second lien secured non-convertible notes that mature in 2027 and/or new 8.821% senior second lien secured convertible notes maturing in 2027, at the option of the holder. The company will exchange its 4.915% senior notes that mature in 2034 for new 12.000% senior third lien secured convertible notes due 2029, and 5.165% senor notes that mature in 2044 for new third lien convertible notes. The exchanges will now expire on Dec.5, instead of Nov. 18. Shares were flat premarket and have fallen 77% in the year to date, while the S&P 500 has fallen 17%.

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Nov 21, 2022

Builders FirstSource launches search for CEO after departure of Dave Flitman
Builders FirstSource Inc. on Monday named executive vice president Dave Rush as interim CEO and launched a search for a new chief executive after the departure of Dave Flitman, who has stepped down from the position to accept a job from outside the industry. The Dallas company said it formed a special committee under Chairman Paul Levy to search for a new CEO. Rush started his career with Builders First Source 23 years ago. Shares of Builders FirstSource are down 25% in 2022, compared to a loss of 16.8% by the S&P 500 .

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Nov 21, 2022

Domino's to use 800 GM Chevy Bolt EV for pizza delivery in the coming months
Domino's Pizza Inc. said Monday it will roll out 800 General Motors Co. Chevy Bolt electric vehicles (EVs) as part of its pizza delivery fleet. The first 100 Bolt EVs will arrive at certain U.S. franchise and company stores in November and an additional 700 will arrive in the coming months. "Electric vehicles provide several advantages for Domino's stores, including ample battery life with the potential to have days of deliveries, zero tailpipe emissions, advanced safety features and lower average maintenance costs than nonelectric vehicles -- all without the financial impact of high gas prices," Domino's said in a statement. Domino's stock was still inactive in premarket trading while GM shares slipped 0.3%, while futures for the S&P 500 declined 0.5%.

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Nov 21, 2022

Teva names former Sandoz chief Richard Francis as new CEO
Teva Pharmaceutical Industries Ltd. on Monday said its current CEO Kåre Schultz will retire on Dec. 31. Robert Francis, former CEO of Sandoz and an executive at Novartis AG and former executive at Biogen Inc. , will become the CEO of Teva. Francis is now the CEO of Purespring Therapeutics, a gene therapy company focused on kidney diseases, and CEO of Forcefield Therapeutics, a heart function specialist, as well as an operating partner for Syncona Investment Management Ltd. Schultz has been CEO of Teva since 2017. Shares of Teva fell 1.4% in premarket trades.

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Nov 21, 2022

J.M. Smucker stock jumps toward 6-year high after profit and sales beat expectations and outlook raised
Shares of J.M. Smucker Co. jumped 3.7% toward a six-year high in premarket trading Monday, after the consumer and pet foods company, which brands including Folgers, Jif and Milk-Bone, reported fiscal second-quarter profit and sales that beat expectations and raised its full-year outlook, as a 17 percentage point in price realization helped offset a 6-point decline in volume and mix. Net income for the quarter to Oct. 31 fell to $191.1 million, or $1.79 a share, from $206.0 million, or $1.90 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $2.40 beat the FactSet consensus of $2.18. Sales grew 7.6% to $2.21 billion, above the FactSet consensus of $2.17 billion. Cost of products sold rose more than sales, up 12.4% to $1.50 billion, as gross margin contracted to 31.8% from 34.7%. For fiscal 2023, the company raised its guidance ranges for adjusted EPS to $8.35 to $8.75 from $8.20 to $8.60 and for sales growth to 5.5% to 6.5% from 4% to 5%. The stock has gained 4.6% over the past three months through Friday, while the S&P 500 has lost 6.2%.

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Nov 21, 2022

JPMorgan keeps its rank as largest global systematically important bank; Bank of America moves up the list
JPMorgan Chase & Co. held on to its position as the largest bank on the 2022 list of the Global Systematically Important Banks (G-SIBs), the Financial Stability Board said Monday. The same 30 banks remained on the list. Bank of America moved up to bucket three from bucket two, while JPMorgan remained the only bank in bucket four. Citigroup and HSBC remained in bucket three, while BNP Paribas dropped to bucket two from bucket three. China Construction Bank moved to bucket two to bucket one. Among U.S. banks, Goldman Sachs Group Inc. remained in bucket two. Bank of New York Mellon , Morgan Stanley , State Street Corp. and Wells Fargo & Co. are in bucket one. The list of G-SIBs is divided into buckets corresponding to required level of additional loss absorbency. The Financial Stability Board updates the list of G-SIBs each November.

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Nov 21, 2022

Imago BioSciences stock soars after Merck bids more than 100% premium to buy the biotech
Shares of Imago BioSciences Inc. soared toward an eight-month high in premarket trading Monday, after the biopharmaceutical company developing treatments for myeloproliferative neoplasms (MPNs) and other bone marrow diseases announced an agreement to be acquired by Merck & Co. Inc. in a cash deal with a equity value of $1.35 billion. Under terms of the deal, Merck will pay $36.00 for each Imago share, which represents a 106.9% premium to Friday's closing price of $17.40. The buyout price implies a market capitalization of $1.22 billion. The record close for Imago's stock, which went public in July 2021, was $29.69 on Oct. 26, 2021. "We continue to invest in our pipeline with a focus on applying our unique capabilities to unlock the value of breakthrough science for the patients we serve," said Merck Chief Executive Robert Davis. "This acquisition of Imago augments our pipeline and strengthens our presence in the growing field of hematology."

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Nov 21, 2022

Stock of SPAC buying Donald Trump's Truth Social falls after Trump reinstated on Twitter
Shares of the special purpose acquisition company (SPAC) looking to take Donald Trump's Truth Social public, Digital World Acquisition Corp. , dropped 3.1% in premarket trading, after Elon Musk reinstated Trump's Twitter account over the weekend. The reinstatement follows a poll on Twitter held by Musk, the Chief Executive of Tesla Inc. that bought the social media company; the "yes" vote to reinstate Trump won with 51.8%. Trump had previously said he would not rejoin Twitter even if reinstated, and said after the reinstatement that he saw a lot of problems at Twitter. Digital World's stock, has plunged 28.6% over the past three months through Friday while the S&P 500 has shed 6.2%.

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Nov 21, 2022

Coronavirus tally: China locks down Guangzhou district and announces first COVID death in six months
China's southern manufacturing hub of Guangzhou locked down its largest district Monday as it tries to tamp down a major COVID-19 outbreak, suspending public transit and requiring residents to present a negative test if they want to leave their homes, the Associated Press reported. The outbreak is testing China's attempt to bring a more "targeted" approach to its zero-COVID policies while facing multiple outbreaks. China is the only major country in the world still trying to curb virus transmissions through strict lockdown measures and mass testing. Meanwhile in Beijing, the capital reported two more COVID-19-related deaths. On Sunday, the city reported its first COVID-19 death in over six months. Known U.S. cases of COVID were flat on Sunday with the daily average standing at 40,588, according to a New York Times tracker, up 1% from two weeks ago. The daily average for hospitalizations was up 1% at 27,781, while the daily average for deaths is down 10% to 286. Globally, the confirmed case tally rose above 638.1 million on Monday, according to data aggregated by Johns Hopkins, while the death toll is above 6.62 million with the U.S leading the world with 98.3 million cases and 1,077,031 fatalities.

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Nov 21, 2022

Surgery Partners stock falls after public stock offering of $275 million, private placement of $225 mln
Shares of Surgery Partners Inc. shed 2.6% in premarket trading Monday, after the outpatient health care services company said it launched a public offering of $275 million worth of its common stock. The offering represents 11.2% of the market capitalization of $2.45 billion as of Friday's close. Separately, an affiliate of Bain Capital, which is the largest shareholder owning about 54.5% of the shares outstanding, according to FactSet data, has agreed to buy $225 million worth of common stock in coincident private placement. The company plans to use the proceeds from the public offering and private placement to pay down long-term debt and general corporate purposes. The stock has tumbled 20.0% over the past three months through Friday, while the S&P 500 has lost 6.2%.

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MarketWatch MarketPulse
Nov 21, 2022

Casino stocks slump on new Chinese COVID-19 restrictions
Casino stocks with ties to Macau slumped in premarket trade as China reported its first death from COVID-19 since May and announced new restrictions. In the southern Guanghzhou, there's a five-day lockdown in its most populous district, and schools in Beijing went back to online learning. Melco Resorts & Entertainment fell 4%, while Wynn Resorts and Las Vegas Sands each lost 3%. In Hong Kong, Sands China fell 7% and Galaxy Entertainment declined by 5%.

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MarketWatch MarketPulse
Nov 20, 2022

: World Cup 2022 kicks off with 2-0 loss for host Qatar against Ecuador
Ecuador defeated Qatar 2-0 in the World Cup's opening game Sunday thanks to goals from Enner Valencia. Qatar is the first country in the Arab World to host the World Cup, although the tournament has been mired in controversy. The plight of migrant workers, along with LGBTQ rights in the Gulf state, sparked a backlash against the tournament long before a ball was even kicked. In the opening game, the host nation were immediately placed under pressure by the South Americans. Within minutes Ecuador forward Valencia had the ball in the back of the net following a mistake by Qatar goalkeeper Saad Al Sheeb, but the goal was ruled out by the Video Assistant Referee. It was a nervy start from Qatar on their World Cup debut and Ecuador continued to press, with Valencia winning a penalty after a quarter of an hour when he was fouled by Al Sheeb. The striker duly sent the Qatar keeper the wrong way for the tournament's opening goal. Valencia doubled Ecuador's lead on 31 minutes with an emphatic header into the bottom corner from Angelo Preciado's cross. Qatar forward Almoez Ali missed a great chance at the end of the first half when he didn't get enough contact on his close-range header, which glanced wide. Despite an improved performance in the second half, Qatar didn't trouble Ecuador goalkeeper Hernan Galindez and became the first host nation in World Cup history to lose their opening game.

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MarketWatch MarketPulse
Nov 20, 2022

World Cup 2022 kicks off with host Qatar against Ecuador ... links within
The Qatar World Cup, which is mired in controversy, has kicked off with the host nation taking on Ecuador after a glitzy opening ceremony that featured Morgan Freeman and K-Pop star Jung Kook. The plight of migrant workers in Qatar, along with LGBTQ rights in the Gulf state, has sparked a backlash against the tournament long before a ball was even kicked. The tournament is the first World Cup to take place in the Middle East, and also the first to take place during the northern hemisphere's winter. As the soccer showpiece began, Ecuador thought they had opened the scoring through Enner Valencia just minutes after kickoff, only for the goal to be ruled out for offside after a check by the Video Assistant Referee. Ecuador took the lead after 16 minutes when Valencia converted a penalty to score the first goal of the World Cup.

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