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MarketWatch MarketPulse
Jan 24, 2021

Romney says constitutional-law scholars conclude a president can be impeached after leaving office
Sen. Mitt Romney of Utah broke with a popular talking point in stating Sunday on CNN that the "preponderance" of opinion from legal experts concludes that a public official can be impeached even after the expiration of that official's term in office. Some of Romney's fellow Republicans have argued Donald Trump, who left office Wednesday, cannot be convicted in his upcoming Senate impeachment trial because the Constitution speaks of impeachment as a tool for removal of a president who is adjudged to have committed high crimes or misdemeanors. The impeachment article passed on Jan. 13 in the House on a bipartisan vote includes language declaring Trump unfit to run for public office in the future. "I'll, of course, hear what the lawyers have to say for each side. But I think it's pretty clear that the effort is constitutional," Romney said in an interview on CNN's Sunday-morning show "State of the Union." The Senate impeachment trial is set to begin the week of Feb. 8.

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MarketWatch MarketPulse
Jan 22, 2021

Elon Musk's SpaceX plans natural-gas drilling in Texas: report
Elon Musk's Space Exploration Technologies Corp., or SpaceX, has plans to drill for natural gas in Texas, Bloomberg reported Friday, citing a hearing before the state's energy regulator. The drilling would be done close to the privately held aerospace company's launchpad and through a SpaceX subsidiary, Lone Star Mineral Development. But it has yet to start due to a dispute with Dallas Petroleum Group, which claims ownership of some inactive wells on the same land, Bloomberg said. Earlier this week Musk, electric-car maker Tesla Inc. chief executive, tweeted that he'd donate $100 million toward "the best" carbon-capture technology. Musk announced last year he had moved to Texas, where Tesla is building a factory outside the capital Austin. According to news reports this week, SpaceX, also through Lone Star Development unit, also recently bought two oil rigs, likely to convert them to support SpaceX's programs.

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
Jan 22, 2021

Nasdaq sets new record as stocks hold onto weekly gains
Stocks ended mixed on Friday, but managed to cling to weekly gains as investors eyed the economic impact of COVID-19 restrictions in Europe. The S&P 500 fell 0.3% to 3,841. The Dow Jones Industrial Average shed 179 points, or 0.6%, to 30,997, based on preliminary numbers. The Nasdaq Composite was up 0.1% to 13,543, setting a new closing record on Friday. For the week, the S&P 500 rose 1.9%, the Dow gained 0.6%, and the Nasdaq climbed 4.2%. Economic data from Europe reflected the continuing toll from the pandemic, raising concerns the eurozone could enter into another recession. Shares of Schlumberger Ltd. rose after the oil services company topped profit forecasts, and beat revenue expectations for the first time in four quarters.

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
Jan 22, 2021

U.S. oil futures fall, prompting a turn lower in prices for the week
U.S. oil futures ended with a loss on Friday to turn lower for the week, pressured by an unexpected climb in U.S. crude inventories as a reported resurgence of cases in China renewed worries about a slowdown in energy demand. March West Texas Intermediate crude fell 86 cents, or 1.6%, to settle at $52.27 a barrel on the New York Mercantile Exchange. Prices lost 0.2% for the week, based on last Friday's settlement of $52.36 for the February contract, which expired on Wednesday.

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



MarketWatch MarketPulse
Jan 22, 2021

Gold futures fall for the session, post a gain for the week
Gold futures declined on Friday as the U.S. dollar saw modest strength. Prices posted a gain for the week, however, buoyed by expectations for further fiscal stimulus under the newly inaugurated President Joe Biden, which could weaken the dollar and lift dollar-denominated prices of gold. February gold fell $9.70, or 0.5%, to settle at $1,856.20 an ounce. For the week, prices based on the most-active contract were up 1.4%, FactSet data show.

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



MarketWatch MarketPulse
Jan 22, 2021

GameStop's stock is surging again, putting it on track for its best month ever
Shares of GameStop Corp. on Friday afternoon were extending a recent surge, putting the videogame retailer on track for its best monthly gain, up over 220%, in its history. The historic surge in shares of the company, which went public in 2002, comes as an army of traders on a popular social platform Reddit have been striving to drive values higher, according to a Bloomberg report, even as short seller Citron Research has attempted to make a case why valuations for GameStop make it a sell rather than a buy. However, a planned livestream hosted by Citron, intended for Wednesday originally, was canceled, and Citron has complained about "hacking" of its livestream events and its Twitter account recently. A report in Bloomberg News referred to Citron's technical issues as a backlash from a Reddit community that is rabidly bullish on GameStop. Shares of GameStop began a parabolic rise last week, and the upsurge was attributed by some to a short squeeze, where investors who are betting that the stock price will fall in value are forced to buy shares they have borrowed in their bearish bets, which can have the effect of amplifying a stock's rise. Market participants also see the rally in GameStop as evidence of a bubble forming in segments of the market, with the Federal Reserve and government providing liquidity and support for the COVID-19-stricken financial market and maintaining interest rates at or near 0% -- a recipe that bears have said has encouraged speculative investments. GameStop has had a powerful run due to lockdowns meant to limit the COVID spread, with more people playing videogames. Its surge in January surpasses its 66% surge in August, FactSet data show.

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MarketWatch MarketPulse
Jan 22, 2021

Baker Hughes data show U.S. oil-rig count up a 9th week in a row
Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil rose by 2 to 289 this week. That followed increases in each of the last eight weeks. The total active U.S. rig count, which includes those drilling for natural gas, was also up by 5 to 378, according to Baker Hughes. March West Texas Intermediate crude continued to trade sharply lower following the data, losing 75 cents, or 1.4%, to $52.38 a barrel on the New York Mercantile Exchange.

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MarketWatch MarketPulse
Jan 22, 2021

BioNTech, Pfizer to sell 40 million doses to lower-income countries
BioNTech SE and Pfizer Inc. said Friday that they plan to sell 40 million doses of their COVID-19 vaccine this year to Covax, a group that aims to ensure 92 lower-income countries have access to coronavirus vaccines. BioNTech's stock gained 1.2% in trading on Friday, while shares of Pfizer were up 0.3%. The companies said they are providing their vaccine to Covax at a not-for-profit price; however, the financial terms of the agreement were not disclosed. Their vaccine has emergency authorization in the U.S., as well as in several other countries, and the World Health Organization, which is part of Covax, has also granted it emergency validation. BioNTech's stock has soared 174.6% over the past 12 months, while Pfizer shares have tumbled 3.8%. The S&P 500 is up 16.0% over the past year.

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



MarketWatch MarketPulse
Jan 22, 2021

Oil futures extend losses after EIA reports a surprise weekly increase in U.S. crude supplies
The Energy Information Administration reported Friday that U.S. crude inventories rose by 4.4 million barrels for the week ended Jan. 15. The data, which were delayed by two days because of Monday's Martin Luther King, Jr. holiday and Wednesday's U.S. presidential inauguration, compared with the average decline of 2.5 million barrels forecast by analysts polled by S&P Global Platts. The American Petroleum Institute on Wednesday reported a 2.6 million-barrel increase. The EIA data also showed crude stocks at the Cushing, Okla., storage hub declined by 4.7 million barrels for the week. Gasoline supply, meanwhile, fell by 300,000 million barrels, while distillate stockpiles were up by 500,000 barrels. The S&P Global Platts survey had forecast supply increases of 2.7 million barrels for gasoline and 600,000 barrels for distillates. March West Texas Intermediate crude extended losses after the data, trading down 67 cents, or 1.2%, at $52.46 a barrel on the New York Mercantile Exchange. Prices were at $52.49 before the supply data.

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



MarketWatch MarketPulse
Jan 22, 2021

Home-run king Hank Aaron is dead at 86: reports
Baseball Hall of Fame member Henry Aaron, who broke Babe Ruth's long-standing home-run record with his 715th clout in 1974, is dead at 86, according to Atlanta media including CBS46. Aaron, the last Negro League player on an active major-league roster, played for the Milwaukee and later Atlanta Braves before finishing his two-decade-plus career with the Milwaukee Brewers in 1976. Aaron's 755 career home runs were later eclipsed by Barry Bonds, who ended his career in 2007 with 762 home runs. He remained a civic leader in those two cities for decades.

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
Jan 22, 2021

Natural-gas futures continue to fall, even as weekly U.S. supplies decline more than expected
The U.S. Energy Information Administration reported on Friday that domestic supplies of natural gas declined by 187 billion cubic feet for the week ended Jan. 15. On average, the data, which came out a day later than usual because of Wednesday's U.S. presidential inauguration, were expected to show a drop of 177 billion cubic feet for the week, according to analysts polled by S&P Global Platts. Total stocks now stand at 3.009 trillion cubic feet, up 36 billion cubic feet from a year ago, and 198 billion cubic feet above the five-year average, the government said. Following the data, February natural gas was down 3.3 cents, or 1.3%, to $2.458 per million British thermal units. It traded at $2.464 shortly before the data.

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



MarketWatch MarketPulse
Jan 22, 2021

The lockdown trade wins Friday
Stay-at-home ETFs were among the few gainers early Friday amidst a stock sell-off sparked by tepid economic data from Europe and Asia. The Global X Cybersecurity ETF was up 0.5%, the VanEck Vectors Video Gaming & eSports ETF jumped 1.1%, the ProShares Long Online/Short Stores ETF gained 0.6%, and the WisdomTree Cloud Computing Fund was up 0.6%. Meanwhile, re-opening themed funds suffered. The U.S. Global Jets ETF slid 1.6%. The Invesco Dynamic Leisure & Entertainment ETF , which is packed with in-person entertainment stocks, was down more than 0.6%.

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



MarketWatch MarketPulse
Jan 22, 2021

Bionano Genomics' stock rally result of awareness push in 2019 and 2020 about its genomic technology: analyst
Shares of Bionano Genomics Inc. gained 10.3% in premarket trading on Friday following a week of heavy trading on the stock. The company's stock price has tripled since the start of the year, closing at $8.27 on Jan. 21, compared to $3.08 on Dec. 31. According to Maxim Group's Jason McCarthy, the increased investor interest in Bionano stems from two years of work to raise awareness of its Saphyr optical genome mapping system and a five-day virtual symposium in January that focused on the technology. "Awareness, adoption, and messaging in 2019 and 2020 culminated with a cytogenetics symposium that has opened the eyes of the genomics world to Saphyr, in our view," he wrote. The Saphyr technology is allowed for research-use only in the U.S. The company launched two public offerings in the last week; the first raised $101.8 million in gross proceeds, the second aims to raise $200 million. The company lost nearly [l:$30 million on sales of $4.5 million|https://www.marketwatch.com/story/bionano-genomics-to-sell-more-shares-stock-falls-2021-01-19?mod=mw_quote_news|NEW] in the first nine months of 2020. Bionano's stock has soared 583.4% over the past, with most of the rally occurring in January. The S&P 500 is up 16.0% over the past 12 months.

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
Jan 22, 2021

IBM, Intel stock selloffs slash more than 100 points off the Dow
Disappointing earnings from technology leaders are responsible for more than half of the Dow Jones Industrial Average's declines on Friday. International Business Machines Corp.'s stock tumbled $13.65, or 10.4%, in morning trading after the IBM reported late Thursday fourth-quarter results, in which adjusted profit beat expectations but revenue missed, with the price decline was shaving about 90 points off the Dow's price. Intel Corp. shares fell $3.52, or 5.6%, to lop about 23 points off the Dow's price, in the wake of the chip maker's fourth-quarter results, which were unexpectedly released before Thursday's closing bell. The combined negative effect on the Dow of IBM and Intel stock price declines was 113 points, while the Dow fell 207 points, or 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
Jan 22, 2021

Stocks lower at the open on renewed lockdown pessimism
U.S. stocks opened lower Friday after sweeping to a string of fresh records, and as investor attention turned back to coronavirus lockdowns. The Dow Jones Industrial Average fell 217 points, 0.7%, to open near 30,959, while the S&P 500 [: SPX] lost about 20 points or 0.5%, and hovered near 3,833. The Nasdaq Composite was 59 points lower, down 0.4% near 13,472. Economic data from Europe and Asia confirmed the impact of measures to combat the virus, even as Congressional Republicans seemed less willing to compromise on an ambitious fiscal package from the Biden White House. Shares of International Business Machines Corporation slide nearly 9% after the bell, on the blue-chip's first full day of trading after reporting a decline in adjusted net income.

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
Jan 22, 2021

Microsoft stock is a buy while Oracle is a sell, says Goldman Sachs
Goldman Sachs analyst Kash Rangan initiated coverage on a basket of software names late Thursday, assigning buy ratings to shares of Microsoft Corp. , Workday Inc. , Adobe Systems Inc. , ServiceNow Inc. , Salesforce.com Inc. , and Splunk Inc. . He's less upbeat about the prospects for Autodesk Inc. and Oracle Corp. as he assigned sell ratings to both names. Rangan's buy-rated stocks "lean more toward reasonably valued high quality growth franchises," he wrote. Companies like Microsoft, Salesforce, Workday, and Splunk look poised to benefit from a potential shift in software spending priorities toward the second half of the year, he argued. While corporate IT departments have been spending on "defensive" categories like video conferencing and remote applications, they could soon shift to more "offensive" areas like the public cloud, human-capital management, and financial tools, Rangan wrote. As for the sell-rated names, Rangan is worried about "secular pressure" for Oracle's middleware business and the health of Autodesk's customer base, particularly in terms of commercial construction companies after the pandemic ends.

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
Jan 22, 2021

Carnival extends cruise suspensions through April 30, matching peers
Carnival Corp. said Friday it was cancelling more cruises, as it extends the suspension of U.S. cruises through April 30. That matches cruise suspensions of fellow cruise operators Royal Caribbean Group and Norwegian Cruise Line Holdings Ltd. announced earlier this month. Carnival said it has also cancelled European cruises for its Carnival Legend ship for departures through Oct. 31, and delayed the start date for Mardi Gras to Port Canaveral to May 29. In addition, Carnival said it cancelled all Australian operations through May 19. Carnival's stock, which fell 1.7% in premarket trading, has run up 36.5% over the past three months through Thursday, while the S&P 500 has gained 11.6%.

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



MarketWatch MarketPulse
Jan 22, 2021

Expedia stock gets an upgrade from Wells Fargo on home-rental potential
Wells Fargo analyst Brian Fitzgerald upgraded shares of Expedia Group Inc. to overweight from equal weight Friday, writing that the strong debut for Airbnb Inc. highlights considerable interest in the home-rental segment and offers a chance for Expedia to unlock more value for Vrbo, its own home-rental platform. "We believe that 1) a return to more transparent disclosure of Vrbo's financial performance, 2) efforts to further increase monetization, and/or 3) a Vrbo IPO (taking a page from the IAC/EXPE playbook) could represent significant value drivers for EXPE stock," he wrote in a note to clients. Fitzgerald argued that "some discount is appropriate vs. ABNB given the latter's strong, global brand and massive host footprint" though he said that Vrbo also deserves a premium multiple. He said that the slower-than-expected pace of the vaccine rollout could benefit Vrbo over the summer, making whole-home rentals seem more attractive. Expedia shares have gained 50% over the past three months as the S&P 500 has risen 12%.

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
Jan 22, 2021

Maxim Group: Bionano's stock rally result of awareness push in 2019 and 2020 about its genomic technology
Shares of Bionano Genomics Inc. gained 10.3% in premarket trading on Friday following a week of heavy trading on the stock. The company's stock price has tripled since the start of the year, closing at $8.27 on Jan. 21, compared to $3.08 on Dec. 31. According to Maxim Group's Jason McCarthy, the increased investor interest in Bionano stems from two years of work to raise awareness of its Saphyr optical genome mapping system and a five-day virtual symposium in January that focused on the technology. "Awareness, adoption, and messaging in 2019 and 2020 culminated with a cytogenetics symposium that has opened the eyes of the genomics world to Saphyr, in our view," he wrote. The Saphyr technology is allowed for research-use only in the U.S. The company launched two public offerings in the last week; the first raised $101.8 million in gross proceeds, the second aims to raise $200 million. The company lost nearly [l:$30 million on sales of $4.5 million|https://www.marketwatch.com/story/bionano-genomics-to-sell-more-shares-stock-falls-2021-01-19?mod=mw_quote_news|NEW] in the first nine months of 2020. Bionano's stock has soared 583.4% over the past, with most of the rally occurring in January. The S&P 500 is up 16.0% over the past 12 months.

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
Jan 22, 2021

UPDATE: Aurora Cannabis $125 million capital raise may not be enough if it's serious about the U.S.: Jefferies analyst
Aurora Cannabis Inc.'s $125 million bought-deal financing is not surprising, but may not be enough for the Canadian company to establish a needed foothold in the U.S., Jefferies analyst Owen Bennett said Friday. "Following ACB's recent business update and restructured credit facility, we flagged a risk of underinvestment," Bennett wrote in a note to clients. Since that update, "US political developments also mean the US market could open up sooner rather than later. ACB will certainly need cash to establish a US foothold, yet we still wonder if this is enough. Further, a strong US presence is arguably required to support the current multiple," the analyst wrote. Jefferies rates Aurora as underperform with a $3.58 stock price target. The company announced the capital raise late Thursday and Bennett estimates its total implied dilution at 9% and up to 9.8% if the underwriters exercise an option to purchase an additional 10% of the units offered within a 30-day window. Aurora's balance sheet rules out acquiring U.S. assets unless it issues shares at a material dilution, said Bennett. "Although it could leverage an existing CBD infrastructure, we wonder whether it has enough capital to support a leading CBD business (look how much Canopy is spending on that business segment alone), never mind expanding that into THC," he wrote. "So while the additional cash is encouraging, we do wonder if still too little to really get a strong US CBD and THC presence." Aurora shares were down 6% premarket but have gained 130% in the last three months, while the Cannabis ETF has gained 82% and the S&P 500 has gained 12%.

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
Jan 22, 2021

SPAC Climate Change Crises stock rockets after deal to take EVgo public
Shares of Climate Change Crisis Real Impact I Acquisition Corp. soared 48.3% in premarket trading Friday, after special purpose acquisition company (SPAC) announced a deal in which EVgo Services LLC will go public. EVgo, which boasts being the "nation's largest electric vehicle (EV) public fast charging network," said its expects $575 million in proceeds from the merger deal, values the combined company at $2.6 billion. After the deal closes, which is expected to occur in the second quarter of 2021, the combined company will be named EVgo Inc. and the stock will trade under the ticker symbol "EVGO." EVgo said it has has more than 800 charging locations in 67 metropolitan markets across 34 states. "Time is precious for all of us, so a public fast charging option with an expanding footprint like EVgo is essential to meet the rapidly growing needs of EV drivers of all types," said EVgo Chief Executive Cathy Zoi. The SPAC's stock, which went public on Nov. 20, has rallied 24.6% year to date through Thursday, while the Renaissance IPO ETF has gained 8.4% and the S&P 500 has tacked on 2.6%.

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



MarketWatch MarketPulse
Jan 22, 2021

Zenabis enters C$60 million revolving credit agreement to refinance debt held by Sundial
Zenabis Global Inc. said Friday it has entered a revolving credit agreement with a Canadian private debt fund for up to C$60 million ($47 million) that it will use to refinance more expensive debt held by Sundial Growers Inc. . The credit facility carries an interest rate per annum of the greater of 10% or the Toronto-Dominion Bank's prime rate, from time to time, plus 7.55% calculated daily and payable monthly. The debt held by Sundial has an interest rate of 14% per annum. "This committed revolving credit facility will enable the Company to substantially reduce its cost of capital while providing increased liquidity with which to finance Zenabis' continuing revenue growth and increase its operating flexibility," Chief Executive Shai Altman said in a statement. In December, Sundial closed the acquisition of a special purpose vehicle for C$58.9 million in cash. The special purpose vehicle owns C$58.9 million of senior secured debt issued by Zenabis Investment Ltd, a unit of Zenabis Global. Zenabis' U.S.-listed shares were not active premarket. Sundial was down 3%.

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MarketWatch MarketPulse
Jan 22, 2021

JetBlue received $252 million as part of PSP extension agreement
JetBlue Airways Corp. disclosed Friday that it received $252 million from the U.S. Treasury as part of a Payroll Support Program Extension Agreement, including a grant of $206 million and a lot of $46 million. Under terms of of the PSP, JetBlue said it issued to the U.S. Treasury warrants to buy 316,583 shares of JetBlue common stock, at an exercise price of $14.43. The air carrier's stock, which fell 1.4% in premarket trading, has rallied 17.5% over the past three months through Thursday, while the U.S. Global Jets ETF has climbed 20.8% and the S&P 500 has gained 11.6%.

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



MarketWatch MarketPulse
Jan 22, 2021

Schlumberger stock surges after profit beats, and revenue tops forecasts for first time in 4 quarters
Shares of Schlumberger Ltd. rose 1.4% in premarket trading, bucking the selloff among its energy peers and the broader stock market, after the oil services company topped profit forecasts, and beat revenue expectations for the first time in four quarters. Net income rose to $374 million, or 27 cents a share, from $333 million, or 24 cents a share, in the year-ago period. Excluding non-recurring charges and credits, adjusted earnings per share fell to 22 cents from 39 cents, but were above the FactSet consensus of 17 cents. Revenue declined 33% to $5.53 billion, but beat the FactSet consensus of $5.24 billion. Among the company's business divisions, well construction revenue fell 38% to $1.87 billion, production systems revenue slid 23% to $1.65 billion, reservoir performance revenue dropped 41% to $1.25 billion and digital and integration revenue declined 25% to $833 million. "We concluded the year posting very strong fourth-quarter results, as we leveraged the industry recovery, which has now commenced," said Chief Executive Olivier Le Peuch. The stock's early rally comes while the SPDR Energy Select Sector ETF falls 1.9% premarket and futures for the S&P 500 drop 0.7%.

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MarketWatch MarketPulse
Jan 22, 2021

DuPont, Corteva and Chemours settle PFAS legal disputes, with expenses capped at $4 billion
DuPont de Nemours Inc. , Corteva Inc. and Chemours Co. announced Friday an agreement to settle legal disputes, and to establish a cost-sharing arrangement related to PFAS liabilities. Under terms of the agreement, expenses will be split 50-50, with DuPont and Corteva responsible for one half and Chemours responsible for the other half. Expenses will be capped at a total of $4 billion, and the terms will not exceed 20 years. For DuPont's and Corteva's total share of the expenses of up to $2 billion, DuPont's share would be about $1.36 billion and Corteva's is about $640 million. "The agreement will provide a measure of security and certainty for each company and our respective shareholders using a transparent process to address and resolve any potential future legacy PFAS matters," the companies said in a statement. Separately, the companies agreed to settle the matters in the Ohio multi-district PFOA litigation for $83 million, with DuPont contributing $27 million, Corteva contribution $27 million and Chemours contributing $29 million. Over the past 12 months, shares of DuPont have rallied 33.2%, Corteva have climbed 47.9% and Chemours have advanced 66.1%, while the S&P 500 has gained 16.0%.

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MarketWatch MarketPulse
Jan 22, 2021

Coronavirus tally: Global cases of COVID-19 top 97.5 million and U.S. death toll surpasses 410,000
The global tally for confirmed cases of the coronavirus that causes COVID-19 climbed above 97.5 million on Friday, according to data aggregated by Johns Hopkins University, while the death toll rose above 2.09 million. The U.S. has the highest case tally in the world at 24.6 million and the highest death toll at 410,378, or about a fifth of the global total. The U.S. added at least 190,630 new cases on Thursday, according to a New York Times tracker , and counted at least 4,142 deaths. The U.S. has averaged 188,110 new cases a day in the past week, down 21% from the average two weeks ago. Dr. Anthony Fauci, head of the National Institute of Allergy and Infectious Diseases, returned to the daily White House briefing on Thursday and acknowledged that it was uncomfortable hearing things the former president said about treatments for the virus that"were not based on scientific fact." Fauci will play a leading role in President Joe Biden's effort to contain the pandemic. Brazil has the second highest death toll at 214,147 and is third by cases at 8.7 million. India is second worldwide in cases with 10.6 million, and third in deaths at 153,032. Mexico has the fourth highest death toll at 146,174 and 13th highest case tally at 1.7 million. The U.K. has 3.6 million cases and 94,765 deaths, the highest in Europe and fifth highest in the world.

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MarketWatch MarketPulse
Jan 22, 2021

Aurora Cannabis $125 million capital raise may not be enough: Jefferies analyst
Aurora Cannabis Inc.'s $125 million bought-deal financing is not surprising, but may not be enough for the Canadian company to establish a needed foothold in the U.S., Jefferies analyst Owen Bennett said Friday. "Following ACB's recent business update and restructured credit facility, we flagged a risk of underinvestment," Bennett wrote in a note to clients. Since that update, "US political developments also mean the US market could open up sooner rather than later. ACB will certainly need cash to establish a US foothold, yet we still wonder if this is enough. Further, a strong US presence is arguably required to support the current multiple," the analyst wrote. Jefferies rates Aurora as underperform with a $3.58 stock price target. The company announced the capital raise late Thursday and Bennett estimates its total implied dilution at 9% and up to 9.8% if the underwriters exercise an option to purchase an additional 10% of the units offered within a 30-day window. Aurora's balance sheet rules out acquiring U.S. assets unless it issues shares at a material dilution, said Bennett. "Although it could leverage an existing CBD infrastructure, we wonder whether it has enough capital to support a leading CBD business (look how much Canopy is spending on that business segment alone), never mind expanding that into THC," he wrote. "So while the additional cash is encouraging, we do wonder if still too little to really get a strong US CBD and THC presence." Aurora shares were down 5% premarket but have gained 130% in the last three months, while the Cannabis ETF has gained 82% and the S&P 500 has gained 12%.

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MarketWatch MarketPulse
Jan 22, 2021

Walt Disney Co. upped to buy at UBS, as price target lifted to $200
Walt Disney Co. was upgraded to buy from neutral at UBS, with the broker lifting its price target on the entertainment giant to $200 from $155. "We believe Disney is positioned to achieve scale similar to industry leader Netflix with 340 million global subscribers by 2024, while its premium IP creates pricing power and enables the company to spend less per sub on content, driving better economics over time," said analysts led by John Hodulik. Parks will become a beneficiary of vaccine availability and pent up demand for leisure travel in the second half of 2021, the analysts added. Disney closed Thursday at $171.28.

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MarketWatch MarketPulse
Jan 22, 2021

Flash eurozone PMI weakens to two-month low in January
The flash eurozone purchasing managers index fell in January to a two-month low of 47.5 -- nearly in line with the 47.6 expected -- from 49.1 in December. The services index fell to 45 from 46.4, while the manufacturing index dropped to a 7-month low of 54.5 from 56.3. Any reading below 50 indicates deteriorating conditions. "A double-dip recession for the eurozone economy is looking increasingly inevitable as tighter COVID-19 restrictions took a further toll on businesses in January," said Chris Williamson, chief business economist at IHS Markit.

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Jan 21, 2021

Ford to take pension-related $1.5 billion charge in Q4
Ford Motor Co. said late Thursday it expects to take a $1.5 billion pre-tax hit related to its pension plans in the U.S. and overseas. That will reduce the auto maker's net income by about $1.2 billion, but not impact adjusted EBIT or per-share adjusted earnings because of the way it accounts for the benefits, Ford said in a filing. In the same filing, Ford said it will be replacing certain Takata airbag inflators in vehicles including the Ford Ranger, Fusion, and others in model years 2006 through 2012. That will affect about 2.7 million vehicles in the U.S. and 300,000 vehicles in Canada and elsewhere, at a cost of about $610 million. That expense will be treated as a special item in the fourth quarter, the company said. Shares of Ford fell 0.4% in the extended session Thursday after ending the regular trading day rallying 6%.

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MarketWatch MarketPulse
Jan 21, 2021

Aurora Cannabis agrees to $125 million bought-deal offering
Aurora Cannabis Inc. said late Thursday it has agreed to a $125 million bought-deal syndicated offering, led by BMO Capital Markets and ATB Capital Markets. The underwriters have agreed to buy 12 million units of the company at $10.45 per unit. Each unit is comprised of one common share and one half of one common share purchase warrant, Aurora said. The underwriters have the option to buy an additional 10% of the offering to cover any over-allotments. Aurora said it will use the net proceeds of the offering for general corporate purposes, which "may include opportunistically reducing debt." The offering is part of a "broader strategy to have a strong balance sheet while maintaining maximum flexibility," Aurora said. The deal is expected to close Tuesday, subject to usual conditions, the company said. Shares of Aurora trading on the New York Stock Exchange fell 3.2% to end at $11.17 on Thursday.

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MarketWatch MarketPulse
Jan 21, 2021

CarGurus founder Steinert to step down as CEO
CarGurus Inc. said late Thursday that its board of directors has appointed Jason Trevisan as the company's chief executive, with founder Langley Steinert becoming executive chairman. Steinert will "remain involved" in the running of company, focusing on longer-term strategy, the online car marketplace said, and continue to serve as board chair. Trevisan was CarGurus' chief financial officer. Scot Fredo, senior VP of financial planning and analysis, was promoted to CFO, CarGurus said. Shares of CarGurus were flat in the extended session after ending the regular trading day down 0.1%.

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MarketWatch MarketPulse
Jan 21, 2021

Seagate fiscal Q2 profit, sales top views
Shares of Seagate Technology Plc. fell nearly 5% in the extended session Thursday after the company reported fiscal second-quarter profit and sales ahead of expectations and guidance for the third quarter around Wall Street views. The data-storage company said it earned $280 million, or $1.12 a share, in the quarter, compared with $1.20 a share in the year-ago quarter. Adjusted for one-time items, Seagate earned $1.29 a share, compared with $1.35 a share a year ago. Revenue fell to $2.62 billion, from $2.70 billion a year ago. Analysts polled by FactSet expected adjusted earnings of $1.13 a share on sales of $2.57 billion. Seagate said it expects fiscal third-quarter revenue around $2.65 billion, give it or take $200 million, and adjusted EPS around $1.30, plus or minus 15 cents. The analysts surveyed by FactSet expect adjusted fiscal third quarter earnings of $1.28 a share on sales of $2.64 billion. Seagate said it experienced "broad-based improvement" across markets and geographies and "solid customer demand" fors its products. The shares ended the regular trading day up 2.5%.

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Jan 21, 2021

Fauci says 'degree of normality' possible by fall if 85% of population vaccinated by end of summer
Dr. Anthony Fauci said Thursday that a "degree of normality" in the U.S. is possible by the fall if 85% of the population can be vaccinated against the coronavirus by the end of the summer. Appearing at a White House press briefing, Fauci, the top U.S. infectious disease expert, said such an outcome was his "best-case scenario."

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Jan 21, 2021

Dow finishes with small loss as S&P 500, Nasdaq eke out another record close
Stocks saw a mixed finish Thursday, with the Dow Jones Industrial Average posting a small loss and the S&P 500 and Nasdaq Composite building on the previous session's record close as investors weighed President Joe Biden's efforts to ramp up COVID-19 vaccine efforts and parsed fourth-quarter corporate earnings. The Dow fell around 12 points, or less than 0.1%, to end near 12,899, according to preliminary figures, while the S&P 500 rose by around 1 point to end near 3,853. The Nadaq Composite gained around 74 points, or 0.5%, finishing near 13,531.

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MarketWatch MarketPulse
Jan 21, 2021

U.S. oil futures finish lower ahead of Friday's EIA data on crude supplies
U.S. oil futures finished lower on Thursday as traders awaited weekly data from the Energy Information Administration, which was delayed to Friday due to the Martin Luther King, Jr. holiday early this week and Wednesday's U.S. presidential inauguration. On average, the EIA is expected to report a decline of 2.5 million barrels in U.S. crude supplies for the week ended Jan. 15. The American Petroleum Institute reported late Wednesday had reported a weekly increase of 2.6 million barrels. March West Texas Intermediate crude fell 18 cents, or 0.3%, to settle at $53.13 a barrel on the New York Mercantile Exchange.

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MarketWatch MarketPulse
Jan 21, 2021

CleanSpark responds to 'false' short seller report, as stock tumbles for a 5th straight day,
Shares of CleanSpark Inc. sank 9.3% in afternoon trading Thursday, putting them on track for a fifth-straight loss. The energy software and control technology company said it "has become aware" of a short seller's report that made "false" accusations against it and its officers. The five-day losing streak, in which the stock tumbled 34.7%, started on Jan. 14, the same day Culper Research released a report saying it believed CleanSpark is an "insider enrichment scheme," that allegedly "vastly overstated or simply fabricated key elements of its business." CleanSpark said it retained a law firm and will be "vigilant" in investigating the sources of the misrepresentations. "CleanSpark takes seriously any accusations of impropriety, stands behind its prior statements and disclosures, and will not tolerate unfounded and reckless claims against the company," CleanSpark said in a statement. "The company will vigorously and relentlessly defend itself against these actions and against the kind of baseless accusations made by those behind the 'report.'" Despite the recent selloff, CleanSpark shares have soared 189.3% over the past three months, while the S&P 500 has gained 12.3%.

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MarketWatch MarketPulse
Jan 21, 2021

Gold futures ease back from a near two-week high
Gold futures marked a modest retreat Thursday, a day after settling at their highest in almost two weeks. U.S. economic data released Thursday was upbeat, pressuring prices for gold as a haven investment. February gold fell 60 cents, or less than 0.1%, to settle at $1,865.90 an ounce.

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Jan 21, 2021

BlackRock raises dividend by 14%, with first new payout in March
BlackRock Inc. said Thursday that it will raise its dividend by 14%. The investment management's new quarterly dividend of $4.13 a share, up from $3.63 a share, will be payable March 23 to shareholders of record on March 5. The stock slipped 0.1% in afternoon trading. At current prices, the new annual dividend rate implies a dividend yield of 2.23%, compared with the dividend yield for the SPDR Financial Select Sector ETF of 1.95% and the implied yield for the S&P 500 of 1.48%, according to FactSet. BlackRock's stock has gained 16.7% over the past three months, while the financial ETF has rallied 24.1% and the S&P 500 has advanced 12.1%.

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MarketWatch MarketPulse
Jan 21, 2021

Ford stock powers through three-year high
Ford Motor Co. shares rose nearly 9% on Thursday, poised to end at their highest in three years and on pace for their largest one-day percentage increase since June 5. The stock is up for three straight sessions, gaining 23% over the period. Ford stock got boosts earlier this week from a price-target increase by Deutsche Bank and a $2.65 billion investment round for electric-truck maker Rivian, which is backed by Ford and others. The Deutsche Bank analysts on Wednesday increased their target on Ford stock to $11, from $9, and kept their rating on the stock at hold. The analysts said they expect "strong volume growth in 2021" for the auto industry, due to "easy" comparisons to 2020, low inventories, and "COVID-19-induced demand for comfort, privacy and protection" as well as a Democrat U.S. Congress, which "could also result in demand upside from large federal spending on infrastructure and toward vehicle electrification," they said. Ford shares have gained 27% in the past two years, compared with gains around 16% for the S&P 500 index.

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MarketWatch MarketPulse
Jan 21, 2021

Homebuilder ETFs jump on strong housing starts data
Homebuilder exchange-traded funds rallied Thursday as economic data confirmed continuing robust demand for newly constructed homes. The Hoya Capital Housing ETF, which has the broadest exposure to residential real estate, gained 1.6% at midday. The iShares U.S. Home Construction ETF was up 1.2%, and the SPDR S&P Homebuilders ETF rose 0.8%. As a reminder that strong demand can sometimes pressure prices uncomfortably upward, the iShares Global Timber & Forestry EF was up 1%. It's gained over 22% in the past three months.

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MarketWatch MarketPulse
Jan 21, 2021

GameStop's stock spikes up after short seller Citron cancels livestream, then pulls back
Shares of GameStop Corp. spiked higher midday trading Thursday, before erasing most of their gains, as widely followed short-seller Citron Research's planned livestream, in which five reasons to sell the video game and consumer electronics retailer's stock were expected to be highlighted, was canceled. The livestream, which was originally planned for Wednesday at 11:30 a.m. Eastern, was delayed to Thursday so as not to interfere with President Joe Biden's inauguration. But given technical difficulties, the livestream was delayed slightly, then canceled. "Too many people hacking Citron twitter, will record and post later today. $GME going to $20 buy at your own risk," Citron tweeted. The stock was trading up about 3.0% just before 11:30 a.m. ET, then spiked up as much as 14.4% to an intraday high of $44.75 as the livestream failed to proceed, before paring gains. The stock was recently up 0.9%. It has tripled (up 201.8%) over the past three months, while the S&P 500 has gained 12.2%.

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MarketWatch MarketPulse
Jan 21, 2021

Mytheresa's parent stock soars in its public debut, with the first trade 38% above the IPO price
Shares of MYT Netherlands Parent B.V. soared out of the gate Thursday, as the parent of Germany-based luxury e-commerce retailer Mytheresa Group GmbH raised $354.8 million through its initial public offering, while selling shareholders raised $52.0 million. The first trade for the stock on the NYSE was at $35.85 at 11:50 a.m. Eastern for 2.3 million shares, which was 37.9% above the $26 IPO price. With 85.8 million shares outstanding after the IPO, the IPO pricing valued the company at about $2.23 billion. The stock has pared some of its opening gains, and was up 27.4% in midday trading. MYT went public at a time of strong investor interest in IPOs, as the Renaissance IPO ETF has run up 28.4% over the past three months while the S&P 500 has gained 12.0%.

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MarketWatch MarketPulse
Jan 21, 2021

Apple developing 'pricey, niche' VR headset ahead of eventual augmented reality glasses: report
Apple Inc. is planning a headset that would be a "pricey, niche precursor" to an eventual pair of augmented-reality glasses, according to a Bloomberg News report. Apple has long been rumored to be planning a dedicated augmented-reality device, but its first foray into the headset space could be mainly focused on virtual reality, the report said, with a launch coming as early as 2022. The report cites "some Apple insiders" who said that the headset could be considerably pricier than competing VR offerings such that Apple might only sell one unit a day in each of its retail locations. The company is farther behind in its development of the AR glasses intended to be a more mainstream product, per the report. Apple didn't immediately respond to a MarketWatch request for comment. Shares are up 2.6% in Thursday morning trading. They've gained 16% over the past three months as the Dow Jones Industrial Average has risen 11%.

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MarketWatch MarketPulse
Jan 21, 2021

Vinco Ventures stock blasts nearly fivefold higher after merger deal with ZASH
Shares of Vinco Ventures Inc. are Thursday's highest fliers, soaring nearly fivefold on heavy volume after the mergers and acquisition company, focused on digital media and consumer brands, announced a merger deal with ZASH Global Media and Entertainment Corp. Vinco's stock, up 388.3% in morning trading, was the biggest gainer trading on major U.S. exchanges, and was on track for the highest close since July 2018. Trading volume exploded to 59.9 million shares, compared with the full-day average over the past 30 days of about 214,000 shares. ZASH aims to build a "virtual Hollywood," by providing its content partners with analytics and distribution technology to "ensure that consumer eyes are on their content at the right time in the right place." ZASH boasts that co-Founder Ted Farnsworth is the former chairman of MoviePass, while co-Founder Jaeson Ma was an early investor in Musical.ly (Tik Tok) and Triller video-sharing platforms. "The merger with ZASH and the resulting combined entity provides current and prospective business partners with the assurance of our ability to scale our production and creative services to meet their growing content creation and distribution needs," said Vinco Chief Strategy Officer Brian McFadden. Prior to Thursday's rocket ride, Vinco's stock had tumbled 35.6% over the past 12 months, while the S&P 500 had gained 15.7%.

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MarketWatch MarketPulse
Jan 21, 2021

Academy Sports eliminates COO role
Academy Sports & Outdoors Inc. said in a filing that it has eliminated the chief operating officer role "in order to create a more efficient operating structure and focus on key strategic priorities." The retailer's current COO, Kenneth Attaway, will leave the company, effective Jan. 29, 2021. Starting on that date, Michael Mullican, Academy's chief financial officer, and Sam Johnson, executive vice president of retail operations, will assume the duties previously held by the COO position. Academy Sports began trading in October 2020. Academy Sports stock has gained 50% over the last three months while the benchmark S&P 500 index is up 12% for the period.

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MarketWatch MarketPulse
Jan 21, 2021

Stocks rise at the open on stimulus, vaccine hopes
Stocks opened modestly higher Thursday after sweeping to a fresh set of records Wednesday. The Dow Jones Industrial Average gained 24 points, 0.1%, to open near 31,217, while the S&P 500 was up 6 points, 0.2%, at about 3,858. The Nasdaq Composite jumped 64 points, 0.5%, to trade near 13,521. Wall Street expects the new presidential administration to deliver a fresh round of fiscal stimulus and a more muscular COVID-19 response, but corporate earnings and incoming economic data remain mixed. The number of Americans filing for first-time jobless benefits ticked down in the most recent week, but remained sharply elevated, the Labor Department said Thursday. But builders broke ground on more new homes, a sign of strong demand and an economic growth engine itself.

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MarketWatch MarketPulse
Jan 21, 2021

PayPal stock gains after BTIG upgrade
Shares of PayPal Holdings Inc. are up 1.2% in premarket trading Thursday after BTIG analyst Mark Palmer upgraded the stock to buy from neutral, citing traction for the company's cryptocurrency platform. PayPal announced in October that it would start allowing users to buy, hold, and sell cryptocurrencies like bitcoin through the PayPal platform, and Palmer said that Paxos, a private company powering PayPal's crypto efforts, "has seen its trading volumes rise impressively in recent weeks." He expects that "the vast majority" of volume on Paxos's itBit crypto exchange reflects trades for PayPal customers, leading to his projection that crypto could add upwards of $1 billion to PayPal's annual revenues by 2022. "Much more importantly, the traction seen in itBit's rising crypto volumes bodes well for PYPL's active account growth and engagement," he wrote. PayPal also will be allowing customers to make online purchases using their cryptocurrency holdings, which Palmer said would represent a lower-cost funding mechanism for PayPal compared to when people use its service to fund online purchases with their credit cards. "The upshot is that the lower-cost funding associated with the use of crypto in funding merchant transactions could provide a boost to its take rate and margins," he wrote, while setting a $300 price target on the stock. PayPal shares are up 110% over the past 12 months as the S&P 500 has gained 16%.

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MarketWatch MarketPulse
Jan 21, 2021

Celsion stock rockets on heavy volume again; share sale agreement with LPC was terminated
Shares of Celsion Corp. shot up 85.1% toward a six-month high in very active premarket trading Thursday, putting the on track to more than double in two days, after the cancer drug development company disclosed that it terminated the share purchase agreement with Lincoln Park Capital (LPC). Trading volume swelled to 18.9 million shares, enough to make the stock the second-most active ahead of the open, and well above the full-day average of about 4.6 million shares. The stock had run up 40.0% on 38.7 million shares on Wednesday, after closing Tuesday at 91 cents. The stock purchase agreement, which was originally announced in September 2020, called for Celsion to sell to LPC up to $26 million worth of shares over 36 months. Since that agreement was announced, Celsion had sold $2.2 million worth of its common stock to LPC. The stock has more than doubled (up 116.5%) over the past three months through Wednesday, while the S&P 500 has gained 12.1%.

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MarketWatch MarketPulse
Jan 21, 2021

Housing starts rise in December as builders ramp up production of single-family homes
U.S. home builders started construction on homes at a seasonally-adjusted annual rate of 1.67 million in December, representing a 5.8% increase from the previous month's figure, the U.S. Census Bureau reported Thursday. Permitting for new homes occurred at a seasonally-adjusted annual rate of 1.71 million, up 4.5% from November. Both figures came in ahead of analysts' expectations, reflecting growth in the single-family sector.

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MarketWatch MarketPulse
Jan 21, 2021

American Eagle sees Q4 revenue decline, looks ahead to 2023 with new growth strategy
American Eagle Outfitters Inc. said early Thursday that it expects fourth-quarter revenue to drop in the low-single digits, with the Aerie brand up in the high-20% range but the namesake brand down in the low-double digits. The apparel and accessories retailer attributed the declines to a pandemic-related drop in store hours and traffic. The FactSet consensus is for revenue of $1.31 billion, suggesting a 0.1% decline year-over-year. American Eagle stock fell 3% in premarket trading. That business update and the unveiling of American Eagle's long-term growth strategy were announced ahead of the company's investor meeting, taking place on Thursday. The plan, called "Real Power. Real Growth," aims to double Aerie brand revenue to $2 billion by 2023, jumpstart the namesake brand's profit and sets a goal for a 15% compound annual growth rate (CAGR) through 2023. American Eagle shares have rallied nearly 58% over the past year while the S&P 500 index is up 16% for the period.

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MarketWatch MarketPulse
Jan 21, 2021

Inovio's stock falls after it announces public offering
Shares of Inovio Pharmaceuticals Inc. were down 5.1% in premarket trading on Thursday, the day after the company announced a public offering of 17,700,000 shares at $8.50 per share. The stock closed Wednesday at $9.72. Inovio said it will use the proceeds to support its clinical pipeline, which includes ongoing development of its COVID-19 vaccine candidate, which is currently being tested in a mid-stage clinical trial, and general corporate expenses. The offering is expected to close Jan. 25. Inovio's stock has rallied 173.0% over the past year, while the S&P 500 is up 14.5%

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MarketWatch MarketPulse
Jan 21, 2021

Union Pacific tops profit and revenue expectations, stock slips
Shares of Union Pacific Corp. slipped 0.1% in premarket trading Thursday, after the railroad operator reported fourth-quarter profit and revenue that topped Wall Street forecasts. Net income was $1.38 billion, or $2.05 a share, compared with $1.40 billion, or $2.02 a share, in the year-ago period. Excluding non-recurring items, such as a $278 million impairment charge, adjusted earnings per share came to $2.36, beating the FactSet consensus of $2.25. Revenue was down 1% to $5.14 billion, topping the FactSet consensus of $5.10 billion. Bulk revenue rose 1% to $1.56 billion to top the FactSet consensus of $1.54 billion, industrial revenue fell 7% to $1.66 billion to exceed expectations of $1.64 billion and premium revenue grew 5% to $1.58 billion to match expectations. Among other metrics, quarterly freight car velocity improved 1% to 223 daily miles per car, while workforce productivity improved 18% to 1,032 car miles per employee. "While the economic outlook for 2021 remains uncertain, we will build off our solid 2020 performance to produce continued strong productivity through operational excellence," said Chief Executive Lance Fritz. The stock, which closed at a record $218.82 on Jan. 8, has tacked on 9.4% over the past three months through Wednesday, while the Dow Jones Transportation Average has advanced 12.0% and the Dow Jones Industrial Average has gained 10.6%.

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MarketWatch MarketPulse
Jan 21, 2021

European Central Bank leaves rates, bond-buying program unchanged
The European Central Bank, as expected, made no changes to interest rates or its asset-buying program on Thursday after moving last month to bolster its efforts to support the eurozone economy. The ECB said its Governing Council left its deposit rate at negative 0.5% and its main refinancing rate at 0%. The central bank also affirmed it would maintain the "envelope" for its pandemic emergency purchase program at 1.85 trillion euros and would continue monthly purchases under the program until at least the end of March 2022. The ECB added that if "favorable financing conditions can be maintained with asset purchase flows that do not exhaust the envelope over the net purchase horizon of the PEPP, the envelope need not be used in full. Equally, the envelope can be recalibrated if required to maintain favorable financing conditions to help counter the negative pandemic shock to the path of inflation." The ECB also will continue its asset purchase program at a pace of 20 billion euros a month. ECB President Christine Lagarde will hold a news conference at 2:30 p.m. Frankfurt time, or 8:30 a.m. Eastern.

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MarketWatch MarketPulse
Jan 21, 2021

FuelCell Energy stock extends pullback after wider-than-expected loss, while revenue beat forecasts
Shares of FuelCell Energy Inc. slumped 7.2% in premarket trading Thursday, to extend their pullback from a 2 1/2-year high, after the alternative energy and fuel cell technology company reported a wider-than-expected fiscal fourth-quarter loss, although revenue rose above forecasts. The net loss for the quarter to Oct. 31 narrowed to $19.7 million, or 8 cents a share, from $36.0 million, or 23 cents a share, in the year-ago period, while the FactSet consensus was for a per-share loss of 4 cents. Revenue jumped 54% to $17.0 million, above the FactSet consensus of $16.0 million, as growth in service and license and advanced technologies contract revenue offset a decline in generation revenue. Backlog decreased 2.5% to $1.29 billion. "Based on the initial policy objectives outlined by the incoming White House administration, we expect clean energy and climate policies in the U.S. to begin to match the pace of advancement seen in other markets such as Europe and Asia, and to be favorable toward development of the growing hydrogen economy," said Chief Executive Jason Few. The stock fell 7.5% on Wednesday to close 12.4% since Jan. 13, when it closed at the highest price since June 2018. The stock has still skyrocketed 668.8% over the past three months through Wednesday, while the S&P 500 has gained 12.1%.

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MarketWatch MarketPulse
Jan 21, 2021

Southeastern Grocers set terms for its IPO, as selling shareholders look to raise up to $142.4 million
Southeastern Grocers Inc. set terms for its initial public offering, which could value the Florida-based food retailer at up to $694 million. The company said selling shareholders are offering 8.9 million shares in the IPO -- the company is not selling any shares -- which is expected to price between $14 and $16 a share, to raise up to $142.4 million. The stock is expected to list on the NYSE under the ticker symbol "SEGR." BofA Securities and Goldman Sachs are the lead underwriters. The company expects 43.37 million shares will be outstanding after the IPO. The company estimates net income for the year ended Dec. 30 of $317 million to $424 million on revenue of $9.64 billion to $9.65 billion, after a net loss of $116.2 million on revenue of $8.28 billion in 2019. The company is looking to go public at a time that the Renaissance IPO ETF has run up 28.8% over the past three months while the S&P 500 has gained 12.1%.

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MarketWatch MarketPulse
Jan 21, 2021

Boston Scientific to acquire Preventice Solutions for $925 million in cash, up to $300 million in potential milestone payments
Boston Scientific Inc. said Thursday it has agreed to acquire privately held Preventice Solutions Inc. for an upfront payment of $925 million and up to $300 million in potential milestone payments. The company has been an investor in Preventice since 2015 and currently owns a 22% state. Preventice, which provides mobile cardiac services, including ambulatory cardiac monitors, had sales of $158 million in 2020, up 30% from the year-earlier period. "Cardiovascular disease is the leading cause of mortality globally, accounting for nearly 17.9 million annual global deaths and highlighting the need for early detection and management for individuals who may be at risk of a cardiac event," Boston Scientific said in a statement. The deal is expected to close by mid-2021 and to be immaterial to adjusted earnings in the first year, to boost adjusted earnings by at least one cent in 2022 and to be increasingly accretive after that. "This acquisition will provide Boston Scientific with a foothold in the high-growth ambulatory electrocardiography space, which strongly complements our recent entrance into the implantable cardiac monitor market and will serve as an important component of our category leadership strategy in cardiac diagnostics and services -- a nearly $2B market anticipated to grow double digits annually," said Scott Olson, Boston Scientific senior vice president and president, Rhythm Management, in a statement. Shares were up 0.9% premarket, but have fallen 17% in the last 12 months, while the S&P 500 has gained 16%.

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MarketWatch MarketPulse
Jan 21, 2021

Trinity Capital launches IPO of 7.5 million shares with price range of $13.50 to $15.50
Trinity Capital Inc., a Phoenix, Ariz.-based business development company, launched its initial public offering on Thursday with plans to offer 7.5 million shares priced at $13.50 to $15.50 each. The company has applied to list on Nasdaq, under the ticker "TRIN." Keefe, Bruyette & Woods, A Stifel Company, Wells Fargo Securities and UBS Investment Bank are joint bookrunners on the deal, with Janney Montgomery Scott, B. Riley Securities, Ladenburg Thalmann and Compass Point acting as co-managers. Proceeds of the deal will be used to pay down debt, to make investments and for general corporate purposes.

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MarketWatch MarketPulse
Jan 21, 2021

Baker Hughes stock drops after surprise adjusted loss, but revenue topped forecasts
Shares of Baker Hughes Co. dropped 2.1% in premarket trading Thursday, after the oilfield products and services company reported a surprise adjusted loss, although revenue beat expectations. Net income rose to $653 million, or 91 cents a share, from $48 million, or 7 cents a share, in the year-ago period. Excluding non-recurring items, the company swung to an adjusted per-share loss of 7 cents from earnings per share of 27 cents, while the FactSet consensus was for EPS of 17 cents. Revenue dropped 13% to $5.50 billion, but beat the FactSet consensus of $5.42 billion, with oilfield services, turbomachinery & process solutions, and digital solutions revenue topping expectations while oilfield equipment revenue fell a bit shy. "Despite an incredibly challenging year for the industry in 2020, we generated over $500 million in free cash flow, booked $6.4 billion in TPS orders, and executed on our substantial cost-out and restructuring program," said Chief Executive Lorenzo Simonelli. "As we look ahead to 2021, we are cautiously optimistic that the global economy and oil demand will begin to recover from the impact of the global pandemic." The stock has soared 63.0% over the past three months through Wednesday, while the SPDR Energy Select Sector ETF has run up 49.2% and the S&P 500 has gained 12.1%.

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MarketWatch MarketPulse
Jan 21, 2021

Coronavirus tally: Global cases of COVID-19 top 96.9 million; Biden to sign 10 executive orders to bolster pandemic management
The global tally for confirmed cases of the coronavirus that causes COVID-19 climbed above 96.9 million on Thursday, according to data aggregated by Johns Hopkins University, while the death toll rose above 2.07 million. The U.S. has the highest case tally in the world at 24.4 million and the highest death toll at 46,162, or about a fifth of the global total. The U.S. added at least 184,453 new cases on Wednesdayaccording to a New York Times tracker , and counted at least 4,357 deaths. The U.S. has averaged 194,711 new cases a day in the past week. New U.S. President Joe Biden will sign 10 executive orders and other directives to overhaul the U.S. management of the crisis. The moves will expand testing, beef up vaccine administration, advance racial equality and eventually reopen schools and businesses once it is deemed safe to do so. Biden will direct all relevant agencies, and will invoke the Defense Production Act, to accelerate the manufacturing and delivery of crucial personal protective equipment, including N95 masks, gowns, swabs, rapid test kits and all material needed to deliver vaccines. Brazil has the second highest death toll at 212,831 and is third by cases at 8.6 million. India is second worldwide in cases with 10.6 million, and third in deaths at 152,869. Mexico has the fourth highest death toll at 144,371 and 13th highest case tally at 1.7 million. The U.K. has 3.5 million cases and 93,469 deaths, the highest in Europe and fifth highest in the world.

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MarketWatch MarketPulse
Jan 21, 2021

Alaska Air to receive $533 million as part of extension of payroll support loans
Alaska Air Group Inc. disclosed Thursday that it will receive $533 million after it reached agreement last week with the U.S. Treasury on an extension of the Payroll Support Program (PSP), which is part of the Coronavirus Aid, Relief and Economic Security (CARES) Act. Alaska Air said its subsidiary's, Alaska Airline and Horizon Air, received $266 million on Jan. 15 and expects to receive the remainder sometime in February. As part of the agreement, the air carrier granted the U.S. Treasury 95,532 warrants to buy Alaska Air common stock at a strike price of $52.25. In addition, Alaska Airlines and Horizon Air agreed to not conduct involuntary furloughs or cut employee pay or benefits through March 31, and to limit executive compensation through Oct. 1, 2022. In addition, the agreed to not pay dividends or repurchase any shares until March 31, 2022. Alaska Air's stock, which was still inactive in premarket trading, has climbed 40.6% over the past three months, while the U.S. Global Jets ETF has rallied 28.1% and the S&P 500 has gained 12.1%.

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MarketWatch MarketPulse
Jan 20, 2021

: Alcoa shares fall despite earnings beat
Alcoa Corp. AA shares fell in the extended session Wednesday after the aluminum company's quarterly results topped Wall Street expectations but it warned that performance could worsen should its markets not recover. Alcoa shares declined 3% after hours, following a 1.1% decline to close the regular session at $22.84. The company reported a fourth-quarter loss of $4 million, or 2 cents a share, compared with a loss of $303 million, or $1.63 a share, in the year-ago period. Adjusted earnings were 26 cents a share, versus a loss of 31 cents a share in the year-ago period. Revenue declined to $2.39 billion from $2.44 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 11 cents a share on revenue of $2.38 billion. For the first quarter, Alcoa said it expects "lower quarterly performance" in both its bauxite and aluminum segments should markets not improve.

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MarketWatch MarketPulse
Jan 20, 2021

API reports an unexpected weekly rise in U.S. crude supplies, sources say
The American Petroleum Institute reported late Wednesday that U.S. crude supplies rose by 2.6 million barrels for the week ended Jan. 15, according to sources. The data, which was released a day later than usual because of Monday's Martin Luther King, Jr. holiday, also reportedly showed gasoline stockpiles up by 1.1 million barrels, while distillate inventories rose by 816,000 barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, fell by 4.3 million barrels for the week, sources said. Inventory data from the Energy Information Administration will be released Thursday. On average, the EIA are expected to show crude inventories down by 2.5 million barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also shows expectations for inventory increases of 2.7 million barrels for gasoline and 600,000 barrels for distillates. March West Texas Intermediate crude was at $53.02 a barrel in electronic trading, compared with Wednesday's settlement at $53.31 on the New York Mercantile Exchange.

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MarketWatch MarketPulse
Jan 20, 2021

Stock market scores trifecta of record high closes as Biden becomes 46th U.S. president
The U.S. stock market finished at all-time highs on the Inauguration Day of Joe Biden, who takes the reins of presidency from Donald Trump after a tumultuous four-year term capped by the onset of a economically debillitating pandemic. Biden is expected to spend briskly to help the economy rebound as deaths from the COVID-19 pandemic eclipsed 400,000 a day ago, with the spread accelerating amid an attempt at distributing effective vaccines for the contagion. Biden has proposed that he will spend $1.9 trillion, an ambitious amount that is likely to be watered down by GOP, to help revive businesses that have suffered under lockdowns to limit the spread of the virus. Hope that the economy will stabilize at least in the second half of 2021 has helped to propel markets higher as Biden takes office. The Dow Jones Industrial Average gained nearly 260 points, or 0.8%, to end at a record high at 31,188, on a preliminary basis. The S&P 500 index finished up 1.4% also closing at an all-time peak at 3,851, finally breaking above a level at 3,800 that has long been viewed as resistance for the broad-market index. The Nasdaq Composite Index finished the session up 2% higher at 13,457. The day's gains for the three major benchmarks were the best on Inauguration Day since 1985, according to Dow Jones Market Data. In corporate news, Netflix Inc. let gainers up about 17% after the video-streaming service showed better-than-expected subcriber growth late Tuesday.

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MarketWatch MarketPulse
Jan 20, 2021

Obalon Therapeutics stock soars to lead all gainers on massive volume after ReShape merger deal
Shares of Obalon Therapeutics Inc. blasted six-fold higher on massive volume in afternoon trading Wednesday, after the weight loss technologies company announced an agreement to merge with weight loss solutions company ReShape Lifesciences Inc. . Obalon's stock rose 503.4% toward the highest close since JUne 2019, while trading volume soared to 395.4 million shares, compared with the full-day average of about 626,000 shares. The stock was the biggest gainer and most active on major U.S. exchanges on Wednesday. ReShape shares, which currently trade over the counter, rose 155%. When the merger is completed, ReShape shareholders will own 51% of the combined entity, and the company will be renamed Reshape Lifesciences Inc. and will trade on the Nasdaq under the ticker symbol "RSLS." "We are excited with this opportunity to add Obalon's FDA approved Balloon System to ReShape's line of minimally invasive weight-loss solutions while also expanding our market reach," said ReShape Chief Executive Bart Bandy. Obalon's stock has now rocketed 922.5% over the past three months while ReShape shares have soared 187.3% and the S&P 500 has gained 12.0%.

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MarketWatch MarketPulse
Jan 20, 2021

Oil futures end higher as prospects for further economic stimulus boost the outlook for demand
Oil futures finish higher on Wednesday, with prospects for further economic stimulus under President Joe Biden boosting the outlook for energy demand. "The oil market seems unfazed with all the new virus variants and lockdown headlines" and instead focused on "Biden's agenda that should help defeat COVID a lot sooner and support large parts of the economy until crude demand recovers," said Edward Moya, senior market analyst at Oanda, in a market update. February West Texas Intermediate crude , which expired at the end of day's session, rose 26 cents, or 0.5%, to settle at $53.24 a barrel on the New York Mercantile Exchange. March WTI crude , the new front-month contract, settled at $53.31 a barrel, up 33 cents, or 0.6%.

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MarketWatch MarketPulse
Jan 20, 2021

BlackBerry's stock soars toward a record 4-day rally, and highest close in nearly 3 years
The U.S.-listed shares of BlackBerry Ltd. surged 4.4% toward a near three-year high in afternoon trading Wednesday, to extend the record rally over the past several days. The Canada-based cyber-security software company's stock has been on a tear over the past week, after The Global and Mail reported that the company, which made BlackBerry cellphones in a past life, had sold 90 patents to China-based technology giant Huawei, and after the company reportedly settled a patent infringement lawsuit against Facebook Inc. . The stock, on track to close at the highest price since March 2018, has soared 73.3% amid a four-day win streak. That's would be the best four-day performance for the stock since it started trading in February 1999, according to a MarketWatch analysis of FactSet data; the current record four-day rally is 65.7%, set over the four sessions ended June 2, 2000. The stock has now rocketed 153.7% over the past three months, while ETFMG Prime Cyber Security ETF has climbed 26.0% and the S&P 500 has gained 12.0%.

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MarketWatch MarketPulse
Jan 20, 2021

Gold futures settle at a nearly 2-week high
Gold futures ended Wednesday at their highest in nearly two weeks. "Precious metals were supported above all by a weaker U.S. dollar, which fell further on the back of renewed strength for stock markets," with U.S. benchmark stock indexes climbing to new records amid "ongoing reflation trade," said Fawad Razaqzada, market analyst at ThinkMarkets. This pushed foreign exchange investors into foreign currencies, as well as gold and silver, he said. The ICE U.S. Dollar Index was little changed in Wednesday dealings, but traded lower for the week so far. February gold rose $26.30, or 1.4%, to settle at $1,866.50 an ounce. That was the highest most-active contract finish since Jan. 7, according to FactSet data.

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MarketWatch MarketPulse
Jan 20, 2021

GameStop's stock drops, ahead of short seller's livestream on 5 reasons to sell
Shares of GameStop Corp. dropped 2.2% in afternoon trading Wednesday, after well-known short seller Citron Research said it will livestream a bearish call on the video game seller, after the recent rocket ride. The livestream, which was originally scheduled for 11:30 a.m. ET on Wednesday, was rescheduled to Thursday so as not to interfere with "a historic presidential inauguration." The stock has run up 104.4% just this month, after the company reached an agreement with an activist investor on a board shake up and reported strong holiday sales, which some believe fueled the squeezing out of bearish bets. Citron said it will give five reasons why buyers of GameStop's stock at current levels "are the suckers at this poker game." Citron said it believes the stock will fall "fast" back to $20. The stock has nearly tripled (up 177.8%) over the past three months, while the S&P 500 has gained 11.8%.

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MarketWatch MarketPulse
Jan 20, 2021

Obalon Therapeutics stock soars to lead all gainers on massive volume after merger with ReShape
Shares of Obalon Therapeutics Inc. blasted five-fold higher on massive volume in midday trading Wednesday, after the weight loss technologies company announced an agreement to merge with weight loss solutions company ReShape Lifesciences Inc. . Obalon's stock rose 401.6% toward the highest close since July 2019, while trading volume soared to 250.3 million shares, compared with the full-day average of about 626,000 shares. The stock was the biggest gainer and most active on major U.S. exchanges. ReShape shares, which currently trade over the counter, rose 56.4%. When the merger is completed, ReShape shareholders will own 51% of the combined entity, and the company will be renamed Reshape Lifesciences Inc. and will trade on the Nasdaq under the ticker symbol "RSLS." "We are excited with this opportunity to add Obalon's FDA approved Balloon System to ReShape's line of minimally invasive weight-loss solutions while also expanding our market reach," said ReShape Chief Executive Bart Bandy. Obalon's stock has now rocketed 749.9% over the past three months while the S&P 500 has gained 11.7%.

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MarketWatch MarketPulse
Jan 20, 2021

Netflix results boosts communications ETFs
Communications-services exchange-traded funds, with big exposures to Netflix Inc. jumped on Wednesday after the streaming provider reported a big beat on earnings, sending its shares up nearly 16%. The Communication Services Select Sector SPDR fund , with a 4.5% Netflix weighting, was the biggest gainer among the 11 funds tracking sectors of the S&P 500, up 2.7%. The iShares Global Communication Services ETF , with 4.5% of its portfolio in Netflix shares, was up 2.5% midday. The First Trust Dow Jones Internet Index Fund , which has 4.6% allocated to Netflix, gained more than 2.1%.

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MarketWatch MarketPulse
Jan 20, 2021

Stock market near session highs in record territory Wednesday midday as Biden emphasizes unity in inaugural address
U.S. stocks on Wednesday midday were trading at or near their best levels of the session as Joe Biden was sworn in as the 46th president of the U.S. and Kamala Harris was sworn in as vice president, the first woman to hold that role. "I will be a president for all Americans," Biden said in his inaugural address. "And I promise that I will fight as hard for those who did not support me," as for those who did, he said. The Dow Jones Industrial Average was trading up 215 points, or 0.7%, at 31,147, in record territory. The S&P 500 index was up 1.2% at near a record at 3,844, while the Nasdaq Composite Index surged 1.8% at 13,428, trading near its all-time peak. Biden's presidency comes amid a historic pandemic that has claimed more than 400,000 U.S. lives.

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MarketWatch MarketPulse
Jan 20, 2021

Bank of New York Mellon's stock drops to lead S&P 500 losers after profit miss
Shares of Bank of New York Mellon Corp. dropped 7.0% in midday trading Wednesday, enough to pace the S&P 500's decliners, after the bank reported fourth-quarter profit that fell more than forecast as continued low interest rates hurt results. The stock was on track for the biggest one-day loss since March 16, 2020, when it plunged 14.5% as the COVID-19 pandemic weighed. The bank reported net income that fell to $702 million, or 79 cents a share, from $876 million, or 98 cents a share, in the year-ago period, missing the consensus analyst EPS estimate of 88 cents, according to FactSet. The bank said the results included $159 million, or 18 cents a share, in litigation, severance, losses on business sales and real estate charges, and a $460 million, or 50 cents a share, gain on the sale of an equity investment. Chief Executive Todd Gibbons said he expects low interest rates will be "a significant headwind" in 2021. The stock has advanced 14.9% over the past three months, while the SPDR Financial Select Sector ETF has rallied 24.3% and the S&P 500 has gained 11.6%.

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MarketWatch MarketPulse
Jan 20, 2021

DraftKings stock rallies after Morgan Stanley turns bullish
Shares of DraftKings Inc. rallied 2.2% in morning trading Wednesday, after Morgan Stanley analyst Thomas Allen turned bullish on the online sports betting company, citing a much bigger than expected total available market (TAM) for the iGaming industry. Allen said sports betting and iGaming revenue reached $3 billion in 2020, well above his forecast of $2 billion, with the strength of iGaming extending well beyond casino closures resulting from the COVID-19 pandemic. That suggests acquired customers will continue to make bets, leading to sports betting revenue that beats fourth-quarter expectations despite a weaker sports calendar, he said. Allen raised his rating on DraftKings to overweight, and boosted his price target to $60 from $39. He expects DraftKings' fourth-quarter revenue to beat Wall Street expectations by about 10%, and expects revenue from 2022 through 2025 to be more than 25% above current consensus. "We also expect [DraftKings] to start to talk about profitability in NJ, as FanDuel did, countering the beat thesis that the industry will never be profitable," Allen wrote in a note to clients. The company is projected to report fourth-quarter results in late February, with the FactSet revenue consensus at $231.8 million. The stock has climbed 23.2% over the past three months, while the S&P 500 has gained 11.6%.

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MarketWatch MarketPulse
Jan 20, 2021

Large explosion rocks central Madrid
MADRID (MarketWatch) - Sirens blared in central Madrid on Wednesday afternoon after a large explosion, which appears to have destroyed at least one building. The blast occurred on Calle Toledo, near Puerta de Toledo, according to Spanish television. News reports said the blast may have occurred at a church, which is near a school and a residence for the elderly. There is no confirmation yet on how many have been injured, but ambulances were lining the area as neighbors were being evacuated.

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MarketWatch MarketPulse
Jan 20, 2021

Stocks open higher ahead of Biden inauguration; Netflix shares soar
Stocks opened higher Wednesday, ahead of the inauguration of President-elect Joe Biden at noon Eastern, as investors remained optimistic over prospects for a round of aggressive fiscal spending to help the economy recover from the COVID-19 pandemic. The Dow Jones Industrial Average as up 100 points, or 0.3%, at 310,031, while the S&P 500 gained around 0.6% to trade at 3,822. The Nasdaq Composite hit an intraday record and remained up 1% at 13,333. Shares of Netflix Inc. jumped more than 12% after the video-streaming giant late Tuesday reported blowout fourth-quarter subscriber figures.

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MarketWatch MarketPulse
Jan 20, 2021

Netflix stock soars toward best 1-day post-earnings gain in over 4 years
Shares of Netflix Inc. soared 14.2% in premarket trading Wednesday, putting them on track to open in record territory, after the video streaming giant reported after the previous session's close blowout fourth-quarter subscriber numbers, while profit missed expectations. If the stock holds its early gain through the close, it would mark the best one-day post-earnings performance since it reported third-quarter 2016 results on Oct. 18, 2016, when the stock rose 19.0%, according to FactSet data. Netflix results have usually disappointed investors, as the stock had declined the day after the past four quarterly results, and after seven of the past eight results. Over the past 20 quarters, the stock rose the day after earnings just seven times. The stock is headed for an open well above the Sept. 1, 2020 record close of $556.55, but below the all-time intraday high of $575.37 seen on July 13, 2020. It has slipped 4.5% over the past three months through Tuesday, while the S&P 500 has gained 10.3%.

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MarketWatch MarketPulse
Jan 20, 2021

Marriott Vacations provides preview of fourth-quarter results, with VPG rising as tours dropped
Marriott Vacations Worldwide Corp. provided Wednesday a preliminary look at fourth-quarter results, saying volume per guest (VPG) increased 9% from a year ago while tours declined 59% amid the COVID-19 pandemic. Contract sales for vacation ownership rose to $178 million, a 25% increase from the sequential third quarter; the average estimate, of the two analysts who provided estimates to FactSet, was $177 million ($173 million and $181 million). The vacation company said interval international exchange transactions for the quarter rose about 17% from a year ago, and the average revenue per member was down 4%. The company said it ended 2020 with about $1.3 billion in liquidity. The stock, which was still inactive in premarket trading, has run up 42.2% over the past three months while the S&P 500 has gained 10.3%.

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MarketWatch MarketPulse
Jan 20, 2021

GameStop's stock drops ahead of short seller's livestream on 5 reasons to sell
Shares of GameStop Corp. dropped 3.6% in premarket trading Wednesday, after well-known short seller Citron Research said it will livestream a bearish call on the video game seller, after the recent rocket ride. The stock has run up 108.9% just this month, after the company reached an agreement with an activist investor on a board shake up and reported strong holiday sales, which some believe fueled the squeezing out of bearish bets. Citron tweeted Tuesday that it will livestream at 11:30 a.m. ET five reasons why buyers of GameStop's stock at current levels "are the suckers at this poker game." Citron said it believes the stock will fall back to $20, "fast." The stock has nearly tripled (up 184.0%) over the past three months, while the S&P 500 has gained 10.3%.

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MarketWatch MarketPulse
Jan 20, 2021

UPDATE: Bionano Genomics prices $200 million underwritten stock offering at a discount of $6 a share
Bionano Genomics Inc. priced a $200 million underwritten stock offering announced late Tuesday at a discount of $6 a share, selling 33.3 million shares. The stock closed Tuesday at an alltime high of $9.14. The genome sequencing company's shares have gained 662% in the last 12 months on little news flow, and trading volumes have been active in recent sessions. Bionano previously sold 29 million shares at $3.05 a share less than two weeks ago. The stock fell 22% in premarket trade to reflect the dilutive effect of the offering. Oppenheimer was sole bookrunner on the deal with BITG acting as lead manager and Ladenburg Thalmann and Maxim Group acting as co-managers. Underwriters have a 30-day option to purchase another 5 million shares at the offering price. Bionano shares traded for less than $1 for much of 2020, before prices shot higher just before the end of the year despite no public announcements about changes at the genome-analysis company, which lost nearly $30 million on sales of $4.5 million in the first nine months of 2020.

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MarketWatch MarketPulse
Jan 20, 2021

Morgan Stanley shares higher premarket after earnings beat
Morgan Stanley shares rose 2.2% in premarket trade Wednesday, after the bank blew past estimates for its fourth quarter. The bank said it had net income of $3.4 billion, or $1.81 a share, in the quarter, up from $2.2 billion, or $1.30 a share, in the year-earlier period. Revenue rose to $13.6 billion from $10.9 billion. The FactSet consensus was for EPS of $1.30 and revenue of $11.6 billion. The year-earlier numbers were impacted by the acquisition of ETrade, which was completed on Oct. 2, and is included in the wealth management segment, the bank said in a statement. Investment banking revenue rose 46% in the quarter to $7.004 billion, as higher advisory revenues for M&A and a more than doubling of equity underwriting revenue offset a decline in debt underwriting. Sales and trading revenues rose 32% from a year ago to $4.220 billion, boosted by gains in equity and fixed income trading. The bank's wealth management division delivered revenue of $5.7 billion, up from $4.6 billion a year ago. Net interest income rose to $1.207 billion from $1.033 billion. Investment management revenues fell to $1.1 billion from $1.4 billion a year ago. Shares have gained 30% in the last 12 months, while the S&P 500 has gained 14%.

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MarketWatch MarketPulse
Jan 20, 2021

Lilly signs cancer drug deal worth up to $1.6 billion
Shares of Eli Lilly & Co. gained 0.8% in premarket trading on Wednesday, the day after the drugmaker announced a deal worth up to $1.6 billion with Merus to develop three antibody therapies aimed at treating cancer. The Dutch company's stock was down 5.1% in premarket trading on Wednesday. The deal, which includes research and a licensing agreement, is designed to give Merus an upfront payment of $40 million, a $20 million equity investment, and up to $540 million in potential milestone payments. Over the last year, Lilly's stock has gained 42.2%, shares of Merus are up 45.5%, and the S&P 500 has rallied 14.5%.

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MarketWatch MarketPulse
Jan 20, 2021

Alibaba's stock jumps after Jack Ma makes first public appearance since October
Shares of Alibaba Group Holding Ltd. shot up 7.3% toward a more than 6-week high in premarket trading Wednesday, putting them on track for a fifth-straight gain, after co-founder Jack Ma made his first public appearance in nearly three months. The rally in the China-based internet giant's shares puts them on track to open at the highest price seen during regular-session hours since Dec. 4. A spokesperson for the Jack Ma Foundation confirmed to The Wall Street Journal that Ma participated in the online ceremony of the annual Rural Teacher Initiative event on Jan. 20. Ma hasn't been seen in public since Oct. 24, when Ma spoke at a financial forum and criticized regulators for stifling financial and technological innovation, as the WSJ reported. That led to regulators to derail Ant Group Co., which Ma controls, from going public. Since Ma's last public appearance through Tuesday, Alibaba's stock had dropped 18.8%, while the iShares MSCI China ETF rose 13.0% and the S&P 500 advanced 9.6%.

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MarketWatch MarketPulse
Jan 20, 2021

Coronavirus tally: Global cases of COVID-19 top 96.2 million and U.S. has 401,777 fatalities
The global tally for confirmed cases of the coronavirus that causes COVID-19 climbed above 96.2 million on Wednesday, according to data aggregated by Johns Hopkins University, while the death toll rose above 2.05 million. The U.S. has the highest case tally in the world at 24.3 million and the highest death toll at 401,777, or about a fifth of the global total. The U.S. added at least 105,870 new cases on Tuesdayaccording to a New York Times tracker , and counted at least 2,770 deaths. The U.S. has averaged 20,117 new cases a day in the past week. Texas is emerging as a new hot spot alongside California, and hospitals in towns close to the Mexican border are reported to be filling fast. President-elect Joe Biden held a memorial service for American COVID victims late Tuesday with a light display at the reflecting pool at the Lincoln Memorial. Brazil has the second highest death toll at 211,491 and is third by cases at 8.6 million. India is second worldwide in cases with 10.6 million, and third in deaths at 152,718. Mexico has the fourth highest death toll at 142,832 and 13th highest case tally at 1.7 million. The U.K. has 3.5 million cases and 91,643 deaths, the highest in Europe and fifth highest in the world.

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MarketWatch MarketPulse
Jan 20, 2021

Tyson Foods to pay $221.5 million to settle claims in broiler chicken antitrust litigation
Tyson Foods Inc. said Wednesday it has agreed to settle all class claims in its previously disclosed broiler chicken antitrust litigation and will pay an aggregate of $221.5 million in settlements. The fines will be reflected in its first-quarter 2021 financial statements. Shares rose 1.6% in premarket trade, but are down 29% in the last 12 months, while the S&P 500 has gained 14%.

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MarketWatch MarketPulse
Jan 20, 2021

UnitedHealth's stock rises, as profit fell less than forecast while revenue rose
Shares of UnitedHealth Group Inc. rose 1.0% in premarket trading Wednesday, after the health care services company reported a fourth-quarter profit that fell less than expected, while revenue rose above forecasts. Net income fell to $2.21 billion, or $2.30 a share, from $3.54 billion, or $3.68 a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share declined to $2.52 from $3.90 but beat the FactSet consensus of $2.41. Revenue grew 7.5% to a record $65.47 billion, above the FactSet consensus of $64.99 billion. Premiums revenue grew 6.2% to $50.58 billion, but missed the FactSet consensus of $50.85 billion, while products revenue rose 14.0% to $8.69 billion to beat expectations of $8.38 billion and services revenue increased 10.2% to $5.75 billion to top forecasts of $5.34 billion. "Fourth quarter operating results reflect restoration of care patterns, the company's continued efforts to provide support and relief efforts to correct economic imbalances caused by the pandemic and additional reserves for rebates and related activity as calendar year assessments were concluded," the company said in a statement. UnitedHealth affirmed its full-year adjusted EPS guidance range of $17.75 to $18.25. The stock has rallied 8.9% over the past three months through Tuesday, while the Dow Jones Industrial Average has gained 9.3%.

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MarketWatch MarketPulse
Jan 20, 2021

Gevo shares slide 20% premarket on news of $350 million stock offering
Shares of renewable energy company Gevo Inc. slid 20% in premarket trade Wednesday, after the company said it is selling $350 million of shares in a registered direct offering priced at-the-market. The company is offering 43.75 million shares, priced at a discount of $8 each. The stock closed Tuesday at $11.03. H.C. Wainwright is acting as placement agent on the deal. Proceeds will be used to fund capital projects, for working capital and for general corporate purposes. Englewood, Colo.-based Gevo's shares have gained 404% in the last 12 months, while the S&P 500 has gained 14%.

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MarketWatch MarketPulse
Jan 20, 2021

Biden announces Day 1 executive orders, including rejoining WHO and Paris accord
President-elect Joe Biden announced a raft of executive orders he will sign on his first day, including ending the process of leaving the World Health Organization and rejoining the Paris climate accords. Biden also will stop border-wall construction, reverse the executive order excluding undocumented immigrants from the U.S. Census, ask for the extension of eviction and foreclosure moratoriums, and ask for the extension of the pause on interest and principal payments for direct federal loans. Biden is set to be sworn in at noon Eastern time on Wednesday.

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MarketWatch MarketPulse
Jan 20, 2021

Biden announces day one executive orders, including rejoining WHO and Paris accord
President-elect Joe Biden announced a raft of executive orders he will sign on his first day, including ending the process of leaving the World Health Organization and rejoining the Paris climate accords. Biden also will stop border wall construction, reverse the executive order excluding undocumented immigrants from the Census, ask for the extension of eviction and foreclosure moratoriums and ask for the extension of the pause on interest and principal payments for direct federal loans.

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MarketWatch MarketPulse
Jan 20, 2021

IAG agrees to acquire Air Europa for a deferred, lower price tag of €500 million
International Airlines Group on Wednesday announced a cut-price deal for Air Europa worth €500 million ($607 million). Under terms of the deal, IAG-owned Iberia Airlines will acquire all shares of the rival airline from owner Globalia Corporacion Empresarial, but the amount to be paid has been reduced from €1 billion, and will be deferred until the sixth anniversary of the deal's completion. Revised deal terms are dependent on negotiations between Iberia and industrial holding company Sociedad Estatal de Participaciones Industriales regarding financial support it provided to Air Europa in 2020. The deal is expected to complete by the second half of 2021, but still subject to EU approval. IAG expects the purchase of the Spanish airline to "generate significant cost and revenue synergies," now expected by 2026, and be earnings accrective in the first full year after the deal is competed.

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MarketWatch MarketPulse
Jan 19, 2021

Company Close Updates: Automation Error: Japanese Language Services
Three automated stories, written in Japanese and intended to be sent to Dow Jones Newswires, were published on MarketWatch.com Tuesday evening. Those stories have since been removed, and we apologize for the error.

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MarketWatch MarketPulse
Jan 19, 2021

Bionano Genomics to sell more shares, stock falls
Bionano Genomics Inc. on Tuesday announced its second share sale in less than a month amid an unexplained spike in its price and volume, sending shares down in after-hours trading. Bionano did not disclose a targeted number of shares nor price in its offering, but the stock still fell more than 8% in the extended session. Bionano previously sold 29 million shares at $3.05 a share less than two weeks ago, as shares traded on the open market for more than $5. The stock has since continued to ride higher, closing at an all-time high of $9.14 Tuesday. Bionano shares traded for less than $1 for much of 2020, before prices shot higher just before the end of the year despite no public announcements about changes at the genome-analysis company, which lost nearly $30 million on sales of $4.5 million in the first nine months of 2020.

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MarketWatch MarketPulse
Jan 19, 2021

: EBay looks to sell Korea business next
EBay Inc. EBAY said late Tuesday it is looking into selling off its business in South Korea in another move to pare down its holdings. In a statement, the company said it "has initiated a process to explore, review, and evaluate a range of strategic alternatives for its Korea business." The company said it does not plan to make further announcements about the review until the board has approved a course of action needing disclosure. South Korea sales account for 11.3% of eBay's revenue, according to FactSet data. In July, eBay sold its classifieds business to Adevinta for $9.2 billion, and completed its $4.1 billion sale of StubHub in February. Shares of eBay declined 0.2% after hours, following a 2.8% rise to close the regular session at $56.98.

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MarketWatch MarketPulse
Jan 19, 2021

Dow ends higher to halt 3-session skid as investors cheered by 'act big' Janet Yellen
U.S. stocks finshed solildy higher Tuesday as Janet Yellen in her Senate confirmation hearing called for more fiscal aid for the pandemic-battered economy, helping push investors into a buying mood at the start of a holiday-shortened trading week. Markets were closed on Monday in observance of the Martin Luther King Jr. holiday. Yellen is Biden's nominee to replace Treasury Secretary Steven Mnuchin, and has emphasized the need for more government spending to avoid a protracted economic recession as a result of the COVID-19 pandemic. "But right now, with interest rates at historic lows, the smartest thing we can do is act big," she said in prepared testimony. The Dow Jones Industrial Average halted a three-session skid to close up 0.4% higher at around 30,930, the S&P 500 index advanced 0.8% to finish at 3,799, halting its two-session slide. The Nasdaq Composite Index rose 1.5% to finish at 13,197, narrowly missing a closing high at around 13,201. Markets were watching results from Netflix , which was coming out after the close of markets on Tuesday. Earlier in the session, market participants were parsing quarterly results from the likes of Goldman , which reported fourth-quarter net income that more than doubled and beat expectations by a wide margin, and revenue that also topped Wall Street expectations.

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MarketWatch MarketPulse
Jan 19, 2021

U.S. death toll from coronavirus tops 400,000: Johns Hopkins data
The U.S. death toll from the coronavirus-illness COVID-19 climbed above 400,000 on Tuesday, according to data aggregated by Johns Hopkins University. The U.S. leads the world by cases, at 24.2 million, and deaths, at 400,022, the data shows. The case number accounts for about a fifth of the global case tally of 95.9 million, while the death toll is about a fifth of the global toll of 2.0 million.

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MarketWatch MarketPulse
Jan 19, 2021

Oil futures settle higher, buoyed by dollar weakness and expectations for further economic stimulus
Oil futures settled higher on Tuesday, with prices for the commodity lifted by weakness in the U.S. dollar. Expectations that further economic stimulus measures will lead to higher crude demand also supported prices. February West Texas Intermediate crude , which expires at the end of Wednesday's session, rose 62 cents, or 1.2%, to settle at $52.98 a barrel on the New York Mercantile Exchange.

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MarketWatch MarketPulse
Jan 19, 2021

AMC Entertainment stock rockets on very heavy volume, after issuing of $100 million in notes due 2026
Shares of AMC Entertainment Holdings Inc. rocketed 28.2% on very heavy volume Tuesday, after the struggling movie theater operator disclosed that it raised $100 million through first-lien, secured notes due 2026. Trading volume soared to 206.3 million shares, enough to make the stock the most actively traded on the NYSE, and more than six times the full-day average over the past 30 days of about 33.4 million shares. The stock has now run up 51.0% since it closed at a record low of $1.98 on Jan. 5. AMC said the $100 million in notes will bear interest at a rate of 15% per year. Interest for the first three interest periods after the issue date may be paid in payment-in-kind interest at a rate of 17% per year. The company may redeem up to 35% of the principal amount of the notes using proceeds from equity offerings on or before Jan. 15, 2023. Despite the recent gains, the stock has still lost 15.6% over the past three months and has tumbled 59.0% over the past 12 months, while the S&P 500 has gained 14.2% over the past year.

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MarketWatch MarketPulse
Jan 19, 2021

Gold futures finish higher for the session
Gold futures finished higher on Tuesday, with the gain "clearly" related to the move in the U.S. dollar, spurred on by Janet Yellen, President-elect Joe Biden's nominee to head the Treasury Department, who called for "additional stimulus programs in the coming weeks or months," said Jeff Wright, executive vice president of GoldMining Inc. From her experience with the Federal Reserve, "she talks about a strong U.S. dollar but then pursues actions resulting in a much weaker U.S. dollar, so longer term this is excellent for gold to go higher." February gold rose $10.30, or 0.6%, to settle at $1,840.20 an ounce. It recouped some of the 1.2% loss it suffered on Friday, before Monday's Martin Luther King, Jr. holiday.

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MarketWatch MarketPulse
Jan 19, 2021

Harley-Davidson's stock jumps toward 2-year high after unveiling of 2021 bike lineup
Shares of Harley-Davidson Inc. ran up 2.1% toward a 2-year high in afternoon trading Tuesday, after the motorcycle maker said its 2021 lineup of bikes have arrived at its dealers. "Harley-Davidson enters 2021 focused on motorcyling as an emotional experience," said Theo Keetal, vice president of marketing. "The timeless pursuit of adventure and freedom on the open road is the foundation of our heritage and the vision of our future. As we enter this new year and a new riding season, fueling that desire is more important than ever." The company's Street model lineup includes the "Iron 883" starting at $9,499 and the "Forty-Eight" starting at $11,299, while the Electric lineup is the "Livewire" starting at $29,799. The Cruiser lineup includes the "Street Bob" starting at $14,599, the "Softail Standard" starting at $13,599, the "Low Rider S" starting at $17,199 and the "Fat Boy 114" starting at $20,599; the Touring lineup has multiple models, starting at $18,999 with the "Electra Glide Standard" and "Heritage Classic," up to the "CVO Limited" starting at $44,039; and the Trike lineup starts at $27,999 with the "Freewheeler" and goes up to $48,999 with the "CVO Tri Glide." The stock, on track for the highest close since December 2018, has run up 47.0% over the past three months while the S&P 500 has gained 10.9%.

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MarketWatch MarketPulse
Jan 19, 2021

China ETFs surge on GDP beat
Chinese growth-stock exchange-traded funds roared higher Tuesday, the first trading day in the U.S. after the country said it had had economic growth that beat analyst expectations and surpassed pre-pandemic rates of growth. Gross domestic product rose 6.5% in the fourth quarter compared to a year earlier, according to a release from the National Bureau of Statistics, higher than Q4 2019 growth of 6.0%. The Global X MSCI China Information Technology ETF and the Invesco China Technology ETF both jumped 5.6% by midday Tuesday, while the iShares MSCI China Small-Cap ETF was up 5.3%. Many Western analysts maintain some skepticism about official Chinese government reports on economic health. Still, the centralized government has been better able to coordinate a pandemic response than more diverse countries like the U.S.

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



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