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10:07 a.m. Dec. 3, 2021 - By Mark Decambre
The Dow has shed over 2,000 points over past month as blue-chip, stock-market index heads for 4th weekly tumbleThe Dow Jones Industrial Average has shed about 2,000 points since the middle of November to this Friday, as bullish momentum unwinds. At last check, the Dow was down 360 points Friday afternoon, bringing the weekly drop to nearly 630 points, or 1.8%, and marking the fourth consecutive weekly decline for the benchmark of 30 blue-chip stocks, if the decline holds. From the weekly period started Nov. 12 to Dec. 3, the index has lost about 2,054 points. U.S. stock benchmarks were down Friday, as investors reassessed weaker-than-expected November jobs report as unlikely to stay the hand of a Federal Reserve that seems intent on tamping down inflation. Worries about the spread of the omicron variant of the coronavirus that causes COVID-19 and fears about the Federal Reserve's monetary policy plans, was helping to undercut bullish momentum on Wall Street.
1:46 a.m. Dec. 3, 2021 - By Tomi Kilgore
Recently IPO'd Dole reports profit and revenue growth, in face of inflation and supply chain headwindsShares of Dole PLC were indicated up nearly 1% in premarket trading Friday, after the fresh fruit and vegetables company, , reported a rise in third-quarter profit and revenue, in the face of inflationary pressures and supply chain congestion and labor shortages. Pro-forma net income rose to $29.9 million, or 31 cents a share, from $18.6 million, or 20 cents a share, in the year-ago period. Revenue rose 0.3% to $2.32 billion, while cost of sales grew 0.7% to $2.18 billion. FactSet did not have consensus estimates for earnings or revenue. Fresh fruit revenue rose 0.8% to $676.8 million, as lower volume of bananas in North American and lower pricing of bananas in Europe and pineapples in North America offset higher banana pricing in North American and volume growth in pineapples. Fresh vegetables revenue increased 1.0% to $323.8 million as higher pricing in its value-added salads business offset lower volumes. For 2021, the company is expecting revenue of $9.2 billion to $9.4 billion. The stock has tumbled 16.7% over the past three months while the S&P 500 has gained 0.9%.
12:55 a.m. Dec. 2, 2021 - By Steve Goldstein
Abrdn to buy Interactive Investor for £1.49 billionFund manager Abrdn said it's buying Interactive Investor for £1.49 billion ($2 billion) from J.C. Flowers & Co. and management. Interactive Investor has over 400,000 customers and assets under administration of approximately £55 billion. Abrdn said the deal will help it achieve scale in the high-growth direct investing market, accessing new customer segments and capabilities. Abrdn said the deal will be double-digit earnings accretive in the first full financial year following completion.
11:35 p.m. Nov. 28, 2021 - By Barbara Kollmeyer
WHO warns of 'severe consequences' from omicron surges, urges widespread testingThe World Health Organization is urging countries to start widely testing in communities to gauge whether the new omicron variant is circulating, in it released on Sunday. "Given mutations that may confer immune escape potential and possibily transmissibility advantage, the likelihood of potential further spread of omicron at the global level is high. Depending on these characteristics, there could be future surges of COVID-19, which could have severe consequences, depending on a number of factors including where suges may take place. The overall global risk to the new VOC [variant of concern] omicron is assessed as very high." The body urged member states to not only start testing widely, but to accelerate vaccination coverage as fast as possible, espcially among high-risk individuals. Masks, distancing, ventilation of outdoor spaces and crowd avoidance are among the measures country should follow, as well as a risk-based approach to adjust international travel measures in a timely manner.
5:47 a.m. Nov. 26, 2021 - By Mark Decambre
Dow's Black Friday plunge puts blue-chip stock gauge at risk of closing below 50-day moving averageU.S. stocks were facing their worst Black Friday trade in recent memory and the decline was putting the Dow Jones Industrial Average at risk of closing below its 50-day moving average for the first time since mid October, as markets wrestle with reports of a new coronavirus variant.The Dow was down 826 points, or 2.3%, to trade at 34,969, which is below its 50-day MA at 35,261.93. Scientists say the coronavirus strain has a high number of mutations that may make it more transmissible and allow it to evade some of the immune responses triggered by previous infection or vaccination. Meanwhile, the S&P 500 index , and the Nasdaq Composite Index were both trading sharply lower but holding above their short-term MAs. Moving averages are used by technical analysts to gauge short-term and long-term momentum in an asset.
10:28 p.m. Nov. 25, 2021 - By Barbara Kollmeyer
European stocks slump with travel names hard hit as investors fret over new COVID variantEuropean stocks fell sharply early Friday, with heavy losses for travel stocks and energy names after a new potentially highly contagious variant of COVID was detected in South Africa. The Stoxx Europe 600 index slid 3.8% to 465, with the German DAX down 3.5%, the French CAC 40 sliding 4.3% and the FTSE 100 index down 3.4%. The U.K. has announced it will halt travel from South Africa and several other African countries as of Friday. Shares of International Consolidated Airlines slid 10%, cruise operator Carnival slumped 16% and Deutsche Lufthansa dropped 12%. Energy names also weighed heavily as crude fell more than 5% to $73.91 a barrel. BP shares fell 8%.
6:59 a.m. Nov. 25, 2021 - By Barbara Kollmeyer
EU proposes nine-month time limit on validity of COVID vaccinations for travelThe European Union has announced proposals that would put a nine-month time limit on COVID vaccinations for travelers in and out of the bloc. After that point, boosters would be required, the European Commission recommended, in a . "The 9-month period takes into account the guidance of the European Centre for Disease Prevention and Control (ECDC) on the administration of booster doses as of 6 months, and provides for an additional period of 3 months to ensure that national vaccination campaigns can adjust and citizens can have access to boosters," the statement said. Also on Thursday, the Commission from outside the EU, saying travel should reopen by Jan. 10 to those who have World Health Organization approved shots, but that an additional proof of negative PCR test will also be required.
8:37 a.m. Nov. 23, 2021 - By Mark Decambre
Gold's 4th straight decline matches longest skid in nearly 7 monthsGold futures settled lower Tuesday for a fourth straight session, with the precious metal falling to the lowest value in about three weeks, breaching the psychologically significant value at $1,800 again. December gold shed $22.50, or 1.2%, to settle at $1,783.80 an ounce, marking the lowest finish for a most-active contract since Nov. 3, FactSet data show. The four-day slide also matched the longest string of declines for the contract for the precious metal since the period ended April 30.
4:38 a.m. Nov. 23, 2021 - By Mark Decambre
Dow industrials trade under pressure and broader market slumps early Tuesday U.S. stock benchmarks traded mostly lower Tuesday morning, with pressure again seen on the technology sector as investors continue to consider what the reappointment of Federal Reserve Chair Jerome Powell may mean for monetary policy tightening. The Dow Jones Industrial Average declined 17 points, or less than 0.1%, to around 35,604, the S&P 500 index fell 0.2% to reach 4,674 and the Nasdaq Composite Index retreated 0.5% to 15,774, as a rise in Treasury yields continued, with the 10-year Treasury note yielding around 1.64%. In corporate news, shares of Zoom Video Communications were in focus after company executives detailed falling revenue on a conference call late Monday. U.S. markets will be closed on Thursday in observance of Thanksgiving and will end early on Friday.
11:41 p.m. Nov. 22, 2021 - By Barbara Kollmeyer
Turkish lira sinks 6% as Erdogan defends weak currency as competitiveThe Turkish lira sank to new depths against the U.S. dollar on Tuesday, after President Tayyip Erdogan vowed his country would win an "economic war of indepedence." The lira fell to as low as 12.47 against the dollar, before pulling back to 12.08, a 6.2% drop. On Monday, Erdogan Turkey's weak currency as competitive, saying it would usher in jobs and growth. "We see the games being played on the exchange rate and interest rates. We came out of every struggle we entered honorably by taking a strong stance. With the help of Allah and the support of our nation, we will emerge from this economic war of independence with victory," he said. The lira has tumbled 63% so far this year, as Erdogan has pressured the central bank to keep cutting rates and the country's inflation rate officially hovers around 20%, though independent economists see it as more than double that. Turkey's central bank last week cut its policy rate by 100 basis points to 15%, bringing cuts since September to a total of 400 basis points.
7:34 a.m. Nov. 19, 2021 - By Tomi Kilgore
Oil stocks take a broad beating as crude prices sinkThe energy sector took a broad beating Friday, and was the weakest of the S&P 500's 11 key sectors, after by fears that will drive down demand. The SPDR Energy Select Sector ETF dropped 3.5%, with all 21 equity components losing ground, and has lost 5.5% amid a three-day losing streak. The biggest loser was Devon Energy Corp.'s stock , which slid 5.6%. Among other more active components, shares of Exxon Mobil Corp. slumped 4.3%, Marathon Oil Corp. gave up 4.3%, Occidental Petroleum Corp. lost 4.9%, Schlumberger Ltd. fell 5.1% and Chevron Corp. declined 2.2%. Meanwhile, crude oil futures shed 3.7% toward a seven-week low. The energy sector ETF has still run up 19.8% over the past three months, while crude oil futures have climbed 18.9% and the S&P 500 has gained 7.0%.
4:35 a.m. Nov. 19, 2021 - By Mark Decambre
Dow, S&P 500 slump Friday but Nasdaq Composite edges higher in early Friday actionU.S. stock benchmarks headed lower Friday morning, amid growing concerns over rising cases of COVID-19 in the U.S. and a national lockdown in Austria, with Germany threatening similar action to mitigate the spread of the infectious disease COVID-19 that has plagued the globe for two years. The Dow Jones Industrial Average was down 0.5%, the S&P 500 index was off less than 0.1%, while the Nasdaq Composite Index gained 0.2%. Friday marks the final full week of trading in November before the Thanksgiving holiday in the U.S., with the markets closed on Thursday and ending early in the following session.
1:13 a.m. Nov. 18, 2021 - By Steve Goldstein
Dollar climbs against Turkish lira after central bank cuts rates by a full pointThe dollar rose to 10.7739 Turkish lira from 10.6281 lira after the Central Bank of the Republic of Turkey cut interest rates by a full point, to 15%. "The Committee evaluated the analyses to decompose the impact of demand factors that monetary policy can have an effect, core inflation developments and supply shocks and decided to reduce the policy rate by 100 basis points to 15 percent. The Committee expects that the transitory effects of supply-side factors and other factors beyond monetary policy's control on price increases will persist through the first half of 2022," the central bank said.
8:14 a.m. Nov. 17, 2021 - By Tomi Kilgore
Sono Group's stock soars on public debut, valuing solar electric vehicle company at more than $1.8 billionSono Group N.V. received an ovation on its Wall Street debut, as the Germany-based solar electric vehicle company's stock opened 33.7% above its initial public offering price and kept rising, more than doubling at one point. The company said overnight that its IPO priced at $15.00 per share, in the middle of the expected range of between $14 and $16 a share. The company raised $150.0 million as it sold 10.0 million shares in the IPO. With 69.08 million shares outstanding after the IPO, the pricing valued the company at $1.04 billion. The stock's first trade on the Nasdaq, under the ticker symbol "SEV," was at $20.06 at 10:26 a.m. Eastern for about 642,700 shares. The rallied as much as 115.6% to an intraday high of $32.34 before paring gains to trade up 78.7% at $26.80, which boosted Sono's market value to $1.85 billion. Berenberg and Craig-Hallum were the underwriters of the IPO. The company recorded a loss of EUR25.8 million ($29.2 million) on no revenue during the six months ended June 30, after a loss of EUR9.8 million on no revenue in the same period a year ago. The company's upbeat debut comes on a day that the Renaissance IPO ETF slid 1.4% while the S&P 500 eased 0.2%.
6:00 a.m. Nov. 17, 2021 - By Tomi Kilgore
Visa stock leads Dow, S&P 500 losers, as it cuts Dow's price by nearly 80 pointsVisa Inc.'s stock dove 5.6% toward a nine-month low in morning trading Wednesday, enough to pace the Dow Jones Industrial Average and S&P 500 in losses, after Amazon.com Inc. said it will next year. Visa stock's price drop of $11.96 was cutting about 79 points off the Dow's price, while the Dow dropped 173 points, or 0.5%. The stock, currently on track to close at the lowest price since Feb. 3, has shed 7.1% year to date, while the Dow has gained 17.5%.
9:44 a.m. Nov. 16, 2021 - By Mark Decambre
VanEck's 'lowest-cost' bitcoin linked ETF is down Tuesday but it's outperforming ProShares and Valkyrie funds down 5%The VanEck Bitcoin Strategy Fund on Tuesday is seeing its first day of trading, with the bitcoin futures-pegged exchange-traded fund, which bills itself as the "lowest-cost" option, compared against rivals, outperforming "spot" bitcoin values . VanEck's ETF was down less 1%, at last check, on Tuesday afternoon, in its first day of trading on Cboe Global Markets Inc.'s Cboe BZX exchange. By comparison, spot bitcoin was down more than 5%, in line with the ProShares Bitcoin Strategy ETF and Valkyrie Bitcoin Strategy ETF , which also are pegged to bitcoin futures traded on the CME Group's Chicago Mercantile Exchange . The VanEck offering has billed itself as a cheaper option to ProShares and Valkyrie funds, which came out before it. The VanEck's expense ratio is 0.65%, which translates to an annual cost of $6.50 for every $1,000 invested, compared with 0.95% for its two rivals. VanEck also claims that its ETF can be more tax-efficient than its rivals due to its C-corp structure. The outperformance of XBTF on Tuesday may provide some modest solace to the folks at VanEck who saw a spot bitcoin ETF rejected last week by the Securities and Exchange Commission on the grounds that it doesn't properly prevent fraud and market manipulation. However, first-mover advantage on bitcoin futures may ultimately carry the day, with ProShares boasting assets of around $1.4 billion, Valkyrie's bitcoin futures market looking after $60 million and VanEck likely to end Tuesday's session well below that, even considering its outperformance.
5:07 a.m. Nov. 16, 2021 - By Tonya Garcia
On Holding stock soars after surprise profitOn Holding AG stock soared 21% in early Tuesday trading after the newly-public athletic company reported a surprise third-quarter profit. Net income totaled CHf 13.0 million (US$14.0 million), or CHf 0.04 per share, up from CHf 8.1 million, or CHf 0.03 per share, last year. Sales totaled CHf 218.0 million (US$234.8 million), up from CHf 130.1 million last year. The FactSet consensus was for a loss of CHf 0.11 per share and sales of CHf 182.8 million. On's Co-Chief Executive Martin Hoffmann called the most recent quarter the "strongest" in the company's history in terms of sales. "Recent supply chain challenges will lead to a transitory supply shortage in the fourth quarter and the first half of 2022," he said in a statement. "But since early November, all our production factories are open, and our outlook on net sales and adjusted EBITDA exceeds our original assumptions." The company is guiding for sales of CHF 710 million for the full year, up about 67% from 2020. The FactSet consensus is for CHf 678.6 million. On is guiding for sales of CHF 960 million for 2022. On Holding stock began trading on Sept. 15. Shares have soared by nearly 50% over the past month. The S&P 500 index is up 5.1% for the last month.
2:47 a.m. Nov. 15, 2021 - By Tonya Garcia
Oatly shares sink after revenue warningOatly Group AB shares plunged 14.8% in Monday premarket trading after the plant-based dairy company reported a third-quarter revenue miss and issued a revenue warning for the year. Net losses totaled $41.2 million, or 7 cents per share, after a loss of $10.4 million, or 2 cents per share, last year. Revenue totaled $171.1 million, up from $114.7 million. The FactSet consensus was for a loss of 10 cents per share and revenue of $185.6 million. For the year, Oatly is guiding for revenue that exceeds $635 million. The FactSet consensus is for revenue of $694.1 million. The company is investigating a quality issue in one of its production facilities and says it will likely have to destroy inventory and will lose sales in the EMEA region. "In EMEA, we are starting to build supply to meet consumer demand, but the pace at which we expected to increase revenue in new and existing retailers and to open new markets is slower than we anticipated as we navigate a dynamic COVID operating environment," said Chief Executive Toni Petersson, in a statement. "We believe this is primarily a timing issue and in the first half of 2022, we expect to have an increased share of shelf space at retail given our strong velocities and current supply levels." Oatly shares, which began trading in May, have fallen 30% over the past three months. The S&P 500 index has gained 4.8% for the period.
11:41 p.m. Nov. 14, 2021 - By Steve Goldstein
Philips shares tumble as FDA raises concern about silicone foamKoninklijke Philips was on track for its worst single session in 19 years, falling 9.6%, after the Food and Drug Administration's inspection of a U.S. facility, following a recall of breathing assistance machines. The FDA said it obtained information during an inspection about the silicone-based foam used in a similar device marketed outside the U.S., . "The FDA is aware that patients have already received devices with silicone-based foam as part of the repair and replace program. At this time, the agency does not have sufficient information to conclude whether the silicone-based foam being used in the repaired devices poses any risk to patients in the U.S.," the agency said. Philips said it's conducted testing to support the new silicone replacement form, which it said demonstrated acceptable results, and will continue to coordinate with the FDA.
6:26 a.m. Nov. 12, 2021 - By Tomi Kilgore
Farfetch stock shoots up toward best day in 17 months after confirming talks to boost Richemont partnershipShares of Farfetch Ltd. shot up 16.5% toward a three-month high in morning trading Friday, after the platform for the luxury fashion industry confirmed that it was Switerland-based luxury goods maker Compagnie Financiere Richemont SA regarding an expansion of the existing partnership. The discussions included Farfetch making a minority investment in Richemont's Yoox Net-A-Porter business. "This would essentially team up [Farfetch] with its largest competitor, add greater negotiating leverage with brands and fuel a material [Gross Merchandise Value/Earnings Before Interest and Tax] ramp for the platform," wrote Wells Fargo analyst Ike Boruchow, in a note to clients. Farfetch's stock is on track for the biggest once day gain since it ran up 19.4% on June 25, 2020, and trading volume on Friday swelled 8.2 million shares, already well more than double the full-day average of about 3.7 million shares. Meanwhile, the U.S.-listed shares of Richemont jumped 10.4% toward a record. Farfetch's stock has still lost 28.1% year to date, while Richemont shares have soared 61.4% and the S&P 500 has advanced 24.6%.
10:29 p.m. Nov. 9, 2021 - By Barbara Kollmeyer
Marks & Spencer shares surge 17% after results, higher guidanceShares of Marks & Spencer PLC jumped 17% on Wednesday after the U.K. retailer swung to a pretax profit for the first half of fiscal 2022, and lifted guidance. M&S said it expects to report an adjusted pretax profit for the full fiscal year of around £500 million ($677 million), from guidance it gave in August of £350 million. The retailer also warned that it sees cost pressures ahead from labor-market and logistics issues.
6:12 a.m. Nov. 9, 2021 - By Tomi Kilgore
BioNTech stock reverses lower after earnings report, in which profit and revenue beat expectationsShares of BioNTech SE dropped 2.9% in morning trading Tuesday, reversing an earlier intraday gain of as much as 4.3%, in the wake of the Germany-based biotechnology company's better-than-expected third-quarter earnings report. The company reported before the open that it swung to net income of EUR3.21 billion ($3.72 billion), or EUR12.35 a share, from a loss of EUR210.0 million, or EUR0.88 a share, in the year-ago period, to beat the FactSet consensus for earnings per share of EUR10.54. Revenue multiplied to EUR6.09 billion ($7.05 billion) from EUR67.5 million, to beat the FactSet consensus of EUR5.10 billion, citing "rapid increases in the supply and sales of the COVID-19 vaccine worldwide." The company said it has delivered a total of more than 2 billion doses of its and Pfizer Inc.'s COVID-19 vaccine as of Nov. 2. The company said it now expects to deliver up to 2.5 billion doses of the vaccine in 2021 for revenue of about EUR16 billion to EUR17 billion, compared with guidance provided in August of about EUR15.9 billion in vaccine revenue from the delivery of about 2.2 billion doses. The company and Pfizer expect to manufacture 2.7 billion to 3.0 billion doses of the COVID-19 vaccine by the end of the year, and expect to boost manufacturing capacity to 4 billion doses in 2022. Regarding its cancer treatment business, BioNTech said it has four programs in Phase 2 development. BioNTech's stock has tumbled 47.3% over the past three months but has still run up 189.1% year to date, while the S&P 500 has gained 5.6% the past three months and rallied 24.7% this year.
2:39 a.m. Nov. 8, 2021 - By Steve Goldstein
H&M shares slump on Goldman Sachs downgrade to sellH&M Hennes & Mauritz shares slumped 5% as Goldman Sachs downgraded the Swedish retailer to sell from neutral and cut its price target to 160 kroner from 200 kroner. The broker blamed rising costs, including for freight, cotton and polyester. Cost of goods sold inflation could go from -6% in fiscal 2021 to +9% in fiscal 2022. Though the retailer will act to mitigate the cost pressures from supplier negotiation, sales mix and pricing, it said gross margins will contract by 140 basis points.
9:31 a.m. Nov. 4, 2021 - By Tomi Kilgore
Bank stocks take a broad beating as Treasury yields fall in wake of Fed taper talkFinancial stocks were suffering a broad beating Thursday, as in the wake of the Federal Reserve's detailing of its , and as the Bank of England held off on an expected rate hike. The SPDR Financial Select Sector ETF dropped 2.0% with 61 of 65 equity components losing ground. within the Dow Jones Industrial Average , Goldman Sachs Group Inc.'s stock was the biggest drag, as it fell $13.49, or 3.2%. Elsewhere, shares of JPMorgan Chase & Co. lost 2.3%, Bank of America Corp. dropped 3.0%, Citigroup Inc. slid 3.4% and Wells Fargo & Go. shed 2.9%. Meanwhile, the yield on the 10-year Treasury note declined 6.0 basis points to 1.519%. Lower long-term interest rates could hurt bank profits, as the spread between what banks can earn on longer-term assets, such as loans, that are funded with shorter-term liabilities is narrowed.
5:56 a.m. Nov. 4, 2021 - By Myra P. Saefong
Oil futures extend gains as OPEC+ holds steady on output increaseOil futures after the Organization of the Petroleum Exporting Countries and their allies, together known as OPEC+, on production levels, and said the group will raise the monthly overall production by 400,000 barrels per day in December. The decision to hold steady to previous production plans was "no surprise to the markets," said Andy Brogan, global oil and gas leader at professional services network EY. "The group's strategy, as demand has recovered from the pandemic, has been quite successful and there was no compelling reason for them to change course." December West Texas Intermediate crude rose 81 cents, or 1%, to trade at $81.67 a barrel on the New York Mercantile Exchange, following a loss of 3.6% on Wednesday. January Brent crude climbed by $1.01, or 1.2%, at $83 a barrel.
11:54 p.m. Nov. 3, 2021 - By Steve Goldstein
EDF-backed electric vehicle charging company falls after IPOPod Point , the electric vehicle charging company mostly held by Electricite de France , traded at 210 pence after pricing its initial public offering at 225 pence, that valued it at £352 million ($480 million). Pod Point raised £100 million with the float, after previously saying it was seeking to raise £120 million.
1:21 a.m. Nov. 3, 2021 - By Steve Goldstein
Lagarde says interest-rate hike next year from ECB is 'very unlikely'European Central Bank President Christine Lagarde delivered a speech on Wednesday saying it was "very unlikely" conditions would be met by next year that would allow for an interest-rate hike. "Market interest rates have risen over the past weeks, mainly as a result of greater market uncertainty about the inflation outlook, spillovers from abroad to policy rate expectations in the euro area, and some questions about the calibration of asset purchases in a post-pandemic world," she said in Lisbon. "In our forward guidance on interest rates, we have clearly articulated the three conditions that need to be satisfied before rates will start to rise. Despite the current inflation surge, the outlook for inflation over the medium term remains subdued, and thus these three conditions are very unlikely to be satisfied next year."
2:55 a.m. Oct. 28, 2021 - By William Watts
ECB leaves monetary policy measures unchangedThe European Central Bank, as expected, left its monetary policy measures unchanged Thursday, saying it would continue to purchase assets via its pandemic emergency purchase program at a slower pace than seen in the second and third quarters. The ECB left interest rates unchanged and said it would continue PEPP purchases through at least the end of March. Purchases under the separate Asset Purchase Program will continue at a pace of 20 billion euros ($23.2 billion) a month. ECB President Christine Lagarde will hold a news conference at 8:30 a.m. Eastern, in which economists expect her to push back against market pricing of rate increases in 2022 and 2023.
5:40 a.m. Oct. 27, 2021 - By Steve Goldstein
U.K. pub chains climb after Sunak announces cuts in beer and sparkling wine taxesU.K. pub operators advanced on Wednesday as Chancellor Rishi Sunak announced an overhaul of alcohol taxation that will cut the levies on rose, sparkling wine, beer and cider. J.D. Wetherspoon climbed 5%, and Mitchells & Butler and Marston's also gained ground.
5:15 a.m. Oct. 27, 2021 - By Tomi Kilgore
Spotify's stock surges to highest level in more than 3 months after revenue, MAU beatsShares of Spotify Technology S.A. shot up more than 10% before paring gains to be up 5.8% toward a 3 1/2-month high in morning trading Wednesday, after the Luxembourg-based music streaming service reported better-than-expected revenue, MAUs, free cash flow (FCF) and gross margin, but a wider-than-forecast loss. Revenue rose 26.6% to EUR2.50 billion ($2.91 billion), above the FactSet consensus of EUR2.45 billion, citing "significant strength in advertising," while monthly active users (MAUs) rose 19% to 381 million to beat expectations of 380.2 million, amid double-digit growth in all geographic regions. FCF was EUR99 million, down from EUR103 million a year ago, but above expectations of EUR93.4 million. Gross margin improved to 26.7% from 24.8%, topping the guidance range provided in July of 24.4% to 26.4%. Meanwhile, the company reported a per-share loss that narrowed to EUR0.41 from EUR0.58, but that FactSet loss consensus of EUR0.21. For the fourth quarter, Spotify expects revenue of EUR2.54 billion to EUR2.68 billion, compared with the FactSet consensus of EUR2.58 billion. The stock has rallied 12.6% over the past three months, while the S&P 500 has gained 4.1%.
11:06 a.m. Oct. 26, 2021 - By Mark Decambre
Dow, S&P 500 book back-to-back record closes but stock market's gains fade in Tuesday's final minutesU.S. stocks eked out a fresh round of record highs Tuesday, as better-than-expected third-quarter results from American corporations appeared to produce sufficient loft for a second record close for the S&P 500 and the Dow Jones Industrial Average. The Dow closed up less than 0.1% higher at around 35,755, with an intraday record high at 35,892.92; the S&P 500 edged up 0.2% to about 4,575, following a jaunt near 4,600. Meanwhile, the Nasdaq Composite index finished up less than 0.1% at 15,235, putting the technology-laden index closer to eclipsing its Sept. 7 record close at 15,374.33. However, the day's gains might have been kept in check by persistent worries about inflation and fears of a global growth slowdown. On top of that the Federal Reserve meets next week, Nov. 2-3, to discuss implementing policies that would be viewed as less accommodative for stock buying.
4:34 a.m. Oct. 26, 2021 - By Steve Goldstein
Entain shares tumble after DraftKings says it won't bid, and DraftKings stock jumpsShares of U.K. betting company Entain tumbled 10% after DraftKings said it won't make a firm offer. "After several discussions with Entain leadership, DraftKings has decided that it will not make a firm offer for Entain at this time. DraftKings stock shot up 5.6% in morning trading. Based on our vertically-integrated technology stack, best-in-class product and technology capabilities and leading brand, we are highly confident in our ability to maintain a leadership position and achieve our long-term growth plans in the rapidly growing North America market," said DraftKings CEO Jason Robins. The statement bars DraftKings from making an offer for at least six months unless there's another bid. MGM Resorts operates the BetMGM venture in the U.S. with Entain.
5:10 a.m. Oct. 22, 2021 - By Mark DeCambre
Phunware stock surges over 1,000% early Friday as a Trump-linked SPAC heads for a 1,345% weekly gainShares of Phunware Inc. surged more than 1,000% early Friday, as a special-purpose acquisition company, or SPAC, called Digital World Acquisition Corp. , . Austin-based Phunware is an advertising startup that has been associated with former President Donald Trump's 2020 presidential campaign, and appeared to be getting a lift from the DWAC SPAC deal, which apparently represents the former president's latest attempt to launch a social-media platform. Meanwhile, shares of DWAC were up 190% on Friday, contributing to a 1,345% weekly gain for the entity. Trump announced that he expects to upend Silicon Valley via a new app called TRUTH Social, which will be a property of the newly formed social-media company Trump Media & Technology Group. Digital World closed up 356.8% on Thursday, marking the best first day of trading ever by a SPAC, according to Dow Jones Market Data. Meanwhile, Phunware's market value is just $116 million, FactSet data show, even with the surge in its stock on Friday.
1:18 a.m. Oct. 22, 2021 - By Tomi Kilgore
Autoliv stock falls after profit falls more than 50% to miss expectations as supply shortages weighed on LVPThe U.S.-listed shares of Autoliv Inc. fell 0.6% in premarket trading Friday, after the Sweden-based auto safety systems maker reported third-quarter adjusted profit that was half of last year's and missed expectations, as shortages of semiconductor supplies and other components led to a 20% drop in light vehicle production (LVP). Net income fell to $60 million, or 68 cents a share, from $99 million, or $1.12 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share dropped 50.7%, to 73 cents from $1.48, to miss the FactSet consensus of 81 cents. Sales declined 9.3% to $1.85 billion, just below the FactSet consensus of $1.87 billion. For 2021, the company expects sales growth of "around 11%," while the current FactSet consensus of $8.41 billion implies 13% growth. "The decline in LVP, unpredictable changes in customer call-offs and higher raw material costs resulted in reduced profitability despite significant cost control measures, including headcount reductions," said Chief Executive Mikael Bratt. The stock has gained 3.4% year to date through Thursday, while the S&P 500 has climbed 21.3%.
11:23 p.m. Oct. 21, 2021 - By Barbara Kollmeyer
Flash eurozone composite and services PMI indexes hit six-month lows in OctoberThe flash eurozone composite output purchasing managers index (PMI) to a six-month low in October of 54.3, from 56.2 in September, according to IHS Markit. The flash services PMI dropped to 54.7 from 56.4, also a six-month low. Any reading blow 50 indicates conditions are deteriorating. While those numbers were above 50, Markit noted a sharp slowing in business activity amid increasingly supply bottlenecks and ongoing concerns over COVID. "While the overall rate of economic growth remains above the long-run average for now, risks seem tilted to the downside for the near-term as the pandemic continues to disrupt economies and push prices higher," said Chris Williamson, chief business economist at IHS Markit, in a news release.
2:10 a.m. Oct. 21, 2021 - By Steve Goldstein
Dollar jumps against lira after surprisingly large Turkish rate cutThe dollar surged against the Turkish lira on Thursday after a surprising large rate cut. The Central Bank of the Republic of Turkey cut interest rates to 16% from 18%, more than the 0.5 point to 1 point cut markets anticipated. The dollar climbed to 9.3095 lira from 9.2133 lira on Wednesday.
11:12 a.m. Oct. 20, 2021 - By Mark Decambre
Dow, S&P 500 end higher but narrowly miss closing highs as Fed's Beige Book shows inflation pressures remainThe S&P 500 index and Dow industrials closed higher on Wednesday, barely missing a finish at record closing highs as investors parsed the Federal Reserve's latest Beige Book showing the U.S. economy is growing at a modest to moderate pace, but remains under pressure from inflation and labor shortages. Strong third quarter corporate earnings are helping investors overcome some doubts about the impact of the coronavirus delta variant, supply-chain disruptions and the Federal Reserve's likely move to start withdrawing some of its easy-money policies. The Dow Jones Industrial Average close 0.4% higher at 35,609, missing its Aug. 16 closing high at 35,625.40. The S&P 500 index closed up 0.4% to end at around 4,536, coming within a hair's breadth of its Sept. 2 closing high at 4,536.95. The Nasdaq Composite Index , however, ended down slightly, less than 0.1% to end at about 15,121, ending its win streak at five straight sessions. Investors were focused on results from electric-vehicle maker Tesla Inc. , which rolled out after Wednesday's close. Meanwhile, the Fed's latest Beige Book survey of economic conditions released Wednesday pointed to a U.S. economy that still is growing at a solid pace, but labor shortages and supply-chain bottlenecks that have been restraining growth and triggering higher inflation.
12:04 a.m. Oct. 20, 2021 - By Steve Goldstein
Deutsche Bundesbank President Jens Weidmann resignsJens Weidmann, the president of the Bundesbank and one of the more hawkish European Central Bank voters, , which he said was for personal reasons. Weidmann said he will leave at the end of the year. "I have come to the conclusion that more than 10 years is a good measure of time to turn over a new leaf - for the Bundesbank, but also for me personally," Weidmann said. He noted the "sometimes difficult" discussions at the ECB, including the central bank's new strategy. "A symmetrical, clearer inflation target has been agreed. Side effects and in particular financial stability risks are to be given greater attention. A targeted overshooting of the inflation rate was rejected," Weidmann said. The euro saw little movement after his resignation, recently fetching $1.1628.
6:22 a.m. Oct. 19, 2021 - By Mark Decambre
ProShares Bitcoin Strategy ETF trades up 2.6% in Tuesday debut on the NYSE The ProShares Bitcoin Strategy ETF was trading higher Tuesday morning, in its debut on the New York Stock Exchange, marking a milestone for the nascent crypto sector. The ProShares fund, up 2.6%, is the first ETF that offers exposure to bitcoin , a virtual asset that has only existed since 2009. The offering from ProShares comes after a number of proposals to launch a bitcoin ETF that were rejected by the Securities and Exchange Commission. Comments in the summer from SEC Chairman Gary Gensler, suggesting that he might be receptive to approving an ETF that was pegged to futures contracts, paved to way for fund providers to propose a futures-linnked ETF. Gensler has said that futures offer investors greater protections than a fund that is linked to bitcoin directly. Futures are derivative financial contracts that provide investors exposure to price moves in an underlying asset. However, the value of futures contracts sometimes diverge from the underlying asset, which is one of a number of criticisms of a bitcoin futures ETF.
4:35 a.m. Oct. 19, 2021 - By Mark Decambre
Dow rises tentatively and S&P 500 retakes 4,500 in early Tuesday trade U.S. stock benchmarks rose Tuesday morning, extending gains after the largest four-day rally since late July for both the S&P 500 and Nasdaq Composite. The Dow Jones Industrial Average was up 0.3% at 35,371, the S&P 500 index climbed 0.3% to 4,501, while the Nasdaq Composite Index advanced 0.3% at 15,072. The positive backdrop for equities comes as good corporate earnings have largely overshadowed worries about supply-chain disruptions. In corporate news, Johnson & Johnson shares rose after the drugmaker said it brought in $502 million in world-wide sales of its COVID-19 vaccine in the third quarter of 2021.
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