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How a Small Covid-19 Outbreak in China Is Pushing Toy Prices Higher

  • How a Small Covid-19 Outbreak in China Is Pushing Toy Prices Higher How a Small Covid-19 Outbreak in China Is Pushing Toy Prices Higher 4:54
    Alibaba's Singles Day Gets Boost From Pandemic Spending Shift Alibaba's Singles Day Gets Boost From Pandemic Spending Shift 3:05
5:29 a.m. Oct. 15, 2021 - By Tomi Kilgore
Ford stock gains after China sales report, with Q3 down but year-to-date sales upShares of Ford Motor Co. edged up 0.4% in premarket trading Friday, after the automaker reported overnight third-quarter China vehicle sales that fell from a year ago, amid continued challenges resulting from the semiconductor shortage, but outperformed its U.S. vehicle sales performance by a wide margin. The company said it sold 150,100 vehicles in Greater China during the quarter, down 8.7% from a year ago, while Lincoln brand passenger vehicle sales increased 24%. The year-to-date total has reached 457,000 vehicles, up 11% from the year-ago period. That compares with a 25.8% decline in third-quarter U.S. vehicles sales, with Lincoln-brands sales down 35.8%, according to a MarketWatch analysis of monthly data, and a 7.0% drop in year-to-date sales through September. Ford's stock has soared 75.8% year to date through Thursday, while shares of rival General Motors Co. have rallied 38.5% and the S&P 500 has advanced 16.8%.
3:39 a.m. Sept. 27, 2021 - By Ciara Linnane
Singapore's TDCX to offer 18.8 million ADSs in IPO, priced at $16 to $18 eachTDCX Inc., a Singaporean provider of software for e-commerce, set terms for its initial public offering on Monday, with plans to offer 18.8 million American Depositary Shares priced at $16 to $18 each. The company has applied to list on the New York Stock Exchange under the ticker "TDCX." Goldman Sachs and Credit Suisse are underwriting the deal. Proceeds will be used to repay debt and to expand into new markets. "We offer omnichannel CX solutions, sales and digital marketing services and content monitoring and moderation services," the company says in its prospectus. The company had net profit of $33.3 million in the six months through June 30 and revenue of $187.2 million.
4:47 a.m. Sept. 17, 2021 - By Steve Gelsi
Mitsubishi UFJ Financial Group may sell U.S. banking armMitsubishi UFJ Financial Group Inc. is exploring the sale of its U.S. banking unit MUFG Union Bank, about 13 years after it acquired the West Coast lender for $3.5 billion, according to a Bloomberg report published on Friday. Citing people familiar with the deal, the news service reported the Japanese banking giant has held preliminary talks with potential buyers about a deal and may soon hire an investment bank to launch a formal sales process. As mergers heat up between smaller banks to compete with larger players such as JPMorgan Chase & Co. and Goldman Sachs Group Inc. as well as financial technology companies, some overseas banks are mulling the sale of their U.S. operations to benefit from lofty acquisition prices.
5:34 a.m. Sept. 16, 2021 - By Mark Decambre
Dow climbs at the open but broader stock market kicks off Thursday's trade under pressureU.S. stock benchmarks were mixed Thursday morning, with the Dow industrials posting modest gains while the broader market was under pressure, after August retail sales showed an unexpected rise and a measure of activity in the Philadelphia Federal Reserve district came in stronger than expected. The Dow Jones Industrial Average rose 0.3% at 34,909, the S&P 500 index declined less than 0.1%, while the Nasdaq Composite Index was down 0.3% at 15,120. August retail sales rose 0.7%, defying forecasts for a 0.7% fall. Excluding autos, sales jumped 1.8%, compared with expectations for a rise of 0.2%. Meanwhile, Philadelphia Fed's activity index, which jumped to 30.7 in September from 19.4 a month earlier. At the same time, data showed first-time claims for unemployment benefits rose more than expected in the week ending Sept. 11, though continuing claims fell.
6:11 a.m. Aug. 24, 2021 - By Mark Decambre
Nasdaq Composite carves out fresh intraday record at Tuesday's open as stock market clambers higher U.S. stocks on Tuesday grinded higher toward all-time highs as investors responded positively to strong corporate earnings and the economic rebound against COVID-19, despite the spread of the delta variant of the disease. The Dow Jones Industrial Average gained 0.1% to 35,382, the S&P 500 index rose 0.1% and climbed near a record high at 4,489.88, and the Nasdaq Composite Index rose 0.3%, after carving out an intraday record at 15,003.20. In corporate news, Best Buy Co. Inc. shares were in focus after the consumer electronics retailer reported second-quarter earnings that beat expectations and raised its same-store sales guidance for the year. At the end of the week, Federal Reserve Chairman Jerome Powell is expected to deliver a speech that might provide some insights on the timing and scope of tapering asset purchases for the central bank.
12:12 p.m. Aug. 5, 2021 - By Mark Decambre
S&P 500, Nasdaq close at records and Dow jumps nearly 300 points to retake perch at 35,000 ahead of Friday jobs reportThe S&P 500 and the Nasdaq Composite ended at records Thursday and the stock market closed solidly higher overall as shares of assets considered value tilted and information technology rose in tandem. The S&P 500 index closed up at around 4,429, up 0.6%, the Nasdaq Composite Index ended 0.8% higher at 14,895, while the Dow Jones Industrial Average finished up 170 points, or 0.8%, at 35,064, on a preliminary basis. Meanwhile, the small-capitalization Russell 2000 index rose by about 1.6%. The session marked the 43rd record for the S&P 500 in 2021 and the 27th for the Nasdaq Composite this year, its first, however, since July 26, according to Dow Jones Market Data. Gains on the session came a day ahead of an important report on jobs from the Labor Department and also after weekly data showed first-time claims for unemployment benefits last week fell to 385,000, down 14,000 from the previous week and in line with forecasts, while continuing claims fell below 3 million for the first time since March 2020. Separately, the June U.S. international trade deficit rose to a record, fueled by a surge in imports. Meanwhile, the Biden administration won a voluntary commitment from the auto industry that electric vehicles would comprise up to half of U.S. sales by the end of the decade. In corporate news, shares of Robinhood Markets Inc. ended down 28% after the online brokerage filed to sell up to 97.9 million Class A shares over time. In bonds, the 10-year Treasury note yield was at around 1.21% on Thursday after seeing an intraday low on Wednesday at 1.1255%. Yields and debt prices move in opposite directions.
4:14 a.m. June 8, 2021 - By Tomi Kilgore
Tesla stock rallies after data showing sales in China rebounded in MayShares of Tesla Inc. rallied 2.9% in premarket trading Tuesday, putting them on track for a third-straight gain, after data out of China showed a rebound in the electric vehicle maker's sales last month. The China Passenger Car Association said overnight that sales of passenger cars in May rose 1% from a year ago to 1.62 million vehicles, while sales of EVs soared 177% to 185,000. Tesla sold , up from 11,671 in April. Tesla also exported 11,527 made-in-Shanghai EVs in May. Wedbush analyst Dan Ives said the numbers suggest Tesla has handled the in China well, as demand rebounded well ahead of expectations. "We believe starting in the month of June Tesla will be on a 300k run-rate for deliveries in China as the growth story appears back on track in this linchpin region despite the skeptics and haters piling on from the month of April, which we continue to view as an anomaly rather than the norm," Ives wrote in a note to clients. He affirmed his outperform rating and $1,000 stock price target. Tesla's stock has gained 7.5% over the past three months through Monday, but has lost 14.3% year to date, while the S&P 500 has climbed 10.6% the past three months and advanced 12.5% this year.
5:35 a.m. May 27, 2021 - By Mark Decambre
Dow rises over 200 points early Thursday as weekly a jobless-claims report falls for 4th straight weekU.S stock indexes on Thursday were trading mostly higher, after a slew of economic data releases that are expected to spur discussion among investors about the Federal Reserve's response to the strengthening economic recovery. The Dow Jones Industrial Average was trading 246 points, or 0.7%, to 34,568, the S&P 500 index was trading 0.3% at 4,209, and the Nasdaq Composite Index was trading flat but in negative territory at 13,732. The trading action comes after a reading of initial jobless claims sank 38,000 to 406,000 in the week ended May 22, the government said Thursday. That's the fewest number of requests for compensation since the onset of the pandemic nearly 15 months ago. In other economic data, the Commerce Department said U.S. gross domestic product grew at a 6.4% annualized pace in the first quarter, unrevised from its initial estimate. Separately, durable-goods orders fell 1.3% in April while so-called core orders rose 1%. An April pending home-sales index scheduled for 10 a.m. is expected to slow to 1% after a 1.9% March reading. Meanwhile, Sen. Shelley Moore Capito of West Virginia said she and a small group of other Republicans are proposing infrastructure spending of $928 billion over eight years, as they unveiled their counteroffer amid ongoing negotiations with President Joe Biden's administration. Shares of Ford Motor were trading near a 5-year high as the vehicle maker said it was upping its commitment to electric vehicles.
2:52 a.m. May 26, 2021 - By Tomi Kilgore
Pinduoduo's stock jumps after revenue more than triples to beat expectations by wide marginShares of Pinduoduo Inc. shot up 5.1% in premarket trading Wednesday, after the China-based mobile marketplace reported a narrower-than-expected first-quarter loss and revenue that more than tripled to beat expectations. The net loss narrowed to RMB2.91 billion ($443.5 million), or RMB2.33 a share, from RMB4.12 billion, or RMB3.54 a share, compared with the FactSet consensus for net losses per share of RMB3.35. Excluding nonrecurring items, the adjusted loss was RMB1.89 billion, beating the FactSet loss consensus of RMB2.05 billion. Revenue jumped 239% to RMB22.17 billion ($3.38 billion), well above the FactSet consensus of RMB19.82 billion, as average monthly active users grew 49% to 724.6 million and active buyers increased 31% to 823.8 million. Online marketing services revenue rose 157% to RMB14.11 billion and transaction services revenue grew 180% to RMB2.93 billion. Gross profit as a percentage of sales declined to 51.5% from 72.0%. "Our growing scale gives us both greater capacity and responsibility to live up to our mission to 'benefit all'," said Chief Executive Lei Chen. "We envision Pinduoduo as a platform that not only facilitates the trading of goods and services but also serves as a conduit for turning ideas into solutions to everyday problems." The stock has dropped 26.4% year to date through Tuesday, while the iShares MSCI China ETF has edged up 0.4% and the S&P 500 has gained 11.5%.
5:33 a.m. May 20, 2021 - By Mark Decambre
Dow industrials open higher, tries to avoid 4th straight decline after fall in weekly jobless claimsU.S. stock benchmarks rose on Thursday after data show a further fall in first-time claims for jobless benefits. The Dow Jones Industrial Average rose 0.2% to around 33,954, the S&P 500 index rose 0.4% to to 4,133, while the Nasdaq Composite Index advanced 0.7% to 13,388. All three main equity benchmarks were trying to avoid a fourth straight drop. Investors were parsing data that showed that first-time applications for U.S. unemployment benefits fell to a pandemic low last week, the government reported Thursday. Initial jobless claims fell 34,000 to 444,000 in the week ended May 15. Economists surveyed by Dow Jones and The Wall Street Journal had forecast new claims to fall to a seasonally adjusted 452,000. Separately, a Philadelphia Fed gauge of regional factory activity declined. The data come after Fed minutes from Wednesday, showed that "a number of participants suggested that if the economy continued to make rapid progress toward the Committee's goals, it might be appropriate at some point in upcoming meetings to begin discussing a plan for adjusting the pace of asset purchases." In corporate news, Hormel Foods Corp. , reported Thursday fiscal second-quarter profit and sales that topped expectations, and raised its full-year outlook, even as volumes declined.
6:19 a.m. May 13, 2021 - By Tomi Kilgore
Apple stock bounces back above the 200-day moving average, like it did 13 months agoShares of Apple Inc. rallied 2.4% in morning trading Thursday, to bounce back above the 200-day moving average (DMA), one day after closing below the widely watched technical level . The stock was trading recently at $125.72, after closing Wednesday $122.77, while the 200-DMA rose to $123.12 from $122.96. J.P. Morgan analyst Samik Chatterjee reiterated the overweight rating he's had on the stock for at least nearly four years, citing data showing April iPhone sales in China were better than usual seasonal trends, pointing to continued market share gains. The last time Apple's stock spent time below the 200-DMA was during the post-pandemic lows of late-March to early-April last year. At that time, the stock's first close below the 200-DMA was March 16; the stock bounced 4.4% the next day to close back above it, then closed back below it for the next six sessions, and for the next 10 of 13 sessions. The stock has lost 7.1% over the past three months, while the Nasdaq 100 has declined 4.3% and the Dow Jones Industrial Average has gained 8.2%.
4:22 a.m. May 12, 2021 - By Tomi Kilgore
Toyota expects 15% of U.S. sales to be battery, fuel cell electric vehicles by 2030Toyota Motor Corp. said Wednesday it expects battery electric vehicles (BEV) and fuel cell electric vehicles (FCEV) to make up 15% of total U.S. sales by 2030. The Japan-based auto maker said that including hybrid electric vehicles (HEV) and plug-in hybrids (PHEV), 70% of the combined Toyota and Lexus vehicles sold will be electrified by 2030. Globally, Toyota expects to sell 8 million electrified vehicles by 2030, including 2 million BEVs and FCEVs. Toyota's U.S.-listed stock rose 2.6% in premarket trading, after the company reported and was well above expectations. The stock has lost 1.5% year to date through Tuesday, while shares of U.S.-based rival General Motors Co. have soared 33.8%, the iShares MSCI Japan ETF has edged up 0.3% and the S&P 500 has gained 10.5%.
12:05 p.m. April 15, 2021 - By Mark Decambre
Dow ends at 34,000 for first time; S&P 500 notches record as jobless claims hit pandemic low, retail sales surgeThe S&P 500 and Dow clinched fresh records Thursday, after economic reports continued to affirm a healthy recovery from the pandemic, highlighted by retail sales surging in March on the back of fiscal stimulus checks to consumers and jobless benefit claims falling to a fresh low for the COVID period. The Dow Jones Industrial Average closed up more than 300 points at a fresh milestone at 34,000, on a preliminary basis, the S&P 500 index notched a 1.1% advance to log its all-time closing high at around 4,170 and the Nasdaq Composite Index finished 1.3% higher at about 14,039, marking its first finish above 14,000 since February and its third-highest close in its history. U.S. retail sales surged almost 10% in March thanks to $1,400 stimulus checks paid to consumers by the federal government. Sales climbed 9.8% last month, the government said Thursday. Economists polled by Dow Jones and The Wall Street Journal had forecast a 6.1% increase.Adding to the market's optimism, weekly jobless benefit claims fell to a pandemic-era low. U.S. unemployment claims sank by 193,000 in the week of April 10, an unusually large decline that likely reflects both an improving economy but also continuing problems in processing applications for jobless benefits.
4:35 a.m. April 15, 2021 - By Mark Decambre
U.S. stock-index futures hold higher after crush of economic reports including retail sales and jobless claimsU.S. stock-index futures maintained solid gains Thursday morning after a batch of economic reports provided further evidence of a steady recovery for the American economy from COVID unfolding.
3:03 a.m. March 17, 2021 - By Tomi Kilgore
Pinduoduo revenue more than doubles to beat expectations, makes push into groceries, but stock fallsShares of Pinduoduo Inc. fell 3.7% in premarket trading Wednesday, even after the China-based mobile marketplace reported a fourth-quarter loss that narrowed more than expected, as revenue more than doubled to beat forecasts. The net loss narrowed to RMB1.38 billion ($210.9 mln), or RMB1.13 per American depositary share, from RMB1.75 billion, or RMB1.52 a share, in the year-ago period. Excluding nonrecurring items, the adjusted per-share loss was RMB0.15, beating the FactSet loss consensus of RMB0.29. Revenue jumped 146% to RMB26.55 billion ($4.07 billion), well above the FactSet consensus of RMB19.19 billion, with increase primarily a result of growth in online marketing services and a contribution from merchandise sales. Average active monthly users rose 50% to 719.9 million, while active buyers increased 35% to 788.4 million and annual spending per active buyer grew 23% to RMB2,115.2 ($324.2). The company had started with agricultural products, to become the largest agriculture platform in China, "and we hope that Pinduoduo can one day become the largest grocer in the world," said Chief Executive Lei Chen. The stock has gained 7.3% over the past three months through Tuesday, while the iShares MSCI China ETF has tacked on 5.6% and the S&P 500 has advanced 6.5%.
2:51 a.m. March 9, 2021 - By Tomi Kilgore
Tesla, Nio stocks bounce after upbeat China car sales dataShares of Tesla Inc. bounced 5.6% in premarket trading Tuesday, after tumbling 21.6% amid a five-day losing streak through Monday, after upbeat car sales data out of China. The China Passenger Car Association said while falling 38% from January, to 97,000 EVs. Tesla sold 18,318 EVs in February, which Wedbush analyst Dan Ives said is up 18% form January and puts Tesla's China-based sales "on a strong trajectory" into March. "Considering the Lunar New Year in China, which took up a portion of February, we would characterize these February results as quite impressive and ahead of Street expectations," Ives wrote. He kept his stock price target at $950 and rating at neutral. Separately, shares of China-based EV maker Nio Inc. rallied 5.9% ahead of the open, after plunging 29.2% amid a five-day losing streak through Monday, which followed a 19.7% drop in February. Among other China-based EV makers, shares of XPeng Inc. jumped 6.3% and Li Auto Inc. climbed 5.6%. The stocks' rallies comes as futures for the S&P 500 gained 1.1% ahead of the open.
4:34 a.m. March 2, 2021 - By Tomi Kilgore
XPeng, Li Auto stocks fall after February deliveries data, in wake of Nio's mixed resultsShares of XPeng Inc. slumped 4.5% and Li Auto Inc. slid 2.4% in premarket trading Tuesday, after the China-based electric vehicle makers reported overnight February deliveries data. The stock selloffs come after rival Nio Inc. reported late Monday , sending the stock down 5.4% ahead of the open. XPeng said it delivered 2,223 EVs in February, and said cumulative January and February deliveries rose 577% from year-ago levels. Li Auto said it delivered 2,300 Li ONE EVs in February, up 755% from a year ago. Both companies said February results were affected by the Chinese New Year holiday, and Li Auto said some COVID-19 outbreaks in northern China also impacted results. XPeng said it is witnessing "robust customer demand" as sales and deliveries resumed after the holiday, while Li Auto said it was confident of its growth momentum given the expansion of its direct sales and servicing network and the control of the pandemic in China. Over the past three months, shares of XPeng have tumbled 36.6% and Li Auto have dropped 25.6% through Monday while Nio shares have gained 3.7% and the S&P 500 has tacked on 6.4%.
12:43 a.m. Feb. 5, 2021 - By Barbara Kollmeyer
Chinese coffee chain Luckin files for bankruptcy in New YorkLuckin Coffee filed for Chapter 15 bankrupty in New York, the company said in a statement on Friday. All of its coffee chains will remain open, said Luckin, in a statement. , U.S. securities regulators charged Luckin Coffee with accounting fraud and alleged that the big competitor to Starbucks in China had fabricated sales and misstated other financial metrics to present a more positive profile for investors. American depositary shares of Luckin Coffee had traded on the Nasdaq Composite until mid-July.
5:04 a.m. Jan. 29, 2021 - By Tomi Kilgore
Tesla stock gets second $1,000+ price target, from Argus ResearchThere are now two Wall Street analysts that have targets for Tesla Inc.'s stock of more than $1,000, after Argus Research's Bill Selesky boosted his target by 30% in the wake of the electric vehicle (EV) market leader's . The stock fell 0.6% in premarket trading Friday, after losing 5.4% over the past two days. Selesky reiterated his buy rating and raised his price target to $1,010 from $777. That would make him the second-most bullish on Tesla, of the 37 analysts surveyed by FactSet, behind only Oppenheimer's Colin Rusch, . Selesky said he expects EVs to account for an increasingly larger portion of auto sales, as lower costs for battery packs makes them more affordable to the average car buyer, and Tesla is the "undisputed leader" in the EV space. "We also believe that Tesla is well positioned to expand in the Chinese market and further believe that the incoming Biden Administration will offer rebates and new tax incentives to encourage consumers to buy EVs, which we think favors Tesla versus all the rest," Selesky wrote in a note to clients. The stock has soared 103.4% over the past 30 days through Thursday, while the S&P 500 has gained 14.4%.
11:02 a.m. Jan. 15, 2021 - By Ciara Linnane
Global deaths from COVID-19 top 2 million as U.S. suffers most weekly fatalities since start of the pandemic Weekly deaths exceed CDC’s estimate for flu-related deaths for entire 2019-2020 season The global case tally for the coronavirus-borne illness COVID-19 climbed above 93 million on Friday and the death toll climbed above 2 million, with the U.S. leading all nations by cases and fatalities.
6:29 a.m. Jan. 15, 2021 - By Mark DeCambre
Dow skids to session low Friday morning amid report that Pfizer vaccines in EU may face delays U.S. stock market indexes Friday morning were trading at or near sessions lows after a report indicated some delays in the distribution of vaccines from Pfizer in Europe. that the European Union's Pfizer vaccine deliveries could be delayed 'for next 3-4 weeks.' The Dow was trading off 370 points, or 1.2%, at 30,620, the S&P 500 index was off 1.2% at 3,749, while the Nasdaq Composite Index was off 1.2% at 12,954. Stock benchmarks had been under pressure earlier in the session as investors digested President-elect Joe Biden's COVID-19 fiscal spending proposal and weaker-than-expected retail sales reports. Investors are fixated on vaccine distributions as investors look toward the prospects of a recovery from the virus-stricken economy.
5:35 a.m. Jan. 13, 2021 - By Mark DeCambre
Dow struggles for altitude Wedneday morning as investors await Trump's second impeachment vote in the HouseU.S. stock benchmarks opened flat to slightly lower Wednesday morning after a report on inflation and ahead of a crucial House vote on impeaching President Donald Trump for a second time one week before he is set to leave office on Jan. 20. The Dow Jones Industrial Average [: DJIA] rose 25 points, or less than 0.1%, to trade at 31,091, the S&P 500 index gained 3 points, or less than 0.1%, to reach around 3,805, the Nasdaq Composite Index advanced 18 points, or 0.2%, to 13,093. The Democratic-controlled House is expected to vote later in the afternoon to impeach Trump for his role in encouraging a violent mob last week to attack the Capitol. A reading on inflation, the consumer-price index, was relatively tame, rising 0.4% in December, while the core index minus volatile food and energy prices was up 0.1%, matching the MarketWatch consensus. The annual headline number ticked up to 1.4%, but the core reading remained at 1.6%. The headline CPI number has now risen for seven months straight. In corporate news, shares of Shares of Plug Power Inc. [: PLUG] were higher, after more than doubling over the past few days. Meanwhile, Target Inc. is in focus after the big-box retailer reported that same-store sales rose 17.2% during the November/December holiday period, as traffic increased by 4.3% and average ticket rose 12.4%. Separately, Intel said that its CEO Bob Swan is stepping down effective Feb. 15, and will be replaced by VMWare CEO Pat Gelsinger will take over the position, sources told Faber.
10:15 a.m. Jan. 12, 2021 - By Ciara Linnane
U.S. heads toward 23 million COVID-19 cases as three lawmakers test positive after Capitol lockdown News adds to fears that last week’s attack on the U.S. seat of government created two superspreader eventsThe number of confirmed global cases of the coronavirus-borne illness COVID-19 climbed above 91 million on Tuesday, and the U.S. case tally headed toward 23 million, as three Democratic lawmakers who were forced to shelter in place during last week’s attack on the Capitol tested positive for the virus.
3:55 a.m. Jan. 12, 2021 - By Tomi Kilgore
Nio stock pulls back after Citigroup downgrades on Tesla competition concernsShares of Nio Inc. slipped 1.0% in premarket trading Tuesday, pulling back slightly after back-to-back record closes, after Citigroup analyst Jeff Chung backed away from his bullish stance on the China-based electric vehicle maker, citing concerns over competition from Tesla Inc. . Also pressuring the stock, Nio said late Monday it was offering $1.3 billion in convertible debt, which can be converted after Aug. 1, 2025 to shares or cash. Nio's stock , as investors cheered the unveiling over the weekend of the company's ET7 luxury sedan. "ET7 is good but not enough to make any critical changes from Tesla's challenge," Chung wrote in a note to clients. He estimates that ET7 will only register "limited incremental sales" of 3,000 to 4,000 units per month from the first quarter of 2022, and is likely to be challenged potentially by a Tesla Model-S "facelift" in the future. Tesla's stock rose 2.9% ahead of Tuesday's open, after the stock dropped 7.8% on Monday to snap . Over the past three months, Nio's stock has rocketed 187.0% and Tesla shares have soared 83.4%, while the S&P 500 has gained 7.5%.
9:22 a.m. Jan. 11, 2021 - By Tomi Kilgore
Tata Motors stock soars, as electrified vehicles made up more than half of latest quarter's salesThe U.S.-listed shares of Tata Motors Ltd. ran up 14.1% in afternoon trading Monday, toward the highest close since April 2019, after the India-based automaker, which brands include Land Rover and Jaguar, reported fourth-quarter retail sales data, and stressed its commitment to an electrification strategy. The company's U.K.-based Jaguar Land Rover unit said it sold 128,469 vehicles during the quarter ended Dec. 31, down 9.0% from the same period a year ago, but up 13.1% from the previous quarter. Sales in China were up 19.1% on the year and up 20.2% sequentially. More than half of retail sales for the quarter (53%) were of electrified vehicles, lifting the share of electrification to 43.3% of total sales for 2020. Jaguar Land Rover said the share of electrification is "poised for further growth in 2021 and beyond." Tata's stock has soared 62.8% over the past three months, while the S&P 500 has gained 9.7%.
10:56 a.m. Jan. 4, 2021 - By Ciara Linnane
U.S. heads toward 21 million COVID-19 cases and 353,000 deaths as vaccine program continues to lag all targets ‘Last mile’ vaccine distribution has been far slower than required, ‘with millions of doses still sitting on the shelves,’ says Raymond James analystThe global case tally for the coronavirus-borne illness COIVID-19 climbed above 85 million on Monday, as the U.S. headed toward 21 million cases and 353,000 deaths, as the vaccine program continued to advance with fits and starts and to lag all early targets.
4:20 a.m. Jan. 4, 2021 - By Jaimy Lee
Inovio to partner with Chinese biotech on COVID-19 vaccine candidate in Greater ChinaShares of Inovio Pharmaceuticals Inc. were up 4.5% in premarket trading on Monday after the company announced a licensing deal with Advaccine Biopharmaceuticals Suzhou Co. Ltd. for its COVID-19 vaccine candidate. As part of the agreement, the privately held Chinese biotech gains exclusive right to develop, manufacture, and commercialize the still-investigational vaccine in China, Hong Kong, Macao, and Taiwan. Advaccine will make an upfront payment of $3 million to Inovio, with additional possible milestone payments up to $108 million. Inovio may receive royalties based on annual net sales in the region if the vaccine is authorized or approved, though the company's COVID-19 vaccine candidate has not been authorized or approved in any countries. A Phase 2 clinical trial in China is currently underway. Inovio's stock has soared 196.9% over the last year, while the S&P 500 is up 16.2%.
10:23 a.m. Dec. 30, 2020 - By Ciara Linnane
U.S. sets record for COVID-19 hospitalizations, as country’s first case of new U.K. variant is found in Colorado Health experts continue to lament slow rollout of vaccines in U.S. after much-ballyhooed authorizations were granted in early December The U.S. set a fresh record for hospitalizations of patients with COVID-19 on Wednesday and the first case of the highly infectious U.K variant of the coronavirus was found in Colorado, as health experts continued to lament the delayed rollout of vaccines that is hampering the economic recovery.
4:11 a.m. Dec. 30, 2020 - By Ciara Linnane
UPDATE: Tesla could reach 500,000 deliveries in 2020 thanks to strength in China, late push in Europe, US: WedbushTesla Inc. could achieve its goal of 500,000 deliveries for 2020, a target that was not on the radar of Wall Street analysts going back to late spring/early summer, thanks to strength in China and a late push in Europe and the U.S., Wedbush analyst Dan Ives wrote in a note published Wednesday. "Based on our initial analysis of demand and the delivery trajectory globally for Tesla in 4Q, it appears Musk & Co. will likely handily exceed Street and internal expectations," Ives wrote. The analyst is expecting fourth-quarter deliveries to come in closer to 190,000 to 200,000 than the 180,000 he called the 'line in the sand.' "Heading into year-end and 2021, we are seeing a major inflection of EV demand globally with our expectations that EV vehicles ramp from ~3% of total auto sales today to 10% by 2025," Ives wrote. "We believe this demand dynamic will disproportionately benefit the clear EV category leader Tesla over the next few years especially in the key China region which we believe could represent ~40% of its EV deliveries by 2022 given the current brisk pace of sales." Ives is expecting "eye-popping" demand from China in 2021 and 2022 across the board and said Tesla's flagship Giga 3 footprint is a major competitive advantage as domestic companies such as BYD, Nio , Xpeng and Li Auto Inc. , are also "firing on all cylinders." "If China stays on its current path for Tesla, Musk & Co. could hit one million delivery units globally by 2022 (currently we are modeling 2023 timeframe)," he wrote. An additional boost could come in the form of increased EV credits under the administration of President-elect Joe Biden, he said. Wedbush rates Tesla as neutral with a $715 12-month price target and a bull case of $1,000. Tesla shares reversed early premarket losses to gain 1.1%, and have gained 696% in 2020, while the S&P 500 has gained 15%.
9:44 a.m. Dec. 29, 2020 - By Ciara Linnane
WHO says coronavirus pandemic is ‘not the big one’ the world needs to brace for ‘[O]ne thing we need to take from this pandemic, with all of the tragedy and loss, is we need to get our act together. We need to honor those we’ve lost by getting better at what we do every day,’ says WHO expert.The global case tally for the coronavirus-borne illness COVID-19 climbed above 81.5 million on Tuesday, and the World Health Organization said the pandemic is not necessarily the big one that the world should brace for and urged leaders everywhere to learn from this crisis.
12:04 p.m. Dec. 16, 2020 - By Mark DeCambre
Nasdaq ends at record, S&P 500 narrowly misses closing high as Fed emphasizes 0% interest rates through 2023 U.S. stocks finished at or near records on Wednesday, though the Dow closed nearly flat, as the Federal Reserve did little to indicate a change of the regime of ultralow interest rates amid the pandemic. The Fed said it was optimistic on the current recovery but emphasized that the outlook for the economy will hinge on how the U.S. deals with the worst viral outbreak in more than a century. Federal-funds rates were held at a range between 0% and 0.25%, as expected, as Washington tries to hammer out an agreement on another round of financial aid to combat the economic harm from the coronavirus. The central bank increased its GDP forecast but didn't adjust its $120 billion asset purchases, as had been expected by some Fed watchers. "Together these measures will ensure that monetary policy will continue to deliver powerful support for the economy until the recovery is complete," Fed Chairman Jerome Powell said at a news conference after Wednesday's statement was released. "A big yawn," is how Michael Arone, chief investment strategist at State Street Global Advisors, described the policy update to MarketWatch, immediately after the release. The Dow Jones Industrial Average closed down by about 44 points, or 0.2%, at around 30,155; the S&P 500 index rose 0.2% to 3,701, just shy of its Dec. 8 closing record at 3,702.25' while the Nasdaq Composite Index booked a 0.5% rise to a record close at about 12,658. In economic reports, a retail sales report showed that the economy may be slowing as coronavirus cases surge. U.S. retail sales dropped a seasonally adjusted 1.1% in November from the prior month. The data and Fed update come as congressional lawmakers were hammering out a roughly $900 billion deal that was expected to include another round of direct payments to households, The Wall Street Journal reported. In corporate news, Shares of Facebook Inc. were in focus after it launched a PR assault against Apple Inc. claiming the iPhone maker's upcoming mobile operating system update will hurt small businesses. Bond yields also edged higher, with the 10-year Treasury note yielding 0.92%.
5:36 a.m. Dec. 14, 2020 - By Tomi Kilgore
Caterpillar's stock rallies after retail sales decline decelerates againShares of Caterpillar Inc. rallied 1.5% in morning trading Monday, after the construction and mining equipment maker reported November retail sales that showed a continued deceleration in the decline, and two regions where sales increased. Global total machines retail sales, on a rolling 3-month basis, fell 11% in November after falling 17% in October and declining 20% in September. The biggest decline was in North America at down 20% in November, after a 28% drop in October. Sales increased in the Asia/Pacific and Latin America regions, and improvement from October when sales increased in just Asia/Pacific. Worldwide retail sales in resource industries fell 13% in November, after falling 29% in October, while construction industries sales declined 9% after dropping 13% in October. The stock has run up 23.3% year to date, while the Dow Jones Industrial Average [s; djia] has gained 6.1%.
4:19 a.m. Dec. 14, 2020 - By Tomi Kilgore
XPeng's stock surges after bullish call from Deutsche Bank analystShares of XPeng Inc. surged 3.4% in premarket trading Monday, after Deutsche Bank analyst Edison Yu's bullish call on the China-based electric vehicle maker. Yu started coverage of XPeng with a buy rating and $58 stock price target, which is 30.9% above Friday's closing price of $44.31. He said Yu was part of the "Fab Four" China-based EV makers, which also include Nio Inc. , Li Auto Inc. and WM Motor Technology Group Co. Ltd., that represent an emerging class of auto makers backed by large technology companies and local governments looking to disrupt the auto industry. "[W]e believe our thesis has been playing out both on the ground as sales and brand awareness grow, and in the capital markets where all four companies have seen their valuations rise considerably," Yu wrote in a note to clients. "Along with Tesla , we believe these automakers are increasingly destined to conquer the Chinese auto market, supported by an investor base who is eagerly willing to support this endeavor, leading us to expect multiple winners in the new EV world order." XPeng's stock has soared 116.4% over the past three months, while the S&P 500 has gained 8.3%.
10:55 a.m. Dec. 11, 2020 - By Ciara Linnane
U.S. suffers its worst week of cases, deaths and hospitalizations since the start of the pandemic CDC head warns U.S. will see more deaths every day for next few months than died on Sept. 11, 2001, or in the attack on Pearl HarborThe U.S. suffered its worst week for cases, deaths and hospitalizations with the coronavirus illness COVID-19, as the Food and Drug Administration said it would grant emergency use authorization to the vaccine developed by Pfizer Inc. and its Germany partner BioNTech SE.
10:22 a.m. Dec. 10, 2020 - By Ciara Linnane
U.S. sets record one-day death toll from coronavirus as FDA committee meets to review Pfizer–BioNTech vaccine FDA head says initial assessment is ‘this is a vaccine that does meet our criteria. ... But we do want to hear from the vaccine advisory committee.’The U.S. set fresh records for single-day fatalities from the coronavirus illness COVID-19 and hospitalizations, as a U.S. regulatory advisory committee gathered to offer its verdict on the vaccine developed by Pfizer Inc. and its German partner BioNTech SE.
10:26 a.m. Dec. 9, 2020 - By Ciara Linnane
U.S. coronavirus case tally climbs to 15 million from 14 million in just five days U.S. sets fresh record for COVID-19 hospitalizations; Angela Merkel pleads with Germans to limit gatherings during holidaysThe global case tally for the coronavirus illness COVID-19 climbed above 68 million on Wednesday and the U.S. tally rose above 15 million as the virus continued to race across the nation, filling hospitals with record numbers of patients
10:11 a.m. Dec. 9, 2020 - By Tomi Kilgore
JinkoSolar's stock falls after plans for $100 million ADS offeringShares of JinkoSolar Holding Co. dropped 9.4% toward a 2-month low, after the China-based solar module maker announced plans for a $100 million equity offering. The company said late Tuesday that it may sell the American depositary shares (ADS) from time to time, at market prices or at prices negotiated with its sales agents. Based on current share prices, $100 million worth of ADS represents about 3.9% of JinkoSolar's market capitalization of $2.56 billion, according to FactSet data. The offering plan comes after the shares have soared 172.4% over the past three months, while the iShares MSCI China ETF has gained 7.8% and the S&P 500 has advanced 7.9%.
4:36 p.m. Dec. 8, 2020 - By Ciara Linnane
U.S. suffers deadliest week from coronavirus since pandemic broke out A group of doctors and scientists urge leaders to follow the science and stop the misinformation that has undermined the U.S. response to the crisisThe U.S. has set another grim milestone in the coronavirus pandemic, averaging the most deaths from COVID-19 in a week since the start of the outbreak, as cases continue to rise across the country and hospitals fill with patients
11:00 a.m. Dec. 4, 2020 - By Ciara Linnane
CDC forecasts up to 19,500 deaths from COVID-19 in week ending Dec. 26 ‘People were less willing to change their behavior than any other day during the pandemic,’ data analyst says of Thanksgiving DayThe U.S. set yet another record for new cases and fatalities in a single day from the coronavirus illness COVID-19 and the nation’s leading public health agency said there could be up to 19,500 deaths in the week ended Dec. 26.
1:12 p.m. Dec. 3, 2020 - By Ciara Linnane
U.S. posts record one-day COVID death toll — before the predicted post-Thanksgiving surge December, January and February will be the ‘most difficult time in the public health history of this nation, largely because of the stress that it’s going to put on our health-care system,’ says CDC head Robert RedfieldThe U.S. hit some grim milestones in the coronavirus pandemic in a single day Wednesday, with a record number of fatalities and more than 100,000 COVID-19 patients in hospitals for the first time since the start of the outbreak, as a leading public health official warned of a cold, hard winter to come.
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