Stock Market News: MarketWatch, Wall Street Journal, Benzinga and more

What Joe Rogan, Elon Musk Have In Common: Their 2024 Presidential Pick

Benzinga - 3min

Tesla Inc (NASDAQ: TSLA) CEO Elon Musk and Spotify Technology SA (NYSE: SPOT) podcaster Joe Rogan are two of the most influential figures in pop culture today.

Nevada Records Gaming Win Of $1.3B In May 2022

Benzinga - 16min

The state of Nevada’s nonrestricted gaming licensees reported a gaming win of $1.3 billion for the month of May 2022. The amount represented a 5.71% increase compared to May 2021 and a 40.99% jump for the fiscal year year-to-date period of July 1, 2021, through May 31, 2022.

After-Hours Alert: Why Micron Stock Is Falling

Benzinga - 16min

Micron Technology Inc (NASDAQ: MU) shares are trading lower in Thursday's after-hours session after the company reported financial results and issued guidance well below analyst estimates.

S&P 500 Posts Worst First Half of Year Since 1970

WSJ Markets - 17min

Bond yields and stocks fell at the end of a grueling first half and as investors considered updated readings on consumer spending and inflation.

U.S. stocks end lower, with S&P 500 suffering worst first half of a year since 1970

MarketWatch - 21min

U.S. stocks closed lower Thursday, ending the second quarter with steep losses that left the S&P 500 suffering its worst first half of a year since 1970. The Dow Jones Industrial Average fell around 250 points to close 0.8% lower, while the S&P 500 dropped 0.9% and the Nasdaq Composite slid 1.3%, according to preliminary FactSet data. All three major benchmarks ended down after economic data released Thursday showed U.S. consumer spending in May increased less than expected as high inflation rises faster than wages. The S&P 500 dropped more than 20% during the first six months of 2022.

Is Bed Bath & Beyond Worth Only $2 Per Share? Here's What 3 Analysts Are Saying

Benzinga - 22min

Retailer Bed Bath & Beyond Inc. (NASDAQ: BBBY) reported first-quarter earnings and the departure of its CEO Mark Tritton on Wednesday.

Treasury Bonds Rally at End of Second Quarter

WSJ Markets - 23min

Benchmark 10-year yield falls below 3% with investors wary of an economic downturn.

Which Mega-Cap Tech Stock Would You Buy First: Microsoft, Apple Or Amazon?

Benzinga - 27min

CNBC ran a survey Thursday asking investors which technology stock they would buy first at current levels. Here's a look at the results.

What's Going On With PayPal Stock Today?

Benzinga - 33min

PayPal Holdings Inc (NASDAQ: PYPL) shares are trading lower Thursday amid overall market weakness as investors continue to digest inflation concerns, Fed rate hikes and macro uncertainty. Concerns surrounding a potential economic slowdown have also weighed on growth stocks.

Chart Wars: Between Carnival And Royal Caribbean Stocks — Which Bounce Will Be Higher?

Benzinga - 39min

Carnival Corporation (NYSE: CCL) and Royal Caribbean Cruises, Ltd (NYSE: RCL) reached new 52-week lows on Thursday after plunging 13% and 10%, respectively on Wednesday in response to a series of analysts weighing in on the s

Biden Backs F-16 Sales to Turkey Amid Deal to Expand NATO

WSJ World - 53min

The president’s comments on a jet-fighters agreement follow a decision by Turkish President Recep Tayyip Erdogan to drop a threatened veto of Sweden and Finland’s membership in the alliance.

SEC Rebuffs Grayscale on Turning Bitcoin Fund Into ETF

WSJ Markets - 1hr

The rejection of Grayscale Investments’ petition marks a fresh setback to the cryptocurrency industry.

What's Going On With Tesla Shares Today?

Benzinga - 1hr

Tesla Inc (NASDAQ: TSLA) shares are trading lower by 1.26% to $676.86 Thursday afternoon. Shares of auto and auto manufacturers companies are trading lower during Thursday’s trading session after data showed a slowdown in U.S. consumer spending in May.

What's Going On With Ford Shares Falling Today?

Benzinga - 1hr

Ford Motor Company (NYSE: F) shares are trading lower by 3.17% to $11.16 Thursday afternoon. Shares of consumer discretionary companies are trading lower during Thursday’s trading session after data showed a slowdown in U.S. consumer spending in May.

J B Hunt Accelerates Overseas Transport Of New Containers

Benzinga - 1hr

J B Hunt Transport Services Inc’s (NASDAQ: JBHT) cargo vessel Johnelle has docked at the Port of Everett in Washington, with more than 250 new containers reserved for the expansion of the intermodal fleet.

FTX Reportedly Shopping BlockFi At 99.5% Discount, CEO Shoots Down $25M Figure

Benzinga - 1hr

Imagine it is March 2021, and you’re leading a funding round where you’ve raised $350 million at a $3-billion valuation. Now it’s July 2021, and you’re to raise $500 million at an almost $5 billion valuation.

Short Volatility Alert: Ecopetrol S.A.

Benzinga - 1hr

On Wednesday, shares of Ecopetrol S.A. (NYSE: EC) experienced volatile short activity. After the activity, the stock price went down -3.57% to $11.07. The overall sentiment for EC has been Bearish.

Nation's Largest Ketamine Therapy Provider Offers Patient Resource For Holistic Mental Health Treatments

Benzinga - 1hr

Through subsidiary Ketamine Wellness Centers (KWC), Delic Holdings Corp (OTCQB: DELCF) has launched the Ketamine Wellness Integrative Therapist Directory.

Oil futures fall for the month, but hold on to a year-to-date gain

MarketWatch - 1hr

Oil futures fell on Thursday to tally a loss for the month, but held on to a gain so far this year. The Organization of the Petroleum Exporting Countries and their allies, together known as OPEC+, confirmed an existing agreement to boost production in August. The decision either illustrates the group's "inability to boost production above what is planned," or its "indifference to do so in order to meet western demand," said Hakan Kaya, senior portfolio manager at Neuberger Berman. West Texas Intermediate crude for August delivery fell $4.02, or 3.7%, to settle at $105.76 a barrel on the New York Mercantile Exchange. Based on the front-month contracts, prices fell 7.8% for the month, but trade nearly 41% higher year to date, according to Dow Jones Market Data.

Telsey Advisory Cuts Price Target On This Home Furnishing Company - Read Why

Benzinga - 2hr

Telsey Advisory Cuts Price Target On This Home Furnishing Company - Read Why

U.S. Pardon Attorney Says It's Up To Biden To Order Clemency In Non-Violent Cannabis Cases

Benzinga - 2hr

Elizabeth Oyer, attorney of the Department of Justice (DOJ) pardon office, said it is up to President Joe Biden to initiate a clemency process for individuals with federal non-violent cannabis convictions,

FTX nears deal to acquire BlockFi for $25 million, reports say

MarketWatch - 2hr

Digital asset exchange FTX is nearing a deal to acquire crypto lender BlockFi for $25 million, or a 99% discount to its most recent private-market valuation, according to a report in CNBC. The deal could take months to close, according to the report, but a term sheet could be signed by the end of this week. The news comes one week after BlockFi announced it had secured a $250 million line of credit with FTX to bolster its balance sheet amid broad declines in major cryptos including bitcoin and ether . A separate report in the Block stated that the deal would involve turning the $250 million loan into equity.

Leon Black's Conspiracy Complaint Against Apollo Co-Founder Is Dismissed

WSJ Markets - 3hr

The private-equity firm’s former chief executive had accused Josh Harris of encouraging a woman to come forward with claims of rape and harassment.

U.S. to Support Ukraine for 'as Long as It Takes,' Biden Says

WSJ World - 3hr

The U.S. president concluded days of summits in which nations pledged to aid Kyiv and counter Moscow, while Russian leader Vladimir Putin said “nothing has changed” in his goals in Ukraine.

Gold prices down a fourth straight session, tally a loss for the month

MarketWatch - 3hr

Gold futures marked a fourth straight session decline on Thursday, ending more than 2% lower for the month, according to FactSet data. A "strong U.S. dollar and rising interest-rate expectations continue to weigh on the precious metal, with the metal once again unable to benefit from the ongoing risk aversion in the markets," said Fawad Razaqzada, market analyst at City Index and FOREX.com, in a Thursday note. August gold declined $10.20, or 0.6%, to settle at $1,807.30 an ounce, the lowest most-active contract finish since February.

Monkeypox's Unusual Spread in Democratic Republic of Congo Puzzles Researchers

WSJ World - 3hr

Monkeypox has been reported in the DRC for decades, but the virus is now being found in provinces where it had never before been seen. So far, researchers don’t know why.

Cooling Consumer Spending Points to Further Economic Slowdown

WSJ USBusiness - 3hr

Household spending in May rose at the slowest rate this year. Some economists see a second-straight quarterly contraction.

Nikola adjourns shareholder meeting, still short of support share issuance

MarketWatch - 3hr

Electric-truck maker Nikola Corp. adjourned its shareholder meeting for a second time to July 18 after a key proposal failed to pass, the company said Thursday. Nikola has sought to increase its authorized number of shares to 800 million, from the about 600 million it has, potentially to raise capital. Of those 600 million shares, about 567 million shares are either issued or reserved for future issuance, Nikola said. Increasing the number would provide "flexibility to support the growth of the business," the EV maker said. "Nikola stockholders have voted overwhelmingly in favor of Proposal 2, with the exception of the vote of a stockholder who appears to represent more than 85% of the votes against Proposal 2," the company said without identifying the shareholder. Founder and former Chairman Trevor Milton has been reported as voting against the share issuance. Milton is Nikola's top shareholder, with a 11.7% stake, according to FactSet. Milton stepped down from the company in September 2020 after a short seller accused Nikola of misleading investors about the capabilities of a prototype, which the company denied.

Singapore Central Bank Reprimands Crypto Hedge Fund Three Arrows

WSJ Markets - 4hr

Singapore’s top financial regulator reprimanded cryptocurrency hedge fund Three Arrows Capital, saying it supplied false information to officials and managed more assets than allowed.

The Fed Is Still Feeling the Inflation Heat

WSJ Markets - 4hr

Milder inflation probably isn’t enough to stem interest-rate pressure.

Shiploads of Russian Grain, Weather Ease Wheat Crisis

WSJ Markets - 4hr

Fine farm weather and a rush of Russian grain ships through the Black Sea have taken the sting out of global wheat prices, a welcome sign for vulnerable countries struggling with surging food costs.

If JetBlue Needs Spirit Airlines This Badly, It Must Fear Life Alone

WSJ Markets - 4hr

JetBlue’s willingness to pay a hefty premium for low-cost carrier Spirit Airlines is being punished by investors, with some wondering what it suggests about JetBlue’s place in a future of high costs.

Walgreens Profit Shrinks After Opioid Deal, Fewer Vaccinations

WSJ USBusiness - 4hr

The drugstore chain said its quarterly sales fell and earnings plunged as revenue from Covid-19 vaccinations dried up. It also paid out a $683 million opioid settlement.

DeFi's Existential Problem: It Only Lends Money to Itself

WSJ Markets - 5hr

Crypto lenders’ exclusive focus on other crypto projects suggests that their problems run much deeper than a Lehman-style liquidity crisis.

Behind the Celsius Sales Pitch Was a Crypto Firm Built on Risk

WSJ Markets - 5hr

Celsius CEO Alex Mashinsky built his cryptocurrency lender on a pitch that it was better than a bank. But investor documents show it had far more risk than a traditional lender.

RH Cuts Financial Targets, as Furniture Retailers Face Slower Consumer Spending

WSJ USBusiness - 5hr

RH, formerly Restoration Hardware, is the latest furniture seller to brace for a sharp slowdown in sales, as mortgage rates rise and consumers pull back spending on sofas, beds and other furnishings.

Vipshop stock falls after disclosing more sales by JD.com

MarketWatch - 5hr

The U.S.-listed shares of Vipshop Holdings Ltd. sank 5.7% in morning trading Thursday, and have now tumbled TK% amid a four-day losing streak, after disclosing that a large shareholder, JD.com Inc. , sold off a chunk of its holdings in the past week. JD.com's stock fell 2.0% in morning trading. In an amended 13D filing Thursday morning, the China-based online apparel and accessories seller said fellow China-based ecommerce company JD.com owned 5.64 million Vipshop shares, or 4.3% of the shares outstanding. Just six days earlier, an amended 13D filing showed that JD.com owned 7.10 million shares, or 5.4% of the shares outstanding. In mid-April, another amended 13D filing showed JD.com owned 8.59 million Vipshop shares, or 6.3% of the shares outstanding. Vipshop's stock has rallied 14.0% year to date and JD.com shares have declined 9.3%, while the iShares China Large-Cap ETF has lost 8.7% and the S&P 500 has dropped 21.0%.

FDA says COVID-19 boosters should be updated to combat two omicron subvariants

MarketWatch - 6hr

The Food and Drug Administration on Thursday told COVID-19 vaccine makers that plan to update their boosters to add a BA.4 and BA.5 spike protein component to the new shots that are in development. These "bivalent" boosters should equally target the two subvariants of omicron as well as the original strain of the virus and are expected to be rolled out to Americans in the fall or winter. Earlier this week, the FDA's advisory committee on vaccines voted 19-2 that the COVID-19 boosters need to be modified to better combat omicron and its subvariants. The BA.4 and BA.5 subvariants now make up more than half of U.S. cases. The FDA said the primary series of shots will not be updated at this time. Moderna Inc., BioNTech SE and Pfizer Inc. , and Novavax Inc. said this week that they plan to modify their COVID-19 boosters. Johnson & Johnson has no plans to modify its COVID-19 shot.

Inflation Stayed High in May, According to Fed's Preferred Measure

WSJ USBusiness - 6hr

The pace of consumer price increases held steady last month at close to a four-decade high.

Sunshine and Glistening Seas on the Cover of Your Beach Read Might Mask Something Darker

WSJ USBusiness - 6hr

Publishers put a blue sky and sand dunes on the cover no matter the subject; ‘The Hemlock Sisters’ becomes ‘The Sunshine Sisters.’

Natural-gas futures trade lower as EIA reports a bigger-than-expected rise in U.S. supplies

MarketWatch - 6hr

The U.S. Energy Information Administration reported on Thursday that domestic natural-gas supplies rose by 82 billion cubic feet for the week ended June 24. That compared to an average forecast for an increase of 74 billion cubic feet from analysts polled by S&P Global Commodity Insights. Total working gas stocks in storage stand at 2.251 trillion cubic feet, down 296 billion cubic feet from a year ago and 322 billion cubic feet below the five-year average, the government said. Following the data, August natural gas was down 25.5 cents, or 3.9%, at $6.243 per million British thermal units. Prices traded at $6.432 before the supply data.

Coal miner stocks fall after Supreme Court ruling limiting EPA's role

MarketWatch - 6hr

Coal miner stocks are falling, in the wake of the Supreme Court's ruling that restricts the U.S. government's reach in controlling emission from coal-fired power plants. Shares of Peabody Energy Corp.'s stock sank 7.1% in morning trading, Arch Resources Inc. dropped 5.7% and Warrior Met Coal Inc. slid 5.2%. That compares with the 1.7% decline in the S&P 500 .

Supreme Court Limits EPA Authority to Curb Emissions

WSJ USBusiness - 6hr

The court dealt a major blow to federal regulators, reining in the authority to address issues such as climate change and the pandemic without congressional approval. It said a plan to limit coal-plant emissions was unlawful because Congress hadn’t specifically authorized it.

SPAC Resources Acquisition withdraws $150 million IPO filing

MarketWatch - 6hr

Resources Acquisition Corp. filed Thursday to withdraw its previous filing for an initial public offering. The special purpose acquisition company (SPAC) had filed in February to go public, as it looked to raise $150 million through the sale of 15.0 million "units" at $10 a share, which each unit consisting of one common share and one-half of a warrant to buy a common share. The only reason the SPAC gave for the withdrawal was because it determined not to pursue an IPO. As part of the withdrawal, the SPAC requested that all fees paid to the Securities and Exchange Commission for the IPO filing be credited to its account. The withdrawal comes at a time of relative investor disdain for IPO'd stocks, as the Renaissance IPO ETF has plunged 35.1% over the past three months while the S&P 500 has dropped 18.7%.

RH stock slumps after downward guidance revision, analyst price target cuts

MarketWatch - 6hr

RH shares dropped 11.7% in early Thursday trading following an after-hours downward guidance revision and subsequent analyst price target cuts. The stock has declined 21% for the week so far. While some analysts held on to their bullish outlook for the company, multiple groups slashed their price target. "We have previously noted price increases well in excess of the industry and are concerned that the company could be 'firing' its core aspirational luxury customer too aggressively before truly appealing to a true luxury customer," wrote Wedbush in a note. "Nonetheless, RH last indicated willingness to sustain substantial market share losses for over 18 months in order to protect its brand for the long-term." Wedbush rates RH outperform with a $274 price target, down from $315. RH's price target was also cut at Cowen (down to $300 from $450, stock rated outperform) and JPMorgan (lowered to $300 from $400, stock rated overweight). "In what could prove to be a prudent move, RH proactively lowered its FY guidance citing a slowdown in demand over the past few weeks. Still, the key is whether it has lowered its outlook enough or will there be a need to cut guidance again later in the year," said UBS, which rates the stock neutral and reduced its price target to $240 from $350. RH also pulled down other home stocks, with Williams-Sonoma Inc. falling 6.7% on Thursday, and The Container Store Group Inc. down 6.7%. RH shares have plunged 61% for the year to date.

Mortgage Rates Drop After Three Weeks of Increases

WSJ USBusiness - 6hr

Mortgage rates declined this week but remain near multiyear highs, helping make it the least affordable time to purchase a home since before the financial crisis.

U.S. Jobless Claims Edged Lower Last Week

WSJ USBusiness - 6hr

Employers are holding on to workers as other signs suggest the economy is losing momentum.

All 30 Dow stocks are falling, with Goldman Sachs and Salesforce the biggest drags

MarketWatch - 7hr

The Dow Jones Industrial Average's is suffering a unanimous decline of 480 points, or 1.6%, as all 30 of the blue-chip barometer's components are trading lower. The biggest point drags are the shares of Salesforce Inc. , which are losing $8.05, or 4.7%, and of Goldman Sachs Group Inc. , which are down $6.61, or 2.2%; the combined price declines are shaving about 97 points off the Dow's price. The biggest percentage decliner is Walgreens Boots Alliance Inc.'s stock , which slumped 4.9% after the drugstore chain reported fiscal third-quarter results. The Dow's most-active stock is Apple Inc.'s , which slid 2.4%, and the best performer was Merck & Co. Inc. shares , which slipped 0.3%.

Biden says he supports Senate filibuster 'exception' for abortion rights

MarketWatch - 7hr

President Joe Biden called on Congress Thursday to pass a law codifying abortion rights for all Americans, and he argued the Senate should create an exception to the filibuster rule to do so. "I believe we have to codify Roe v. Wade in the law," Biden said at a press conference, in reference to the 1973 Supreme Court decision that first granted abortion rights to all American women, before that decision was overturned by the Supreme Court last Friday. "And if the filibuster gets in the way...we should provide an exception for this."

Stocks open sharply lower as S&P 500 heads for worst start to a year since 1970

MarketWatch - 7hr

Stocks opened sharply lower Wednesday, on track to cap a brutal first half for equities that has the S&P 500 on pace for its worst such start since at least 1970. The Dow Jones Industrial Average fell 352 points, or 1.1%, while the S&P 500 dropped 1.1% and the Nasdaq Composite shed 1.2%. Data on Thursday showed a key gauge of U.S. inflation rose 0.6% in May largely due to the higher cost of gas and food, though there were signs that price pressures were starting to ease. The rise in the so-called personal-consumption price index was triple the 0.2% gain in April. But a narrower measure of inflation that omits volatile food and energy costs, known as the core PCE, rose by a relatively modest 0.3% for the fourth month in a row - below Wall Street's 0.4% forecast.

Geithner Says Fed Pivot Spotlights Need for Treasury Overhaul

WSJ USBusiness - 7hr

A panel chaired by the former Treasury Secretary Timothy Geithner has released an update on the status of recommendations for the $23 trillion U.S. government debt market.

OPEC, Allies Agree to Boost Output Ahead of Biden's Saudi Visit

WSJ Markets - 7hr

OPEC and its allies agreed to boost oil production, endorsing a plan they announced earlier this month that has done little to alleviate concerns over supply ahead of President Biden’s visit to Saudi Arabia in July.

Canopy Growth shares fall after it agrees to convert debt into stock in deal with Constellation Brands

MarketWatch - 7hr

Canopy Growth Corp. fell 17% in premarket trades on Thursday after the company said it reached an agreement with Constellation Brands Inc. to convert about $198 million of convertible debt into stock. Constellation agreed to acquire between 21.93 million or 5.4% of Canopy stock and 30.7 million shares or 7.6% of Canopy stock that will convert from debt. The prices for the stock will range from $2.50 a share to $3.50 a share. Canopy Growth CFO Judy Hong said the transaction will address a "substantial portion" of its soon-to-mature convertible debt and will help the company de-leverage its balance sheet and reduce interest payments by more than C$10.9 ($8.44 million) each year. "These actions are critical as we navigate broader economic headwinds and will enable us to continue investing in the highest potential areas of our business to drive future growth," Hong said.

Constellation Brands plan to eliminate Class B stock would boost Class A shares outstanding by about 14%

MarketWatch - 8hr

Constellation Brands Inc. said Thursday it will seek shareholder approval to eliminate its higher-vote Class B shares, which would end the associated voting control of the Sands Family and simplify the equity capital structure. Class B shares entitle holders to 10 votes per share, while Class A shares represent one share. Class B shares are currently principally held by members of the Sands family, giving them the majority of the voting power held by all shareholders. The beer, wine and spirits company said as part of the proposed plan to eliminate Class B shares, each Class B share will be converted into the right to receive one Class A share plus cash of $64.64 per Class B share, for a total cost of $1.5 billion. As of April 14, there were 162.76 million Class A shares outstanding and 23.2 million Class B shares, meaning the elimination of Class B shares would boost the Class A shares outstanding by about 14.3%. The proposal's announcement came after the company reported fiscal first-quarter profit and sales that beat expectations. The stock, which dropped 6.4% in premarket trading, has slipped 2.9% year to date through Wednesday, while the S&P 500 has dropped 19.9%.

Aura's stock jumps 11% after announcing Fast Track status for its bladder cancer treatment candidate

MarketWatch - 8hr

Shares of Aura Biosciencs Inc. were up 11.3% in premarket trading on Thursday after the company said it received a Fast-Track designation from the Food and Drug Administration for its experimental bladder-cancer treatment. Aura is planning to start the Phase 1 clinical trial for this indication in 2023. The company's stock is down 25.9% this year, while the broader S&P 500 has declined 19.9%.

Blueprint inks deal with Sixth Street, Royalty Pharma worth up to $1.2 billion

MarketWatch - 8hr

Shares of Blueprint Medicines Corp. gained 3.3% in premarket trading on Thursday after the company announced a deal with investment firm Sixth Street and Royalty Pharma , which acquires pharmaceutical royalties, worth up to $1.2 billion. Sixth Street will pay $250 million upfront for future royalties for two products, up to $400 million in a senior secured credit facility, and $260 million in a potential credit facility to support any buy-side business opportunities. Royalty Pharma will pay $175 million for royalties for some sales of cancer-drug Gavreto, with up to $165 million in potential milestones. Blueprint's stock is down 51.2% this year, while the broader S&P 500 has declined 19.9%.

Heron Therapeutics to cut about one-third of its workforce as part of cost-cutting plan

MarketWatch - 8hr

Heron Therapeutics Inc. said Thursday it will lay off about one-third of its workforce as part of a restructuring expected to save $43 million a year. The biotechnology company's stock was still inactive in premarket trading. The company said it's enacting the restructuring and cost cutting measures to address "the current market realities and macro headwinds facing many commercial-stage biotechnology companies," and to help support its acute care and oncology care franchises. The company said the cost cutting actions will mostly result from the reduction of 34% of its workforce, which would represent about 103 employees, based on 302 full-time employees the company had as of Dec. 31. Heron said about 70% of the jobs being cut are coming from research and development. The stock has plunged 65.3% year to date, while the iShares Biotechnology ETF has dropped 22.7% and the S&P 500 has shed 19.9%.

Growth Fears Challenge Soaring Oil Prices

WSJ Markets - 8hr

War, the pandemic and global supply problems held oil prices near their highest levels in almost a decade this past quarter. Slowing growth may be the biggest threat to the rally.

U.S., Key Allies Close Ranks Against China

WSJ World - 8hr

The U.S. and allies across Europe and Asia view China as a shared security challenge, more troubling for its support for Russia amid the Ukraine war.

First Guaranty Mortgage files for bankruptcy

MarketWatch - 8hr

First Guaranty Mortgage Corp. said Thursday that it has filed for Chapter 11 bankruptcy protection, due to "significant operating losses and cash flow challenges" resulting from adverse market conditions for the mortgage lending industry. The mortgage company said its bankruptcy has not impact on closed mortgages, as they are already serviced by third parties, and said it has retained "a portion of its workforce" to manage the day-to-day business. "The sharp and unexpected decline in performance reflects the intense pressure on mortgage originations due to the dramatic collapse of the mortgage refinance market and the weakening mortgage purchase market, which has suffered from a lack of housing inventory and increasing affordability issues," the company said. FGMC said it will try to accommodate the maximum number of borrowers who have started buy not yet completed the loan process.

Russian Gas Cuts Push Uniper Into Bailout Talks

WSJ USBusiness - 8hr

The German utility, one of Europe’s largest, said earnings would be hit hard after Russia’s Gazprom slashed natural-gas deliveries via the Nord Stream pipeline.

Big Pharma Won't Bail Out Battered Biotech

WSJ Markets - 9hr

While the biotech market rout presents pharma companies with cheap targets, don’t count on a handful of deals to turn into critical mass.

How Long Can Macau Survive Without Gamblers? We May Soon Find Out

WSJ Markets - 9hr

The only way to win money from a casino is to own one. But in Macau, that strategy hasn’t worked over the past two years: The Covid-19 pandemic and strict restrictions on arrivals have kept most gamblers away.

Pfizer Asks FDA to Fully Approve Its Covid-19 Pill

WSJ USBusiness - 10hr

Approval of Paxlovid, which has been available under an Food and Drug Administration authorization for use during the pandemic, would allow Pfizer to market and sell it commercially.

Xi Jinping Visits Hong Kong to Mark Anniversary, Capping Crushing of Dissent

WSJ World - 10hr

The visit to commemorate 25 years since Britain returned the city to Beijing, marked a milestone in the Chinese leader’s pledge to deliver a strong and unified nation as he moves to extend his rule.

Chinese AI Champion SenseTime's Stock Tanks as Investor Lockup Ends

WSJ Markets - 10hr

SoftBank-backed company listed in December despite being added to U.S. blacklist.

Qualcomm's Apple Slice Still Has an Expiration Date

WSJ Markets - 10hr

Apple’s reported struggle to develop in-house modem chip only delays the inevitable, but the extra cash flow can help Qualcomm diversify further.

Israel Sets New Election, Spotlighting Role of Arab Minority in Government

WSJ World - 10hr

As the country heads to its fifth election in less than four years, the role of Arab parties has emerged as a lightning rod, possibly driving a further rightward shift in the electorate and giving a boost to the fortunes of former premier Benjamin Netanyahu.