Bitcoin Records 7 Red Weekly Candles For The First Time In History
Benzinga - 9min
Bitcoin (CRYPTO: BTC) recorded seven consecutive red weekly candles for the first time in its history.
Stock Market: News
5 Stocks To Watch For May 16, 2022
Benzinga - 12min
Some of the stocks that may grab investor focus today are:
Economic Data Scheduled For Monday
Benzinga - 23min
The Empire State manufacturing index for May is scheduled for release at 8:30 a.m. ET. The Empire State index fell sharply in March to negative 11.8, but then surged to 24.6 in April. Analysts are now expecting a reading of 15.0 for May. New York Fed President John Williams is set to speak at 8:55 a.m. ET.
Stock Futures Slip to Start the Week
WSJ Markets - 28min
Stock futures ticked lower, suggesting major indexes would resume their downward trajectory after Wall Street stocks got a bump on Friday but still closed the week with losses.
How Tesla Is Helping Home State Texas Reduce Heatwave Strain On Its Electric Grid
Benzinga - 1hr
As Texas reels under a heatwave, putting strain on the state's power grid, top EV maker Tesla, Inc. (NASDAQ: TSLA) is reportedly doing its part to bring some relief.
CVC Capital Targets Australia's Brambles as Logistics Assets Stay Hot
WSJ Markets - 2hr
The takeover approach for the pallet supplier comes after private-equity firms invested more than $50 billion in logistics last year.
Why Sony's Latest Noise-Canceling Headphones May Be A Dealbreaker — Just Like Apple's AirPods Max
Benzinga - 2hr
Sony Corporation (NYSE: SONY) is about to unleash its latest on-ear noise-canceling headphones, the WH-1000XM5, but the latest upgrade from the well-received line could be a dealbreaker for some users.
Where Is Terra's (LUNA) Bitcoin Reserve Now?
Benzinga - 2hr
On-chain data shows that Terra’s (CRYPTO: LUNA) $3.5 billion Bitcoin (CRYPTO: BTC) reserves have been depleted entirely.
Kim Jong-Un Warns Of 'Great Turmoil' As North Korea COVID-19 Cases Surge To 820,620 From Scratch In 3 Days
Benzinga - 2hr
North Korea's supreme leader Kim Jong-Un warned of 'great turmoil' in the country, as domestic coronavirus cases surged to 820,620 in just three days.
Private Equity Firm Carlyle In Advanced Talks to Buy Defense Contractor ManTech For $4B: Report
Benzinga - 3hr
U.S. defense contractor ManTech International Corp (NASDAQ: MANT) is in advanced talks to be bought by private equity firm Carlyle Group Inc. (NASDAQ: CG), a Bloomberg report said on Sunday.
Vitalik Buterin Sends 500 Ethereum (ETH) Coins To Dogecoin Foundation
Benzinga - 3hr
Ethereum (CRYPTO: ETH) co-creator Vitalik Buterin has sent the foundation associated with Dogecoin (CRYPTO: DOGE) 500 ETH worth more than $1 million.
Alibaba, Nio Strike Gains, Peers Trade Mixed: What's Driving Hong Kong Markets Today
Benzinga - 3hr
Shares of U.S.-listed Chinese firms were a mixed bag in Hong Kong on Monday at press time.
Arrest of 'Stubborn About Justice' Cardinal Zen Divides Hong Kong's Catholics
WSJ World - 4hr
Joseph Zen, 90 years old, has been a spiritual leader of the city’s pro-democracy movement while the church hierarchy has aligned itself with the pro-Beijing government.
Blackhawk's Mindbio Therapeutics Accelerates Global Communications Expansion Ahead of Phase 2 Clinical Trials
Benzinga - 4hr
Chief Executive Colin Keating to present in London at PSYCH Symposium and to be interviewed by BBC News this week
Time to Get Out Of Cryptos, Hedge Fund Manager Says After Thursday's 'Lehman Moment'
Benzinga - 4hr
The cryptocurrency market has been in the doldrums, and the correction has polarized people over whether a bottom has been reached. What Happened: Hedge fund manager Whitney Tilson said on Thursday that it was time to get out of cryptocurrencies and wait to "rejoin the game."
Ethereum Creator Vitalik Buterin Reacts To Terra (LUNA) Collapse
Benzinga - 4hr
Ethereum (CRYPTO: ETH) co-creator Vitalik Buterin weighed in on the disaster that saw Terra (CRYPTO: LUNA) and its algorithmic stablecoin TerraUSD (CRYPTO:
Stalking Via Apple's AirTags Could Soon Become A Criminal Offense In This US State
Benzinga - 4hr
It could soon become a criminal offense in Ohio to stalk someone with Apple Inc’s (NASDAQ: AAPL) AirTag.
Consumers Can Soon Buy Solar Panels At IKEA: Here's When The National Rollout Begins
Benzinga - 6hr
A leading furniture and home furnishings retailer is stepping up its commitment to renewable energy with a new solar panel launch.
Somalia's Parliament Picks Hassan Sheikh Mohamud as President
WSJ World - 8hr
Somalia’s lawmakers voted to bring back a former leader, Hassan Sheikh Mohamud, and oust President Mohamed Abdullahi Mohamed, whose attempts to delay elections and remain in office beyond his term alienated the U.S. and other Western countries.
Finland Plans Next Step in NATO Bid as Ukraine Mounts Counteroffensive
WSJ World - 11hr
Finnish President Sauli Niinistö said the government would apply for membership in the North Atlantic Treaty Organization subject to approval by parliament, which is widely expected, in the coming days.
Jeff Bezos Criticizes Joe Biden in Twitter Spat Over Inflation
WSJ USBusiness - 11hr
The Amazon founder blames Democrats’ stimulus packages for rising prices.
Saudi Aramco Posts Record Quarterly Profit on Surging Oil Prices
WSJ USBusiness - 12hr
The Saudi oil giant said its net income rose 80% in the first quarter of this year, as state-owned oil giants reap profits from an energy-price boom caused by Russia’s invasion of Ukraine.
Economy Week Ahead: U.S. Consumers, Housing Market in Focus
WSJ USBusiness - 13hr
U.S. retail sales and existing-home sales data for April highlight this week’s economic calendar.
Lebanon Holds First Election Since Economic Collapse
WSJ World - 13hr
The stakes in Sunday’s parliamentary elections are high for the tiny Middle Eastern country. A new government must negotiate an urgent economic rescue package with international donors and institutions, while navigating a deeply divided political system.
Russian Soldiers Shot Three Brothers and Threw Them in a Grave. One Survived.
WSJ World - 15hr
After Mykola Kulichenko was taken from his village in Ukraine, interrogated, beaten and left for dead, he still had to get back home. His account is among many war-crimes cases Ukrainian prosecutors are building against Russia.
Russian Invasion Intensifies Role of New U.S.-EU Tech Council
WSJ USBusiness - 17hr
The U.S.-EU Trade and Technology Council had its first meeting in Pittsburgh last fall, which participants said helped forge ties that proved critical when the two economies joined to impose sanctions on the Kremlin following its Feb. 24 attack on Ukraine.
Walmart Anticipates a Store Manager Shortage Despite $200,000-a-Year Pay
WSJ USBusiness - 19hr
Many managers leading the company’s roughly 4,700 U.S. stores have been in their roles for at least a decade, and Walmart executives say they need to find a new generation to replace them.
Shanghai Lays Out Reopening Plan as China Cancels 2023 Soccer Tournament
WSJ World - 19hr
Officials in China’s financial hub outlined plans for a phased reopening of shopping malls, supermarkets and other businesses after nearly two months of a hard lockdown.
The Dollar Is Winning in a Messy Global Economy---and That Matters in the Fight Against Inflation
WSJ USBusiness - 20hr
A stronger U.S. dollar could help the Federal Reserve hold down the cost of imported goods.
Investors Stay Put, Because They Can't Think of Better Options
WSJ Markets - 20hr
Even the worst markets are supposed to have havens. Some unnerved investors are wondering if this one doesn’t.
Nations Aim to Secure Supply Chains by Turning Offshoring Into 'Friend-Shoring'
WSJ USBusiness - 21hr
U.S. officials and allies around the world are looking to establish friendly supply routes for key goods amid a war and global pandemic.
Behind Fake-Account Issue That Musk Cited in Calling Twitter Deal 'On Hold'
WSJ USBusiness - 21hr
Social media has grappled with phony accounts for years, raising questions about why Tesla CEO Elon Musk is talking about them again now.
Individual Investors Step Back From Options Bets
WSJ Markets - 23hr
In a further sign that the stock market’s speculative fever has broken, individual investors who had embraced options trading are now pulling back.
CEO Pay Packages Rose to $14.7 Million in 2021, a New High
WSJ USBusiness - 23hr
Stock awards pushed median compensation to a sixth-straight record, and nine CEOs got packages of $50 million or more.
Borrowing Costs Balloon as Home Construction Gets Delayed
WSJ USBusiness - 23hr
People who agreed to buy homes under construction but haven’t yet closed are facing mortgage-interest rates that could be nearly double what they anticipated.
How Utility Stocks Have Kept Their Spark
WSJ Markets - 1d
The sector isn’t cheapest place to park money, but right now a compelling enough argument seems to be that there are few alternatives.
Ford Unloads More Shares of Electric-Vehicle Startup Rivian
WSJ USBusiness - 1d
Ford sold 7 million Rivian shares at a price of $26.88, the company says. That followed an 8-million-share sale earlier in the week at about the same price.
Cat Litter Could Be Antidote for Climate Change, Researchers Say
WSJ Markets - 1d
MIT researchers say a compound they created with zeolite and copper can snatch methane from passing air and turn it into carbon dioxide, a much less harmful greenhouse gas.
Used-Car Buyers Are Seeing Relief on Once-Soaring Prices
WSJ USBusiness - 1d
Buyers challenged by high used car prices are sitting on the sidelines, driving down demand and prices in the pre-owned market.
India Bans Wheat Exports, Weighing on Global Food Supplies
WSJ Markets - 1d
India said it would ban wheat exports, in a move that will add to global inflationary pressure and further strain global food supplies that have been disrupted by the war in Ukraine.
Why It's So Hard to Keep Russian Diamonds and Gold Out of the U.S. Despite Sanctions
WSJ USBusiness - 1d
Jewelers and officials are urged to stem the flow of Russian gems and precious metals likely still entering the U.S.
Stocks Are Way Down. They're Still Expensive.
WSJ Markets - 2d
The S&P 500 still has plenty of room to fall, if history is any guide
At Tech Companies, the Rebellion Against the Return to the Office Is Getting Serious
WSJ USBusiness - 2d
Some of the economy’s most in-demand employees are about to find out how much power they have over where and how they do their jobs.
Stablecoin TerraUSD Continues Downward Spiral; Bitcoin Gains
WSJ Markets - 2d
The largest cryptocurrencies showed signs of recovery following a roughly weeklong selloff, while beleaguered stablecoin TerraUSD continued to tumble.
Stocks Rally After Brutal Trading Week
WSJ Markets - 2d
The Dow industrials added more than 450 points. Still, major stock indexes finished the week with losses.
Musk Ruffles Twitter's Feathers
WSJ Markets - 2d
Twitter stock has lost its perch and hasn’t found a safe landing spot yet after an Elon Musk tweet worried investors that his deal for the company won’t close.
Investors Face a World Where Stocks No Longer Reign
WSJ Markets - 2d
The age-old mantra of “there is no alternative” to stocks gets a stiff test as market losses mount, inflation accelerates and interest rates rise.
Twitter Stock Drops on Deal Holdup
WSJ Markets - 2d
Shares of the social-media company fell after Elon Musk said his deal to buy it was “on hold.”
Record Diesel Pressures European Drivers, U.S. Deliveries
WSJ Markets - 2d
Europe is particularly vulnerable to a global shortfall of the fuel as imports from Russia are expected to slump when sanctions tighten.
Why Did Cryptocurrencies TerraUSD and Luna Unravel?
WSJ Markets - 2d
Stablecoins, a breed of cryptocurrencies touted for their purported stability, have come under scrutiny after TerraUSD and Luna tumbled, saddling investors with billions of dollars in losses.
Stocks end higher Friday, but Dow books worst 7 weeks of declines in two years
MarketWatch - 2d
U.S. stocks finished higher Friday, but with the Dow still ending a seventh week in a row lower, as investors worried about the Federal Reserve's ability to tamp down high inflation without kicking the economy into a recession. The Dow Jones Industrial Average gained about 465 points Friday, or 1.5%, ending near 32,196. The S&P 500 index gained 2.4%, after coming close to entering a bear-market territory on Thursday, and the Nasdaq Composite Index jumped 3.8%. The bounce heading into the weekend still wasn't enough to erase sharp earlier losses. The Dow ended the week 2.1% lower for a seventh week in a row, tallying its sharpest 7-week percentage point plunge since April 24, 2020, according to Dow Jones Market Data. The S&P 500 lost 2.4% for the week and the Nasdaq shed 2.8% since Monday.
Biden on baby-formula shortage: 'There's nothing more urgent we're working on than that right now'
MarketWatch - 2d
President Joe Biden on Friday addressed his administration's response to an ongoing U.S. baby-formula shortage, with his remarks coming as he responded to reporters' questions after his speech on policing. "There's nothing more urgent we're working on than that right now, and I think we're going to be making some significant progress very shortly," Biden said. He noted his administration has taken steps such as the release of guidance for the WIC program that addresses packaging issues and allows for more flexibility, as well as an effort to facilitate imports of formulas from abroad and the launch of a website that aims to help parents obtain formula.
Investors exhibit panic-like buying as stock market bounces
MarketWatch - 2d
Stock market internals suggest investors are exhibiting panic-like buying behavior as the market indexes rally, according to the Arms Indexes of both major exchanges. The Arms is a volume-weighted breadth measure that compares the ratio of advancing stocks to declining stocks to the ratio of advancing volume to declining volume, in order to gauge the intensity of the market's move. The Arms tends to fall below 1.000 when the market rallies, and many technicians believe a decline below 0.500 implies panic-like buying of rising stocks. In afternoon trading on Friday, the NYSE Arms was at 0.410 and the Nasdaq Arms was at 0.313. On the NYSE, advancers led decliners by a 3.97 margin while advancing volume outnumbered declining volume 9.69 to 1. On the Nasdaq, advancers outnumber decliners 3.37 to 1 and advancing volume topped declining volume 10.77 to 1. Meanwhile, the S&P 500 rallied 2.2% and the Nasdaq Composite climbed 3.6%.
Amazon stock bounces, but is still headed for the longest weekly losing streak in 14 years
MarketWatch - 2d
Shares of Amazon.com Inc. rallied 3.9% in afternoon trading Friday, amid a broad rally in technology names, but was still on track for the longest weekly losing streak in 14 years. The rally in the ecommerce giant's stock comes after it rose 1.5% on Thursday, which followed a 3.2% drop on Wednesday to its lowest close since April 2020. Still, the stock was down 3.2% this week, and has plummeted 32.6% amid a seven-week losing streak. That would be the longest weekly losing streak since it fell for 10-straight weeks through the week ended March 7, 2008. During that stretch, the stock had lost 32.1%. There have been two six-week losing streak since then, one for the six-week stretch ending Aug. 23, 2019, and the other for the six-week stretch ending Nov. 16, 2012. The stock has now tumbled 33.4% year to date, while the S&P 500 has shed 16.1%.
Biden administration launches website that aims to help parents find baby formula during shortage
MarketWatch - 2d
White House press secretary Jen Psaki on Friday told reporters that the Biden administration's Department of Health and Human Services has launched a "new webpage that provides resources and places that parents can go to obtain formula, including contacts with companies, food banks, healthcare providers." The website is hhs.gov/formula, she said. The Biden administration on Thursday rolled out other measures to address an ongoing U.S. infant-formula shortage, such as boosting imports of certain formula products and calling for a crackdown on price gouging.
Abbott to extend baby formula rebates until at least Aug. 31
MarketWatch - 2d
Abbott Laboratories said Friday that it will pay rebates for other infant formula products similar to Similac through August as a result of the current formula shortage caused in part by a recall at its plant in Michigan. The company has infant formula contracts with the Special Supplemental Nutrition Program for Women, Infants, and Children (WIC). The Department of Agriculture on Friday asked Abbott to stop extending the rebates on a month-by-month basis and instead extend them through Aug. 31 or until demand has been met. "That means that the states can plan ahead and they can purchase supply ahead from a range of manufacturers, not just the ones that they have contracts with," White House press secretary Jen Psaki said Friday. "This means that families...can purchase any available product in the months to come through August, and states and retailers can plan ahead." Abbott's stock is down 24.2% so far this year, while the broader S&P 500 has declined 16.0%.
Ryder stock rockets toward biggest gain in 47 years after unsolicited buyout bid valued at $4.4 billion
MarketWatch - 2d
Shares of Ryder System Inc. ran up 17.4% in afternoon trading Friday, putting them on track for the biggest one-day gain in 47 years, after the truck rental company confirmed that it received an unsolicited buyout bid from HG Vora Capital Management. The company said it will "carefully review and evaluate the indication of interest" to determine what was in the best interest of its shareholders. Earlier Friday, the company disclosed in a 13D filing that HG Vora had acquired a 9.9% stake in Ryder, enough to make HG Vora the largest actively managed shareholder of the company. In addition, HG Vora said in a letter to HG Vora's board that it proposed to buy all of the outstanding shares of Ryder that it didn't yet own for $86.00 a share, which represented a 20.3% premium to Thursday's closing price of $71.48, and implied a market capitalization for Ryder of about $4.40 billion. The stock was headed for the biggest one-day gain since it soared 28.1% on Jan. 24, 1975. It has still lost 1.1% over the past 12 months, while the S&P 500 has lost 2.5%.
Gold falls Friday, records worst week in 11 months
MarketWatch - 2d
Gold futures finished at a 14-week low on Friday, extending their slide into a fourth straight week, as safe-haven demand for the dollar kept pressure on the yellow metal. Gold for June delivery lost $16.40, or 0.9%, to settle at $1808.20, the lowest closing value for the most-active contract since Feb. 4, 2022, according to Dow Jones Market Data. For the week, gold was 3.9% lower, booking its worst weekly fall since skidding 5.9% in the week ending June 18, 2021. While inflation data for the week showed price pressures may have hit a peak, high costs of living continue to weigh on households and Wall Street, while driving up demand for the dollar, which hit highs last seen 20 years ago. A stronger dollar is seen as a negative for commodities priced in the unit, making them more expensive to users of other currencies.
Crypto's Merry Band Comes Back To Robinhood
WSJ Markets - 2d
The investment in Robinhood by FTX founder Sam Bankman-Fried may be a bullish signal for crypto believers, but Robinhood still faces a long road ahead.
Poshmark shares soar after better-than-expected quarterly results
MarketWatch - 2d
Poshmark Inc. shares soared 24.6% in Friday trading after the seller of new and secondhand items reported better-than-expected first-quarter results. Net loss totaled $14.0 million, or 18 cents per share, after a loss of $74.1 million, or $1.18 per share last year. Revenue of $90.9 million was up from $80.7 million last year. The FactSet consensus was for a loss of 25 cents and revenue of $87.6 million. "After giving very cautious guidance for Q1 (with just 2 weeks left in the quarter), Poshmark ultimately reported results that weren't great, but also weren't as bad as feared," wrote Wedbush in a note. "Poshmark's growth has been fairly modest of late, as they work to navigate the challenges presented by Apple's IDFA privacy changes. For the P&L to 'work,' marketing costs have to come down substantially, as the model doesn't have many other levers to pull." Wedbush rates Poshmark outperform with a $16 price target. Poshmark Chief Executive Manish Chandra said on the earnings call that the company continues to examine its marketing plan amid uncertainties. Marketing expenses were $41.3 million for the quarter. Poshmark stock is down 29% for the year to date.
What to Know if You Want to Buy the Dip
WSJ Markets - 2d
The stock market’s volatility may last longer than investors have come to expect—but you can still prosper with discipline, patience and courage.
Brilliant Earth shares fall as consumers hold off on big purchases
MarketWatch - 2d
Shares of jeweler Brilliant Earth Group Inc. sank 23.6% in Friday trading as consumers pull back on big purchases during a period of sky-high inflation and global unrest. "Despite a solid 1Q22 EPS, Brilliant Earth lowered FY22 guidance reflecting moderating growth from consumers pausing on making big purchases amid macro uncertainties," wrote Cowen analysts, who maintained their outperform stock rating but slashed the price target to $10 from $21. Brilliant Earth reported a first-quarter earnings beat but lowered its guidance. "We have incorporated these geopolitical and macroeconomic factors into our outlook for Q2 and for the full year 2022," said Chief Financial Officer Jeff Kuo on the late Thursday earnings call. "And while we continue to see strong overall demand, we have seen a more moderated rate of growth, which is most notable in e-commerce." Brilliant Earth stock has slumped 71.5% for the year to date.
Market Pulse: Stocks open higher in attempt to bounce at end of another rough week
MarketWatch - 2d
U.S. stocks opened higher Friday, attempting a bounce at the end of another tough week that’s pushed the S&P 500 to the brink of a bear market.The Dow Jones Industrial Average DJIA rose 245 points, or 0.8%, while the S&P 500 SPX was up 1.2% and the Nasdaq Composite COMP bounced 1.9%. The Dow was still on track for a 2.8% weekly loss, while the S&P 500 was down 3.6% and the Nasdaq headed for a 4.7% decline.
Werner boosts dividend by 8.3%
MarketWatch - 2d
Werner Enterprises Inc. said Friday that it raised its quarterly dividend by 8.3%, to 13 cents a share from 12 cents. The trucking company's stock was still inactive in premarket trading. The new dividend will be payable July 19 to shareholders of record on July 5. Based on Thursday's stock closing price of $42.04, the new annual dividend rate implies a dividend yield of 1.24%, which compares with the implied yield for the S&P 500 of 1.63%. Werner's stock has lost 11.8% year to date, while the Dow Jones Transportation Average has shed 13.1% and the S&P 500 has lost 17.5%.
Schwab books highest ever client cash disbursements for tax season
MarketWatch - 2d
Charles Schwab Corp. on Friday reported a $6.5 billion drop in net new assets excluding mutual fund clearing as clients sold down their asset for cash disbursements during tax season. The broker said the move marked the highest ever client cash disbursements at Schwab. "These outflows include the impact of client portfolio actions taken during 2021, a year marked by strong equity market performance and robust trading activity," CFO Peter Crawford said. "Such seasonal activity is distinct from flows within client accounts rebalancing their cash positions between daily liquidity and investments such as money market funds. This rebalancing, or sorting, activity tends to occur as an extended period of low interest rates shifts into a rising rate environment and clients refresh their allocations." Total client assets were $7.28 trillion as of month-end April, down 1% from April 2021 and down 7% compared to March 2022. Shares of Schwab rose 1.4% in premarket trades. The stock is down 22.8% year-to-date, compared to a 17.5% loss by the S&P 500 .
Berkshire Hathaway buys about $52 million of Occidental Petroleum stock
MarketWatch - 2d
Warren Buffett's holding company Berkshire Hathaway Inc. acquired 901,768 shares of Occidental Petroleum in two purchases this week valued at a combined $52 million, according to a filing. Berkshire Hathaway bought 716,355 shares at $57.32 a share on Tuesday, and then acquired 185,419 shares at a price of $57.34 a share on Thursday. Berkshire Hathaway now owns 143.16 million shares of Occidental Petroleum. Shares of Occidental rose 3% in premarket trades Friday. The stock is up 104% so far this year, compared to a loss of 17.5% by the S&P 500 .
Figs earnings miss after 'supply chain chaos'
MarketWatch - 2d
Shares of medical scrubs and accessories company Figs Inc. sank 23% in Friday premarket trading after it reported first-quarter results that missed expectations and lowered its guidance. Net income totaled $8.9 million, or 5 cents per share, down from $11.4 million, or 7 cents per share, last year. Revenue of $110.1 million was up from $87.1 million. The FactSet consensus was for EPS of 6 cents and revenue of $117.3 million. For 2022, Figs is now guiding for revenue in the range of $510 to $530 million, down from $550 to $560 million. The FactSet consensus is for revenue of $534.8 million. Figs attributed the downward guidance revision to supply chain challenges, inflation and shifting consumer spending patterns. "[S]ince early March, we've seen an intense and persistent surge in the volatility of ocean transit times for receiving our products, largely due to vessels being unexpectedly rerouted by carriers while in transit," said co-Chief Executive Trina Spear on the late Thursday earnings call, according to FactSet. "[W]ithout predictability, we are less able to mitigate these issues with longer lead times alone. This has impacted our ability to keep core products in stock and execute our color and product drops that fuel our growth." The company will use air freight to get around these issues, however the move will put pressure on margins. "Supply chain chaos led to significant disruption in product flows, and shifting of the launch calendar," wrote Cowen analysts in a note. "Our concerns are on the premium valuation and lofty consensus estimates." Cowen rates Figs market perform and slashed its price target to $11 from $24. Figs stock has slumped 53.4% for the year to date through Thursday.
Coronavirus tally: Daily average of COVID-19 cases climbs to 3-month high, as hospitalizations also rise
MarketWatch - 2d
The daily average for new COVID-19 cases climbed to a three-month high as hospitalizations have also increased, while deaths slipped. The seven-day average of new cases was 87,522 on Thursday, up 59% in two weeks and the highest number seen since Feb. 21, according to a New York Times Tracker. The state with the biggest increase in new cases from two weeks ago was Mississippi, which saw a 251% increase, followed by Missouri, which saw a 218% rise. The daily average of hospitalizations was 20,070, up 20% from two weeks ago and the highest daily average since March 23. Meanwhile, the daily average of deaths was 321, down 4% from two weeks ago. On Thursday, President Joe Biden mourned the one million Americans that died from COVID-19, saying flags would be flown at half-staff until sunset on May 16.
Intercontinental Exchange prices $8 billion in bonds to finance Black Knight acquisition
MarketWatch - 2d
Intercontinental Exchange said late Thursday it priced $8 billion in bonds to finance its $13 billion acquisition of Black Knight Inc. . The deal has 11 joint book-running managers including Bank of America Corp.'s BofA Securities Inc. unit, Goldman Sachs Group Inc. , Wells Fargo Securities LLC , Citigroup Global Markets Inc. and PNC Capital Markets LLC . Intercontinental Exchange announced the acquisition of Black Knight on May 4. Shares of Intercontinental Exchange rose 1% in premarket trades on Friday. The stock is down 30% so far in 2022, compared to a 17.5% drop by the S&P 500 . Jacksonville, Fla.-based Black Knight specializes in software, data and analytics for the housing finance market.
Honest Co. reports narrower-than-expected loss
MarketWatch - 2d
Honest Co. Inc. shares rose 2.1% in Friday premarket trading after it reported a narrower-than-expected first-quarter loss and revenue that was roughly in line with expectations. The company, which produces "clean" beauty, household, and baby products, posted a net loss of $14.6 million, or 16 cents per share, after a loss of $4.5 million, or 13 cents per share, last year. Revenue of $68.7 million was down from $81.0 million. The FactSet consensus was for a loss of 15 cents per share and revenue of $68.8 million. Honest Co., a digital company, says it was impacted by shoppers returning to stores. "With the first quarter behind us, Honest expects to return to growth over the next three quarters as we introduce new innovation, expand with new strategic retail partners and improve the digital experience on Honest.com," said Chief Executive Nick Vlahos in a statement. Honest maintained its full-year flat revenue outlook. The FactSet consensus is for $317.8 million, suggesting a 0.3% decline. Honest Co. shares have tumbled 63.8% for the year to date.
Toshiba Shareholder Payday Still Has One More Hurdle: Tokyo
WSJ Markets - 2d
After years of delays and deflections, Toshiba management has finally agreed to consider selling the company. But Tokyo will still have the ultimate say.
Twitter's stock tumbles after Elon Musk tweets buyout deal is 'temporarily on hold'
MarketWatch - 2d
Shares of Twitter Inc. plunged 17.9% in premarket trading Friday, after Elon Musk tweeted that the deal to buy the social media company was "temporarily on hold." Musk, the chief executive of electric vehicle maker Tesla Inc. , said the hold on the deal is "pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users." Twitter's stock is on track to open at the lowest price seen during regular-session hours since March 17, which was before Musk first disclosed he had acquired a large stake in Twitter. Tesla's stock rallied 4.5% ahead of the open.
Is It Better to Rent or Buy? Hot Housing Market Defies Conventional Wisdom
WSJ Markets - 2d
With surging rent and home prices, it’s worth doing the math.
Europe's Gas Market Is Still Counting on Russian Supplies
WSJ Markets - 2d
Russia has reliably provided gas to Western Europe for decades, but the risk of a cutoff keeps rising.
Payoneer stock surges after company beats on earnings, raises forecast
MarketWatch - 3d
Shares of Payoneer Global Inc. were up 15% in after-hours trading Thursday after the financial technology company, which helps enable payments across borders, topped expectations with its latest results and upped its full-year forecast. The company logged net income of $20.2 million, or 6 cents a share, whereas it posted a net loss of $3.5 million, or 16 cents a share, in the year-earlier quarter. Analysts tracked by FactSet had been expecting a 5-cent loss on a per-share basis. Payoneer also reported adjusted earnings before interest, taxes, depreciation, and amortization (Ebitda) of $10.4 million, up from $7.8 million a year earlier. Analysts were expecting a $6.5 million loss on the basis of adjusted Ebitda. Revenue jumped to $137.0 million from $100.6 million and came in ahead of the consensus view, which was for $122.1 million. Payoneer also upped its revenue and earnings forecast for the full year. It now anticipates $550 million to $560 million in revenue, along with a $10 million to $20 million loss on an adjusted Ebitda basis. The company's prior outlook called for $530 million to $540 million in revenue and a $25 million to $35 million adjusted Ebitda loss. "In our prior guidance, we assumed zero revenues from business in Ukraine, Russia and Belarus for the remainder of the year," Chief Financial Officer Michael Levine said in the earnings release. "However, based on subsequent actual results, while recognizing that the situation remains fluid, we now believe we can retain approximately 50% of our originally forecasted revenues collectively for those three countries for the rest of the year." He called out "continued momentum in customer adoption of our higher-value services, successful penetration into high-growth regions, and better-than-expected results in Ukraine."