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Last week's collapse of crypto exchange FTX and the resulting plunge in cryptocurrencies seems so far not to have tainted other asset classes, as regulators pick through the wreckage and investors in the digital assets look on nervously.
[ { "end": 43, "label": "Negative", "start": 40, "tag": "Negative", "value": "FTX" } ]
Pfizer <PFE.N> rose 2.7% after the drugmaker raised full-year sales estimates for its COVID-19 vaccine, while Eli Lilly <LLY.N> slipped 4.6% on trimming its profit forecast.
[ { "end": 119, "label": "Negative", "start": 110, "tag": "Negative", "value": "Eli Lilly" }, { "end": 6, "label": "Positive", "start": 0, "tag": "Positive", "value": "Pfizer" } ]
Walmart <WMT.N> shares sank 7.6% after the retailer cut its full-year profit forecast late on Monday. Walmart blamed surging prices for food and fuel, and said it needed to cut prices to pare inventories. [nL4N2Z63A4]
[ { "end": 109, "label": "Negative", "start": 102, "tag": "Negative", "value": "Walmart" }, { "end": 7, "label": "Negative", "start": 0, "tag": "Negative", "value": "Walmart" } ]
The warning hit shares of other delivery companies as well as retailers in extended trading. United Parcel Service <UPS.N> dropped 5%, while Amazon <AMZN.O> dropped 1.6 and Target <TGT.N> dipped nearly 1%.
[ { "end": 179, "label": "Negative", "start": 173, "tag": "Negative", "value": "Target" }, { "end": 114, "label": "Negative", "start": 93, "tag": "Negative", "value": "United Parcel Service" }, { "end": 147, "label": "Negative", "start": 141, "tag": "Negative", "value": "Amazon" } ]
Justified or not, the price plunge itself is problematic. First, the credit default swap selloff implies higher funding costs. Analysts at Citigroup pegged the increase at around 300 million Swiss francs, equivalent to 5% of 2021 adjusted pre-tax profit. It could also deter trading counterparties, implying more pain for its already loss-making investment bank. Similarly, spooked private-banking clients could pull assets, infecting the core wealth management franchise.
[ { "end": 148, "label": "Neutral", "start": 139, "tag": "Neutral", "value": "Citigroup" } ]
And according to a Deutsche Bank survey of 475 financial professionals around the world, expectations of economic contractions are indeed sharply on the rise.
[ { "end": 32, "label": "Neutral", "start": 19, "tag": "Neutral", "value": "Deutsche Bank" } ]
The railroads' cost-cutting moves stoked profits but "there wasn't any buffer" for demand shocks and service disruptions caused by home-bound shoppers' binge on exercise equipment, furniture, appliances and other goods, Stifel analyst Ben Nolan said.
[ { "end": 226, "label": "Neutral", "start": 220, "tag": "Neutral", "value": "Stifel" } ]
Shares of chipmakers, which have a large exposure to China, fell in premarket trading. Advanced Micro Devices <AMD.O>, Qualcomm <QCOM.O>, Intel Corp <INTC.O>, Micron Technology Inc <MU.O> and Nvidia Corp <NVDA.O> were down between 0.9% and 1.3%.
[ { "end": 203, "label": "Negative", "start": 192, "tag": "Negative", "value": "Nvidia Corp" }, { "end": 127, "label": "Negative", "start": 119, "tag": "Negative", "value": "Qualcomm" }, { "end": 180, "label": "Negative", "start": 159, "tag": "Negative", "value": "Micron Technology Inc" }, { "end": 109, "label": "Negative", "start": 87, "tag": "Negative", "value": "Advanced Micro Devices" }, { "end": 148, "label": "Negative", "start": 138, "tag": "Negative", "value": "Intel Corp" } ]
The pain in the April-June quarter comes fresh after the closely watched Vision Fund posted a record $26 billion loss in May, hit by rising interest rates and political instability that disrupted global markets.
[ { "end": 84, "label": "Negative", "start": 73, "tag": "Negative", "value": "Vision Fund" } ]
"Output and new orders continued to fall with the sector still feeling the repercussions of material shortages and delivery delays," Shreeya Patel, an economist at S&P Global, said in a statement.
[ { "end": 174, "label": "Neutral", "start": 164, "tag": "Neutral", "value": "S&P Global" } ]
Brent crude futures <LCOc1> were down 2 cents, or 0.02%, to $91.67 a barrel by 11:37 a.m. EDT (1537 GMT), recovering from a 6.4% fall last week. U.S. West Texas Intermediate crude <CLc1> was up 4 cents, or 0.4%, at $85.57 after a 7.6% decline last week.
[ { "end": 19, "label": "Negative", "start": 0, "tag": "Negative", "value": "Brent crude futures" }, { "end": 179, "label": "Positive", "start": 145, "tag": "Positive", "value": "U.S. West Texas Intermediate crude" } ]
Meanwhile, earnings report from Facebook parent Meta Platforms Inc <META.O> on Wednesday and Samsung Electronics Co Ltd <005930.KS> spurred worries of a downturn after some of Europe's largest banks also warned of growing risks as the economy fizzles.
[ { "end": 119, "label": "Negative", "start": 93, "tag": "Negative", "value": "Samsung Electronics Co Ltd" }, { "end": 66, "label": "Negative", "start": 48, "tag": "Negative", "value": "Meta Platforms Inc" }, { "end": 40, "label": "Negative", "start": 32, "tag": "Negative", "value": "Facebook" } ]
A second person said it was too early to say whether FAA concerns would lead to a new delay in resuming deliveries, which have been suspended for the past year due to production flaws.
[ { "end": 56, "label": "Neutral", "start": 53, "tag": "Neutral", "value": "FAA" } ]
"Stock market volatility is a big headwind to strategic M&A. When you have stock market volatility, it's tough to have value conversations and makes it hard to use stock as currency," said Damien Zoubek, co-head of U.S. corporate practice and M&A at Freshfields Bruckhaus Deringer.
[ { "end": 280, "label": "Neutral", "start": 250, "tag": "Neutral", "value": "Freshfields Bruckhaus Deringer" } ]
European tech index <.SX8P> slipped 0.8%, while New York-listed shares of Chinese firms Alibaba <BABA.N>, JD.com <JD.O> and Pinduoduo <PDD.O> fell nearly 1.5% each.
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In the trial, the drug was used in combination with Pfizer's <PFE.N> established Ibrance and compared to a different group of patients on standard hormone therapy.
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For a start, it would be difficult for investors to get any more bearish. Bank of America's 'Bull & Bear' has been at "max bearish" for an unprecedented four weeks in a row and, according to the bank's strategists, investors with traditional "60/40" portfolios are facing the worst returns this year for a century.
[ { "end": 89, "label": "Neutral", "start": 74, "tag": "Neutral", "value": "Bank of America" } ]
Last week, the Nasdaq Composite <.IXIC> flirted with its bear-market lows. In fact, on Thursday, it ended down 35.6% from its Nov. 19, 2021 record finish.
[ { "end": 31, "label": "Negative", "start": 15, "tag": "Negative", "value": "Nasdaq Composite" } ]
"The recent recovery in oil imports faltered in September," ANZ analysts said in a note, adding that independent refiners failed to utilise increased quotas as ongoing COVID-related lockdowns weighed on demand.
[ { "end": 63, "label": "Neutral", "start": 60, "tag": "Neutral", "value": "ANZ" } ]
Just 2.6 million square feet (241,548 square metres) of space was let in the third quarter, 30% down from the second quarter and 14% below the 10-year quarterly average, CBRE <CBRE.N> said.
[ { "end": 174, "label": "Negative", "start": 170, "tag": "Negative", "value": "CBRE" } ]
Deutsche, which had faced stinging criticism from some investors and politicians for its ongoing ties to Russia, announced late on Friday that it would wind down its business there. [nL2N2VH0B1]
[ { "end": 8, "label": "Negative", "start": 0, "tag": "Negative", "value": "Deutsche" } ]
Oil majors Exxon Mobil Corp <XOM.N> and Chevron Corp <CVX.N> rose about 0.2% each in premarket trading after crude prices extended their rally on fears of tighter global supply. [O/R]
[ { "end": 52, "label": "Positive", "start": 40, "tag": "Positive", "value": "Chevron Corp" }, { "end": 27, "label": "Positive", "start": 11, "tag": "Positive", "value": "Exxon Mobil Corp" } ]
CIFI��s plight is particularly alarming. It managed to avoid defaults on any of its publicly-traded debt, and even paid an interest payment for an offshore bond <KY196979280=RRPS> due in 2024. That bond, though, rallied to 60 cents on the dollar last month, but now trades at just 28 cents. CIFI��s chairman has also flagged that the company was not able to tap its $4.1 billion of cash on its balance sheet due to government controls on its escrow accounts. The stronger parts of the property market are weakening, and fast. (By Yawen Chen)
[ { "end": 4, "label": "Negative", "start": 0, "tag": "Negative", "value": "CIFI" }, { "end": 294, "label": "Negative", "start": 290, "tag": "Negative", "value": "CIFI" } ]
UBS' smaller cross-town rival Credit Suisse <CSGN.S>, which reports earnings on Wednesday, has warned of a likely second-quarter loss. Analysts on average expect the bank to report a loss of 60 U.S. cents per share. [nL8N2XV0FZ] [nL8N2Z60FD]
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An official at a large Hyundai supplier who has spoken to senior officials at the company told Reuters that the automaker was caught off guard by the law.
[ { "end": 30, "label": "Negative", "start": 23, "tag": "Negative", "value": "Hyundai" }, { "end": 102, "label": "Neutral", "start": 95, "tag": "Neutral", "value": "Reuters" } ]
** Medical diagnostics firm Dr. Lal PathLabs Ltd <DLPA.NS> on Tuesday reported a 24.5% drop in September quarter profit as a sustained decline in revenue and volume from its COVID-19 related business and higher expenses weighed.
[ { "end": 48, "label": "Negative", "start": 28, "tag": "Negative", "value": "Dr. Lal PathLabs Ltd" } ]
CME e-mini Nasdaq 100 futures <NQcv1> are off around 2% in premarket trade Wednesday, after disappointing results from technology-giant Microsoft, as well as Alphabet, sparked losses in other mega-cap companies and raised fears of slowing economic growth. [.N]
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His exit comes as Facebook faces a host of regulatory challenges in the country where Prime Minister Narendra Modi's administration has been tightening laws governing Big Tech companies.
[ { "end": 26, "label": "Negative", "start": 18, "tag": "Negative", "value": "Facebook" } ]
Nigeria had alleged JPMorgan was "grossly negligent" in its transfer of funds paid by the energy majors to a company linked to the country's disgraced former oil minister Dan Etete, as per instructions received from Nigerian government officials.
[ { "end": 28, "label": "Negative", "start": 20, "tag": "Negative", "value": "JPMorgan" } ]
With hotter weather coming, Refinitiv projected average U.S. gas demand, including exports, would rise from 92.8 bcfd this week to 95.5 bcfd next week. Those forecasts were lower than Refinitiv's outlook on Tuesday.
[ { "end": 193, "label": "Neutral", "start": 184, "tag": "Neutral", "value": "Refinitiv" }, { "end": 37, "label": "Neutral", "start": 28, "tag": "Neutral", "value": "Refinitiv" } ]
Verizon shares fell as much as 6% to nearly five-year low of $44.64. They closed down about 3% lower in the prior session when rival AT&T <T.N> warned some of its customers were delaying bill payments. AT&T shares were trading nearly 2% lower.
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"We deplore Russia's military action that violates the territorial integrity of Ukraine and endangers its people," Exxon said. Ford said in its condemnation: "The situation has compelled us to reassess our operations in Russia."
[ { "end": 131, "label": "Neutral", "start": 127, "tag": "Neutral", "value": "Ford" }, { "end": 120, "label": "Neutral", "start": 115, "tag": "Neutral", "value": "Exxon" } ]
"Anytime you have a government who's basically changing their mind, it's very hard to plan and you have to have a risk premium on UK assets because of the uncertainty," said Patrick Armstrong, chief investment officer at Plurimi Wealth.
[ { "end": 235, "label": "Neutral", "start": 221, "tag": "Neutral", "value": "Plurimi Wealth" } ]
The Dow Jones Industrial Average <.DJI> rose 0.27% by 1:30 p.m. ET (1730 GMT). The S&P 500 <.SPX> lost 0.44% and the Nasdaq Composite <.IXIC> dropped 1.69%, dragged by disappointing earnings and warnings from Microsoft and Alphabet.
[ { "end": 94, "label": "Negative", "start": 87, "tag": "Negative", "value": "S&P 500" }, { "end": 235, "label": "Negative", "start": 227, "tag": "Negative", "value": "Alphabet" }, { "end": 36, "label": "Positive", "start": 8, "tag": "Positive", "value": "Dow Jones Industrial Average" }, { "end": 137, "label": "Negative", "start": 121, "tag": "Negative", "value": "Nasdaq Composite" }, { "end": 222, "label": "Negative", "start": 213, "tag": "Negative", "value": "Microsoft" } ]
The S&P 500 slumped about 2.4% in the prior three sessions and recently joined the Dow, Nasdaq and Russell 2000 <.RUT> in forming a "death cross" technical pattern, when a short-term moving average crosses below a longer-term moving average, which some investors believe signals more near-term weakness is likely. [nL2N2VI1WC]
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Plaintiffs had scored some significant trial victories against pharmacy chains, including a $650.6 million judgment in favor of two Ohio counties against CVS, Walgreens Boots Alliance and Walmart, and a ruling that Walgreens contributed to the opioid epidemic in San Francisco.
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"A recession is going to materially impact WeWork's operations because SMEs (small and medium-sized enterprises) are going to cut costs. This may lead to an increase in WFH (work-from-home) set-up," Third Bridge analyst Max Georgiou said.
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The S&P 500 <.SPX>, for instance, has fallen as low as 23.6% from its January record high this year, in line with the 24% median decline the index has registered in past recessions, indicating that "at least some of the challenging environment is reflected in stock prices," Keith Lerner, co-chief investment officer at Truist Advisory Services, said in a report.
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British commercial property firm Land Securities <LAND.L> slumped to a half-year loss, as property valuations fell due to surging interest rates and inflation, while Vodafone <VOD.L> cut its full-year free cash flow forecast and said earnings would come in towards the bottom of its range.
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"Yesterday's news about Apple suspending its production increase caused the market to factor in a global recession," Tokai Tokyo Research Institute senior strategist Takashi Nakamura said.
[ { "end": 29, "label": "Neutral", "start": 24, "tag": "Neutral", "value": "Apple" }, { "end": 147, "label": "Neutral", "start": 117, "tag": "Neutral", "value": "Tokai Tokyo Research Institute" } ]
The DJI is last up 3.42% this month, while the S&P 500 has risen 2.21%. However, as stands, the Nasdaq is down 0.04% for the month.
[ { "end": 102, "label": "Negative", "start": 96, "tag": "Negative", "value": "Nasdaq" }, { "end": 7, "label": "Positive", "start": 4, "tag": "Positive", "value": "DJI" }, { "end": 54, "label": "Positive", "start": 47, "tag": "Positive", "value": "S&P 500" } ]
Late on Tuesday, United Airlines <UAL.O> said it has temporarily suspended flying over Russian airspace, joining other major U.S. carriers who have taken the step after Russia's invasion of Ukraine.
[ { "end": 32, "label": "Neutral", "start": 17, "tag": "Neutral", "value": "United Airlines" } ]
Shares of Tower Semiconductor <TSEM.O>, which agreed in February to sell itself to Intel Corp for $5.4 billion, were down 4% on Wednesday afternoon at $41.31, a significant discount to the $53 per share deal price, reflecting doubt among investors over whether the transaction will be completed.
[ { "end": 93, "label": "Neutral", "start": 83, "tag": "Neutral", "value": "Intel Corp" }, { "end": 29, "label": "Negative", "start": 10, "tag": "Negative", "value": "Tower Semiconductor" } ]
S&P said the insurance sectors likely to be most impacted were aviation, trade credit, political risk such as nationalisation, cyber, political violence and marine war.
[ { "end": 3, "label": "Neutral", "start": 0, "tag": "Neutral", "value": "S&P" } ]
Walmart, a bellwether for the retail sector that caters to cost-conscious shoppers, said its full-year profit would decline 11% to 13%, compared to the 1% fall it previously forecast [nL4N2Z63A4]
[ { "end": 7, "label": "Negative", "start": 0, "tag": "Negative", "value": "Walmart" } ]
"There's still some uncertainty based on whether or not Elon can find the actual financing to do the deal," said Randy Frederick, managing director of trading and derivatives for the Schwab Center.
[ { "end": 196, "label": "Neutral", "start": 183, "tag": "Neutral", "value": "Schwab Center" } ]
Musk said last month that Tesla's new factories in Texas and Berlin are "losing billions of dollars" as they struggle to increase production because of a shortage of batteries and Chinese port issues. [nL1N2Y92YN]
[ { "end": 31, "label": "Negative", "start": 26, "tag": "Negative", "value": "Tesla" } ]
Jeff Walczak, CEO at Ground contractor consultancy eTruckBiz.com, says 20-25% of his clients are struggling to turn a profit - about double the normal rate.
[ { "end": 64, "label": "Neutral", "start": 51, "tag": "Neutral", "value": "eTruckBiz.com" } ]
"The market believes that the Fed will get inflation under control at the expense of the economy. The question is will they achieve this through a soft landing or a hard landing."
[ { "end": 33, "label": "Neutral", "start": 30, "tag": "Neutral", "value": "Fed" } ]
Adding to Tuesday's gloom was the International Monetary Fund forecast for global real GDP growth of 3.2% in 2022, down from its 3.6% forecast issued in April, with downside risks from high inflation and the Ukraine war potentially pushing the world economy to the brink of recession. [nL1N2Z60Z2]
[ { "end": 61, "label": "Neutral", "start": 34, "tag": "Neutral", "value": "International Monetary Fund" } ]
Once with $36 billion in assets, Archegos collapsed in March 2021 when it was caught short after making huge bets on stocks through securities known as total return swaps. That sparked a fire sale in stocks, resulting in large losses for Credit Suisse Group AG <CSGN.S>, Nomura Holdings Inc <8604.T> and other banks.
[ { "end": 260, "label": "Negative", "start": 238, "tag": "Negative", "value": "Credit Suisse Group AG" }, { "end": 290, "label": "Negative", "start": 271, "tag": "Negative", "value": "Nomura Holdings Inc" }, { "end": 41, "label": "Negative", "start": 33, "tag": "Negative", "value": "Archegos" } ]
Wall Street's main indexes are lower Thursday after gloomy forecasts from Meta and Qualcomm and an early GDP reading that showed the U.S. economy contracted again in the second quarter. [.N]
[ { "end": 91, "label": "Negative", "start": 83, "tag": "Negative", "value": "Qualcomm" }, { "end": 78, "label": "Negative", "start": 74, "tag": "Negative", "value": "Meta" } ]
Investors closely awaited a crucial supply decision from OPEC+ due later Wednesday, which could have global implications for already high energy prices and inflation.
[ { "end": 62, "label": "Neutral", "start": 57, "tag": "Neutral", "value": "OPEC+" } ]
According to the latest EPFR data, capital has been flowing out of European equities for six weeks in a row as the war in Ukraine prompted investors to pull out.
[ { "end": 28, "label": "Neutral", "start": 24, "tag": "Neutral", "value": "EPFR" } ]
The minutes also showed that Fed officials saw "little evidence" late last month that U.S. inflation pressures were easing, and that participants said it may take longer than anticipated for inflation to dissipate. [nL1N2ZT0WB]
[ { "end": 32, "label": "Neutral", "start": 29, "tag": "Neutral", "value": "Fed" } ]
The standoff between U.S. railroad operators and their union workers disrupted flows of hazardous materials such as chemicals used in fertilizer and disrupted U.S. passenger railroad Amtrak service in September as railroads prepared for a possible work stoppage.
[ { "end": 189, "label": "Negative", "start": 183, "tag": "Negative", "value": "Amtrak" } ]
** Low-cost carrier Frontier Group Holdings Inc <ULCC.O> has declined to further raise its bid for takeover target Spirit Airlines Inc <SAVE.N>, potentially drawing curtains on its months-long bidding war with JetBlue Airways Corp <JBLU.O>. [nL4N2YS2EF]
[ { "end": 134, "label": "Neutral", "start": 115, "tag": "Neutral", "value": "Spirit Airlines Inc" }, { "end": 230, "label": "Neutral", "start": 210, "tag": "Neutral", "value": "JetBlue Airways Corp" }, { "end": 47, "label": "Neutral", "start": 20, "tag": "Neutral", "value": "Frontier Group Holdings Inc" } ]
"The recent surge in mortgage rates has shut most borrowers out of rate/term refinances, causing the refinance index to fall for the sixth consecutive week," says Joel Kan, associate vice president of Economic and Industry Forecasting at MBA. "In a housing market facing affordability challenges and low inventory, higher rates are causing a pullback or delay in home purchase demand as well."
[ { "end": 241, "label": "Neutral", "start": 238, "tag": "Neutral", "value": "MBA" } ]
Morgan Stanley joins rivals, JPMorgan Chase and Co <JPM.N> and Well Fargo & Co <WFC.N> who also reported a similar hit to their quarterly profit on Friday amid an uncertain economic conditions that have led banks to build rainy day funds.
[ { "end": 50, "label": "Negative", "start": 29, "tag": "Negative", "value": "JPMorgan Chase and Co" }, { "end": 14, "label": "Negative", "start": 0, "tag": "Negative", "value": "Morgan Stanley" }, { "end": 78, "label": "Negative", "start": 63, "tag": "Negative", "value": "Well Fargo & Co" } ]
Epic Games has largely lost a trial last year over whether Apple's <AAPL.O> payment rules for apps were anticompetitive. That decision found Apple had suitable reasons to force some app makers such as Epic to use its payment system and take commissions of 15% to 30% on their sales.
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When it comes to offering advice on mergers, meanwhile, low-returning European banks struggle to match the salaries rainmakers can earn at U.S. firms or boutiques like Robey Warshaw, Centerview Partners, Evercore <EVR.N> and others.
[ { "end": 202, "label": "Neutral", "start": 183, "tag": "Neutral", "value": "Centerview Partners" }, { "end": 212, "label": "Neutral", "start": 204, "tag": "Neutral", "value": "Evercore" }, { "end": 181, "label": "Neutral", "start": 168, "tag": "Neutral", "value": "Robey Warshaw" } ]
While executives and analysts debate the impact of the slower growth in the cloud market, Super Micro Computer Inc .<SMCI.O>, which specializes in customized servers for new technology, said developments such as self-driving cars and the meta-verse are still bringing new waves of demand.
[ { "end": 114, "label": "Neutral", "start": 90, "tag": "Neutral", "value": "Super Micro Computer Inc" } ]
The FTC filed a lawsuit in 2020 asking a court to undo then-Facebook's acquisitions of Instagram for $1 billion in 2012 and WhatsApp for $19 billion in 2014. It said that the company acted illegally to maintain its social network monopoly. (Reporting by Diane Bartz Editing by Bill Berkrot) ((Diane.Bartz@thomsonreuters.com; 1 202 898 8313;))
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With hotter weather expected, Refinitiv projected that average U.S. gas demand including exports would rise from 98.9 bcfd this week to 100.8 bcfd next week before sliding to 99.2 bcfd in two weeks as heat starts to ease. Refinitiv's forecasts for this week and next were lower than on Thursday.
[ { "end": 39, "label": "Neutral", "start": 30, "tag": "Neutral", "value": "Refinitiv" }, { "end": 231, "label": "Neutral", "start": 222, "tag": "Neutral", "value": "Refinitiv" } ]
Restaurants across the United States have been struggling to staff their outlets adequately amid a tight labor market, which led to a decline in Domino's Pizza Inc <DPZ.N> and Yum Brands' Pizza Hut <YUM.N> quarterly sales.
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A first batch of earnings results has not helped much either. Amongst London blue chips, Admiral <ADML.L> is the top faller, down 8.1% after smaller peer insurer Sabre <SBRE.L> profit warning. Sabre shares are down 36%.
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Top U.S. banks, including JPMorgan & Chase <JPM.N>, Citigroup <C.N>, Goldman Sachs <GS.N>, and Morgan Stanley <MS.N>, shed 3-5% in pre-market trade. That was a heavier fall than the broader market, where futures tracking the S&P <EScv1> were down 2.6%. [nL4N2UZ3FZ]
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Online British supermarket group Ocado <OCDO.L>, Germany's Meal-kit delivery firm HelloFresh <HFGG.DE> and food delivery company Delivery Hero <DHER.DE> which emerged as European stay-at-home champions in the early days of the pandemic have underperformed the pan-European STOXX 600 so far in 2022.
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Lyft forecast second-quarter revenue below Wall Street expectations and shares fell 26% in after-hours trade. Shares of rival Uber Technologies Inc <UBER.N>, which reports its own results on Wednesday, fell 11%.
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TripAdvisor Inc <TRIP.O> lost 2.50% after the hotel search website operator posted a surprise fourth-quarter loss. Albemarle Corp <ALB.N> plunged 19.91% as the lithium producer forecast downbeat annual earnings. [nL4N2UR440]
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In 2021, Trecora's stock price gained 15% but lagged the broader Russell 3000 Index which climbed 25.6% last year. Over the last five years, Trecora's stock price has fallen 33.52%.
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The sector has been crushed by disappointing earnings from retailers including Target <TGT.N> and Walmart <WMT.N> and even with Wednesday's gain was last 7.8% below its last close before Target's May 18 report triggered the selloff. [nL3N2XA1XU]
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"Looking ahead, industrial production will have a relatively tough time growing in an economic environment of high inflation, rising interest rates, persistent supply chain problems, and weakening domestic demand," says Oren Klachkin, lead U.S. economist at OE.
[ { "end": 260, "label": "Neutral", "start": 258, "tag": "Neutral", "value": "OE" } ]
Of course, crypto is hardly alone in flying through heavy 2022 turbulence. The stock markets officially dipped into bear territory earlier in June �C the S&P 500 <.SPX> is down more than 19% year-to-date as of Wednesday, and the Nasdaq <.IXIC> is down more than 28% over that time frame.
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Still, the news sent Brenntag��s shares down some 9% on Monday. A deal would be bigger than the bolt-on transactions expected by investors and may require some equity issuance. Any mega-deal looks risky on the eve of a downturn. And given the healthier U.S. market, there��s a risk Brenntag gets stuck in a bidding war �C or ends up overpaying. (By Neil Unmack)
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NEW YORK, Sept 12 (Reuters) - Wall Street advanced to two-week highs on Monday with few impediments to thwart a three-day winning streak as investors awaited crucial inflation data.
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The spill halted operation of two pipelines that bring oil from several production facilities off the Louisiana coast, curtailing about 600,000 barrels per day of output from Shell, Chevron Corp <CVX.N> and Equinor <EQNR.OL>, according to two people familiar with offshore operations.
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But the Abu Dhabi index <.FTFADGI> closed 0.7% lower, hit by a 2% slump in the country's largest lender First Abu Dhabi Bank <FAB.AD> and a 0.2% drop in conglomerate International Holding Company <IHC.AD>.
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Disney's streaming effort is still losing money, reporting a loss of $1.1 billion for the quarter. That put a drag on the media and entertainment unit, whose profit declined by 32% to nearly $1.4 billion.
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Russian-exposed stocks tried to rebound but overall the picture was mixed, showing investors still lacked conviction, while poorly-received earning updates from the likes of Flutter <FLTRF.L>, Hellofresh <HFGG.DE> and Zalando <ZALG.DE> added some gloom.
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The company also dragged down shares of other insures including Admiral Group <ADML.L> and Direct Line Insurance, which tumbled 12% and 7%, respectively.
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Crowdstrike's shares sank nearly 19% in morning trading after the company forecast current-quarter revenue on Tuesday that fell short of analysts' estimates, while peers Zscaler Inc <ZS.O>, SentinelOne Inc <S.N> and Palo Alto Networks Inc <PANW.O> fell between 2% and 11%.
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Shell <SHEL.L> said in response to the announcement that "the energy sector needs to have confidence that there will now be a stable investment climate following a period of considerable uncertainty".
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Shares of smaller electric-vehicle makers including Rivian Automotive Inc <RIVN.O>, Fisker Inc <FSR.N> and Lucid Group <LCID.O> were also down between 2.7% and 6.8% in early trading.
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The report offset some of the gloom that's surrounded earnings from tech and growth companies this week, including a weaker-than-expected holiday-quarter sales forecast from Amazon.com <AMZN.O> late Thursday and a more than 9% drop in its shares on Friday.
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"The sentiment data has been sliding sideways as consumers try to reconcile solid economic and labor market conditions against expectations of a recession and harmful inflation," said Thomas Simons, an economist at Jefferies LLC.
[ { "end": 228, "label": "Neutral", "start": 215, "tag": "Neutral", "value": "Jefferies LLC" } ]
HCA slumped 19% after reporting a downbeat profit view, while other hospital operators felt the contagion: Tenet Healthcare <THC.N>, Community Health Systems <CYH.N> and Universal Health Services <UHS.N> fell between 12.9% and 18.8%.
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* California makes a Full Stop Demand on Tesla��s FSD California regulators have accused Tesla of falsely advertising that its Autopilot and ��Full Self Driving�� (FSD) technologies are equivalent to autonomous vehicle control.
[ { "end": 95, "label": "Negative", "start": 90, "tag": "Negative", "value": "Tesla" }, { "end": 48, "label": "Negative", "start": 43, "tag": "Negative", "value": "Tesla" } ]
"With a gap of $8 billion between liabilities and assets, when FTX is insolvent, it will trigger a domino effect, which will lead to a series of investors related to FTX going bankrupt or being forced to sell assets."
[ { "end": 169, "label": "Negative", "start": 166, "tag": "Negative", "value": "FTX" }, { "end": 66, "label": "Negative", "start": 63, "tag": "Negative", "value": "FTX" } ]
The Philadelphia semiconductor index <.SOX> is dropping 2.8%, down for a second straight session. Following a hefty rebound since the start of July, the SOX remains off 24% in 2022, with many investors speculating the chip industry is heading for its first revenue downturn since 2019.
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The same can be said of decisions on how to treat Chinese state-affiliated Twitter accounts, given the country��s outsized importance to Tesla��s operations. The car company��s controversial 2016 acquisition of solar panel installer SolarCity, where Musk also sat on the board, even justifies some degree of fear about a Twitter deal. Tesla shareholders can be forgiven any doom-scrolling.
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Estee Lauder Cos Inc <EL.N> slipped 1.2% as it forecast full-year sales and profit below estimates, due to a hit from pandemic-related lockdowns in China. [nL4N2ZU23O] (Reporting by Bansari Mayur Kamdar and Devik Jain in Bengaluru; Editing by Shounak Dasgupta) ((BansariMayur.Kamdar@thomsonreuters.com))
[ { "end": 20, "label": "Negative", "start": 0, "tag": "Negative", "value": "Estee Lauder Cos Inc" } ]
Even before the suit, demand for LBC was faltering. After hitting a high of $160 in 2016, LBC��s value has since fallen to about two cents.
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Investors also fretted about the health of major cryptocurrency exchange FTX with some questioning whether a rescue deal from bigger rival Binance would materialize, while the firm was reported to be part of a regulatory probe.
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Bank of Japan has said it would not withdraw monetary stimulus because inflation is due to soaring fuel and raw material costs blamed on Russia's invasion of Ukraine and will likely prove temporary.
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Earlier this month, Manulife reported a drop in third-quarter profit, as escalating worries of an economic downturn impaired earnings at its wealth and asset management unit. ($1 = 1.3336 Canadian dollars) (Reporting by Niket Nishant and Bhanvi Satija in Bengaluru and Divya Rajagopal in Toronto; editing by Jason Neely and Jonathan Oatis) ((Niket.Nishant@thomsonreuters.com;))
[ { "end": 28, "label": "Negative", "start": 20, "tag": "Negative", "value": "Manulife" } ]
Paul Pelosi's purchases of Apple and Microsoft options in May followed a steep Wall Street selloff this year related to worries about inflation and rising interest rates. Apple and Microsoft are each up about 4% since the May 24 trades.
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In better news, production at Renault <RENA.PA> and Stellantis <STLA.MI> car plants is set to resume in a more normal manner than at the end of August 2021, when chip shortages led to a series of production halts, spokespersons for both companies said [nL8N2ZY3S5].
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A growing list of financial firms are looking to exit Russia, with Deutsche Bank <DBKGn.DE>, Goldman Sachs <GS.N> and JPMorgan Chase <JPM.N> winding down business there. Others are under pressure from investors to detail their financial exposure to Russia. [nL2N2VH0B1] [nL3N2VD3DU]
[ { "end": 132, "label": "Neutral", "start": 118, "tag": "Neutral", "value": "JPMorgan Chase" }, { "end": 106, "label": "Neutral", "start": 93, "tag": "Neutral", "value": "Goldman Sachs" }, { "end": 80, "label": "Neutral", "start": 67, "tag": "Neutral", "value": "Deutsche Bank" } ]
AMC Entertainment Holdings Inc <AMC.N> tumbled 39% after the cinema chain's preferred stock listing started trading and its UK-based rival Cineworld Group <CINE.L> warned of a possible bankruptcy filing. [nL4N2ZY27M]
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