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☆ Inflation data commands center stage next week and provides a test for the market rally
▼ + stars: | 2024-05-11 | by ( Zev Fima | ) www.cnbc.com time to read: +10 min

All three major U.S. stock indexes closed higher for the week, led by the Dow Jones Industrial Average . The Nasdaq Composite added 1.14% while the S & P 500 advanced 1.85% in a relatively quiet week of economic updates. Within the portfolio, Disney and Wynn Resorts released quarterly numbers; we took issue with the stock reaction to both reports. It also raises the stakes around major economic releases, such as next week's consumer inflation report. In the week ahead, earnings season continues — headlined by Walmart on Thursday — and inflation data will dominate the economic calendar.

Persons: We've, Jim Cramer, Dow Jones, we'll, We'll, Stanley Black, Decker, Jack, JACK, Arcutis, Spero, JD.com, Armour, Jim Cramer's, Jim, Carlo Allegri Organizations: Dow Jones, Nasdaq, Disney, Wynn Resorts, Procter, Procter & Gamble, Walmart, CPI, PPI, Club, Home Depot, Biotech Corporation, Music Entertainment, Central Puerto S.A, TeraWulf Inc, Paysafe Group Holdings, QuickLogic Corporation, Kopin Corp, Royalty Corp, Agilysys Inc, Crop Solutions Corp, Inovio Biomedical, Intercorp Financial, Lithium, Argentina ) Corp, Sea, Sony Group Corporation, SONY, Holding, HudBay Minerals, Autolus Therapeutics, Game Technology, Nu Holdings, Dragonfly Energy Holdings Corp, Bakkt Holdings, Prestige Consumer Healthcare, SilverCrest Metals, Inc, Mining Corp, Acurx Pharmaceuticals, Cresco Labs, Dole plc, DOLE, Arcos Dorados Holdings, ARCO, Cisco Systems, Grab Holdings, Copa Holdings S.A, Technologies, Iris Energy, KORE Group, Super, Spero Therapeutics, ZTO, Baidu, Deere & Company, NICE, Lightspeed Commerce, Ship Lease, Canada Goose Holdings, Drainage Systems, Consolidated Water Co, Outlook Therapeutics, Despegar.com, Corp, DXC Technology Company, Flowers Foods, Bruker Corporation, WYNN, CNBC, Foods Locations: Procter &, Central, Cayman, Lithium Americas, Argentina, Manhattan, New York City

☆ Wall Street is getting excited about these Chinese stocks — and upgrading three to 'buy'
▼ + stars: | 2024-03-24 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Investment analysts have upgraded at least three U.S.-listed Chinese stocks to buy so far this month. Here are the Chinese stocks that analysts are turning bullish on: Tencent Music Entertainment — Citi upgraded the stock to buy on Wednesday with a price target of $13 a share, up nearly 18% from Tuesday's close. Analysts are also finding more reasons to turn incrementally optimistic about other Chinese stocks. The analysts expect Bilibili can reach its double-digit revenue growth target for the year with the help of new game releases. Deutsche Bank analysts on March 8 also initiated coverage of China's auto sector with five buy-rated stocks: Great Wall Motor, BYD, Seres, Li Auto and JMC.

Persons: Li Auto, Li, Michael Bloom Organizations: Tencent, Entertainment, Citi, Spotify, JPMorgan, Deutsche Bank Locations: U.S, China, Tuesday's

☆ Stocks making the biggest moves premarket: Nvidia, Unilever, Coinbase and more
▼ + stars: | 2024-03-19 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Here are the companies making headlines on Wall Street ahead of the opening bell. Several Wall Street analysts hiked their price target for Nvidia after the event. Disney — Shares declined less than 1% following news that filmmaker George Lucas is backing Disney CEO Bob Iger in the company's proxy fight with activist investor Nelson Peltz. Super Micro Computer — The tech stock tumbled more than 10% after a filing showed a new stock offering of two million shares. The company's full-year revenue guidance was also near the low end of Wall Street expectations.

Persons: Jerry's, bitcoin, George Lucas, Bob Iger, Nelson Peltz, Lucas, Goldman Sachs, DLocal Organizations: Nvidia, Unilever, Disney —, CNBC, Tencent Locations: San Jose , California

☆ The 2 biggest events for Wall Street next week couldn’t be more different
▼ + stars: | 2024-03-16 | by ( Zev Fima | ) www.cnbc.com time to read: +6 min

Investors will listen for the central bank's latest perspective on interest rates following the hotter-than-expected CPI and PPI reports this week. As members know, the market is looking for any signs of further disinflation in the housing market as shelter cost inflation remains the Fed's biggest concern. No club names report earnings next week, but we can't wait to see what Nvidia has to show us at its GTC AI developer conference . Other key reports include KB Home on Wednesday, which will provide a real-time look at the state the housing market, unlike the backward-looking housing reports. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: we'll, That's, Jerome Powell's, We're, Jensen, Jim Cramer, Huang, He'll, Lululemon, General Mills, OLLI, LULU, Jim Cramer's, Jim, Jerome Powell, Leah Millis Organizations: Dow, Nasdaq, PPI, Nvidia, Blackwell, CNBC, Micron Technology, Citi, Micron, Broadcom, Nike, FedEx, Music Entertainment, ZTO, Signet Jewelers, SIG, Sportradar, Micron Tech, KB, Worthington Industries, Accenture, Darden, Academy Sports &, Lufax, Brands, Winnebago Industries, Commercial Metals Company, Jim Cramer's Charitable, U.S . Federal, Federal, Market Locations: U.S, California, China, Washington , U.S

☆ Here are Wednesday's biggest analyst calls: Apple, Netflix, Nvidia, Uber, Tesla, Microsoft, Amazon & more
▼ + stars: | 2024-01-24 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Here are Wednesday's biggest calls on Wall Street: Citi reiterates Chipotle as buy Citi raised its price target on Chipotle to $2,699 per share from $2,292. "We are launching coverage of NKLA with an Outperform rating and a $2 price target." Polestar : On a Road to Nowhere - Initiating Coverage with a target price of $1.15, Underperform." Citi upgrades Sunoco to buy from neutral Citi said the oil and gas company is "compelling." Citi reiterates Microsoft as buy Citi raised its price target on the stock to $470 per share from $432 and said "ramping GenAI should keep growth accelerating."

Persons: Chipotle, Daiwa, Wells, Morgan Stanley, it's, Baird, Nikola, Bernstein, Biogen, Webster, Redburn, Tesla, Apple, Morgan Stanley downgrades PagerDuty, Gordon Haskett downgrades Uber, Gordon Haskett, Oppenheimer, PulteGroup, Wolfe Organizations: Citi, Verizon, Netflix, Amazon, EV, Devices, AMD, UBS, Apple, Uber, Deutsche Bank, Deutsche, Barclays downgrades, Barclays, Microsoft, BMO, HSBC, Stellantis, Entertainment, Nvidia, Wolfe Alpha, Valero, Phillips Locations: H1'24, Nowhere, China

☆ CNBC Daily Open: 'Premature' to talk about cutting rates?
▼ + stars: | 2023-12-04 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. S&P 500 soars to 2023 highThe S&P 500 rose 0.59% Friday and closed at a new high for 2023, extending a strong rally from November. Uber gets a spot in the S&P 500Uber will be added to the S&P 500 Index, replacing Sealed Air Corp. [PRO] China's version of Spotify is 'underappreciated,' Morgan Stanley saysTencent Music Entertainment "music value [is] still underappreciated," Morgan Stanley says even as the company is convincing more people in China to pay for music.

Persons: Powell, Jerome Powell, Uber, Morgan Stanley, Tencent Organizations: CNBC, Federal, Treasury, Nasdaq, Dow Jones, Alaska Airlines, Hawaiian Airlines, Sealed Air Corp, Spotify Locations: West Coast . Alaska, China, U.S

☆ China’s version of Spotify is ‘underappreciated,’ Morgan Stanley says
▼ + stars: | 2023-12-03 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Tencent Music Entertainment is convincing more people in China to pay for music. Because of the size of China's market, it's more than Spotify 's claim of 574 million monthly active users —across 184 countries and territories. TME's "music value [is] still underappreciated," Morgan Stanley analysts led by Alex Poon wrote in a late November report. "We see room for [TME] music revenue to double and profit to triple in the next three years," the Morgan Stanley analysts wrote, noting "limited risks from macro and competition." Revenue from music subscriptions is estimated to rise 38% in 2023 versus 2022, Morgan Stanley estimates.

Persons: That's, Morgan Stanley, Alex Poon, ADRs, TME, Alex Yao, Gross, JPMorgan's Yao, Tencent, — CNBC's Michael Bloom Organizations: Tencent, Entertainment, Spotify, Kugou Music, JPMorgan Locations: China, U.S, Tencent, 3Q23

☆ Stocks making the biggest moves premarket: Walmart, Cisco, Palo Alto Networks and more
▼ + stars: | 2023-11-16 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

Check out the companies making headlines in premarket trading. Cisco Systems — Shares tumbled nearly 11% during premarket trading on the back of the company's earnings guidance for the current quarter, which fell below analyst estimates. Palo Alto Networks — Shares slid more than 6% after Palo Alto Networks issued a weaker-than-expected billings forecast for the current quarter and full year. Tencent Music Entertainment — Shares climbed slipped 1.4% in premarket trading following quarterly earnings that missed the mark. StoneCo — The fintech company added 1.2% during premarket trading after Bank of America upgraded shares to buy from neutral.

Persons: StoneCo, Mario Pierry, — CNBC's Michelle Fox, Brian Evans, Sarah Min Organizations: Walmart, LSEG, Revenue, Cisco Systems, Cisco, Palo Alto, Palo Alto Networks, billings, Citi, Tencent, JPMorgan, Goodyear Tire, Deutsche, Goodyear, Bank of America

☆ Here are Thursday's biggest analyst calls: Nvidia, Amazon, Target, DoorDash, Intel, Plug Power & more
▼ + stars: | 2023-11-16 | by ( Michael Bloom | ) www.cnbc.com time to read: +9 min

Bank of America reiterates Roblox as buy Bank of America said the stock is becoming "more investable." Deutsche Bank initiates Wayfair as buy Deutsche said in its initiation of the stock that it's a "pure-play e-commerce leader." Deutsche Bank initiates DoorDash as buy Deutsche said in its initiation of the company that it has "superior unit economics." Bank of America initiates Gen Digital as buy Bank of America said it likes the cyber safety vendor. Goldman Sachs reiterates Amazon as buy Goldman said it sees an "underappreciated secular growth opportunity" for Amazon shares into next year. "

Persons: it's, Goldman Sachs, Goldman, 1QFY, Roblox, Price, Stifel, Baird, Catalent, 1HCY24, Piper Sandler, Piper, Philip Morris, Guggenheim, Wells, TD Cowen downgrades Organizations: UBS, Nvidia, Qs, Networks, Palo Alto Networks, 1QFY billings, billings, Bank of America, Products, Deutsche Bank, Deutsche, HSBC downgrades Altice, HSBC, Goodyear Tire, Goodyear, " Bank of America, ITT, of America, Aerospace & Defense, Digital, JPMorgan, Entertainment, Mizuho, Intel, AMD, Amazon, Citi, EV, TD Cowen downgrades Target Locations: HSBC downgrades Altice USA, China

☆ China's Tencent Music beats revenue estimates on paid subscriber growth
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +1 min

The logo of China's Tencent Music Entertainment Group is seen next to an earphone in this illustration picture taken March 22, 2021. REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsNov 14 (Reuters) - China's Tencent Music Entertainment (1698.HK) beat estimates for third-quarter revenue on Tuesday, helped by steady growth in paid subscriptions on its music streaming platform. Tencent Music, which includes platforms such as QQ Music, Kugou Music, Kuwo Music and WeSing, has won listeners over by bundling everything from karaoke platforms to live concert streaming services. Total revenue of the Tencent Holdings Ltd-controlled (0700.HK) company, however, fell to 6.57 billion yuan ($900.9 million) in the third quarter. Net profit attributable to equity holders of the company rose to 1.71 billion yuan, from 1.06 billion yuan a year earlier.

Persons: Florence Lo, Harshita Mary Varghese, Akash Sriram, Pooja Desai Organizations: Entertainment, REUTERS, HK, Kugou, Tencent Holdings, Thomson Locations: Bengaluru

☆ China online platforms scrap lucky draw features amid gambling crackdown
▼ + stars: | 2023-08-25 | by ( Josh Ye | ) www.reuters.com time to read: +4 min

Analysts say online content platforms pulled the plug on features such as virtual lucky draws after the government in June started cracking down on live streaming, as part of a wider clampdown on online gambling. While the platforms say they ban gambling, analysts say the extremely popular lucky draws are often manipulated by live streamers colluding with viewers to share the prize. None of these companies mentioned the gambling crackdown when they reported their earnings, and they did not respond to request for further comment. However, the co-founder of a popular live streaming platform in Guangzhou, who declined to be named citing the sensitivity of the topic, told Reuters that several popular live streaming and live chat apps had to suspend services after police probes. Online gambling remains a concern, with the authorities saying in 2020 that the cross-border flow of funds for gambling posed a national security risk.

Persons: Florence Lo, HONG KONG, Analysys, Ivan Su, Huya, Charlie Chai, Tencent, Chai, Josh Ye, Farah, Brenda Goh Organizations: Entertainment, QQ, REUTERS, Tencent, HK, Morningstar, Cloud, NetEase, Reuters, Thomson Locations: HONG, Guangzhou, Beijing

The logo of China's Tencent Music Entertainment Group is seen next to an earphone in this illustration picture taken March 22, 2021. REUTERS/Florence Lo/Illustration/File PhotoAug 15 (Reuters) - China's Tencent Music Entertainment Group (1698.HK), said on Tuesday second-quarter revenue rose 5.5% from a year ago, driven by growth in paying users on its Spotify-like music streaming platform and a recovery in the advertising market. The number of paying users of its online music streaming service rose more than 20% to 100 million, a milestone for the company. Net profit attributable to equity holders rose to 1.30 billion yuan from 856 million yuan a year earlier. To attract more users and stave off competition from the likes of NetEase-owned Cloud Music and ByteDance's short-video sharing platform Douyin, Tencent Music has been aggressively adding original content in recent quarters.

Persons: Florence Lo, Cussion Pang, Pang, Josh Ye, Samrhitha, Maju Samuel, Tomasz Janowski Organizations: Entertainment, REUTERS, HK, Spotify, Tencent Holdings, Wall, Cloud Music, Thomson Locations: Hong Kong, Bengaluru

☆ US starts new round of audit inspections on China firms- source
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of China's Tencent Music Entertainment Group is seen next to an earphone in this illustration picture taken March 22, 2021. The PCAOB previously said it would demand complete access in mainland China and Hong Kong in their regular inspections from 2023. The PCAOB, Tencent Music Entertainment Group, Didi Global, and NetEase did not immediately respond to Reuters' requests for comment. Washington's demands for access to the audits of Chinese companies follow a long-running dispute over auditing compliance of U.S.-listed Chinese firms. Reporting by Xie Yu in Hong Kong and Yana Gaur in Bengaluru; Editing by Rashmi Aich and Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence Lo, PCAOB, Didi Global, NetEase, Janet Yellen, Xie Yu, Yana Gaur, Rashmi Aich, Sam Holmes Organizations: Entertainment, REUTERS, U.S, Public Company, Reuters, Wall, Bloomberg, Tencent Music Entertainment, Global Inc, NetEase Inc, Music Entertainment, Authorities, Treasury, Thomson Locations: Hong Kong, U.S, Washington, Beijing, China, United States, Bengaluru

☆ Morgan Stanley reveals 6 of its top China stocks, including a chipmaker it expects to soar 80%
▼ + stars: | 2023-07-07 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

Morgan Stanley has named a slew of Chinese stocks it says are set to outperform, despite current market conditions. Baidu has the highest R & D mix compared to peers in tech innovation over the years," said Morgan Stanley. NetEase Morgan Stanley pointed to NetEase 's strong game pipeline, and expects margins to improve as a result of non-game segments cutting losses, among other factors. Star Power Semiconductor Morgan Stanley also named one semiconductor stock: China-listed Star Power Semiconductor. It gave Star Power a price target of 420 Chinese yuan ($57.8), or potential upside of around 80%.

Persons: Morgan Stanley, Alibaba Morgan Stanley, NetEase Morgan Stanley, Star Power Semiconductor Morgan Stanley, CNBC's Michael Bloom Organizations: Alpha, Baidu, Tencent, Entertainment, Music Entertainment, Hong, Star Power Semiconductor, Power Semiconductor, Power, China 5G, Semiconductor Locations: China, U.S, Hong Kong

☆ China's Tencent Music revenue beats estimates on jump in paying users
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +2 min

May 16 (Reuters) - China's Tencent Music Entertainment Group (1698.HK), topped quarterly revenue estimates on Tuesday as the Spotify-like music streaming platform benefited from growth in paying users, sending its U.S. shares 2% higher in premarket trading. That helped the Tencent Holdings Ltd-controlled company, which owns platforms including QQ Music, Kuwo Music and WeSing, snap five consecutive quarters of revenue declines. Total revenue rose 5.4% to 7.00 billion yuan ($1.01 billion) in the first quarter, beating analysts' estimates of 6.86 billion yuan, according to Refinitiv data. "We are glad to achieve a record-high online music paying ratio and expand ARPU for the fourth consecutive quarter. Net profit attributable to equity holders was 1.15 billion yuan, compared with 609 million yuan a year earlier.

☆ Debt ceiling crisis hangs over markets, with investors hoping to avoid a repeat of 2011
▼ + stars: | 2023-05-13 | by ( Matthew J. Belvedere | ) www.cnbc.com time to read: +8 min

Republicans, led by House Speaker Kevin McCarthy, want to attach spending cuts to any agreement to raise the debt ceiling. Biden and the Democrats say they are willing to talk about spending cuts but only outside the debt ceiling discussions. Raising the debt ceiling would allow the government to pay for spending that has already occurred. That year, the debt ceiling was raised at the last minute but not before a summer of bickering sent the S & P 500 down 17% from late July to mid-August. The market this past week stumbled with the debt ceiling deadline looming and over concern about regional bank failures.

☆ Here are Monday's biggest analyst calls: Apple, Amazon, Chipotle, Ford, Disney, Nvidia, Sunrun & more
▼ + stars: | 2023-04-24 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

"We upgrade ALLY to Neutral (from Underperform) and raise our PO to $28 from $24, implying ~8% upside potential." Goldman Sachs reiterates Apple as buy Goldman said in its Apple earnings preview note that "solid iPhone demand to offset Mac weakness." Wells Fargo names Disney a top pick in media Wells said in a note on Monday that Disney is the "best opportunity in media." JPMorgan reiterates Ford & General Motors as overweight JPMorgan said in an earnings preview note that it's standing by both automakers heading into earnings tomorrow for GM and next week for Ford . Mizuho initiates Tencent Music Entertainment as buy Mizuho said in its initiation of the China music company that the stock has upside potential. "

☆ Stocks making the biggest moves midday: Fox, Albemarle, First Republic and more
▼ + stars: | 2023-04-24 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

People walk by the News Corporation headquarters, home to Fox News, on April 18, 2023 in New York City. First Solar – Shares of the solar company lost 3.2% after a Citi downgrade to sell cited margin risks and concerns that Inflation Reduction Act benefits are already reflected in the share price. Medtronic — Shares added 4% during midday trading after being upgraded to overweight from equal weight by Wells Fargo on Sunday. Sunrun , Enphase Energy — Shares of Sunrun and Enphase Energy were higher Monday after Citi added positive catalyst watches on the solar companies, saying it sees further share gains. The Wall Street bank opened a 90-day positive catalyst watch on Enphase Energy, citing a strong backlog and expectations for record-high margins.

☆ JPMorgan upgrades this Chinese social media platform, says it can surge more than 50%
▼ + stars: | 2023-04-14 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

China's live streaming sector could return to growth this year after losing 2% in 2022, and shares of Hello Group can capitalize on that trend, according to JPMorgan. MOMO YTD mountain MOMO was a standout among US traded Chinese stocks for JPMorgan, and the company could return to positive revenue growth in 2023. Hello Group isn't the only company that will benefit from a rebound in live streaming in China. Some of the firm's other top picks in the Chinese live streaming space include Kuaishou , Bilibili , Tencent Music Entertainment , and Joyy . "We are positive on the strong growth outlook for its various business segments (ads, eCommerce, live streaming) and expect it to achieve full-year profitability in 2023," Chen said.

☆ Here are Tuesday's biggest analyst calls: Apple, Tesla, Dick's, Costco, Snowflake, Meta, Dish & more
▼ + stars: | 2023-02-28 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Here are Tuesday's biggest calls on Wall Street: Mizuho reiterates Tesla as buy Mizuho said it's standing by its buy rating heading into the company's analyst day on March 1. Barclays reiterates Apple as equal weight Barclays said low growth in the App Store is the "new norm" for Apple. Morgan Stand reiterates Dick's as overweight Morgan Stanley said it's standing by its overweight rating heading into Dick's earnings on March 7. Bank of America downgrades Dish to underperform from buy Bank of America said it sees inflationary pressure for the satellite TV company. Deutsche Bank reiterates Salesforce as buy Deutsche Bank said it's standing by shares of Salesforce heading into earnings on Wednesday.

☆ Stocks have taken a beating this year and investors feel worse than during 2008's Great Financial Crisis. Here's what that means for 2023.
▼ + stars: | 2022-12-30 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Now, unlike this newsletter and all you readers, the stock market is rounding out a year to forget. It's worth noting, too, that alongside slumping stocks, investor sentiment is worse than it was during the 2008 Financial Crisis. But in Fundstrat's view, that suggests a stock market bottom is near, if it hasn't happened already. In other words, overly bearish sentiment suggests stocks could be set up for a big rally in 2023. What's your stock market outlook for the new year?

☆ Here are Thursday's biggest analyst calls: Apple, Amazon, Tesla, Chipotle, Capital One, United & more
▼ + stars: | 2022-12-01 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

Morgan Stanley downgrades Capital One and Ally Financial to underweight from equal weight Morgan Stanley said in its downgrade of Capital One and Ally Financial that it sees "significant risk" for both stocks. Morgan Stanley reiterates Tesla as overweight Morgan Stanley said it's standing by it's overweight rating on Tesla but is concerned 2023 could be a disappointing year in general for electric vehicles. Morgan Stanley initiates Vizio as equal weight Morgan Stanley said it's concerned the television tech company lacks scale to keep up with bigger competitors. Morgan Stanley reiterates Salesforce as overweight Morgan Stanley said it's standing by shares of Salesforce after the company's disappointing earnings report on Wednesday. Morgan Stanley reiterates Snowflake as overweight Morgan Stanley said investors should stick with shares of Snowflake for the long-term after its earnings report on Wednesday.

Nov 16 (Reuters) - Tencent Music Entertainment Corp beat analyst estimates for third-quarter revenue and profit, boosted by a recovery in advertising sales and an increase in the number of paying users on the Chinese music streaming company's platform. Tencent has been ramping up its original content slate to help put more users behind a paywall. Paying users at its online music streaming service rose to 85.3 million in the quarter from 82.7 million in the second quarter, the earnings statement showed. Net profit attributable to equity holders was 1.06 billion yuan, up from 740 million yuan in the same period last year. Yip said Tencent Music expects its long-form audio content to break even on a gross margin basis by the end of next year.

The Labor Department's producer prices index rose 8% in the 12 months through October, lower than an estimated 8.3% rise, according to a Reuters poll of economists. Excluding volatile food and energy costs, the index rose 5.4% on an annual basis last month after increasing 5.6% in September. The report follows softer-than-expected consumer prices data late last week, which sparked a massive rally on hopes of a less aggressive monetary policy. "It (the data) is going to confirm people's hopes that inflation is starting to turn the corner. The S&P index recorded no new 52-week highs and no new lows, while the Nasdaq recorded 23 new highs and 27 new lows.

☆ Stocks making the biggest moves midday: Walmart, Taiwan Semiconductor, Netflix, Carnival and more
▼ + stars: | 2022-11-15 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

Walmart — Shares of retailer Walmart jumped more than 7% after reporting quarterly earnings that beat Wall Street's expectations and raising its forward guidance. Retail stocks — Retail stocks rose following Walmart and Home Depot 's stronger-than-expected financial reports for the third quarter. Signature Bank — Shares of the crypto bank jumped more than 10% after Signature reported minimal exposure to FTX and any potential destruction that could come from its collapse. Sunnova Energy — Shares of solar company rose 7.5% after Deutsche Bank initiated coverage of Sunnova Energy, First Solar and Enphase Energy with buy ratings. First Solar was up 3.2%, and Enphase Energy rose 2%.

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