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☆ Goldman Sachs shares 4 cities that will suffer a 2008-size crash in home values — and breaks down why they believe home prices across the US will now fall further than they originally thought
▼ + stars: | 2023-01-24 | by ( William Edwards | ) www.businessinsider.com time to read: +4 min

In some cities, the damage will be as bad as it was across the US in the mid-2000s, the bank said. Attention homeowners and real-estate investors, Goldman Sachs has bad news: home prices are going to fall further in 2023 than they had previously thought. Goldman SachsWhile Karoui, Viswanathan, and Walker see national home prices falling by 10% peak-to-trough, they see prices in cities where home values have soared above average falling more. What other firms are sayingGoldman Sachs isn't the only Wall Street bank calling for further home price declines in 2023. Morgan Stanley strategist James Egan said in a January note that he sees home prices falling by 4% in 2023 thanks to stagnant demand.

All of the 11 major S&P 500 sector indexes were up by early afternoon trading, with a 2.5% rise in tech stocks (.SPLRCT) making them the biggest gainers. "All those names and sectors (chipmakers) in general just got beat up much more than the market in general overall. So now in a lot of those names, there's value," said Jimmy Lee, chief executive officer of Wealth Consulting Group. Xylem Inc (XYL.N) dropped 8.74% on its acquisition of water treatment solutions firm Evoqua Water Technologies Corp (AQUA.N) in a $7.42 billion deal. Advancing issues outnumbered decliners by a 3.40-to-1 ratio on the NYSE and by a 1.90-to-1 ratio on the Nasdaq.

☆ Defense firms set to post higher sales, McCarthy's election clouds outlook
▼ + stars: | 2023-01-23 | by ( Nathan Gomes | ) www.reuters.com time to read: +3 min

** Raytheon is expected to post quarterly revenue of $18.15 billion and a profit of 92 cents a share. ** General Dynamics is estimated to report quarterly revenue of $10.69 billion and a profit of $3.55 per share. ** Northrop is expected to report quarterly revenue of $9.66 billion and a profit of $6.58 per share. Median 12-month price target is $495. Median 12-month price target is $566.

☆ Wall Street rises as chipmakers lead tech shares higher
▼ + stars: | 2023-01-23 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

Six of the 11 major S&P 500 sector indexes were up in early trading, with a 1.3% rise in tech stocks (.SPLRCT) making them the biggest gainers. "All those names and sectors (chipmakers) in general just got beat up much more than the market in general overall. Analysts now expect fourth-quarter earnings from S&P 500 companies to fall 2.9%, according to IBES Refinitiv data, compared with a 1.6% drop at the beginning of the year. Investors are also awaiting January manufacturing and fourth-quarter GDP data to assess the impact of the Fed's rate hikes on the economy. Advancing issues outnumbered decliners by a 2.05-to-1 ratio on the NYSE and by a 1.60-to-1 ratio on the Nasdaq.

☆ Wall St eyes higher open with earnings in full swing, Salesforce rises
▼ + stars: | 2023-01-23 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

The tech-focused Nasdaq (.IXIC) index was the only major Wall Street benchmark that ended the previous week higher. Analysts now expect year-over-year fourth-quarter earnings from S&P 500 companies to decline 2.9%, according to IBES Refinitiv data, compared with a 1.6% decline at the beginning of the year. Among other stocks, Baker Hughes Co (BKR.O) slid 1.4% on missing fourth-quarter profit estimates, hit by component shortages and supply chain disruptions. Western Digital Corp (WDC.O) rose 4.0% on a report that the memory chip maker could merge with Japan's Kioxia Holdings. Reporting by Shreyashi Sanyal and Johann M Cherian in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Futures subdued with earnings in full swing, Salesforce up on Elliot stake
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Futures: S&P off 0.08%, Dow and Nasdaq flatJan 23 (Reuters) - U.S. stock index futures struggled for direction at the start of another big week for corporate earnings amid concerns about a recession, while Salesforce rose on Monday as Elliott Management acquired a stake in the firm. A slew of earnings in the coming weeks will also test the recent bounce in certain technology and growth stocks that took a large hit last year. ET, Dow e-minis were down 5 points, or 0.01%, S&P 500 e-minis were down 3.25 points, or 0.08%, and Nasdaq 100 e-minis were down 5.75 points, or 0.05%. Qualcomm Inc (QCOM.O) and Advanced Micro Devices Inc (AMD.O) climbed around 2% each, after brokerage Barclays upgraded the chipmakers to "overweight" from "equal-weight". Reporting by Shreyashi Sanyal in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Water tech firm Xylem to buy Evoqua in $6.42 bln deal in industrial market push
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +1 min

Jan 23 (Reuters) - Xylem Inc (XYL.N) said on Monday it would acquire Evoqua Water Technologies Corp (AQUA.N) in an all-stock deal valued at $6.42 billion, boosting its wastewater treatment solutions and providing it access to several industrial markets. Evoqua stockholders will receive 0.480 share of water technology company Xylem for each share held, representing a premium of about 29% based on the shares last close. Xylem, which manufactures equipment used in water and wastewater applications, in 2016 acquired Sensus USA Inc, a provider of advanced metering technologies to utilities. Pittsburgh, Pennsylvania-based Evoqua operates in more than 150 locations across nine countries and provides wastewater treatment solutions to industrial, municipal and recreational customers. After the deal closes, the combined company will be led by Xylem’s president and chief executive officer, Patrick Decker.

☆ Shell unit to acquire EV charging firm Volta for about $169 mln
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +1 min

Jan 18 (Reuters) - Volta Inc (VLTA.N) said on Wednesday that a Shell Plc (SHEL.L) subsidiary would take over the electric vehicle (EV) charging network operator in an all-cash deal valued at about $169 million. Shell USA Inc will acquire all outstanding shares of Class A common stock of Volta for 86 cents apiece in cash in a deal that is expected to close in the first half of the year, Volta said. Shell and other companies such as France's EDF (EDF.PA) and Norway's Statkraft [RIC:RIC:STATKF.UL] have been investing in EV charging infrastructure to cash in on the growing demand for EVs. As part of the deal, Shell USA will also provide loans to Volta to help the company through the closing of the deal. Goldman Sachs and Barclays Capital served as advisers to Volta, while Shearman & Sterling LLP served as its legal adviser.

Goldman Sachs Group Inc (GS.N) fell 3.5% after the bank reported a bigger-than-expected drop in quarterly profit, weighing the most on the Dow Jones Industrial Average (.DJI). "Widely expected to be awful, Goldman Sachs' quarterly results were even more miserable than anticipated," said Octavio Marenzi, chief executive at consultancy Opimas. The S&P 500 energy (.SPNY) and consumer staples (.SPLRCS) sectors were up about 0.6% each, while financial stocks (.SPSY) fell 0.6%. Earnings from Goldman Sachs and Morgan Stanley wrap up a mixed reporting season for big banks, most of which have put aside rainy-day funds to prepare for a looming recession. Analysts expect year-over-year earnings from S&P 500 companies to decline 2.4% for the quarter, according to Refinitiv data.

☆ Futures slip ahead of Goldman, MS earnings as China data hits sentiment
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Futures down: Dow 0.18%, S&P 0.22%, Nasdaq 0.31%Jan 17 (Reuters) - U.S. stock index futures started the week lower ahead of quarterly results from Goldman Sachs and Morgan Stanley, with downbeat economic data from China denting investor sentiment globally on Tuesday. Goldman Sachs (GS.N) and Morgan Stanley (MS.N) were set to wrap up a mixed season for big bank earnings with their fourth-quarter results due before the bell. Analysts expect year-over-year earnings from S&P 500 companies to decline 2.2% for the quarter, according to Refinitiv data as of Friday. The S&P 500 (.SPX) and the Nasdaq (.IXIC) indexes closed at one-month highs on Friday, with the former up 4.2% so far in 2023. ET, Dow e-minis were down 61 points, or 0.18%, S&P 500 e-minis were down 9 points, or 0.22%, and Nasdaq 100 e-minis were down 35.5 points, or 0.31%.

☆ Factbox: Tech firms, Wall Street lead job cuts in corporate America
▼ + stars: | 2023-01-11 | by ( ) www.reuters.com time to read: +6 min

Jan 11 (Reuters) - Big Tech firms and Wall Street titans are leading a string of layoffs across corporate America as companies look to rein in costs to ride out the economic downturn. HP Inc (HPQ.N):The computing devices maker said it expected to cut up to 6,000 jobs by the end of fiscal 2025. Job seekers wait before a job fair for airport related employment at Logan International Airport in Boston, Massachusetts, U.S., December 7, 2021. Blue Apron Holdings Inc (APRN.N):The online meal-kit company said it will cut about 10% of its corporate workforce, as it looks to reduce costs and streamline operations. Last year, company executives had said the home goods retailer was cutting about 20% of its corporate and supply chain workforce.

☆ Factbox: FACTBOX Tech firms, Wall Street lead job cuts in Corporate America
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: +5 min

Jan 10 (Reuters) - Big Tech firms and Wall Street titans are leading a string of layoffs across corporate America as companies look to rein in costs to ride out the economic downturn. Cisco Systems Inc (CSCO.O):The networking and collaboration solutions company said it will undertake restructuring which could impact roughly 5% of its workforce. The effort will begin in the second quarter of the fiscal year 2023 and cost the company $600 million. HP Inc (HPQ.N):The computing devices maker said it expected to cut up to 6,000 jobs by the end of fiscal 2025. Consumer and retail companies:Beyond Meat Inc (BYND.O):The vegan meat maker said it plans to cut 200 jobs this year, with the layoffs expected to save about $39 million.

☆ European shares head for best week since November, inflation data in focus
▼ + stars: | 2023-01-06 | by ( Bansari Mayur Kamdar | ) www.reuters.com time to read: +3 min

The pan-European STOXX 600 (.STOXX) was flat by 0915 GMT. For the week so far, it was up 3.4% following a drop in natural gas prices and upbeat economic data. All eyes are on the December euro zone inflation data due at 1000 GMT, with economists expecting prices to have declined year-on-year for a second consecutive month. "Inflation readings in the euro zone were not all good news, and core inflation remains high," analysts at UBS Global Wealth Management said in a note. "Despite the encouraging data (this week), we expect central banks to stick with a hawkish stance at this time."

☆ Southwest Airlines expects to post loss after mass cancellations
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: +1 min

Jan 6 (Reuters) - Southwest Airlines Co (LUV.N) on Friday revised its fourth quarter forecast to net loss from "strong profit" after a technological meltdown forced it to cancel thousands of flights around Christmas and New Year's Eve. Southwest Airlines led flight cancellations across carriers during the last two weeks of December, as a massive winter storm swept across the eastern part of the United States. The net loss will largely be due to an estimated pre-tax negative impact of $725 million to $825 million, the company said in a regulatory filing. Shares of the company fell about 1% in premarket trade. Reporting by Kannaki Deka and Abhijith Ganapavaram in Bengaluru; Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Big Pharma drags European shares down; inflation data in focus
▼ + stars: | 2023-01-05 | by ( Bansari Mayur Kamdar | ) www.reuters.com time to read: +3 min

The market was hoping the minutes could be a "blueprint to a pivot," said Danni Hewson, an analyst at AJ Bell. Healthcare stocks (.SXDP) dragged, with pharma giants like Novartis AG (NOVN.S) and Sanofi (SASY.PA) shedding more than 1% each. Investors await producer price data, due at 1000 GMT, for clues on the impact of the European Central Bank's aggressive tightening to tamp down inflation. Retail stocks were battered last year, posting their worst annual performance since 2008, as rising interest rates and high inflation put pressure on household budgets. Reporting by Bansari Mayur Kamdar in Bengaluru Editing by Vinay Dwivedi and Eileen SorengOur Standards: The Thomson Reuters Trust Principles.

☆ Walgreens posts loss on $6.5 bln opioid litigation charge
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +2 min

Jan 5 (Reuters) - Drugstore chain Walgreens Boots Alliance Inc (WBA.O) reported a net quarterly loss on Thursday as it took a $6.5 billion opioid litigation charge, sending its shares down nearly 2% in premarket trade. CVS took a pre-tax charge of $5.2 billion in its third quarter related to the settlement. It administered about 8 million vaccines in the first quarter down from 15.6 million in the same period a year earlier. In November, Walgreens said it was acquiring urgent care provider Summit Health through its VillageMD unit in a deal valued at $9 bln to expand its healthcare footprint. Excluding items, the company earned $1.16 per share in the first quarter, above Refinitiv IBES estimates of $1.14 a share.

Jan 5 (Reuters) - Walgreens Boots Alliance (WBA.O) said on Thursday it will not strike new deals in the short term after a spate of acquisitions in recent years, as it focuses on ramping up sales at its newer healthcare business. "We're not considering any M&A type activity in the short term. We need to focus on integration activities," Chief Financial Officer James Kehoe said in a post-earnings conference call. Walgreens said same-store pharmacy sales rose 4.8% in the reported quarter from a year earlier, but below Evercore ISI's estimates of 5% growth. Net loss attributable to Walgreens was $3.72 billion, for the quarter ended Nov. 30, compared with a profit of $3.58 billion, a year earlier.

☆ Upbeat economic data powers European shares to third day of gains
▼ + stars: | 2023-01-04 | by ( Bansari Mayur Kamdar | ) www.reuters.com time to read: +3 min

The pan-European STOXX 600 (.STOXX) rose 0.8%, while France's CAC 40 (.FCHI) added 1.3%. Data on Wednesday showed euro zone business activity contracted less than initially thought, suggesting the bloc's recession may not be as deep as feared. Further, preliminary data showed inflation in France slipped in December from a record high in the previous month, tracking a slew of encouraging data from improving euro zone manufacturing numbers to a slowdown in Germany's inflation. The STOXX 600 index has risen 3% in the first three trading days of the new year, helped by strong economic data, easing of natural gas futures and hopes of a post-COVID recovery in China despite surging cases. Meanwhile, data showed fresh food prices at British supermarkets in early December were 15.0% higher than a year earlier, weighing on UK sentiment.

☆ Salesforce to cut staff by 10%, close some offices
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: +1 min

Jan 4 (Reuters) - Salesforce Inc (CRM.N) said on Wednesday it would lay off about 10% of its employees and close some offices as a part of its restructuring plan, becoming the latest company to undertake cost cuts in a challenging economy. The cloud-based software company's actions follow that of IT consulting firm Accenture, which last month warned about slowdown in its consulting business as clients were postponing business improvement projects, especially in retail. "As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we're now facing, and I take responsibility for that." Salesforce expects to incur about $1.4 billion to $2.1 billion in charges, of which about $800 million to $1 billion will be recorded in the fourth quarter of fiscal 2023. Reporting by Nivedita Balu in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: Tech firms leading job cuts in Corporate America
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: +9 min

Jan 9 (Reuters) - Big Tech firms are leading a string of layoffs across corporate America as companies look to rein in costs to ride out the economic downturn. Microsoft Corp (MSFT.O):The software giant laid off under 1,000 employees across several divisions in October, Axios reported, citing a source. However, Bloomberg later reported Twitter was reaching out to dozens of employees who lost their jobs, asking them to return. HP Inc (HPQ.N):The computing devices maker said it expected to cut up to 6,000 jobs by the end of fiscal 2025. CNN:Warner Bros Discovery-owned (WBD.O) CNN's top boss Chris Licht informed employees in an all-staff memo that job cuts were underway.

☆ European shares start 2023 on upbeat note on encouraging factory data
▼ + stars: | 2023-01-02 | by ( Bansari Mayur Kamdar | ) www.reuters.com time to read: +3 min

The pan-regional STOXX 600 (.STOXX) rose 0.8%, supported by consumer discretionary stocks. "With 10-year bund yields above 2.50%, relaxed year-end trading and the probable drop in HICP inflation are raising hopes for an upbeat start into the year," Commerzbank Research analysts said in a note, referring to the euro zone consumer prices inflation data due later this week. Rate-sensitive technology stocks (.SX8P), among the worst-performing shares last year, rose 1.5% on the day, despite more hawkish signals from the European Central Bank. Bond yields of Europe's largest economy, Germany, dropped from their highest levels in more than a decade as investors braced for inflation data this week. The German DAX (.GDAXI) gained 1.0%, while other European exchanges also started the year on a positive note.

☆ Wall St ends 2022 with biggest annual drop since 2008
▼ + stars: | 2022-12-30 | by ( Echo Wang | ) www.reuters.com time to read: +4 min

The benchmark S&P 500 (.SPX) has shed 19.4% this year, marking a roughly $8 trillion decline in market cap. The tech-heavy Nasdaq (.IXIC) is down 33.1%, while the Dow Jones Industrial Average (.DJI) has fallen 8.9%. The S&P 500 growth index has fallen about 30.1% this year, while the value index (.IVX) is down 7.4%, with investors preferring high dividend-yielding sectors with steady earnings such as energy. Ten of the 11 S&P (.SPX) sector indexes dropped on Friday, led by real estate and utilities. The S&P 500 posted no new 52-week highs and no new lows; the Nasdaq Composite recorded 85 new highs and 134 new lows.

☆ Wall St set to end challenging year with steep drop
▼ + stars: | 2022-12-30 | by ( Echo Wang | ) www.reuters.com time to read: +3 min

Growth stocks have been under pressure from rising yields for much of 2022 and have underperformed their economically linked value peers, reversing a trend that had lasted for much of the past decade. Apple Inc (AAPL.O), Alphabet Inc (GOOGL.O), Microsoft Corp (MSFT.O), Nvidia Corp (NVDA.O), Amazon.com Inc (AMZN.O), Tesla Inc (TSLA.O) are among the worst drags on the S&P 500 growth index (.IGX), down between 28% and 66% in 2022. The S&P 500 growth index has fallen about 30.5% this year, while the value index (.IVX) is down 7.7%, with investors preferring high dividend-yielding sectors with steady earnings such as energy. Ten of the 11 S&P (.SPX) sector indexes dropped on Friday, led by real estate and utilities. The S&P 500 posted no new 52-week highs and no new lows; the Nasdaq Composite recorded 56 new highs and 116 new lows.

Most rate-sensitive technology and growth stocks such as Apple Inc (AAPL.O), Amazon.com Inc (AMZN.O), Alphabet Inc (GOOGL.O) and Meta Platforms Inc (META.O) fell between 0.7% and 1.4% on Friday, as U.S. Treasury yields rose. The losses made communication services (.SPLRCL), technology (.SPLRCT) and the retail index (.SPXRT) among the top decliners on the S&P 500, with the three sectors shedding between 0.9% and 1.2%. The S&P 500 growth index (.IGX) is down about 30.5% this year, while the value index (.IVX) has fallen just 7.7%, with investors preferring high dividend-yielding sectors with steady earnings such as energy. Declining issues outnumbered advancers for a 2.51-to-1 ratio on the NYSE and for a 1.73-to-1 ratio on the Nasdaq. The S&P index recorded no new 52-week highs and no new lows, while the Nasdaq recorded 45 new highs and 79 new lows.

The declines made communication services (.SPLRCL), technology (.SPLRCT) and the retail index (.SPXRT) the top decliners among major S&P 500 sectors, down more than 1.2% each. Investors avoided riskier bets and fled to safer assets such as the U.S. dollar, pushing down the benchmark S&P 500 (.SPX) 20% and the tech-heavy Nasdaq (.IXIC) nearly 34% this year. The S&P 500 growth index (.IGX) is down about 30% this year while the value index (.IVX) has dropped 7.9%, with investors preferring high dividend yielding sectors with steady earnings such as energy. The tech sector has shed 29.8% this year and is among the worst performing of the major S&P 500 sectors in 2022. The S&P index recorded no new 52-week highs and no new lows, while the Nasdaq recorded 29 new highs and 45 new lows.

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