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☆ Growing debt ceiling deal hopes send stocks higher
▼ + stars: | 2023-05-18 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

The benchmark S&P 500 index (.SPX) rebounded from early declines on news that top U.S. congressional Republican Kevin McCarthy said a deal to raise or suspend the debt ceiling could potentially be reached in time to hold a House vote next week. On Wednesday, President Joe Biden and McCarthy reiterated their aim to strike a deal soon to raise the $31.4 trillion federal debt ceiling and agreed to talk as soon as Sunday. The debt ceiling has drawn attention away from uncertainty about the Federal Reserve's stance on interest rates. Advancing issues outnumbered decliners on the NYSE by a 1.31-to-1 ratio; on Nasdaq, a 1.14-to-1 ratio favored advancers. The S&P 500 posted 27 new 52-week highs and seven new lows; the Nasdaq Composite recorded 88 new highs and 83 new lows.

☆ Debt ceiling optimism helps lift S&P 500, Nasdaq
▼ + stars: | 2023-05-18 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

The benchmark S&P 500 index (.SPX) rebounded from early declines on news that top U.S. congressional Republican Kevin McCarthy said a deal to raise or suspend the debt ceiling could potentially be reached in time to hold a House vote next week. On Wednesday, President Joe Biden and McCarthy reiterated their aim to strike a deal soon to raise the $31.4 trillion federal debt ceiling and agreed to talk as soon as Sunday. The debt ceiling has drawn attention away from uncertainty about the Federal Reserve's stance on interest rates. Declining issues outnumbered advancers on the NYSE by a 1.12-to-1 ratio; on Nasdaq, a 1.17-to-1 ratio favored decliners. The S&P 500 posted 23 new 52-week highs and seven new lows; the Nasdaq Composite recorded 77 new highs and 74 new lows.

President Joe Biden and McCarthy reiterated their aim to strike a deal soon on Wednesday to raise the $31.4 trillion federal debt ceiling and agreed to talk as soon as Sunday. Growth stocks led gains, with Nvidia Corp (NVDA.O), Apple Inc (AAPL.O) and Microsoft Corp (MSFT.O) rising between 1% and 4.4%. Bath & Body Works Inc (BBWI.N) gained 9.6% after the beauty and skincare firm raised its annual profit forecast. Declining issues outnumbered advancers for a 1.07-to-1 ratio on the NYSE and for a 1.04-to-1 ratio on the Nasdaq. The S&P index recorded 22 new 52-week highs and four new lows, while the Nasdaq recorded 68 new highs and 50 new lows.

Dow Jones Industrial Average (.DJI) constituent Cisco Systems Inc's (CSCO.O) shares fell 4.3% in premarket trading after it said a large backlog of products weighed on demand for new orders from customers. Shares of Walmart Inc (WMT.N) rose 1.7% after the retailer raised its annual sales and profit targets, befitting from inflation-wary consumers trading down to cheaper groceries. ET, Dow e-minis were down 31 points, or 0.09%, S&P 500 e-minis were up 1.75 points, or 0.04%, and Nasdaq 100 e-minis were up 15 points, or 0.11%. Bath & Body Works Inc (BBWI.N) gained 13% after the beauty and skincare firm raised its annual profit forecast. Japan's Prime Minister Fumio Kishida said he welcomed and expected more investment from global chipmakers in the country.

Dow Jones Industrial Average (.DJI) constituent Cisco Systems Inc (CSCO.O) slipped 1.7% after it said a large backlog of products weighed on demand for new orders from customers. Shares of Walmart Inc (WMT.N) rose 2.8% after the retailer raised its annual sales and profit targets, benefiting from inflation-wary consumers trading down to cheaper groceries. And you got a little follow through from the optimism around getting a (debt ceiling) deal done," said Thomas Hayes, chairman at Great Hill Capital LLC. Bath & Body Works Inc (BBWI.N) gained 8.7% after the beauty and skincare firm raised its annual profit forecast. Declining issues outnumbered advancers for a 2.30-to-1 ratio on the NYSE and for a 1.47-to-1 ratio on the Nasdaq.

☆ Micron case causing concern for US companies in China, business chamber says
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, April 26 (Reuters) - Leaders from a top U.S. business lobbying group said on Wednesday that Beijing's probe against U.S.-based chipmaker Micron Technology Inc (MU.O) marked a "major concern" for other companies operating in the country. "It is a major concern because China lacks transparency in many conventions of law and policy, and this is one," Ross said. The survey results showed respondents were more optimistic about the business outlook in China compared to the previous survey conducted in late 2022, before the government lifted COVID-19 controls. Michael Hart, president of AmCham China, said the survey showed that American companies feel the overall environment for investment in China is becoming less predictable than before. Micron has said it would cooperate with the probe and that its shipments and operations in China remain unaffected.

☆ Factbox: What's on the agenda at the South Korea-US summit?
▼ + stars: | 2023-04-24 | by ( Ju-Min Park | ) www.reuters.com time to read: +4 min

Yoon has been pushing to increase South Korea's say in operating "extended deterrence" while calls are growing in South Korea for it to develop its own nuclear weapons. At the summit, Biden will pledge "substantial" steps to underscore the U.S. commitment to deter a North Korean nuclear attack, a senior U.S. official said. South Korea's defence ministry said the allies have been exploring ways to support Ukraine but declined to confirm specific discussions. His comments prompted an angry exchange of words between Beijing and Seoul with South Korea summoning the Chinese ambassador. South Korea's comment on Taiwan was "the worst" since the establishment of diplomatic relations between China and South Korea in 1992, China's state-run Global Times said on Sunday.

WASHINGTON, April 20 (Reuters) - The U.S. Justice Department said on Thursday it reached a settlement with memory chipmaker Micron Technology Inc (MU.O) to resolve an allegation of immigration-related employment discrimination. The investigation began when a U.S. citizen worker complained that Micron unfairly denied him employment because of his citizenship status. The Justice Department said it determined that Micron unlawfully preferred a temporary visa worker for the position, failing to meaningfully consider the U.S. citizen's qualifications. The amount of the civil penalty was not specified in the Justice Department statement. The Justice Department also released a fact sheet on Tuesday to help employers avoid immigration-related discrimination.

☆ China reluctantly keeps sanctions powder dry
▼ + stars: | 2023-04-12 | by ( Pete Sweeney | Thomson Reuters | Asia Economics Editor Pete Sweeney Joined Reuters Breakingviews In Hong Kong In September Previously He Served As Reuters' Chief Correspondent For China Economy | ) www.reuters.com time to read: +4 min

Yet most trade measures Xi has taken so far are best seen as defensive tactics to protect market share from aspirant rivals in the West and India. The easiest option is picking on America’s $120-billion-plus of direct investment stock in China. Of course, that is no way for China to revive the decaying quantity and quality of the investment it receives. Chinese officials consistently say they welcome U.S. trade and investment and there is no reason to doubt them. The move comes after the United States implemented multiple restrictions on sales of chipmaking tools and components to China.

☆ Here's our March rapid-fire update on all 36 stocks in Jim Cramer's Investing Club portfolio
▼ + stars: | 2023-03-28 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +13 min

Here's a rapid-fire update on every stock in the CNBC Investing Club portfolio. But importantly, the chipmaker has joined Apple in rarified air, becoming an "own it, don't trade it" stock for the Club. The company's business can withstand an economic slowdown and benefits from a weaker U.S. dollar because of its large international presence. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

WASHINGTON/SAN FRANCISCO, March 15 (Reuters) - A chip plant that South Korea's Samsung Electronics Co Ltd (005930.KS) is building in Taylor, Texas, will cost the world's biggest memory chipmaker over $25 billion, up more than $8 billion from initial forecasts, according to two people familiar with the matter. The increase in cost is primarily due to inflation, the people said, declining to be named because the information was not public. "The higher construction cost is about 80% of the cost increase," one of the sources said. Meanwhile, Intel Corp (INTC.O) announced a $20 billion chip factory in Ohio that it could expand to cost up to $100 billion. Samsung, the world's No.2 contract chip manufacturer, announced its Taylor, Texas, plant in 2021.

"Due to the significant supply demand mismatch entering calendar 2023, we expect that profitability will remain challenged throughout 2023," Micron chief executive Sanjay Mehrotra said. Micron, reporting earnings on Wednesday, forecast second-quarter revenue of $3.8 billion, plus or minus $200 million, above Wall Street estimates. But it forecast a loss of 62 cents per share plus or minus 10 cents, much steeper than analysts' estimates for a 30 cents loss. Micron said the layoffs, part of a restructuring plan, would result in charges of at least $30 million in the second quarter. Revenue for the first quarter ended Nov. 30 fell about 47% year on year to $4.09 billion.

☆ Jim Cramer's top 10 things to watch in the market Wednesday: Santa coming? Nike pops.
▼ + stars: | 2022-12-21 | by ( Jim Cramer | ) www.cnbc.com time to read: +4 min

Multiple price target increases on Wall Street. JPMorgan acknowledges "relief rally" but cuts its price target. Deutsche Bank lowers price target on Tesla (TSLA) to $270 per share from $355; keeps buy rating. Gordon Haskett downgrades Target (TGT) to hold from buy, with a $132-per-share price target; cites "meaningfully eroded traffic." As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

The data showed retail sales rose 1.3% last month led by motor vehicles after remaining flat in September. Economists polled by Reuters had forecast sales accelerating 1%. Among S&P 500 sectors, retail (.SPXRT) and consumer discretionary (.SPLRCD) were down 1.9% and 1.7%, respectively. Declining issues outnumbered advancers for a 2.10-to-1 ratio on the NYSE and for a 2.41-to-1 ratio on the Nasdaq. The S&P index recorded one new 52-week high and two new lows, while the Nasdaq recorded 33 new highs and 56 new lows.

TOKYO, Nov 11 (Reuters) - Japan said on Friday it will invest up to 70 billion yen ($500 million) in a new semiconductor company led by tech firms including Sony Group Corp (6758.T) and NEC Corp (6701.T) as it rushes to re-establish itself as a lead maker of advanced chips. The new chip company will be named Rapidus and aims to begin making chips in the second half of the decade, he added. Japan is also concerned that China may attempt to take control of Taiwan, the global hub for advanced chip production. In July Japan also offered a 93 billion yen subsidy to help memory chip makers Kioxia Corp and Western Digital Corp (WDC.O) expand output in Japan. In September it pledged to give U.S. chipmaker Micron Technology (MU.O) $46.5 billion yen so it can add production capacity at its plant in Hiroshima.

☆ U.S. chipmaker Marvell cutting some R&D roles in China - statement
▼ + stars: | 2022-10-27 | by ( Josh Horwitz | ) www.reuters.com time to read: +2 min

"In China, we will focus our R&D investments on local customers and the China market," Stacey Keegan, vice president of Corporate Marketing at Marvell said in a written response to questions sent from Reuters. Domestic China media outlet iJiwei reported late on Wednesday, citing unnamed industry sources, that Marvell planned to lay off a large proportion of its research and development team in China. The company's move comes as chipmakers brace for slowing demand following a boom at the peak of a global chip shortage. read moreAmid the geopolitical tensions, a number of U.S.-based companies have scaled back ther R&D operations in China. In January, fellow U.S.-based chipmaker Micron Technology Inc (MU.O) shut down its its DRAM R&D center in Shanghai citing shifting investment priorities.

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