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☆ Meta exploring plans for Twitter rival
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +2 min

March 10 (Reuters) - Meta Platforms Inc (META.O) is exploring plans to launch a new social media app in its bid to displace Twitter as the world's "digital town square". "We're exploring a standalone decentralized social network for sharing text updates. A Twitter-like app would allow Meta to take advantage of the current chaos at the Elon Musk-led company, where cost-cutting has been rampant. Twitter has been struggling to hold on to its advertising base since Musk's takeover of the platform late last year. "They're just trying everything... at least with a mini blogging site like Twitter, there's some expectation that it could start to make money out of much quicker timeline than the metaverse investment."

The benchmark S&P 500 (.SPX) is up 6.2% so far this year after a 19.4% plunge in 2022. Nine of 11 major S&P 500 sectors advanced in early trading. However, commodity-linked shares of mining (.SPLRCM) and oil (.SPNY) companies fell 1.0% and 0.2%, respectively, after top crude and metals consumer China set a lower-than-expected target for economic growth this year at around 5%. Shares of cryptocurrency-related companies fell after Silvergate Capital Corp (SI.N) pulled the plug on its crypto payments network, after raising doubts about the company's ability to stay in business. The S&P index recorded 19 new 52-week highs and one new low, while the Nasdaq recorded 69 new highs and 45 new lows.

☆ Visa, Mastercard pause crypto push in wake of industry meltdown - sources
▼ + stars: | 2023-02-28 | by ( Manya Saini | ) www.reuters.com time to read: +3 min

The crypto industry saw a stunning reversal of fortunes in 2022 as bankruptcies of industry majors FTX and BlockFi rattled investors and increased regulatory scrutiny on the sector. Card companies, which pocket a small percentage of the dollar value of transactions they process, had announced multiple partnerships with crypto firms and put in place dedicated teams to explore blockchain technology. Mastercard teamed up with crypto lender Nexo in April to launch what it called the world's first "crypto-backed" payment card. But it is not viewing crypto tokens as a strategic priority in the near-term, a source familiar with the matter said. They are related to an uncertain regulatory environment for crypto and demand/interest for crypto services declining in the near term."

☆ Global shares, U.S. Treasury yields fall; Fed minutes called 'outdated'
▼ + stars: | 2023-02-23 | by ( Chibuike Oguh | ) www.reuters.com time to read: +3 min

U.S. Treasury yields retreated after surging to three-month highs. "The bond market has already priced in more rate hikes but the stock market hasn't repriced to reflect all of the movement in the rates," Mounah added. The U.S. dollar gained due to the unexpected strength of the American economy revealed in recent economic data, notwithstanding interest rate hikes by the Fed. Oil prices fell 2% on growing concerns over oil demand as the Fed aims to keep hiking rates to reduce surging consumer prices. Gold prices fell as the U.S. dollar gained.

☆ Global shares, U.S. Treasury yields fall after Fed minutes
▼ + stars: | 2023-02-22 | by ( Chibuike Oguh | ) www.reuters.com time to read: +3 min

U.S. Treasury yields retreated after surging to three-month highs. Benchmark 10-year yields made gains but were still lower at 3.9175% after the release of the minutes. The U.S. Treasury yield curve that measures the gap between yields on two- and 10-year Treasury notes , seen as an indicator of economic expectations, remained deeply inverted at minus 77.40 basis points. Oil prices fell 2% on growing concerns over oil demand as the Fed aims to keep hiking rates to reduce surging consumer prices. Gold prices fell as the U.S. dollar gained.

☆ Global shares, U.S. Treasury yields, fall ahead of Fed minutes
▼ + stars: | 2023-02-22 | by ( Chibuike Oguh | ) www.reuters.com time to read: +3 min

[1/3] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, February 16, 2023. U.S. Treasury yields retreated after surging to three-month highs. The U.S. Treasury yield curve that measures the gap between yields on two- and 10-year Treasury notes , seen as an indicator of economic expectations, remained deeply inverted at minus 77.40 basis points. Oil prices fell 2% on growing concerns over oil demand as the Fed aims to keep hiking rates to reduce surging consumer prices. Reporting by Chibuike Oguh in New York; Editing by Chris Reese and Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

☆ Markets bracing for 'no landing' world economy scenario curb risk appetite
▼ + stars: | 2023-02-22 | by ( Naomi Rovnick | Davide Barbuscia | ) www.reuters.com time to read: +5 min

LONDON/NEW YORK (Reuters) - Markets, bracing for a “no landing” scenario where global economic growth is resilient and inflation stays higher for longer, are dialling back appetite for both risk assets and government debt. But recent data reflecting still tight jobs markets has traders entertaining a new scenario where economic growth holds up and inflation remains sticky. “We’ve gone from softer landing to no landing - no landing being that (financing) conditions will remain tight,” said David Katimbo-Mugwanya, head of fixed income at EdenTree Asset Management. GOODBYE RECESSION RISK? Graphic: Economic growth forecasts turn high hereEuro zone recession expectations mostly faded in mid January as energy prices tumbled.

But recent data reflecting still tight jobs markets has traders entertaining a new scenario where economic growth holds up and inflation remains sticky. World stocks hit one-month lows on Wednesday, while Wall Street had its worst day of the year so far on Tuesday. "We've gone from softer landing to no landing - no landing being that (financing) conditions will remain tight," said David Katimbo-Mugwanya, head of fixed income at EdenTree Asset Management. Bond prices fall, and yields rise, when expectations of higher rates on cash make their fixed interest payments less appealing. Reuters GraphicsEuro zone recession expectations mostly faded in mid January as energy prices tumbled.

☆ Wall Street falls on rate hike worries
▼ + stars: | 2023-02-08 | by ( Johann M Cherian | ) www.reuters.com time to read: +3 min

Money market participants are now betting the U.S. central bank's benchmark rate to rise above 5% in May before peaking to 5.18% by July, levels that officials have backed vociferously. Of all the S&P 500 companies that have reported quarterly earnings, 69% of them have beaten expectations, according to Refinitiv. Uber Technologies Inc (UBER.N) rose 0.7% on upbeat earnings expectations for the year. Declining issues outnumbered advancers for a 1.86-to-1 ratio on the NYSE and a 2.05-to-1 ratio on the Nasdaq. The S&P index recorded eight new 52-week highs and two new lows, while the Nasdaq recorded 56 new highs and 18 new lows.

☆ Bed Bath & Beyond plunges after last-ditch effort to avoid bankruptcy
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +1 min

Feb 7 (Reuters) - Shares of Bed Bath & Beyond Inc (BBBY.O) fell more than 30% in premarket trading on Tuesday after the retailer's plans to raise about $1 billion through an offering failed to convince investors the company could avoid bankruptcy. "Unfortunately, we see a low probability that the company will be able to raise equity and view this as a 'last gasp' before filing for bankruptcy protection," Wedbush analyst Seth Basham said. Reuters reported late last month Bed Bath & Beyond was preparing to seek bankruptcy protection and had lined up liquidators to close additional stores unless a last-minute buyer emerged. Bed Bath & Beyond's shares closed more than 92% higher in the last session on interest from retail traders. A part of the meme stock phenomenon, Bed Bath & Beyond stock surged to as high as $30 in August when activist investor Ryan Cohen took a stake in the company and pushed for changes.

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☆ VIEW U.S. job growth accelerates in January, wage gains moderate
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +3 min

NEW YORK, Feb 3 (Reuters) - U.S. job growth accelerated sharply in January amid a persistently resilient labor market, but a further moderation in wage gains should give the Federal Reserve some comfort in its fight against inflation. MARKET REACTION:STOCKS: U.S. stock index futures fell sharply after the strong jobs report BONDS: U.S. bond yields rose after the jobs data. If you can do that and keep the labor market strong that's the perfect soft landing the Fed's been looking for." "I'd say that market got ahead of itself betting that the March rate hike would be the last one. Was it seasonal factors or just the strength of the labor market."

Investors will also parse Chair Jerome Powell's news conference for clues on the trajectory of future rate hikes. All of the 11 major sectors on the S&P 500 were down, with the technology shares (.SPLRCT) falling the least. Dow component Amgen Inc (AMGN.O) slipped 3.7% as the drugmaker said its fourth-quarter revenue fell slightly. With nearly 200 companies in the S&P 500 having reported fourth-quarter earnings, about 70% have topped Wall Street expectations. Analysts now see earnings of S&P 500 firms declining 2.4% for the quarter, per Refinitiv estimates.

Investors will also parse Chair Jerome Powell news conference for clues on the trajectory of future rate hikes. Meanwhile, the ADP National Employment report showed that private payrolls increased by 106,000 in January, lower than expectations of 178,000 additions. Snap Inc (SNAP.N) tumbled 12.5% after the social media company said it expects current-quarter revenue to decline by as much as 10%. ET, Dow e-minis were down 138 points, or 0.4%, S&P 500 e-minis were down 9.75 points, or 0.24%, and Nasdaq 100 e-minis were down 8.25 points, or 0.07%. Dow Jones Industrial Average component (.DJI) Amgen Inc (AMGN.O) dipped 0.6% as the drugmaker said its fourth-quarter revenue fell slightly.

☆ Citigroup technicals indicate rally may extend even as Wall Street remains wary
▼ + stars: | 2023-02-01 | by ( Mehnaz Yasmin | ) www.reuters.com time to read: +2 min

Feb 1 (Reuters) - Citigroup Inc's shares (C.N) are approaching a potential bullish technical signal which indicates that this year's 14% rally could continue, even as some analysts remain critical of the bank's fundamentals. The technical signal, called a "golden cross", forms if the stock's 50-day moving average goes above its 200-day moving average. On Jan. 23, Citi shares touched their highest since August. The one-month moving average of puts-to-calls traded has dropped to 1.07-to-1, down from 2.6 puts traded for every call late last year, according to Trade Alert data, signaling less bearishness. "The bank is still very much in the build-up of expenses and early stages of reinvesting in their franchises."

☆ Payments firm PayPal to lay off 7% of its workforce to cut costs
▼ + stars: | 2023-01-31 | by ( Manya Saini | ) www.reuters.com time to read: +2 min

Jan 31 (Reuters) - PayPal Holdings Inc (PYPL.O) said on Tuesday it is planning to cut 7% of its workforce, or about 2,000 employees, the latest in a list of fintech firms to be hit by the economic slowdown. The payments firm also joins Big Tech firms and Wall Street titans, which are executing layoffs across corporate America as companies look to rein in costs to ride out the downturn. Shares of the payments firm, which lost about 60% of their value last year, were up about 2% in afternoon trading. "Similar to other tech companies, PayPal is seeking to position itself financially and strategically, bracing for an economic slowdown," said Moshe Katri, analyst at Wedbush. In November, PayPal had cut its annual revenue growth forecast in anticipation of a broader economic downturn and said it did not expect much growth in its U.S. e-commerce business in the holiday quarter.

☆ Instant view: U.S. GDP grows in fourth quarter; weekly jobless claims fall
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +6 min

Gross domestic product increased at a 2.9% annualized rate last quarter, the Commerce Department said in its advance fourth-quarter GDP growth estimate on Thursday. The swing in inventories was the wildcard and that added 1.46 percentage points to GDP growth. "If you look at the GDP data it does seem like we left 2022 with a little bit more momentum than people had thought and with consumption we're also in a pretty good spot. “We have a GDP number that is well above trend, and the previous quarter’s number was well above trend. That suggests higher rates were starting to take a bigger toll, and sets the stage for weaker growth in the first quarter of this year."

☆ Battered BuzzFeed shares rally after report of multi-million dollar Meta deal
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +2 min

Jan 26 (Reuters) - Shares of BuzzFeed Inc (BZFD.O) jumped over 50% in early trading after a report said Meta Platforms Inc (META.O) was paying the digital media firm millions of dollars to bring more creators to Facebook, Instagram. About 30 million shares changed hands by 9:50 a.m. The $132 million company has seen its shares tank over 90% to just under $1 since going public via a reverse merger with a special purpose acquisition company (SPAC) in December 2021. SPACs typically sell shares for $10 each, put the cash in a trust account and then search for a company to buy. Its third-quarter net loss had widened to $27 million from $3.6 million a year ago.

A reading from the Commerce Department showed retail sales fell 1.1% in December, compared with expectations of a 0.8% drop. Another report showed U.S. producer prices rose less than expected year-on-year in December, adding to evidence of a moderation in inflation. Earnings from big U.S. banks were a mixed bag, with many stockpiling rainy-day funds preparing for a looming recession. Shares of other major carriers including American Airlines Group Inc (AAL.O), Delta Air Lines Inc (DAL.N) and Southwest Airlines Co (LUV.N) rose between 1.6% and 2.2%. IBM Corp (IBM.N) slipped 1.5% after Morgan Stanley downgraded the company's shares to "equal weight" from "overweight", citing slowing revenue growth.

On the benchmark S&P 500 index, rate-sensitive real estate stocks (.SPLRCR) led the losses with a 2.2% drop, while financials (.SPSY) slipped 1%. The ADP National Employment report showed a much greater-than-expected rise in private employment in December, while another report showed weekly jobless claims fell last week. The reports came a day after data showed a moderate fall in U.S. job openings, in growing evidence that the labor market remains tight. A strong labor market has been a concern for markets pummeled by rising borrowing costs as it gives the Federal Reserve a reason to raise rates for longer than expected this year. The more comprehensive nonfarm payrolls report is due on Friday, which would provide further clues on labor demand and the rate hike trajectory.

Apple Inc (AAPL.O) and Microsoft Corp (MSFT.O) advanced over 0.6% each as U.S. 10-year Treasury yields slipped to 3.83% from 3.86% on Tuesday . Among the major S&P 500 sectors, technology (.SPLRCT) and consumer discretionary (.SPLRCD) gained nearly 0.5% and 1% respectively, while healthcare shares (.SPXHC) also were a major boost to the benchmark index. Tesla Inc (TSLA.O) rose 5.3%, after hitting its lowest level in more than two years in the previous session over demand worries in China. Energy stocks (.SPNY) bucked the trend as oil prices slipped on concerns about a surge in COVID-19 cases in top oil importer China. The benchmark S&P 500 (.SPX) is down 19% year-to-date and set for its biggest annual loss since the financial crisis of 2008.

☆ Tesla shares extend losses on demand worries in China
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: +1 min

Dec 27 (Reuters) - Tesla Inc (TSLA.O) shares fell 8% on Tuesday after a Reuters report that Tesla was planning to run a reduced production schedule in January at its Shanghai plant sparked worries of a drop in demand in the world's biggest car market. The world's most valuable automaker's production cuts at the Shanghai plant come amid a rising number of COVID-19 infections in the country. Hayes also added that Tesla's stock was facing a "perfect storm" of high-interest rates, tax loss selling and share sales by some funds that hold a significant amount of Tesla stock. Tax loss selling is when an investor sells an asset at a capital loss to lower or eliminate the capital gain realized by other investments, for income tax purposes. Reporting by Akash Sriram in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ AMC to raise $110 million, proposes reverse stock split
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +2 min

Dec 22 (Reuters) - AMC Entertainment Holdings (AMC.N) said on Thursday it would raise $110 million in new equity capital through the sale of its preferred stock and proposed a reverse stock split, sending the cinema chain's shares down 13%. Antara Capital, a current AMC debt holder, will buy APE at an average price of 66 cents per share. Antara will also exchange $100 million in debt for about 91 million APE units, which would reduce AMC's annual interest expense by about $10 million. The company said it is also looking to hold a meeting for APE and AMC shareholders to vote on converting APE units into AMC shares and propose a reverse-split of AMC shares at a 1:10 ratio. AMC in August announced APE as a special dividend for shareholders and a means to raise capital in the future.

SummarySummary Companies Weekly jobless claims rise in line with estimatesSalesforce slips on downgradeIndexes up: Dow 0.72%, S&P 0.82%, Nasdaq 1.19%Dec 8 (Reuters) - The S&P 500 gained ground on Thursday, lifted by technology and energy shares, while a rise in weekly jobless claims suggested the labor market was slowing down. "More people are filing jobless claims, which shows labor forces are weakening a little bit," said Thomas Hayes, chairman at Great Hill Capital LLC in New York. Ten of the 11 major S&P 500 sector indexes rose, led by 1.5% gain in technology stocks (.SPLRCT). Most mega-cap technology and growth stocks such as Apple Inc (AAPL.O), Nvidia Corp (NVDA.O) and Amazon.com (AMZN.O) rose between 1.4% and 4.2%. The S&P index recorded 11 new 52-week highs and two new lows, while the Nasdaq recorded 53 new highs and 132 new lows.

"It's just one data point that leads to the Fed cooling down their aggressive hikes, but it doesn't change December's 50 basis point (rate hike). The key is going to be the data between December and February as to what they do next." The U.S. central bank has raised its policy rate by 375 basis points this year in the fastest hikes since the 1980s. Adding to the fears, the yield curve between the 2-year and 10-year Treasury notes has also widened in the recent days. ET, Dow e-minis were up 148 points, or 0.44%, S&P 500 e-minis were up 22.5 points, or 0.57%, and Nasdaq 100 e-minis were up 65.5 points, or 0.57%.

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