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DUBAI, Oct 9 (Reuters) - The United Arab Emirates is refashioning state-owned Abu Dhabi National Oil Company (ADNOC) in the image of an international oil major by stepping up its global expansion and finding new revenue streams to maximise earnings for the Gulf state. The state-owned company also told Reuters it was investing in energy trading, without giving further details. ADNOC has two trading arms, both set up in 2020: ADNOC Trading, which is focused on crude oil, and ADNOC Global Trading, a joint venture with Italy's Eni (ENI.MI) and OMV which is more focused on refined products. Other recent hires include Bart Cornelissen, who left Deloitte to become ADNOC's senior vice president for group strategy and portfolio last month, according to LinkedIn. Recent senior hires for ADNOC's trading arms include alumni of Gunvor, Litasco, Shell and TotalEnergies, the employment network showed.

Persons: ADNOC, Galp, Austria's, Mohammed bin Zayed, headcount, Michele Fiorentino, Baker Hughes, Musabbeh Al Kaabi, Al Kaabi, Bart Cornelissen, Michael Hafner, Hafner, Morgan Stanley, Neil Quilliam, Sultan al, Jaber, John Kerry, Abu, Maha El Dahan, Yousef Saba, Ron Bousso, David Clarke Organizations: United, Abu, Abu Dhabi National Oil Company, Reuters, BP, NewMed Energy, Italy's Eni, UAE, IOC, Aramco, LinkedIn, Mubadala Energy, Deloitte, Greenhill &, Deutsche Bank, UBS, HSBC, Shell, Eni, Gunvor, The, Chatham House, United Nations, Masdar, Thomson Locations: DUBAI, United Arab Emirates, Abu Dhabi, Gulf, Saudi Arabia, Qatar, UAE, Africa, Mozambique, ADNOC, Geneva, London, The UAE, Europe, Sultan, Dubai

☆ Earnings season begins with markets lower than three months ago, but expectations are higher
▼ + stars: | 2023-10-09 | by ( Bob Pisani | ) www.cnbc.com time to read: +6 min

Q3 S & P 500 earnings: Trending higher July 1: $55.76 Today: $55.78 Source: LSEG Q4 S & P 500 earnings: Trending higher July 1: $57.58 Today: $58.14 Source: LSEG The fact that the third quarter estimate of $55.78 is slightly below the third quarter of last year ($56.02) is not important; what matters is the trend in earnings. For Q3 2023, 76 S & P 500 companies have issued negative EPS guidance and 42 S & P 500 companies have issued positive EPS guidance, according to John Butters, senior earnings analyst at FactSet. "The earnings outlook for the S & P 500 for the third quarter is less negative relative to recent quarters," Butters told clients. "The percentage of companies issuing negative earnings guidance is equal to the 10-year average." Here's what stands out: The average earnings growth was 10.6%; the average revenue growth was 4.2%.

Persons: —, John Butters, Butters, Nick Raich, It's, Chadha Organizations: FactSet, Companies, FedEx, Oracle, Darden, Costco, Pepsi, PepsiCo, Frito, Barclays, JPMorgan, Deutsche Bank Locations: America, AutoZone, United States, Mexico, Russia, Canada, China, South Africa, Japan, abate

☆ JPMorgan says buy this newly public chipmaker with nearly 30% upside
▼ + stars: | 2023-10-09 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

JPMorgan thinks Arm Holdings ' penetration of higher growth segments within the chip market will drive revenue going forward. The firm initiated coverage of the semiconductor stock with an overweight rating and a $70 per share price target. Arm Holdings shares have risen 6% since the company went public in September . ARM YTD mountain Arm Holdings stock. Other firms, including Deutsche Bank and Goldman Sachs, also initiated coverage of Arm Holdings, both with buy ratings.

Persons: Harlan Sur, Goldman Sachs, — CNBC's Michael Bloom Organizations: JPMorgan, Arm Holdings, ARM, Deutsche Bank Locations: Sur

☆ GM is shaping up to be the hardest hit by the UAW strike
▼ + stars: | 2023-10-08 | by ( Alexa St. John | Nora Naughton | ) www.businessinsider.com time to read: +6 min

GM has the most workers on strike of all the Detroit 3. AdvertisementAdvertisementThe ongoing United Auto Workers strike is taking a multi-million dollar toll on all three Detroit-based automakers, but General Motors might be hit the hardest so far. GM narrowly avoided a fourth strike Friday with an offer that delayed Fain's weekly update for members. This is also the second time in four years that GM has experienced a strike . AdvertisementAdvertisementAnd of the three automakers, GM also has the most striking workers and has temporarily laid off the most workers due to the strike.

Persons: —, Stellantis, Shawn Fain, Fain, Dan Ives, Mary Barra's, Tesla, Jim Cain, Cain, Ford, Ford's, Sam Fiorani, Fiorani, there's, It's, Cox, GM wasn't, Edmunds, Jessica Caldwell Organizations: GM, Detroit, Service, United Auto Workers, UAW, Ford, UAW nabbed, Detroit automakers, Wedbush Securities, Cox, AutoForecast Solutions, Jeep, Chrysler, Dodge, Buick, GMC, Chevrolet, Cadillac, Deutsche Bank Locations: Detroit, Arlington , Texas, Lincoln

☆ 'There's no greater canary in the coal mine': Renowned energy analyst Paul Sankey shares why oil prices will continue to nosedive — and 4 stocks that can hold up anyway
▼ + stars: | 2023-10-07 | by ( James Faris | ) www.businessinsider.com time to read: +7 min

The widely followed energy analyst is often ahead of the curve, including in early 2020 when he warned that oil prices could dip negative. And if there's a recession, less economic activity should lead to even lower oil prices. However, higher oil prices would further weigh on demand from consumers and businesses, which raises the risk of causing — or worsening — a recession. Paul Sankey, Sankey Research (based on Bloomberg data)Although refining margins have downward momentum, Sankey said a long oil market drawdown isn't necessarily a foregone conclusion. Geopolitical tensions are an increasingly serious threat, JPMorgan CEO Jamie Dimon has recently warned, and a sudden conflict breakout could cause oil prices to surge.

Persons: Paul Sankey, Sankey, Platts, It's, it's, they're, Jamie Dimon, he's Organizations: Sankey Research, Mizuho, Wolfe Research, Deutsche Bank . Institutional Investor, JPMorgan, OPEC, Bloomberg, Federal Reserve, Exxon, Chevron, Valero, Plains, American Pipeline, Labor Locations: Saudi Arabia, Saudi, Russia, Kazakhstan, China, India, Africa, Latin America, Europe, San Antonio

☆ The stock market's report card one year since the bottom of the 2022 bear market
▼ + stars: | 2023-10-07 | by ( Michael Santoli | ) www.cnbc.com time to read: +7 min

A report card for the stock market as it approaches one year since the October 2022 bottom of the mini-bear market would probably read, "Good effort, shows perseverance, needs improvement." The equal-weight S & P 500 is up less than 12% from its low. The median stock in the index is up between 3% and 4% over the past 12 months. All four times since 1979, the S & P 500 and Russell 2000 were both higher in the fourth quarter. The S & P 500 is now at 17.7-times 12-month forward profit forecasts, according to FactSet, down from almost 20 in late July.

Persons: Doug Ramsey, Russell, Stephen Suttmeier, Jurrien Timmer, Stocks Organizations: Leuthold, Nasdaq, Bank of America, Fidelity Investments, Fed, Federal Reserve, Deutsche, Treasury

☆ Clorox shares touch more than 5-year low on financial hit from cyber attack
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +2 min

Bottles of Clorox bleach are displayed for sale on the shelves of a Wal-Mart store in Rogers, Arkansas, June 4, 2009. Shares in Clorox last traded at $121.16 after earlier hitting a low of $119.56 and were eying their biggest one-day percentage loss since Feb. 2022. After this, Evercore ISI slashed its Clorox price target to $120 from $160 and Raymond James downgraded it to 'market perform' from 'outperform'. Bank of America cut its price target to $120 from $145 while Deutsche Bank dropped its target to $136 from $155. But, Evercore ISI analyst Javier Escalante who rates Clorox 'underperform,' voiced concerns about how long the company took to work out the financial impact.

Persons: Jessica Rinaldi, Raymond James, Anna Lizzul, Lizzul, Clorox, Javier Escalante, Escalante, Sinéad Carew, Andrew Heavens Organizations: REUTERS, ISI, Bank of America, Deutsche Bank, Thomson Locations: Rogers , Arkansas, Clorox

[1/2] A logo of Alstom is seen at the Alstom's plant in Semeac near Tarbes, France, February 15, 2019. The shares were heading for their worst one-day drop in over 20 years as of 1140 GMT, down 37%, which wiped some 3 billion euros ($3.16 billion) from Alstom's market value. The group said it now expects a cash outflow of 500-750 million euros over the full year, after a preliminary first-half outflow of 1.15 billion euros, well above the consensus for a 152 million euro outflow cited by Jefferies. The cost of insuring Alstom's debt against the risk of default shot to its highest since last November, according to data from S&P Global Market Intelligence. Citi analysts were less concerned about liquidity, but said "the past track record on cash means cash improvement is now very much a 'show me' story".

Persons: Regis Duvignau, Jefferies, Angelo Meda, JP Morgan, Olivier Sorgho, Danilo Masoni, Chiara Elisei, Amanda Cooper, Alexander Smith Organizations: Alstom, REUTERS, Banor SIM, Deutsche Bank, P Global Market Intelligence, Traders, Citi, Thomson Locations: Semeac, Tarbes, France, Paris, Milan, Britain

☆ Alstom cash crunch dents management credibility
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Gonzalo Fuentes Acquire Licensing RightsLONDON, Oct 5 (Reuters Breakingviews) - Alstom (ALSO.PA) CEO Henri Poupart-Lafarge faces an uphill struggle to shore up his credibility. The French train maker lost 35% of its market value – amounting to 3 billion euros - on Thursday after announcing that it would book negative free cash flow of 500 to 750 million euros this year. Finally, weaker than expected orders in the first half of the year generated less cash in the form of down payments. Given the potential for the group’s net debt to be 3 billion euros by year-end, 1 billion euros more than expected, Deutsche Bank analysts reckon it may soon need a capital increase. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Gonzalo Fuentes, Henri Poupart, Pierre Briancon, Aimee Donnellan, Streisand Neto Organizations: Alstom, REUTERS, Reuters, London Underground, Deutsche Bank, X, Sandoz, Brookfield, Temasek, Thomson Locations: Saint, Ouen, Paris, France

☆ Here are Thursday's biggest analyst calls: Nvidia, Meta, Ford, Wingstop, American Express and more
▼ + stars: | 2023-10-05 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Bank of America initiates Wingstop as buy Bank of America said shares of the wing restaurant company are attractive. " Bank of America downgrades Carrier to underperform from neutral Bank of America said it sees residential headwinds. "We are initiating on the Alternative Asset Management sector with a Market Overweight rating. Deutsche Bank initiates AIG as buy Deutsche Bank initiated the insurance company with a buy and says shares are de-risked. Bank of America reiterates American Express as a top pick Bank of America said the credit card company is its favorite idea in the sector. "

Persons: Stifel, Wedbush, Morgan Stanley, Ford, CARR, Parker, ITW, Raymond James downgrades Clorox, Raymond James, CLX, Johnson, Wolfe, Bernstein, Chubb Organizations: BMO, Sinclair, Oculis, Citizens, CIT Group, Bank, JPMorgan, Barclays, Meta, Bank of America, Ford, General Motors, GM, UAW, of America, Nvidia, ISI, RBC, Johnson, Pharma, KKR, Alternative, Management, Asset Management, CART, Deutsche Bank, AIG, Citi, O'Reilly Automotive, O'Reilly, American Express Locations: CY24, U.S

☆ Deutsche Bank strategist says this counterintuitive trade can work as rates rise
▼ + stars: | 2023-10-04 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

There are two places investors want to look with interest rates climbing — and it may not be the places they'd expect, said Binky Chadha, Deutsche Bank chief global strategist. Interest rates have hit new multiyear highs in recent days, pressuring the stock market and raising investor alarm. Chadha said investors should look at banks and consumer cyclical names in this market. Bank stocks took a sharp hit amid the sector crisis earlier this year, and have slipped in recent months as investors considered the state of the economy. Consumer discretionary names in the S & P 500 have climbed more than 24% this year despite a modest retreat in the third quarter.

Persons: Binky Chadha, Chadha Organizations: Deutsche Bank, Treasury, P Bank ETF, Bank, Nasdaq

☆ Novartis' Sandoz valued at $11.2 bln in market debut
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +1 min

A sign marks the Novartis Institutes for BioMedical Research facility in Cambridge, Massachusetts, U.S., June 16, 2021. REUTERS/Brian Snyder/File Photo Acquire Licensing RightsOct 4 (Reuters) - Sandoz (SDZ.S) made its market debut with a lower-than-expected valuation of 10.3 billion Swiss francs ($11.2 billion) on Wednesday, after the generic and biosimilar drugmaker was spun off from Swiss pharmaceutical company Novartis (NOVN.S). Deutsche Bank had said Sandoz, which accounted for 11% of Novartis' group operating profit in 2022, would likely be valued at $11-$13 billion, while brokerage Berenberg had forecast $17-$26 billion. The shares, which opened at 24 Swiss francs, became members of the Swiss Performance Index and the Swiss Leader Index, among other stock market gauges, and American depositary receipts also started trading on Wednesday. Novartis shareholders received one Sandoz share for every five Novartis shares they held as part of the transaction.

Persons: Brian Snyder, drugmaker, Sandoz, Berenberg, Vas Narasimhan, Ludwig Burger, Tristan Veyet, Clarence Fernandez, Mark Potter Organizations: Novartis, Research, REUTERS, Sandoz, Analysts, Deutsche Bank, Swiss, Thomson Locations: Cambridge , Massachusetts, U.S, Swiss, generics

☆ It's time to get bullish on this health tech name, now that it's shed a drag on growth
▼ + stars: | 2023-10-04 | by ( Zev Fima | ) www.cnbc.com time to read: +8 min

In the separation , we decided to keep the 173 shares of Veralto we received due to our ownership of 520 shares of Danaher. When we do that, we see a very favorable picture heading into next year and three reasons to be bullish. Veralto management is targeting long-term core growth in the mid-single-digit range on a percentage basis, whereas Danaher management sees ex-Veralto growth at a high-single-digit rate over the long term. So, as it stands we're already looking at a business that stands to see overall growth accelerate. It's also worth noting that our portfolio stands to benefit from any growth in the stand-alone shares of Veralto.

Persons: it's, —, haven't, let's, It's, they're, we'll, Danaher, Jim Cramer's, Jim Cramer, Jim, Pavlo Gonchar Organizations: Washington , D.C, Management, Deutsche Bank, Silicon Valley Bank, Federal Reserve, CNBC, Getty Locations: Veralto, Danaher, Washington ,, Silicon

☆ What Kevin McCarthy's ousting as House Speaker means for markets
▼ + stars: | 2023-10-04 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

The ousting of Republican Kevin McCarthy as House Speaker may not have an immediate impact on Wall Street, but it raises the likelihood of a government shutdown in the fourth quarter — which could inject more volatility into an already rattled market. Now, Congress also grapples with deciding its next speaker to lead the House. "The immediate market impact of McCarthy's ouster is relatively limited as the government is funded through November 17," said BTIG's Isaac Boltansky. "The near-term concern is that the House's paralysis will further complicate the already complicated calculus surrounding the forthcoming funding fight." Impact on the defense sector The removal of McCarthy could have an impact on the defense sector.

Persons: Kevin McCarthy, Goldman Sachs, Jan Hatzius, Ray Dalio, Isaac Boltansky, McCarthy, Scott Deuschle, Lockheed Martin, Northrop Grumman, Deuschle, — CNBC's Michael Bloom Organizations: Deutsche Bank, Lockheed, General Dynamics, Huntington Ingalls Industries Locations: Ukraine

☆ A 'phenomenal' stock: Irrationality has made this wealth manager look super cheap, investor says
▼ + stars: | 2023-10-03 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

Irrational behavior due to concerns over the stability of the U.S. banking system has made Charles Schwab 's stock a cheap investment opportunity, according to value investor Daniel O'Keefe. O'Keefe said this "cash sorting" was mistaken for a bank run. "On the negative side, cash sorting moved back up in August post the July Fed hike, and Ameritrade client attrition around conversion activity also rose considerably." "We believe fears of a reacceleration in cash sorting behavior are overblown," the JPM analysts said in a note to clients on Sept. 20. He initiated a position in Schwab for the value fund, calling it "a phenomenal business" trading at a discount.

Persons: Charles Schwab, Daniel O'Keefe, Schwab, O'Keefe, " O'Keefe, It's, Brian Bedell, Devin Ryan Organizations: Artisan Partners, Artisan, Fund, CNBC, Schwab, Deutsche Bank, JMP Securities Locations: U.S, Schwab

Why are global bond yields rising? With inflation excluding food and energy prices elevated and the U.S. economy resilient, central banks are pushing back against rate cut bets. Many investors were also betting bond yields would drop, so are extra sensitive to moves in the opposite direction, analysts say. That is no surprise, and analysts do not rule out a rise in 10-year Treasury yields to 5%, from 4.7% now . Bond yields determine governments' funding costs, so the longer they stay high, the more they feed into the interest costs countries pay.

Persons: Brendan McDermid, August's, Goldman Sachs, Mahmood Pradhan, Treasuries, Andrea Kiguel, Yoruk, Dhara Ranasinghe, Karin Strohecker, Marc Jones, Amanda Cooper, Ed Osmond Organizations: New York Stock Exchange, REUTERS, U.S . Treasury, August's Fitch, Reuters, Treasury, Deutsche Bank, Amundi Investment, U.S, JPMorgan, Barclays, Yoruk Bahceli, Thomson Locations: New York City, U.S, Germany, Japan, Italy, Europe, Americas, Amsterdam, London

☆ India's Adani Group to build 10 GW solar manufacturing capacity by 2027 - ET
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +1 min

The logo of the Adani Group is seen on the facade of its Corporate House on the outskirts of Ahmedabad, India, January 27, 2023. REUTERS/Amit Dave/File Photo/File Photo Acquire Licensing RightsBENGALURU, Oct 2 (Reuters) - India's Adani Group plans to build 10 gigawatts (GW) of integrated solar manufacturing by 2027, more than double its current capacity, the Economic Times reported, citing news agency PTI. The conglomerate owned by Indian billionaire Gautam Adani produces solar photovoltaic cells or solar PVs through Adani Solar, with a manufacturing capacity of 4 GW. Adani Solar has confirmed orders worth over 3,000 megawatts (MW), the report said, citing sources. India's current annual solar panel manufacturing capacity of 32 GW per annum falls short of the required 52 GW.

Persons: Amit Dave, Gautam Adani, Nandan Mandayam, Shailesh Organizations: Adani, REUTERS, Rights, Economic Times, PTI, Barclays, Deutsche Bank AG, Thomson Locations: Ahmedabad, India, Bengaluru

In front of the cameras and on his social media site, Trump attacked New York Attorney General Letitia James for bringing the case against him. Last week, Engoron ruled that Trump and his co-defendants were liable for “persistent and repeated” fraud. Trump attorney Christopher Kise argued there was no intent to defraud and “no victims” in the case. “That is not fraud, that is real estate.”Judge spars with Trump attorneysAfter Habba finished her opening statement – which attacked James for campaigning that she would “get Trump” – Engoron pushed back against the Trump attorney. The firm resigned and said Trump’s financial statements should no longer be relied upon.

Persons: Donald Trump, Arthur Engoron, Trump, general’s, Letitia James, Jack, ” Trump, “ They’re, ”, Kevin Wallace, Wallace, ” Wallace, James, Engoron, Christopher Kise, “, Alina Habba, Habba, Mona Lisa, James ’, ” Engoron, ” Habba, Kise, haven’t, ” Kise, Eric Trump, Donald Trump Jr, Donald Bender, Bender Organizations: New, New York CNN, Trump, AG, Forbes, Trump Organization, White House, Deutsche Bank, Palm Locations: New York, Manhattan, ”, Palm Beach, Habba

Hollysys offers integrated services for industrial automation and rail transport, according to its website, and its control systems have been used in sensitive areas such as nuclear power stations. In August, a consortium led by Recco Control Technology and Dazheng Group Investment Holdings made an all-cash offer of $25 per share to buy the company. The special committee will discuss the next steps with Recco Control and Dazheng Group (Hong Kong) in response to the offer to acquire the company, while expediting the process to seek "additional serious and compelling offers," Hollysys said in a statement. Deutsche Bank will solicit additional potential offers on behalf of Hollysys, it added. Founded in 1993, Hollysys now has operations in China and eight other countries and regions throughout Asia.

Persons: Hollysys, Kannaki, Anil D'Silva, Susan Fenton Organizations: Hollysys Deutsche Bank, Automation Technologies, Recco Control Technology, Dazheng Group Investment Holdings, Nasdaq, Recco, Dazheng, Deutsche Bank, Dazheng Group, Reuters, U.S, New, Thomson Locations: Beijing, United States, China, Taiwan, Hong Kong, Hollysys, New York, Asia, Bengaluru, Yantoultra, Singapore

☆ Stocks just had their worst month of the year as the 'September Effect' set in. These 4 charts tell the story.
▼ + stars: | 2023-10-02 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

Stocks had their worst month of 2023 in September. These four charts sum up a rough month for the market. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The end of the third quarter does tend to be a miserable time for stocks – leading to traders coining the term "September Effect". Higher benchmark oil prices tend to be bad news for inflation gauges, because they have the knock-on effect of driving up the cost of everyday products – especially gasoline.

Persons: Stocks, —, Tesla, Henry Allen, Jerome Powell Organizations: Nasdaq, Service, Dow Jones, Apple, Microsoft, Nvidia, Big Tech, Deutsche Bank, Federal Reserve, Traders, West Texas

☆ German regulator to send special monitor to Deutsche Bank, Handelsblatt reports
▼ + stars: | 2023-10-01 | by ( ) www.reuters.com time to read: +1 min

The logo of Germany's Federal Financial Supervisory Authority BaFin (Bundesanstalt fuer Finanzdienstleistungsaufsicht) is pictured outside of an office building of the BaFin in Bonn, Germany, April 15, 2019. REUTERS/Wolfgang Rattay/File Photo Acquire Licensing RightsBERLIN, Oct 1 (Reuters) - German financial regulator BaFin will send a special monitor to Deutsche Bank (DBKGn.DE) following problems at its Postbank unit, German daily Handelsblatt reported on Sunday citing sources close to the matter. Both BaFin and Deutsche Bank declined to comment. The issues at Postbank included disruptions in online offerings, difficulty in reaching customer service and long processing times, BaFin has said. BaFin said two weeks ago it would "take relevant supervisory measures if appropriate".

Persons: Wolfgang Rattay, BaFin, Maria Martinez, Hugh Lawson Organizations: Federal Financial, Authority, REUTERS, Rights, Deutsche Bank, Thomson Locations: Bonn, Germany

☆ Top Wall Street analysts pick these five stocks for compelling returns
▼ + stars: | 2023-10-01 | by ( Tipranks.Com Staff | ) www.cnbc.com time to read: +6 min

However, the current scenario also offers an opportunity to pick stocks that could generate attractive returns despite short-term pressures. To that end, here are five stocks favored by Wall Street's top analysts, according to TipRanks, a platform that ranks analysts based on their past performance. The analyst said the results reinforce his view of Adobe as a winner in an emerging generative artificial intelligence world. "This strategy should enable creatives to better appreciate the productivity benefits of generative AI more quickly, and make Firefly-powered generative AI offerings a critical part of their workflows, creating competitive differentiation as well as increasing the overall value of Creative Cloud," said Zelnick. Rangan holds the 509th position among more than 8,500 analysts on TipRanks.

Persons: Shantanu Narayen, Mark Neuling, Wall, Brad Zelnick, Zelnick, TipRanks, Baird, Colin Sebastian, Sebastian, Bing, Goldman Sachs, Kash Rangan, Rangan Organizations: Adobe, CNBC, Adobe Software, Deutsche Bank, Microsoft Tech, Microsoft, Windows, Bing, TipRanks, FedEx

☆ Stocks enter October in a 2-month correction as traders question the economy's resilience
▼ + stars: | 2023-09-30 | by ( Michael Santoli | ) www.cnbc.com time to read: +8 min

.SPX YTD mountain S & P 500 in 2023 The median stock in the index, though, is nearly 16% off its 52-week high and is flat year to date. The S & P also went nine straight sessions through Wednesday recording a lower low than the day before, something that had only happened a dozen times over the prior century, says SentimenTrader.com. But the raw numbers say the S & P 500 has dropped from 19.7-times the next 12 months' projection to 17.9-times in two months. The equal-weight S & P 500 is at 14.3-times forward earnings; it bottomed last October just under 13. The S & P 500's annualized total returns for the last three, five and ten years are all between 10-12%, slightly above the long-term average.

Persons: Bonds, Friday's, Johnson, handicapping, shutdowns Organizations: Federal Reserve, Treasury, Deutsche Bank, Target, American Express, Investment, CNN Locations: lockstep

☆ Explainer: UAW expands strike against GM, Ford in Week 3, spares Stellantis
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +4 min

Sept 29 (Reuters) - The United Auto Workers (UAW) union on Friday expanded its coordinated U.S. strike, this time targeting a plant at General Motors (GM.N) and Ford Motor (F.N) but refraining from an additional walkout from Chrysler parent Stellantis (STLAM.MI). The UAW, which represents 46,000 GM workers, 57,000 Ford employees and 43,000 Stellantis workers, kicked off negotiations with the companies in July. Contract talks between the UAW and the Detroit automakers in past years had gone on until the strike deadline and beyond. Talks between Ford and UAW negotiators stalled during the week after the two appeared to be close to an agreement, sources familiar with the development said. In fiscal 2019, GM's fourth-quarter profit took a $3.6 billion hit from a 40-day UAW strike.

Persons: Shawn Fain, Fain, Stellantis, GM's, Morgan Stanley, Adam Jonas, Tesla, Nathan Gomes, Abhijith G, Joseph White, Ben Klayman, David Shepardson, Sriraj Organizations: United Auto Workers, UAW, General Motors, Ford, Chrysler, Detroit Three, WHO, Detroit, Reuters, Ford Bronco, Chevrolet, Deutsche Bank, EV, Thomson Locations: U.S, Michigan , Ohio, Missouri, Chevrolet Colorado

"We're definitely seeing a bit of a soft open in the IPO market", said Lizzie Reed, global head of the ECM syndicate desk at Goldman Sachs. Arm and Instacart shares briefly fell below their issue price, suggesting there is still some way before the IPO market fully recovers. Medical glass producer Schott Pharma (1SXP.F) debuted on the Frankfurt Stock Exchange on Thursday, with shares closing 16% above the IPO price. Klaviyo's shares are now trading at a 21% premium to their IPO price. "For the IPO market to open more broadly in the first quarter in 2024 ... we need the 2023 IPO cohort to continue to perform well," said Josh Weismer, head of U.S. ECM, Mizuho Americas.

Persons: Lizzie Reed, Goldman Sachs, IPOs, Robert Stowe ,, Suneel Hargunani, Schott, ThyssenKrupp, Hidrolectrica, Ross Devor, ”, Samir A, Gandhi, Stephane Gruffat, SoftBank, Josh Weismer, Echo Wang, Pablo Mayo, Anousha Sakoui, David Holmes Organizations: Bankers, ECM, Arm Holdings, Barclays, Citigroup, Schott Pharma, Frankfurt Stock Exchange, Thoma Bravo, Deutsche Bank, Nvidia, Apple, Qatar Investment Authority, U.S, Mizuho, Pablo Mayo Cerqueiro, Thomson Locations: United States, Europe, British, New York, U.S, IPOs, East, Africa, Romanian, Qatar, Mizuho Americas, London

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