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☆ Energy security trumps the climate? London’s biggest IPO of the year is an oil company
▼ + stars: | 2022-11-09 | by ( Julia Horowitz | ) edition.cnn.com time to read: +3 min

That’s one lesson from the initial public offering on Wednesday of Ithaca Energy, a North Sea oil and gas producer — which went ahead as world leaders gathered for the UN climate summit in Egypt. The best performing stock so far this year on London’s FTSE 250 index is Energean, which focuses on gas projects in the North Sea and Mediterranean. The North Sea is an aging basin, and oil and gas giants like Chevron (CVX), Exxon (XOM) and Shell (RDSA) have been winding down their presence. Piper said an oil and gas company is one of few that could get away with a listing on the market right now. “That’s going to impact the value of all North Sea oil producers,” Piper said.

☆ Stock futures mostly unchanged as election results start roll in
▼ + stars: | 2022-11-08 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +2 min

New York CNN Business —US stocks were mostly unchanged in after-hours trading as results from Tuesday’s midterm elections rolled in. If Republicans take at least one chamber of Congress, that will likely result in more gridlock, which the market usually loves. Investors are more than happy when politicians bicker but don’t actually enact any new laws that may hurt corporate profits. S&P 500 futures were down 0.1%, and the Nasdaq Composite was down 0.01%. Early results on election night can be very different from the final outcome once all the votes are tallied.

☆ Stocks rise as US midterms get underway
▼ + stars: | 2022-11-08 | by ( Paul R. La Monica | ) edition.cnn.com time to read: 1 min

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☆ Trump-linked SPAC stock goes bonkers ahead of midterms
▼ + stars: | 2022-11-08 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +2 min

The blank check firm that might merge with former President Donald Trump’s media company has soared in the past week due to expectations that Trump may soon announce a 2024 presidential run. Digital World Acquisition Corp., a so-called special purpose acquisition company, or SPAC, soared an astonishing 66% on Monday. Digital World Acquisition Corp., or DWAC for short, announced plans in October 2021 to acquire Trump Media & Technology Group, owner of the Truth Social app, a right-leaning alternative to Twitter. Still, the big move in DWAC shares is a bit curious, if for no other reason than the fact that a deal with Trump’s company may not actually happen. But despite some partisan hopes that a deal will actually occur, the numerous delays and other legal headaches have weighed on DWAC shares.

☆ Premarket stocks: What midterm elections could mean for the US economy
▼ + stars: | 2022-11-08 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN Business —Tuesday’s midterm elections come at a time of economic vulnerability for the United States. Americans are feeling the pain of rising interest rates and are facing a winter filled with geopolitical tension. If Republicans get the House, tax hikes are dead in the water,” said David Wagner, a portfolio manager with Aptus Capital Advisors. Biden’s stock market record is the second worst since Jimmy CarterThe stock market under President Biden started with a boom, but as we head into midterm elections, markets are going bust, reports my colleague Matt Egan. By contrast, Biden’s two immediate predecessors headed into their first midterm election with stock markets surging.

☆ What will the Fed do next? Follow the economy, not what Jerome Powell says
▼ + stars: | 2022-11-07 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +4 min

But Fed Chair Jerome Powell dashed those hopes during his press conference when he talked about how the Fed is still extremely worried about inflation. Here’s the thing, though: Investors are paying way too much attention to what Powell and other Fed members are saying about the economy and not focusing enough on numbers that show how the economy is actually doing. So much can change and there is always a constant flood of new data (and new speeches from Fed policy makers) to digest and parse. Keep an eye on that data more than Fed speeches and volatile interest rates futures. And the fed funds rate futures are going to keep changing based on what the latest economic reports look like.

☆ Stocks week ahead: How the midterms could affect Wall Street
▼ + stars: | 2022-11-06 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +8 min

Investors are more than happy when politicians bicker but don’t actually enact any new laws that may hurt corporate profits. If Republicans get the House, tax hikes are dead in the water,” said David Wagner, a portfolio manager with Aptus Capital Advisors. That’s because there are some areas of consensus for the White House and Republican lawmakers. Congress and the White House may spend more time bickering than trying to pass legislation. Ameriprise chief market strategist Anthony Saglimbene said on a conference call last week about the midterms that stocks have historically gone up after elections, no matter which party controls the White House and Congress.

☆ Premarket Stocks: Wall Street's recent love affair with the Fed could turn on a dime
▼ + stars: | 2022-11-02 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

New York CNN Business —Fed decision day is here — and so is some potential bad news for the market. Part of that was thanks to solid corporate earnings: Companies from GM to Coca-Cola reported strong profits and sales for the third quarter. We’ve been here before: This isn’t the first time investors rushed into markets on the belief that there would be a Fed pivot. Investors are seemingly addicted to the highs and lows of any perceived shifts in the Fed’s thinking, leaving markets excessively volatile. What’s more, only 66 companies have gone public so far this year, down more than 80% from a year ago.

☆ IPO market has unraveled this year
▼ + stars: | 2022-11-01 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +4 min

But there’s another beast, albeit a mythical one, that has been pretty much absent from the stock market all year: Unicorns. According to data from IPO research firm Renaissance Capital, that was the slowest October for the IPO market since 2011. Many hope to do so instead in 2023 if the broader market improves. With that in mind, other unicorns could go public in 2023 if the IPO window opens up again. Crypto king FTX, sports merchandise leader Fanatics, Fortnite owner Epic Games and mobile bank app Chime are among the top 2023 IPO candidates, according to Wall Street analysts.

☆ Premarket stocks: Why America's job market hasn't imploded
▼ + stars: | 2022-11-01 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

Mortgage rates are at their highest levels since 2002, consumer spending and business investment is falling and the Federal Reserve is fighting persistent inflation with higher interest rates. “While job openings should continue to fall in the months ahead, the fact that they remain well above normal levels should continue to support strong job growth, possibly all the way into 2023,” said David Kelly, chief global strategist at JPMorgan Funds. The job market is good for workers but it’s not good for inflation. The problem is that this time around, the shape of the job market is different. Oil stocks and health care companies are leading the market, with Chevron (CVX), Merck (MRK) and Amgen (AMGN) topping the Dow leaders list.

☆ Stocks: Dow on track for best month in more than 45 years
▼ + stars: | 2022-10-31 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +3 min

New York CNN Business —The Dow fell slightly midday Monday but is still up 14% this month, putting it on track for its best monthly gain since January 1976. Still, it’s fitting that on Halloween, candy maker Hershey (HSY) is trading at an all-time high, Shares are up nearly 25% this year. That’s nearly half of the Dow stocks. Oil stocks and health care companies are leading the market, with Chevron (CVX), Merck (MRK) and Amgen (AMGN) topping the Dow leaders list. This list of well known, brand-name stocks trading at record highs is further proof of that point.

☆ The Fed may have to blow up the economy to get inflation under control
▼ + stars: | 2022-10-30 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +7 min

Jobs report also on tapThe Fed meeting takes place just two days before the nation will get its next report card on the labor market. Another jobs report, from payroll processor ADP, is also due out next week, and this one looks just at Corporate America. The government said in the September jobs report that average hourly earnings rose 5% in the past 12 months. The Fed typically prefers to see wage growth in the 2% to 3% annual range as a sign that inflation is under control. Discovery, Starbucks (SBUX), PayPal (PYPL), Amgen (AMGN) and Block (SQ)Friday: US jobs report; earnings from Cardinal Health (CAH), Duke Energy (DUK) and Hershey (HSY)

☆ Dow surges more than 800 points on the back of record oil profits
▼ + stars: | 2022-10-28 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +2 min

Solid earnings from Apple and record profits from oil giants Chevron and Exxon Mobil were enough to counter the weak outlook from the retail and cloud giant. The Dow, which has Apple (AAPL) and Chevron (CVX) as two of its 30 members, surged nearly 830 points, or about 2.6%, in afternoon trading Friday. Apple (AAPL) was up nearly 8% while Chevron (CVX) rose nearly 1%. The S&P 500 is up more than 3% and even the Nasdaq, despite some weak tech earnings, has gained nearly 2%. The Dow has surged more than 14% in October, putting it on track for its best month since January 1976.

☆ TGIF! Stocks closing out week with a pop thanks to Apple and oil
▼ + stars: | 2022-10-28 | by ( Paul R. La Monica | ) edition.cnn.com time to read: 1 min

☆ Earnings have been mostly good. Just avoid the tech wreck
▼ + stars: | 2022-10-26 | by ( Paul R. La Monica | Cnn Business | ) edition.cnn.com time to read: +4 min

Corporate earnings have actually been, to quote "Curb Your Enthusiasm's" Larry David, pretty, pretty good. The Dow was up more than 300 points, or 1%, while the S&P 500 gained 0.6%. what used to be dubbed FAANG stocks before name and ticker changes) make up a big chunk of the weighting of the S&P 500. Nearly three-quarters of the S&P 500 companies that have reported earnings so far have topped forecasts. So the weaker earnings are more a function of higher costs as opposed to a significant slowdown in sales.

☆ Stock picking isn't dead. But it might as well be for most investors
▼ + stars: | 2022-10-25 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +4 min

Index funds tend to be cheaper. Obviously, index provider S&P Global (SPGI) has a vested interest in promoting passive funds backed to various benchmark indexes. Even legendary investing guru Warren Buffett of Berkshire Hathaway (BRKB) has extolled the virtues of index funds for average investors. He noted that just one of every four active funds beat their passive benchmarks over the ten years ending in June. That’s why some investors aren’t singing a funeral dirge for active stock picking – just yet.

☆ Stock market keeps rallying even though consumers feel lousy
▼ + stars: | 2022-10-25 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +3 min

New York CNN Business —Consumers may be worried about inflation and rising interest rates. But don’t tell that to Wall Street. So why is the market in rally mode even though consumers are worried about the rising price of just about everything? So even though consumers and businesses may feel lousy every time they buy something and see how much it costs…they are still spending. The famous saying about Wall Street is that markets are forward looking.

☆ Stock market continues to sizzle this month
▼ + stars: | 2022-10-24 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +2 min

New York CNN Business —October may be famous for historically horrifying stock market crashes like the ones in 1929, 1987 and 2008. Stocks enjoyed another solid rally Monday, continuing a hot streak for the markets this month. The S&P and Nasdaq are each still down more than 20% in 2022, though, which means they are in a bear market. American companies with significant exposure to the Chinese market were also hit hard and sat out the broader market rally. Brands (YUM) was down 2% while Yum China (YUMC), which franchises the KFC, Pizza Hut and Taco Bell brands in China, plunged 14%.

☆ Forget Big Banks. It pays to be smaller
▼ + stars: | 2022-10-24 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +5 min

That’s compared to a nearly 20% drop for the Financial Select Sector SPDR, which holds most of the big banks. So can regional banks continue to hold up well even as the Fed is expected to jack up interest rates even further? More big rate hikes are likely to lead to an even bigger jump in mortgage rates, which could put a major dent in the rapidly slowing housing market. Businesses more cautious and inflation not going away yetThat said, there are big risks that Steinour is monitoring. So we’re likely to see higher rates for a longer period of time.”Steinour said that big rate hikes may not feel great for consumers or small businesses.

☆ Beyond Meat launches new steak product
▼ + stars: | 2022-10-24 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +2 min

New York CNN Business —Beyond Meat, the company known for plant-based burgers designed to look, taste and cook like meat, is getting into plant-based steak. But the new product, meant to mimic an expensive cut of beef, arrives as interest in the plant-based sector appears to be ebbing. Each 10-ounce package contains seared plant-based “steak tips” in bite-sized pieces, and is priced at $7.99. “Beyond Steak is a highly anticipated expansion of our popular beef platform,” said Dariush Ajami, chief innovation officer at Beyond Meat, in a statement announcing the new product Monday. The product “delivers the taste and texture of sliced steak.”Beyond Meat launched a new steak product, Beyond Steak.

☆ The economy may be in better shape than you think...for now
▼ + stars: | 2022-10-23 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +7 min

The consensus forecast from economists surveyed by Reuters is that GDP grew at an annualized pace of 2.1% in the third quarter. (This will be the first estimate for third-quarter GDP, and there will be several revisions in the coming weeks.) That also means the Fed will likely continue to sharply raise interest rates to finally choke off inflation once and for all. Those rate hikes helped cause a so-called double-dip recession, where the economy suffered two downturns between 1980 and 1982. In other words, the much-hoped-for “soft landing” for the economy could turn out to be a pipe dream.

☆ Stocks soar on hopes that Fed will slow rate hikes
▼ + stars: | 2022-10-21 | by ( Paul R. La Monica | ) edition.cnn.com time to read: 1 min

☆ Key US bond yield hits highest level since June 2008
▼ + stars: | 2022-10-20 | by ( Paul R. La Monica | ) edition.cnn.com time to read: 1 min

☆ Beware of fad stocks. Truly owner, Snap & Zoom have plunged
▼ + stars: | 2022-10-20 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +4 min

The Sam Adams brewer, which also owns the hard seltzer brand Truly, is struggling as the popularity of alcoholic seltzer appears to be fading fast. “The continuing decline of the hard seltzer segment … is deeper than previously expected,” said Boston Beer founder and chairman Jim Koch on the company’s earnings call in July. Sam Adams owner Boston Beer made a big bet on Truly Hard Seltzer. Sales have slowed, the company is still losing money, its founders have left, and the stock has plunged nearly 80% this year. E-signature software company DocuSign (DOCU) and virtual health company Teladoc (TDOC) have also plunged this year after getting huge boosts from Covid in 2020.

☆ It’s been 35 years since the epic Black Monday crash. What have investors learned?
▼ + stars: | 2022-10-19 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +7 min

CNN Business spoke to Jon Hirtle, a broker at Goldman Sachs in 1987, to get his recollections about Black Monday. That’s led some Wall Street veterans to derisively refer to the NYSE as nothing more than a glorified TV studio. Goldman Sachs announced Tuesday that it is merging its trading and investment banking businesses into a single unit. CEO David Solomon said that the move is a “realignment” that will allow Goldman Sachs to better serve its customers. There are growing concerns on Wall Street (and Main Street) about an economic downturn.

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