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☆ Stifel says the S&P 500 to top out soon, still stuck in a secular bear market
▼ + stars: | 2023-12-04 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

The broad market index ended Friday at 4,594.63, its highest close for 2023. .SPX YTD mountain S & P 500 in 2023 Year to date, the broad market index is up nearly 19%, fueled primarily by large-cap tech names like Meta and Nvidia . He also noted that the market faces bleak prospects going into the early 2030s, expecting a range-bound S & P 500 in real terms" as investors navigate a secular bear market. "The CPI inflation-adjusted S & P 500 peaked near 5,300 in Dec-2021 and has been lower since, which is characteristic of a decade-long Secular Bear Market featuring a flattish/range bound market," Bannister said. As the market growth story shifts to cyclical growth, Bannister says the previous "high level of returns … is gone for a generation."

Persons: Barry Bannister, Bannister, Michael Bloom Organizations: Nvidia

☆ Dollar drifts near three-month low, focus on inflation data
▼ + stars: | 2023-11-30 | by ( ) www.cnbc.com time to read: +3 min

The index is down 3.7% in November on growing expectations the Fed will cut interest rates in the first half of 2024. The dollar clawed back some of its losses on Wednesday after data showed the U.S. economy grew faster in the third quarter than initially reported. "Markets will continue to play to focus on what FOMC officials say about the prospect of the upcoming rate-hike cycle." Two of the best-performers are at the polar opposite ends of the "carry" spectrum — the New Zealand dollar and Japanese yen . On Thursday, yen strengthened 0.09% to 147.11 per dollar, remaining close to two and half month high of 146.675 per dollar it touched on Wednesday.

Persons: Carol Kong, Jerome Powell, Christopher Waller, Christopher Wong, Goldman Sachs, Sterling Organizations: Federal, Commonwealth Bank of Australia, New Zealand, Bank of Japan Locations: U.S

FILE PHOTO: A screen showing the Hang Seng stock index is seen outside Exchange Square, in Hong Kong, China, August 18, 2023. REUTERS/Tyrone Siu/File Photo Acquire Licensing RightsDec 1 (Reuters) - A look at the day ahead in Asian markets. They include Australia, South Korea and India, as well as China's 'unofficial' PMI. Foreigners already appear to be voting with their feet - China just recorded its first-ever quarterly deficit in foreign direct investment. Here are key developments that could provide more direction to markets on Friday:- PMIs for Australia, South Korea, India, China- Japan unemployment (October)- Indonesia inflation (October)By Jamie McGeever Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Tyrone Siu, Dow Jones, Jamie McGeever, Josie Kao Organizations: REUTERS, PMI, National Bureau, Statistics, Japan's Nikkei, U.S ., Thomson, Reuters Locations: Exchange, Hong Kong, China, Japan, South Korea, Indonesia, Australia, India, Asia

☆ Asia stocks closing in on strongest month since January
▼ + stars: | 2023-11-30 | by ( Kane Wu | ) www.reuters.com time to read: +4 min

A man is reflected on an electric stock quotation board outside a brokerage in Tokyo, Japan April 18, 2023. The MSCI Asia-ex-Japan stocks index (.MIAPJ0000PUS) is up 6.7% so far this month, setting it on course to mark the best month since January. South Korea's KOSPI (.KS11) has led the rally in Asia with 10.5% gains this month, followed closely by Taiwan (.TWII) and Japan's Nikkei Average index (.N225). Ten-year U.S. yields are down more than 60 basis points in November, on track for the steepest monthly drop since late 2008. U.S. financial conditions are the loosest since early September and have eased 100 basis points in a month, according to Goldman Sachs.

Persons: Issei Kato, Korea's, Christopher Waller, Waller, Redmond Wong, Goldman Sachs, J.P.Morgan, Brent, Kane Wu, Vidya Ranganathan, Sam Holmes Organizations: REUTERS, Fed, Stock, U.S, Wednesday, Saxo Markets, Organization of, Petroleum, Reuters, Thomson Locations: Tokyo, Japan, HONG KONG, U.S, Asia, Taiwan, Greater China, China, Russia, Hong Kong

☆ Stocks just had their best month of the year. Why it happened and who led the way
▼ + stars: | 2023-11-30 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +5 min

The S & P 500 entered Thursday up 8.5% in November, on track for its best month since July 2022. .SPX 1M mountain November is shaping up to be the best month of the year for the S & P 500. Through mid-November, when 94% of S & P 500 companies had reported results, third quarter earnings were tracking about 4.3% above the same time last year, according to FactSet. Top stocks Another important change in November is the stocks leading the way. Of the 10 biggest stocks in the S & P 500, five rose at least 10% in November, including the two largest in Apple and Microsoft .

Persons: John Stoltzfus, Oppenheimer, Angelo Kourkafas, Edward Jones, It's, it's, Yung, Yu Ma, That's, Santa Claus, Chris Verrone, — CNBC's Michael Bloom Organizations: Treasury, Federal, PCE, Fed, CNBC, Expedia, Carnival Corp, Generac Holdings, Paramount Global, Insulet Corp, BMO Wealth Management, Apple, Microsoft, Tesla, Energy, OPEC Locations: U.S, Santa

☆ November’s rally has set the 60/40 portfolio on track for its best month since 2020
▼ + stars: | 2023-11-30 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +2 min

Investors who held a balanced portfolio and just let it ride through November are about to be handsomely rewarded: The 60/40 portfolio is cruising to its best month in three years. That's just short of the 7.5% advance in November 2020, when progress on Covid vaccines heralded an economic reopening. AOR YTD line YTD performance for iShares Core Growth Allocation ETF (AOR) First, bond yields cooled substantially in November. Bond yields decline when bond prices rise, so cooling rates have lifted prices for fixed income allocations. A recovery in both asset classes has since lifted the AOR to a total return of 10.8% for 2023, showing that staying the course can pay off.

Persons: That's, Henry Allen, they've, — CNBC's Michael Bloom Organizations: Federal Reserve, Deutsche Bank, Fed, ECB Locations: Wednesday's

REUTERS/Kim Hong-Ji/File Photo Acquire Licensing RightsNov 30 (Reuters) - A look at the day ahead in Asian markets. If this week has so far been strangely listless for Asian markets, that could be about to change suddenly on Thursday as investors brace for a deluge of top-tier economic data and policy events from across the continent. The latest industrial production and retail sales data from both Japan and South Korea are on tap too, all of which could move their respective markets, especially currencies. All else equal, the risks for Asian markets on Thursday may be tilted to the upside, even though stock markets around the world again struggled on Wednesday. South Korea's central bank is expected to keep its base rate on hold at 3.50% and leave it there until at least the middle of next year.

Persons: Kim Hong, That's, Goldman Sachs, Jamie McGeever, Josie Kao Organizations: Korea, South Korean, REUTERS, New Zealand, Bank of Japan, Reserve Bank of New Zealand, Thomson, Reuters Locations: Seoul, South Korea, China, India, Japan, U.S, Korea's, Korea

☆ Barclays fears year-end gains could be stealing 2024's potential returns
▼ + stars: | 2023-11-28 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

For investors cheering stocks' strong rally into the year end, Barclays warned that it could be eating into 2024's return. A number of macro news events sparked a relief rally in equities as 2023 begins to wrap up, with the S & P 500 registering four straight weeks of gains and climbing 8.5% in November. "Combined with year-end seasonality, the surge in institutional flows could push equities over their skis, essentially 'borrowing' 2024 returns and leaving less room for upside next year," he added. .SPX YTD mountain S & P 500 The firm expects only single-digit returns next year as modest economic deceleration offsets the benefit of easing inflation. Barclays raised its 2024 S & P 500 price target to 4,800, from 4,500 previously.

Persons: Venu Krishna, Krishna, dovish, Treasury QRA, — CNBC's Michael Bloom Organizations: Barclays, Treasury, Big Tech, CNBC Pro's, Survey, Wall

☆ S&P 500 to reach record 5,100 next year, fueled by bumper corporate profits, BMO says
▼ + stars: | 2023-11-27 | by ( Hakyung Kim | ) www.cnbc.com time to read: +3 min

The stock market rally will diversify next year amid a broader, "normal for longer" trend, according to BMO Capital Markets. Chief investment strategist Brian Belski set his 2024 base case target of 5,100 for the S & P 500, which implies an almost 12% rally from Friday's close. In other words, normal and typical," Belski wrote in a Monday note. But that does not make it normal or typical," Belski added. One market trend that will notably improve next year is the percentage of stocks outperforming the broader index, Belski added.

Persons: Brian Belski, Belski, –, — CNBC's Michael Bloom Organizations: BMO Capital Markets, BMO, Bank of Montreal Locations: Friday's

☆ Harrisburg, Pennsylvania is the No. 1 place to retire in America, recent study shows
▼ + stars: | 2023-11-27 | by ( Celia Fernandez | ) www.cnbc.com time to read: +3 min

According to a recent U.S. News and World Report ranking, the state of Pennsylvania dominates the list of best place to retire in the U.S. Harrisburg ranked as the best place to retire in the U.S. in 2024, according to U.S. News and World Report. Richard T. Nowitz | The Image Bank | Getty ImagesHarrisburg, Pennsylvania's capital, ranked as the best place to retire in the U.S. Reading, Pennsylvania ranked as the second-best place to retire in the U.S. in 2024, according to U.S. News and World Report. 3 best place to retire in the U.S. in 2024, according to U.S. News and World Report.

Persons: Richard T, Penn ., Alex Potemkin, RentCafe Organizations: . News, U.S . News, U.S, Harrisburg, Bank, Getty Images, Allentown , Penn . New York City, Daytona, Reading Railroad, Monopoly, Istock, Getty Locations: U.S, Florida, Pennsylvania, Northeastern, Puerto Rico, Harrisburg, Penn, Getty Images Harrisburg, New York City, Philadelphia, Baltimore, Washington, East Coast, Zillow, Reading, Penn . Lancaster, Scranton, Allentown , Penn . New York, Allentown , Penn . New York City York, Daytona Beach, Fla . Youngstown , Ohio Pittsburgh, Reading , Pennsylvania, Lancaster, Reading , PA, Lancaster . Lancaster , Pennsylvania

The idea of investing has always terrified me, because I worry that I don't know what I'm doing. The idea of investing my money used to absolutely terrify me. We all have our own reasons, but I know I'm not the only person who's approached the stock market with trembling hands. The average stock market return is about 10% every year. After maxing out my Roth IRA, I started putting money into a brokerage account, specifically investing in index funds.

Persons: —, wasn't, I've, I'd, who's, She's, she's, Get, it's, Roth Organizations: Service, SEC, IRA, Roth IRA

While the S&P 500 index (.SPX) ended little changed, the Amplify Online Retail ETF climbed 0.4% and the broader SPDR S&P Retail ETF gained about 0.7%. The SPDR S&P Retail ETF, which has net assets of $396.6 million, recorded weekly outflows of $115.6 in the week ended on Wednesday, according to data from Lipper. Still, the bulk of 2023 returns for investors in U.S. retail ETFs have come in recent weeks. The VanEck Retail ETF (RTH.O) has generated half of its 12.8% year-to-date gains in the last two months. But Thomas Hayes, chair at Great Hill Capital LLC in New York, anticipates better-than-expected gains in retail stocks this holiday season.

Persons: Vincent Alban Acquire, Michael Ashley Schulman, Schulman, Thomas Hayes, Suzanne McGee, Lananh Nguyen, Josie Kao Organizations: Woodbury, REUTERS, Exchange, P Retail, Retailers, National Retail Federation, Walmart, United Auto Workers, Hollywood SAG, Running, Retail, Great, Capital, Thomson Locations: Central Valley , New York, U.S, New York

☆ The S&P 500 could see double-digit gains again in 2024, RBC says
▼ + stars: | 2023-11-22 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

.SPX YTD mountain The S & P 500 has already broken above 4,500. RBC projects earnings per share for the S & P 500 will rise about 4% in 2024, and notes that the economy could be surprisingly resilient once again. "The possibility that the economy surprises to the upside again in 2024 is an upside risk to our S & P 500 target price. That being said, we continue to have doubts that a recession must necessarily be priced into the US equity market," Calvasina said. When market cap concentration has spiked in the past, it's often been associated with periods of nervousness in the US equity market.

Persons: Lori Calvasina, Calvasina, it's Organizations: RBC Capital Markets, CNBC Market, Survey, RBC Locations: U.S

☆ Bank of America sees the S&P 500 rising to 5,000 next year, anticipates a 'stock picker's paradise'
▼ + stars: | 2023-11-21 | by ( Fred Imbert | ) www.cnbc.com time to read: +2 min

Savita Subramanian, the bank's head of U.S. equity and quantitative strategy, wrote Tuesday she sees the S & P 500 ending 2024 at 5,000. "We are past maximum macro uncertainty," wrote Subramanian. The S & P 500 on Friday posted a three-week winning streak — its longest run since this past summer. The strategist also noted other reasons she's bullish heading into 2024, including: Expectations of S & P 500 earnings rising more than 6% year over year. How to play it She anticipates a "stock picker's paradise" as certain companies separate themselves from the pack.

Persons: Savita Subramanian, Subramanian, she's Organizations: of America, Federal, Bull Locations: Monday's

☆ Legendary short-seller Jim Chanos slams Elon Musk supporters as news emerges that the Tesla bear will shut down his funds
▼ + stars: | 2023-11-20 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Jim Chanos tore into Elon Musk's supporters Sunday in an expletive-laden post on X. "If you are a cult member who believes rockets exploding are a 'success'... please sit down and STFU," the legendary short-seller said. The Wall Street Journal reported Friday that Chanos would be shutting down his hedge funds. AdvertisementJim Chanos appeared to rip into supporters of Elon Musk in an expletive-laden rant Sunday, just days after the Wall Street Journal reported the legendary short-seller and longtime Tesla bear would be closing down his funds. "The marketplace for what I do has changed," Chanos told the Journal, likely referring to short sellers' struggles in 2023.

Persons: Jim Chanos, Elon Musk's, —, Elon Musk, Tesla, Chanos, he's, Musk's Tesla Organizations: Elon, Street, Service, Wall Street Journal, Enron

☆ My retirement savings have grown for 4 years straight thanks to a foolproof investing strategy I learned from 'Millionaire Teacher'
▼ + stars: | 2023-11-17 | by ( Alexis Rhiannon | Stephanie Hallett | Read More | ) www.businessinsider.com time to read: +7 min

I followed Hallam's advice and invested in index and bond funds, and my portfolio has grown consistently for four years. I keep a ratio of 70% stock funds and 30% bond funds, with an even split between international and domestic stocks. If stock market index funds are unsexy, then bonds are flat-out frumpy. Dips in the stock market. In a wildly volatile year, when the stock market is moving by 20% or more, you could absolutely get in more frequently to try to rebalance your ratios.

Persons: Andrew Hallam, —, I've, Andrew Hallam's, I'd, Hallam, they're, That's, Read, it's, Get Organizations: Service, SoFi, SEC Locations: foolproof, Hallam

☆ Jim Chanos, the short seller who called Enron's fall, is converting hedge fund to a family office
▼ + stars: | 2023-11-17 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +1 min

Renown short seller Jim Chanos will be converting his hedge fund Chanos & Co., to a family office and advisory business, CNBC has learned. Chanos is moving to the family office model as the stock market has rallied in 2023. As recently as January of this year, he also had short bets on Tesla, pointing to rising competition in the electric vehicle market. You have [Chinese automaker] BYD and others just taking massive market share," Chanos said. Still, Tesla shares have rallied 90% this year as investors crowded into the so-called Magnificent 7 tech stocks.

Persons: Jim Chanos, Chanos, CNBC's Scott Wapner, Tesla Organizations: Renown, CNBC, Enron, Chanos, Wall Street Locations: China, U.S

☆ Homebuilder stocks could get another boost from rate hikes ending
▼ + stars: | 2023-11-17 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

New York CNN —For over a year, the red-hot housing market has been at the mercy of the Federal Reserve’s rate hikes, which have driven mortgage rates to sky-high levels. Mortgage rates have hovered above 7% since August, according to Freddie Mac data. Both those factors have helped create a scorching-hot housing market and a boom in homebuilder stocks, as Americans turned to building as a buying alternative. Moderating bond yields could change the narrative for the housing market. Tight supply and elevated mortgage rates this year made home purchases the least affordable they’ve been since 1984.

Persons: Bell, Freddie Mac, Toll, DR Horton, Lennar, Price, Steve Sosnick, ”, John Petrofsky, Chris Isidore, Danielle Wiener, Bronner, haven’t, Clare Duffy, Donie, Meta Organizations: CNN Business, Bell, New, New York CNN, Homeowners, DR, Federal, Treasury, Interactive, National Association of Home Builders, FBB Capital Partners, Starbucks, United Auto Workers, SAG, Writers Guild of America, Starbucks Workers United, Facebook, Street, Washington Post Locations: New York, Wells Fargo, Buffalo , New York, United States, Brazil, Israel, Italy

☆ Asia stocks waver, expectations of Fed pause intact after data
▼ + stars: | 2023-11-16 | by ( Julie Zhu | ) www.reuters.com time to read: +4 min

U.S. economic data this week has left investors in the same state of confusion about Fed policy as they have been in for weeks. "A period of consolidation seems warranted, especially if Fed officials push back against the recent easing in financial conditions." Australian shares (.AXJO) were down 0.33%, while Japan's Nikkei stock index (.N225) slid 0.36%. On Wednesday, U.S. stocks closed slightly higher, as the inflation data reinforced investor hopes the Fed is done raising interest rates, while retail stocks were boosted by an upbeat forecast from Target. The two-year yield , which rises with traders' expectations of higher Fed fund rates, touched 4.8991% compared with a U.S. close of 4.916%.

Persons: Issei Kato, HSI, Joe Biden, Xi Jinping, Brent, Julie Zhu, Vidya Ranganathan, Lincoln Organizations: REUTERS, ANZ, Japan's Nikkei, Nikkei, Target, Dow Jones, Nasdaq, Treasury, Thomson Locations: Tokyo, Japan, HONG KONG, Asia, Pacific, U.S

☆ US homebuilder confidence drops for fourth month in a row
▼ + stars: | 2023-11-16 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —Homebuilder confidence dropped for the fourth month in a row in November as mortgage rates neared 8%. But recent economic data suggests housing conditions may improve in coming months. Builder confidence in the market for newly built single-family homes in November fell six points to 34, according to the National Association of Home Builders / Wells Fargo Housing Market Index released Thursday morning. Specificially, Dietz said, the 10-year Treasury rate moved back to the 4.5% range for the first time since late September, which will help bring mortgage rates down closer to or below 7.5%. In November, 60% of builders provided sales incentives of all forms, down slightly from 62% in October.

Persons: ”, Alicia Huey, ” Huey, NAHB, Robert Dietz, NAHB’s, Specificially, Dietz, ” Dietz, Freddie Mac Organizations: DC CNN, National Association of Home Builders, Federal Reserve, Treasury Locations: Washington, Wells Fargo

☆ Morning Bid: Ebbing oil sustains economic glow
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +6 min

Word "Oil" and stock graph are seen through magnifier displayed in this illustration taken September 4, 2022. That drop, which takes annual producer price inflation as low as 1.3%, was driven largely by falling gasoline prices. And that meets news that China's oil refinery throughput fell back in October as industrial fuel demand weakened. The overall energy and inflation picture is helping buoy consumption and stokes the 'soft landing' narrative investors are betting on. The picture in overseas markets, where the economic picture is cloudier, was more mixed.

Persons: magnifier, Dado Ruvic, Mike Dolan, stokes, Mary Daly, Joe Biden, Xi Jinping, Xi, Biden, Washington, Christopher Waller, Lisa Cook, John Williams, Michael Barr, Loretta Mester, Christine Lagarde, Luis de Guindos, Andrea Enria, Dave Ramsden, Andres Manuel Lopez Obrador, Alexander Smith Organizations: REUTERS, U.S . Energy Information Administration, Walmart, Federal, San Francisco Fed, Treasury, U.S . Senate, Philadelphia Fed, Kansas City Fed, Applied, Ross Stores, Federal Reserve, Lisa Cook , New York Fed, Cleveland Fed, European Central Bank, Bank of England, New York Federal Reserve, Insider Intelligence, Reuters Graphics, Thomson, Reuters Locations: U.S, United States, China . U.S, Target, San Francisco, Taiwan, China, Kansas, Treasuries, Lisa Cook , New, Franciso, Reuters Graphics China

☆ Real estate made China rich. Now it's looking more like kryptonite.
▼ + stars: | 2023-11-16 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

It’s a sign a key engine for the world’s second-largest economy is still sputtering, despite Beijing’s stimulus packages. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementChina's property crash worsened last month in a sign the world's second-largest economy is still facing headwinds despite recent government interventions. Evergrande serves as a case in point for how an industry that contributed to China's economic boom for decades has turned into a point of weakness. That's a sign investors are looking past US president Joe Biden's San Francisco summit with Chinese premier Xi Jinping and zeroing back in on China's economic struggles, according to analysts.

Persons: —, That's, that's, Evergrande, Hui Ka Yan, Joe Biden's, Xi Jinping, Hargreaves, Susannah Streeter, Joe Biden Organizations: Service, National Bureau, Statistics, Bloomberg, Cato Institute, CSI Locations: China, Beijing, Chinese, Joe Biden's San Francisco

☆ Mom and pop shops are cutting software spending, creating jitters on Wall Street
▼ + stars: | 2023-11-16 | by ( Jake Piazza | In | ) www.cnbc.com time to read: +9 min

Joe Coffee founders Nick and Brenden Martin Joe CoffeeWall Street is on edge. Over the past two decades, small businesses have accounted for 40% of U.S. gross domestic product, according to the Chamber of Commerce. "If America is really built on the backbone of small business owners, why are they the ones that never catch the break?" In 2021, Joe Coffee, which now has 17 employees, created a full software and payments suite for coffee shops. WATCH: Xero will remain focused on core segments such as small businesses

Persons: PAYC ZI, Nick Martin, Joe Coffee, Martin, Joe Coffee's, aren't, Bill, Nick, Brenden Martin Joe Coffee, John Rettig, Cameron Hyzer, Yamini Rangan, Rangan, Bill didn't, Jake Dollarhide, Martins, Brenden Martin, Nick's, Brenden, Zhang Peng, they'd, Taylor McGinnis, ZoomInfo, we've, Bryan Keane Organizations: Starbucks, CNBC, Bill Holdings, Bureau of Labor Statistics, Joe, Nasdaq, Chamber of Commerce, Longbow Asset Management, Microsoft, Coffee Fest, UBS, Deutsche Bank Locations: Seattle, Paycom, West Richland , Washington, Coffee, Los Angeles

☆ These high beta stocks will lead the way if the year-end comeback continues
▼ + stars: | 2023-11-16 | by ( Hakyung Kim | ) www.cnbc.com time to read: +8 min

Essentially, if the broad market index rises by 1%, the following high beta stocks could jump by 1.5% or more. The company has a beta value of 1.7 and is scheduled to report earnings on Tuesday. Essentially, if the broad market index rises by 1%, the following high beta stocks could jump by 1.5% or more. Goldman Sachs recently recommended the pullback in Devon Energy shares as a buying opportunity, citing the company's strong balance sheet as a factor. The company has a beta value of 1.7 and is scheduled to report earnings on Tuesday.

Persons: Stocks, Goldman Sachs, Wells Fargo, Gunnar Wiedenfels, Bing Guan Organizations: CNBC Pro, Dow Jones, Nasdaq, CNBC, APA Corp, APA, Devon Energy, Marathon, Marathon Oil, Nvidia, UBS, Qs, Warner Bros Discovery, Angeles Refinery, Reuters, Beta, APA APA Corp, Entertainment, Devon Energy Corp, Oil Corp, Targa Resources Corp, MGM MGM Resorts, HAL Halliburton, McMoRan, Aptiv, WYNN Wynn Resorts, Body, Semiconductor Corp, NVIDIA Corp, Zebra Technologies, Albemarle, Alaska Air Group Locations: Angeles, Carson , California, Freeport

☆ 3M names new healthcare spinoff as Solventum
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +1 min

The logo of Down Jones Industrial Average stock market index listed company 3M is shown in Irvine, California April 13, 2016. REUTERS/Mike Blake/File Photo Acquire Licensing RightsNov 16 (Reuters) - U.S. industrial conglomerate 3M (MMM.N) said on Thursday its independent healthcare business would be called Solventum following its spinoff. 3M disclosed plans to spin off its healthcare business into a listed company last year, in which the U.S. industrial giant would retain a 19.9% stake. The healthcare unit, which focuses on wound care, oral care and healthcare technology, reported about $8.4 billion in sales in 2022. 3M had said in August that Bryan Hanson would be the chief executive officer of the healthcare company.

Persons: Mike Blake, Bryan Hanson, Christy Santhosh, Shilpi Majumdar Organizations: Down Jones, REUTERS, 3M, Thomson Locations: Irvine , California

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