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☆ The Score: Shopify, GM, Tesla and More Stocks That Defined the Week
▼ + stars: | 2023-12-02 | by ( Francesca Fontana | ) www.wsj.com time to read: 1 min

E-commerce platform Shopify said its merchants hit a sales record. Photo: David Kawai/Bloomberg NewsThe Score is a weekly review of the biggest stock moves and the news that drove them. ShopifyBlack Friday and Cyber Monday brought in big sales for online shopping firms.

Persons: David Kawai, Shopify Organizations: Bloomberg

☆ George Santos Is Expelled From Congress
▼ + stars: | 2023-12-01 | by ( Wall Street Journal | ) www.wsj.com time to read: 1 min

George Santos Is Expelled From CongressA majority of House members voted Friday to expel George Santos (R., N.Y.) from the House of Representatives. Santos faces federal fraud charges and is expected to go on trial in September 2024. Photo: Al Drago/Bloomberg News

Persons: George Santos, Santos, Al Drago Organizations: Representatives, Bloomberg Locations: N.Y

☆ Biden’s EV Subsidy Rules Leave Room for Chinese Suppliers
▼ + stars: | 2023-12-01 | by ( Andrew Duehren | ) www.wsj.com time to read: 1 min

A challenge is making electric vehicles cheaper, to bring down carbon emissions, while reducing reliance on China. Photo: Alisha Jucevic/Bloomberg NewsThe Biden administration is moving to jolt the domestic electric-car industry out of its reliance on China. But much-awaited rules released Friday appear to leave some room for U.S. companies to work with Chinese partners. The new requirements will likely reduce the number of electric-vehicle models that consumers can buy and qualify for a $7,500 tax credit. How many vehicles are eligible will hinge on automakers’ ability to build cars that comply with the rules.

Persons: Alisha Jucevic, Biden Organizations: Bloomberg Locations: China

☆ Wall Street Shrugs Off Latest OPEC+ Oil Cuts
▼ + stars: | 2023-12-01 | by ( David Uberti | ) www.wsj.com time to read: 1 min

Crude prices seesawed after the OPEC+ announcement. Photo: Andrey Rudakov/Bloomberg NewsMembers of the oil-producers group known as OPEC+ have tried to push crude prices upward with unexpected supply cuts since last year. Wall Street isn’t yet convinced that will pan out. On Thursday, a million barrel-a-day pullback surprised a market that had largely anticipated that the cartel and its allies would hold output steady. Crude prices seesawed after the announcement, suggesting many traders were unsure if it was the surprise they wanted.

Persons: Andrey Rudakov Organizations: Bloomberg Locations: OPEC

☆ Rift Over Fossil Fuels to Dominate COP28
▼ + stars: | 2023-12-01 | by ( Stacy Meichtry | Matthew Dalton | ) www.wsj.com time to read: 1 min

Leaders from the United Arab Emirates, the host of COP28, on the opening day of the summit in Dubai. Photo: Hollie Adams/Bloomberg NewsDUBAI—World leaders gathered for climate talks in this oil-rich corner of the globe amid sharp divisions over how quickly governments need to wean their economies off fossil fuels to prevent the planet from blowing past the Paris accord’s temperature targets. Vice President Kamala Harris was expected to join Brazilian President Luiz Inácio Lula da Silva , French President Emmanuel Macron and a host of leaders from across the Gulf region Friday at the start of a two-day summit to kick off the United Nations’ annual climate talks, known as COP28.

Persons: Hollie Adams, Kamala Harris, Luiz Inácio Lula da Silva, Emmanuel Macron Organizations: United Arab Emirates, Bloomberg News DUBAI —, Brazilian, United Nations Locations: Dubai, Paris, Gulf

☆ George Santos Expelled From Congress in Historic House Vote
▼ + stars: | 2023-12-01 | by ( Katy Stech Ferek | Jimmy Vielkind | ) www.wsj.com time to read: 1 min

A majority of House members voted Friday to expel George Santos (R., N.Y.) from the House of Representatives. Photo: Al Drago/Bloomberg NewsWASHINGTON—The House voted Friday to expel embattled Rep. George Santos over allegations the New York Republican stole money from his own campaign and committed other misdeeds, in only the sixth expulsion from the chamber and the first of a member who wasn’t a convicted felon or a member of the Confederacy. Lawmakers voted 311 to 114 to remove him, above the two-thirds House supermajority required by the Constitution. While almost all Democrats and many Republicans supported the move to expel Santos, more than half of GOP lawmakers—including Speaker Mike Johnson (R., La.) and other members of party leadership—said he shouldn’t be expelled before his criminal case had been resolved as it would set a bad precedent.

Persons: George Santos, Al Drago, wasn’t, Santos, Mike Johnson, —, shouldn’t Organizations: Bloomberg News WASHINGTON, New York Republican, Confederacy, Republicans Locations: N.Y

☆ A popular female coding Instagram account that said men 'suffer from biases equally to women' was created by a man, report says
▼ + stars: | 2023-12-01 | by ( Lindsay Dodgson | ) www.businessinsider.com time to read: +6 min

The person behind a female coder's Instagram account is a man, 404 Media reports. The page, called coding_unicorn, has 115,000 followers and claims to be run by a woman called Julia. AdvertisementA popular Instagram account fronted by a woman named Julia Kirsina is run by a man, according to a 404 Media investigation. But in reality, the person running the account is a male software developer called Eduards Sizovs, according to a 404 Media report. Advertisement404 Media dug into Sizovs' IP logs and old YouTube videos, and said it found that he had access to an email account called coding_unicorn.

Persons: Julia, —, Julia Kirsina, Kirsina, coding_unicorn, Sizovs, Ayodeji, Satya Nadella, Gergely Orosz, Anna Boyko, Alina Prokhoda, Kristine Howard, Julia Kirsina —, Scott Hanselman Organizations: Service, Business, Sizovs, Microsoft, Amazon Web Services, Bloomberg

☆ Why Pfizer's latest stumble in the obesity market is a boon for Eli Lilly
▼ + stars: | 2023-12-01 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +5 min

In June, the New York-based pharmaceutical giant stopped developing a different obesity pill, known as lotiglipron , due to concerns about liver safety. Meanwhile, Eli Lilly shares were mainly flat in afternoon trading, at around $591apiece. We lifted our Eli Lilly price target Friday to $630 per share, up from $600. Eli Lilly and Danish rival Novo Nordisk (NVO) are the two dominant players in the obesity market. The longer it takes for competitors to get to this burgeoning market, the more revenue first-movers Eli Lilly and Novo Nordisk can capture.

Persons: Eli Lilly, Jim Cramer, Lilly's, Novo's, Jim, Eli Lilly —, —, Eli, that's, — Novo's, Novo, semaglutide, Jim Cramer's, AJ Mast Organizations: Pfizer, Club, Novo Nordisk, Pharmaceutical, Amgen, AstraZeneca, Bank of America, U.S . National Library of Medicine, U.S . Food, Drug Administration, CNBC, Bloomberg, Getty Locations: New York, Danish, Lilly, U.S, Indianapolis , Indiana

☆ Wordline shares surge on report Credit Agricole could take stake
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +2 min

The logo of payments company Worldline is seen at the company headquarters in the financial and business district of La Defense, near Paris, France, October 26, 2023. REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsPARIS, Dec 1 (Reuters) - Shares in Worldline (WLN.PA) surged almost 12% on Friday after a media report said Credit Agricole (CAGR.PA) was considering acquiring a stake in the French payment processing company. Other French financial institutions could also look at playing a role in Worldline's future, Bloomberg added, citing some of the people. Italian payments company Nexi (NEXII.MI) last month confirmed its guidance while the Netherlands' Adyen (ADYEN.AS) reassured the market with its "more realistic" medium-term guidance. Worldline shares have fallen more than 58% this year.

Persons: Gonzalo Fuentes, Piotr Lipinski, Sharon Singleton, Kirsten Donovan Organizations: La Defense, REUTERS, Rights, Bloomberg, Credit, Thomson Locations: La, Paris, France, Worldline, Germany, cybercrime, Netherlands

☆ Commerzbank seeks wealth fund investor in Asia, Mideast- Bloomberg News
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +1 min

A logo of the bank is seen next to the headquarters of Commerzbank one day ahead of the bank's rejoinment to Germany's share price index DAX in Frankfurt, Germany, February 26, 2023. The German bank is talking to sovereign wealth funds about becoming an anchor investor to shore up its defenses against any opportunistic takeover bid and preserve its independence, the report added, citing people familiar with the matter. The bank has also discussed internally the prospect and implications of the German government selling down its stake, the report said. Commerzbank did not immediately respond to a Reuters request for comment. Editing by Jane MerrimanOur Standards: The Thomson Reuters Trust Principles.

Persons: DAX, Kai Pfaffenbach, Manfred Knof, Commerzbank, Gursimran Kaur, Jane Merriman Organizations: REUTERS, Bloomberg, Thomson Locations: Frankfurt, Germany, Asia, Bengaluru

☆ Linda Yaccarino doubles down on her support for Elon Musk in a new memo to staff: 'Our principles do not have a price tag'
▼ + stars: | 2023-12-01 | by ( Jordan Hart | ) www.businessinsider.com time to read: +2 min

X CEO Linda Yaccarino reminded employees of X's principles in a memo on Thursday. AdvertisementElon Musk — who in an interview on Wednesday told advertisers who fled X to "go fuck yourself" — has the full support of X CEO Linda Yaccarino. "Our principles do not have a price tag, nor will they be compromised — ever," she wrote. AdvertisementYaccarino, an ad world veteran, is reportedly being urged by ad executives to resign from the CEO position in order to save her reputation. Though, according to reporting, she is holding firm in the position — and doubling down her support for Musk.

Persons: Linda Yaccarino, Yaccarino, Elon Musk, Musk, —, Elon Organizations: Service, Wednesday, Bloomberg, Disney, Apple Locations: Wednesday's

☆ ChatGPT just turned one, and even some OpenAI employees can't believe the way its first year has played out
▼ + stars: | 2023-12-01 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +3 min

When it was first launched, OpenAI leaders framed it as a "low-key research preview." AdvertisementChatGPT turned one today, and if you're surprised by its impact, you're not alone — so are some OpenAI employees. Today, the term "low-key research preview" has become something of a meme among OpenAI's employees. OpenAI employees have even used the phrase as laptop stickers, per the Atlantic. "The outside world probably thinks we're all joking, but this actually was our 'low-key research preview,'" wrote Fedus.

Persons: ChatGPT, —, OpenAI, Google's Bard, Goldman Sachs, Greg Brockman, William Fedus Organizations: Service, UBS, Meta, Bloomberg

☆ JPMorgan is out with its global commodities outlook. Here's where it sees opportunity
▼ + stars: | 2023-12-01 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

Investors will need to be tactical to harvest returns from commodities next year but there is an area where J.P. Morgan is making a broadly bullish call — precious metals. The firm expects a breakout rally the middle of 2024 with gold prices hitting a targeted peak of $2,300 an ounce, according to the investment bank's commodities outlook. Silver, meanwhile, will push above $30 per ounce on the rate cutting cycle, according to J.P. Morgan. The global economy is expected to slow, but will avoid a recession from 2024 to 2025, making it difficult to provide an overarching bullish or bearish call on commodities, according to the bank. There is value in oil and gas but how investors time their entry and exits will be critical, according to J.P. Morgan.

Persons: Morgan, Gold, Brent, J.P Organizations: Federal, Bloomberg, Precious Metals, Commodities, Morgan, New York Mercantile Exchange, Livestock Locations: Agriculture, China

The logo of payments company Worldline is seen at the company headquarters in the financial and business district of La Defense, near Paris, France, October 26, 2023. REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsLONDON/PARIS, Dec 1 (Reuters) - French digital payments company Worldline (WLN.PA) is considering options including asset sales as part of efforts to reassure shareholders after a sharp drop in its share price, three people familiar with the matter said. Another said assets sales may come from its software businesses but suggested these might not be sizeable enough to revitalise its shares. Other French banks could also partner with Credit Agricole for a role in Worldline's future, this person added. Bloomberg first reported Credit Agricole's interest in buying a stake in Worldline, prompting its shares to soar by almost 12% earlier on Friday.

Persons: Gonzalo Fuentes, Worldline, Adyen, Tommaso Nieddu, Amy, Jo Crowley, Mathieu Rosemain, Pablo Mayo Cerqueiro, Diana Mandiá Álvarez, Gaëlle Sheehan, Kirsten Donovan Organizations: La Defense, REUTERS, Worldline's Mobility, Worldline, Credit Agricole SA, Credit Agricole, Bloomberg, Credit, Thomson Locations: La, Paris, France, PARIS, Germany, appeasing, Worldline's, U.S, Worldline

☆ Goldman says buy beer powerhouse Constellation. One of its reasons made us think
▼ + stars: | 2023-12-01 | by ( Paulina Likos | ) www.cnbc.com time to read: +4 min

Goldman Sachs believes Constellation Brands (STZ) has the potential to revive sales in its struggling Wine & Spirits division. It's not impossible, but we're more bullish on the company's core beer business. In the Goldman note, Herzog acknowledged that Wine & Spirits has, indeed, struggled. Management's emphasis on "driving shareholder returns reduces the risk of its underperforming Wine business," she added. We had been hoping to hear news about a breakup of its underperforming Wine & Spirits, which did not happen.

Persons: Goldman Sachs, It's, Bonnie Herzog, Goldman, Herzog, Jim Cramer, Jim Cramer's, Jim, Luke Sharrett Organizations: Constellation Brands, Modelo, Wine, Constellation, CNBC, Workers, LLC, Bloomberg, Getty Locations: Corona, Pacifico, Simi, U.S, Louisville , Kentucky

☆ Panera Bread reportedly files to go public again through IPO
▼ + stars: | 2023-12-01 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

Panera Bread has confidentially filed to go public again, the Financial Times reported. The restaurant chain, known for its soups, sandwiches and bagels, has been signaling for months that it's looking to go public through an initial public offering. In May, Panera announced a CEO transition and said the leadership changes were "in preparation for its eventual IPO" — amid a two-year IPO drought that ended in the fall. Mediterranean restaurant chain Cava , whose chair is Panera founder Ron Shaich, was among the trickle of companies that went public this year. JAB also tried to take Panera public again that year.

Persons: Panera, Ron Shaich, Panera isn't, Shein confidentially, Skims, Danny Meyer's Organizations: Financial Times, Investors, Bloomberg, CNBC, Yum Brands, Panera's, Financial, CNBC PRO Locations: Cava, Rye

☆ China Evergrande creditors seek controlling stakes in new proposal
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +1 min

An Evergrande sign is seen near residential buildings at an Evergrande residential complex in Beijing, China September 27, 2023. REUTERS/Florence Lo/File Photo Acquire Licensing RightsDec 1 (Reuters) - A group of offshore creditors to China Evergrande Group (3333.HK) is asking for a controlling equity stake of the developer and two of its Hong Kong subsidiaries as part of company's revised debt restructuring proposal, a source familiar with the matter said on Friday. The group, which works as an ad hoc group of Evergrande's offshore creditors, made the request after the developer earlier this week made a new offer to repay their offshore debts, the source said. Evergrande has until a Hong Kong court hearing on Monday to present a "concrete" revised debt restructuring proposal for offshore creditors, a judge said last month after its original plan had lapsed. Reporting by Xie Yu in Hong Kong, Gnaneshwar Rajan in Bengaluru; Editing by Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence, Evergrande, Xie Yu, Gnaneshwar, Stephen Coates Organizations: REUTERS, China Evergrande, Hong Kong, Bloomberg News, Reuters, Thomson Locations: Beijing, China, HK, Hong, Hong Kong, Gnaneshwar Rajan, Bengaluru

☆ Retailers Are Turning to AI to Get Smarter About Inventory
▼ + stars: | 2023-11-30 | by ( Liz Young | ) www.wsj.com time to read: 1 min

Merchants like Walmart are using technology that takes in everything from weather patterns to social-media trends. Photo: Victor J. Blue/Bloomberg NewsRetailers are turning to artificial intelligence technology to better predict shopper demand and repair supply chains whipsawed by volatile consumer buying patterns during the pandemic. Merchants including Walmart , retail-pharmacy giant Walgreens and online fashion seller ASOS are rolling out the increasingly sophisticated technology that takes in everything from weather patterns to social-media trends to evaluate huge sets of data and guide decisions on where to place inventory.

Persons: Victor J Organizations: Walmart, Bloomberg News Retailers, Merchants, Walgreens

☆ Louis Vuitton stages dramatic runway show in Hong Kong
▼ + stars: | 2023-11-30 | by ( Stephy Chung | Oscar Holland | ) edition.cnn.com time to read: +8 min

Many of the looks were completed with naval accessories, like raffia bucket hats and Louis Vuitton Keepall 25 bag hand-embrodiered with seashells. Musician Ma Siwei and actor Dylan Wang at the Louis Vuitton Men's fashion show in Hong Kong, China. Louis Vuitton opened its first boutique in Hong Kong in 1979. Many of the looks were completed with naval accessories, like raffia bucket hats and Louis Vuitton Keepall 25 bag hand-embrodiered with seashells. “I definitely knew I wanted Hong Kong to be my second stop after Paris,” he said of his Louis Vuitton show schedule.

Persons: Hong Kong CNN — Louis Vuitton’s, Pharrell Williams, Pont, Hong, Anson Lo, Song, ”, Williams, ” —, —, Louis Vuitton, Ma Siwei, Dylan Wang, Billy H.C, Kwok, Virgil Abloh, Louise Delmotte, “, Louis Vuitton’s, junkboat, Dior, Louis Vuitton's, Lam Yik, Tyrone Siu, Reuters Louis Vuitton’s, Lorraine Schwartz, it’s, ” Williams, “ You’re Organizations: Hong Kong CNN, Hollywood, CNN, Louis, Paris, Vuitton, National Security Law, Hong Kong Tourism Board, ”, Bloomberg, Getty, K11 Group, Stars, Victoria, Reuters, Reuters Louis Vuitton’s womenswear Locations: Hong Kong, Asia, Hong, Victoria Harbour, American, Paris, Hawaii, China, Victoria Dockside, Huangpu, Shanghai, South Korea

☆ Salesforce Keeps Growth Dreams Alive Enough
▼ + stars: | 2023-11-30 | by ( Dan Gallagher | ) www.wsj.com time to read: 1 min

Salesforce CEO Marc Benioff speaks during the Asia-Pacific Economic Cooperation (APEC) CEO Summit in San Francisco on Nov. 16. Photo: David Paul Morris/Bloomberg NewsThere was a time—and not very long ago—that Salesforce would have scoffed at 11% growth. That was then. The cloud software giant’s fiscal third-quarter ended October was the third consecutive period showing revenue growing at that pace year over year. The company also used Wednesday’s report to affirm Wall Street’s projection for 10% growth in the current quarter ending in January—9.8% if not rounding.

Persons: Marc Benioff, David Paul Morris Organizations: Economic Cooperation, Bloomberg Locations: Asia, San Francisco, —

☆ EIG Global Energy Partners Expects New LNG Acquisition Within Months
▼ + stars: | 2023-11-30 | by ( Stuart Condie | ) www.wsj.com time to read: 1 min

EIG CEO R. Blair Thomas said the investment firm is closing in on a deal for a liquefied natural gas asset worth several billion dollars. Photo: F. Carter Smith/Bloomberg NewsSYDNEY—U.S. investment firm EIG Global Energy Partners is closing in on a deal for a liquefied natural gas asset worth several billion dollars, as it raises bets on demand for the fuel amid a reordering of energy supply chains triggered by Russia’s invasion of Ukraine. Chief Executive R. Blair Thomas said EIG’s MidOcean Energy unit is working on the deal in parallel with an effort to buy Australia’s Origin Energy as part of a consortium led by Brookfield Asset Management. MidOcean would acquire Origin’s 27.5% stake in the Australia Pacific LNG project in eastern Australia if the consortium’s nearly $11 billion offer for the company is successful.

Persons: Blair Thomas, Carter Smith, EIG’s, MidOcean Organizations: Bloomberg News SYDNEY —, EIG Global Energy Partners, Energy, Brookfield Asset Management, Australia Pacific LNG Locations: Bloomberg News SYDNEY — U.S, Ukraine, Australia

☆ Montana Judge Says TikTok Ban Likely Violates First Amendment
▼ + stars: | 2023-11-30 | by ( Meghan Bobrowsky | ) www.wsj.com time to read: 1 min

The legality of Montana’s TikTok ban will be decided later in a bench trial that has yet to be scheduled. Photo: Andrew Harrer/Bloomberg NewsTikTok won a reprieve in Montana after a judge ruled a state law banning the app can’t go into effect in January, saying it “likely violates the First Amendment.”A federal judge on Thursday granted a preliminary injunction blocking the law, which was passed by the Montana legislature earlier this year, pending the outcome of a lawsuit filed by the social-media company. The legality of the ban itself will be decided later in a bench trial that has yet to be scheduled.

Persons: Montana’s, Andrew Harrer, TikTok, “ Organizations: Bloomberg Locations: Montana

☆ OPEC+ Agrees to Significant Oil-Production Cut
▼ + stars: | 2023-11-30 | by ( Summer Said | Benoit Faucon | ) www.wsj.com time to read: 1 min

The headquarters of the Organization of the Petroleum Exporting Countries in Vienna. Photo: Andrey Rudakov/Bloomberg NewsOPEC+ agreed to a significant production cut of another million barrels a day, delegates said, in a move that will likely send prices higher amid the continuing conflict in the Middle East. As part of the deal reached Thursday, Saudi Arabia also agreed to extend its cut of 1 million barrels a day that it announced in June.

Persons: Andrey Rudakov Organizations: Organization of, Petroleum, Bloomberg, OPEC Locations: Vienna, Saudi Arabia

☆ Montana Judge Says TikTok Ban ‘Likely Violates First Amendment’
▼ + stars: | 2023-11-30 | by ( Meghan Bobrowsky | ) www.wsj.com time to read: 1 min

Persons: Montana’s, Andrew Harrer, TikTok, “ Organizations: Bloomberg Locations: Montana

Occidental Petroleum Chief Executive Vicki Hollub cut jobs and slashed spending after the company’s last major purchase in 2019. Photo: Nick Oxford/Bloomberg NewsOccidental Petroleum is in talks to buy CrownRock, a major energy producer in the west Texas area of the Permian basin, continuing a frenzy of deal making in the oil patch. A deal for the closely held company, which could be valued well above $10 billion including debt, could come together soon assuming the talks don’t fall apart or another suitor doesn’t prevail, according to people familiar with the matter.

Persons: Vicki Hollub, Nick Oxford, doesn’t Organizations: Occidental Petroleum, Bloomberg News Occidental Petroleum Locations: Texas

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