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☆ Wall St Week Ahead Tax-loss selling, 'Santa rally' could sway U.S. stocks after November melt-up
▼ + stars: | 2023-12-02 | by ( David Randall | ) www.reuters.com time to read: +5 min

The key catalyst for stocks will likely continue to be the expected trajectory of the Federal Reserve's monetary policy. In September, historically the weakest month for stocks, the S&P 500 fell nearly 5%. The S&P 500 gained nearly 9% gain in November, historically a strong month for the index. Overall, December has been the second-best month for the S&P 500, with the index up an average of 1.54% for the month since 1945, according to CFRA. Many other names have languished: The equal-weighted S&P 500, whose performance is not skewed by big tech and growth stocks, is up around 6% in 2023.

Persons: Mike Segar, Santa Claus, Stocks, We've, Sam Stovall, Claus, Kraft Heinz, BofA, Sameer Samana, Dow, Michael Hartnett, David Randall, Ira Iosebashvili, Richard Chang Organizations: New York Stock Exchange, REUTERS, Federal, Research, Investors, LPL, BofA Global Research, PayPal Holdings, CVS Health, Kraft, Wells, Investment Institute, Nvidia, Dow Jones, Coinbase Global, Innovation, Thomson Locations: Manhattan, New York City , New York, U.S, Santa, New York

☆ Signs of a sector rotation — plus 2 more themes to watch in the stock market
▼ + stars: | 2023-12-02 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

Historically, November is the best month of the year for the stock market, and December is third, according to the Stock Trader's Almanac. Under the surface this week, we also saw signs of a possible market rotation in the works. Rotation watch : We must look to next week's trading for confirmation that we're in the grips of a rotation or simply a head fake. Signs of the former were on display this week as the two of the biggest sector winners of the year, communication services and technology , trailed the market. Jobs, jobs, jobs : The most important release of the week comes Friday in the form of the November nonfarm payrolls report.

Persons: Jerome Powell, That's, Locker, it's, Hock Tan, We'll, Joann, JOAN, JM Smucker, OLLI, Campbell Soup, Brown, Forman, LULU, Smith, Jim Cramer's, Jim Cramer, Jim, Spencer Platt Organizations: Wall, Dow, Nasdaq, Federal, Broadcom, Marvell Technology, Cisco Systems, VMWare, Club, PMI, Labor, Signet Jewelers, SIG, Brands, Toll, Thor Industries, Natural Foods, GameStop, Vail Resorts, MTN, Smith & Wesson, Jim Cramer's Charitable, CNBC, New York Stock Exchange, Getty Locations: Asana, ASAN, New York City

☆ These 10 stocks notched double-digit gains and outperformed the market in November
▼ + stars: | 2023-12-01 | by ( Morgan Chittum | ) www.cnbc.com time to read: +8 min

FL YTD mountain Foot Locker (FL) performance year-to-date Foot Locker (FL) climbed 28.3% during November, making it the Club's No. Foot Locker stock, down more than 26% year-to-date, closed 1.4% lower Thursday, at just under $27.28 apiece. CRM YTD mountain Salesforce (CRM) performance year-to-date Salesforce (CRM) shares jumped 25.4% in November, coming in second place for monthly gains. NVDA YTD mountain Nvidia (NVDA) performance year-to-date Nvidia (NVDA) — an "own it, don't trade it" name — was the portfolio's fifth-best performer in November. WFC YTD mountain Wells Fargo (WFC) performance year-to-date Shares of Wells Fargo (WFC) jumped 12.07% in November, as the broader market rally lifted financials.

Persons: Jim Cramer, Mary Dillon's, Locker, Palo, CrowdStrike, We're bullish, —, Wall, Walt Disney, Nelson Peltz's, Wells, Morgan Stanley, Sam Altman, OpenAI, Altman, Jim Cramer's, Jim, Michael M Organizations: —, Palo Alto Networks, Palo Alto, Management, Nvidia, DIS, Walt Disney, Disney, Oracle, Microsoft, CNBC, Traders, New York Stock Exchange, Santiago, Getty Locations: FL, Palo, Palo Alto, Wells, Wells Fargo, OpenAI, DHR

Yields on the U.S. benchmark 10-year Treasury , which move inversely to prices, saw their steepest decline in more than a decade. The Fed chair reiterated that the fight against inflation was far from finished and said the central bank was ready to further tighten monetary policy if necessary. Investors see a strong chance of the central bank delivering a rate cut as early as March 2024, LSEG data show. In late 2022, for example, many expected a recession would hit this year, forcing the Fed to loosen monetary policy. The economy proved resilient while monetary policy stayed tight.

Persons: Jerome Powell, Brendan McDermid, Powell, Paul Nolte, Christopher Waller, “ Powell, that’s, ”, Ed Al, James St . Aubin, David Randall, Lewis Krauskopf, Saqib Iqbal Ahmed, Ira Iosebashvili, Daniel Wallis Organizations: New York Stock Exchange, REUTERS, Federal, Fed, Treasury, Murphy, Sylvest Wealth Management, Columbia Threadneedle Investments, Sierra Investment Management, Thomson Locations: New York City, U.S

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2023. Market participants now await policy comments from Powell at two separate discussions scheduled for 11 a.m. After recent conflicting remarks from other policymakers, investors are concerned that Powell could push back against the rate cut narrative. Other officials, including Fed Governors Lisa Cook and Chicago Fed President Austan Goolsbee are also scheduled to speak during the day. Reporting by Shristi Achar A and Amruta Khandekar in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Powell, Jerome Powell's, Dow Jones, underscoring, Sophie Lund, Yates, Hargreaves Lansdown, Lisa Cook, Austan Goolsbee, Alibaba, Morgan Stanley, danuglipron, Paula Oyibo, Shristi Achar, Shinjini Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Federal, Chicago Fed, P Global, ISM, Dow e, Pfizer, Marvell Technology, Automation, Thomson Locations: New York City, U.S, Bengaluru

Uber shares rose 5% in extended trading on Friday after the ride-hailing company was added to the S&P 500 Index, replacing Sealed Air Corp. A company's stock price often rises on news that it's joining the S&P 500 because fund managers who track the benchmark, which gets updated each quarter, have to acquire the shares. Uber shares debuted on the New York Stock Exchange in 2019, but the company was burning cash as it had to pay drivers enough money to stay competitive in a low-margin business. Uber has a market cap of about $118 billion, while the median market cap of companies in the S&P 500 is just over $31 billion. WATCH: Uber into the S&P 500

Persons: Dara Khosrowshahi, it's, Nelson, Chai, Uber, Lloyd Walmsley, You've Organizations: Uber, Sealed Air Corp, Companies, New York Stock Exchange, UBS Locations: Davos, Switzerland

☆ Opening Bell: December 1, 2023
▼ + stars: | 2023-12-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOpening Bell: December 1, 2023Watch the opening bell for the Nasdaq and the New York Stock Exchange from December 1, 2023.

Organizations: Nasdaq, New York Stock Exchange

☆ Resurgent S&P 500 crests new 2023 closing high after roller-coaster year
▼ + stars: | 2023-12-01 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +5 min

The benchmark index closed at 4,594.63, nearly 6 points above its previous closing high for 2023 set in late July. The S&P 500 is up over 19% year-to-date after posting its biggest monthly rise in over a year in November. The S&P 500 reached its previous 2023 closing high on July 31, also spurred in part by excitement over developments in artificial intelligence technology. The megacaps' outperformance has increased their combined weight to well over one-fourth of the entire S&P 500, meaning the stocks' moves have outsized influence on the benchmark index. The S&P 500 currently trades at roughly 19 times forward earnings estimates, compared to a historical average of 15.6 times.

Persons: Mike Segar, Jerome Powell, Stocks, Lewis Krauskopf, Noel Randewich, Saqib Iqbal Ahmed, Ira Iosebashvili, Nick Zieminski Organizations: New York Stock Exchange, REUTERS, Federal, Valley Bank, Citigroup, Microsoft, Nvidia, Thomson Locations: Lower Manhattan, New York, U.S

BANGKOK (AP) — Asian shares were mostly higher Thursday ahead of an update on U.S. consumer inflation and a meeting of oil producers in Vienna. Consumer spending, the lifeblood of the economy, rose at a 3.6% annual rate from July through September. In Bangkok, the SET fell 0.5%. Facebook parent company Meta fell 2%, Google’s parent company Alphabet gave up 1.6% and Microsoft dropped 1%. Las Vegas Sands slid 4.9% after Miriam Adelson, the casino operator’s controlling shareholder, sold some $2 billion in stock.

Persons: That’s, Yue, India's Sensex, Taiwan's Taiex, Brent, gainers, Miriam Adelson Organizations: Federal, Consumer, U.S ., Bank, Nikkei, Capital Economics, OPEC, Sunday, New York Mercantile Exchange, Big Tech, Dow Jones, Nasdaq, Facebook, Meta, Microsoft, New York Stock Exchange, General Motors, GM, United Auto Workers, Canadian, Treasury, Sands Locations: BANGKOK, Vienna . U.S, U.S, Asia, Hong Kong, Shanghai, Australia, Bangkok, Sunday .

☆ Opening Bell: November 30, 2023
▼ + stars: | 2023-11-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOpening Bell: November 30, 2023Watch the opening bell for the Nasdaq and the New York Stock Exchange from November 30, 2023.

Organizations: Nasdaq, New York Stock Exchange

☆ Appetite for stocks drives VIX options as investors guard portfolios
▼ + stars: | 2023-11-30 | by ( Laura Matthews | ) www.reuters.com time to read: +4 min

VIX options contracts averaged nearly 760,000 daily, surpassing the record set in 2017, according to Cboe Global Markets (CBOE.Z), data as of Nov. 27. Such investors are "looking at trading VIX options as a way to potentially monetize their thinking", he said. Reuters GraphicsThe rise in VIX options trading is a change from 2022 when investors were reducing equities exposure and hoarding cash, according to CBOE data. With the VIX averaging 17 this year, VIX options' trading volume as a share of overall options volume is at 1.76%, the highest since 2020 - a much more volatile year when the VIX averaged 29, according to a Reuters analysis based on Trade Alert data. Timing profit-taking on VIX options in an environment where jumps in the volatility index are fleeting can be difficult, said Roni Israelov, chief investment officer at NDVR.

Persons: Carlo Allegri, Mandy Xu, That's, Joe Ferrara, JJ Kinahan, Seth Hickle, Roni Israelov, Laura Matthews, Saqib Iqbal Ahmed, Megan Davies, Chizu Organizations: New York Stock, REUTERS, . Federal, Cboe Global, Gateway Investment Advisers, Reuters, Trade, Thomson Locations: Manhattan, New York City , New York, U.S, Indiana, New York

While the Dow rose to 35,725.11 points, crossing its intraday high of 35,679.13 points hit in August, all three main indexes were on course for their strongest November since 2020. The S&P 500 (.SPX) and the tech-heavy Nasdaq (.IXIC) were also poised for their biggest monthly percentage gain since July 2022, on signs of cooling price pressures. The personal consumption expenditure (PCE) index - the Fed's preferred inflation gauge - showed inflation remained unchanged in October on a monthly basis, against economists' projections of a 0.1% increase. Core inflation, which excludes volatile food and energy prices, rose 0.2% on a monthly basis, in line with estimates. But most megacap stocks edged lower, with Tesla (TSLA.O) down 1.4% and leading declines, keeping the S&P 500 (.SPX) and Nasdaq (.SPX) under pressure.

Persons: Caitlin Ochs, Salesforce, Dow Jones, Dow, Anthony Saglimbene, Mary Daly, John Williams, Jefferies, Shristi Achar, Shinjini Organizations: New York Stock Exchange, REUTERS, Companies, Dow, Nasdaq, Reserve, U.S, Treasury, Fed, San Francisco Fed, Bank of New York, Dow Jones, Inc, NYSE, Thomson Locations: New York City, U.S, Troy , Michigan, Bengaluru

☆ Cathie Wood’s Innovation ETF is up more than 30% in November, on pace for its best month ever
▼ + stars: | 2023-11-30 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Cathie Wood, CEO of Ark Invest, speaks during an interview on CNBC on the floor of the New York Stock Exchange on Feb. 27, 2023. Wood's flagship Ark Innovation ETF (ARKK) has rallied 32% this month, on pace to score its strongest month ever since its inception in 2014. The fund rebounded dramatically from three straight months of losses, pushing 2023 gains to 48%. Cathie Wood is about to notch her best month ever as her holdings of innovative technology stocks roared back from steep losses amid declining Treasury yields in November. Driving the innovation fund higher this month have been biotech names CRISPR Therapeutics and Twist Bioscience , along with Roku , Coinbase , Block and Shopify , which are all up at least 50%.

Persons: Cathie Wood, ARKK, Wood Organizations: Ark Invest, CNBC, New York Stock Exchange, Innovation, CRISPR Therapeutics, Twist, Ark, CNBC PRO Locations: outflows

☆ Morning Bid: November bids adieu with inflation data, OPEC
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +5 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. With signs of turn emerging in Federal Reserve policy guidance and October PCE inflation readings set to encourage that later in the day, rate cut fever was in full flow across the Atlantic too. Headline annual inflation in the bloc fell as low as 2.4% - within arm's length of the ECB's 2% target. Later on Thursday, U.S. PCE inflation for the prior month is pencilled to fall 3.0% from 3.4% - with a core also ebbing to 3.5%. "Monetary policy is in a good place," Cleveland Fed President Loretta Mester said on Wednesday, echoing comments from previously hawkish Fed governor Christopher Waller the previous day.

Persons: Brendan McDermid, Mike Dolan, policymaker Fabio Panetta, Loretta Mester, Christopher Waller, John Williams, Christine Lagarde, Megan Greene, Kroger, Bernadette Baum Organizations: New York Stock Exchange, REUTERS, Treasury, Federal, European Central Bank, Bank of Italy, policymaker, U.S ., ECB, Cleveland Fed, Wall, OPEC, Dallas Fed, PMI, York Federal, Bank of England, Academy Sports, Rock Biotech, Titan, Reuters, Thomson Locations: New York City, U.S, China, Canada, Vienna, Automotive, Duluth, BOS, Jan

All eyes are now on the personal consumption expenditure (PCE) index- the Fed's preferred inflation gauge- for October, due at 8:30 a.m. ET, which is expected to show inflation eased in the previous month. The PCE index is expected to rise 0.1% on a monthly basis in October, moderating from a 0.4% increase in September. Data cloud company Snowflake (SNOW.N) added 8.2% after it forecast fourth-quarter product revenue above Street estimates on artificial intelligence driven demand. Reporting by Shristi Achar A and Amruta Khandekar in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Caitlin Ochs, Russ Mould, AJ Bell, Jefferies, Shristi Achar, Shinjini Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Wall, Federal Reserve, Dow e, Ford Motor, Inc, Thomson Locations: New York City, U.S, Chicago, Bengaluru

☆ Occidental Petroleum in talks to buy Permian producer CrownRock - WSJ
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +1 min

The logo for Occidental Petroleum is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 30, 2019. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNov 29 (Reuters) - Occidental Petroleum (OXY.N) is in talks to buy CrownRock in a deal that could value the company well above $10 billion including debt, the Wall Street Journal reported on Wednesday, citing people familiar with the matter. Occidental did not immediately respond to a Reuters' request for comment on Wednesday, while CrownRock could not be immediately reached. CrownRock owns approximately 86,000 net acres in the northern part of the Midland basin, which is part of the Permian in Texas. Reporting by Shivani Tanna in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Timothy Dunn, CrownRock, Shivani Tanna, Sherry Jacob, Phillips Organizations: Occidental Petroleum, New York Stock Exchange, REUTERS, Wall Street, Reuters, Occidental, CrownRock, Thomson Locations: New York, U.S, Texas, Midland, Bengaluru

☆ Stock futures inch lower after Dow notches new high for the year: Live updates
▼ + stars: | 2023-11-30 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Stock futures fell slightly in overnight trading after the Dow Jones Industrial Average notched a new 2023 high and capped off its best month in more than a year. Futures tied to the 30-stock index dipped 20 points, or 0.06%, while S&P 500 futures and Nasdaq-100 futures slipped 0.1% and 0.15%, respectively. The Dow Jones Industrial Average surged 520 points, or 1.47%, to settle at 35,950.89 and top its previous 2023 high hit in August. The S&P and Nasdaq rallied 8.9% and 10.7%, respectively, to notch their best monthly performances since July 2022. Both the Dow and S&P are also headed for a winning week, with the Dow on pace to hit a fifth consecutive winning week for the first time in more than two years.

Persons: Stocks, Everyone's, Wells, Chris Harvey, CNBC's Organizations: New York Stock Exchange, Stock, Dow Jones, Nasdaq, Disney, Dow, Dominion Energy, Gartner, Cardinal Health

☆ Disney CEO Iger promises 2026 exit, says ABC not for sale
▼ + stars: | 2023-11-29 | by ( Lisa Richwine | ) www.reuters.com time to read: +1 min

Disney's Chief Executive Officer Bob Iger holds a news conference at Shanghai Disney Resort as part of the three-day Grand Opening events in Shanghai, China, June 15, 2016. REUTERS/Aly Song/File Photo Acquire Licensing RightsLOS ANGELES, Nov 29 (Reuters) - Walt Disney (DIS.N) Chief Executive Bob Iger said on Wednesday he would "definitely" step down when his current contract ends in 2026 and that the ABC broadcast network was not for sale. Iger returned to Disney as CEO in November 2022, less than a year after he retired, to revamp the media company after the board ousted his hand-picked successor, Bob Chapek. Disney's ABC unit is not up for sale, Iger said as the company deals with a decline in linear television because viewers are shifting toward streaming. Iger had said earlier this year that networks such as ABC may not be "core" to Disney going forward.

Persons: Bob Iger, Aly, Walt Disney, Iger, Bob Chapek, Zaheer Kachwala, Lisa Richwine, Maju Samuel, Cynthia Osterman Organizations: Shanghai Disney Resort, REUTERS, ABC, New York Times Dealbook Conference, Shanghai, Disney, New York Stock Exchange, Thomson Locations: Shanghai, China, Bengaluru, Los Angeles

☆ JPMorgan strategists see 'challenging' backdrop for US stocks in 2024
▼ + stars: | 2023-11-29 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +2 min

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., November 16, 2023. The bank projected a 2024 price target for the benchmark S&P 500 (.SPX) of 4,200, or about 8% below current levels. Absent rapid easing of monetary policy by the Federal Reserve, "we expect a more challenging macro backdrop for stocks next year," J.P. Morgan's Dubravko Lakos-Bujas and his team said in an outlook report on Wednesday. "In contrast to this robust outlook, we expect lower sequential revenue growth, no margin expansion, and lower buyback executions," the strategists wrote. Those risks include two major wars and 40 countries holding national elections including the U.S., which the strategists expect will drive equity volatility to be generally higher in 2024 than in 2023.

Persons: Brendan McDermid, Morgan, Dubravko, J.P, Lewis Krauskopf, Nick Zieminski Organizations: New York Stock Exchange, REUTERS, Federal Reserve, Thomson Locations: New York City, U.S

☆ GameStop shares climb on strong volume
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +1 min

The videogame retailer's shares were last at $15.12, the third most actively traded stock on the New York Stock Exchange at 5:50 a.m. On Tuesday, GameStop shares had their biggest one-day percentage gain in eight months on no clear news catalyst. AMC Entertainment (AMC.N), another favorite among retail traders, rose nearly 4% to $6.95. "The market optimism now vacuum retail traders in – and it's the ultimate signal that the (market) rally is overstretched," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. GameStop shares have slumped 27% in 2023 up to Tuesday's close, while AMC had wiped out 80% of its value.

Persons: Andrew Kelly, GameStop, Ipek Ozkardeskaya, Medha Singh, Krishna Chandra Organizations: GameStop Corp, New York Stock Exchange, REUTERS, GameStop, AMC Entertainment, AMC, Swissquote Bank, Thomson Locations: Manhattan , New York City, U.S, –, Bengaluru

The inflation rate fell to 2.3% in November. Analysts polled by Reuters had expected inflation to ease to 2.6%. Core inflation, which excludes volatile food and energy prices, fell to 3.8% in November from 4.3% the previous month. "But the inflation rate will fall to below 3% as early as the beginning of next year," Wollmershaeuser said. Economists pay close attention to German inflation data, as Germany publishes its figures one day before the euro zone inflation data release.

Persons: Fabian Bimmer, Timo Wollmershaeuser, Wollmershaeuser, Commerzbank's, Ralph Solveen, Solveen, Bert Colijn, Colijn, Miranda Murray, Maria Martinez, Linda Pasquini, Sharon Singleton, Kirsten Donovan Organizations: REUTERS, Rights, Reuters, Union, European Central Bank, Thomson Locations: Hamburg, Germany, Spanish

A State Street Global Advisors banner is hung outside the New York Stock Exchange (NYSE) in New York, U.S., March 8, 2021. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsBOSTON, Nov 29 (Reuters) - State Street's (STT.N) asset-management arm will give retail investors an option to fully back corporate boards as it brings online features to allow fund shareholders to control their proxy voting rights, executives said. The option comes as State Street and rivals move to devolve proxy voting powers to shareholders on matters like director elections or environmental, social and governance (ESG) issues. But even that policy directed some proxy votes to be cast against boards' recommendations on governance questions like executive pay or share structure, said Lori Heinel, global chief investment officer at State Street Global Advisors. State Street Global Advisors manages $3.7 trillion in all.

Persons: Brendan McDermid, Lori Heinel, let's, Ross Kerber, Stephen Coates Organizations: Global Advisors, New York Stock Exchange, REUTERS, Rights BOSTON, Street, Street Global Advisors, Services, ISS, Republican, Thomson Locations: New York, U.S

☆ Opening Bell: November 29, 2023
▼ + stars: | 2023-11-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOpening Bell: November 29, 2023Watch the opening bell for the Nasdaq and the New York Stock Exchange from November 29, 2023.

Organizations: Nasdaq, New York Stock Exchange

☆ Dow futures rise as benchmark nears new 2023 high: Live updates
▼ + stars: | 2023-11-29 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +2 min

Traders work on the floor of the New York Stock Exchange (NYSE) on November 15, 2023 in New York City. U.S. stock futures opened higher on Wednesday night as all three major stock indexes prepared to wrap a winning November. S&P 500 and Nasdaq 100 futures climbed 0.07% and 0.10%, respectively. The tech-heavy Nasdaq Composite slipped 0.16% during the day, but is also roughly 0.7% away from its 2023 closing high. The S&P 500 is up 8.5% in November, while the Nasdaq has advanced nearly 11%.

Persons: Salesforce, Nutanix, Dow, Jay Woods, We've Organizations: New York Stock Exchange, Dow Jones, Nasdaq, Dow, Freedom Capital Markets, CNBC, Fed, Kroger, Federal Reserve Locations: New York City . U.S, Snowflake, Nutanix

☆ KKR to buy remaining stake in insurer Global Atlantic for $2.7 billion
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNov 29 (Reuters) - KKR & Co (KKR.N) said on Wednesday it would buy a remaining 37% stake in Global Atlantic Financial Group that it does not already own for $2.7 billion in an all-cash deal. Private equity firm KKR has served as the manager of Global Atlantic's investment portfolio since 2021 and said in July 2020 that it would buy the annuities and life insurance provider. Global Atlantic's assets under management have grown to $158 billion from $72 billion in 2020, the companies said. Under the terms of the deal, KKR will pay Global Atlantic's minority shareholders an amount in cash equal to Global Atlantic's book value, with certain adjustments. Global Atlantic serves policyholders through its retirement and life insurance products.

Persons: Brendan McDermid, Joe Bae, Scott Nuttall, Goldman Sachs, Noor Zainab Hussain, Devika Organizations: KKR, New York Stock Exchange, REUTERS, Co, Global Atlantic Financial Group, Global, Global Atlantic, Thomson Locations: New York, U.S, Bengaluru, Chibuike

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