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☆ Technical glitch briefly halts trading in some NYSE-listed stocks at open
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +1 min

Jan 24 (Reuters) - A slew of stocks were briefly halted for trading on the New York Stock Exchange, shortly after the market opened on Tuesday, due to a technical outage. Most of the stocks have resumed trading. An update on the stock exchange's website said the issues with the opening auction were being investigated and all systems were now operational. "What appears to have happened is a technical glitch where all of my opening orders on the NYSE autocancelled even though some of them should have been fulfilled," said Dennis Dick, trader at Triple D Trading. Reporting by Medha Singh and Amruta Khandekar in Bengaluru; Editing by Anil D'Silva and Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ J&J forecasts 2023 profit above expectations on pharma strength
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +2 min

Shares of the drugmaker, however, fell 1% to $166.12 in premarket trading as fourth-quarter sales missed analysts' estimates due to lower demand for its medical devices. J&J expects to earn between $10.45 and $10.65 per share on an adjusted basis for 2023, above analysts' estimates of $10.35 per share profit at the midpoint. The higher 2023 profit forecast also reflects better-than-expected cost controls by J&J, Edward Jones analyst John Boylan said. Darzalex sales were $2.08 billion, while analysts were expecting $2.02 billion, according to Refinitiv. Excluding items, J&J earned $2.35 per share, above analysts' average estimates of $2.23 per share, according to IBES data from Refinitiv.

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☆ U.S. homebuilder D.R. Horton beats quarterly profit estimates
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +1 min

Jan 24 (Reuters) - U.S. homebuilder D.R. Horton Inc (DHI.N) beat estimates for first-quarter profit on Tuesday, helped by higher home prices as demand outpaced supply due to raw material and labor shortages. While home prices remain elevated, the pace of increase is cooling following a 40% rise in average house prices over the last two years. "The supply of both new and existing homes at affordable price points remains limited, and demographics supporting housing demand remain favorable," Chairman Donald Horton said. Reporting by Kannaki Deka in Bengaluru; Editing by Sherry Jacob-Phillips and Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ J&J forecasts strong 2023 profit on strength in pharma unit
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: 1 min

Jan 24 (Reuters) - Johnson & Johnson (JNJ.N) on Tuesday forecast annual profit above Wall Street estimates as it bets on stronger demand for its pharmaceuticals products and a recovery in its medical devices business. J&J said it was expecting to earn between $10.45 and $10.65 per share on an adjusted basis for 2023, above analysts' estimates of $10.35 per share profit at midpoint. The healthcare conglomerate also beat estimates for fourth-quarter profit on Tuesday as increased sales of pharmaceutical products helped it weather a hit from a stronger dollarExcluding items, J&J earned $2.35 per share, above analysts' average estimates of $2.23 per share, according to IBES data from Refinitiv. Reporting by Manas Mishra and Bhanvi Satija in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

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All of the 11 major S&P 500 sector indexes were up by early afternoon trading, with a 2.5% rise in tech stocks (.SPLRCT) making them the biggest gainers. "All those names and sectors (chipmakers) in general just got beat up much more than the market in general overall. So now in a lot of those names, there's value," said Jimmy Lee, chief executive officer of Wealth Consulting Group. Xylem Inc (XYL.N) dropped 8.74% on its acquisition of water treatment solutions firm Evoqua Water Technologies Corp (AQUA.N) in a $7.42 billion deal. Advancing issues outnumbered decliners by a 3.40-to-1 ratio on the NYSE and by a 1.90-to-1 ratio on the Nasdaq.

☆ Wall Street rises as chipmakers lead tech shares higher
▼ + stars: | 2023-01-23 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

Six of the 11 major S&P 500 sector indexes were up in early trading, with a 1.3% rise in tech stocks (.SPLRCT) making them the biggest gainers. "All those names and sectors (chipmakers) in general just got beat up much more than the market in general overall. Analysts now expect fourth-quarter earnings from S&P 500 companies to fall 2.9%, according to IBES Refinitiv data, compared with a 1.6% drop at the beginning of the year. Investors are also awaiting January manufacturing and fourth-quarter GDP data to assess the impact of the Fed's rate hikes on the economy. Advancing issues outnumbered decliners by a 2.05-to-1 ratio on the NYSE and by a 1.60-to-1 ratio on the Nasdaq.

[1/2] Attendees walk through an expo hall at AWS re:Invent 2022, a conference hosted by Amazon Web Services (AWS), in Las Vegas, Nevada, U.S., November 30, 2022. After years of blistering growth, most recently fuelled by remote working and studying during the pandemic, cloud demand has cooled in the past nine months and sales growth may slow further, analysts said. AWS, Amazon's lucrative cloud business from which it gets more than a quarter of its revenue, is expected to post a 24% increase in sales in the quarter. THE FUNDAMENTALS* Microsoft Q2 revenue is expected to rise 2.5% to $53 billion, the slowest increase in six years. * Amazon Q4 revenue is expected to rise 5.8% to $145.40 billion.

☆ Netflix's ability to churn out hits gives it an edge over rivals -analysts
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +2 min

read moreAt least 18 brokerages raised their price targets on the stock as they cheered Netflix's 7.66 million subscribers additions that easily beat estimates of 4.57 million. "Content performance is underpinning all aspects of financial improvement and helps investors sleep better," Wells Fargo analysts said, adding that double-digit revenue growth could be achievable in the second half of the year. The company said it would roll out features this quarter to try and convert more password sharers to paying subscriber. But the company expects increased engagement and monetization after a short period of churn. Reporting by Aditya Soni, Tiyashi Datta and Eva Mathews in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Alphabet Inc (GOOGL.O) was the latest to join the list as it said it was cutting 12,000 jobs on Friday. "And we already have some insight into that because a lot of them have been coming out with massive layoffs." ET, Dow e-minis were down 10 points, or 0.03%, S&P 500 e-minis were up 9 points, or 0.23%, and Nasdaq 100 e-minis were up 77.25 points, or 0.68%. The S&P 500 (.SPX) has lost 2.5% so far in the week and the Nasdaq (.IXIC) is down more than 2%. Also on the radar are comments from Philadelphia Fed President Patrick Harker and Fed Governor Christopher Waller.

Alphabet Inc (GOOGL.O) was the latest to join the list as it said it was cutting 12,000 jobs on Friday. The gains made communication services stocks (.SPLRCL) the top gainer among major S&P 500 sectors, climbing 2.7%, with information technology (.SPLRCT) in tow, helped by a 1.6% rise in Microsoft Corp (MSFT.O). Analysts now expect year-over-year earnings from S&P 500 companies to decline 2.9% for the fourth quarter, according to Refinitiv data, compared with a 1.6% decline in the beginning of the year. Weighing on the S&P 500, Eli Lilly & Co fell 1.7% after the U.S. health regulator rejected the accelerated approval of its Alzheimer's drug. The S&P index recorded no new 52-week high and four new lows, while the Nasdaq recorded 35 new highs and 13 new lows.

☆ New FTX chief says bankrupt crypto exchange could restart - WSJ
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +1 min

Jan 19 (Reuters) - Bankrupt crypto exchange FTX is looking into the possibility of reviving its business, Chief Executive Officer John Ray told the Wall Street Journal on Thursday. Ray, who took over the reins in November, has set up a task force to explore restarting FTX.com, the company's main international exchange, he said in an interview with the WSJ. "I'm glad Mr. Ray is finally paying lip service to turning the exchange back on after months of squashing such efforts!" "I'm still waiting for him to finally admit FTX US is solvent and give customers their money back," Bankman-Fried added. Bankman-Fried has been accused of stealing billions of dollars from the exchange's customers to pay debts incurred by his crypto-focused hedge fund, Alameda Research.

☆ Exclusive: India regulator probes investments between Nippon Mutual Fund, Yes Bank, sources say
▼ + stars: | 2023-01-19 | by ( Jayshree Pyasi | ) www.reuters.com time to read: +4 min

MUMBAI, Jan 19 (Reuters) - An Indian regulator is investigating investments between Nippon India Mutual Fund, the largest foreign-owned fund in the country, and Yes Bank between 2016 and 2019 for suspected misuse of investors' money, sources said. SEBI's regulations say that the parent of a mutual fund cannot access investors' money either directly or indirectly. The current owner of the fund, Nippon India, as well as the previous owner could be liable, the sources said. As of December 2022, Nippon India was the fourth-largest mutual fund in India with assets under management of 2.9 trillion rupees ($35.46 billion) as well as the biggest foreign-owned mutual fund. On Friday, SEBI proposed further tightening of mutual fund regulations asking mutual fund owners to reduce their stake gradually as a measure to check their influence on investment decisions.

☆ Meta's oversight board calls for more inclusive adult nudity policy
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +1 min

Jan 17 (Reuters) - Meta Platforms' (META.O) oversight board on Tuesday overturned the company's decision to remove two Instagram posts depicting transgender and non-binary people with bare chests, saying that Meta needed to change its policy to make it more inclusive. The cases referred by the board included two posts in 2021 and 2022 made under an Instagram account, which is maintained by a U.S.-based couple. Meta's policy prohibits images containing female nipples other than in specified circumstances such as breastfeeding and gender confirmation surgery. "The restrictions and exceptions to the rules on female nipples are extensive and confusing, particularly as they apply to transgender and non-binary people," the board said. The oversight board, which includes academics, rights experts and lawyers, was created by the company to rule on a small slice of thorny content moderation appeals, but it can also advise on site policies.

Jan 17 (Reuters) - Goldman Sachs Group Inc (GS.N) on Tuesday reported a bigger-than-expected 69% drop in fourth-quarter profit as it struggled with a slump in dealmaking and weakness in its wealth management business. Goldman is also curbing its consumer banking ambitions as Chief Executive Officer David Solomon refocuses the bank's resources to strengthen its core businesses such as investment banking and trading. Goldman's investment banking fees fell 48% in the latest quarter, while revenue from its asset and wealth management unit dropped 27% due to lower revenue from equity and debt investments. The bank reported a profit of $1.19 billion, or $3.32 per share, for the three months ended Dec. 31, missing the Street estimate of $5.48, according to Refinitiv IBES data. Fixed income, currency and commodities trading revenue was up 44%, while revenue from equities trading fell 5%.

☆ Health leaders at Davos discuss the lessons learned from the Covid pandemic
▼ + stars: | 2023-01-17 | 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 EmailHealth leaders at Davos discuss the lessons learned from the Covid pandemicIn a CNBC panel at Davos, Handa Professor of Global Health & EU Chief Scientific Advisor on Epidemics Peter Piot talks about lessons learned from the pandemic three years on. WHO Foundation CEO Anil Soni also joins the panel moderated by CNBC's Tania Bryer.

Government bond yields are expected to tick up as investors shift focus to the upcoming budget. The rupee climbed 1.7% to 81.3250 per dollar last week, tracking a broad decline in the dollar index . There are a lot of positives for the rupee, including the Fed view, the broadly stable oil prices and the fall in Treasury yields, said Anil Bhansali, head of treasury at Finrex Treasury Advisors. Till then, bond yields should not fall much, as most people are expecting a heavy borrowing calendar," said Ajay Manglunia, managing director and head of investment grade group at JM Financial. Meanwhile, as a bulk of the fresh supply for the next financial year would hit the longer end, market participants expect yields to rise, while shorter-tenor yields may see some fall.

MUMBAI, Jan 11 (Reuters) - The Indian rupee may open slightly higher against the dollar on Wednesday, building on the previous day's momentum when it managed to move above important resistance levels, traders said. The rupee is tipped to open at around 81.66-81.70 compared with 81.7850 in the previous session. Yesterday, the rupee managed to scale multiple resistance levels that were there between 81.80 to 82.20, surprising most market participants, a spot trader at a foreign bank said. The rupee will simply be carrying yesterday's momentum at open, he added. Anil Bhansali, head treasury at Finrex Treasury Advisors, reckoned that after Tuesday's move, the new support levels for USD/INR are at 81.70 and 81.40.

☆ INDIA RUPEE Rupee's threat to slip below 83/USD likely nipped by cenbank
▼ + stars: | 2023-01-03 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

The rupee closed at 82.8800 per U.S. dollar, down from 82.7375 in the previous session. The local currency on the interbank order matching system fell to 82.9950, prompting state-run banks to sell dollars, likely on behalf of the RBI, three traders told Reuters. The rupee which was anyway under pressure on account of importer hedging was further hurt by the dollar's surge against its major peers. This week's U.S. data will help investors gauge how growth is holding up and the likely path for U.S. interest rates. Meanwhile, it was a choppy session for rupee premiums, with the 1-year implied yield trading in a 1.95% to 2.02% range.

☆ Wall St ends firmer, growth stocks lead in thin trading
▼ + stars: | 2022-12-29 | by ( Echo Wang | ) www.reuters.com time to read: +3 min

All 11 S&P 500 sector indexes rose, with communication service (.SPLRCL) and technology (.SPLRCT) as the biggest winner with gains of nearly 3%. The Fed's aggressive interest rate hikes have hammered equities this year, with the benchmark S&P 500 (.SPX) shedding 19.3% and the tech-heavy Nasdaq tumbling nearly 33%. Tesla Inc (TSLA.O) shares rose after Chief Executive Elon Musk told staff they should not be "bothered by stock market craziness." For 2022, Tesla's 66% slump and Amazon.com's 50% drop played a big part in the S&P 500 consumer discretionary sector's 38% loss. The S&P 500 posted one new 52-week high and no new lows; the Nasdaq Composite recorded 75 new highs and 160 new lows.

All the major S&P 500 sector indexes rose, with consumer discretionary (.SPLRCD) and technology (.SPLRCT) leading the pack with a near 3% rise. The Fed's aggressive rate hikes have hammered equities this year, with the benchmark S&P 500 (.SPX) shedding 19.3% and the tech-heavy Nasdaq tumbling nearly 33%. The CBOE Volatility index (.VIX), known as Wall Street's "fear gauge", slipped, signaling an easing in investor anxiety. Tesla shares (TSLA.O) rose 8.3% after Chief Executive Elon Musk told staff they should not be "bothered by stock market craziness". The S&P index recorded no new 52-week highs and no new lows, while the Nasdaq recorded 40 new highs and 117 new lows.

Dec 28 (Reuters) - TG Therapeutics Inc (TGTX.O) said on Wednesday that the U.S. health regulator had approved its monoclonal antibody for treating patients with relapsing forms of multiple sclerosis, sending its shares up nearly 9% in afternoon trade. TG Therapeutics said it was expecting to launch the drug, branded as Briumvi, in the first quarter of 2023, but did not give details on its pricing. Jefferies analyst Chris Howerton said ahead of the approval that he was expecting the drug to be priced in the range of $30,000 per patient per year. Multiple sclerosis is a neurological disease in which the immune system attacks the brain cells causing motor disabilities. Unlike other MS drugs that target T cells, Briumvi belongs to a class of drugs that tackles B cells' role in driving the inflammation that is central to neurological disease.

☆ U.S.-listed Chinese tech companies cancel HK-listing plans -The Information
▼ + stars: | 2022-12-28 | by ( ) www.reuters.com time to read: +1 min

Dec 28 (Reuters) - Major U.S.-listed Chinese companies, including Pinduoduo Inc (PDD.O) and Full Truck Alliance Co (YMM.N), have put discussions about a potential Hong Kong listing on hold, The Information reported on Wednesday, citing people familiar with the matter. While the Chinese ecommerce firm has paused discussions of a potential Hong Kong listing, freight company Full Truck Alliance has scrapped its long time plan, according to the report. Companies such as Alibaba Group Holding (9988.HK), and JD.com (9618.HK), have moved to also list in Hong Kong over the past few years to hedge the risk of potential delisting in the United States due to political disputes with China. Pinduoduo and Full Truck Alliance did not immediately respond to a Reuters request for comment. Reporting by Akash Sriram in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Lockheed's Sikorsky seeks review of Black Hawk replacement contract
▼ + stars: | 2022-12-28 | by ( ) www.reuters.com time to read: +1 min

Dec 28 (Reuters) - Lockheed Martin Corp's (LMT.N) Sikorsky unit on Wednesday sought a review of the U.S. Army's decision to award a contract for its next-generation helicopter to Textron Inc's (TXT.N) Bell unit. The company, which filed its protest with the U.S. Government Accountability Office (GAO), said it had partner Boeing Co's (BA.N) support. Earlier this month, the Army ended a years-long competition aimed at finding a replacement for the Black Hawk utility helicopter after it assigned the contract to Textron's unit. The filing of a protest by Lockheed and Boeing triggers a formal legal review from the GAO and requires a decision within 100 days, the agency said. The Army acknowledges Sikorsky's decision to file for protest and will comply with GAO's requirements, said a spokesperson for U.S. Army Program Executive Office - Aviation.

☆ Musk tells Tesla workers not to be 'bothered by stock market craziness'
▼ + stars: | 2022-12-28 | by ( ) www.reuters.com time to read: +2 min

Dec 28 (Reuters) - Tesla Inc (TSLA.O) Chief Executive Elon Musk told employees that they should not be "bothered by stock market craziness" after the company's shares fell nearly 70% this year on jitters over softening demand for electric vehicles and Musk's distraction with running Twitter. In an email sent to staff on Wednesday and reviewed by Reuters, Musk said he believes that long term, Tesla will be the most valuable company on earth. Analysts expect Tesla to deliver 442,452 vehicles in the fourth quarter, according to Refinitiv data. Tesla has offered stock compensation for most employees including factory workers. "Btw, don't be too bothered by stock market craziness.

☆ Tesla shares record rare jump this month on the way to worst year
▼ + stars: | 2022-12-28 | by ( ) www.reuters.com time to read: +2 min

Dec 28 (Reuters) - Shares of Tesla Inc (TSLA.O) snapped a seven-session losing streak on Wednesday, in their rare rise this month on the way to what will be the electric-vehicle maker's worst year on record. "The shorts are piling on and the stock is way oversold here, which could drive a bounce-back rally," Wedbush analyst Dan Ives said. Tesla short sellers stand to book a profit of $16.94 billion, their first gain since at least 2016, compared with a $10.26 billion loss last year. Short sellers borrow shares to sell them on the open market in the hope of buying them back at a cheaper price and pocketing the difference. There could be more short selling until a firm-priced floor is established, Dusaniwsky said.

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