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Morning Bid: Market bounce sets up Fed-dominated week ahead
  + stars: | 2023-10-30 | by ( ) www.reuters.com   time to read: +5 min
A trader works on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2023. A worrying late-year stock market unwind is starkest in small-cap indexes (.RUT) now tracking year-to-date losses of some 7% - even as the benchmark S&P500 (.SPX) remains up 7% and Big Tech leaders of the Nasdaq 100 are still 30% (.NDX) higher. Annual earnings growth for S&P500 companies is now expected to have picked up to a 4.3% annual growth rate, according to LSEG estimates, from as low as 1.6% before the reporting season began. But beyond Fed policy rates, it's the restive bond market and near 16-year-high long-term borrowing costs that are starting to hurt most. U.S. 10-year Treasury yields held steady at 4.85% - well below the 5% threshold they breached last week.
Persons: Brendan McDermid, Mike Dolan, keener, Russell, China Evergrande, Simon Property, Louis, Nick Macfie Organizations: New York Stock Exchange, REUTERS, Big Tech, Nasdaq, Tech, Federal Reserve, Detroit's Big, Apple, HSBC HSBA.L, Swiss, Swiss National Bank, Bank of Japan, China, HK, Dallas Fed, Western Digital, FMC, Arista Networks, Arch, Semiconductor, Treasury, Reuters, Louis Fed, Reuters Graphics Reuters, Thomson Locations: New York City, U.S, Gaza, London, Europe, Hong Kong, Loews, St
As of Monday morning, 118 aid trucks with food, water and medical supplies have entered Gaza through the Rafah crossing. The Israel military says there are fuel supplies in Gaza being held by Hamas which are not being distributed for humanitarian purposes, CNN reported. Gaza cannot produce food or clean water without electricity or fuel. The power plant ran out of fuel two weeks ago, and the country has had to rely on generators for electricity. The 140-square-mile enclave, blockaded by Israel since 2007, relies heavily on imported fuel and electricity to run all its services.
Persons: Israel, Khan Younis, Deir Organizations: CNN, United Nations Relief, Works Agency, UN, Hamas, World, World Health Organization Locations: Gaza, Rafah, Israel, Khan, Gaza’s, Deir al, Qatar
CNN —Taylor Swift has that thing that you like on Spotify. The streaming service announced over the weekend on social media that the singer had become “the most-streamed artist in a single day in Spotify history, and “1989 (Taylor’s Version)” became Spotify’s most-streamed album in a single day this year. Swift replaced herself as the most-streamed artist record holder, a year after she captured the title back on October 21, 2022. Swift has absolutely dominated the music industry this year. Swift, apparently, never goes out of style.
Persons: CNN — Taylor Swift, , Swift, Jack Antonoff Organizations: CNN, Spotify
Managed money net position in CBOT soybean meal futures and optionsMost-active CBOT soymeal futures jumped 8.6% in the week ended Oct. 24 on increasing international demand for U.S. soybean meal, tightening up the domestic market. Money managers flipped back to a net long in CBOT soybean futures and options through Oct. 24, snapping a seven-week selling streak. The new net long of 7,753 contracts compares with a net short of 1,984 in the prior week, which was funds’ first net short in soybeans since April 2020. Money managers cut their net long in CBOT soyoil futures and options to 11,523 contracts from 20,729 a week earlier. Spring wheat futures are off 25% from their July top.
Persons: Jim Young, Karen Braun, Diane Craft Organizations: REUTERS, Rights, Reuters, Thomson Locations: Minooka , Illinois, Rights NAPERVILLE , Illinois, Argentina, Minneapolis, Kansas City
It hardly mattered that “Five Nights at Freddy’s” was released simultaneously in theaters and on streaming this weekend. Fans flocked to movie theaters across the country to see the scary video game adaptation on the big screen, which made $78 million to top the North American box office, according to studio estimates Sunday. The movie also opened in 64 markets internationally, where it’s expected to gross $52.6 million, giving the film a $130.6 million global launch – the biggest of any horror released this year. Political Cartoons View All 1223 ImagesAnd it paid off: “Five Nights at Freddy’s” is his company’s biggest opening of all time, surpassing “Halloween’s” domestic and global debut. Coppola’s “Priscilla,” about Priscilla Presley’s life with Elvis, also opened on four screens in New York and Los Angeles, where it averaged $33,035 per screen.
Persons: , Blumhouse, Emma Tammi, Josh Hutcherson, Mary Stuart Masterson, Matthew Lillard, Freddy Fazbear’s, Scott Cawthon, Jason Blum, , ” Blum, AP’s Mark Kennedy, “ Taylor Swift, Martin Scorsese's, Alexander Payne’s “, Sofia Coppola’s “ Priscilla, Paul Giamatti, Coppola’s “ Priscilla, Priscilla Presley’s, Elvis, Cailee Spaeny, Jacob Elordi Organizations: American, Universal, Peacock, NBCUniversal, IGN, Rotten, AMC Theatres, Paramount, New Locations: U.S, Canada, New York, Los Angeles, New England
Investors are now tasked with trying to understand where bond yields go next, and what the drivers of those yields would be. Forget about the technical charts, he says — they are not driving the bond market right now. While Fed policy has consequences for the bond market, investors drive the yield, Johnson said. That means trying to predict where bond yields will settle will be very hard. But fear in the stock market could translate to greed in the bond market as investors flee to safety.
Persons: Paul Ciana, Gordon Johnson, , Johnson, Ed Yardeni, Kevin Zhao, Liz Truss, Ray Dalio, Fitch, Eric Leve, Michael Gayed, there's, Russell, Leve, hasn't Organizations: Federal Reserve, Investors, Bank of America, GLJ Research, UBS Asset Management, CNBC, Greenwich Economic, Tidal Financial, P Bank ETF, BlackRock Locations: Bridgewater, Greenwich
CNN —At first glance, the American actor and filmmaker Fisher Stevens wasn’t the obvious choice to helm the four-part Netflix documentary series about English soccer great David Beckham. “When they first called me, my response was …’why me for David Beckham?’” the 59-year-old said to CNN Sport’s Don Riddell. “I said, ‘Hey, I have a call with David Beckham, but I’m not sure,’” Fisher fondly recalled. I say what’s really strong, their relationship is really strong and if you can work with your wife and it works, God bless, man,” he said. But that’s why he’s also such a good guy, because he’s worried about you too.”A second series?
Persons: Fisher Stevens, David Beckham, Stevens, , CNN Sport’s Don Riddell, , , Beckham, Alex Ferguson, Ballon d’Or, Lionel Messi, ” Adams, Taylor Swift, Travis Kelce, Becks ’, Jesse Armstrong, HBO’s, Tony Roche, Hugo, Oscar, Leonardo DiCaprio, DiCaprio, , I’m, ’ ” Fisher, Logan Roy, ” Brand Beckham, David, he’s, “ Beckham, Ted, Ferguson, Scot, Megan Briggs, Victoria, ‘ David we’ll, ‘ David, that’s, Joseph West, ” Stevens Organizations: CNN, Netflix, Manchester United, Major League Soccer, Inter Miami, Argentina, Spice, HBO, Warner Bros, United, Real Madrid, Variety, Qatar, Jewish Locations: American, England, Spain, America, Italy, France, United States, , Victoria
To that end, here are five stocks favored by Wall Street's top analysts, according to TipRanks, a platform that ranks analysts based on their past performance. Mahaney reiterated a buy rating on NFLX stock with a price target of $500. Baird analyst Colin Sebastian recently initiated a buy rating on CART stock with a price target of $31. SLBOilfield services company SLB (SLB), formerly Schlumberger, recently reported better-than-expected third-quarter adjusted earnings. Calling SLB a structural winner, particularly during pullbacks, Mehta reiterated a buy rating on the stock with a price target of $65.
Persons: Dado Ruvic, Wall, Mark Mahaney, Mahaney, TipRanks, roadmaps, Harlan Sur, Sur, Baird, Colin Sebastian, Sebastian, Instacart, SLB, Goldman Sachs, Neil Mehta, Mehta, Tesla Organizations: Reuters, Netflix, Nvidia, JPMorgan, TipRanks, Schlumberger, Saudi Aramco, United Arab Locations: Saudi, United Arab Emirates, Qatar
Onboard spending jumped from an average of $66 a day to $81 a day from the second quarter of 2019 to the same time in 2023. AdvertisementAdvertisementFrom WiFi to fancy dinners to go-karting at sea , cruise travelers have been spending big at sea. In the third quarter of 2021, Arnold Donald, the former president and CEO of Carnival Corp, was already noting "off the charts" onboard spend . Amid the influx of ultra-cheap cruises , onboard spend caught up to and surpassed 2019 levels before fares did. "It's a longer sales cycle that helps build that overall onboard revenue product," Mark Kempa, Norwegian's executive vice president and CFO, said during the call.
Persons: , Arnold Donald, it's, Holland America —, Robin Farley, Patrick Scholes, Brittany Chang, Harry Sommer, Sommer, Mark Kempa, Jason Liberty, Liberty, Scholes, We're, couldn't Organizations: Service, Carnival Corp, Holland America, UBS, Truist Securities, Farley Travelers, Royal, Norwegian Cruise Line Holdings, Royal Caribbean Group, MSC, Cartier, Rolex Locations: Royal Caribbean, CocoCay, Norwegian
Rolling Stones top UK charts with new album 'Hackney Diamonds'
  + stars: | 2023-10-27 | by ( ) www.reuters.com   time to read: +2 min
[1/2] Member of the Rolling Stones Mick Jagger performs during a private record release party of their new album "Hackney Diamonds" in New York City, U.S., October 19, 2023. REUTERS/Shannon Stapleton/File Photo Acquire Licensing RightsLONDON, Oct 27 (Reuters) - The Rolling Stones topped the British music charts on Friday, securing their 14th UK No. 1 album with new record “Hackney Diamonds”. 1 on the UK’s Official Albums Chart, it added. "Hackney Diamonds", the Stones' first album of original material since 2005 and the first recording since drummer Charlie Watts died in 2021, also topped the Official Vinyl Albums Chart.
Persons: Mick Jagger, Shannon Stapleton, Keith Richards, Ronnie Wood, Robbie Williams, Bruce Springsteen, Charlie Watts, Paul McCartney, Elton John, Stevie Wonder, Lady Gaga, Bill Wyman, Steve Jordan, Jagger, Richards, Wood, guirtarist, Tom DeLonge, Kenya Grace, Marie, Louise Gumuchian, David Gregorio Our Organizations: REUTERS, Hackney, Company, Kenya, Thomson Locations: New York City, U.S, Australia, Germany, London , New York, Los Angeles, Nassau
If there is a war of the generations, we older Americans are winning it. As evidence, I present two remarkable charts, which are my versions of charts made by the Center on the Economics and Demography of Aging at the University of California, Berkeley. The charts show a big increase since 1960 in the consumption of goods and services by people over 60, with the biggest increase among people 75 and older. The charts show average consumption per individual, not total consumption by the (growing) cohort of the old. Rightly or wrongly, Congress is choosing spending on the old over spending on the young.
Persons: it’s, Melissa Kearney, Luke Pardue Organizations: Center, University of California, Social, Aspen Economic Locations: Berkeley, United States
When Elon Musk acquired Twitter a year ago, he pledged to turn the social-media platform into an “everything app” that would eclipse what the long-struggling business had accomplished since its founding in 2006. One year in, much of Musk’s grand vision has yet to play out. The company is struggling on a number of metrics, according to third-party data, including attracting users. It is trying to rebuild its advertising business after that revenue plummeted post takeover, and the platform also has been navigating content-moderation challenges after Musk loosened such rules.
Persons: Elon Musk Organizations: Elon, Twitter
When the Veralto spinoff from Danaher was completed earlier this month, shareholders like us received one VLTO share for every three shares of DHR owned. Recall that in Danaher's earnings report, third-quarter results for the Environmental & Applied Solutions outpaced expectations for both sales and operating income. On Thursday's call, CFO Sameer Ralhan said Veralto implemented some cost optimizations in the third quarter that will start delivering benefits in the ongoing fourth quarter. Other notable dynamics in Veralto's third quarter include free cash flow generation coming in at 113% of GAAP earnings (which was higher than adjusted earnings at 83 cents per share). Finally, Veralto expects to initiate a quarterly dividend of 9 cents per share in the fourth quarter.
Persons: Danaher, Jennifer Honeycutt, we're, New York City's, we've, We've, Sameer Ralhan, Veralto, Ralhan, Honeycutt, Jim Cramer's, Jim Cramer, Jim, Joe Raedle Organizations: DHR, Applied Solutions, Applied, Argentine, PQ, Growth, Procter, Gamble, CNBC, Getty Locations: Danaher, Veralto, New York, North America, Western Europe, China, Miami , Florida
[1/2] Universal Music Group logo is seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsOct 26 (Reuters) - Cultural phenomenon Taylor Swift helped fuel revenue at Universal Music Group (UMG.AS) in the third quarter, the world's largest record label said on Thursday. Universal Music and a number of its artists also partnered with YouTube on a Music AI Incubator, to explore how to use the technology to enhance artist creativity. EBITDA for the quarter fell 11.3% to 478 million euros, reflecting the impact of non-cash share-based compensation expenses of 103 million euros during the quarter. Revenue from music publishing rose 17.5% to 491 million euros, while merchandise sales increased 20.1% to 227 million euros.
Persons: Dado Ruvic, Taylor Swift, Swift, Lucian Grainge, Grainge, we're, Morgan Wallen, Olivia Rodrigo, King, Prince, Dawn Chmielewski, Chizu Nomiyama, Jonathan Oatis Organizations: Universal, REUTERS, Universal Music, YouTube, Revenue, Thomson Locations: Los Angeles
UK has second-biggest number of top fintech firmsThe U.S. was home to 65 of the top fintech companies, according to CNBC's list of world's top 200 fintech companies. In the U.S., some of the top global fintech companies on Statista's list include names like Stripe, PayPal and Intuit . Stateside, meanwhile, the largest fintech unicorns are Stripe ($95 billion), Chime ($25 billion), Ripple ($15 billion), Plaid ($13.5 billion), Devoted Health ($12.6 billion, and Brex ($12.3 billion). Other leading ecosystems for fintech unicorns include India, on 17 unicorns, and China, on eight. Standing in 8th place is Mexico, with five fintech unicorns, Singapore, also with five, and the Netherlands, which has four in total.
Persons: Ed Jones, Starling, Tencent, Statista, Andreessen Horowitz, Wise, Vlad Tenev, Group's, , Nick Parmenter Organizations: AFP, Getty, CNBC, Statista, Ant Group, Plaid, Visa, Mastercard, European Union, Apple, Google, Sequoia Capital, PayPal, Intuit, Financial, Authority, Consumers Locations: U.S, Beijing, China, Silicon, Europe, Ukraine, Covid, India, France, Brazil, Germany, Mexico, Singapore, Netherlands, Statista
The potential timing of those sales is uncertain, as similar agreements in the past have sometimes led to immediate announcements of large U.S. export sales while other times they have not. Soybean Export Council (USSEC) on Tuesday were also unusually thin as neither volumes nor commodities were specified as normal. Therefore, large daily sales announcements from the U.S. Department of Agriculture are not guaranteed to follow. Some of the other biggest daily soybean sales also immediately followed signings. U.S. soybean export sales to China, October 12Karen Braun is a market analyst for Reuters.
Persons: Stringer, Karen Braun, Matthew Lewis Organizations: REUTERS, Rights, China, Export, U.S . Department of Agriculture, Brazil, Reuters, Thomson Locations: Wuhan, Hubei, Rights NAPERVILLE , Illinois, Iowa, U.S, Beijing, China, China’s U.S
CNN —Wearing the local sports team’s jersey is the perfect way to endear yourself to a regional crowd, but K-pop girl group STAYC was involved in a bit of a wardrobe mix-up during its show in Dallas last Thursday. Marcus Semien, wearing the jersey of the Texas Rangers, during their Game 7 American League Championship Series win over the Houston Astros on October 23. STAYC is currently on the American leg of its ‘Teenfresh’ world tour. Shaun Botterill/Allsport/Getty ImagesThe accidental wardrobe snafu is not the first link between K-pop and a Glaswegian soccer side. The jersey of Rangers’ bitter rival, Celtic, made an appearance during boy band Stray Kids’ ‘My Piece’ music video in 2018.
Persons: CNN —, STAYC, Marcus Semien, Bailey Orr, Isa, Ian Ferguson, Paolo Di Canio, Shaun Botterill, ’ –, Seeun, Yoon Organizations: CNN, Dallas, New York Times, Bears, Bulls, Yankees, Mets, Dallas Cowboys, Dallas Mavericks, Texas Rangers, Houston Astros, American League, Rangers soccer, Rangers, Scottish Premiership, League Cup, Scottish, Celtic, Firm, Locations: Chicago, Brooklyn, Texas, Glasgow, Scotland, STAYC, Sieun
McDonald's tried to buy PaneraMcDonald's expressed interest in buying Panera in the early 2000s, Shaich writes. More than a decade after meeting with McDonald's, Shaich started seriously considering selling Panera as he prepared to step down from the business. Shaich writes in the book that he never really left, staying active as executive chair of the company, before he rejoined as a co-CEO in 2012. Shaich writes that he knew at the time that he would retire, but he hadn't yet announced it. Shaich writes that Panera received a patent to use video to review the accuracy of sandwich orders.
Persons: Ron Shaich, Scott Mlyn, Shaich, Louis, Panera, that's, McDonald's, Bill Moreton, wasn't, Donatos, Howard Schultz, David Ryder, Schultz, Au Bon, Steve Ells, Jerry Cleveland, Obama, hadn't Organizations: CNBC, Clark University, Louis Bread Company, Grill, Boston, Starbucks, Reuters Starbucks, Denver Post, Getty, Obama Locations: Boston, Seattle, Panera, India, aren't
Janick favors taking a gradual approach with artists, focusing on three-year, five-year and 10-year plans. “Signing Billie when she was 14, there was the conversation of, ‘She’s 14 years old. We have to take our time,’ ” Janick says. Billie Eilish, 15, peforming as part of a UMG showcase. Photo: Omar Vega/Invision for UMG/AP
Persons: Billie, , ” Janick, Billie Eilish, peforming, Omar Vega
Jim Cramer gets technical with the markets
  + stars: | 2023-10-24 | by ( Jim Cramer | ) www.cnbc.com   time to read: 1 min
Jim Cramer gets technical with the markets'Mad Money' host Jim Cramer hits the charts to get technical with equity markets.
Persons: Jim Cramer
download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementIf you've paid even a bit of attention to the market over the past few months, chances are you've heard the commotion over US Treasury yields. (Prices and yields are inversely related; the more people sell Treasurys, the higher their yields go, and vice versa.) But even if you have zero interest in the market, Treasury volatility impacts you. So yes, Treasury yields could fall.
Persons: , you've, Insider's Jennifer Sor, Uncle Sam, Treasurys, Alistair Barr, Bill Ackman, Ackman, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Treasury, Federal Locations: New York City, San Diego, London, New York
Several indicators show parallels between today's housing market and that of the mid-2000s. Some similarities include low affordability, falling furniture sales, and an investor pullback. Some differences, however, include tighter lending standards and fewer ARMs. There are too many moving variables in geopolitics and policy that make it impossible to draw exact parallels. This story is available exclusively to Insider subscribers.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFairlead's Katie Stock lays out the key technical indicators to watch this weekKatie Stockton, Founder and Managing Partner at Fairlead Strategies, charts out the key technical indicators to watch on tech stocks this week.
Persons: Katie Stock, Katie Stockton
It's a reminder of the power and potential of Nigeria's rapidly growing film industry. It is the world's second-largest film industry after India based on number of productions, with an average of 2,000 movies released annually. The movie also has been lauded as signifying the potential of the film industry in Nigeria as well as across Africa. In Nigeria, the movie industry is at “the point right now where the world needs to take notice,” Effiong said. He said that's because "The Black Book is a film by Black people, Black actors, Black producers, Black money 100%, and it’s gone ahead to become a global blockbuster."
Persons: , , Editi Effiong, Afolayan's Aníkúlápó, Paul Edima —, Richard Mofe, Edima, ” Effiong, Effiong, , John Wick, it’s Organizations: Netflix, Associated Press, Twitter, Digital TV Research Locations: ABUJA, Nigeria, Nigerian, Africa’s, India, West Africa, Lagos, Africa, Saharan Africa, “ Africa
The company paid a dividend of $1.74 per share in late September, which included a quarterly base dividend of 50 cents per share and a variable dividend of $1.24. The acquisition, anticipated to close in January 2024, is expected to boost CIVI's free cash flow per share by 5% in 2024. In September, the company announced a quarterly dividend of 57 cents per share, payable on Nov. 1. (See Chesapeake Insider Trading Activity on TipRanks)EOG ResourcesLet's look at another energy company: EOG Resources (EOG). Based on this quarterly dividend, the annual dividend rate comes to $3.30 per share, bringing the dividend yield to 2.5%.
Persons: Paresh Dave, Wall, Civitas, Lloyd Byrne, CIVI, Byrne, TipRanks, Bristol Myers, BMY, Goldman Sachs, Chris Shibutani, Shibutani, Umang Choudhary, Choudhary, EOG, Nitin Kumar, Eagle, Kumar Organizations: Cisco Systems Inc, Civitas, Civitas Resources, Vencer Energy, Jefferies, Midland, Bristol, Bristol Myers Squibb, Mirati Therapeutics, Chesapeake Energy, Management, Chesapeake, EOG, Eagle Ford, TipRanks, Cisco Locations: San Jose , California, Denver, Midland, West Texas
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