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SummarySummary Companies Apple down, Morgan Stanley cuts Dec shipment estimateCarvana tumbles, Wedbush slashes PT to Street lowFutures down: Dow 0.25%, S&P 0.48%, Nasdaq 0.82%Dec 7 (Reuters) - U.S. stock indexes were set to open lower on Wednesday after warnings of a looming recession from major Wall Street bankers offset optimism around China relaxing its strict zero-COVID rules. Fears of a recession due to the U.S. Federal Reserve's aggressive rate hikes to curb inflation pulled the S&P 500 (.SPX) lower for a fourth straight session on Tuesday, with all major Wall Street indexes ending down 1%-2%. "From the bigger picture, the Fed has hiked rates to a point where markets are expecting monetary policy to be restrictive enough to cause a mild recession." The CBOE volatility index (.VIX), also known as Wall Street's fear gauge, rose to a two-week high at 23.01 points amid increased investor anxiety. ET, Dow e-minis were down 85 points, or 0.25%, S&P 500 e-minis were down 19 points, or 0.48%, and Nasdaq 100 e-minis were down 94.75 points, or 0.82%.

☆ Factbox: Neuralink: what you need to know about Elon Musk's brain chip company
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +3 min

Dec 7 (Reuters) - Neuralink, the Elon Musk company that Reuters reported on Monday is the target of a federal investigation over its animal trial program, has been trying to develop a brain chip that would enable the paralyzed to walk and the blind to see. In a presentation webcast last week, the company showcased improvements in the speed and capabilities of the chip. Neuralink has yet to secure U.S. regulatory approval to move to human trials - unlike competitor Synchron, which has less ambitious goals for its medical advances. Neuralink has missed Musk's publicly stated deadlines to start human trials and this year submitted its application to the Food and Drug Administration to begin them. Musk said last week he believes Neuralink can start human clinical trials in six months.

☆ Futures fall on growing fears of recession
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +3 min

SummarySummary Companies Futures down: Dow 0.11%, S&P 0.21%, Nasdaq 0.30%Dec 7 (Reuters) - U.S. stock index futures edged lower on Wednesday after warnings of a looming recession from major Wall Street bankers offset optimism around the easing of China's strict zero-COVID rules. Fears of a recession due to the U.S. Federal Reserve's aggressive rate hikes to curb inflation pulled the S&P 500 (.SPX) lower for a fourth straight session on Tuesday, with all major Wall Street indexes closing down 1-2%. ET, Dow e-minis were down 36 points, or 0.11%, S&P 500 e-minis were down 8.25 points, or 0.21%, and Nasdaq 100 e-minis were down 34.75 points, or 0.3%. Among other stocks, GameStop Corp (GME.N) jumped 1.1% ahead of its third-quarter results where it is expected to report a 4.5% rise in revenue. Reporting by Shubham Batra and Ankika Biswas in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

[1/2] The Wall Street entrance to the New York Stock Exchange (NYSE) is seen in New York City, U.S., November 15, 2022. Concerns about a steep increase in borrowing costs have boosted the dollar, while weighing on equities and bond markets this year, with the S&P 500 down 17.5%. The S&P 500 rallied 13.8% in October and November on hopes of smaller rate hikes and better-than-expected earnings. The bank sector index (.SPXBK) fell 2.1%, with Bank of America leading declines with a 4.9% drop. The S&P index recorded three new 52-week highs and eight new lows, while the Nasdaq recorded 30 new highs and 191 new lows.

☆ BuzzFeed to cut workforce by 12%
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: 1 min

Dec 6 (Reuters) - Online media company BuzzFeed Inc (BZFD.O) said on Tuesday it will cut about 12% of its workforce, in a bid to reduce costs. As of Dec. 31, BuzzFeed had 1,522 employees across six countries, according to a regulatory filing. Reporting by Eva Mathews in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. FDA grants priority review for Emergent's OTC opioid drug
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +1 min

Companies Emergent BioSolutions Inc FollowDec 6 (Reuters) - Contract drugmaker Emergent Biosolutions (EBS.N) on Tuesday said its over-the-counter nasal spray as a treatment for suspected opioid overdose would be reviewed on a priority basis by the U.S. health regulator. Emergent is seeking the U.S. Food and Drug Administration's approval for a prescription-free sale of its nasal spray, Narcan, which is already cleared for the treatment of opioid overdose in the country. If approved following the agency's priority review by March 29, the spray could become the first naloxone-based drug to be sold over the counter. The worsening opioid crisis has prompted U.S. President Joe Biden's administration to develop newer strategies, including the use of naloxone. Reporting by Bhanvi Satija and Khushi Mandowara in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

"It's the recession fear that a lot of investors have ... the concern is that profits begin to drop more meaningfully in the recession." As of Dec. 2, analysts expected S&P 500 companies to report a drop of 0.6% in fourth-quarter earnings after posting a 4.4% rise in the third quarter, according to Refinitiv IBES data. ET, Dow e-minis were down 31 points, or 0.09%, S&P 500 e-minis were down 2 points, or 0.05%, and Nasdaq 100 e-minis were up 4.75 points, or 0.04%. Meanwhile, a Tuesday runoff election in Georgia between Democratic U.S. Among individual stocks, GameStop Corp (GME.N) rose 1.6% in premarket trading following a media report on layoffs.

☆ Futures subdued after sharp Wall St selloff on Fed worries
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +2 min

Concerns about steeper increase in borrowing costs have boosted dollar, while weighing on equities and bond markets this year, with the S&P 500 down 16.1% and the widely followed part of the Treasury yield curve deeply inverted - a harbinger of recession. As of Dec. 2, analysts expect S&P 500 companies to report a drop of 0.6% in fourth-quarter earnings after posting a 4.4% rise in the third quarter, according to Refinitiv IBES data. ET, Dow e-minis were down 37 points, or 0.11%, S&P 500 e-minis were down 3.5 points, or 0.09%, and Nasdaq 100 e-minis were down 2.25 points, or 0.02%. Among individual stocks, General Electric (GE.N) rose 1.5% in premarket trading after Oppenheimer upgraded the industrial conglomerate's stock to "outperform". Reporting by Devik Jain in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

[1/2] The Wall Street entrance to the New York Stock Exchange (NYSE) is seen in New York City, U.S., November 15, 2022. The lender's chief executive said the bank's research predicted three quarters of mild negative growth next year. JPMorgan Chase and Co's (JPM.N) top boss Jamie Dimon also warned of a mild to more pronounced recession ahead. As of Dec. 2, analysts expected S&P 500 companies to report a drop of 0.6% in fourth-quarter earnings after posting a 4.4% rise in the third quarter, according to Refinitiv IBES data. The S&P index recorded three new 52-week highs and six new lows, while the Nasdaq recorded 15 new highs and 109 new lows.

☆ U.S. FDA to review Emergent's OTC opioid overdose drug on priority
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +2 min

Dec 6 (Reuters) - Contract drugmaker Emergent Biosolutions (EBS.N) said on Tuesday its over-the-counter nasal spray as a treatment for suspected opioid overdose would be reviewed on a priority basis by the U.S. health regulator. Emergent is seeking the U.S. Food and Drug Administration's approval for a prescription-free sale of its nasal spray, Narcan, which is already cleared for the treatment of opioid overdose in the country. The agency will make its decision by March 29 and its priority review status puts Narcan on track to become the first naloxone-based drug to be sold over the counter, Benchmark analyst Robert Wasserman said. If approved, Narcan could face competition from generic versions of the drug, pressuring margins for Emergent, Cowen analyst Boris Peaker said. Rival Opiant Pharmaceuticals' (OPNT.O) drug nalmafene is also under the FDA's review and could pose additional risk to Narcan sales, as it provides better protection against an opioid overdose, Peaker added.

☆ Summit Therapeutics in up to $5 bln licensing deal for Akeso's cancer therapy
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +1 min

Dec 6 (Reuters) - Summit Therapeutics Inc (SMMT.O) said on Tuesday it would license China-based Akeso Inc's (9926.HK) experimental cancer therapy in a deal worth up to $5 billion, sending its shares up 57% in premarket trade. The deal involves an upfront payment of $500 million to Akeso, which will also be eligible for regulatory and commercial milestone payments of up to $4.5 billion. Additionally, Akeso will be eligible to receive low double-digit royalties on net sales, Summit said in a statement. Through the deal, Summit will get the rights to develop and commercialize the drug, ivonescimab, in the United States, Canada, Europe, and Japan, while Akeso will retain the rights for rest of the world, including China. The company also announced a $500 million rights offering and the issuance of $520 million in promissory notes.

☆ Microsoft mulls building 'super app' - The Information
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +1 min

Dec 6 (Reuters) - Microsoft Corp (MSFT.O) recently considered building a "super app" that could include shopping, messaging, news and web search services among others, The Information reported on Tuesday, citing people familiar with the matter. The Windows-maker mulled building the app to loosen the hold of Alphabet Inc's Google (GOOGL.O) and Apple Inc (AAPL.O) on the mobile search space, according to the report. Microsoft executives wanted the app to also boost the company's multibillion-dollar advertising business and Bing search, as well as draw more users to Teams messaging and other mobile services, The Information reportedMicrosoft did not immediately respond to a Reuters request for comment. Tesla Inc (TSLA.O) Chief Executive Elon Musk, who also owns Twitter, has shown interest in building a super app named "X" that would combine a multitude of services. Reporting by Akash Sriram in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Wall St slides as services data spooks investors about Fed rate hikes
▼ + stars: | 2022-12-05 | by ( David French | ) www.reuters.com time to read: +4 min

Broadly, indexes suffered as data showed U.S. services industry activity unexpectedly picked up in November, with employment rebounding, offering more evidence of underlying momentum in the economy. Investors see an 89% chance that the U.S. central bank will increase interest rates by 50 basis points next week to 4.25%-4.50%, with the rates peaking at 4.984% in May 2023. The rate-setting Federal Open Market Committee meets on Dec. 13-14, the final meeting in a volatile year, which saw the central bank attempt to arrest a multi-decade rise in inflation with record interest rate hikes. "Stock Exchange" is seen over an entrance to the New York Stock Exchange (NYSE) on Wall St. in New York City, U.S., March 29, 2021. Although bank profits are typically boosted by rising interest rates, they are also sensitive to concerns about bad loans or slowing loan growth amid an economic downturn.

Broadly, indexes were suffering as data showed U.S. services industry activity unexpectedly picked up in November, with employment rebounding, offering more evidence of underlying momentum in the economy. In other economic data this week, investors will also monitor weekly jobless claims, producer prices and the University of Michigan's consumer sentiment survey for more clues on the health of the U.S. economy. It was weighed by U.S. natural gas futures slumping more than 8% on Monday, as the outlook dimmed due to forecasts for milder weather and the delayed restart of the Freeport liquefied natural gas (LNG) export plant. EQT Corp (EQT.N), one of the largest U.S. natural gas producers, led declines with a 7.1% drop. Although bank profits are typically boosted by rising interest rates, they are also sensitive to concerns about bad loans or slowing loan growth amid an economic downturn.

☆ Billionaire Adani becomes NDTV's biggest shareholder after open offer
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Dec 5 (Reuters) - Indian billionaire Gautam Adani's conglomerate on Monday raised its stake in New Delhi Television Ltd (NDTV.NS) to more than 37% through an open offer, making it the biggest shareholder of one of the country's most popular news networks. Although Adani's group was looking to take another 26% stake in NDTV, the open offer attracted bids for just 5.3 million shares, translating to an 8.3% interest in the company. Last week, Adani acquired a stake of about 29.2% in NDTV by buying a company backed by the television network's founders, Radhika Roy and Prannoy Roy, who have a 32.3% stake in NDTV. In the open offer that concluded Monday, corporate investors tendered 3.9 million shares, while retail investors offered to sell over 706,000 shares. Adani had offered to buy NDTV shares at 294 rupees in the open offer, which represents a 25% discount to Monday's closing price.

☆ Exxon Mobil raises CEO, top executives base pay
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +1 min

Dec 5 (Reuters) - Exxon Mobil Corp (XOM.N) is raising the annual base salaries of its top boss and other executives for next year, the largest U.S. oil company said on Monday. Kathryn Mikells, who became the company's chief financial officer in August last year, will receive a base pay of $1.22 million in 2023. Base salaries, however, represent less than 10% of total pay, with stock awards and bonuses making up a bigger share of what Exxon's executives pocket every year. The Houston-based oil major paid Woods a total compensation of $23.6 million in 2021 and $15.6 million in 2020. Biden has repeatedly called on U.S. oil and gas companies to use their record profits to increase production and reduce pump prices for Americans.

☆ Futures fall as investors await more data before Fed meet
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Futures down: Dow 0.41%, S&P 0.44%, Nasdaq 0.28%Dec 5 (Reuters) - U.S. stock index futures fell on Monday as investors awaited more data, including a report on the services sector, to gauge the Federal Reserve's next move at its rate-setting meeting later this month. But near the end of the week, equities lost some momentum after November's robust U.S. payrolls report challenged hopes for a less aggressive Fed. Investors see a 91% chance that the U.S. central bank will increase the interest rates by 50 basis points next week, with the rates peaking in May 2023. ET, Dow e-minis were down 139 points, or 0.4%, S&P 500 e-minis were down 17.75 points, or 0.44%, and Nasdaq 100 e-minis were down 33.75 points, or 0.28%. Reuters reported China was set to announce the further easing of some of the world's toughest COVID curbs as early as Wednesday.

Data showed U.S. services industry activity unexpectedly picked up in November, with employment rebounding, offering more evidence of underlying momentum in the economy. "Right now it's more of an issue of watching the Fed and they are going to need to tighten and longer than needed." Investors see an 89% chance that the U.S. central bank will increase interest rates by 50 basis points next week, with the rates peaking in May 2023. All major Wall Street indexes notched a second straight week of gains last week, with the S&P 500 rising 1.13%, the Dow gaining 0.24% and the Nasdaq climbing 2.1%. The S&P index recorded four new 52-week highs and one new low, while the Nasdaq recorded 54 new highs and 39 new lows.

☆ Netflix to let more subscribers preview content - WSJ
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: 1 min

Dec 1 (Reuters) - Netflix Inc (NFLX.O) is planning to let tens of thousands of users around the world to preview content from early next year, expanding beyond its current previewer base of 2,000-plus subscribers, the Wall Street Journal reported on Thursday. Netflix's Preview Club, which started more than a year ago, allows its members to watch some shows or films before they appear broadly on the platform and review them, the Journal reported, citing people familiar with the matter. The video streaming giant did not immediately respond to a Reuters request for comment. The move underpins Netflix's efforts to ensure quality content, at a time when investors and analysts focus more on the profitability of streaming firms. Reporting by Eva Mathews in Bengaluru; Editing by Anil D'Silva and Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Dec 1 (Reuters) - Biotech firm Roivant Sciences (ROIV.O) on Thursday launched a company with Pfizer Inc (PFE.N) focused on an experimental bowel disease treatment, as the drugmakers seek to tap into a multibillion dollar market. The drug, RVT-3101, was originally developed by Pfizer, which will hold a 25% stake in the new business, with Roivant holding the majority interest. SVB Securities analyst David Risinger says the deal shows how Pfizer is prioritizing research spending for its oral ulcerative colitis drug, etrasimod, which holds a near-term blockbuster opportunity. RVT-3101 could represent a nearly $15 billion commercial opportunity in the United States for Roivant as a treatment for both ulcerative colitis and Crohn’s disease, said Risinger. Pfizer has also licensed its inflammatory autoimmune disease drug brepocitinib to Roivant in exchange for a 25% stake in another jointly held company called Priovant.

☆ EU warns Musk that Twitter faces ban over content moderation -FT
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +1 min

EU industry chief Thierry Breton made the threat during a video meeting with Musk on Wednesday, the FT reported, citing people with knowledge of the conversation. Twitter and the EU did not immediately respond to Reuters' requests for comment. Breton had previously urged Musk to comply with landmark EU rules against online hate speech and disinformation. The European Commission's justice chief Didier Reynders had also voiced similar comments. Reporting by Tiyashi Datta in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Dow dips ahead of Powell speech; Nasdaq kept afloat by growth stocks
▼ + stars: | 2022-11-30 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

The Dow Jones Industrial Average (.DJI) has gained 17.5% in the last two months, while the Nasdaq index (.IXIC) has added 4.2%. Traders expect the Fed to increase rates by 50 basis points in December, with the rates peaking in June 2023. So I don't really make much out of that, I'd like to see what Powell has to say," Saluzzi added. Declining issues outnumbered advancers for a 1.15-to-1 ratio on the NYSE and a 1.09-to-1 ratio on the Nasdaq. The S&P index recorded three new 52-week highs and one new low, while the Nasdaq recorded 51 new highs and 120 new lows.

☆ Corteva makes $1.2 bln bid for Stoller Group
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: 1 min

Nov 30 (Reuters) - Corteva Inc (CTVA.N) will buy biologicals firm Stoller Group Inc for $1.2 billion in cash, the companies said on Wednesday, as it looks to expand its crop protection business. Biologicals related to the agriculture sector are a growing market and expected to represent about 25% of the overall crop protection market by 2035. Corteva has been working toward enhancing its portfolio of crop protection assets and bought Spain-based Symborg in September. The Stoller deal, which is expected to close in the first half of 2023, will be accretive to Corteva's core earnings in 2023, the companies said. Reporting by Arshreet Singh; Editing by Anil D'Silva and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Wall St set to open flat as focus turns to Powell speech
▼ + stars: | 2022-11-30 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

The Dow Jones Industrial Average (.DJI) has gained nearly 18% in the last two months, while the Nasdaq index (.IXIC) has added about 4%. Traders expect the Fed to increase rates by 50 basis points in December, with the rates peaking in June 2023. The data is expected to show 200,000 job additions in November, compared with 261,000 jobs in the prior month. So I don't really make much out of that, I'd like to see what Powell has to say," Saluzzi added. Biogen Inc (BIIB.O) jumped 4.3% after its experimental Alzheimer's drug slowed cognitive decline in a closely watched trial.

☆ DoorDash cuts 1,250 jobs to control ballooning costs
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +2 min

Nov 30 (Reuters) - DoorDash Inc (DASH.N) said on Wednesday it was cutting about 1,250 jobs, or 6% of its total workforce, as the food-delivery company looks to keep a lid on costs to cope with a slowdown in demand. As a result, operating expenses grew quickly," Chief Executive Tony Xu said in a memo to employees that was posted on the company's website. "Given how quickly we hired, our operating expenses - if left unabated - would continue to outgrow our revenue." read moreWhile DoorDash's Xu reiterated that the business has been more resilient compared with other e-commerce companies, he said reducing non-headcount operating expenses "wouldn't close the gap." DoorDash, which closed an all-stock deal this year with Wolt, has total headcount of about 20,000.

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