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☆ Factbox: Apple's iPhone shipments seen sagging under China disruptions
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: 1 min

Nov 30 (Reuters) - Apple Inc (AAPL.O) has warned that worker unrest at the world's biggest iPhone factory in China will impact shipments of higher-end models of the device in the lucrative holiday quarter. Some Wall Street analysts have started estimating the hit from the disruptions, which have weighed on shares of the world's most valuable company. Here are their predictions:Reporting by Akash Sriram in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

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

"Fed Chair Powell is speaking, but past comments have done little other than chant 'hike, hike, hike'," said Paul Donovan, chief economist, UBS Global Wealth Management. "Powell has yet to explain the mechanism by which hiking rates is supposed to reduce inflation (which matters to analyzing when rates might peak) ... today's speech should signal a slowing of rate hikes." Hopes that the Fed will now hike rates in smaller increments and recent data pointing to a mild cooling in prices have positioned the benchmark S&P 500 index (.SPX) for its second straight month of gains. Traders see the Fed increasing rates by 50 basis points in December, with the rates peaking in June 2023. Reporting by Shreyashi Sanyal & Devik Jain; Additional reporting by Shubham Batra; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Dow falls ahead of Powell speech; Tesla shares boost Nasdaq
▼ + stars: | 2022-11-30 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +4 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. China Merchants Bank International said Tesla's sales in China in November were boosted by price cuts and incentives offered on its Model 3 and Model Y. So I don't really make much out of that, I'd like to see what Powell has to say," Saluzzi added. The S&P index recorded two new 52-week highs and no new low, while the Nasdaq recorded 35 new highs and 74 new lows.

Consumers held out for better deals over the Thanksgiving weekend, even as retailers ranging from Target Corp (TGT.N) to Kohl's Corp (KSS.N) kicked off a holiday discount frenzy as early as October. "The Thanksgiving holiday shopping weekend is a tradition treasured by many American families ... As inflationary pressures persist, consumers have responded by stretching their dollars in any way possible," NRF President Matthew Shay said. In comparison, the number of people shopping online grew at a slower pace. "It is important to note that while some may claim that retail sales gains are the result of higher prices ... Data from Mastercard SpendingPulse, which measures in-store and online sales across all forms of payments, also showed on Tuesday that U.S. retail sales rose about 11% between Thanksgiving Day and Sunday.

☆ Wall Street dips as growth shares offset energy gains
▼ + stars: | 2022-11-29 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

SummarySummary Companies Energy stocks rise, oil prices come off session highsU.S. consumer confidence slips in NovemberIndexes down: Dow 0.32%, S&P 0.41%, Nasdaq 0.57%Nov 29 (Reuters) - Wall Street's main indexes fell on Tuesday as growth stocks extended declines, overshadowing a rise in energy shares after oil prices pared back gains on OPEC+ output concerns. Gains in growth stocks earlier in the day proved short-lived, while U.S. Treasury yields rose. The S&P 500 energy sector index (.SPNY) was up only 0.6%, after rising as much as 2% earlier in the session. Oil prices pared gains on concerns that OPEC+ would keep its output unchanged at its December meeting. The S&P index recorded no new 52-week high and one new low, while the Nasdaq recorded 43 new highs and 123 new lows.

☆ AMC Networks CEO exits after less than three months in role
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +2 min

Nov 29 (Reuters) - AMC Networks' (AMCX.O) Christina Spade has stepped down as chief executive officer, less than three months after taking over the role, sending the company's shares down 5% on Tuesday. "We thank Christina for her contributions to the company in her CEO role and her earlier CFO (chief financial officer) role, and we wish her well in her future endeavors," Chairman James Dolan said in a brief statement. AMC Networks did not respond to a request for comment on the layoffs. Cord cutting and a gloomy advertising market have weighed on the company's business, with shares down 40% year to date. Revenue in the division surged 41% in the last reported quarter, even as the company's overall revenue slumped 16%.

☆ AMC Networks CEO exits after brief stint; plans 20% U.S. job cuts
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +2 min

Shares of the cable TV network, home to hit shows such as "Mad Men" and "The Walking Dead", fell 4.4% on Tuesday. AMC Networks had 1,739 full-time and 287 part-time employees as of Dec. 31, according to a regulatory filing. Cord cutting and a gloomy advertising market have weighed on the company's business, with shares down 40% year to date. Revenue in the division surged 41% in the last reported quarter, even as the company's overall revenue slumped 16%. In September, she took the helm from Matt Blank who had held it on an interim basis after long-time Chief Executive Officer Josh Sapan stepped down in August last year.

The estimate from Adobe Analytics predicts an increase of up to 8.5% from a year earlier. Adobe Analytics measures e-commerce performance by analyzing purchases at 85% of the top 100 internet retailers in the United States. Both Adobe and MasterCard Spending Pulse are expected to release their updated Cyber Monday spending estimates on Tuesday. Americans have put off holiday shopping for weeks in the hopes of finding deeper post-Thanksgiving markdowns. Last year, Cyber Monday sales fell 1.4%, according to Adobe Analytics, as retailers kicked off holiday promotions early to avoid product shortages amid a global shipping crisis.

S&P 500 stocksAll 11 S&P 500 sector indexes declined, led by real estate (.SPLRCR), down 2.81%, and a 2.74% loss in energy (.SPNY). The S&P 500 declined 1.54% to end the session at 3,963.95 points. With two trading days left in November, the S&P 500 is on track for a gain of 2.4% for the month. Trading was mixed in other heavyweight growth stocks, including Microsoft Corp (MSFT.O), Meta Platforms Inc (META.O), Nvidia Corp (NVDA.O) and Tesla Inc (TSLA.O). The S&P 500 posted 12 new highs and two new lows; the Nasdaq recorded 93 new highs and 174 new lows.

S&P 500 stocksAll 11 S&P 500 sector indexes declined, led by real estate (.SPLRCR), down 2%, followed by a 1.91% loss in energy (.SPNY). In afternoon trading, the S&P 500 (.SPX) was down 1.20% at 3,977.86 points. Trading was mixed in other heavyweight growth stocks, including Microsoft Corp (MSFT.O), Meta Platforms Inc (META.O), Nvidia Corp (NVDA.O) and Tesla Inc (TSLA.O). Declining stocks outnumbered rising ones within the S&P 500 (.AD.SPX) by a 7.7-to-one ratio. The S&P 500 posted 11 new highs and two new lows; the Nasdaq recorded 75 new highs and 120 new lows.

Rare protests in major Chinese cities over the weekend against the country's strict zero-COVID curbs have hit growth expectations in the world's second-largest economy. U.S.-listed shares of Chinese companies such as Bilibili Inc , Alibaba Group Holding Ltd , JD.com Inc , Baidu Inc and Nio Inc , however, eked out gains, rising between 1% and 2.2%. Declining issues outnumbered advancers for a 2.47-to-1 ratio on the NYSE and for a 1.95-to-1 ratio on the Nasdaq. The S&P index recorded 11 new 52-week highs and two new lows, while the Nasdaq recorded 74 new highs and 102 new lows. Reporting by Ankika Biswas and Shreyashi Sanyal in Bengaluru; Editing by Shounak Dasgupta and Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Cyber Monday sales to touch up to $11.6 bln as shoppers go discount hunting
▼ + stars: | 2022-11-28 | by ( Uday Sampath Kumar | ) www.reuters.com time to read: +2 min

Adobe Analytics, which measures e-commerce by analyzing transactions at websites, has access to data covering purchases at 85% of the top 100 internet retailers in the United States. Cyber Monday sales fell 1.4% last year as retailers spread out promotional deals across weeks from as early as October to better manage inventories amid widespread product shortages. Walmart (WMT.N) and Best Buy websites also showed discounts worth hundreds of dollars on high-end laptops and televisions. Shoppers will find record discounts today for computers, peaking at 27% off listed price, while nearly all other categories, including apparel, toys and furniture, also have double-digit discounts, Adobe said. U.S. shoppers spent a record $9.12 billion online on Black Friday, according to Adobe Analytics.

☆ Factbox: Big banks see global economy slowing more in 2023, with likely U.S. recession
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +1 min

The U.S. Federal Reserve has increased interest rates by 375 basis points this year since rolling out its first hike in March. This has sparked worries about a recession, even as the central bank is expected to temper its pace of hikes. Barclays sees the rate between 4.25% and 4.50% by the end of next year, while Deutsche Bank sees it at 4.625% after a rate cut. UBS expects U.S. inflation to be "close enough" to the Fed's 2% target by the end of 2023 for the central bank to consider rate cuts. BofA sees the rate between 2.75% and 3.00% by the end of 2024.

☆ Apple shares slip as China factory unrest may further hit iPhone shipments
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +1 min

Nov 28 (Reuters) - Shares of Apple Inc (AAPL.O) fell about 2% on Monday as growing unrest at a key Chinese plant fanned worries of a bigger hit to the already constrained production of higher-end iPhone 14 models. Reuters reported on Friday that the Foxconn (2317.TW)-operated plant, which is the world's biggest iPhone factory, could see a further drop in November shipments due to worker unrest and rising COVID-19 cases in the country. Separately, Bloomberg News reported citing a source earlier in the day that there could be a shortfall of 6 million iPhone Pro units this year due to production-related problems. They added that lead times for Pro models have moderated except in China where the timeline remains elevated. Apple shares have fallen 3.4% in November amid production woes, compared with a 2% gain in the Nasdaq Composite index.

☆ Sensex may hit 80,000 if India included in global bond indexes -Morgan Stanley
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Nov 28 (Reuters) - India's Sensex stock index may hit 80,000 by the end of next year if the country is included in global bond indexes and prices of commodities such as oil and fertilizers drop sharply, Morgan Stanley analysts said. The inclusion could result in nearly $20 billion of inflows over the subsequent 12 months, the brokerage said, while making a bull case for a 30% chance of the blue-chip index hitting the number. The Wall Street bank said in October that India is on the radar for an inclusion. Indian markets have defied weakness seen in Asian peers this year, with the Sensex (.BSESN) closing at a new peak of 62,504.8 earlier in the day. Reporting by Rama Venkat and Chris Thomas in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Adani to raise $2.45 bln in India's biggest follow-on share sale
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Nov 25 (Reuters) - Adani Enterprises (ADEL.NS), the flagship company of ports-to-energy conglomerate Adani Group, said it would raise 200 billion Indian rupees ($2.45 billion) in India's largest follow-on public offering of new shares. The share offering would increase the company's public float from the current 27.4% level. "Adani needs capital at the holding company level. read moreThe company plans to file a draft prospectus before Dec. 31 and raise the funds before March 31, but it will depend on market conditions, the person added. The previous largest FPO was a 150 billion-rupee share sale in 2020 by Yes Bank (YESB.NS).

☆ Thanksgiving sales overcome inflation gloom, hit record $5.3 bln- report
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +1 min

Adobe Analytics on Friday said Thanksgiving sales hit a record $5.29 billion, even as inflation worries and holiday deals starting as early as October were expected to lead to a 1% decline. Products such as strollers, speakers and outdoor grills flew off the shelves, the report said, with more shoppers taking to placing orders through their smartphones. Mobile shopping drove 55% of online Thanksgiving sales. Adobe Analytics' analysis measures consumer transactions online covering over 1 trillion visits to U.S. retail websites. Reporting by Deborah Sophia in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Amazon to shut down food-delivery business in India
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, Nov 25 (Reuters) - Amazon Inc (AMZN.O) will shut down a food-delivery business it was testing in India, the e-commerce giant said on Friday, a day after it announced the winding down of its online learning platform for high-school students in the country. Amazon Food, a business the company was trialing in the southern Indian city of Bengaluru, would be discontinued, it said. "As part of our annual operating planning review process, we have made the decision to discontinue Amazon Food," a company spokesperson told Reuters. The Economic Times earlier reported that the business would be discontinued from Dec. 29 onwards, citing a communication from the company to its restaurant partners. On Thursday, Amazon said it was shutting down the Amazon Academy platform in India that was launched early last year amid a boom in virtual learning during the COVID-19 pandemic.

☆ Black Friday online sales to hit record despite high inflation -Adobe Analytics
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +2 min

Nov 25 (Reuters) - U.S. online spending is expected to set a record for Black Friday, according to Adobe Analytics, as steep discounts lured consumers against the backdrop of high inflation, kicking off the year's biggest shopping event on a strong note. Initial numbers from Adobe Analytics, the data and insights arm of software company Adobe Inc (ADBE.O), showed shoppers are expected to spend between $9 billion and $9.2 billion online on Friday, topping its forecast for a modest 1% rise to $9 billion. As of 6 p.m. EST (2300 GMT) on Friday, Adobe data showed shoppers spent an estimated $7.28 billion online. More Americans placed orders through their smartphones over the holiday, with mobile shopping expected to drive 53% of Black Friday online sales. "As Black Friday discounts transition to being pre-Cyber Monday discounts, we expect online spending momentum to continue through the weekend."

☆ Binance to commit $1 bln for crypto recovery initiative
▼ + stars: | 2022-11-24 | by ( ) www.reuters.com time to read: +1 min

Nov 24 (Reuters) - Cryptocurrency exchange Binance said on Thursday it was committing $1 billion to establishing an industry recovery initiative (IRI) to invest in companies from the digital assets sector. Binance said it intends to ramp up its commitment amount to $2 billion in the near future depending on need. "We anticipate this initiative will last about six months and will be flexible on the investment structure -- token, fiat, equity, convertible instruments, debt, credit lines, etc," the crypto exchange added in a statement. He said such a fund would help "reduce further cascading negative effects of FTX" without giving an exact figure for the fund. Several crypto firms have been bracing for the fallout from the FTX collapse, with many counting their exposure in millions to the beleaguered exchange.

☆ Binance's Zhao flags possible $1 billion for distressed assets- Bloomberg News
▼ + stars: | 2022-11-24 | by ( ) www.reuters.com time to read: +1 min

Nov 24 (Reuters) - Cryptocurrency exchange Binance is aiming for a roughly $1 billion fund for the potential purchase of distressed assets in the digital sector, Bloomberg News reported on Thursday, citing an interview with Chief Executive Officer Changpeng Zhao. Zhao hinted at the possibility of allocating more funds in the interview. read moreHe said such a fund would help "reduce further cascading negative effects of FTX" without giving an exact figure for the fund. The crypto market is teetering after the collapse of FTX, which is seeking Chapter 11 bankruptcy protection in the United States. Several crypto firms have been bracing for the fallout from the FTX collapse, with many counting their exposure to the exchange in millions.

☆ UK's Ofgem says price cap will rise to nearly $5,200 without intervention
▼ + stars: | 2022-11-24 | by ( ) www.reuters.com time to read: +1 min

Nov 24 (Reuters) - British energy regulator Ofgem said its price cap for average household energy bills would rise by about 21% to 4,279 pounds ($5,170.74) a year from January to the end of March 2023. Households, however, will not pay this amount as Ofgem's price cap has been superseded by a government backed price guarantee set at 2,500 pounds a year for average consumption until the end of March 2023. Ofgem's announcement means the government action will save typical households around 1,779 pounds a year, compared with the level they would have needed to pay under the regulators cap. The government price guarantee rises to an average 3,000 pounds a year from April 1 until the end of March 2024. read moreThe cost of wholesale gas has increased, especially since Russia's invasion of Ukraine in late February, and the price that suppliers need to charge per unit of energy has gone up sharply, prompting the government to step in and help consumers. ($1 = 0.8275 pounds)Reporting by Yadarisa Shabong in Bengaluru and Susanna Twidale in London; Editing by Anil D'Silva and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ UK stocks track gains in Europe, Dr. Martens sinks on profit warning
▼ + stars: | 2022-11-24 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

The blue-chip FTSE 100 (.FTSE) rose 0.3% in thin trading as U.S. markets were shut for the Thanksgiving holiday. The domestically focused FTSE 250 midcaps (.FTMC) rose 0.7%, also reflecting the upbeat mood in equity markets. A weak spot was Dr. Martens (DOCS.L), which tumbled 20% and looked set for its biggest percentage drop ever, after warning that its annual core profit margin would be lower than last year. UK stock markets have recovered sharply since a botched mini-budget roiled sentiment in October, with investors hoping that measures by the new government will help instil confidence even as Britain faces what is expected to be a lengthy recession. Shares of Vodafone , Imperial Brands (IMB.L) and National Grid (NG.L) slid as they traded without entitlement for dividend payout.

☆ Zoom shares down 90% from peak as pandemic boom fades
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +2 min

Nov 22 (Reuters) - Shares of Zoom Video Communications Inc (ZM.O) have tumbled about 90% from their pandemic peak in October 2020 as the former investor darling struggles to adjust to a post-COVID world. The stock was down 9% in premarket trading on Tuesday after the company cut its annual sales forecast and posted its slowest quarterly growth, prompting at least six brokerages to cut their price targets. Reuters Graphics"Zoom has a fundamental flaw - it has needed to spend heavily to keep hold of market share. Spending to cling onto, rather than grow, market share is never a good place to be and was a sign of trouble ahead," Hargreaves Lansdown equity analyst Sophie Lund-Yates said. Competition from Microsoft's Teams and Salesforce's Slack has blunt its edgeReporting by Chavi Mehta and Aditya Soni in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Apple's Pro iPhones will be harder to find in stores this holiday -Best Buy
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +2 min

Nov 22 (Reuters) - Apple Inc's (AAPL.O) high-end iPhones will be in short supply at stores this holiday season, Best Buy Co Inc's (BBY.N) chief executive said on Tuesday, as the tech giant grapples with production issues at a virus-blighted plant in China. read moreThe supply issues are expected to most significantly impact Apple's premium iPhone 14 Pro and iPhone 14 Pro Max models, which start at nearly $1,000. Best Buy CEO Corie Barry said the electronics retail giant was seeing a shortage in stocks of the premium iPhones and had factored the expected loss in sales into its holiday quarter forecast. Apple's iPhones and other products draw a lot of customers to Best Buy stores and often trigger impulse buying of other gadgets as well. Wedbush analyst Dan Ives estimates 8 million iPhone 14 units will be sold over the Black Friday weekend, about 2 million fewer than a year ago.

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