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MarketWatch MarketPulse
Sep 18, 2020

McConnell says a Trump pick to replace Ginsburg on Supreme Court would get Senate vote
Mitch McConnell, the Senate majority leader who refused to bring to a confirmation vote President Barack Obama's nominee to replace conservative Supreme Court Justice Antonin Scalia upon his death in 2016 because it was an election year, announced Friday in the wake of news of the death of liberal Justice Ruth Bader Ginsburg that President Donald Trump's selection to replace Ginsburg will get a Senate vote. McConnell argued in a statement that began by paying tribute to Ginsburg's 87 years of life and trailblazing career that the Senate majority in place at the time of Scalia's sudden death had been put there to oppose Obama, while the Senate majority currently in place exists to pursue the Trump agenda. Senate Minority Leader Charles Schumer had moments earlier referenced McConnell's 2016 words in stating the view that the American people should have a voice, through their votes in the presidential election, in the selection of the next Supreme Court justice, which had a 5-4 conservative majority prior to Ginsburg's death. Election Day is 46 days away.

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MarketWatch MarketPulse
Sep 18, 2020

Dow ends more than 200 points lower as tech takes another tumble
Stocks ended lower Friday, pulling major benchmarks into negative territory for the third consecutive week as investors again dumped high-flying tech shares. The Dow Jones Industrial Average fell around 245 points, or 0.9%, to end near 27,657, according to preliminary figures. The S&P 500 lost around 38 points, or 1.1%, to close near 3,319, while the tech-heavy Nasdaq Composite dropped around 117 points, or 1.1%, finishing near 10,793. For the week, the Dow fell less than 0.1%, while the S&P 500 and Nasdaq each gave up 0.6%.

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MarketWatch MarketPulse
Sep 18, 2020

Trump predicts coronavirus vaccine will be available to all Americans by April
President Donald Trump predicted Friday that the U.S. would make available to all Americans a coronavirus vaccine "by April." That estimate is at odds with CDC Director Robert Redfield's prediction Wednesday that a vaccine probably would not be widely available to Americans until the summer or fall of 2021. Trump has said the CDC chief was "confused." Speaking at a White House news conference, Trump said distribution would begin within 24 hours of approval.

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MarketWatch MarketPulse
Sep 18, 2020

Mega-cap tech stock selloff has the QQQs on track for biggest monthly drop since the financial crisis
The Invesco QQQ ETF , which tracks the technology-heavy Nasdaq 100 index , dropped 1.4% in afternoon trading Friday, led lower by the extended pullbacks in the shares of mega-capitalization companies. The QQQs are now down 9.6% month to date, which puts it on track for the biggest monthly percentage decline since it dropped 11.5% in November 2008. Among the three most heavily weighted components of the QQQ, Apple Inc.'s stock has tumbled 16.5% this month, on track for the biggest monthly decline since it shed 18.4% in November 2018; Microsoft Corp. shares have slid 11.6% in September, which puts them in danger of the biggest monthly drop since it tumbled 13.0% in January 2015; and Amazon.com Inc.'s stock has sunk 14.8% in September to date, which puts it on track for the worst monthly performance since it fell 20.2% in October 2018. Meanwhile, the S&P 500 is down 5.2% so far this month, and is headed for the biggest percentage decline since March 2020, when it slumped 12.5%.

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MarketWatch MarketPulse
Sep 18, 2020

Stock-market benchmarks wipe out weekly gains amid Friday selloff but Tesla is a port in the storm
U.S. stocks on Friday were seeing heavy selling pressure, led by declines in large-capitalization technology-related companies. The selling action managed to erase weekly gains for the Dow Jones Industrial Average , the S&P 500 index and the Nasdaq Composite . On the day, the Dow was off 1.2% at 27,570, the S&P 500 index was trading 1.5% lower at 3,307, well below its 50-day moving average at around 3,343.34, according to FactSet data. The Nasdaq was nearly 1.8% lower on the session at 10,711. For the week, the Dow was down 0.4% for the week, the S&P 500 was seeing a 1.1% weekly decline, while the Nasdaq was on track for a 1.4% weekly loss. A weekly decline would represent the longest such streak since three weekly declines ended Oct. 4 of 2019 for the Dow and the S&P 500. For the Nasdaq, would mark the longest weekly losing streak since the four-week stretch ended Aug. 23, 2019. However, some stocks were maintaining altitude in the market, including popular Tesla Inc. , which was up 3% despite the broad-market downturn.

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MarketWatch MarketPulse
Sep 18, 2020

U.S. oil futures end with a modest gain for the session, but post a 10% rise for the week
U.S. oil futures settled with a modest gain on Friday, ending higher for the week after the Organization of the Petroleum Exporting Countries and its allies reiterated their commitment to output cuts. Prices for the U.S. benchmark, however, ended below the session's highs, briefly turning lower for the session afterAljazeera reported that Libyan commander Khalifa Haftar announced a conditional lifting of a months-long blockage of oilfields and ports by the Libyan National Army. That fed expectations for higher global crude supplies. October West Texas Intermediate oil rose 14 cents, or 0.3%, to settle at $41.11 a barrel on the New York Mercantile Exchange. Front-month prices rose 10.1%, marking the strongest weekly rise since the week ended June 5, according to FactSet data.

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MarketWatch MarketPulse
Sep 18, 2020

Gold futures gain nearly 1% for the week
Gold futures rose Friday to tally a second consecutive weekly climb. "The fading optimism over a sharp V-shaped global recovery as new coronavirus cases picked up across the countries and sell-off in global equities has supported the yellow metal demand," analysts at ICICI Bank wrote in a market update. December gold rose $12.20, or 0.6%, to settle at $1,962.10 an ounce with most-active futures prices up 0.7% up for the week.

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MarketWatch MarketPulse
Sep 18, 2020

Compass Pathways' stock debuts with a rally, as the first trade was 38% above the IPO price
Shares of Compass Pathways PLC pointed north out of the gate, as the first trade was 37.6% above the initial public offering price. The U.K.-based mental health care company said Friday that it's upsized IPO priced at $17 share, above the expected range of $14 to $16 a share. The stock's first trade on the Nasdaq was at $23.40 at 12:30 p.m. Eastern for 277,349 shares. The company sold 7.5 million shares in the IPO, up from previous expectations of 6.7 million shares, to raise $127.5 million. The company was valued at about $578.1 million at the IPO price. The stock has added to gains since it opened, to trade up 44%. Compass's bullish debut comes at the end of a busy week for IPOs, which was highlighted by Snowflake Inc.'s red-hot debut earlier this week. The Renaissance IPO ETF has rallied 20.1% over the past three months, while the S&P 500 has gained 6.8%.

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MarketWatch MarketPulse
Sep 18, 2020

Athira Pharma's stock jumps at its open, with the first trade 17% above the IPO price
Shares of Athira Pharma Inc. rallied in their public debut, as the first trade was 17.4% above the initial public offering price. The Seattle-based biopharmaceutical company's upsized IPO priced late Thursday at $17 share, at the top of the expected range of $15 to $17 a share. The stock's first trade on the Nasdaq was at $19.95 at 12.01 p.m. Eastern for 7,69,298 shares. The company sold 12 million shares in the IPO, up from previous expectations of 10 million shares, to raise $204 million. The company was valued at about $489.8 million at the IPO price. The stock has pulled back since it opened, to trade up just 1.6%. Athira's public debut comes at the end of a busy week for IPOs, which was highlighted by Snowflake Inc.'s red-hot debut earlier this week. The Renaissance IPO ETF has rallied 20.1% over the past three months, while the S&P 500 has gained 7.3%.

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MarketWatch MarketPulse
Sep 18, 2020

Unity Software's stock soars out of the gate, with first trade 44% above IPO price
Shares of Unity Sofware Inc. charged higher out of the gate Friday, as the first trade was 44% above the initial public offering price. The San Francisco-based videogames software company's IPO priced late Thursday at $52 share, above the expected range of $44 to $48 a share, which was raised recently from $34 to $42 a share. The stock's first trade on the NYSE was at $75.00 at 11:55 a.m. Eastern for 3.4 million shares. The company sold 25 million shares in the IPO to raise $1.3 billion. The company was valued at $13.7 billion at the IPO price. The stock has pared some gains since it opened, to trade up 42.6%. Unity's public debut caps a busy week for IPOs, which was highlighted by Snowflake Inc.'s red-hot debut earlier this week. The Renaissance IPO ETF has rallied 20.0% over the past three months, while the S&P 500 has gained 7.4%.

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MarketWatch MarketPulse
Sep 18, 2020

Fed's Bullard says inflation may be stronger than Wall Street expects
Inflation may be stronger in coming quarters than Wall Street now expects, said St. Louis Fed President James Bullard on Friday. "I actually think we're at a moment where you may see some inflation now," Bullard said, during a virtual discussion sponsored by the Boeing Center for Supply Chain Innovation at Washington University. The Fed has signaled that it would allow inflation to overshoot its 2% target for some time. The pledge has met with some skepticism on Wall Street because the central bank has failed to hit its 2% target in recent years. Bullard said there were several factors that could push the price level higher: a more relaxed Fed, huge fiscal deficits and possible bottleneck pressures given the 30% annual growth rate expected in the June-September quarter. "I actually think you may see more inflation than we have during the pre-pandemic era... when inflation was very subdued," he said.

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MarketWatch MarketPulse
Sep 18, 2020

Unity Software's stock indicated to open 25 % above IPO price
Unity Software Inc.'s stock is currently indicated to open on the NYSE at $65 to $67, according to data provided by FactSet. That would be 25.0% to 28.8% above the videogame software company's $52 initial public offering price. The stock's opening indication has climbed steadily, from an initial indication of $59 to $61. The company is going public Friday at a time the Renaissance IPO ETF is slipping 0.3% while the S&P 500 is easing 0.2%.

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MarketWatch MarketPulse
Sep 18, 2020

Vitru's stock debuts with a slight gain, as first trade was less than 2% above the IPO price
Shares of Vitru Ltd. limped out of the gate Friday, with the first trade 1.6% above the initial public offering price. The Brazil-based digital education company said Friday that its downsized IPO priced at $16 share, at the low end of the expected range of $16 to $18 a share, which was recently lowered from expectations of $22 to $24. The stock's first trade on the Nasdaq was at $16.25 at 10:25 a.m. Eastern for 110,436 shares. The company sold 6 million shares in the IPO, which was lowered recently from 11.23 million shares, to raise $96 million. The company was valued at $368.9 million at the IPO price. The stock has pared some gains since it opened, to trade up just 0.7% at $16.11. Vitru's public debut comes at the end of a busy week for IPOs, which was highlighted by Snowflake Inc.'s red-hot debt earlier this week. The Renaissance IPO ETF has rallied 20.4% over the past three months, while the S&P 500 has gained 7.7%.

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MarketWatch MarketPulse
Sep 18, 2020

Grenke shares edge up after commissioning KPMG for audit
Grenke shares edged up 1% Friday afternoon as the German leasing company was holding a conference call with analysts. Earlier, the company said it's hired KPMG to conduct an audit, as the firm argues that the accounting irregularities charges made by short-seller Viceroy are incorrect. Grenke shares dropped 19% on Tuesday, dropped 40% on Wednesday, and rose 34% on Thursday.

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MarketWatch MarketPulse
Sep 18, 2020

Leading U.S. economic index slips in August, signaling economy may be losing steam
The leading economic index rose 1.2% in August, the Conference Board said Friday. This is a slower pace than the revised 2% rise in July and 3.1% gain in June. "The slowing of the improvement suggests that this summer's economic rebound may be losing steam heading into the final stretch of 2020," said Ataman Ozyildirim, director of business cycles research at the board. The LEI is a weighted gauge of 10 indicators designed to signal business-cycle peaks and valleys.

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MarketWatch MarketPulse
Sep 18, 2020

Compass Pathways' upsized IPO prices above expected range
Compass Pathways PLC's stock is set to debut Friday, after the U.K.-based mental health care company's upsized initial public offering price at $17 a share, above the expected range of between $14 and $16 a share. The company sold 7.5 million American depositary shares (ADS) in the IPO, up from previous expectations of 6.7 million ADS, to raise $127.5 million. The pricing values the company at around $578.1 million. The stock is slated to start trading on the Nasdaq exchange under the ticker symbol "CMPS." The company is looking to go public at a time that the Renaissance IPO ETF has rallied 20.5% over the past three months, while the S&P 500 has gained 7.7%.

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MarketWatch MarketPulse
Sep 18, 2020

Stocks open mixed to close out a choppy week
Stocks opened mixed as traders braced for additional volatility in a week that's already been bumpy. The Dow Jones Industrial Average slipped 0.1%, 22 points, to start trading near 27,880, while the S&P 500 was little-changed, opening near 3,360. The Nasdaq Composite was about 59 points higher, 0.5%, trading near 10,969. Friday marks quadruple witching, which refers to the day when various types of financial-asset options expire, traditionally leading to intraday volatility. Shares of United States Steel Corporation dipped despite reporting better-than-expected earnings.

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MarketWatch MarketPulse
Sep 18, 2020

U.S. Steel's stock gains after upbeat third-quarter outlook
Shares of U.S. Steel Corp. rallied 1.1% in premarket trading Friday, after the steel producer provided an upbeat third-quarter outlook, including a "significantly better" performance expected for its flat-rolled business and signs that the tubular business has bottomed. The company said it an adjusted per-share loss of $1.45, compared with the FactSet loss consensus of $1.52. "Improving market conditions experienced in June and July have accelerated through August and September," said Chief Executive David Burritt. "We have grown confident in the recovery that is underway in North America and Europe," he said. The stock has dropped 26.3% year to date through Thursday, while the Dow Jones Industrial Average has slipped 2.2%.

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MarketWatch MarketPulse
Sep 18, 2020

U.S. current account deficit widens sharply to $170.5 billion in second quarter
The U.S. current-account deficit, a measure of the nation's debt to other countries, widened sharply in the second quarter. The current-account deficit widened to $170 billion from a revised $111.5 billion in the first quarter. This is a 52.9% increase. The large widening reflected an expanded deficit of goods and reduced surpluses on primary income and on services, the government said. The current account reveals if a country is a net lender or debtor. The current account deficit was equal to 3.5% of GDP in the second quarter, up from 2.1% in the prior quarter. The current-account deficit peaked in 2005 at 6.3%.

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MarketWatch MarketPulse
Sep 18, 2020

Tesla stock gets a price target bump to $515 at Piper Sandler
Shares of Tesla Inc. surged 4.4% in premarket trading, extending earlier gains, after Piper Sandler analyst Alex Potter became the second-most bullish on the Street, citing a more upbeat outlook on Tesla Energy and Chief Executive Elon Musk's stock-based compensation package. Potter raised his price target to $515 from $480, while reiterating the overweight rating he's had on the stock for at least the past three years. Of the 37 analysts surveyed by FactSet, Potter is now just the third with a target of at least $500, behind the $800 target of Global Equities Research and just ahead of Jefferies' Philippe Houchois's $500 target. Potter said he now expects Tesla's energy business to eventually exceed $200 billion a year in revenue. He also laid out his forecasts for stock-based compensation expenses, given concerns recently raised in a report in The Wall Street Journal that Musk's stock options awards could cost the company from being included in the S&P 500 . "Importantly, the total expense associated with Musk's plan is known (~$2.3B), so the main question regards the 'timing' of these expenses," Potter wrote in a note to clients. Wedbush's Dan Ives also raised his stock price target on Tesla on Friday, but kept his rating at neutral. The stock has soared 110.9% over the past three months through Thursday, while the S&P 500 has gained 7.8%.

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MarketWatch MarketPulse
Sep 18, 2020

Commerce Dept. issues order prohibiting WeChat, TikTok dealings
The U.S. Commerce Department said Friday it is prohibiting transactions involving Tencent's WeChat and Bytedance's TikTok. "While the threats posed by WeChat and TikTok are not identical, they are similar. Each collects vast swaths of data from users, including network activity, location data, and browsing and search histories," the release said. As of Sept. 20, any provision of service to distribute or maintain the WeChat or TikTok mobile applications, constituent code, or application updates through an online mobile application store in the U.S. is barred, as is any provision of services through the WeChat mobile application for the purpose of transferring funds or processing payments within the U.S. The order makes no mention of the Oracle deal with TikTok but said "the President has provided until November 12 for the national security concerns posed by TikTok to be resolved."

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MarketWatch MarketPulse
Sep 18, 2020

Shares of Roche gain as it says arthritis drug can lessen need for ventilators in COVID-19 patients
Shares of Roche Holding AG gained 1.9% in premarket trading on Friday after the drug maker said hospitalized COVID-19 patients taking rheumatoid arthritis drug Actemra were less likely to need mechanical ventilation than those receiving placebo. The Phase 3, randomized, double-blind, placebo-controlled study focused on enrolling minority patients with COVID-19-related pneumonia; there are 389 participants enrolled in the trial. However, the drug did not lead to a difference in mortality, Roche said. Roche is also testing Actemra with Gilead Sciences Inc.'s remdesivir, which is the only new drug to receive an emergency use authorization from the Food and Drug Administration as a COVID-19 treatment during the pandemic. Earlier this week Eli Lilly & Co. and Incyte Corp. said their rheumatoid arthritis drug Olumiant when paired with remdesivir shortened recovery time for hospitalized coronavirus patients. Both findings, neither of which have been published yet in a peer-reviewed medical journal, for the first time in months point to a clinical benefit for rheumatoid arthritis drugs when treating some COVID-19 patients after a series of setbacks over the summer. Shares of Roche have gained 16.4% so far this year. Shares of Roche have gained 16.4% so far this year, while the S&P 500 is up 3.9%.

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MarketWatch MarketPulse
Sep 18, 2020

Vitru's IPO prices at low end of expected range to raise $96 million
Vitru Ltd. said Friday that its initial public offering priced at $16 a share, at the low end of the expected range of between $16 and $18 a share. The Brazil-based digital education company raised $96 million as it sold 6 million shares in the IPO, which was lowered Thursday from 11.23 million shares. With 23.06 million shares outstanding after the IPO, the pricing values the company at $368.9 million. The stock is expected to start trading Friday on the Nasdaq exchange under the ticker symbol "VTRU." The company is looking to go public at a time that the Renaissance IPO ETF has soared 58.5% year to date while the S&P 500 has gained 3.9%.

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MarketWatch MarketPulse
Sep 18, 2020

Electric vehicle tech provider XL Fleet to merge with SPAC Pivotal Investment in deal valued at about $1 billion
XL Fleet, a provider of electric vehicle technology, said Friday it has agreed to merge with Pivotal Investment Corporation II , a special purpose acquisition corporation, or SPAC, in a deal with a pro forma enterprise value of about $1 billion. A SPAC, or blank-check company, is one that goes public and then seeks to acquire a business or businesses. The new entity will be named XL Fleet and will remain listed on the New York Stock Exchange, under a new ticker, "XL." XL's customers include FedEx, The Coca-Cola Company, PepsiCo, Verizon, the City of Boston, Seattle Fire Department, Yale University, and Harvard University, among other blue-chip companies, municipalities, and institutions, the companies said in a joint statement. On close, the company expects to receive about $300 million of cash that will be used to expand, to develop new products and services, pay down or prepay debt and for general corporate purposes. The deal is expected to close in the fourth quarter. Pivotal shares were up 19% premarket. .

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MarketWatch MarketPulse
Sep 18, 2020

NetEase's stock surges to pace Nasdaq 100's premarket gainers after 5-for-1 stock split
Shares of NetEase Inc. surged 2.8% in premarket trading Friday, enough to pace all of the Nasdaq 100 early gainers, after the China-based internet technology company announced a ratio change for its U.S.-listed shares which effectively results in a 5-for-1 stock split. The company said each American depositary share (ADS) will represent five ordinary shares, effective Oct. 1, compared with the current ratio of one ADS for 25 ordinary shares. The ADS will start trading on a split adjusted basis on the Nasdaq exchange on Oct. 2. The stock closed Thursday at $470.01, which would be adjusted to $94.00 after the split. The stock has run up 53.3% year to date through Thursday, while the Nasdaq 100 has gained 6.0% and the S&P 500 has tacked on 3.9%.

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MarketWatch MarketPulse
Sep 18, 2020

Tesla's stock bounces after Wedbush analyst boosts price target, but keeps rating at neutral
Shares of Tesla Inc. rose 2.2% in premarket trading Friday, bouncing after a 5.9% drop over the past two days, after Wedbush analyst Dan Ives raised his price target to above current levels, citing signs of "robust and stronger-than-expected" demand in China. Ives raised his price target to $475, which is 12.2% above Thursday's closing price of $423.43, from $380, while reiterating the neutral rating he's had on the stock since April 2019. "The pent-up demand in the China EV market for Model 3's and recent price cuts are catalyzing strong unit deliveries for Musk & Co. in this key market with increased market share vs. domestic competitors as the Giga 3 success story continues to play out," Ives wrote in a note to clients. He said because Model 3s sold in China have incrementally higher margins compared with those sold in the U.S. and Europe, he believes the strength in China could increase Tesla's profitability profile over the next few years. And for the much-anticipated Battery Day scheduled for Sept. 22, Ives said Chief Executive Elon Musk will announce a number of potential "game changing" battery developments. The stock's selloff the past two days snapped a 5-day win streak in which the stock soared 36.2%, which in turn came after a five-day bear-market selloff in which the stock sank 33.7%. It has run up more than fivefold (406.1%) year to date, while the S&P 500 has gained 3.9%.

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MarketWatch MarketPulse
Sep 18, 2020

Athira Pharma prices upsized IPO at $17, high end of price range
Athira Pharma Inc. priced its initial public offering at $17 a share, the top end of its proposed price range. The company upsized the deal to 12 million shares from an original plan to offer 10 million shares, to raise $204 million. The stock will start trading on Nasdaq later Friday, under the ticker "ATHA." Goldman Sachs, Jefferies and Stifel were lead book runners on the deal with JMP Securities acting as co-manager. Proceeds will be used to finance clinical trials. "We are a late clinical-stage biopharmaceutical company focused on developing small molecules to restore neuronal health and stop neurodegeneration," the company says in its IPO prospectus.

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MarketWatch MarketPulse
Sep 18, 2020

Coronavirus tally: Global cases of COVID-19 top 30 million, 946,490 deaths and U.S. death toll close to 200,000
The global tally for confirmed cases of the coronavirus that causes COVID-19 climbed above 30 million on Friday, according to data aggregated by Johns Hopkins University, while the death toll rose to 946,490. At least 20.5 million people have recovered. The U.S. has the highest tallies in the world with 6.7 million cases and 197,644 deaths. Brazil has the second highest death toll at 134,935 and third highest case tally at 4.5 million. India is third with 84,372 deaths and second with 5.2 million cases. Mexico is fourth with 72,179 deaths and seventh with 684,113 cases. The U.K. has 41,794 deaths and 384,087 cases, the highest death toll in Europe and fifth-highest in the world. Controversial coronavirus-testing guidelines posted on the CDC website that said asymptomatic people don't need to get tested even if they have been exposed to the virus were not actually written by the CDC, the New York Times reported Thursday, and were posted over the objections of CDC scientists.

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MarketWatch MarketPulse
Sep 17, 2020

CDC didn't write or approve changes to coronavirus testing guidelines: report
Controversial coronavirus-testing guidelines posted on the CDC website that said asymptomatic people don't need to get tested even if they have been exposed to the virus were not actually written by the CDC, the New York Times reported Thursday, and were posted over the objections of CDC scientists. Citing internal documents and sources familiar with the matter, the Times said the Department of Health and Human Services rewrote the testing guidelines in late August and "dropped" them into the CDC's website without proper vetting. The recommendation contained numerous errors, the Times reported, and was inconsistent with the CDC's messaging, especially as asymptomatic people are considered major vectors of COVID-19's spread. The Centers for Disease Control and Prevention quickly walked back the new guidelines after an uproar. A new version of testing guidelines is expected to be announced Friday, the Times said, which also has been revised by the HHS and has apparently not been properly vetted. The incident appears to be yet another instance of the politicalization of an historically apolitical agency, which threatens to undermine its credibility during the worst pandemic in a century.

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MarketWatch MarketPulse
Sep 17, 2020

Texas Instruments raises dividend by 13%
Texas Instruments Inc. ) said Thursday it will raise its quarterly cash dividend by 13%, from 90 cents a share to $1.02 a share. The dividend will be payable Nov. 16 to stockholders of record on Oct. 30, contingent upon a formal OK by the board of directors at its regular meeting in October. Texas Instruments said it has authorized dividend increases for 17 straight years. Shares of Texas Instruments were flat in the extended session after ending the regular trading day up 0.5%.

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MarketWatch MarketPulse
Sep 17, 2020

Dow falls 130 points as tech shares feel further pressure
Stocks suffered losses but finished above session lows Thursday, with tech shares under renewed pressure, a day after Federal Reserve Chairman Jerome Powell warned the economic outlook remains "highly uncertain." Weekly data released Thursday showing first-time jobless claims had steadied but remained elevated also contributed to jitters, analysts said. The Dow Jones Industrial Average dropped around 130 points, or 0.5%, to close near 27,902, according to preliminary figures, while the S&P 500 ended with a loss of around 29 points, or 0.8% near 3,357. The tech-heavy Nasdaq Composite shed around 140 points, or 1.3%, to finish near 10,910.

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MarketWatch MarketPulse
Sep 17, 2020

Walmart's new 'team-based' operational model comes with higher pay for workers
Walmart Inc. said Thursday that it is shifting to a "team-based operating model" in its Supercenters, which will raise wages for about 165,000 U.S. workers. The model has already been used in the Sam's Club warehouses and at Neighborhood Markets. Associates will work in small teams that will be trained in different functions, presenting the chance to learn more skills and provide more flexibility, according to the retailer. Co-managers will now be store leads, assistant store managers now hold a "coach" title, and department managers will now be team leads. Wages for team leads will start at $18-to-$21 per hour and go up to $30 in the Supercenters. Skilled frontline workers will also get a raise, with wages for deli and bakery workers going up to $15 from $11 per hour. Several auto center care roles will also see a pay increase of $1 per hour or more. Workers will see their pay hike go into effect in October and will be eligible for bonuses in the third and fourth quarters of this year. Walmart stock has gained 15% for the year to date while the Dow Jones Industrial Average is down 2.3% for the period.

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MarketWatch MarketPulse
Sep 17, 2020

Sen. Johnson to quarantine after coronavirus exposure
Wisconsin Sen. Ron Johnson will quarantine until Sept. 29 after being exposed to a person who has tested positive for COVID-19, the Republican's office said Thursday. Johnson tested negative. The senator was scheduled to travel with President Donald Trump to Wisconsin Thursday evening but will no longer go, his office said. Johnson heads the Senate Homeland Security Committee and is planning to issue a pre-election report about the activities of Hunter Biden, Joe Biden's son, in Ukraine. The investigation has drawn sharp criticism from fellow Republican Sen. Mitt Romney.

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MarketWatch MarketPulse
Sep 17, 2020

Oil futures finish higher as OPEC emphasizes commitment to reach full output-cut compliance
Oil futures finished higher on Thursday after the Organization of the Petroleum Exporting Countries and its allies emphasized their commitment to reach full compliance with pledged output cuts during a joint committee meeting. "Feeling OPEC has their back, market participants hiked oil prices, with boosted confidence that if things do not get better, OPEC might step in to the rescue," said Bjornar Tonhaugen, head of oil markets at Rystad Energy. Meanwhile, the Bureau of Safety and Environmental Enforcement reported more cuts to oil production in the Gulf of Mexico due to Hurricane Sally, which made landfall on the Gulf Coast early Wednesday. About 30.69% of the region's oil output, and 24.73% of natural-gas output, was shut in as of Thursday. On Wednesday, the BSEE had reported shut ins of 27.48% for oil and 29.7% for natural gas. October West Texas Intermediate oil rose 81 cents, or 2%, to settle at $40.97 a barrel on the New York Mercantile Exchange.

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MarketWatch MarketPulse
Sep 17, 2020

Apple's stock falls toward first close below 50-day moving average in 5 months
Shares of Apple Inc. sank 1.7% in afternoon trading Thursday, putting them on track to close below a widely watched chart level for the first time in five months. The stock has dipped below the 50-day moving average (50-DMA), which many Wall Street technicians use as a guide to the short- to intermediate-term trend; the 50-DMA currently extends to $110.358 according to FactSet. The last time the stock closed below that line was April 21 as it recovered from the post-COVID-19 selloff, which was about two-months after the first post-COVID sub-50-DMA close on Feb. 24. Meanwhile, Apple's 50-DMA is still rising, as it ended Wednesday at $110.06. MKM Partners Chief Market Technician JC O'Hara wrote in a recent note to clients that "it is more important to monitor the slope of the moving average" than the level of the average. It may be worth noting, that the shares of the other trillon-dollar market capitalization companies -- Microsoft Corp. , Amazon.com Inc. and Alphabet Inc. -- have been below their 50-DMAs all week, and their 50-DMAs are also all declining, with Amazon's and Alphabet's turning lower Thursday and Microsoft's turning lower on Sept. 11. Meanwhile, the S&P 500 dipped below its rising 50-DMA earlier in session before bouncing back above it.

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MarketWatch MarketPulse
Sep 17, 2020

Gold futures end with a more than 1% loss
Gold futures settled with a loss on Thursday, easing back from a finish a day earlier at their highest in over two weeks. The better view on the economy from the Federal Reserve Wednesday has "reduced economic uncertainty" and led to some follow-through selling, analysts at Zaner Metals said. "Certainly, from a longer-term perspective seeing the Fed including lofty inflation targeting dialogue and reiterating it will not tap the brakes in the face of improved numbers until inflation is above their 2% targeting, creates the potential for a return of bull market action in gold and silver at some point in the future." December gold lost $20.60, or nearly 1.1%, to settle at $1,949.90 an ounce.

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MarketWatch MarketPulse
Sep 17, 2020

American Well's stock gets a healthy bump out of the gate, as the first trade is 42% above the IPO price
American Well Corp.'s stock kicked off its public life with a rally, as the first trade was 41.7% above the upsized initial offering's price of $18 share. The first trade on the NYSE was at $25.51 at 12:54 p.m. Eastern for 5.6 million shares. The pricing late Wednesday was above the expected range of $14 to $16 share, while the 41.22 million shares sold was above previous plans for a 35 million share offering. The stock has eased slightly since it opened to be up 36.4%. The Boston-based telemedicine company raised $742 million and was valued at nearly $4 billion at the IPO price. The company went public at a time of strong demand for IPOs, as witnessed by Snowflake Inc.'s stock closing Wednesday at more than double the IPO price. The Renaissance IPO ETF has rallied 20.9% over the past three months, while the S&P 500 has gained 7.3%.

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MarketWatch MarketPulse
Sep 17, 2020

Sumo Logic's stock surges out of the gate, with the first trade 20.5% above the IPO price
Sumo Logic Inc.'s stock got a nice bump out of the gate Thursday, with the first trade 20.5% above the initial offering price of $22 share. The first trade on the Nasdaq was at $26.50 at 12:23 p.m. Eastern. The pricing late Wednesday was above the expected range of $17 to $21 share. The stock has pared some gains since it opened to be up 18.4%. The California-based software company raised $325.6 million and was valued at $2.17 billion at the IPO price. The company went public at a time of strong demand for software IPOs, as witnessed by Snowflake Inc.'s stock closing Wednesday at more than double the IPO price. The Renaissance IPO ETF has rallied 20.4% over the past three months, while the S&P 500 has gained 7.0%.

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MarketWatch MarketPulse
Sep 17, 2020

Tesla's former executive is among first to win Amazon climate-fund investment
Former Tesla Inc. top executive J.B. Straubel's recycling venture is among the first recipients of Amazon.com Inc.'s $2 billion Climate Pledge Fund. Straubel, who left Tesla in July 2019 after more than 15 years as its chief technology officer, has founded Redwood Materials, a startup focusing on recycling electric-car batteries and other lithium-ion batteries and electronic waste. The size of the investment wasn't disclosed, and other recipients are CarbonCure Technologies, which deals with carbon-removal technologies; climate technology company Pachama; electric-vehicle maker Rivian, in which the online retailer has taken a $440 million stake and bought EVs from with plans to use them in its delivery network; and Turntide Technologies, a maker of energy-efficient motors. Amazon announced the fund's creation in June.

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MarketWatch MarketPulse
Sep 17, 2020

Pactiv Evergreen's stock stumbles out of the gate, as first trade is about 9% below IPO price
Shares of Pactiv Evergreen Inc. stumbled out of the gate Thursday, as their first trade was 8.9% below the initial offering price of $14 share. The first trade was at $12.75 at 10:50 a.m. Eastern for 2.3 million shares. The pricing late Wednesday was well below the expected range of $18 to $21 share. The stock has fallen further since it opened to be down 19.6%. The Illinois-based food packaging company raised $574 million in the IPO and was valued at about $2.46 billion at the IPO price. The tepid investor response to Pactiv going public came despite an otherwise good week for IPOs, as witnessed by Snowflake Inc.'s stock closing Wednesday at more than double the IPO price. The Renaissance IPO ETF has rallied 21.8% over the past three months, while the S&P 500 has gained 8.2%.

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MarketWatch MarketPulse
Sep 17, 2020

Apple target price gets a boost at Jefferies
Apple Inc. shares got a price target boost at Jefferies Thursday as analyst Kyle McNealy cheered the company's opportunities in 5G. "Specifically, we see historically low upgrade rates and handset subsidies in the US reversing trend, share gains versus Huawei in Europe, and a massive legacy installed base in China looking to upgrade," he wrote in a note to clients while upping his target price to $135.00 from $116.25. McNealy estimates that the current upgrade rate is about 5% per quarter, which he said is below the perhaps 8% to 10% rates seen from 2014 to 2016. He expects that carriers could get more aggressive with subsidies as they try to compete for new 5G customers to help justify their spending on this new network infrastructure. He's also upbeat about the company's potential in China given that a recent Jefferies survey found that 75% of respondents there were using the iPhone 6, 7, or 8. He has a buy rating on the stock, which is off 1.1% in Thursday trading. The shares have risen 26% over the past three months as the Dow Jones Industrial Average has added 7%.

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MarketWatch MarketPulse
Sep 17, 2020

Pound reverses most of losses from Bank of England minutes on von der Leyen interview
The British pound briefly reversed all of the losses it incurred from the Bank of England minutes showing consideration of negative interest rates after the Financial Times reported the president of the European Union still thought a trade deal with the U.K. was possible. "It is better not to have this distraction questioning an existing international agreement that we have, but to focus on getting this deal done, this agreement done - and time is short," said Ursula von der Leyen in an interview. The pound recently traded at $1.2955, only down 0.1%.

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MarketWatch MarketPulse
Sep 17, 2020

Trump would support more aid to airlines, says White House
President Donald Trump would support legislation to give more financial aid to airlines, White House Chief of Staff Mark Meadows said after meeting with industry executives Thursday, according to a Bloomberg News report. Meadows said the airline industry needs $25 billion and that as many as 50,000 jobs are at risk. As Bloomberg writes, airlines including United Airlines Holdings Inc. and American Airlines Group Inc. have warned they plan mass layoffs in October, after a federal prohibition expires.

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MarketWatch MarketPulse
Sep 17, 2020

EIA reports a bigger-than-expected rise in U.S. natural-gas supplies
The U.S. Energy Information Administration reported Thursday that domestic supplies of natural gas rose by 89 billion cubic feet for the week ended Sept. 11. That was larger than the increase of 77 billion cubic feet forecast by analysts polled by S&P Global Platts. Total stocks now stand at 3.614 trillion cubic feet, up 535 billion cubic feet from a year ago, and 421 billion cubic feet above the five-year average, the government said. October natural gas was down 23 cents, or 10.2%, at $2.035 per million British thermal units. It traded at $2.094 before the data.

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MarketWatch MarketPulse
Sep 17, 2020

Airline ETF hits turbulence, down 1%, as Delta issues more debt
The US Global JETS ETF fell nearly 2% Thursday morning amid a broad stock-market sell-off as Delta Airlines Inc. , its biggest holding, said it was increasing the amount of debt it would issue, by $2.5 billion. Delta shares were down 0.9%, as were shares of United Airlines Holdings, Inc. . JETS' second-biggest holding, shares of Southwest Airlines Co. , were down 1.9%. The exchange-traded fund, the only pure play for the domestic air industry, has had an up-and-down year. Shares sank by more than half in late February and into March as the world locked itself down to combat the coronavirus. Later, JETS found favor among individual investors looking to play the recovery, and attracted big inflows, but shares remain 41% lower in the year to date, and about 50% higher than the March bottom, just trailing the 52% gain for the broader S&P 500 .

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MarketWatch MarketPulse
Sep 17, 2020

S&P 500 fights to defend a key breach of its 50-day moving average as stock market falls early Thursday
The S&P 500 index was fighting to avoid a close below its 50-day moving average, a short-term line in the sand that Wall Street technical analysts view as the divide between bullish and bearish momentum in an asset. The S&P 500 index early Thursday was under selling pressure, off 1%, at 3,350, with the broad=market index briefly tilting below its 50-day MA at 3,339.24, according to FactSet data. The S&P 500's Thursday low was 3,330.39 and the index has managed to bounce about its short-term MA in recent trade. The decline for the index comes amid broad selling pressure for the overall market in the wake of lackluster economic reports and uncertainty about the economic landscape after the Federal Reserve on Wednesday said it would keep rates pinned to uberlow levels for the foreseeable future. The Dow Jones Industrial Average was off 0.9% at 27,796, while the Nasdaq Composite Index was trading 1.4% lower at 10,896, off their worst levels of the session so far. The Dow's 50-day MA stands at 27,431, while the Nasdaq has already breached its 50-day in the past week at 10,990.84.

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MarketWatch MarketPulse
Sep 17, 2020

Stocks open lower with Fed, economic data a reminder of economy's headwinds
U.S. stocks fell at the start of trading Thursday as investors digested Wednesday's remarks by Federal Reserve Chairman Jerome Powell that monetary policy could only do so much to support the economy in the absence of additional fiscal stimulus. The Dow Jones Industrial Average lost about 304 points, 1.1%, to open near 27,728, while the S&P 500 fell 1.6%, 52 points, to open near 3,333. The Nasdaq Composite index sank 2.2%, 247 points, and was trading near 10,804. There were additional signs of slowing economic progress Thursday: the pace of new residential construction ebbed in August, and a mid-Atlantic manufacturing gauge grew at a slower pace in September. Shares of Rigel Pharmaceuticals, Inc. surged in early trading after it announced it was starting a Phase 2 clinical trial evaluating its drug Tavalisse as a treatment for hospitalized COVID-19 patients.

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MarketWatch MarketPulse
Sep 17, 2020

Pactiv Evergreen prices at $14, below the $18-to-$21 range
Food packaging company Pactiv Evergreen has priced at $14, far below the $18-to-$21 range that had been expected. Pactiv Evergreen filed its IPO paperwork at the end of August and set terms last week. It plans to offer 41.03 million shares, raising $574 million. Graeme Hart, owner of Rank Group, has agreed to purchase 3.6 million shares for about $50 million. Pactiv Evergreen will trade on the Nasdaq under the ticker 'PTVE.' The Renaissance IPO ETF has soared 59.2% for the year to date while the S&P 500 index has gained 4.8% for the period.

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MarketWatch MarketPulse
Sep 17, 2020

All 30 Dow stocks are falling, led by Salesforce and Apple
The shares of all 30 Dow Jones Industrial Average components are falling ahead of the open, led by technology components. The biggest decliners were shares of Salesforce.com Inc. , down 2.8%; Apple Inc. , down 2.6%; Microsoft Corp. , which shed 2.3% and Intel Corp. , which fell 2.1%. The implied price declines of those shares, combined, would shave about 103 points off the Dow's price. The selloff comes as Dow futures dropped 362 points, or 1.3%, as investors process comments by the Federal Reserve.

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MarketWatch MarketPulse
Sep 17, 2020

Quest to offer at-home test for COVID-19 infections
Shares of Quest Diagnostics Inc. were down 0.4% in premarket trading on Thursday after the company said it will sell a COVID-19 diagnostic test directly to consumers to use at home. The test, which requires nasal swab collection, previously received an emergency use authorization from the Food and Drug Administration. When a consumer orders the test online, a physician reviews the order before agreeing to send it out. Consumers can either perform the test at home and mail it back to Quest, or take the kit to a Walmart Inc. drive-through pharmacy, perform the test, and then drop it off there. Quest's stock is up 7.2% so far this year, while the S&P 500 has gained 4.8%.

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MarketWatch MarketPulse
Sep 17, 2020

Delta Air Lines upsizes debt offering by 38% to $9 billion
Delta Air Lines Inc. said Thursday that the debt offering planned with its SkyMiles IP Ltd. subsidiary was upsized to $9.0 billion from previous plans for a $6.5 billion offering. The air carrier said the offering will include an aggregate of $2.5 billion in 4.5% senior secured notes due 2025 and $3.5 billion in 4.75% senior secured notes due 2028. The company said it also expects to enter into a credit agreement providing for a $3.0 billion term loan facility. The stock, which fell 0.8% in premarket trading, has dropped 40.9% year to date through Wednesday while the U.S. Global Jets ETF has lost 40.0% and the S&P 500 has gained 4.8%.

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MarketWatch MarketPulse
Sep 17, 2020

Michaels Cos. to issue $500 million of 7-year bonds
The Michaels Cos. Inc. is planning to offer $500 million of 7-year bonds as the arts and crafts retailer joins the many companies issuing record levels of debt during the coronavirus pandemic. Proceeds will be used together with borrowings from a term loan and cash on hand to refinance an existing term loan and pay fees. Shares wee down 2% premarket, but have gained 26% in the year to date, while the S&P 500 has gained 4.3%.

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MarketWatch MarketPulse
Sep 17, 2020

New-home construction slows slightly in August, driven by pullback in multifamily starts
U.S. home builders started construction on homes at a seasonally-adjusted annual rate of 1.42 million in August, representing a 5% decrease from the previous month but a 3% uptick from a year ago, the U.S. Census Bureau reported Thursday. The dip in housing starts was driven by a 25% decline in multifamily construction activity. Permitting activity occurred at a seasonally-adjusted annual rate of 1.47 million, down 1% from July but roughly even with the pace from August 2019. Economists polled by MarketWatch had expected housing starts to occur at a pace of 1.52 million and building permits to come in at a pace of 1.55 million.

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MarketWatch MarketPulse
Sep 17, 2020

Chewy's stock falls after public share offering prices at 1.6% discount
Shares of Chewy Inc. fell 1.6% in premarket trading Thursday, after the online pet products seller said its public offering of 5.1 million shares priced at $55.25. That price is 1.6% below Wednesday's closing price of $56.16, and the shares offered represents about 1.3% of the shares outstanding. The company expects to use the proceeds from the sale of stock for general corporate purposes, including initiatives to expand its addressable market. Chewy's stock has nearly doubled (up 93.7%) year to date through Wednesday, while the S&P 500 has gained 4.8%.

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MarketWatch MarketPulse
Sep 17, 2020

Papa John's new headquarters coming to metro Atlanta
Papa John's International Inc. said Thursday that it will open a new headquarters in Atlanta that will house a number of company functions, including HR, menu innovation and customer experience. IT, supply chain, and the legal team will remain in Louisville, Ky. Papa John's international headquarters is located just outside of London. The new Atlanta office is expected to be complete by summer 2021. Papa John's is considering other office locations in Atlanta, with decisions expected by the end of the year. Papa John's stock has gained 34% for the year to date while the S&P 500 index is up 4.8% for the period.

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MarketWatch MarketPulse
Sep 17, 2020

Moderna to start developing a seasonal flu vaccine
Shares of Moderna Inc. gained 3.8% in premarket trading on Thursday after the company said it plans to start developing a seasonal flu vaccine. "We are increasing our investment in vaccines and we will develop a seasonal flu vaccine given the unmet need for highly effective vaccines," Moderna CEO St├ęphane Bancel said in a news release. The preclinical company is currently running a Phase 3 clinical trial for its mRNA COVID-19 vaccine candidate. Moderna's stock has soared 251.9% this year, while the S&P 500 is up 4.8%.

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MarketWatch MarketPulse
Sep 17, 2020

Tesla's stock set to extend pullback, as volatility continues ahead of next week's Battery Day
Shares of Tesla Inc. sank 4.5% in premarket trading Thursday, putting them on track to extend the pullback started in the previous session. The stock fell 1.8% on Wednesday, amid a broad selloff in technology stocks and the Nasdaq Composite , to snap a five-day win streak in which the stock soared 36.2% to retrace more than two-thirds of the 33.7% bear-market selloff over the previous five sessions. The stock's volatility comes ahead of the much-anticipated Battery Day scheduled for Sept. 22. Baird analyst Ben Kallo said his "best guess" is that Tesla will announced plans to significantly expand battery cell manufacturing capacity to meet growing vehicle production. He said he expects the electric vehicle and battery company to unveil a new low-cost cell for use in Model 3 and Model Y vehicles and sees potential for stationary energy storage management to be a top of discussion, including potential future revenue streams. The stock has soared 122.7% over the past three months, while the S&P 500 has gained 8.7%.

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MarketWatch MarketPulse
Sep 17, 2020

Rigel's stock jumps on start of Phase 2 trial for investigational COVID-19 treatment
Shares of Rigel Pharmaceuticals Inc. were up 10.4% in premarket trading on Thursday after the company said it had started a randomized, double-blind, placebo-controlled Phase 2 clinical trial evaluating Tavalisse as a treatment for hospitalized COVID-19 patients. The study, which is sponsored by the National Heart, Lung, and Blood Institute, will enroll about 60 patients and consider disease progression as well as safety and efficacy. "Expanding our clinical effort into this second trial in COVID-19 related lung injuries is critical," Rigel CEO Raul Rodriguez said in a news release. The Food and Drug Administration approved Tavalisse as a treatment for chronic immune thrombocytopenia in adults in 2018. Shares of Rigel have gained 16.8% so far this year, while the S&P 500 is up 4.8%.

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MarketWatch MarketPulse
Sep 17, 2020

Perrigo shares dip premarket on news to voluntarily recall albuterol sulfate inhalation aerosols due to clogging concerns
Perrigo Company plc shares slid 3% in premarket trade Thursday, after the company said it's voluntarily recalling albuterol sulfate inhalation aerosols over concerns that some may not dispense properly due to clogging. The Dublin-based maker of over-the-counter and generic health products already halted production and distribution of the aerosols. "Corrective action plans are underway and a definitive timeline for product reintroduction has not been determined at this time," the company said in a statement. Perrigo is expecting to book a charge of $18 million to $22 million in the third quarter relating to the recall, and has not booked any revenue from the product since August. It reiterated its guidance for fiscal 2020 adjusted per-share earnings to range from $3.95 to $4.15, citing strong demand in the consumer self-care Americas business and faster-than-expected recovery in consumer self-care international and base prescription businesses that were hurt by the pandemic. Shares have fallen 3.5% in the year to date, while the S&P 500 has gained 4.8%.

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MarketWatch MarketPulse
Sep 17, 2020

Vitru downsizes IPO as expected price range gets cut
Vitru Ltd. disclosed Thursday that its downsized initial public offering is now expected to price between $16 and $18 a share, down from previous expectations of $22 to $24 a share. The Brazil-based distance-learning education company reduced the number of shares it was offering in the IPO to 6 million shares from 11.23 million, as the expected amount it will raise has been lowered to up to $108.0 million from $269.5 million. With 23.06 million shares outstanding after the IPO, the company could be valued at up to $415.04 million, down from previous expectations of up to $553.39 million. The stock is expected to list on the Nasdaq under the ticker symbol "VTRU." There are nine banks underwriting the deal, led by Goldman Sachs. Vitru recorded net income of R$52.4 million ($9.6 million) on revenue of R$256.7 million during the six months ended June 30, after a net loss of $25.1 million on revenue of R$234.5 million in the year-ago period. The downsized IPO and pricing expectations comes during a good market for IPOs, as the Renaissance IPO ETF has soared 59.2% year to date, while the S&P 500 has gained 4.8%.

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MarketWatch MarketPulse
Sep 17, 2020

The Marcus Corp. to offer $87 million in convertible bonds that mature in 2025
Cinema operator The Marcus Corp. said Thursday it is planning to offer $87 million in convertible bonds that mature in 2025, joining the many companies issuing record levels of debt and equity during the coronavirus pandemic. Proceeds will be used to pay the cost of capped call transactions that aim to reduce dilution on conversion. Shares were not active premarket, but have fallen 57% in the year to date, while the S&P 500 has gained 4.8%.

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MarketWatch MarketPulse
Sep 17, 2020

MetLife to buy vision care company Versant Health for about $1.7 billion
MetLife Inc. announced Thursday a deal to buy managed vision care company Versant Health for $1.68 billion in cash from an investor group led by Centerbridge Partners and including FFL Partners. Versant owns the marketplace brands Davis Vision and Superior Vision. "We are confident this acquisition will make our market-leading group benefits business even more attractive," said Ramy Tadros, president of U.S. business for MetLife. "The addition of the strong Davis Vision and Superior Vision brands will immediately establish MetLife as a leader in managed vision care." MetLife's stock, which slipped 0.5% in premarket trading, has dropped 26.2% year to date through Wednesday, while the SPDR S&P Insurance ETF has lost 18.2% and the S&P 500 has gained 4.8%.

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MarketWatch MarketPulse
Sep 17, 2020

Taysha Gene Therapies sets IPO terms, could be valued at up to $690.4 million
Taysha Gene Therapies Inc. set terms Thursday for its initial public offering, as the Dallas-based company focused on treatments for central nervous system diseases looks to raise up to $131.6 million. The company is offering 6,578,970 shares in the IPO, which is expected to price between $18 and $20 a share. With about 34.5 million shares outstanding after the IPO, the company could be valued at up to $690.4 million. Taysha granted its underwriters, led by Goldman Sachs, Morgan Stanley and Jefferies, options to buy up to 986,842 shares to cover overallotments. The stock is expected to list on the Nasdaq exchange under the ticker symbol "TSHA." Taysha recorded a net loss of $1.12 million on no revenue for three months ended Dec. 31, 2019. The company is going public during a busy week for IPOs, but that hasn't reduced investors' appetite, as the Renaissance IPO ETF has rallied 23.7% over the past three months while the S&P 500 has gained 8.7%.

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MarketWatch MarketPulse
Sep 17, 2020

Amwell raised $742 million as upsized IPO prices above expected range
American Well Corp. , known as Amwell, said late Wednesday that its upsized initial public offering priced at $18 a share, above the expected range of between $14 and $16 a share, as the Boston-based telemedicine company raised $742 million. The company, which is being backed by Alphabet Inc.'s Google, sold 41,222,222 Class A shares in the IPO, up from previous expectations of 35,000,000 shares. If the underwriters exercise all the options to buy up to 6,183,333 additional shares to cover overallotments, the company could raise $853.3 million. The company has 187,432,130 Class A shares, and a total of 220,164,563 Class A, Class B and Class C shares outstanding after the IPO, which at the IPO price would be valued at $3.96 billion. The stock is slated to begin trading Thursday on the NYSE under the ticker symbol "AMWL." The company is going public during a busy week for IPOs, but investor demand appears to remain high as the Renaissance IPO ETF has rallied 23.7% over the past three months while the S&P 500 has gained 8.7%.

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MarketWatch MarketPulse
Sep 17, 2020

Eli Lilly and Amgen to collaborate on COVID-19 antibody therapies
Eli Lilly and Co. and Amgen Inc. said Thursday they will collaborate on COVID-19 antibody treatments as a way to significantly boost global supply capacity. The announcement comes a day after Lilly said interim data from a mid-stage clinical trial assessing its experimental antibody treatment reduced the rate of hospitalization as well as viral load in some COVID-19 patients. The investigational therapy, LY-CoV555, is produced using neutralizing antibodies gathered from patients who have recovered from COVID-19. The ongoing, randomized, double-blind, placebo-controlled Phase 2 study is expected to enroll a total of 800 participants, all of whom have mild to moderate symptoms and are being treated with LY-CoV555 in an outpatient setting. Lilly said the rate of hospitalization and emergency room visit was 1.7% for patients taking the drug, while the rate of hospitalization and ER visits for patients taking the placebo was 6.0%. "The results reinforce our conviction that neutralizing antibodies can help in the fight against COVID-19," Dr. Daniel Skovronsky, Lilly's chief scientific officer, said in a news release. The full data is expected to be published in a peer-reviewed journal. "Through this collaboration, the two companies will have the ability to quickly scale up production and serve many more patients around the world should one or more of Lilly's antibody therapies prove successful in clinical testing and receive regulatory approval," Lilly and Agmen said in a joint statement. Lilly shares were slightly higher premarket, while Amgen was down 0.5%.

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MarketWatch MarketPulse
Sep 17, 2020

Coronavirus tally: Global cases of COVID-19 29.9 million, 941,079 deaths and Trump contradicts CDC head on vaccine
The global tally for confirmed cases of the coronavirus that causes COVID-19 climbed to 29.9 million on Thursday, according to data aggregated by Johns Hopkins University, while the death toll rose to 941,079. At least 20.3 million people have recovered. The U.S. has the highest tallies in the world with 6.6 million cases and 196,804 deaths. Brazil has the second highest death toll at 134,106 and third highest case tally at 4.4 million. India is third with 83,198 deaths and second with 5.1 million cases. Mexico is fourth with 71,978 deaths and seventh with 680,931 cases. The U.K. has 41,773 deaths and 380,677 cases, the highest death toll in Europe and fifth-highest in the world. President Donald Trump said Wednesday a vaccine will be ready from mid-October and will be made available immediately, contradicting Robert Redfield, head of the Centers for Disease Control and Prevention, who had said earlier that a vaccine would not be ready before mid-2021.

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MarketWatch MarketPulse
Sep 17, 2020

Sumo Logic's IPO prices above the expected range
Sumo Logic Inc. said late Wednesday that its initial public offering priced at $22 a share, above the expected range of between $17 and $21, as the California-based software company raised $325.6 million. The company sold 14.8 million shares in the IPO, and if the underwriters exercise all of the options to buy 2.22 million additional shares to cover overallotments, the company could raise up $374.44 million. With 98.69 million shares outstanding after the IPO, the pricing values Sumo Logic at $2.17 billion. Morgan Stanley and J.P. Morgan are the lead book-running managers. The stock is slated to begin trading on the Nasdaq exchange Tuesday under the ticker symbol "SUMO." The company is going public at a hot time for software IPOs, as witnessed by Snowflake Inc.'s stock closing Wednesday, the first day as a public company, at more than double the IPO price. The Renaissance IPO ETF has rallied 23.7% over the past three months, while the S&P 500 has gained 8.7%.

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MarketWatch MarketPulse
Sep 17, 2020

Hygo Energy Transition to offer 23.1 million shares in IPO, priced at $18 to $21 each
Hygo Energy Transition Ltd. set terms for its initial public offering on Thursday with plans to offer 23.1 million shares priced at $18 to $21 each. The liquid natural gas company has applied to list on Nasdaq under the ticker "HYGO." There are 14 banks underwriting the deal, led by Morgan Stanley and Goldman Sachs. Proceeds of the deal willbe used to acquire 100% of equity interests in the Barcarena Terminal and for general corporate purposes. "We provide integrated downstream LNG solutions to underserved markets by delivering low cost, environmentally sound energy alternatives to consumers around the world," says the company's prospectus.

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MarketWatch MarketPulse
Sep 17, 2020

51job stock set to surge after buyout bid valuing company at $5.3 billion
Shares of 51job Inc. were indicated up nearly 9% in premarket trading Thursday, after the China-based human resources services company said it has received an unsolicited buyout bid from DCP Capital Partners for $79.05 a share in cash. That bid price represents a 16% premium to Wednesday's stock closing price of $68.12, and would value the company at about $5.31 billion. 51job said it plans to evaluate the proposed deal, and said there is no assurance that a deal will be made. The stock has dropped 19.8% year to date through Wednesday, while the iShares MSCI China ETF has rallied 16.3% and the S&P 500 has gained 4.8%.

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MarketWatch MarketPulse
Sep 17, 2020

Grenke shares climb as it organizes investor call to respond to short-seller allegations
Grenke , the German leasing company whose stock slumped 40% on Wednesday, saw shares rise 14% as it organized a response to a short-seller's report. Grenke said CEO Antje Leminsky, board member Sebastian Hirsch, founder Wolfgang Grenke and chairman Ernst-Moritz Lipp will comment on all of the topics in writing and in the context of an investor and analyst call Friday afternoon to answer accusations of fraud, falsification of financial statements and money laundering as well as criticism of the business model and governance by Viceroy Research. "The Board of Directors and Supervisory Board continue to regard all these accusations as unfounded," the company said. On Thursday, there will be a brief written statement by Wolfgang Grenke, which particularly will address the accusations against him personally as well as the topic of franchisees, the company said.

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MarketWatch MarketPulse
Sep 16, 2020

Feds stockpiled ammo, sought 'heat ray' to use against D.C. protesters in June: report
Federal officials stockpiled rifle ammunition and sought devices that included a "heat ray" to use against protesters in Washington's Lafayette Square in June, a National Guard whistleblower told lawmakers, according to the Washington Post. Citing sworn testimony, the Post reported Wednesday night that D.C. National Guard Maj. Adam DeMarco testified that 7,000 rounds of ammunition had been approved by federal officials as the capital was wracked by days of protests following the killing of George Floyd by police in Minneapolis in May. Prior to federal authorities violently clearing protesters from the square so President Donald Trump could have a photo op at a church across the street from the White House, DeMarco reportedly said military police sought to obtain an acoustic device that can emit deafening sounds, and a microwave-like weapon that makes victims feel like their skin is on fire. Its use had been previously suggested in Iraq and on the Mexico border, but had been rejected on ethical and humanitarian concerns. Authorities were unable to obtain either device. But a cache of M4 carbines and 7,000 rounds of 5.56 mm and 7.62 mm ammunition were transferred to the D.C. armory, DeMarco reportedly said. DeMarco testified that he felt excessive force was used by authorities, and that the crowd of protesters did not pose a threat to officers, contradicting what federal officials have said.

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MarketWatch MarketPulse
Sep 16, 2020

Oracle bid for TikTok hasn't eased security concerns from Trump administration: report
Oracle Corp.'s bid for Chinese-owned video-sharing app TikTok has prompted concerns within the Trump administration that it still poses national security risks, according to a Bloomberg report late Wednesday. Discussions for a deal continue between the administration, Oracle, and TikTok, unnamed sources told Bloomberg. ByteDance Ltd., the parent company of TikTok, would let Oracle review TikTok's source code and software to ensure there are no digital backdoors that allow the Chinese government or others to access the data, according to a Wall Street Journal report. President Trump said he will be briefed on the deal on Thursday. Earlier Wednesday, a group of Republican senators sent a letter to the Trump administration outlining their opposition to the proposed deal.

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MarketWatch MarketPulse
Sep 16, 2020

Oracle's TikTok proposal falls short of security concerns: report
Shares of Oracle Corp. edged higher in the extended session Wednesday after dipping in the regular trading day after a report that its bid for TikTok had not resolved national-security concerns. According to Bloomberg News, which cited people familiar with the matter, the software giant's proposal for the Beijing-based social-media company remains on the table and discussions are ongoing. According to the report, U.S. officials, including Secretary of State Mike Pompeo, remain concerned that TikTok's owner ByteDance Ltd. would still have access to user data from its nearly 100 million users in the U.S. The Wall Street Journal reported Tuesday that national-security regulators are reviewing the proposal and aiming for a resolution by Sunday. Shares of Oracle ended the regular trading day down 0.8%.

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MarketWatch MarketPulse
Sep 16, 2020

S&P 500 snaps 3-session win streak Wednesday as tech gets pummeled and Fed signals near 0% interest rates until 2023
U.S. stock benchmarks on Wednesday finished mostly lower as the Federal Reserve held key interest rates unchanged at a range of 0% and 0.25%, as expected, but signaled that interest rates would remain lower for at least the next three years as the economy attempts to clamber out of the coronavirus-induced recession. The Dow Jones Industrial Average finished up a meager 37 points, or 0.1%, at 28,032, but the index saw a more-than 300-point intraday swing in the aftermath of the Fed's announcement at 2 p.m. Eastern Time. The S&P 500 index declined 0.5% at around 3,386, driven lower by technology , off 1.6%, and communication services , down 1.2%. The tech-laden Nasdaq Composite Index closed down 1.3% at 11,050. Meanwhile, the small-capitalization Russell 2000 index outperformed its peers, finishing up more than 1% (on a preliminary basis). The Fed said it doesn't expect to raise rates until the end of 2023 at the earliest and set out new economic conditions that must be met before it will raise them. The Fed said it decided to keep rates near 0% and expects this will be appropriate until two things happen: labor market conditions return to the "maximum employment" and inflation has risen to 2% and "is on track to moderately exceed 2% for some time." Most economists thought the Fed would hold off on its forward guidance until November or December.

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MarketWatch MarketPulse
Sep 16, 2020

Oil futures settle above $40 as U.S. supplies decline and Hurricane Sally leads to output cuts
Oil futures rallied Wednesday, with U.S. prices up nearly 5% after the Energy Information Administration reported a 4.4 million-barrel weekly decline in domestic crude inventories. Production in the Gulf of Mexico, meanwhile, was down by 508,366 barrels a day in the Gulf of Mexico, with 27.48% of the region's oil output shut in as of Wednesday, according to the Bureau of Safety and Environmental Enforcement. That's up from shut ins of 26.87% on Tuesday. For natural gas, 29.7% of output was shut in, higher than Tuesday's 28.03%. October West Texas Intermediate oil settled at $40.16 a barrel, up $1.88, or 4.9%, on the New York Mercantile Exchange.

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MarketWatch MarketPulse
Sep 16, 2020

Dow holds gains after Fed holds interest rates steady as expected but signals near 0% for foreseeable future
U.S. stocks mostly rose on Wednesday afternoon after the Federal Reserve released an updated economic outlook that suggested that it would keep interest rates at uber-low levels even as it sees gross domestic product improving from coronavirus lows in the coming months. The Dow was up 222 points, or 0.8%, at 28,227, the S&P 500 index gained 0.4% at 3,414, while the Nasdaq Composite Index retreated 0.2% at 11,169. The Fed said it doesn't expect to raise rates until the end of 2023 at the earliest and set out new economic conditions that must be met before it will raise them. In a surprise decision, the Fed said it decided to keep rates near 0% and expects this will be appropriate until two things happen: labor market conditions return to the "maximum employment" and inflation has risen to 2% and "is on track to moderately exceed 2% for some time." Most economists thought the Fed would hold off on its forward guidance until November or December. Fed Chairman Jerome Powell will hold a press conference at 2:30 p.m. Eastern.

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MarketWatch MarketPulse
Sep 16, 2020

Gold marks a third straight gain, then moves higher in electronic trade after Fed statement
Gold prices settled higher Wednesday for a third straight session, then moved even higher after the Federal Open Market Committee said it plans to keep key interest rates near zero through 2023. In electronic trading, gold for December delivery was at $1,974.90 an ounce shortly after the policy announcement. The contract had climbed $4.30, or 0.2%, to settle at $1,970.50 an ounce on Comex, ahead of the Fed news.

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MarketWatch MarketPulse
Sep 16, 2020

Fed plans to keep key interest rate near zero through 2023
WASHINGTON (MarketWatch) - The Federal Reserve on Wednesday signaled it plans to keep a key U.S. short-term interest rate near zero at least through the end of 2023 to help the economy recover from the coronavirus. As expected, the central bank left its benchmark fed funds rate near zero. The Fed's forecasts for 2023, released for the first time, also see the rate staying near zero from now until at least 2024. Two members dissented, Robert Kaplan and Neel Kashkari. The Fed also raised its estimates for 2020 GDP and lowered its forecast for unemployment to 7.6% in light of a rapid rebound in the economy over the summer.

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MarketWatch MarketPulse
Sep 16, 2020

Energy stocks see broad rally as oil prices jump
Energy stocks enjoyed a broad rally Wednesday, with the sector posting the biggest gains among the S&P 500 11 key sectors, as oil prices jumped following data showing a drop in supply and as Hurricane Sally curtailed production. Chevron Corp.'s stock rallied 3.1% to be among the Dow Jones Industrial Average's top gainers, but was just the SPDR Energy Select Sector ETF's 24th-best performer. The energy ETF climbed 4.1% in afternoon trading, with all 26 components gaining ground. Among's the ETF's most-active members, shares of Occidental Petroleum Corp. jumped 9.3%, Marathon Oil Corp. hiked up 6.0%, Exxon Mobil Corp. rose 3.8%, Halliburton Co. advanced 4.9% and Schlumberger Ltd. shot up 5.1%. Meanwhile, crude oil futures climbed 4.5%.

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MarketWatch MarketPulse
Sep 16, 2020

Facebook announces $299 VR headset, due Oct. 13
Facebook Inc. on Wednesday announced a lighter, cheaper VR headset. The $299 Oculus Quest 2, due Oct. 13, can be ordered today, company Chief Executive Mark Zuckerberg said during a product event called Facebook Connect. (The current VR headset costs $399.) The new headset will offer crisper graphics and a single LCD, powered by Qualcomm Inc.'s Snapdragon chip. The headset comes as more Americans play and work from home. The market for VR headsets is expected to grow 46% in 2021, according to market researcher International Data Corp. Zuckerberg, who delivered the news via a live stream, added that Facebook is readying augmented-reality glasses for next year. Facebook is partnering with Luxottica Group, an Italian eyewear conglomerate.

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MarketWatch MarketPulse
Sep 16, 2020

Trump health official Caputo to take leave of absence after blasting government scientists
Michael Caputo, the assistant secretary of health for public affairs, will take a 60-day leave of absence "to focus on his health and the well-being of his family," a statement from the Department of Health and Human Services said. Caputo has been accused of trying to muzzle an important scientific report in the midst of the coronavirus pandemic, and apologized Tuesday for a separate video in which he reportedly says scientists battling the virus are conspiring against President Donald Trump. HHS also said Dr. Paul Alexander, who reportedly pressured officials to alter a key CDC report, is leaving the department.

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MarketWatch MarketPulse
Sep 16, 2020

Illumina's stock falls after Bloomberg reports it is considering acquisition of Grail Inc.
Shares of Illumina Inc. tumbled 6.3% in trading on Wednesday after Bloomberg reported that the company is in talks to acquire Grail Inc., which last week filed for its initial public offering. People familiar with the matter told Bloomberg a deal could be announced this week. Grail makes a cancer detection test. Illumina's stock is down 0.7% for the year, while the S&P 500 has gained 5.5%.

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MarketWatch MarketPulse
Sep 16, 2020

Nasdaq Comp's decline reflects big-tech weakness, but defies bullish breadth data
The Nasdaq Composite fell 0.3% amid weakness in shares of mega-capitalization technology companies but Nasdaq exchange breadth data pointed to broad gains. The number of advancing stocks on the Nasdaq outnumbered decliners 2,256 to 910, while the volume of advancing stocks represented 68.7% of total volume. But while the market of Nasdaq stocks rallied, the stocks of five-biggest companies by market-cap, all listed on the Nasdaq, traded down. Shares of Apple Inc. lost 2.1%, Microsoft Corp. fell 0.6%, Amazon.com Inc. gave up 0.9%, Google-parent Alphabet Inc. slipped 0.6% and Facebook Inc. declined 2.5%. Meanwhile, the S&P 500 rose 0.2% and the Dow Jones Industrial Average climbed 191 points, or 0.7%.

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MarketWatch MarketPulse
Sep 16, 2020

Snowflake's stock enjoys red-hot open, with first trade more than double the IPO price
Shares Snowflake Inc. enjoyed a red-hot start to their public life Wednesday, as the first trade was 104.2% above its initial public offering price. The California-based software company, which is backed by Warren Buffett's Berkshire Hathaway Inc. and Salesforce.com Inc. , raised $3.36 billion in the IPO and was valued at roughly $33 billion. The first trade was at $245 at 12:38 p.m. Eastern for 3.5 million shares, compared with the $120 IPO price. The pricing was above the expected range of $100 to $110, which was raised earlier this week from expectations of $75 to $85. The stock has since rallied further, and was last up 130%. The company was the highlight of the busiest week for IPOs in 16 months, and investors have been gobbling them up. The Renaissance IPO ETF has run up 25.7% over the past three months while the S&P 500 has gained 9.2%.

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MarketWatch MarketPulse
Sep 16, 2020

JFrog's stock debut's with a 62% leap above its IPO price
JFrog Ltd.'s stock started its public life by taking a big leap higher, as it opened 62.0% above its initial public offering price. The first trade for the Israel-based software company's stock was at $71.27 at 12.30 p.m. Eastern for 1.8 million shares, compared with the IPO price of $44, which was above the expected range of $39 to $41. The stock has since gained further, to trade up 75%. JFrog's public debut comes a busy week for IPOs, and on the same day shares of the largest-ever software IPO, Snowflake Inc. , are expected to start trading. Despite the growing IPO supply, there is still strong demand from investors, as the Renaissance IPO ETF has run up 25.6% over the past three months while the S&P 500 has gained 9.2%.

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MarketWatch MarketPulse
Sep 16, 2020

Metacrine's stock debuts with an 11% gain above its IPO price
Shares of Metacrine Inc. got a bullish start to their public life, as they opened 10.7% their initial public offering price. The IPO priced overnight at $13 a share, in the middle of the expected range of $12 to $14. The stock's first trade was at $14.39 at 11:31 a.m. Eastern for 176,545 shares. It has since pared some gains to trade up 7.6%. The San Diego-based biopharmaceutical company went public during a busy week for IPOs, which includes the debut of Snowflake Inc. , the biggest-ever software IPO. Despite the growing IPO supply, there is still strong demand from investors, as the Renaissance IPO ETF has run up 25.8% over the past three months while the S&P 500 has gained 9.5%.

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MarketWatch MarketPulse
Sep 16, 2020

Snowflake's stock indicated to open well above above $200
Snowflake Inc.'s stock looks set to debut with a bang, as early indications for the first trade continue to creep higher. The software company's stock is indicated to open on the NYSE at around $215 to $220, according to FactSet data, which is 79.2% to 83.3% above the $120 IPO price. The IPO had already priced overnight above the expected range of $100 to $110 a share, which was raised from initial expectations of $75 to $85 share. Meanwhile, the Renaissance IPO ETF is gaining 0.6% in morning trading, while the S&P 500 is edging up 0.6%.

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MarketWatch MarketPulse
Sep 16, 2020

Snowflake's stock indicated to open roughly 60% above IPO price
Snowflake Inc.'s stock looks set to debut with a bang, as early indications for the first trade continue to creep higher. The software company's stock is indicated to open on the NYSE at around $190 to $195, according to FactSet data, which is 58.3% to 62.5% above the $120 IPO price. The IPO had already priced overnight above the expected range of $100 to $110 a share, which was raised from initial expectations of $75 to $85 share. Meanwhile, the Renaissance IPO ETF is slipping 0.1% in morning trading, while the S&P 500 is edging up 0.2%.

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MarketWatch MarketPulse
Sep 16, 2020

Homebuilder ETFs rise as industry sentiment hits record high
Exchange-traded funds with exposure to the residential construction industry outperformed the broader market Wednesday, after a report from an industry group showed sentiment was at a multi-decade high. The SPDR S&P Homebuilders ETF was up 1.5% in the late morning, while the iShares U.S. Home Construction ETF rose 2%. Despite their similar names, the two funds have some differences. The SPDR fund's top five holdings - accounting for more than 21% of its portfolio - are companies that are involved with residential construction, like Whirlpool Corporation and Carrier Corp. , but not builders. In contrast, while the iShares fund has plenty of exposure to discretionary housing market names - Lowe's Companies Inc. is its fifth-biggest holding, its top four are builders. Investors seem to prefer the latter approach: the iShares fund has gained 26.5% in the year to date, topping the SPDR fund's 19% gain.

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MarketWatch MarketPulse
Sep 16, 2020

EIA reports a weekly decline of more than 4 million barrels in U.S. crude supplies
The Energy Information Administration reported Wednesday that U.S. crude inventories fell by 4.4 million barrels for the week ended Sept. 11. That was larger than the average forecast from analysts polled by S&P Global Platts for a decline of 1.8 million barrels, but the American Petroleum Institute on Tuesday had reported a drop of 9.5 million barrels, according to sources. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged down by about 100,000 barrels for the week. Gasoline supply, meanwhile, fell by 400,000 barrels, while distillate stockpiles rose by 3.5 million barrels. The S&P Global Platts survey had shown expectations for a supply drop of 7 million barrels for gasoline, while distillates were expected to rise by 500,000 barrels. October West Texas Intermediate crude was up 93 cents, or 2.4%, at $39.21 a barrel on the New York Mercantile Exchange. Prices traded at $39.43 before the supply data.

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MarketWatch MarketPulse
Sep 16, 2020

GoPro announces new Hero9Black camera with sensor for 5K video
GoPro Inc. announced Wednesday the launch of its new Hero9 Black camera, which it said features a new sensor for 5K video and 20-megapixel photos, as well as a new front-facing display and a larger back-facing display. The camera will sell for $449.99, or $349.98 with a one-year subscription to the company's GoPro subscription offering, which offers unlimited cloud storage and discounts on accessories. Existing GoPro subscribers can also obtain the lower pricing for the new camera by purchasing it from GoPro's website. The subscription offering was previously called GoPro Plus but the company said in a release that it was changing the name of the service "to simply GoPro," a move that it said reflects "how central the subscription service has become to the brand's product experience." The camera is on sale internationally beginning today. GoPro shares are up 4.1% in Wednesday morning trading. They've shed 11% over the past three months as the S&P 500 has risen 9%.

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MarketWatch MarketPulse
Sep 16, 2020

Volvo's Mack Trucks to start delivering fully-electric garbage trucks next year
Mack Trucks, a U.S. subsidiary of Sweden-based automaker Volvo Group, announced Wednesday plans to commercialize its Mack LR Electric fully-electric garbage truck, with plans to start delivering them in 2021. Orders for the Mack LR Electric will open in the fourth quarter of 2020. The LR Electric will have twin electric motors and four NMC lithium-ion batteries, as well as a regenerative braking system that takes into account increasing loads and helps recapture energy from the hundreds of stops the trucks will make per day. "The LR Electric is paving the way toward widespread acceptance of zero-emissions refuse trucks," said Mack Trucks President Martin Weissburg. "As we begin delivering them to customers in the coming year, we remain committed to ensuring these trucks are built to meet the unique needs of the refuse industry."

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MarketWatch MarketPulse
Sep 16, 2020

Kohl's cuts 15% of corporate jobs
Kohl's Corp. said in a government filing that it has cut 15% of corporate positions, part of a restructuring that the department store retailer is undertaking as a result of the impact of COVID-19. The company will take a $23 million pre-tax charge as a result. Kohl's expects an annualized cost savings of $65 million after the headcount reduction. Along with other restructuring measures, the company expects total annualized cost savings of $100 million. Kohl's stock has tumbled nearly 55% for the year to date while the S&P 500 index has gained 5.7% for the period.

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MarketWatch MarketPulse
Sep 16, 2020

Dow opens modestly higher Wednesday as stock-market investors await Fed policy update
U.S. stock benchmarks opened modestly higher early Wednesday as investors awaited the Federal Reserve's latest views on economic growth and inflation prospects. The Dow Jones Industrial Average rose 0.3% at 28,084, the S&P 500 index gained 0.3% at 3,412, while the Nasdaq Composite Index climbed 0.2% at 11,219. Investors are weighing the prospect of continued support from the Fed against further delays to a fiscal spending package expected from lawmakers. While the Fed isn't expected to change interest rates Wednesday, policy makers may revise closely watched economic and inflation projections. The Fed will release its statement at 2 p.m. Eastern Time and Chairman Jerome Powell will hold a news conference a half-hour later. In economic reports, a report on retail sales for August showed an increase of 0.6%, the government said Thursday. Economists polled by MarketWatch had forecast a 0.7% increase. In corporate news, Boeing Co. shares are in focus after the House Transportation Committee released an investigative report that blamed the aeronautics and defense contractor for deficiencies that helped lead to problems with its 737 MAX fleet of planes.

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MarketWatch MarketPulse
Sep 16, 2020

Transocean's stock drops after long-time bull downgrades, slashes price target
Shares of Transocean Ltd. dropped 1.9% in premarket trading Wednesday, after a long-time bull downgraded the oil services company, saying the company is "not immune" as the offshore industry's challenges are likely to persist. Analyst Charles Minervino cut his rating to neutral, after being at positive since July 2018, while slashing his price target to $1.15 from $2.50. "The offshore drilling industry is suffering from weak demand and substantial excess capacity, and while [Transocean] is among the better positioned companies, it is not immune to the downturn," Minervino wrote in a note to clients. He noted that several offshore drillers have already filed for bankruptcy. Transocean's stock closed below $1 as recently as Friday, and closed at a record low of 84 cents on April 27. It has plunged 84.5% year to date through Tuesday, while the VanEck Vectors Oil Services ETF has tumbled 57.4% and the S&P 500 has gained 5.3%.

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MarketWatch MarketPulse
Sep 16, 2020

NextEra Energy's stock falls after equity unit offering comes a day after stock split announced
Shares of NextEra Energy Inc. shed 4.2% in premarket trading Wednesday, after the electric company announced an equity offering, a day after it announced a stock split and raised financial expectations. The company said late Tuesday that it plans to sell $2.0 billion worth of equity units for $50 each, with each unit consisting of a contract to buy common stock in the future and a 5% ownership interest in NextEra Energy Capital Holdings debt due in September 2025. On Wednesday, said it agreed to sell $2.0 billion in equity units to BofA Securities and Barclays. The stock had rallied 4.9% on Tuesday, after the company announced late Monday a 4-for-1 stock split, and raised its 2021 adjusted earnings per share guidance on a pre-split basis by 20 cents to $9.60 to $10.15. The stock has rallied 22.1% year to date through Tuesday, while the SPDR Utilities Select Sector ETF has lost 6.9% and the S&P 500 has gained 5.3%.

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MarketWatch MarketPulse
Sep 16, 2020

Eventbrite says paid-ticket volume grew 17% from July to August
Eventbrite Inc. announced Wednesday that it saw 17% growth in paid tickets in August compared with July, and 26% growth in paid tickets to in-person events. Still, the online-ticketing company's business is down sharply relative to a year ago, with August's paid-ticket volume falling 65% on a year-over-year basis. Eventbrite said that this decline marked an improvement from the second quarter, when paid-ticket volume plunged 82%. The company said in its release that "many creators have rescheduled their events for 2021 and have funded the majority of attendee refund requests on their own." Options like event credits have "helped reduce the company's advance payout balance to $230 million," Eventbrite said, and its "additional company-funded chargebacks and refunds" totaled less than $300,000 since the company last reported results in early August. Eventbrite executives will be speaking at a Goldman Sachs conference at 2:05 p.m. ET Wednesday. Shares are inactive in premarket trading Wednesday. They've declined 43% so far this year as the S&P 500 has risen 5.3%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulse
Sep 16, 2020

Kodak's stock rockets on heavy volume after committee hired by company finds no laws broken with loan announcement
Shares of Eastman Kodak Co. rocketed 51.9% on very heavy volume in premarket trading Wednesday, after a special committee hired by the digital imaging and printing systems company to investigate how it disclosed a U.S. government loan found that no laws were broken. Trading volume topped 16.9 million shares, making the stock the most actively traded ahead of the open, and compared with the full-day average of 21.4 million shares. The committee found several governance concerns at Kodak surrounding how the news of the $765 million government loan was announced, but nothing illegal. The Wall Street Journal reported. The stock had soared 1,481% in three days after news broke that it received a $765 million government loan to help make drugs at U.S. factories, but the WSJ reported that the Securities and Exchange Commission launched an investigation as the stock started rallying before Kodak announced the news. Kodak's stock has climbed 34.0% year to date through Tuesday, while the S&P 500 has gained 5.3%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulse
Sep 16, 2020

Hahn: AstraZeneca's COVID-19 vaccine trial is still on hold in the U.S.
AstraZeneca's Phase 3 trial for its COVID-19 vaccine candidate is still on hold in the U.S., according to remarks made Tuesday by Food and Drug Administration commissioner Dr. Stephen Hahn during an Instagram Live with Sen. Tim Scott (R-S.C.). Shares of AstraZeneca were up 1.1% in premarket trading on Wednesday morning. Hahn said the FDA is working with the drug maker "to figure out if there's a significant safety issue or not" after the company confirmed last week that it had halted its trial in the U.K. after a participant reported a "potentially unexplained illness." (The New York Times reported that the illness is transverse myelitis, a rare spinal disorder sometimes associated with vaccines.) "If a serious adverse event occurs, that's a trigger to stop the trial so that we can pause - it's really a pause, not a stop - and we can take a look at that," Hahn said. AstraZeneca's stock so far this year has gained 10.6%, while the S&P 500 is up 5.2%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulse
Sep 16, 2020

Analyst: Vaccines can sometimes trigger rare disorder reportedly identified in AstraZeneca trial
The participant in AstraZeneca's Phase 3 study of its experimental COVID-19 vaccine who triggered the clinical trial's hold reportedly was diagnosed with transverse myelitis, which is a spinal disorder potentially associated with vaccines, according to RBC Capital Markets' Brian Abrahams. AstraZeneca's stock was up 0.9% in premarket trading on Thursday. The New York Times first reported the diagnosis of transverse myelitis, which has not been confirmed by AstraZeneca; however, the company has confirmed it halted the trial due to a "potentially unexplained illness." Abrahams wrote in a note on Tuesday to investors that instances of vaccine-related transverse myelitis are rare, though there are 119 cases recognized by the Food and Drug Administration between 1985 and 2017. "It makes sense that the [adverse event] will be fully investigated prior to continuation of vaccine administration," he wrote. "It also highlights the importance of following volunteers for weeks to months post-dosing, as if this side effect were actually related to this or other COVID-19 vaccinations." Shares of AstraZeneca, which is developing the vaccine with the University of Oxford, are up 7.6% so far this year. The S&P 500 has gained 5.2%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



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