Good morning. Happy Friday.
The Asian/Pacific markets were mixed. Even within Japan, China and Hong Kong, there were up and down segments of their markets. Europe, Africa and the Middle East are currently mixed and little changed. Futures in the States point towards a flat open for the cash market.
————— Leavitt Brothers Overview –>> here —————
The dollar is up. Oil and copper are up. Gold and silver are down. Bonds are down.
Stories/News from Seeking Alpha…
Searching for discounts
Today marks the unofficial start of the holiday shopping season as investors size up Black Friday to determine the current mood of the U.S. consumer. With an inflationary backdrop overshadowing the shopping bonanza, consumers will be looking around for bargains to take advantage of the value pricing. While strong balance sheets are said to be the norm for many households, others will supplement spending with savings and credit, in a holiday season cycle that is being described as anything but typical.
Snapshot: There are many economic indicators out there for gauging the power of the consumer, like retail sales data, corporate retail earnings and the closely-followed University of Michigan Consumer Sentiment Index. All these can help forecast the future trajectory of the sector and broader economic landscape following a bruising year for the industry. The S&P 500 Consumer Discretionary Index Sector (SP500-25) – a group of companies that reflect spending on items from apparel and home improvement to restaurants and vacations – is down 33% YTD, more than double the 16% decline of the broader S&P 500 Index (SP500). “These stocks are a clue as to how fast the economy is slowing and whether slowing inflation is lifting confidence on Main Street,” noted Jim Paulsen, chief investment strategist at the Leuthold Group.
Holiday shopping trends are also flashing mixed signals this year, with 166.3M people (almost 8M more people than last year) expected to shop from Thanksgiving Day through Cyber Monday. That’s according to the latest report from the National Retail Federation, which estimates consumers will shell out an average of $832.84 on gifts and holiday items, down from the $997.73 seen in 2021 (and less purchasing power because of inflation). Holiday retail sales during November and December are forecast to grow between 6% and 8% over 2021, compared to the 13.5% jump seen last year, though some of the results may be skewed as deals and promotions continue to be pulled forward.
Black Friday schedule: The stock market will shut early at 1 p.m. today, bond markets will close an hour later, while metals and U.S. crude oil will settle at 12:30 p.m. and 1:30 p.m., respectively. Some history… Back in 1992, the major U.S. exchange operators called for a 2 p.m. Eastern close for the Friday after Thanksgiving, two hours earlier than the regular close at 4 p.m. The following year, the NYSE and Nasdaq chose to shutter markets at 1 p.m., a schedule that is currently observed. (4 comments)
FOMC minutes
Stocks had a happy session going into Thanksgiving and the sentiment may hold up after the turkey. Futures are inching up on the idea that central banks will have to respond to a growth slowdown as risks of financial system instability grow louder. The need to moderate on aggressive monetary policy was also present in Wednesday’s release of the minutes from the Fed’s latest meeting, though some caution that it was the same usual chatter and only a perceived shift in tone.
Quote: “A substantial majority of participants judged that a slowing in the pace of increase would likely soon be appropriate,” according to records from the Nov. 1-2 gathering. “A slower pace in these circumstances would better allow the Committee to assess progress toward its goals of maximum employment and price stability.”
“Various” Fed officials still said the persistence of inflation meant that the federal funds rate may have to go higher than they previously expected to achieve the central bank’s goal of bringing down price pressures. The word “inflation” was even mentioned 95 times in the minutes, remaining the primary focus on the gathering. While the Consumer Price Index rose less than expected in October (headline inflation +7.7% Y/Y and core at +6.3% Y/Y), only time will tell if the central bank has really decided it’s time to loosen the belt.
Commentary: “The big picture remains in our view that the Fed intends to slow down in order to allow more time for lags to operate and cumulative tightening to date to show up in the data,” wrote Krishna Guha, head of central bank strategy at Evercore. “The hawkish talk from Powell in the press conference and many Fed officials subsequently is intended to provide air cover for the slowing to take place without an excessive easing of financial conditions.” (30 comments)
Keeping crypto afloat
Binance is aiming for a roughly $1B fund for the potential purchase of distressed assets in the crypto sector and will make another bid for bankrupt lender Voyager Digital, according to CEO Changpeng “CZ” Zhao. The move comes at a time when the crypto market is teetering from the collapse of FTX, which is seeking Chapter 11 bankruptcy protection in the U.S. Binance also said it intends to ramp up its commitment amount to $2B in the near future “if the need arises.”
Will more dominoes fall? “I think we will see a little bit of contagion,” CZ told Bloomberg in an interview. “Whenever one big player goes down, especially a trading platform, there are many other people or institutions with money on the platform… but overall the industry is fine.”
Called the “Industry Recovery Initiative,” the new fund will be structured via a “loose” approach, meaning industry players can contribute as much as they wish. It will also be “public,” meaning those that want to get involved will move the funds to a blockchain crypto address that people can look at to protect and rebuild the industry. Around 150 companies have already applied for support from the fund, which is “flexible on the investment structure” and is accepting contributions in token, fiat, equity, convertible instruments, debt, credit lines, etc.
Go deeper: This year’s crypto collapse has shaved about $80B off Zhao’s personal fortune, but at $15B it still far exceeds anyone else in the industry, according to the Bloomberg Billionaires Index. (23 comments)
Zero-COVID
It has now been three years since the first COVID-19 case was reported in Wuhan, but China doesn’t seem to be letting up on its strict coronavirus policies. In fact, quarantine facilities and makeshift hospitals are expanding across the mainland to deal with the largest surge of cases on record. Meanwhile, panic buying is taking place among supermarket delivery apps as lockdown-like restrictions take hold in Beijing, while Nomura estimates that more than a fifth of the country is under some sort of restricted movement.
Discontent is growing: Apple (NASDAQ:AAPL) supplier Foxconn’s (OTCPK:FXCOF) iPhone factory in the city of Zhengzhou has drawn outsized attention as videos of worker riots were shared on social media. Foxconn has since offered a 10,000 yuan payment, equivalent to $1,400, to workers who want to leave, as well as free transportation to return home. It’s unclear how many of the 200,000 employees at “iPhone City” were involved, but Apple has flagged “lower iPhone 14 Pro and iPhone 14 Pro Max shipments” due to prior curbs at the complex, which includes dormitory accommodations and is responsible for 70% of global iPhone output.
“The real hurdle for the economy lies in local officials’ more zealous implementation of COVID restrictions rather than insufficient loanable funds,” wrote Ting Lu, chief China economist at Nomura. Concerns are growing as infections rise in the manufacturing province of Guangdong and megacity of Chongqing, as well as the financial hub of Shanghai and the logistics heavy Zhengzhou. At the end of the third quarter, China’s GDP was up by only 3% Y/Y, well below the official target of around 5.5% announced in March.
Thought bubble: China’s central leaders have seen the zero-COVID policy as a source of national pride, which could showcase the superiority of their system, compared with the death tallies and infections seen in many Western nations. There are also fears that any major outbreaks could overwhelm China’s healthcare system (especially given the population’s low natural immunity), mobilizing public anger and undermining confidence in the government. Earlier this month, officials said they would be more specific and targeted in implementing pandemic controls, but there would be no fundamental change to the overall zero-COVID stance. (12 comments)
Today’s Economic Calendar
4:30 PM Fed Balance Sheet
What else is happening…
AB InBev (BUD) goes to battle against FIFA after World Cup beer snub.
Apple (AAPL) eyeing Manchester United takeover – Daily Star.
Deere (DE) hits record high as order books continue to fill.
Tesla (TSLA) recalls more than 80,000 cars sold in China.
FTC likely to challenge Microsoft’s (MSFT) acquisition of Activision (ATVI).
Walmart (WMT) manager kills 6 employees and himself in Virginia.
Report: Chevron (CVX) to win U.S. approval for Venezuela oil production.
Cathie Wood says Bitcoin (BTC-USD) will hit $1M by 2030.
Visa (V) reports November U.S. payments volume up 9% Y/Y.
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Good morning. Happy Wednesday.
The Asian/Pacific markets did well. Hong Kong, South Korea, Australia, Thailand and the Philippines posted the biggest gains. Europe, Africa and the Middle East are currently little changed. Russia, Greece and South Africa are up. Futures in the States point towards a flat open for the cash market.
————— VIDEO: A Quarter Century of Big Up Days —————
The dollar is down. Oil and copper are down. Gold is down; silver is up. Bonds are mixed.
Stories/News from Seeking Alpha…
Tech layoffs
The trend of layoffs in the tech sector continues. The axe is falling at HP (HPQ). And while it might be a slow, prolonged cut, it’s going to be noticeable nonetheless.
HP’s announcement that it will shed between 4,000 and 6,000 jobs by the end of its 2025 fiscal year wasn’t something that Chief Executive Enrique Lores was happy to disclose after Tuesday’s market close. But Lores admitted that after a difficult fiscal fourth quarter, and not-so-great outlook, cutting potentially more than 10% of HP’s workforce was necessary. Lores said the job cuts are part of a strategy to create a “Future Ready” HP.
“Wage growth data indicates that highest wage earnings saw the largest decline in real wages, whereas lowest earners’ wage growth largely matched inflation,” BofA added. “As a result, companies are seeing high-income consumers trading down for cheaper goods/services – mentions of ‘trade down’ during earnings calls soared to a record level, topping the GFC level.”
Speaking on a conference call to discuss HP’s results and outlook, Lores said that the “ultimate goal” of the company is to develop its product portfolio and “operational capabilities to drive sustainable growth” and save as much money as possible during what is expected to be a prolonged period of economic uncertainty, inflation and some declines in customer demand.
To that end, Lores, and CFO Marie Myers said that the job cuts were part of a plan that would cut costs and generate “run rate savings” of at least $1.4B by the end of HP’s 2025 fiscal year. “We take (job) reductions very seriously,” Myers said, and added that the steps HP was taking were “critical to the long-term health” of the long-time PC and printing technology leader. But, in the meantime, factors such as “headwinds to long-term growth” are going to be around for a while.
Pressure building: “Layoff announcements are not a reliable guide to jobless claims in the short term,” Pantheon Macro said. “But we cannot ignore the upward trend in recent months; claims likely will follow.”
“Layoff pressure is building, with a weekly record number of layoff news on Bloomberg, following the notable headlines from META and AMZN,” BofA said. “Monthly new job postings have plummeted YTD, down 30% for the S&P 500 (SPY) YTD, led by high-paying jobs in Tech (XLK) and Financials (XLF): Comm. Svcs. (XLC) -63%, Tech -47%, and Financials -34%.” (18 comments)
Manchester United on the block
Manchester United (MANU) has confirmed its board has launched a process to “explore strategic alternatives” for the club.
An earlier report of a strategic exploration that could range all the way to selling the club ended up sending MANU stock up 14.7% on the session, a day where it hit its highest point since last December. “As part of this process, the Board will consider all strategic alternatives, including new investment into the club, a sale, or other transactions involving the Company,” Man United said.
The process will mean assessing several initiatives, including stadium and infrastructure redevelopment as well as expanding commercial operations globally.
“Throughout this process we will remain fully focused on serving the best interests of our fans, shareholders, and various stakeholders,” Executive co-Chairmen and Directors Avram Glazer and Joel Glazer said. That news comes after longtime fan discontent with ownership. MANU stock dipped slightly earlier after the club confirmed it was parting ways with star Cristiano Ronaldo after he gave a controversial interview. (2 comments)
Rails strike
The risk of a rail strike in December is growing after some unions voted down the deal that the White House brokered in September. Even a strike of just a few days could impact the supply of fuel, automobiles, chemicals, and consumer products, while a longer strike would have the potential to cut into Q4 GDP.
Evercore ISI analyst Jonathan Chappell warned that U.S. equities are acting like there is no chance of a strike when the probability is not zero. The firm’s D.C. policy team still believes Congress will not act as quickly as hoped if the four unions that voted not to ratify the labor deal play hardball. Based on the performance of stocks tied closest to rail transport, investors expect the issue to be resolved without a strike. (37 comments)
Student loan pause
President Joe Biden said that he’ll extend the pause on federal student loan payments while his administration defends in court his ability to cancel portions of student debt.
“I’m confident that our student debt relief plan is legal,” he said. Last week, a U.S. appeals court kept in place a block on the plan to cancel hundreds of billions of dollars in student loan debt while six Republican-led states seek to stop the program on grounds that the White House’s plan averts congressional authority.
While the case proceeds in court, Education Secretary Miguel Cardona will extend the payment pause to June 30, 2023, he said. Stocks that may be affected by the student loan forgiveness plan include: SoFi Technologies (NASDAQ:SOFI), Navient (NASDAQ:NAVI), Nelnet (NYSE:NNI), and SLM Corp. (NASDAQ:SLM). (159 comments)
Today’s Economic Calendar
7:00 MBA Mortgage Applications
8:30 Durable Goods
8:30 Initial Jobless Claims
9:45 PMI Composite Flash
10:00 New Home Sales
10:00 Consumer Sentiment
10:30 EIA Petroleum Inventories
12:00 PM EIA Natural Gas Inventory
1:00 PM Baker-Hughes Rig Count
2:00 PM FOMC Minutes
What else is happening…
Tesla (TSLA) sputters as investors weigh China demand, recalls and Twitter distraction.
EU sets natural gas price cap proposal well above current levels.
Bankman-Fried treated crypto exchange FTX as his ‘personal fiefdom’, lawyer says.
Want to bet on Black Friday and Cyber Monday results?
High performance e-bike maker Zapp to go public through merger with SPAC CIIG (CIIG).
Trump SPAC DWAC (DWAC) gain after holders approve deal extension.
Cathie Wood’s ARKK Innovation ETF (ARKK) steady despite drop in Zoom (ZM), its top holding.
Revenge of the malls.
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Good morning. Happy Tuesday.
The Asian/Pacific markets were split. Japan, Taiwan and Australia did well; Hong Kong, South Korea and Indonesia were weak. Europe, Africa and the Middle East are currently mostly up. The UK, Poland, Turkey, Russia, Norway, Hungary, Spain, Portugal and Austria did great. Futures in the States point towards a positive open for the cash market.
————— VIDEO: A Quarter Century of Big Up Days —————
The dollar is down. Oil and copper are up. Gold and silver are up. Bonds are up.
Stories/News from Seeking Alpha…
Icahn vs. GameStop?
Billionaire investor Carl Icahn is said to have a large short position in GameStop (GME) that he started to accumulate in January 2021 at the height of the meme-stock frenzy for the video game retailer.
Icahn began building his short when GameStop neared its high of $483 in January 2021 and still has a large bet that the retailer’s shares will drop, according to a Bloomberg report, which cited people familiar with the matter. The exact size of the position was not known. GameStop’s shares are down 71% from their high last year and have dropped 32% this year. GameStop, which announced 4-1 stock split earlier this year, has short interest of 21%.
Icahn, best known as an activist investor who recently disclosed a stake in beverage can maker Crown Holdings (CCK), is faring much better than other funds that shorted GameStop. Former hedge fund Melvin Capital shut down earlier this year at least partly after it was pummeled by the GameStop short squeeze last year.
Icahn is not just betting that GameStop will fall. Earlier this month, he said he still believes that we are in a bear market and doesn’t expect inflation to go away in the near term. He also has a short bet against the S&P 500 (SP500) (SPY). (14 comments)
Genesis scrambles
Genesis, the troubled cryptocurrency brokerage that was forced to suspend consumer withdrawals last week in the wake of crypto exchange FTX’s implosion, has warned that it may need to file for bankruptcy protection, according to published reports. But the company pushed back against the narrative.
“We have no plans to file bankruptcy imminently,” Genesis said. “Our goal is to resolve the current situation consensually without the need for any bankruptcy filing. Genesis continues to have constructive conversations with creditors.”
The initial news shook crypto investors a bit. Bitcoin (BTC-USD) fell below $15,500 to a new 52-week low yesterday before rebounding and is lower this morning. Ethereum (ETH-USD) and Dogecoin (DOGE-USD) are also lower. The possible bankruptcy also underscores how FTX’s collapse has sent shockwaves through the wider crypto ecosystem that don’t appear to be abating.
Genesis was said to have spent the past few days trying to raise at least $1B in new capital from potential investors amid its liquidity crunch. Binance was included in such talks, people told Bloomberg, though funding has yet to come to fruition. Binance declined to comment on Seeking Alpha’s request for comment, and Genesis did not immediately respond. (23 comments)
Iger in action
Disney’s (DIS) brand-new (again) CEO Bob Iger is wasting no time after Disney’s formal filing noting the executive change – reportedly issuing a company memo that will start to restructure the entertainment giant.
Kareem Daniel, the head of Disney Media & Entertainment Distribution since a high-profile restructuring a couple of years ago, is stepping down, according to media reports – not entirely surprising as he was a key lieutenant for now ex-CEO Bob Chapek.
“Over the coming weeks, we will begin implementing organizational and operating changes within the company,” Iger said in a memo to DMED employees, according to various reports. “It is my intention to restructure things in a way that honors and respects creativity as the heart and soul of who we are.”
“I’ve asked Dana Walden, Alan Bergman, Jimmy Pitaro, and Christine McCarthy to work together on the design of a new structure that puts more decision-making back in the hands of our creative teams and rationalizes costs, and this will necessitate a reorganization of Disney Media & Entertainment Distribution,” leading to Daniel’s exit, Iger reportedly wrote. His goal is to have the new structure in place in “coming months.”
“Without question, elements of DMED will remain, but I fundamentally believe that storytelling is what fuels this company, and it belongs at the center of how we organize our businesses,” Iger added. (123 comments)
Oil output
Crude is higher after a rollercoaster move Monday. Oil futures surged more than 5% midday Monday in reaction to a Wall Street Journal report that OPEC+ is considering a production hike of as much as 500K bbl/day for the cartel’s meeting next month.
Saudi Arabia then denied the report, adding the “current cut of 2M bbl/day by OPEC+ continues until the end of 2023,” and the United Arab Emirates also said it has not discussed changing the previous agreement. Prices quickly retreated.
Goldman Sachs cut its Q4 oil price outlook by $10 to $100/bbl to reflect reduced expectations for China’s demand due to rising COVID-19 cases and the “lack of clarity” on the implementation of the G-7’s oil price cap, which takes effect December 5. (16 comments)
Today’s Economic Calendar
10:00 Richmond Fed Mfg.
11:00 Fed’s Mester Speech
11:30 Results of $22B, 2-Year FRN Auction
1:00 PM Results of $35B, 7-Year Note Auction
1:00 PM Money Supply
What else is happening…
Jim Chanos: Coinbase (COIN) has a business model problem – it doesn’t work.
COP27 deal puts U.S., wealthy countries on the hook to pay for pollution.
Tesla (TSLA) reportedly plans to cut prices in China.
Amazon (AMZN) may have considered saving Argo AI self-driving startup.
Adobe (ADBE) tumbles despite upbeat guidance.
Alibaba (BABA), Tencent (OTCPK:TCEHY) hit the skids as Beijing’s Covid rules weigh.
GSK (GSK) to stop selling blood cancer therapy Blenrep in U.S.
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Good morning. Happy Monday. Hope you had a good weekend.
The Asian/Pacific markets posted losses. China, Hong Kong, South Korea, India and Singapore were down the most. Europe, Africa and the Middle East are currently mostly down. Poland, Turkey, Germany, Russia, South Africa, Italy, Israel and Saudi Arabia are down the most. Futures in the States point towards a down for the cash market.
————— VIDEO: A Quarter Century of Big Up Days —————
The dollar is up. Oil and copper are down. Gold and silver are down. Bonds are up.
Stories/News from Seeking Alpha…
China COVID curbs return
The return of tight COVID restrictions in a Chinese city many thought to be a test case for a looser policy led to speculation Monday that the country could return to its zero-COVID stance.
Schools and universities in Shijiazhuang are on lockdown and at-risk residents were instructed to stay home for five days, with others advised to stay home “in principle,” according to a statement in the Shijiazhuang Daily cited by Bloomberg. A rise in COVID cases and the first deaths reported by official Chinese media since May is dampening optimism that the country had reached an inflection point on policy that has weighed heavily on economic output.
The Beijing Daily reported that three people died in the capital from the disease. They were aged 87 to 91. More than 900 new cases in Beijing were reported on Sunday. The last time a death was reported, Shanghai was in lockdown.
Goldman cuts oil target: Oil futures (CL1:COM) (CO1:COM) (USO) (BNO) were down, but off their lows following the news in China.
Goldman Sachs cut its fourth-quarter 2022 forecast for Brent crude by $10 per barrel to $100, citing the restrictions in China and saying that new curbs could be equal to the recent OPEC+ production cut. The market “had a right to be anxious” about fundamentals in oil going forward, Goldman said. Brent has now wiped out all the gains it had seen since the start of Q4, while WTI is just slightly up since October 1.
More market impact: The Hang Seng (HSI) and the Shanghai Composite (SHCOMP) fell. The dollar (DXY) gained, with a possible resurgence in China growth a big reason for traders to price in lower demand for the greenback.
In the bond market, 22V Research said that surging China COVID cases have been “having an impact on global growth expectations, encouraging deeper yield curve inversion.” In the Treasury market, the spread between 2-year (US2Y) and 10-year (US10Y) hit the widest inversion since the mid-’80s and now sits at a cycle-high 72 basis points.
Looking at emerging markets last week, Citi sounded a warning on too much optimism when it came to China and a Fed pivot. “Since COVID remains a big threat to Chinese household confidence, and since we still think the Fed has plenty of work to do, it’s probably wise to take the past week’s optimism with a grain of salt,” Citi said. “The path to a full China re-opening remains uncertain and gradual at best.” (3 comments)
Bob Iger back
Bob Iger is returning to the CEO position at Walt Disney (DIS) – a shocking development after the surprise exit of Bob Chapek from the top spot. The move is effective immediately, Disney says. Shares are up slightly in premarket trading.
Iger will serve as Disney’s CEO for two years, Disney says, “with a mandate from the Board to set the strategic direction for renewed growth and to work closely with the Board in developing a successor to lead the Company at the completion of his term.”
Iger departed Disney as executive chairman 11 months ago, though he delayed a long-planned exit from Disney amid the disruption of the COVID-19 pandemic – and his continued tenure at the company reportedly caused friction as Disney tried to move forward with new leadership. He won’t retake the chairman’s spot, which will remain with Susan Arnold.
A Disney legend, Iger was CEO/Chairman for 15 years (from 2005-2020) and then executive chairman and chairman of the board through 2021. Disney posted a strong earnings report in the fiscal third quarter in June, but the fiscal fourth quarter brought a new stock slide as ongoing parks strength couldn’t offset declines in revenues and profits on the media side. (136 comments)
Twitter reinstates Trump
Elon Musk will allow Donald Trump back on Twitter (TWTR) after the former president won a poll run by the billionaire who recently purchased the social media behemoth. Twitter users voted 51.8% to 48.2% to allow Trump back on the social media platform after the Tesla (TSLA) chief conducted a poll that started on Friday night and included more than 15M votes, according to a tweet from Musk. Trump, who was banned from Twitter following the attack on the U.S. Capitol in January of last year, has said that he doesn’t plan to come back on the service and instead will use his own platform Truth Social to communicate.
On Saturday, Trump encouraged people in a Truth Social post to vote in the Twitter poll, though he added “but don’t worry, we aren’t going anywhere.” Trump also told a Republican Jewish Coalition meeting on Saturday that he sees a lot of “problems at Twitter” and plans to stick with his own platform, according to media accounts of the event. “I don’t see any reason for it,” Trump said about returning to Twitter. “Truth Social has taken the place for a lot of people and I don’t see them going back onto Twitter.”
The Twitter news also comes ahead of a Tuesday vote for Digital World (DWAC) holders to approve a year extension to take Trump’s social media public through the SPAC. DWAC fell before the bell. (432 comments)
Chip issues
Berkshire Hathaway’s (BRK.A) (BRK.B) recently announced stake in Taiwan Semiconductor (TSM), along with Qualcomm’s (QCOM) order cut at China’s Semiconductor Manufacturing International Corporation, have both been largely seen as “positives” for the semiconductor industry.
However, according to Fubon Research, the chip sector is not out of the woods yet. Analyst Sherman Shang noted that the cycle is likely to bottom out either this quarter or next as days of inventory start to decline, but Shang remains uncertain about whether the recovery will look like the boom the industry just went through.
“The overall semi recovery entering another cycle will depend on the recovery of end demand, which has not been seen based on our checks,” Shang wrote in a note to clients. Nonetheless, valuations are now attractive, with Shang pointing to the fact that Taiwan Semiconductor’s (TSM) valuation has been “deeply de-rated” over the past six months due to geopolitical risks, and the expectation is that “a re-rating will likely happen in the short term.” (6 comments)
Today’s Economic Calendar
8:30 Chicago Fed National Activity Index
11:30 Results of $42B, 2-Year Note Auction
1:00 PM Results of $43B, 5-Year Note Auction
What else is happening…
The World Cup is here – watch these stocks.
Silver set to post biggest deficit in a decade.
FTX downfall could extend crypto bear market through end-2023.
Simon & Schuster to let $2.2B sale to Penguin Random House collapse.
Activist investor said to push against potential Fox (FOXA) deal with News Corp. (NWSA).
REITs’ FFO growth continues in Q3 2022, showing a ‘degree of normalization’.
Meta (META), AbbVie (ABBV) among new names in UBS 2023 stock focus list.
Live Nation (LYV) hit on report of DOJ antitrust probe.
Newly public Grindr (GRND) stock soars as high as 515% following SPAC merger.
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