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Dow Jones Newswires: Australiaas consumer confidence tumbles as rates soar
Date: Mon, 08 Aug 2022 23:30:00 GMT
From marketwatch.com
Australian consumer confidence sank 4.5% last week to the lowest level since April 2022 after the Reserve Bank of Australia raised official interest rates by a further 50 basis points.

Earnings Results: Nvidia stock tumbles after company says revenue fell way shy of expectations
Date: Mon, 08 Aug 2022 22:29:00 GMT
From marketwatch.com
Shares of Nvidia Corp. fell 6.3% in Monday trading after the semiconductor company disclosed that it expects to fall well short of revenue expectations for its latest quarter, largely due to gaming weakness.

: Malcolm Gladwellas work-from-home comments spark backlash and accusations of hypocrisy
Date: Mon, 08 Aug 2022 22:16:00 GMT
From marketwatch.com
aItas not in your best interests to work at home,a said Gladwell, during a recent podcast appearance.

Earnings Results: Carvana rivalsa stocks plunge after earnings
Date: Mon, 08 Aug 2022 22:13:00 GMT
From marketwatch.com
While Carvana Inc. shares soared despite weaker-than-expected financial results last week, two of the online car-seller"s smaller rivals were not as fortunate Monday.

S&P 500, Nasdaq Composite finish 0.1% lower
Date: Mon, 08 Aug 2022 20:01:41 GMT
From marketwatch.com
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Dow industrials close 28 points higher, up 0.1%
Date: Mon, 08 Aug 2022 20:01:22 GMT
From marketwatch.com
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Stocks end mixed as investors await key inflation read this week
Date: Mon, 08 Aug 2022 20:01:06 GMT
From marketwatch.com
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Nvidia stock price target cut to $210 from $220 at Susquehanna
Date: Mon, 08 Aug 2022 18:52:12 GMT
From marketwatch.com
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Nymex Sept. WTI oil futures settle at $90.76 a barrel, up $1.75, or 2%
Date: Mon, 08 Aug 2022 18:36:29 GMT
From marketwatch.com
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Applied DNA Sciences stock drops 15.4%, after soaring 757.4% amid 4-day win streak through Friday
Date: Mon, 08 Aug 2022 18:26:56 GMT
From marketwatch.com
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AMTD Digital stock sinks 29.3%, has plunged 69.6% amid 4-day losing streak
Date: Mon, 08 Aug 2022 18:25:29 GMT
From marketwatch.com
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Gold futures end up 0.8% on Monday, settling at $1,805.20 an ounce
Date: Mon, 08 Aug 2022 17:31:00 GMT
From marketwatch.com
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: Stocks edge back into positive territory in choppy trade; Dow industrials up 0.1%, S&P 500 and Nasdaq marginally higher
Date: Mon, 08 Aug 2022 17:24:00 GMT
From marketwatch.com
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: All three major stock indexes briefly down on the day, with Dow industrials swinging between slight gains and losses
Date: Mon, 08 Aug 2022 16:42:00 GMT
From marketwatch.com
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Freshpet stock drops after pet-food company cuts earnings outlook
Date: Mon, 08 Aug 2022 22:02:38 GMT
From marketwatch.com

Shares of Freshpet Inc. were down more than 11% in after-hours trading Monday after the maker of pet foods cut its earnings forecast for the full year, acknowledging pressures from inflation and operating challenges. The company logged a net loss of $20.6 million, or 45 cents a share, compared with a loss of $7.5 million, or 17 cents a share, in the year-before period. Freshpet executives attributed the growing loss largely to an increase in selling, general, and administrative expenses, including increased media spending of $9.9 million. Analysts tracked by FactSet were expecting a 12-cent loss per share. Freshpet recorded adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) of $3.9 million, down from $10.9 million a year prior. The FactSet consensus was for $13.2 million. Net sales rose to $146.0 million from $108.6 million, while analysts had been projecting $147.3 million. "We are encouraged by our strong consumption growth in the face of higher pricing, the acceleration in our household penetration growth, and our strong production performance that supported it," Chief Executive Billy Cyr said in a release. "However, the combination of inflation and short-term operating challenges negatively impacted our bottom line in the quarter, and we are reflecting those factors in our 2022 outlook." The company anticipates full-year adjusted Ebitda of greater than $48 million, while it was previously targeting more then $55 million. Freshpet continues to expect greater than $575 million in net sales for the full year. Freshpet"s stock has fallen 12.9% over the past three months as the S&P 500 has increased 0.4%.

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Lemonade stock pops after earnings as insurance company plans to slow spending growth
Date: Mon, 08 Aug 2022 21:36:29 GMT
From marketwatch.com

Shares of Lemonade Inc. were up more than 8% in after-hours trading Monday after the company, which provides renters" insurance, car insurance, and more, posted a narrower loss than expected and signaled that it was slowing spending growth. The company generated a net loss of $67.9 million, or $1.10 a share, compared with a loss of $55.6 million, or 90 cents a share, in the year-before quarter. Analysts tracked by FactSet were expecting a $1.33 GAAP loss per share. Revenue increased to $50.0 million from $28.2 million, while analysts were anticipating $47.6 million. Executives said in a letter to shareholders that "fortunately" the company was "well capitalized entering the downturn, so [the] heightened cost of capital has not had a first-order impact on our business." At the same time, they acknowledged that in recent months they "have made adjustments to our plan, with the goal of ensuring we are never forced to raise capital." In doing so, the company has slowed the growth of spending and hiring, and executives consequently expect to perform better on the basis of adjusted earnings before interest, taxes, depreciation, and amortization (Ebitda) this year. Lemonade"s new forecast calls for a $240 million to $245 million loss on the basis of adjusted Ebitda, whereas its prior outlook was for a $265 million to $280 million loss. "The first thing to note is that we"re not changing course - we"re changing pace," executives said. "We will continue to execute on our strategy, just at a moderated clip." Shares have added 18% over the past three months as the S&P 500 . has advanced 0.4%.

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Clover Health stock drops after mixed earnings, announcement of impending CEO change
Date: Mon, 08 Aug 2022 21:12:52 GMT
From marketwatch.com

Shares of Clover Health Investments Corp. , which offers insurance plans to Medicare Advantage members, were off more than 6% in after-hours trading Monday after the company delivered a mixed earnings report and disclosed that its chief executive would be stepping down from that post at year"s end. The company posted a net loss of $104.2 million, compared with a loss of $317.6 million a year earlier. Clover Health did not offer an earnings-per-share figure in its release. Clover posted a loss on the basis of adjusted earnings before interest, taxes, depreciation, and amortization (Ebitda) of $87.5 million, compared with a $107.1 million loss on the metric a year before. Analysts tracked by FactSet were modeling an $80.1 million adjusted Ebitda loss. Revenue increased to $846.7 million from $412.5 million, whereas the FactSet consensus was for $814.6 million. The company further disclosed that Chief Executive Vuvek Garipalli "will transition his role of CEO" beginning at the start of 2023, with President Andrew Toy taking over. Garipalli, also the company"s chairman, will begin serving as executive chairman. Shares of Clover Health are up 26% over the past three months as the S&P 500 has ticked up 0.4%.

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Singer Olivia Newton-John dies at 73, family says
Date: Mon, 08 Aug 2022 20:03:11 GMT
From marketwatch.com

Singer and actress Olivia Newton-John died Monday at age 73, her husband said in a statement posted to her official Facebook page. The singer, born in England, is known for her role in "Grease" and songs including "I Honestly Love You." "Olivia has been a symbol of triumphs and hope for over 30 years sharing her journey with breast cancer," her husband John Easterling, said in the statement. "Her healing inspiration and pioneering experience with plant medicine continues with the Olivia Newton-John Foundation Fund, dedicated to researching plant medicine and cancer." She is survived by Easterling, daughter Chloe Lattanzi, and other relatives.

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Dow ekes out gain, S&P 500 and Nasdaq book slight declines as investors await U.S. inflation update
Date: Mon, 08 Aug 2022 20:00:56 GMT
From marketwatch.com

U.S. stocks closed mostly lower Monday, but only slightly changed from Friday"s finish as investors awaited a highly anticipated update on U.S. inflation. The Dow Jones Industrial Average added about 28 points, or 0.1%, closing near 32,831, after briefly topping the 33,000 mark earlier Monday. The S&P 500 index shed 0.1%, while the Nasdaq Composite Index also fell 0.1%. In addition to August hitting the "dog days" of summer when many on Wall Street and beyond take time off for vacations, investors appeared hesitant to make big moves in equities ahead of the consumer-price index update for July, due Wednesday, after its last monthly update pegged the cost of living at a 9.1% annual rate, a 41-year high. Wednesday"s CPI reading comes on the heels of Friday"s blockbuster jobs report for July, which underscored strong wage gains for workers in the past year, which may complicate the Federal Reserve"s efforts to cool inflation, particularly if household demand for goods and services stays robust and keeps pressure on prices, despite higher interest rates.

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.



S&P 500, Nasdaq fall but stock market internals stay firmly bullish
Date: Mon, 08 Aug 2022 18:51:24 GMT
From marketwatch.com

The S&P 500 and the Nasdaq Composite are moving lower in afternoon trading Monday, but market internals are firmly bullish. The number of advancing stocks are outnumbering decliners by 1,998 to 1,032 on the New York Stock Exchange (NYSE) and by 2,508 to 1,672 on the Nasdaq, and volume in advancing stocks represents 68.9% of total Big Board volume and 61.1% of total Nasdaq volume. The S&P 500 is down 0.2% and the Nasdaq Composite is losing 0.3%. Meanwhile, the Dow Jones Industrial Average is rising 9 points, or less than 0.1%, with 16 of 30 components trading higher, while the Russell 2000 index of small-capitalization stocks rallied 0.8%.

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.



Oil extends bounce off 6-month low to end higher
Date: Mon, 08 Aug 2022 18:40:45 GMT
From marketwatch.com

Oil futures ended higher Monday, with the U.S. benchmark extending a bounce off a six-month low as investors weighed prospects for demand amid mixed signals on the health of the economy. West Texas Intermediate crude for September delivery rose $1.75, or 2%, to close at $90.76 a barrel on the New York Mercantile Exchange.

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.



Boeing stock spikes up after FAA says 787 Dreamliner deliveries could resume in coming days
Date: Mon, 08 Aug 2022 18:15:49 GMT
From marketwatch.com

Shares of Boeing Co. spiked 2.3% higher in afternoon trading Monday, after the Federal Aviation Administration said it expects 787 Dreamliner deliveries to resume "in the coming days." The stock was up less than 1% just prior to the afternoon spike up. "Boeing has made the necessary changes to ensure that the 787 Dreamliner meets all certification standards," the FAA said in an emailed statement to MarketWatch. "The FAA will inspect each aircraft before an airworthiness certificate is issued and cleared for delivery." The statement comes about a week after FAA notified Boeing that it would approve the company"s process for validating fixes to each plane, according to an Associated Press report. Boeing"s stock has rallied 13.4% over the past three months, while the Dow Jones Industrial Average has eased 0.1%.

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.



Upstart stock surges more than 10% ahead of earnings, with high anticipation for lending company"s outlook
Date: Mon, 08 Aug 2022 17:47:14 GMT
From marketwatch.com

Shares of Upstart Holdings Inc. were up more than 10% in Monday afternoon trading, ahead of the lending company"s second-quarter earnings report, which is expected after the closing bell. Upstart executives disclosed a month back that they expected to fall well short of their prior forecasts for the second quarter, but the after-hours earnings report will contain more information about business trends and expectations. "Management noted that inflation, lower origination volumes and apprehension from credit investors with nonprime unsecured loans caused the weak results," Jefferies analyst John Hecht wrote in a recent note to clients. "With 2Q results, we will look for updated FY22 guidance and comments on how the company may alter its underwriting or funding strategy in the context of higher than expected net losses and an increasingly challenging outlook for consumer lending." Wedbush analyst David Chiaverini wrote recently that he expected Upstart could lower its full-year forecast to roughly $1.00 billion from a previous target of $1.25 billion, which he said could reflect "funding constraints as appetite has waned from credit buyers and the ABS [asset-backed securities] market." Shares of Upstart have fallen 61% over the past three months as the S&P 500 has risen 0.5%.

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.



Gold ends back above key $1,800 level on Monday as U.S. dollar, yields retreat
Date: Mon, 08 Aug 2022 17:43:07 GMT
From marketwatch.com

Gold futures closed higher Monday, shrugging off Friday"s weakness, to end back above the key $1,800 level. Gold for December ended 0.8% higher, up $14, to settle at $1,805.20 an ounce on Comex, according to FactSet. That was gold"s best daily gain since August 4 when the most-active contract jumped 1.7%. The yellow metal"s rally follows Friday"s surprising red-hot labor report for July, with many investors now anticipating another large 75 basis point rate increase from the Federal Reserve at its next policy meeting in September. The central bank has been working to cool inflation last pegged at a 41-year high, with a fresh update due Wednesday, but with the central bank also facing a backdrop of strong wage gains that could keep household demand robust. The ICE US Dollar index fell 0.3% Monday against a basket of rival currencies, while the 10-year Treasury yield slumped 7 basis points to 2.76%.

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Carvana stock drops, as a more than doubling in three weeks prompts J.P. Morgan to turn bearish
Date: Mon, 08 Aug 2022 17:02:19 GMT
From marketwatch.com

Shares of Carvana Co. dropped 2.9% in midday trading Monday, after J.P. Morgan analyst Rajat Gupta turned bearish, saying the online car buying and selling platform"s stock is "expensive" in the wake of its recent near-record rally the previous session. Gupta cut the rating to underweight after being at neutral since June 2021. The stock price target was raised to $35 from $25, but the new target still implies about 23% downside from current levels. The stock had rocketed 40.1% on Friday to a three-month high, despite the company reporting a wider-than-expected loss and revenue that also missed, with some analysts saying efforts to improve profitability were progressing. But J.P. Morgan"s Gupta said visibility remains "poor" and the trajectory of used car supply remains highly uncertain. "At current levels, there is minimal margin for error on execution and still material risk to growth, and particularly profitability if the macro worsens further given the degree of capacity/fixed costs and a captive [financial company]," Gupta wrote in a note to clients. The stock has run up 125.5% since it closed at a four-year low of $20.23 on July 14, while the S&P 500 has 7.3% over the same time. Separately, Carvana"s short interest of a percent of the public float, or shares available for public trading, was 29.88%, compared with that of 8.5% for used car retailer CarMax Inc. [: kmx].

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U.S. Treasury sanctions crypto mixer Tornado Cash, saying it was used to launder $7 billion in digital assets since 2019
Date: Mon, 08 Aug 2022 15:49:24 GMT
From marketwatch.com

The U.S. Treasury Department"s Office of Foreign Assets Control on Monday sanctioned Tornado Cash, which allows users to conduct private crypto transactions. As a result, Tornado Cash"s property and interests in property in the U.S. will be blocked, according to a statement by the Treasury Department Monday. The platform has been used to launder more than $7 billion worth of cryptocurrencies since its creation in 2019, including $455 million stolen by the Lazarus Group, a North Korean state-sponsored hacking group, according to the statement. Tornado Cash was also allegedly used to launder more than $96 million in the hack on Harmony blockchain"s Horizon bridge in June and over $7.8 million from the exploit against Nomad bridge earlier this month, the Treasury department said.

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Bed Bath & Beyond shares soar 45% as WallStreetBets crowd chase the former meme stock
Date: Mon, 08 Aug 2022 15:28:11 GMT
From marketwatch.com

Bed Bath & Beyond Inc. shares soared 45% Monday with no apparent news driving the move, as the WallStreetBets crowd on Reddit again embraced the "meme" stock. One individual on the Reddit forum, who goes by the name of "TheDude0007," said his inbox has been blowing up with enquiries about his decision-making process after he said he had "10x"d a $45K YOLO" in Bed Bath & Beyond stock and explained he has been monitoring it closely since Ryan Cohen, the founder of Chewy, took a position. Cohen has since forced a number of changes at the troubled retailer, including pushing out its "overcompensated CEO" and gaining three board seats, said the post. Cohen has pushed the sale of Buy Buy Baby, which appears to be happening and "a proposal of a hefty investor dividend from the proceeds has been initiated," said the post. Bed Bath & Beyond shares are down 22% in the year to date, while the S&P 500 has fallen 13%.

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Clean energy ETFs climb sharply after Senate approves climate bill
Date: Mon, 08 Aug 2022 15:08:26 GMT
From marketwatch.com

Clean energy-focused exchange-traded funds are rising sharply Monday morning after the Senate passed a bill over the weekend targeting climate, healthcare and taxes. The iShares Global Clean Energy ETF was up 1.6% in late morning trading Monday, while the Invesco Solar ETF rose 1.8% and the First Trust Nasdaq Clean Edge Green Energy Index Fund gained 2.1%, according to FactSet data, at last check. U.S. senators on Sunday passed the bill, dubbed the Inflation Reduction Act, on a party-line vote and sent it to the Democrat-controlled House of Representatives for approval. Clean energy ETFs have recently surged, getting a boost late last month after Senator Joe Manchin, a West Virginia Democrat, and Senate Majority Leader Chuck Schumer, D-New York, reached an agreement on the bill.

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Inflation expectations fell sharply in July, New York Fed survey finds
Date: Mon, 08 Aug 2022 15:00:24 GMT
From marketwatch.com

Inflation expectations in July fell across all time horizons, according to a monthly survey by the New York Fed released Monday. The median expectation of inflation over the next three years dropped to 3.2% in July from 3.6% in the prior survey and a 3.9% increase in May. In the short run, consumer inflation expectations dropped to 6.2% from a record high 6.8% in June. Longer-run 5-year inflation expectations declined to 2.3% from 2.8% in the prior month. Fed officials pay close attention to consumer attitudes about inflation because research has shown that inflation and consumer assumptions seem to often move in tandem. Expectations about year-ahead increases for gas and food fell sharply. Consumers expect home prices to rise 3.5%, the lowest reading since November 2020.

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Galaxy Digital shares jump despite widening losses in the second quarter
Date: Mon, 08 Aug 2022 14:59:46 GMT
From marketwatch.com

Crypto investment firm Galaxy Digital , which was founded by billionaire Michael Novogratz, saw its shares jump 20% Monday. The firm reported a net comprehensive loss of $554.7 million in the second quarter, widening from a $182.9 million loss from a year earlier. The widening losses were mostly due to a decline in digital asset prices, partially offset by profitability in the company"s mining business, according to a statement Monday. Bitcoin is trading at around $24,143, down 65% from its peak in November, according to CoinDesk data. Galaxy filed a claim against bankrupt crypto hedge fund Three Arrows, while its exposure was hedged and small within the context of its balance sheet, Novogratz said in the earnings call Monday.

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Dow trades above 33,000 as stocks kick off week with gains
Date: Mon, 08 Aug 2022 14:27:55 GMT
From marketwatch.com

Stocks remained solidly higher early Monday, rising after the S&P 500 logged a third straight weekly gain as earnings season hits the home stretch and investors look ahead to a July consumer-price index reading later this week. The Dow Jones Industrial Average rose 254 points, or 0.8%, to 33,057 --- a finish above 32,877.66 would see the blue-chip gauge exit its market correction, according to Dow Jones Market Data. The S&P 500 was up 0.8% at 4,180, while the Nasdaq Composite gained 1.3% o trade at 12,803.

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Axios to be bought by Cox Enterprises in a deal with a reported value of $525 million
Date: Mon, 08 Aug 2022 14:19:37 GMT
From marketwatch.com

Digital media company Axios said it has agreed to be acquired by privately held media company Cox Enterprises Inc., in a deal that reportedly values Axios at $525 million. The deal, which is expected to close within the next few weeks, includes an additional investment of $25 million in Axios" media arm to help it expand its subscription news products. As as part of the deal, Axios will spin off its Axios HQ software business into a separate standalone company. After the deal closes, Axios management will continue to control editorial direction and day-to-day operations, while Cox will control the board of Axios" media business. "A big part of this investment is to expand the number of local markets we serve," Cox Chief Executive Alex Taylor said.

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Carlyle Group shares fall on CEO departure
Date: Mon, 08 Aug 2022 14:00:01 GMT
From marketwatch.com

Carlyle Group Inc. shares fell 3.8% on Monday morning after the company announced Kewsong Lee stepped down from the company as CEO. The move late Sunday came ahead of Lee"s five-year employment agreement coming to a close at the end of 2022. "Both the company"s board of directors and Mr. Lee mutually agreed as part of their discussions that the timing is right to initiate a search for a new CEO to lead Carlyle forward in its next phase of growth," the company said. The private equity firm named Carlyle co-founder William Conway as interim CEO and said it formed a search committee for a permanent CEO. Carlyle"s stock fell into the red even as the broad market rose, with the S&P 500 up 0.9% in morning trades.

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U.S. stocks open higher as investors shrug off expectations for aggressive Fed rate hike
Date: Mon, 08 Aug 2022 13:32:33 GMT
From marketwatch.com

U.S. stocks opened higher Monday, as investors shrug off market expectations that the Federal Reserve will raise interest rates by 0.75 percentage point in September after Friday"s surprisingly strong labor-market report. The Dow Jones Industrial Average rose 0.5% soon after the opening bell, while the S&P 500 gained 0.4% and the Nasdaq Composite advanced 0.3%, according to FactSet data, at last check. Investors are looking ahead to Wednesday"s reading on the consumer-price index for a gauge of inflation in July, as they seek to assess how aggressive the Fed may hike rates to curb the soaring cost of living.

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AMC stock rallies toward longest win streak in more than a year
Date: Mon, 08 Aug 2022 13:12:16 GMT
From marketwatch.com

Shares of AMC Entertainment Holdings Inc. surged 5.8% in premarket trading, putting them on track for a sixth-straight gain to the highest close in more than four months. The "meme" stock had already rocketed 52.3% as it rose every day last week, to post the biggest weekly gain since it soared 83.4% during the week ended June 4, 2021. The rally comes as the movie theater operator announced last week it will issue a special "APE" dividend, in the form of AMC Preferred Equity Units that will trade on the New York Stock Exchange. Separately, J.P. Morgan analyst David Karnovsky said in a note to clients Monday about fellow movie theater operator Cinemark Holdings Inc. that recent "robust domestic box office results" have made him "incrementally more constructive" about the potential recovery beyond 2022. Meanwhile, fellow "meme" stock GameStop Corp."s gained 2.8% premarket, putting them on track for a ninth-straight gain, which would be the longest win streak since since it rose for 10 straight days through March 28, 2022. Shares of AMC have lost 18.5% year to date and GameStop has advanced 7.9%, while the S&P 500 has shed 13.0%.

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Norwegian ends negative COVID test requirement for vaccinated guests, matching fellow cruise operators
Date: Mon, 08 Aug 2022 12:46:45 GMT
From marketwatch.com

Norwegian Cruise Line Holdings said Monday it will no longer require vaccinated cruise ship guests at least 12 years old to show a negative COVID test, or to have any COVID-19-related pre-boarding protocols. Meanwhile, unvaccinated guests at least 12 years old will still have to show a negative PCR or Antigen test no more than three days before they board. The cruise operator"s moves come after the Centers for Disease Control and Prevention said in July that its COVID-19 Program for Cruise Ships is no longer in effect, and that COVID-19 protocols were up to individual companies. Carnival Corp. and Royal Caribbean Group have said in late July that they were dropping COVID-19 testing requirements for vaccinated guests, for cruises of less than six nights. Over the past three months, Norwegian"s stock has tumbled 27.7%, Carnival shares haves shed 38.3% and Royal Caribbean"s stock has tumbled 43.2%, while the S&P 500 has gained 0.5%.

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Jushi settles lawsuit over ex-CFO who just joined Curaleaf
Date: Mon, 08 Aug 2022 12:39:00 GMT
From marketwatch.com

Jushi Holdings Inc. said Monday it settled a lawsuit with Curaleaf Holdings Inc. and with its former CFO Edward Kremer. Curaleaf on Monday named Kremer as its new CFO. Curaleaf also named Camilo Lyon as chief investment officer and Mitch Hara as chief strategy officer, which is a new role at the cannabis company. Filed on July 15, the Jushi lawsuit alleged breach of Kremer"s employment agreement. The suit also lodged a complaint against Curaleaf for "tortious interference." The cannabis company said Kremer has agreed to abide by his other continuing obligations to the company in exchange for a limited waiver of his non-compete to allow him to accept employment with Curaleaf. Curaleaf has also committed to strengthen the commercial relationship between Jushi and Curaleaf, the company said. Shares of Jushi are down about 37% in 2022 compared to a loss of 54% by the AdvisorShares Pure U.S. Cannabis ETF and a drop of 19.1% by the Nasdaq . Curaleaf shares are down 38% in 2022.

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Karuna"s stock jumps 42% after sharing promising Phase 3 data for its schizophrenia drug
Date: Mon, 08 Aug 2022 11:56:48 GMT
From marketwatch.com

Shares of Karuna Therapeutics Inc. soared 42.6% in premarket trading on Monday after the company said its experimental treatment for schizophrenia met the primary endpoint in a Phase 3 clinical trial. Karuna told investors it expects to submit the therapy to the Food and Drug Administration in "mid-2023." RBC Capital Markets analyst Brian Abrahams expects the drug could generate $1.3 billion in annual sales, according to an investor note. The "profile continues to look very differentiated from existing antipsychotics, which we continue to believe along with strong efficacy will make KarXT a treatment of choice in schizophrenia," he wrote. Karuna"s stock is up 7.1% this year, while the broader S&P 500 is down 13.0%.

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Tesla unveils timing of 3-for-1 stock split, stock up 1.7% premarket
Date: Mon, 08 Aug 2022 11:49:21 GMT
From marketwatch.com

Tesla Inc. said it will conduct a 3-for-1 stock split that will give shareholders of record as of Aug. 17 a dividend of two additional shares of common stock on Aug. 24. Trading will begin on a stock split-adjusted basis on Aug. 25, the company said in a regulatory filing published Friday. Shares were up 1.7% premarket Monday, but are down 18% in the year to date, while the S&P 500 has fallen 13%.

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Main Street Capital downgraded to market perform by Raymond James
Date: Mon, 08 Aug 2022 11:48:35 GMT
From marketwatch.com

Main Street Capital Corp. shares fell 0.6% in premarket trades Monday after Raymond James analyst Robert Dodd downgraded the stock to market perform from outperform, based on valuation. "With the shares currently trading at the upper end of the historic trading range, we see limited upside to net asset value per share in the near-term with what appear to be economic headwinds which should potentially moderate equity appreciation and dividend income," Dodd said in a research note. The business development company, which lends money to businesses, has a portfolio that remains in "solid shape, with no discernable deterioration in credit quality," Dodd said.

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Tyson Foods profit misses but revenue rises above expectations, as higher pricing offset volume decline
Date: Mon, 08 Aug 2022 11:18:14 GMT
From marketwatch.com

Shares of Tyson Foods Inc. fell 0.9% in premarket trading Monday, after the meats and processed foods company reported fiscal third-quarter profit that missed expectations while revenue beat, as higher pricing helped offset volume declines. Net income for the quarter to July 2 rose to $750 million, or $2.07 a share, from $749 million, or $2.05 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share fell to $1.94 from $2.70, below the FactSet consensus of $1.97. Sales grew 8.2% to $13.50 billion, above the FactSet consensus of $13.31 billion, as total volume fell 1.9% while the average price change increased 8.1%. Beef volume increased 1.3% and sales rose 1.0% to $4.96 billion, while chicken volume fell 2.1% but sales increased 25.6% to $4.37 billion. For fiscal 2022, the company said the U.S. Department of Agriculture (USDA) indicates domestic production of protein (beef, chicken, pork and turkey) should be flat to fiscal 2021. Tyson"s stock has slipped 3.7% over the past three months through Friday, while the S&P 500 has gained 0.5%.

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Palantir stock slides after earnings as revenue forecast falls short
Date: Mon, 08 Aug 2022 11:15:49 GMT
From marketwatch.com

Shares of Palantir Technologies Inc. were tumbling more than 13% in premarket trading Monday after the software company posted a surprise adjusted loss on a per-share basis and delivered revenue guidance that fell short of the consensus view. The company reported a net loss of $176.7 million, or 9 cents a share, compared with a loss of $138.6 million, or 7 cents a share, in the year-earlier quarter. After adjustments, Palantir recorded a loss per share of 1 cent, whereas it logged adjusted earnings per share of 4 cents in the year-before period. Analysts tracked by FactSet were expecting 3 cents in adjusted EPS. Revenue at Palantir rose to $473.0 million from $375.6 million, while analysts were projecting $465.8 million. The company saw a 46% boost in commercial revenue and a 27% bump in U.S. government revenue. Looking to the third quarter, Palantir expects $474 million to $475 million in revenue, whereas the FactSet consensus was for $500 million. For the full year, the company anticipates $1.900 billion to $1.902 billion in revenue, whereas analysts were looking for $1.957 billion. Palantir executives said that the new forecast "excludes any new major U.S. government awards and we believe this to be the base case."

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Avalara agrees to be taken private by Vista Equity Partners for $8.4 billion in cash
Date: Mon, 08 Aug 2022 11:14:23 GMT
From marketwatch.com

Avalara Inc. , a provider of tax compliance software, said Monday it has agreed to be taken private by Vista Equity Partners in a deal valued at $8.4 billion. Under the terms of the deal, Vista Equity will pay $93.50 per each Avalara share in cash, equal to a premium of 27% over Avalara"s closing share price July 6, 2022, the last trading day prior to media reports regarding a potential transaction. Avalara was founded in 2004 and will now looks to expand its platform by refining its go-to-market strategy, expand overseas and continue to seek M&A opportunities. The deal is expected to close in the second half at which point Avalara will no longer trade on the New York Stock Exchange. Shares fell 3.7% premarket and are down 26% year to date, while the S&P 500 has fallen 13%.

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.



Some of America’s Largest Corporations Pay Zero Taxes. Here’s How Congressional Democrats Aim to Change That
Date: Mon, 08 Aug 2022 21:52:07 +0000
From https:
Progressive Democrats have been grousing for what seems like eons about the fact that some of the nation"s wealthiest corporations avoid paying their fair share in taxes. This weekend, the Senate inched a step closer to a fix when it approved a historic $370 billion climate and healthcare spending package that would be paid for...

First Crop Ship to Leave Ukraine Is Stuck Without a Buyer
Date: Mon, 08 Aug 2022 19:55:54 +0000
From https:
The crop cargo is now floating in the Mediterranean Sea, searching for a new destination after losing its buyer.

Boris Johnson rules out immediate cost-of-living measures
Date: Mon, 08 Aug 2022 18:43:38 GMT
From https:
It comes as business boss Tony Danker warns the UK cannot "afford a summer of government inactivity".

Olive oil prices to rise as heatwave hits production
Date: Mon, 08 Aug 2022 23:11:19 GMT
From https:
Prices in supermarkets could increase by 20-25% later this year, one leading exporter tells the BBC.

US Senate passes sweeping climate, tax and healthcare package
Date: Mon, 08 Aug 2022 22:02:37 GMT
From https:
The bill seeks to lower the cost of medicines, increase corporate taxes and reduce carbon emissions.

Avanti West Coast suspends sales and cuts timetables
Date: Mon, 08 Aug 2022 17:41:17 GMT
From https:
Avanti West Coast says its limited timetables will run until further notice due to staff shortages.

China housing crisis: The people living in unfinished apartments
Date: Mon, 08 Aug 2022 23:01:39 GMT
From https:
As Chinese developers spiral into debt, people with nowhere else to live have moved into unfinished apartments.

Jaguar Land Rover owner Tata Motors to buy Ford car plant in India
Date: Mon, 08 Aug 2022 05:09:56 GMT
From https:
The American motor industry giant announced last year that it would close its Indian car factories.

Qantas asks executives to work as baggage handlers for three months
Date: Mon, 08 Aug 2022 07:55:51 GMT
From https:
The airline"s head of operations has asked for 100 volunteers to fill the roles for three months.

JetBlue airline boss over-hiring to beat staff exodus
Date: Mon, 08 Aug 2022 01:54:29 GMT
From https:
Low-fare carrier JetBlue said it is a necessary policy when recruiting, as the industry re-starts.

Trump says FBI is searching his Mar-a-Lago home
Date: Mon, 08 Aug 2022 23:15:15 GMT
From https:
Trump says FBI is searching his Mar-a-Lago home

The Dow manages to close with a gain, but other indexes sputter Monday
Date: Mon, 08 Aug 2022 20:00:49 GMT
From https:
The Dow manages to close with a gain, but other indexes sputter Monday

Bed Bath & Beyond shares rocket 45% amid meme-stock chatter
Date: Mon, 08 Aug 2022 15:45:09 GMT
From https:
Bed Bath & Beyond shares rocket 45% amid meme-stock chatter

aBoomflationa has emerged as a concern for investors after blowout jobs report
Date: Mon, 08 Aug 2022 15:43:16 GMT
From https:
aBoomflationa has emerged as a concern for investors after blowout jobs report

Inflation expectations declined sharply last month: N.Y. Fed survey
Date: Mon, 08 Aug 2022 15:15:38 GMT
From https:
Inflation expectations declined sharply last month: N.Y. Fed survey

Coronavirus Update: Biden cleared to leave White House after two negative tests
Date: Mon, 08 Aug 2022 15:14:13 GMT
From https:
Coronavirus Update: Biden cleared to leave White House after two negative tests

Dow industrials move back above 33,000 mark as Monday gains mount
Date: Mon, 08 Aug 2022 14:40:00 GMT
From https:
Dow industrials move back above 33,000 mark as Monday gains mount

Dow up 275 points as stock market shrugs off concern over Fed interest-rate path
Date: Mon, 08 Aug 2022 14:03:08 GMT
From https:
Dow up 275 points as stock market shrugs off concern over Fed interest-rate path

AMC shares on track to extend winning streak
Date: Mon, 08 Aug 2022 13:13:31 GMT
From https:
AMC shares on track to extend winning streak

Nvidia shares fall more than 7% in premarket trades following revenue warning
Date: Mon, 08 Aug 2022 13:05:31 GMT
From https:
Nvidia shares fall more than 7% in premarket trades following revenue warning

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