23 Mins Ago
See the stocks making the biggest premarket moves
These are some of the stocks making notable moves before the bell:
- Uber — Shares of the ride hailing company rose 2% after third-quarter gross bookings topped the company’s guidance.
- Planet Fitness — The gym chain climbed 8.8% after surpassing expectations on both lines for the third quarter and raising its outlook for the year.
- Peloton — Shares dropped more than 5% on the back of a downgrade by Deutsche Bank to hold from buy.
— Alex Harring
55 Mins Ago
Soft landing could fuel 15% rally in global equities, HSBC says
Global equities look situated for a significant rally in the new year should central banks begin easing monetary policy and the Federal Reserve manage a soft landing, according to HSBC.
“We expect global equity markets to climb higher and forecast 15% upside by end-2024,” said Alastair Pinder in a note to clients. “But, against a backdrop of slowing economic growth and declining interest rates, we think market breadth will increasingly narrow, with a large proportion of the market treading water, while US supremacy will likely continue.”
In recent instances where the Fed has engineered a soft landing, the S&P 500 has rallied 22% on average between the pause in hikes, and six months after the bank’s begun cutting, he noted.
Given this setup, Pinder favors technology and consumer discretionary sectors, believing that risks look better priced following the recent pullback in equities.
— Samantha Subin
2 Hours Ago
Fed’s Kashkari keeps door open for more rate hikes
Minneapolis Federal Reserve President Neel Kashkari thinks there’s a possibility the central bank could continue raising rates from here.
“Undertightening will not get us back to 2% in a reasonable time,” Kashkari told The Wall Street Journal.
His comments come after the Fed kept rates unchanged last week. Chair Jerome Powell also hinted the Fed’s tightening campaign may be over for the year, fueling a rally in stocks.
However, Kashkari noted that he is “not ready to say we are in a good place.”
— Fred Imbert
5 Hours Ago
Europe stocks open mixed
European stocks opened in the red on Tuesday before moving to the flatline as earnings and economic data — from U.K. retail sales and house prices to euro zone producer prices — continue to roll in.
Stoxx 600 index.
10 Hours Ago
WeWork files for Chapter 11 bankruptcy protection
WeWork filed for Chapter 11 bankruptcy protection in New Jersey federal court, saying it entered agreements with most of its secured note holders and intends to trim “non-operational” leases.
The bankruptcy filing, which is limited to its U.S. and Canada locations, reported liabilities between $10 billion and $50 billion.
Valued in 2019 at $47 billion in a round led by Masayoshi Son’s SoftBank, the company tried and failed to go public five years ago. WeWork eventually went public through a special purpose acquisition company in 2021 but has since lost about 98% of its value.
WeWork shares had fallen to a low of about 10 cents and were trading at about 83 cents before the stock was halted Monday.
— Rohan Goswami, Christine Wang
10 Hours Ago
China’s imports surprise with growth in October, but exports fall more than expected
China reported a worse-than-expected drop in exports in October, while imports surprisingly rose compared to a year ago.
China’s customs agency said exports in U.S. dollar terms fell by 6.4% in October from a year ago. That’s worse than the 3.3% drop predicted by a Reuters poll.
Imports rose by 3% in U.S. dollar terms in October from a year ago. That’s in contrast to Reuters’ forecast for a 4.8% drop from a year ago.
—Evelyn Cheng, Lee Ying Shan
13 Hours Ago
Stocks making the biggest moves after hours
Check out the some of companies making headlines in extended trading.
Tripadvisor — The online travel agency added nearly 12% after beating on the top and bottom line in the third quarter. Tripadvisor reported adjusted earnings of 52 cents per share on $533 million in revenue, while analysts polled by LSEG forecast 47 cents per share and $505 million.
Vertex Pharmaceuticals —Shares fell nearly 2% after the biotech company missed third-quarter revenue estimates. Vertex reported adjusted earnings of $4.08 per share on $2.48 billion in revenue, while analysts polled by LSEG forecast $3.97 per share and $2.50 billion in revenue.
International Flavors & Fragrances — International Flavors & Fragrances rose 5% after the company announced it would continue its cooperation agreement with Icahn Capital. The parties agreed to re-nominate one Icahn director and one director who’s mutually agreed upon to the IFF board for the 2024 proxy season. Separately, IFF posted third-quarter adjusted earnings and revenue that beat analysts’ estimates.
Read the full list here.
— Brian Evans
14 Hours Ago