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  1. NEW YORK (Reuters) - U.S. stocks closed higher on Thursday, with the technology heavyweights rallying ahead of major earnings reports and upbeat domestic economic data calming investor jitters about surging coronavirus cases. The rebound came after a more than 3% slide a day earlier in Wall Street’s main indexes, underscoring heightened market volatility ahead of the presidential election next week and growing fears of another COVID slowdown. Stocks rallied as investors anticipated strong results from a line-up of the biggest names in the U.S. corporate universe - Apple Inc AAPL.O, Amazon.com Inc AMZN.O, Google parent Alphabet Inc GOOGL.O and Facebook Inc FB.O - due after market close. “The earnings season so far has resulted in significant positive earnings surprises,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “We think that’s helping to fuel today’s rally in anticipation of positive surprises from these companies.” Tech companies have seen demand surge for their products and services from people stuck at home during the pandemic. Better-than-expected earnings from Pinterest Inc PINS.N, which forecast a rebound in ad spending, helped spur the rally. Shares of the image-sharing company soared more than 26.9%. Amazon’s third-quarter revenue beat Wall Street estimates as the pandemic pushed more people to shop online for groceries and other essential items on its platform. Net sales rose to $96.15 billion from $69.98 billion a year earlier. Alphabet reported revenue rose to $46.17 billion from $40.5 billion a year earlier as the company returned to sales growth in the third quarter as businesses initially hobbled by COVID resumed advertising. Alphabet rose 7.9% after the bell but Amazon shares fell. The NYSE FANG+TM Index .NYFANG closed 3.85% higher. Communication services .SPLRCS, materials .SPLRCM and technology .SPLRCT rose the most among major S&P sectors. Sentiment also got a boost from data showing the U.S. economy grew at a record pace in the third quarter after the government poured out more than $3 trillion of pandemic aid. A separate report showed weekly unemployment claims fell last week. “It’s positive data, but it’s a little bit backward looking because you have COVID-19 cases on the rise again which doesn’t really send a strong signal about the fourth quarter,” said Shawn Snyder, head of investment strategy at Citi Personal Wealth Management in New York. The CBOE volatility index .VIX surged to a 15-week high this week due to lack of fiscal stimulus, while the White House coronavirus task force urged for aggressive measures to curb the pandemic. Democratic challenger Joe Biden holds a comfortable lead over President Donald Trump in national polls, but the race in battleground states that will likely decide the election are tighter than the national surveys. The Dow Jones Industrial Average .DJI closed up 139.16 points, or 0.52%, to 26,659.11. The S&P 500 .SPX gained 39.08 points, or 1.19%, to 3,310.11 and the Nasdaq Composite .IXIC added 180.73 points, or 1.64%, to 11,185.59. Volume on U.S. exchanges was 9.74 billion shares. Moderna Inc MRNA.OQ, the largest gainer on the Nasdaq 100, rose 8.4%. The company said it was on track to report early data from a late-stage trial of its experimental COVID-19 vaccine next month, offering the clearest timeline yet for when the world will know whether it is effective. Coach owner Tapestry Inc TPR.N climbed 4% as it beat quarterly profit estimates and forecast growth for the year as demand for luxury handbags and apparel rebounded in China from pandemic lows. Advancing issues outnumbered declining ones on the NYSE by a 1.88-to-1 ratio; on Nasdaq, a 1.89-to-1 ratio favored advancers. The S&P 500 posted five new 52-week highs and 10 new lows; the Nasdaq Composite recorded 26 new highs and 78 new lows. Source
  2. Stocks plummeted on Wednesday as a sharp drop in tech shares and worries about corporate earnings added fuel to this month's steep pullback. The Dow Jones Industrial Average dropped 619 points and erased all of its gains for 2018. The S&P 500 dropped 3 percent and also turned negative for the year. The Nasdaq Composite fell 4.4 percent — entering correction territory — as Facebook, Amazon, Netflix and Alphabet all traded lower. "An increasingly murky macro picture is clouding the 2019 earnings outlook leaving investors to largely shrug off a solid start to the third quarter earnings season," said Alec Young, managing director of global markets research at FTSE Russell. "While valuations have certainly come down in recent weeks, at 16 times forward earnings for the Russell 1000 index, they aren't in the bargain basement by any means, especially if earnings growth slows more than expected next year." Facebook and Alphabet both fell more than 4 percent, while Apple dropped 2 percent. Netflix also dropped more than 7.5 percent. AT&T, meanwhile, dropped more than 7.5 percent after releasing its quarterly results. Equities were also pressures by a decline in hou sing stocks. The SPDR S&P Homebuilders ETF (XHB) dropped 2.6 percent after the Commerce Department said new home sales hit a near two-year low. "The housing numbers were not good," said JJ Kinahan, chief market strategist at TD Ameritrade. "There's a lot of uncertainty heading into the end of the year. It just feels like people feel more comfortable spending short-term rather than long term." Bank shares, meanwhile, fell broadly as interest rates pulled back. The SPDR S&P Bank ETF (KBE) dropped 3.5 percent. Shares of J.P. Morgan Chase and Citigroup both pulled back more than 1 percent. Bank of America's stock dropped 2.6 percent. Investors have been grappling with increasing market volatility of late. The Cboe Volatility Index (VIX), widely regarded as the best gauge of fear in the market, traded at 23. on Wednesday and is up more than 95 percent this month. The Dow recovered most of a 500-point decline on Tuesday. At its session lows, the Dow had fallen 548.62 points, while the S&P 500 and Nasdaq had lost more than 2 percent each on Tuesday. Still, the 30-stock Dow has lost 500 points this week. Several factors have conspired to knock markets this month — some earnings disappointment, a brewing conflict between Italy and the European Union over budget spending, criticism of oil power Saudi Arabia over the killing of a dissident journalist and finally, worries that world growth is losing steam. "Since early February through late September, US stocks were on a tear, while stocks overseas were mostly stumbling," said Ed Yardeni, president and chief investment strategist at Yardeni Research. "So far this month, the US has coupled with the bearish sentiment overseas." "Valuation multiples have dropped sharply this month, making stocks attractive," he said in a note. This is more of a panic attack "rather than the beginning of a bear market; we believe that the bull market will continue into next year. The next relief rally should be triggered by continued signs of economic growth combined with subdued inflation." Earlier in the session, the Dow rose more than 100 points on the back of better-than-expected results from Boeing. The aerospace giant also raised its full-year guidance on earnings and sales. The report sent the stock up more than 3 percent. The results come as investors slog through the busiest week of the earnings season. More than 100 S&P 500 companies are scheduled to report this week, including Amazon, Alphabet and NBCUniversal-parent Comcast. So far, 80 percent of the companies that have reported have topped earnings expectations, according to data from FactSet. Source
  3. Major U.S. stock indexes ended sharply lower Monday amid ongoing fears of economic slowing and concerns over midterm elections next week. Here Are 4 Hot Things to Know About Stocks Right Now Dow logs eighth losing session in past 11 The Dow remains in the red for the year. The S&P 500 also declined more than 2%. Shares of International Business Machines Corp. (IBM) fell 4.8% on Monday after $34 billion deal for Red Hat Inc. (RHT) Tesla Inc. (TSLA) jumps after one of the electric car company's shareholders said it would supply Elon Musk with cash if it was needed. Wall Street Overview Stocks fell sharply on Monday, Oct. 29, as investors juggled a collection of political and economic risks that along with slowing U.S. corporate earnings could cloud the near-term outlook for risk markets ahead of next week's midterm elections in the United States. Wall Street's chief concern has appeared to be the weakening outlook for U.S. corporate profits as the mid-point of the third-quarter earnings season is reached and fewer companies are beating analysts' forecasts, while some of the biggest names across a variety of sectors -- from Caterpillar Inc. (CAT) to Amazon.com Inc. (AMZN) -- have issued cautious forecasts for the months ahead. The Dow Jones Industrial Average ended off 245, or 1% at 24,443, the S&P 500 fell by 0.66%, and the Nasdaq fell 1.6%. All three indexes managed to end the day off their lows. Earnings worries pushed stocks on Friday back into the red for the year after another selloff. Before today, the Dow had declined 6.7% in October and the S&P 500 had fallen 8.8%. International Business Machines Corp. (IBM) reached a deal to acquire Red Hat Inc. (RHT) in a transaction valued at $34 billion. IBM will buy Red Hat for $190 a share, a 63% premium to its closing price on Friday, Oct. 26, of $116.68 and will finance the deal with a mixture of cash and debt. Red Hat shares jumped 45% on Monday to $169.56. IBM declined 4.8%. IBM Shares Slide to Nine-Year Low After $34 Billion Red Hat Cloud Deal Red Hat will become a unit of IBM's Hybrid Cloud division. It will be run by Red Hat CEO Jim Whitehurst. "The acquisition of Red Hat is a game-changer. It changes everything about the cloud market," said IBM CEO Ginni Rometty. "IBM will become the world's No. 1 hybrid cloud provider, offering companies the only open cloud solution that will unlock the full value of the cloud for their businesses." Other software stocks wavered Monday after rising earlier in the session. Salesforce.com Inc. (CRM) fell 3.3%, Adobe Inc. (ADBE) fell 2.3%. Splunk Inc. (SPLK) ended up 3.6%. Walmart Inc.'s (WMT) Sam's Club, in an effort to compete with Amazon, will open a store in Dallas that will allow the retailer to test technology before it's implemented in stores. That technology includes a store without cashiers. Sam's Club Now will be a 32,000-square-foot store, which is a quarter of the size of an average store operated by the retailer, according to Reuters. It will begin testing technology like electronic shelf labels that automatically will update prices and use 700 installed cameras to better manage inventory. Walmart rose 0.9% to $99.80. Its price target was raised on Monday to $120 from $115 at Cowen. Sam's Club Skips Checkout Lines in High-Tech Dallas Shop Tesla Inc. (TSLA) rose 1.8% after its third-largest shareholder said it would be happy to invest more cash into the company, on top of its already large stake. "If he [Elon Musk] needs more capital we would be willing to back him," said Nick Thomas, partner and portfolio manager at Baillie Gifford, a Scotland-based asset manager with about 200 billion euros under management. Baillie Gifford holds about 7.72% of Tesla stock. Source
  4. CNBC's Jim Cramer pinpoints the 10 drivers of the stock market's sell-off. The "Mad Money" host explains what it'll take for stocks to recover. The Dow Jones Industrial Average dropped 500 points on Monday. Ten things need to change for the stock market to come back from its Monday declines, CNBC's Jim Cramer said as high-profile technology stocks Facebook and Apple led the major averages lower. "When does this rout end? When do the buyers come in? When do the sellers finish?" he wondered aloud on "Mad Money." "Frankly, we don't know, and that uncertainty is what allows this roving bear market to keep tearing us to pieces." Here are the various reasons that stocks are falling and what it would take for them to turn, according to Cramer: 1. Apple Stories of Apple's alleged sales slowdowns, like Monday's report from the Wall Street Journal, are getting "repetitive" even as many investors treat them as new and crippling revelations, Cramer said. "This market can't stabilize until Apple stabilizes," said "Mad Money" host, whose charitable trust owns Apple shares. He added that chart specialists have been saying that "it's all over but the crying" for the iPhone maker's stock. "My view? Apple is a long-term hold, with its huge installed base giving the company's service revenue stream a lot of room to grow, which is why you own it [and] don't trade it," he said. "However, I can't blame any big accounts for dumping it and, at least short term, I wouldn't expect the stock to bottom until some of the analysts start downgrading it." 2. Facebook Following up on his earlier comments that Facebook's stock would pop if Chief Operating Officer Sheryl Sandberg left the company, Cramer said that management has turned the social media giant's situation into "an unmitigated disaster." "Mark Zuckerberg, the CEO, is now making Elon Musk look like the Dalai Lama," Cramer quipped. "I've been calling for some sort of elder statesman to come in, ... like when Eric Schmidt took the reins at Google in 2001, giving the founders some adult supervision and putting the company on better footing. That's what Facebook desperately needs right now." Even though Cramer, whose charitable trust owns shares of Facebook, wanted to recommend the stock at its current levels, he just couldn't "find a reason to jump in front of a speeding freight train." 3. Software Cramer sensed that the declines across the software sector were based on "nothing, other than perhaps a sense that the global economy's slowing and slowing rapidly." The weakness reminded him of late 2016, when shares of Salesforce.com slid from $81 to $54 on "pretty much nothing." These days, exchange-traded funds that group related stocks together can pressure shares of high-quality companies when lower-quality competitors' shares start falling, he explained. "The incredible thing is there's no concrete evidence whatsoever that anything is really wrong. Nobody's seen a real slowdown in the web," he said. "How does it end? These brutal declines in tech typically end when the longs are finished selling and the valuations can be sustained. We're not there yet." 4. Dip buying "For the first time since the financial crisis, dip buying has failed," the "Mad Money" host warned, referring to his tried and true strategy of buying great stocks during their downturns. He pointed to a number of tech stocks that have continued to slide through what looked like buyable dips, including Nvidia, Micron, Western Digital and NXP Semiconductor. "The Nasdaq is littered with these breakdowns," he said. "The presumption is that 2019 will be a down year. How can you rebut it? I have no real comeback to the theory that dip buying is dead because we've had no clarity on 2019." 5. China After Vice President Mike Pence's speech at the Asia-Pacific Economic Cooperation summit on Saturday, Cramer worried that Washington's increasingly stark hard line against China could weigh on the market indefinitely. "If this administration views trade with the People's Republic as simply providing fuel for their attempts to become a superpower, ... you could easily imagine them cutting off that trade entirely," he said. "Of course, that would be horrendous for all sorts of American businesses — and it wouldn't work — but many people believe that's where we may be headed. I think it's extreme, but try telling the sellers that." 6. Fed Stuck between weaker housing data and strong employment results, the Federal Reserve represents the sixth piece of the market's puzzle, Cramer said. "It's a shame that we need to wait until things get that bad before the Fed will change course, ... but they don't seem to care about anything the markets are saying," he said. "The Fed wants concrete evidence of people being thrown out of work before they become less hawkish. I do not think that's the way to run the Fed, but I am definitively not in charge." 7. Confusion The few stocks that are bucking the broader market's declines are those that investors tend to buy when they're worried about an impending recession. "Given that nobody thinks you can slip into a recession so fast after such strong economic numbers, there's genuine confusion. Confusion makes people want to sell," Cramer said. 8. Techincals Even on a technical basis, things are looking ugly for stocks, the "Mad Money" host warned. The market will be hard-pressed to find a bottom with key support levels falling through left and right. 9. Retail Those who think that the economy is so strong that it can handle any number of interest rate hikes are fooling themselves, Cramer said. "When you look at all the very good retailers that have been shelled after they reported, great companies like Macy's, Home Depot [and] Walmart, that's the market telling you to be concerned," he said. "It doesn't seem to concern the Fed at all." 10. Selling "We aren't even that oversold yet," meaning that a bounce could still be long in the tooth, Cramer warned. "There's too much hope. There's not enough hatred in my Twitter feed," he said. "The good news? If we keep falling at this pace, ... it won't be long before we reach oversold levels, where all hope is extinguished and we can bounce." Final thoughts "I don't see a way around [the sell-off] until these 10 problems get fixed," Cramer lamented. "I've been highlighting these issues for what feels like ages. There's always some new people watching, though. These have only grown more acute with time, which is why we could be headed lower, even if we get a snapback rally from an oversold position." Source
  5. NEW YORK — Big technology and internet companies tumbled again Monday, leading to broad losses across the stock market. The Dow Jones Industrial Average briefly fell 500 points. Apple, Microsoft and Amazon, the most valuable companies on the market, sustained some of the worst losses. Facebook, another longtime investor darling that has fallen out of favor since this summer, also skidded. After a brutal October, stocks had started to recover early this month. But continued losses for tech companies have sent major indexes lower again. Mark Hackett, chief of investment research at Nationwide Investment Management, said investors are dumping the high-profile technology companies that have dominated the market recently. He said investors are picking companies based on traditional profit and revenue figures instead of the kind of user growth figures favored by tech companies. “These things had outperformed the S&P by a mile over the last three years,” he said, but that’s changed now. “On good days they’re not the leaders, and on bad days they’re the laggards.” The S&P 500 index fell 45.54 points, or 1.7 percent, to 2,690.73. The Dow Jones Industrial Average sank 395.78 points, or 1.6 percent, to 25,017.44. It was down as much as 512 earlier. The Nasdaq composite skidded 219.40 points, or 3 percent, to 7,028.48. The Russell 2000 index of smaller-company stocks lost 30.99 points, or 2 percent, to 1,496.54. Investors focused again on trade tensions between the U.S. and China after the two countries clashed at a Pacific Rim summit over the weekend. A steep loss for Boeing, a major exporter which would stand to suffer greatly in a protracted trade war, weighed heavily on the Dow. Boeing gave up 4.5 percent to $320.94, but is still one of the best-performing stocks in the 30-stock index. Apple fell 4 percent to $185.86 on renewed worries that iPhone sales could slow, Microsoft lost 3.4 percent to $104.62 and Amazon gave back 5.1 percent to close at $1,512.29. High-dividend stocks like real estate companies and utilities, which investors favor when they are fearful of market turmoil, held up better than the rest of the market. The disagreements between the U.S. and China at the Asia-Pacific Economic Cooperation meeting left investors feeling pessimistic about the prospects for a deal that would end the trade tensions between the world’s two largest economies. For the first time in almost 30 years, leaders at the summit could not agree on a joint declaration on world trade. Talks between the U.S. and China are continuing ahead of a meeting between Chinese President Xi Jinping and President Donald Trump planned for the G-20 summit later this month. Among tech and internet stocks, chipmaker Nvidia dropped another 21 percent to $144.70. Nvidia said last week that it had a large number of unsold chips because of a big drop in mining of cryptocurrencies. Facebook sank 5.7 percent to $131.55 and Netflix lost 5.6 percent to $270.21. The S&P 500 index of technology companies has now plunged 13.1 percent since the end of September. Nissan said its chairman, Carlos Ghosn, was arrested Monday and will be dismissed from the company after allegedly under-reporting his income. Nissan said an internal investigation found Ghosn under-reported his income by millions of dollars and engaged in other “significant misconduct.” U.S.-traded shares of Nissan lost 5.8 percent to $16.90. In Paris, shares of Nissan’s partner Renault dropped 8.4 percent. Industrial companies and retailers also stumbled. Caterpillar fell 3.1 percent to $125.98 and Nike lost 3 percent to $72.52. Benchmark U.S. crude reversed an early loss and rose 0.5 percent to $56.76 a barrel in New York. U.S. crude prices have dropped for six weeks in a row and are trading around their lowest level in about nine months. Brent crude, used to price international oils, was little changed at $66.79 a barrel in London. Wholesale gasoline added 0.4 percent to $1.58 a gallon. Heating oil gained 0.6 percent to $2.09 a gallon. Natural gas surged 10 percent to $4.70 per 1,000 cubic feet. The parent company of California utility Pacific Gas & Electric fell again after it disclosed that it had a power line failure near the start of a deadly wildfire the morning the fire began. The Mercury News of San Jose reported Saturday that the company said it had an outage at 6:45 a.m. on Nov. 8 in Concow. The Camp Fire has killed at least 77 people and destroyed more than 10,500 homes. PG&E stock fell 4.7 percent to $23.26. The stock has plunged 51 percent since Nov. 8 as investors try to assess the damages the company might have to pay if it’s held liable for the blaze. Gold rose 0.2 percent to $1,225.30 an ounce. Silver inched up 0.1 percent to $14.40 an ounce. Copper held steady at $2.80 a pound. Bond prices rose. The yield on the 10-year Treasury note fell to 3.05 percent from 3.07 percent. The dollar slipped to 112.54 yen from 112.83 yen. The euro rose to $1.1453 from $1.1412. The pound rose to $1.2855 from $1.2831. France’s CAC 40 gave up 0.8 percent and Germany’s DAX slid 0.9 percent. Britain’s FTSE 100 slipped 0.2 percent. Japan’s benchmark Nikkei 225 rose 0.7 percent and Hong Kong’s Hang Seng added 0.7 percent. South Korea’s Kospi gained 0.4 percent. Source
  6. ‘What the markets have to do is give this process the requisite time,’ says White House trade adviser Peter Navarro There were optimistic comments Tuesday from China hawk Peter Navarro. Peter Navarro — the White House adviser known for his hawkish views on China — is adopting a soothing tone after Tuesday’s stock-market plunge that was blamed in large part on worries about the U.S.-China trade fight. He offered the following comment as traders appeared to signal their doubts about Washington and Beijing’s ability to achieve a concrete deal to avoid further tariffs: Navarro’s remarks came Tuesday on Fox Business as the Dow Jones Industrial Average DJIA, -3.10% endured a 799-point drop. That tumble followed Monday’s 288-point rally that was attributed to a truce in the U.S.-China trade war after a key dinner meeting in Argentina. The Trump administration has announced a 90-day moratorium on raising tariffs. Saturday’s dinner meeting “was highly successful,” Navarro said Tuesday. “We had the presidents of China and the United States have a very warm and constructive exchange, and we’ve set off with a clear path over the next 90 days to deal substantively with structural issues and market-access issues. And I think that people should be very optimistic about the possibilities here.” The White House adviser emphasized that Chinese President Xi Jinping paid attention Saturday to 142 trade issues that the Trump administration has raised. “It’s extraordinary that the president of China himself, rather than one of his minions, sat there for essentially 45 minutes, with extensive notes, and talked through a lot of the 142 items on the list and provided the American side with assurances that they would be addressed,” Navarro said. Source
  7. Producer price index rises 0.2% in July, but yearly rate flat at 1.7% The numbers: The wholesale cost of U.S. goods and services rose modestly in July, but inflation more broadly appeared dead in the water and showed little sign it’s about to speed up. The producer price index increased 0.2% last month, matching the forecast of economists polled by MarketWatch. Yet the pace of wholesale inflation over the past year was flat 1.7%. And more closely followed measure that strips out volatile food, energy and trade-margin costs fell for the first time in almost four years. The so-called core PPI dipped 0.1%. What’s more, the increase in core wholesale prices over the past year slipped to 1.7% from 2.1%, marking the lowest level since the end of 2016. What happened: Wholesale prices rose 0.4% for goods, largely reflecting an increase in gasoline prices in July during the height of the summer driving season. Energy prices are still 4.4% lower now compared to a year ago, however. Wholesale prices of food moved up 0.2%. The cost of services, meanwhile, declined 0.1% in July to break a string of five straight increases. A big drop in the cost of guestroom rentals played a major role in the decline. There doesn’t appear to be much inflation in the pipeline, either. The cost of partly finished goods are down 2% over the past 12 months and raw-material prices are 10% lower. Big picture: Inflation has tapered off over the past year thanks in part to lower oil prices and doesn’t pose much threat to the economy. If anything, the Federal Reserve thinks inflation is too low. That’s a marked change from a year ago, when the Fed was raising U.S. interest rates to make sure inflation didn’t get out of hand. Now the central bank is cutting rates as an insurance policy against recession as a major trade fight between the U.S. and China intensifies. Market reaction: The Dow Jones Industrial Average DJIA, -0.83% and the S&P 500 index SPX, -0.91% were set to open lower in Friday trades. Stocks have partly recovered after a steep drop early in the week after the U.S. trade spat with China took a turn for the worse. The 10-year Treasury yield TMUBMUSD10Y, -1.54% slipped to 1.72%. The yield has sunk from a seven-year high of 3.23% 10 months ago on growing worries about the economy. Source
  8. SAN FRANCISCO (Reuters) - Shares of Netflix jumped 3.4% on Tuesday after the streaming heavyweight unveiled historical data showing strong overseas growth, while Roku dropped 1.5% after saying its well-respected chief financial officer would step down. Netflix provided historical details about its international business ahead of its Jan. 21 quarterly report, which will disclose revenue and membership by region for the first time. Shares of the video streaming service have surged over 3,800% since the start of 2010, easily making Netflix the decade’s top-performing stock on Wall Street. But the stock has fallen 25% from its record high in July 2018 as the Los Gatos, California company has wrestled with ballooning production costs, competition from media giant Walt Disney Co and questions about its pace of user growth. Roku, which along with Netflix has benefited from consumers’ abandonment of traditional cable television, dipped by about $2 after the company late on Monday announced the resignation of Chief Financial Officer Steve Louden, who shepherded the company through its successful 2017 initial public offer. Roku, which said Louden would stay on until a successor is found, has seen its stock gain 351% so far in 2019, and is up 874% since from its IPO price, leading Morgan Stanley this month to warn of “exuberance” around video streaming stocks. Netflix’s filing late on Monday showed that in the Asia-Pacific region - the company’s smallest - membership grew 148% from the end of the third quarter of 2017 to the end of the third quarter of 2019. Membership in Europe, the Middle East and Africa increased 132% during the same period, while membership in Latin America grew 61%. Analysts on average expect Netflix to increase its revenue by 27.5% this year and 21.8% in 2020, according to Refinitiv. Source
  9. Wall Street spent most of the day in a rally, but tumbled dramatically as President Trump declared a national emergency. Wall Street tumbled and then soared Friday afternoon as President Donald Trump announced he was declaring a national emergency and implementing a series of "decisive" measures to address the coronavirus pandemic. The Dow Jones Industrial Average, which had surged by around 1,200 points earlier in the day, sank by around 500 points as the president addressed the nation from the White House Rose Garden, flanked by health officials and members of the coronavirus task force. The blue-chip index then soared to a gain of more than 1,000 points as key details of the White House response were revealed, including a close collaboration with companies such as Walmart, Target, and Google. The S&P 500 notched up a gain of over 6 percent and the Nasdaq spiked by 5.5 percent. Markets are still waiting for concrete action on an economic relief package, which lawmakers and the White House have so far failed to produce. “I think we’re very close to getting this done. The president is absolutely committed that this will be an entire government effort, that we will be working with the House and Senate," Treasury Secretary Steven Mnuchin told CNBC Friday morning. House Speaker Nancy Pelosi, D-Calif., vowed Friday to pass a coronavirus relief bill before the weekend, though she said negotiations with Mnuchin were still ongoing. Market optimism also grew after news reports the Group of Seven governments would work together to create a coordinated economic response to the viral pandemic. Friday's rally follows a massive meltdown, with Thursday marking the official end of the longest bull-market run in history. The S&P 500 plummeted 9.5 percent and the Dow tumbled by 10 percent. It has been the worst week for equities since 2008, prompting questions as to whether or not the Federal Reserve will implement a massive rate cut of one full percentage point at its meeting next week. “There are no guarantees here, and things could get worse,” said Brad McMillan, chief investment officer for Commonwealth Financial Network, told CNBC. “If the number of cases continues to increase, the economic damage will go from hitting confidence to something worse. If the economy deteriorates, markets will reflect that shift." Source
  10. A bankrupt electronics retailer appears to have gotten caught up in the investor fervor for Twitter. Shares of Tweeter Home Entertainment Group Inc. rose as high as 15 cents Friday. That's up 1,400 percent from Thursday's closing price of 1 cent. And trading volume skyrocketed to 14.4 million shares. Over the past year, the daily average was about 29,000, according to FactSet. The Financial Industry Regulatory Authority, Wall Street's industry regulator, said the shares were halted Friday afternoon because of a misunderstanding related to the "possible initial public offering of an unrelated security." What could have gotten investors so confused? Tweeter trades over the counter, under the "TWTRQ" symbol. Twitter on Thursday offered investors details about its highly anticipated IPO and proposed the stock symbol "TWTR." But San Francisco-based Twitter's stock won't be available for trading until the company actually goes public. That could be before Thanksgiving. Twitter has about 218 million, far fewer than Facebook, which has more than 1 billion. But celebrities, from Oprah Winfrey to Britney Spears to President Barack Obama, are on it. And many TV networks and news organizations encourage people to follow their Twitter pages in order to start a conversation with viewers and promote their shows. Twitter said that it expects to raise about $1 billion in its IPO. And Tweeter? The chain was founded in 1972 and had been based in Canton, Mass. It sold TVs, audio equipment and other electronics, but the stores disappeared years ago. The company filed for bankruptcy protection in 2007 and closed the stores in 2008. Tweeter's over-the-counter stock was worth 5 cents before trading was halted Friday. Original Article: http://www.cbsnews.com/8301-505124_162-57606149/you-say-twitter-i-say-tweeter-investor-mix-up/
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