Tuesday, December 1

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Dow futures rise more than 200 points after Wall Street wraps up historically strong month
Business news

Dow futures rise more than 200 points after Wall Street wraps up historically strong month

Traders work on the floor of the New York Stock Exchange on Nov. 4th. 2020.NYSEU.S. stock futures rose early Tuesday morning after the major averages notched sharp monthly gains for November.Dow Jones Industrial Average futures traded 230 points higher. S&P 500 and Nasdaq 100 futures also traded in positive territory.The Dow rallied 11.8% in November, posting its best one-month performance since January 1987. The S&P 500 and Nasdaq Composite rose 10.8% and 11.8%, respectively, for their strongest monthly advances since April.November's rally came amid a slew of positive coronavirus vaccine news, which lifted hope of a strong economic recovery and sparked a surge in beaten-down value names. The iShares Russell 1000 Value ETF (IWD) rallied 13.4% for the month, and outpa...
Nikola shares crater by more than 20% after GM gives up equity stake in smaller, reworked deal
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Nikola shares crater by more than 20% after GM gives up equity stake in smaller, reworked deal

Shares of Nikola plunged more than 27% in trading Monday morning after General Motors announced that it is giving up an equity stake in the electric truck start-up and the two said they are dropping plans to build the Badger, Nikola's pickup truck for consumers.In September, the automakers announced a $2 billion deal that gave GM an 11% stake in Nikola to supply battery and fuel cell technologies as well as produce the Badger pickup.The deal was initially viewed as a no-lose situation for GM but the talks became convoluted after short-seller Hindenburg Research lobbed fraud allegations against Nikola and its founder, Trevor Milton, who resigned as the company's executive chairman on Sept. 21.Shares of Nikola initially rallied on the news in premarket trading Monday before p...
Dow futures fall nearly 300 points as Wall Street looks set to shed gains from historic November
Business news

Dow futures fall nearly 300 points as Wall Street looks set to shed gains from historic November

Stock futures fell in early morning trading on Monday as the market looks set to shed some of the historically strong gains seen so far in November.Futures on the Dow Jones Industrial Average fell 281 points. Meanwhile, S&P 500 futures and Nasdaq 100 futures traded lower.Futures took a leg down after Reuters reported that the Trump administration is weighing blacklisting Chinese leading chipmaker SMIC as well as national offshore oil and gas producer CNOOC. The move would limit their access to American investors and escalate tensions with China before President-elect Joe Biden takes over.Despite the overnight weakness, major equity averages are poised to wrap up a strong month. The blue-chip Dow has risen 12.9% so far this month, on pace for its best monthly performance since Jan...
Zoom investors are looking to a post-pandemic 2021 even with current growth at over 300%
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Zoom investors are looking to a post-pandemic 2021 even with current growth at over 300%

Zoom founder Eric Yuan poses in front of the Nasdaq building as the screen shows the logo of the video-conferencing software company Zoom after the opening bell ceremony on April 18, 2019 in New York City.Kena Betancur | Getty ImagesZoom is poised to show another monster quarter when it reports results on Monday, with sales growth expected to top 300% for a second straight period.But investors of late have been looking past this earnings report, as well as the one after that and even the one after that. It's the back half of 2021 that becomes challenging for Zoom because the company will then have to contend with comparisons to the wild growth periods of the pandemic and surge in remote work.Additionally, a Covid-19 vaccine appears to be on the horizon for 2021. Both Pfizer-Bio...
Salesforce buying Slack would mark the first big software deal in a boom year for the cloud
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Salesforce buying Slack would mark the first big software deal in a boom year for the cloud

Salesforce co-CEO Marc Benioff speaks at the grand opening of the Salesforce Tower in San Francisco in May 2018.The tech industry has seen some hefty deals announced during the 2020 pandemic, including several in the tens of billions of dollars. But not in software.That could change soon. Salesforce, which has been one of tech's biggest acquirers in recent years, has been in talks to buy Slack, CNBC and other media outlets reported on Wednesday. Slack shares surged almost 38% after the initial report, lifting its market cap to $23 billion.It would be one of the biggest software acquisitions ever, and potentially the largest since IBM bought Red Hat for $34 billion, a purchase announced in 2018.The dearth of big software deals this year reflects the outsized growth much of t...
Thanksgiving Day online sales hit record $5.1 billion, up 21.5% from last year, Adobe says
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Thanksgiving Day online sales hit record $5.1 billion, up 21.5% from last year, Adobe says

Some shoppers may be avoiding stores during the coronavirus pandemic, but they're still putting many items in the virtual shopping cart.Thanksgiving Day spending rose by almost 22% year over year to $5.1 billion, hitting another record, as per Adobe Analytics information. Online sales were $4.2 billion on Thanksgiving Day in 2019. The organization breaks down traffic on retail sites and exchanges from 80 of the best 100 U.S. online retailers.Almost 50% of those buys were made on a cell phone, as indicated by Adobe.Retailers that offer curbside pickup had a 31% higher change pace of traffic to their destinations — an impression of how well known it's become for individuals to purchase online and recover buys without venturing into stores.The solid online shopping information mirrors...
AstraZeneca and Oxford defend Covid vaccine trials after questions raised in the U.S.
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AstraZeneca and Oxford defend Covid vaccine trials after questions raised in the U.S.

AstraZeneca's building in Luton, Britain.Tim Ireland | Xinhua News Agency | Getty ImagesAstraZeneca and the University of Oxford are defending the results and methods used in their phase three vaccine trials on the back of criticism from experts in the U.S., stressing the "highest standards" were used and that "additional analysis will be conducted."AstraZeneca shares are down by around 6% this week after questions were raised over its vaccine candidate, for which the company said combined results revealed it to be 70% effective. The figure came from combining a smaller group of people who received an unintentionally lower dose of the vaccine — and by what a company spokesperson has called "serendipity" — produced 90% effectiveness, and a larger group who received a higher do...
The athleisure market is heating up as consumers flock to ‘comfort in uncomfortable times’
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The athleisure market is heating up as consumers flock to ‘comfort in uncomfortable times’

The front of an Old Navy store this holiday season, which now features an assortment of loungewear, pajamas and athletic apparel.Source: Gap Inc.If you walk into any Old Navy store this holiday season, you'll notice a plethora of athletic gear paired with other comfy clothes front and center.Knowing consumers have been drawn to loungewear like leggings, pajama sets and other cozy options during the coronavirus pandemic, the retailer reshuffled its store layout to accommodate the trend, placing those items right at the door. It also ordered more fleece hoodies, stretchy bottoms, and the like, to make sure its inventories were plentiful ahead of the holiday rush."We gave it much more dominant, forward space," Old Navy President and Chief Executive Nancy Green said in an interview...
U.S. stocks futures little changed after record day on Wall Street
Business news

U.S. stocks futures little changed after record day on Wall Street

U.S. stock futures were little changed early Wednesday morning following a banner day for three of the for major market benchmarks.Dow Jones Industrial Average futures traded lower by 18 points. S&P 500 futures and Nasdaq 100 futures traded marginally higher.The Dow broke above 30,000 for the first time on Tuesday, rallying more than 400 points. Tuesday's rally put the Dow on pace for its biggest monthly gain since 1987, up more than 13%."The Dow passing 30,000 represents achievement of an arbitrarily-set milestone, but it also captures the sentiment of the moment for investors," said Scott Knapp, chief market strategist at CUNA Mutual Group.Small caps also closed at a record high, with the Russell 2000 surging nearly 2%. That gain put the Russell up more than 20% for Novem...
Dow surges more than 400 points, closes above 30,000 for the first time ever
Business news

Dow surges more than 400 points, closes above 30,000 for the first time ever

The Dow Jones Industrial Average rallied on Tuesday, breaking above 30,000 for the first time amid positive vaccine news, hope for a strong economic recovery in 2021 and easing of political uncertainty as the Trump administration approved the start of the presidential transition.The 30-stock Dow surged 454.97 points, or 1.5%, to close at 30,046.24. At its high of the day, it traded at 30,116.51. Chevron rose 5% to lead the Dow higher. JPMorgan Chase and Goldman Sachs rose 4.6% and 3.8%, respectively."This is yet another reminder of how far stocks and the economy have come since the depths of March," said Ryan Detrick, chief market strategist at LPL Financial, about the Dow's milestone. "Although 30,000 isn't much different than 29,999, there is something special about those big miles...