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Top 10 Stock News Headlines Today:
Below are the headlines and summary of top stock market news.
1. Manchin calls for infrastructure vote, noncommittal on social-spending bill
Sen. Joe Manchin, a key West Virginia Democrat, on Monday called for a House vote on a bipartisan infrastructure bill, and said he wouldn’t support a larger social-spending bill without more details. Speaking on Capitol Hill, Manchin said he won’t support the so-called reconciliation legislation without knowing how it would “impact our debt and our economy.” Democrats have been planning to try again this week to advance both bills. The infrastructure bill passed the Senate earlier this year but intraparty divisions among Democrats has slowed progress on the bigger measure.
2. Mixed Dow, S&P 500 performance belies firmly bullish stock market breadth
Although the broader stock market indexes are mixed, with the Dow Jones Industrial Average up 20 points, or 0.1%, and the S&P 500 down 0.2%, market breadth readings are firmly bullish on the day. The number of advancing stocks are dominating decliners 2,276 to 920 on the NYSE and 3,087 to 1,159 on the Nasdaq, while volume in advancing shares is 79.5% of total NYSE volume and 72.1% of total Nasdaq volume. The Nasdaq Composite is up 0.1% and the NYSE Composite is rising 0.5%. Meanwhile, the bullish breadth is being shown in the Russell 2000 index of small-capitalization stocks, which is surging 2.3%
3. Gold futures finish higher, but stay below the $1,800 mark
Gold futures settled higher on Monday, but remained below the key $1,800 mark as the market awaited Wednesday’s Federal Reserve decision on monetary policy. “The bear camp in gold and silver should be licking their chops as the markets widely expect the Fed to announce the beginning of tapering of asset purchases on Wednesday,” analysts at Zaner wrote in Monday’s report. “With the added pressure of a surge in the dollar form last week’s lows and the recent rise in U.S. short-term interest rates, the bear camp has several themes operating in its favor. For now, December gold tacked on $11.90, or 0.7%, to settle at $1,795.80 an ounce after posting a loss of about 0.7% last week.
4. Cloud-based expense management software maker Expensify to raise up to $242.5 million in planned IPO
Expensify Inc. , a cloud-based expense management software platform, set terms for its initial public offering on Monday, with plans to offer 9.7 million shares priced at $23 to $25 each. The company would raise $242.5 million at the top of that range at a valuation of more than $2 billion, based on the 80.9 million shares expected to be outstanding after the deal closes. The company has applied to list on Nasdaq, under the ticker “EXFY.” JPMorgan, Citigroup and BofA Securities are lead underwriters in a syndicate of six banks working on the deal. Proceeds will be used for general corporate purposes and working capital, with part earmarked for bonuses for staff during the fourth quarter. The company had net income of $14.7 million in the six months to end-June, up from $3.5 million in the year-earlier period. Revenue rose to $49.5 million from $25.2 million. The deal comes at a time when the Renaissance IPO ETF is up 6% year to date, while the S&P 500 has gained 22.6%. In its IPO filing documents, the company says it “helps the smallest to the largest businesses simplify the way they manage money.”
5. LianBio stock opens below the IPO price, reversing early indications of a rally
LianBio got off to a rocky start as a public company, as the first trade of the shares of biotechnology company with operations in the U.S. and China was 3.1% below the initial public offering price, reversing early indications of an upbeat open. The company said Sunday evening that its IPO priced at $16 a share, or in the middle of the expected range, as the company sold 20.31 shares to raise $325.0 million. The earliest indications of the stock’s open was as high as around $18.50, which would have been 15.6% above the IPO price, but indications took a quick and steady turn south and fell to a low of about $13.50 before bouncing a bit. The stock’s first trade was at $15.50 at 12:13 p.m. Eastern for 618,154 shares. At that price, the company would be valued at $1.63 billion, down from expectations of up to $1.79 billion before the pricing. The stock fell further since the open, to trade recently down 10.4% at $14.34. The stock’s downbeat open comes on a day of relatively good investor interest in IPO shares, as the Renaissance IPO ETF rose 0.2% in midday trading while the S&P 500 inched up less than 0.1%.
6. T. Rowe Price up for third day after airing acquisition plan
T. Rowe Price rose for the third day in a row Monday after announcing its $4.2 billion acquisition of Oak Hill Advisors (OHA) on Thursday. The stock advanced by 0.8% on Monday morning, after a rise of 0.7% on Friday and 5.7% on Thursday. UBS analyst Brennan Hawken on Thursday hiked his price target for T. Rowe Price to $215 a share from $200 and said the company’s first acquisition in more than a decade will add alternative investments to its business mix and improve the growth profile of the company. “While there is likely limited opportunity for OHA’s strategies in the retirement channel, liquid alts are gaining in popularity in the broker sold channel,” Hawken said. “There are opportunities for TROW’s recently enhanced distribution capabilities to provide more avenues for growth at OHA in the future.” T. Rowe Price shares are up 43.3% so far this year, compared to a gain of 22.7% by the S&P 500.
7. Pitney Bowes to hire ‘thousands’ of employees ahead of the holiday shipping season
Pitney Bowes Inc. announced Monday plans to add capacity and “thousands” of warehouse employees and drivers in preparation for the peak holiday shipping season. The shipping and mailing company’s stock rallied 1.7% in morning trading. The company said it has hired more full-time employees ahead of the peak season, so will rely less on seasonal employees for package handling and driver roles. And over the past six months, the ocmpany said it has increased wages for its warehouse employees by $3 to $5 per hour for the peak holiday shipping season. The company said most of the seasonal hires will have the opportunity to become full-time employees after the peak season. Earlier, the company announced a general rate increase (GRI) of 5.9%. The stock has lost 11.8% over the past three months while the S&P 500 has gained 5.0%.
8. Economic Report: Coming up: ISM factory index for October
The closely-followed Institute for Supply Management index, which tracks the health of the manufacturing sector, is expected to slip to 60.3 in October from 61.1 in the prior month, according to a survey by The Wall Street Journal. The ISM will release the data at 10 a.m. Eastern.
9. Stocks open slightly higher, aiming to build on records ahead of this week’s Fed decision
Stocks opened modestly higher Monday, kicking off the month on a positive note after major indexes ended last week at records. The Dow Jones Industrial Average rose 170 points, or 0.5%, to 35,990, while the S&P 500 was up 0.3% at 4,619.11. The Nasdaq Composite gained 0.2% to trade at 15,525.18. The Federal Reserve will conclude a two-day policy meeting Wednesday, when it’s expected to announce its plan to begin scaling back monthly asset purchases.
10. Pitney Bowes to implement 5.9% price hike starting January
Pitney Bowes Inc. announced Monday a general rate increase (GRI) of 5.9% for ecommerce services, starting Jan. 2. The shipping and mailing company’s Chief Revenue Officer Patrick Allard said the 2022 GRI is being announced earlier than it every has “to put our clients in the best position to anticipate and plan for their logistics spending in 2022.” The company said the GRI applies to the standard delivery of parcels weighing at leat one pound, standard returns through the Pitney Bowes U.S. network and cross-border deliveries. The company said the GRI comes amid rising labor and transportation costs. The stock, which ticked up 0.1% in premarket trading, has slumped 13.3% over the past three months while the S&P 500 has gained 4.8%.
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