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Stock Market News Today | Headlines Tue, 02 Nov 2021 17:37:53 GMT

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Top 10 Stock News Headlines Today

Below are the headlines and summary of top stock market news.

1. Netflix unveils first five mobile games for Android

It’s games on for Netflix Inc. . The videostreaming giant on Tuesday unveiled five mobile games on its app, including “Stranger Things: 1984,” “Stranger Things 3: The Game,” “Shooting Hoops,” “Card Blast,” and “Teeter Up.” The games are available on Android phones before they come to Apple Inc.’s iPhone. Apple is one of Netflix’s primary rivals. The games come with Netflix subscriptions and will not include advertisements or in-app purchases, the company said. Netflix executives have pointed to mobile gaming as the next big chapter in the company’s evolution.

2. Gold futures end lower as traders eye Fed’s policy decision

Gold futures ended lower on Tuesday with investors awaiting Wednesday’s Federal Reserve decision on monetary policy. “With the Fed probably announcing a taper tomorrow and maybe even laying the groundwork for rate hikes later next year, in keeping with hawkish shifts from central banks around the world in recent weeks and months,” gold may struggle, said Craig Erlam, senior market analyst at Oanda. “A stronger dollar could pile further pressure on the yellow metal as it already appears to have entered into a corrective pattern,” he said. December gold fell $6.40, or 0.4%, to settle at $1,789.40 an ounce after posting a gain of 0.7% on Monday.

3. IBM to remain in the Dow after Kyndryl is spun off

Shares of International Business Machines Corp. are falling 0.7% in afternoon trading, as the technology company is expected to complete the spinoff of its managed infrastructure-service business Kyndryl Holdings Inc. later this week. Despite the spinoff, which will effectively lower IBM’s market valuation and stock price, Big Blue will remain a blue-chip company, as S&P Dow Jones Indices said late Monday that IBM will remain in the Dow Jones Industrial Average after the spinoff is effective before Thursday’s open. S&P Dow Jones Indices said it spinoff won’t disrupt the price of the Dow, which is a price-weighted index, as it will adjust the index divisor used to calculate the Dow’s price to reflect the adjustment to IBM’s stock price. Under the current divisor, each $1 move in a Dow component’s stock moves the Dow by roughly 6.6 points. Separately, S&P Dow Jones Indices said after the Kyndryl spinoff is complete, the company, with a ticker symbol “KD,” will join the S&P MidCap 400 index, replacing NetScout Systems Inc. , which will replace Invacare Corp. in the S&P SmallCap 600.

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4. Blackblaze eyes $100 million in IPO proceeds

Data management software company Blackblaze Inc. on Tuesday said it plans to sell 6.25 million shares of Class A common stock at $15 to $17 per share in its upcoming initial public offering. The Palo Alto, Calif.-based company plans to trade on the Nasdaq under the symbol BLZE. At the midpoint of the range, Blackblaze will raise $100 million with lead underwriters Oppenheimer & Co., William Blair and Raymond James. Including employee stock options, Blackblaze will have a market capitalization of about $646 million, based on a share price of $16. Blackblaze reported a net loss of $6.1 million on revenue of $31.5 million in the six months ended June 30, compared to a net loss of $1.35 million and revenue of $25.4 million in the year-ago period. TMT Investments PLC will own about 16% of the voting power of the company’s stock once it goes public.

5. Dow transports really is up 1,000 points, because of Avis’ skyrocketing stock

No, it’s not a glitch, the Dow Jones Transportation Average really is up more than 1,000 points. The Dow transports, which like the Dow Jones Industrial Average , is a price-weighted index, is up a record 1,028 points, or 6.5%, even as only 6 of 20 components are trading higher. That’s because Avis Budget Group Inc.’s stock is skyrocketing $167.99, or 98.0%, to add roughly 1,024 points to the Dow transports’ price. The Dow transports was up as much as 2,303 points, or 14.4%, as Avis stock was up $373.65, or 217.9%, at its intraday high of $545.11, which would have added about 2,278 points to the index. Avis’s stock is soaring after the car rental company reported blow-out third-quarter results, which came after short-interest increased sharply as the stock soared ahead of the report. In contrast, the biggest drag on the Dow transports Tuesday is the stock of Expeditors International of Washington Inc. , which fell $4.50, or 3.6%, to shave about 27 points off the index after the after the air and ocean freight company reported third-quarter results.

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6. Grill company Traeger launches meal boxes with items like Wagyu beef brisket

Traeger Inc. announced the launch of Traeger Provisions on Tuesday, a line of meal boxes that serve four to 16 people and contain items like Wagyu beef brisket, Berkshire St. Louis ribs, rubs, sauces and bourbon baked beans with bacon. Prices range from $100 to $300 depending on the protein choice and serving size. “Following a six-month test in four markets, we are extremely pleased with the strong response, with 92% of participants expressing intent to purchase again, and 58% indicating interest in four or more boxes per year,” said Jeremy Andrus, chief executive of Traeger, in a statement. A limited-edition Thanksgiving box is coming, containing either turkey or Italian-style Porchetta along with sides and desserts. Traeger stock, which began trading in July, has fallen 17.8% over the past three months while the benchmark S&P 500 index has gained 5.5%.

7. Meta exec Clegg bats away accusations of whistleblower

Nick Clegg, vice president of global affairs and communications at Meta Platforms Inc. , brushed off the accusations of whistleblower Frances Haugen on Tuesday, insisting the social media giant has aggressively pursued transparency, child research, and regulation while disputing claims the company amplifies political unrest and harms kids. He said Meta moderates content in more than 70 countries and last week’s rebrand to Meta had been in the making for months. “We’re on this evolutionary curve and the company has been investing billions of dollars into metaverse technologies,” Clegg said at the Web Summit conference in Lisbon. Clegg added that Haugen’s claims could promote “sensible regulation.”

8. Avis Budget stock more than doubles as blow-out earnings follows a sharp jump in short interest

Shares of Avis Budget Group Inc. more than doubled in very volatile morning trading Tuesday, after the rental car company reported blow-out third-quarter earnings in the wake of a sharp run up in short interest in the past few months. The stock rocketed 108.1% in morning trading, putting it on course for the biggest one-day gain since the company went public in November 1984. The stock has already been halted for volatility six times since the open. Leading up to results, which were reported late Monday, the stock had soared 131% since the company reported second-quarter results. Over the same time, the latest exchange data showed that short interest had increased by about two-thirds to 13.42 million shares, boosting the short interest as a percent of the public float to 20.5%, or more than the 18.0% of high-profile meme-stock AMC Entertainment Holdings Inc. Avis stock has run up 856.5% year to date, while AMC shares have climbed 1,664.2% and the S&P 500 has gained 23.2%.

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9. Ulta to offer same-day delivery through partnership with DoorDash

Ulta Beauty Inc. will offer same-day delivery from locations in Atlanta, Boston, Chicago, Los Angeles, Houston and Boise through a partnership with DoorDash Inc. , the companies announced on Tuesday. The program will be expanded in 2022. On Monday, Bed Bath & Beyond Inc. announced a portal for baby items, available on Uber . DoorDash stock is up 40.3% for the year to date. Ulta has gained 27.3%. And the S&P 500 index has risen 23.2% for the period.

10. Chipotle testing pollo asado in two cities

Chipotle Mexican Grill Inc. said Tuesday that it is testing pollo asado in 95 restaurants across Cincinnati and Sacramento, Calif. Made with lime, guajillo peppers and cilantro, this is the first chicken innovation in the company’s history. Adobo chicken has previously been on the menu. Pollo asado will be on the menu in the two cities for a limited time. Chipotle stock has gained nearly 30% for the year to date while the S&P 500 index is up 22.8% for the period.

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