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Top 10 Stock News Headlines Today
Below are the headlines and summary of top stock market news.
1. Rivian boosts IPO target to $74 a share
Rivian Automotive has boosted its initial public offering price, seeking to sell 135 million shares between $72 and $74 each, the electric-vehicle startup said in an amended prospectus late Friday. Rivian, whose backers include Ford Motor Co. and Amazon.com Inc. , on Monday filed an amendment setting the offer at $62 a share. Rivian is hoping to carve a niche for itself offering EVs for the great outdoors and first filed for the IPO in October.
2. Major stock indexes end at records after strong jobs report
Stocks ended higher Friday, with the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite all ending at records after a stronger-than-expected October jobs report. The Dow Jones Industrial Average rose around 205 points, or 0.6%, to close near 36,328, according to preliminary figures. The S&P 500 gained around 18 points, or 0.4%, to finish near 4,698, while the Nasdaq Composite edged up around 31 points, or 0.2%, ending near 15,972. The S&P 500 and Nasdaq each booked a seventh straight record close. The Labor Department said the U.S. economy created 531,000 jobs in October, exceeding forecasts for a rise of 450,000. The Dow rose 1.4% for the week, while the S&P 500 advanced 2% and the Nasdaq gained 3.1%.
3. : McAfee stock jumps nearly 25% on report of possible acquisition
McAfee Corp. MCFE shares jumped late in Friday’s regular session following a report that private-equity firm Advent International Corp. was close to a more than $10 billion deal to buyout the cybersecurity firm. McAfee shares shot to an intraday high of $26.39 for a 24% gain, and were last up about 19% at $25.28. Late Friday, The Wall Street Journal reported that people familiar with the matter confirmed the deal that was in the works, but that it could still fall apart. McAfee shares are up about 50% over the past 12 months compared with a 34% gain in the S&P 500 Index SPX.
4. Oil bounces back a day after falling to the lowest price since October
Oil futures rallied on Friday, bouncing back from a day earlier when prices settled at their lowest since October. Prices, however, still suffered a loss for the week — their second in a row. “Overall, it has not been a pretty trading week for oil, especially after industry data pointed to a larger than expected build in crude oil inventories last week,” said Lukman Otunuga, manager, market analysis, at FXTM. “Given how the fundamentals still point to tight market conditions, the path of least resistance for oil remains north,” he said. December WTI oil rose $2.46, or 3.1%, to settle at $81.27 a barrel on the New York Mercantile Exchange. Prices for the front-month contract fell nearly 2.8% for the week, according to FactSet data.
5. Gold futures post highest finish since early September
Gold futures on Friday marked their highest settlement since early September as U.S. Treasury yields declined in the wake of a better-than-expected rise in October U.S. nonfarm payrolls. The strong jobs report “does not change the message that the [Federal Reserve] sent this week that they will not commit to a rate hike in 2022, and this is why real yields are finishing the week lower,” said Edward Moya, senior market analyst Oanda. A fall in Treasury yields lowers the opportunity cost of holding nonyielding assets and that supported prices for gold. “Risk appetite is too strong for gold to have a sustained move above $1,800, but it should see that level as strong support going forward,” said Moya. December gold rose $23.30, or 1.3%, to settle at $1,816.80 an ounce, the highest most-active contract finish since Sept. 3, FactSet data show. For the week, prices based on the most-active contract rose about 1.8%.
6. Alphabet shares briefly top $3,000 for first time
Shares of Google parent Alphabet Inc. briefly passed $3,000 for the first time ever on Friday, and the company crept closer to joining the $2 trillion market-valuation club with Microsoft Corp. and Apple Inc. . Google shares are currently trading at $2,990.02.
7. Baker Hughes reports the biggest weekly rise in U.S. oil-drilling rigs since mid-October
Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil rose by six to 450 this week. That was the biggest increase since the week ended Oct. 15, Baker Hughes data show, though the latest weekly climb followed a slight rise of just one oil rig last week. The total active U.S. rig count, which includes those drilling for natural gas, also climbed by six to stand at 550, according to Baker Hughes. December West Texas Intermediate crude continued to trade sharply higher, up $2.40, or 3.1%, at $81.21 a barrel on the New York Mercantile Exchange.
8. Real Good Food stock has disappointing public debut
Real Good Food Co. Inc. received some jeers in its public debut, as the stock opened 2.8% below its initial public offering price, then bounced around before falling further. The health and wellness frozen food company said overnight that its IPO priced at $12 a share, below the expected range of between $14 and $16 a share, as the company raised about $64 million. The stock’s first grade was at $11.66 at 10:16 a.m. Eastern for about 244,000 shares. It has traded since then in a range of $11 to $12.75, and was last down 8.3% at the intraday low. At that price, the company was being valued at about $418.4 million, according to FactSet. The company disappointing debut occurred on a day that the Renaissance IPO ETF was shedding 1.9% while the S&P 500 was up 0.6%.
9. Merck stock’s biggest selloff in nearly 17 years is cutting close to 60 points off the Dow’s price
Shares of Merck & Co. tumbled 9.5% in midday trading Friday, putting them on track to suffer the biggest one-day drop since January 2005, after Pfizer Inc. released data on a pill to treat COVID-19 that showed greater efficacy than Merck’s. The stock’s price decline of $8.61 was shaving about 57 points off the Dow Jones Industrial Average’s price, while the Dow rallied 246 points, or 0.7%. The stock’s big selloff, the stock has retraced about 56% of the gain, from the Sept. 29 close of $75.11 to the Thursday’s record close of $90.54, that was triggered by Merck’s announcement that it developed an oral treatment for COVID-19 with partner Ridgeback Biotherapeutics.
10. Kroger confirms news of the grocer accepting Bitcoin Cash was ‘fraudulent’
Kroger Co. confirmed that an early Friday news release pushed out on PR Newswire saying the company would accept Bitcoin Cash in the coming weeks was “fraudulent.” The release, which included details about the fake program and false statements from Kroger executives, has since been removed from the Kroger website. “This morning a press release was fraudulently issued claiming to be The Kroger Co. that falsely stated the organization will begin to accept Bitcoin Cash. This communication was fraudulent and is unfounded and should be disregarded,” the company said in a statement. Kroger stock has gained 36.7% for the year to date while the S&P 500 index is up 24.6% for the period.
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