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Stock Market News Today | Top Headlines Mon, 08 Nov 2021 17:12:43 GMT

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Top 10 Stock News Headlines Today

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

1. Pioneer Power stock rockets on massive volume after introducing mobile EV charging products

Shares of Pioneer Power Solutions Inc. rocketed 82.5% on massive volume in midday trading Monday, enough to make them the biggest gainers on major U.S. exchanges, after the maker of on-site power generation equipment announced the launch of its E-Boost portfolio of mobile electric-vehicle charging products. Volume spiked to 155.2 million shares, compared with the full-day average over the past 30 days of about 146,230 shares, and making the stock the most actively traded on the Nasdaq. The company said it did not comment on stock action. The E-Boost portfolio includes a truck-mounted product, providing truck and car owners with dispatchable charging services; a trailer-mounted product for higher capacity EV charging, which also provides options for towing; and stationary EV charging products that can be moved if needed, and can provide high-speed DC fast charging to two vehicles. “We are anticipating the rapidly growing demand for high-capacity mobile charging that will be required to support the wide range of EV and mobile power use cases with E-Boost products,” said Chief Executive Nathan Mazurek. The stock has soared 53.2% year to date, while the Russell 2000 of small-capitalization stocks has rallied 24.1% and the S&P 500 has gained 25.1%.

2. Purple Innovation stock sinks after double downgrade at BofA a day before earnings

Shares of Purple Innovation Inc. tumbled to a 14-month low before paring some losses, after BofA Securities analyst swung to bearish from bullish on the mattress maker a day before earnings, citing “weak” online trends and a new “big” competitive threat. The stock fell as much as 7.9% to an intraday low of $17.95, the lowest price seen since Sept. 8, 2020, before bouncing to be down just 2.1% in morning trading. BofA analyst Chris Nagle double downgraded the stock to sell from buy, more than halved his stock price target to $16 from $36. “Our more cautious view is based on what we believe to be weak online and wholesale trends into 4Q (we had been expecting a sharp acceleration post a big capacity boost) and more important, the announcement last week that Tempur Sealy is introducing a direct competitor to PRPL’s [Purple Innovation’s] gel grid-based beds next year,” Nagle wrote in a note to clients. “We see this as the first real competitive threat to PRPL and it could disrupt volume growth, pricing and wholesale
expansion.” PRPL is scheduled to report third-quarter results before Tuesday’s opening bell, with analysts surveyed by FactSet expecting, on average, earnings per share to swing to a profit of 15 cents from a loss of 2 cents and revenue to rise 6% to $198.3 million. The stock has plunged 25.1% over the past three months, while Tempur Sealy’s stock has gained 7.1% and the S&P 500 has tacked on 5.9%.

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3. Expensify raises expected pricing of IPO

Expensify Inc. on Monday raised the expected pricing range for its upcoming initial public offering. The company, which aims to simplify the process of building expense reports, now expects an IPO price of $25 to $27 a share. The company previously expected $23 to $25 a share. Expensify plans to offer 2.61 million shares through the IPO, while selling shareholders plan to offer 7.12 million. The company would raise about $70.5 million at the high end of its raised range. Expensify generated $65.0 million in revenue during the first six months of 2021, up from $40.6 million in the first six months of 2020. The company also generated $14.7 million in net income during the first six months of the year, up from $3.5 million in the first six months of 2020. Expensify is looking to go public amid a 20% rise in the Renaissance IPO ETF over the past 12 months. The S&P 500 is up 34% over that span.

4. EVgo, other EV-related stocks at multi-month highs after infrastructure package

Shares of electric-vehicle charging companies and others related to EVs soared Monday on the heels of the U.S. Representatives late Friday approving a $1 trillion infrastructure bill, a win for the Biden administration. The package has about $7.5 billion to fuel efforts to build a network of electric-vehicle charging stations and other EV charging-related initiatives. ChargePoint Holdings Inc. rallied more than 9%, on pace for its highest close in four months; EVgo Inc. jumped more than 14%, on track for its best close in nearly four months; and Volta Inc. rose nearly 9%, on its way to its highest close since in six weeks.

5. Only half of OPEC+ members raised oil output last month: report

Crude-oil production by the Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, rose by 480,000 barrels per day in October, but only half of the group’s members actually lifted output last month, according to an S&P Global Platts survey released Monday. The survey said many OPEC+ members are “struggling to pump [oil] as they had promised.” The 19 OPEC+ members with production quotas were a combined 600,000 barrels per day below their allocations for the month, putting compliance at 113.21%, the survey said. Within OPEC+, Russia was the largest producer, with output at 9.96 million barrels per day – well above its quota of 9.81 million barrels per day and Russia’s highest production since April 2020, the survey showed. Last week, OPEC+ agreed to hold its current output deal in place, raising production quotas by 400,000 barrels per day in December. In Monday dealings, December crude was up 47 cents, or 0.6%, at $81.74 a barrel on the New York Mercantile Exchange. January Brent crude traded at $83.18 a barrel, up 44 cents, or 0.5%, on the ICE Futures Europe exchange.

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6. Cannabis stocks rise on federal marijuana measure prospects

Cannabis stocks rose Monday for the second straight day after a report by Marijuana Moment that Nancy Mace (R-S.C.) is circulating the States Reform Act as a measure to legalize cannabis on a federal level. Cantor Fitzgerald analyst Pablo Zuanic said late Friday the measure “significantly increases the probability of federal level marijuana reform” during the current term. Shares of the Cannabis ETF rose 5%, Curaleaf jumped 10%, Trulieve advanced by 5.7%. Green Thumb Industries rallied 11% and Cresco Labs rose 7.4%.

7. American Airlines, United stocks rally to multi-month highs after U.S. OKs vaccinated foreign travelers

Airline stocks rallied Monday, after said foreign air travelers will be allowed to visit the U.S., as long as they show proof of full vaccination against COVID-19. The U.S. Global Jets ETF jumped 1.3%, putting it on track for the highest close since June 25. Among the ETF’s most-active U.S.-listed components, shares of American Airlines Group Inc. climbed 1.4% toward the highest close June 25, United Airlines Holdings Inc. rose 2.3% toward the highest close since June 24 and Delta Air Lines Inc. gained 2.3% toward a five-week high. “Starting on November 8, foreign national air travelers to the United States will be required to be fully vaccinated and to provide proof of vaccination status prior to boarding an airplane to fly to the United States, with only limited exceptions,” the U.S. State Department stated. The Jets ETF has rallied 7.9% over the past three months while the S&P 500 has gained 6.0%.

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8. Philip Morris to bring about 200 jobs to Connecticut with new HQ in Stamford

Philip Morris International said Monday it is planning to locate is new corporate headquarters in the heart of Stamford, Conn., and expects it to open in the summer of 2022. The company is expecting to bring about 200 jobs to the state with a total economic impact of about $50 million in 2022. The new headquarters will have 71,484 square feet and be located in the central business district, close to both the Stamford Transportation Center and an entrance to I-95. Shares were slightly lower premarket but have gained 13.9% to date in 2921, while the S&P 500 has gained 25%.

9. Stocks open higher to build on records after passage of infrastructure bill

U.S. stocks opened slightly higher Monday, building on closing records for major indexes, after the House delivered final passage late Friday of a $1 trillion infrastructure package. The Dow Jones Industrial Average rose 221 points, or 0.6^, to 36,549, while the S&P 500 was up 0.3% at 4,713.02 and the Nasdaq Composite advanced 0.2% to 16,002.21.

10. FirstEnergy shares rise on financings with Blackstone, Brookfield

FirstEnergy Corp. shares rose 0.7% in early trades on Monday after the company said it secured two strategic financings that will raise a combined $3.4 billion in equity proceeds. FirstEnergy agreed to issue $1 billion of common equity to Blackstone Infrastructure Partners at $39.08 per share. The company also agreed to sell a 19.9% stake its regulated transmission unit First Energy Transmission LLC to a unit of Brookfield Infrastructure Partners for $2.4 billion. Shares of FirstEnergy are up 27.6% so far this year, compared to a gain of 25.1% by the S&P 500.

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