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Stock Market News Today | Top Headlines Tue, 09 Nov 2021 18:37:09 GMT

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Top 10 Stock News Headlines Today

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

1. Gold futures settle up a 4th straight session

Gold futures scored a fourth session gain in a row on Tuesday, the longest streak of consecutive increases since the five-day climb ending July 7, according to Dow Jones Market Data. Prices got a modest boost as data revealed that the U.S. producer price index rose by 0.6% in October, matching Wall Street expectations. December gold rose $2.80, or nearly 0.2%, to settle at $1,830.80 an ounce, the highest most-active contract finish since Sept. 3.

2. Ebay launches a refurbished platform as supply-chain shortfalls make many items scarce for the holidays

Ebay Inc. announced the launch of eBay Refurbished on Tuesday, a destination selling like-new items from brands like Apple Inc. and Dyson. Items will be deeply discounted and come with a one- or two-year warranty. Ebay first launched the refurbished program in 2020, and says it has expanded the program as supply-chain bottlenecks disrupt the holidays. Adobe data released on Tuesday show that out-of-stock messages soared 250% across e-commerce, compared with January 2020. There were two billion out-of-stock messages in October, Adobe says. Ebay stock has gained 48% for the year to date, while the S&P 500 index has gained 24.6% for the period.

3. TPI Composite stock tumbles toward 14-month low after earnings, kudos to UBS analyst Jon Windham

Shares of TPI Composites Inc. tumbled 14.6% toward a 14-month low in afternoon trading Tuesday, after the wind blade maker reported a surprise large loss revenue that came up shy of expectations and lowered its full-year outlook, citing rising input and freight costs, uncertainty related to federal legislation and production delays. Kudos to UBS analyst Jon Windham, who warned investors to sell the stock ahead of earnings, for the same reasons the company cited. The company reported late Monday that it swung to a net loss of $30.7 million, or 83 cents a share, from income of $42.4 million, or $1.13 a share, in the year-ago period, compared with the FactSet consensus for earnings of 6 cents a share. Sales grew 1.2% to $479.6 million, below the FactSet consensus of $481.4 million, while cost of sales jumped 11.1% to knock gross margin down to 1.5% from 10.3%. For 2021, the company lowered its sales guidance range to $1.72 billion to $1.74 billion from $1.75 billion to $1.80 billion and its estimate for average selling price per blade to “approximately” $165,000 from $165,000 to $170,000. The stock has plunged 49.7% year to date, while the First Trust Global Wind Energy ETF has declined 9.8% and the S&P 500 has gained 24.6%.

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4. : Comcast says it is ‘restoring’ Xfinity service after outage

ComcastHouseholds in several states were reported to have been affected by a widespread outage of Comcast Corp. CMCSA Xfinity services Tuesday. There were at least 54,000 reported outages at one point Tuesday morning, according to Downdetector, which broadly tracks user reports of service outages. “Earlier, some customers experienced intermittent service disruptions as a result of a network issue,” a Comcast spokesperson said in a statement. “We have addressed the issue and service is now restoring for impacted customers, as we continue to investigate the root cause.” Reports indicated that users in San Francisco, Chicago, Philadelphia, and other cities were ensnarled by the outage. Shares of Comcast are up 0.4% in Tuesday trading but they’ve declined 7.9% over the past three months as the S&P 500 SPX has risen 5.6%.

5. Tesla stock falls more than 9%, extends losses to third session

Tesla Inc shares fell more than 9% in midday trading Tuesday, set to end at their lowest in two weeks and suffering their biggest one-day decline since Sept. 23, when they fell more than 10%. The stock has posted losses for three straight sessions, down 14.5% in the period. Over the weekend, Chief Executive Elon Musk set up a Twitter poll on whether he should sell some of his shares, sending the stock down, and brother and Tesla board member Kimbal Musk exercised stock options. Tesla shares are up 49% so far this year, compared with gains of around 25% for the S&P 500 index.

6. Corn futures eye first gain in 6 sessions

Corn futures climbed on Tuesday, on track to post their first gain in six sessions. In a monthly report, the U.S. Department of Agriculture lowered its forecast for U.S. corn ending stocks for the 2021/2022 marketing year by 7 million bushels from the October estimate, to 1.49 billion bushels. It also lifted its forecast for corn used for ethanol by 50 million bushels to 5.25 billion bushels. The most-active December corn contract was up 6 1/4 cents, or 1.1%, at $5.57 3/4 a bushel after posting five straight session declines.

7. Hertz stock receives downbeat reception on Nasdaq, as it opens below the recent share-offering price

Hertz Global Holdings Inc. received a rather downbeat reception on the Nasdaq, as the car rental company’s stock opened 9.5% below where its share-offering just priced. The company said late Monday that an upsized offering by selling stockholders of 44.52 million shares priced at $29 a share, compared with previous expectations that the 37.10 million-share offering would price between $25 and $29 a share. The stock’s first trade on the Nasdaq was at $26.25 at 12:14 p.m. Eastern for 2.82 million shares. It has since recovered slightly to trade down 6.3% at $27.19. The stock, which had traded over the counter under the ticker symbol “HTZZ” since the company emerged from bankruptcy through Monday, had closed Monday at $32.62. Before Hertz filed for bankruptcy in May 2020, the stock had traded on the NYSE under the ticker symbol “HTZ.” Including it’s time as an OTC stock, Hertz’s stock has run up 62.2% over the past three months, while shares of rival Avis Budget Group Inc. have rocketed 242.4% and the S&P 500 has gained 5.6%.

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8. EIA raises its 2021 U.S. retail gasoline price forecast

The U.S. Energy Information Administration lifted its 2021 forecast for U.S. regular gasoline retail prices by 1% to $3 a gallon, according to a monthly report released Tuesday. The EIA also said domestic gasoline consumption rose to an average 9.2 million barrels per day in October, but it’s expected to fall below 9 million barrels a day this month and “remain below that level until May 2022.” West Texas Intermediate crude prices, the U.S. benchmark, will likely average $69.02 a barrel this year, up 0.8% from the October forecast, while Brent crude, the global benchmark, is forecast at $71.59 a barrel this year, up 0.3% from the previous forecast, the EIA said. U.S. oil production is expected to average 11.13 million barrels per day this year, up 1% from October’s forecast. In Tuesday dealings, December WTI crude was up 88 cents, or 1.1%, to $82.81 a barrel on the New York Mercantile Exchange. December gasoline rose 2.7 cents, or 1.2%, to $2.35 a gallon. January Brent crude added 44 cents, or 0.5%, to $83.87 a barrel on ICE Futures Europe.

9. Biden unveils plan for congested ports, waterways after infrastructure bill passes

The Biden administration on Tuesday announced what it called “a set of concrete steps to accelerate investment in our ports, waterways, and freight networks,” as it noted the bipartisan infrastructure bill passed by Congress provides $17 billion for such facilities. The steps include alleviating congestion at the Port of Savannah by funding the Georgia Port Authority’s pop-up container yards project, launching programs to modernize ports and marine highways with more than $240 million in grant funding within the next 45 days, identifying projects for Army Corps of Engineers construction at coastal ports and inland waterways within the next 60 days, and calling for new data standards for goods movement. Biden is slated to talk up this plan for ports on Wednesday during a visit to the Port of Baltimore in Maryland.

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10. BioNTech stock reverses lower after earnings report, in which profit and revenue beat expectations

Shares of BioNTech SE dropped 2.9% in morning trading Tuesday, reversing an earlier intraday gain of as much as 4.3%, in the wake of the Germany-based biotechnology company’s better-than-expected third-quarter earnings report. The company reported before the open that it swung to net income of EUR3.21 billion ($3.72 billion), or EUR12.35 a share, from a loss of EUR210.0 million, or EUR0.88 a share, in the year-ago period, to beat the FactSet consensus for earnings per share of EUR10.54. Revenue multiplied to EUR6.09 billion ($7.05 billion) from EUR67.5 million, to beat the FactSet consensus of EUR5.10 billion, citing “rapid increases in the supply and sales of the COVID-19 vaccine worldwide.” The company said it has delivered a total of more than 2 billion doses of its and Pfizer Inc.’s COVID-19 vaccine as of Nov. 2. The company said it now expects to deliver up to 2.5 billion doses of the vaccine in 2021 for revenue of about EUR16 billion to EUR17 billion, compared with guidance provided in August of about EUR15.9 billion in vaccine revenue from the delivery of about 2.2 billion doses. The company and Pfizer expect to manufacture 2.7 billion to 3.0 billion doses of the COVID-19 vaccine by the end of the year, and expect to boost manufacturing capacity to 4 billion doses in 2022. Regarding its cancer treatment business, BioNTech said it has four programs in Phase 2 development. BioNTech’s stock has tumbled 47.3% over the past three months but has still run up 189.1% year to date, while the S&P 500 has gained 5.6% the past three months and rallied 24.7% this year.

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