The S&P 500 experienced a decline of 0.48% as markets concluded on 10-27-2023. The Dow Jones Industrial Average also saw a downturn, finishing 1.13% lower. In contrast, the Nasdaq Composite rose by 0.37%. The 10-year Treasury yield fell 0.27% to 4.843.
Next week's market watch includes elevated short interest levels on Novavax (NVAX), Fisker (FSR), and Beyond Meat (BYND). Options trading volume has increased in recent days on Sportsman's Warehouse (SPWH) and Ebix Inc. (EBIX). The most overbought stocks per their 14-day Relative Strength Index are Willis Towers Watson (WTW) and Splunk (SPLK), while the most oversold stocks are Blackstone (BX), Goldman Sachs (GS), and Old Dominion Freight Line (ODFL).
Vertex Pharmaceuticals (VRTX, Financial) and CRISPR Therapeutics (CRSP) are under FDA review for a novel gene therapy for sickle cell disease. The FDA panel is scheduled to discuss the therapy's application next Tuesday. RBC analyst Luca Issi told Reuters that reviewers' concerns seemed “benign” and expects additional studies only after the therapy is approved.
Crude oil futures rose to their highest levels of the week due to escalating military operations in Gaza. Front-month Nymex crude for December delivery jumped 2.8% on Friday but finished -2.9% for the week at $85.54/bbl.
Pfizer (PFE, Financial) disclosed a 6.26% passive stake in Tourmaline Bio (TRML) via the purchase of 1.27 million shares as of Oct. 19. BMO Capital Markets lists Chevron and Pfizer among oversold high dividend-yielding stocks.
Wells Fargo (WFC, Financial) announced that its vice chairman Thomas Nides will leave the company to return his "attention to events in the Middle East". William Daley, the company's vice chairman of Public Affairs until last month, will return to his prior role, effective immediately.
Intuitive Machines (LUNR, Financial) announced that the liftoff of the IM-1 lunar mission is now targeted for a multi-day launch window which opens January 12, 2024. Shares of LUNR jumped 11.2% in extended trading.
Google (GOOG, Financial) (GOOGL) is investing $500M into AI startup Anthropic, with the promise of another $1.5B over time. Last month, Amazon (AMZN) said it would invest up to $4B in San Francisco-Anthropic, and take a minority stake in the company.
Google (GOOG, Financial) (GOOGL) paid $26.3B in 2021 to ensure its search engine was the default on web browsers and mobile phones. Search advertising revenue totaled $146.4B in 2021, and the payments were the company's biggest cost.
Cathie Wood, CEO and CIO of ARK Invest, argued that the U.S. economy is weaker than it appears, citing recent earnings figures and cautious commentary from corporate executives. She predicted that a sharp rise in layoffs is on the way, as well as an increased investment in AI, as companies attempt to protect margins.
Masimo (MASI) won a ban on importing some Apple Watches in its patent fight with Apple (AAPL). Apple will now be prohibited from importing certain Apple Watch models in the U.S. after the ITC judgment, though the Biden administration has 60-day to decide if it will overturn the ban before it's implemented.
The Walt Disney Company (DIS, Financial) is delaying the release of Snow White by a year amid the ongoing actors' strike. The live-action movie featuring Rachel Zegler was slated to be one of the studio's biggest offerings of 2024. It will now be released March 21, 2025.
Bluebird bio (BLUE) shares were down 11% Friday afternoon ahead of a scheduled FDA advisory committee meeting to discuss approval of a potential rival to its sickle cell disease therapy lovo-cel. An FDA panel will review exa-cel, a gene therapy treatment for SCD developed by Vertex Pharmaceuticals (VRTX, Financial) and Crispr Therapeutics (CRSP).
Elon Musk plans to roll out financial-focused features by the end of 2024. “When I say payments, I actually mean someone's entire financial life,” according to audio of a Thursday meeting with Musk and staff obtained by The Verge.
BMO Capital Markets argued that many high dividend-yielding stocks have fallen into "what we consider oversold levels," pointing to names like Chevron (CVX) and Pfizer (PFE, Financial) as stocks that could outperform in the near term.
Tesla (TSLA, Financial) has raised the price of its Model Y sport-utility vehicle by ~$2K in China. The high-end version of the SUV now costs 363,900 yuan ($49,828), up from 349,900 yuan ($47,831).
