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Tech Stocks Lead Losers and Bond Yields at New 3-Year High

Barry Adams
06 Apr, 2022
New York City

U.S. stock futures are pointing to another loss of at least 1% at the opening as bond yields continue to march upwards. 10-year U.S. bond is trading at 2.65% ahead of the release of minutes of meetings this afternoon. Tech stocks are leading the losers and energy stocks are in focus ahead of the Congressional hearing today. Oil inched higher to $103.30 a barrel after dipping in Tuesday.

JetBlue's Higher Offer May Not Sway Spirit's Board

Boris Petrov
05 Apr, 2022
New York City

JetBlue Airways has made an unsolicited $3.63 billion bid for Spirit Airlines. The all-cash offer values the discount carrier at roughly 40% higher than the current merger agreement with Frontier at $2.9 billion. The Justice Department is currently suing JetBlue for its alliance with American Airlines. A Spirit-Frontier merger will build a nationwide network of a ultra low-cost service.

Nasdaq Drops 2.2%, Mortgage Rate Crosses 5%

Barry Adams
05 Apr, 2022
New York City

U.S. indexes fell 1% and Nasdaq Composite dropped 2.2% after a dovish Fed Governor said that the central bank needed an aggressive approach in tackling inflation. 10-year U.S. bond closed at 2.55%, a 3-year high, and 5-year at 2.70%. Inflation worries drove the market sentiment and tech stocks took the hit. The 30-year mortgage rate crossed 5% for the first time since 2011 and two days in 2018.

MarketAxess Sank 10% After Monthly Volume Data Release

Scott Peters
05 Apr, 2022
New York City

MarketAxess Holdings dropped 9% after the fixed income trading platform reported its total credit monthly average daily volume fell 3% from a year ago. The combined daily U.S. high grade and high yield volume fell 6% but total credit trading volume in the month increased to $894.6 billion, second best monthly record.

Carvana Plunged 9% on Cautious Research Note

Scott Peters
05 Apr, 2022
New York City

Carvana plunged 9% after an RBC Capital analyst downgraded the stocks and highlighted that the company is expanding at a faster pace than the sales growth. The online auto retailer is expected to sell about 550,000 vehicles in 2022 against the expanded capacity of 3.3 million. Moreover, the recent Adesa car auction service may face integration risks.

Farfetch's $200 Million Minority Stake in Neiman to Expand Marketplace

Scott Peters
05 Apr, 2022
New York City

Farfetch Ltd agreed to take a minority stake of $200 million in Nieman Marcus. The investment will be used to the retailer in expanding its online capabilities and re-plarform and imporve mobile capabilities of Bergdorf Goodman. In addition, Neiman and Bergdorf will join Farfetch Marketplace.

Movers: Twitter, Peabody Energy, James Hardie, Carnival

Barry Adams
05 Apr, 2022
New York City

Twitter extended gains for the second day after the social media company said it has appointed Elon Musk on its board a day after he declared passive holding of 9%. Peabody Energy extended its weeklong advance after the European Union is looking to place a ban on Russian coal. Carnival Corp said it had the busiest week ending on March 28.

GM, Honda Partnership to Deliver EVs in 2027

Hossain Akhtar
05 Apr, 2022
New York City

General Motors and Honda Motor announced a partnership to manufacture electric vehicles using the battery technology developed by GM. The partnership plans to use solid state battery technology and deliver the vehicles in 2027 at a price lower than $30,000. Yesterday, Tesla announced a 69% surge in EV sales in the first quarter and doubled its 2021 sales to 936,000 units.

Amazon Internet Satellites Launch Deal to Catch Up with Starlink

Hossain Akhtar
05 Apr, 2022
New York City

Amazon said it has signed rocket launch deals with three companies to build a network of internet satellites. The deal involves as many as 83 launches and place 3,236 low earth orbit satellites to provide high speed internet service anywhere in the world. Amazon is playing catch up to the Starlink system with about 2,000 satellites in place and 250,000 subscribers.

U.S. Indexes Lacks Direction, Tech Stocks Drop

Barry Adams
05 Apr, 2022
New York City

U.S. indexes wavered in the morning trading and oil and natural gas futures advanced. The European Union is looking to ban import of coal from Russia and disallow the sale of jet fuel. Tech stocks turned lower a day after surging nearly 2%.