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-- 38.290 Wall Street Today | Wall Street Bulls See Hope for Reprise of Earnings-Season Bounce
MACRO
Wall Street Bulls See Hope for Reprise of Earnings-Season Bounce
The stock market is rebounding Monday after a dismal end to last week and some Wall Street strategists see the potential for a short-term rally due to an old friend: corporate earnings. Healthy profits may calm equities for now, chief equity strategist at Bloomberg Intelligence says.
SECTORS
A Strong U.S. Dollar Buoys Small-Cap Companies' Stocks
Small-cap stocks are bouncing back. A strong U.S. dollar is boosting their run. In October, the S&P 600 small-cap index has risen 5.3%, beating the large-cap $S&P 500 Index (.SPX.US)$'s 2.6% increase. For the year, the S&P 600 is on pace to outperform the S&P 500 for the first time since 2016.
Credit Markets Get Wake-Up Call With Balance-Sheet Cash Dropping
US companies have been seeing their cash levels drop, a sign that high inflation and a slowing economy are taking a toll and could make it harder for some corporations to meet their obligations. Quarterly cash balances for companies in the S&P 500 index fell 14% to about $1.9 trillion in the second quarter from a year earlier, excluding financial companies, according to a Bloomberg analysis.
COMPANY
Credit Suisse Said to Begin Sale of US Asset Management Arm
The Swiss bank has recently begun a sales process for the US operations of Credit Suisse Asset Management, or CSAM, said the people, who asked to not be identified because the matter isn't public. $Credit Suisse (CS.US)$
FuboTV Stock Rallies After Outlook Hiked, Sports-Betting Business Dropped
$FuboTV (FUBO.US)$ shares surged as much as 10% in the extended session Monday after the streaming TV platform hiked its sales forecast for the third quarter, said it was dropping its sports-betting businesses and reaffirmed its outlook of positive cash flow four years from now.
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Roblox Shares Popped 19% on September User Growth
Shares of $Roblox (RBLX.US)$ closed up 19% on Monday after the company released its September 2022 metrics report. Daily active users were 57.8 million in September, up 23% year over year. Hours engaged were 4 billion in September, up 16% year over year.
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Intel Eyes Significantly Lower Valuation in IPO of Mobileye Unit
Mobileye, which was originally expected to land a roughly $50 billion valuation, is now set to target one that is under $20 billion and sell a smaller number of shares than originally planned, the people said. $Intel (INTC.US)$
Apple to Launch a Foldable iPad Rather Than iPhone in 2024, Analyst Predicts
$Apple (AAPL.US)$ will likely launch an iPad with a folding screen in 2024, analyst firm CCS Insight said on Tuesday, forecasting the U.S. technology giant will begin experimenting with foldable technology soon.
Source: Bloomberg, Dow Jones, CNBC
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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