Early morning report: The 'Buffett myth' lives on, Occidental soars significantly, ARM drops in after-hours trading, loses lawsuit against Qualcomm for licensing.
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The key points of this morning's report are here.
Tokyo stock market forecast range: ¥8,800 to ¥9,100 (closing price on the 20th was ¥8,701.90).
Avoidance of shutdown by US government agencies, continuing resolution bill passes.
President-elect Trump: 'Panama Canal fees are overcharged, demands fee reduction or will be returned to the United States'.
Oxy Petroleum - Significant increase in response to Berkshire Hathaway's additional acquisition.
Qualcomm, the winner of the chip design license lawsuit, rises after hours, while Arm, the loser, falls.
CFPB sues 3 major banks in the USA for mishandling fraud in the money transfer app 'Zelle'.
●USA Starbucks Union initiates strikes in 3 cities nationwide
moomoo News Mark
Tokyo stock market forecast range: ¥8,800 to ¥9,100 (closing price on the 20th was ¥8,701.90).
Avoidance of shutdown by US government agencies, continuing resolution bill passes.
President-elect Trump: 'Panama Canal fees are overcharged, demands fee reduction or will be returned to the United States'.
Oxy Petroleum - Significant increase in response to Berkshire Hathaway's additional acquisition.
Qualcomm, the winner of the chip design license lawsuit, rises after hours, while Arm, the loser, falls.
CFPB sues 3 major banks in the USA for mishandling fraud in the money transfer app 'Zelle'.
●USA Starbucks Union initiates strikes in 3 cities nationwide
moomoo News Mark
Market Overview
◇On the 20th, the US stock market rose. The S&P 500 index and Nasdaq composite index rebounded for the first time in 4 days. While some tech stocks declined at the opening due to selling pressure, the market rose, supported by the suggestion of progress in inflation control by the November Personal Consumption Expenditures (PCE) Price Index. The Dow briefly rose more than $800 from the previous day, but faced profit-taking adjustments due to the overlapping expiration of stock index futures, stock index options, and individual stock options on 'Triple Witching' day. The looming possibility of a government shutdown became a psychological weight on investors, causing a lackluster performance in the afternoon.
On the 23rd, in the Tokyo stock market, buying back extended to a wide range including major stocks, and it is expected that the Nikkei average stock price will rebound for the first time in 7 days, with an emphasis on aiming to recover in the 30,000 yen range.
On the 23rd, in the Tokyo stock market, buying back extended to a wide range including major stocks, and it is expected that the Nikkei average stock price will rebound for the first time in 7 days, with an emphasis on aiming to recover in the 30,000 yen range.
Top News
Avoidance of US government agency shutdown, interim budget law passed
On the 21st, US President Joe Biden signed the "interim budget bill" securing government funding until March 14th next year, avoiding a government shutdown. The bill is a combination of a 3-month extension of the temporary budget and emergency assistance, marking House Speaker Mike Johnson's (Republican, Louisiana) third attempt last week.
Avoidance of US government agency shutdown, interim budget law passed
On the 21st, US President Joe Biden signed the "interim budget bill" securing government funding until March 14th next year, avoiding a government shutdown. The bill is a combination of a 3-month extension of the temporary budget and emergency assistance, marking House Speaker Mike Johnson's (Republican, Louisiana) third attempt last week.
President-elect Trump calls for a reduction in fees at the Panama Canal, describing it as overcharging, and demands a fee reduction, threatening to return the canal to the USA if not complied with.
President-elect Trump states that the Panama Canal is charging illegal tolls to US military and commercial ships, calling it extortion. He demands a reduction in fees, stating that otherwise the Panama Canal should be returned to the USA.
President-elect Trump states that the Panama Canal is charging illegal tolls to US military and commercial ships, calling it extortion. He demands a reduction in fees, stating that otherwise the Panama Canal should be returned to the USA.
Occidental Petroleum rises significantly following Berkshire Hathaway's additional acquisition
USA, which is involved in the exploration and production of petroleum and natural gas $Occidental Petroleum (OXY.US)$rose significantly. The additional acquisition led by Warren Buffett was well received. Berkshire Hathaway has acquired an additional 8.9 million shares from Tuesday to Thursday this week, increasing its ownership percentage to over 28%. The stock price temporarily rose to $48.00, an increase of $2.64 (+5.82%) from the previous day, and closed at $47.13, up $1.77 (+3.90%). $Berkshire Hathaway-A (BRK.A.US)$Qualcomm is rising after hours, while ARM is declining. It is reported that Qualcomm has emerged victorious in a licensing dispute over chip design with ARM. In 2021, Qualcomm acquired the semiconductor startup Nuvia, but ARM claimed that there was a need to renegotiate the contract with Qualcomm, who had acquired Nuvia, and demanded that Qualcomm abandon the semiconductor design obtained through the acquisition. The licensing agreement to use ARM's technology was the focus of the lawsuit, and a jury in the federal court in Delaware concluded that Qualcomm did not infringe on ARM's license in the Nuvia deal.
USA, which is involved in the exploration and production of petroleum and natural gas $Occidental Petroleum (OXY.US)$rose significantly. The additional acquisition led by Warren Buffett was well received. Berkshire Hathaway has acquired an additional 8.9 million shares from Tuesday to Thursday this week, increasing its ownership percentage to over 28%. The stock price temporarily rose to $48.00, an increase of $2.64 (+5.82%) from the previous day, and closed at $47.13, up $1.77 (+3.90%). $Berkshire Hathaway-A (BRK.A.US)$Qualcomm is rising after hours, while ARM is declining. It is reported that Qualcomm has emerged victorious in a licensing dispute over chip design with ARM. In 2021, Qualcomm acquired the semiconductor startup Nuvia, but ARM claimed that there was a need to renegotiate the contract with Qualcomm, who had acquired Nuvia, and demanded that Qualcomm abandon the semiconductor design obtained through the acquisition. The licensing agreement to use ARM's technology was the focus of the lawsuit, and a jury in the federal court in Delaware concluded that Qualcomm did not infringe on ARM's license in the Nuvia deal.
半導体の $Qualcomm (QCOM.US)$Rises after hours. ARM reports victory in a licensing dispute over chip design. $Arm Holdings (ARM.US)$News of individual stocks reported that Qualcomm has acquired a semiconductor startup, Nuvia, in 2021. ARM claimed that there was a need to renegotiate the contract with Qualcomm who acquired Nuvia, demanding the abandonment of acquired semiconductor designs. The licensing agreement involving ARM's technology was the subject of litigation, and the jury in Delaware Federal Court determined that Qualcomm did not infringe on ARM's license.
USA's United States Steel - Significant Decline Due to Unfavourable Red Estimate
Leading American iron and steel company $United States Steel (X.US)$For the third quarter of 2024 (September-November), the revenue decreased by 13% year-on-year to $3.853 billion, exceeding the market's expected $3.770 billion. However, the outlook for the fourth quarter predicted an adjusted loss per share of $0.25-0.29, announcing a deficit forecast contrary to analysts' profitable expectations of $0.22 per share. The stock price temporarily dropped to $29.72, down $2.00 (-6.31%) from the previous day, and closed at $30.14, down $1.58 (-4.98%).
Leading American iron and steel company $United States Steel (X.US)$For the third quarter of 2024 (September-November), the revenue decreased by 13% year-on-year to $3.853 billion, exceeding the market's expected $3.770 billion. However, the outlook for the fourth quarter predicted an adjusted loss per share of $0.25-0.29, announcing a deficit forecast contrary to analysts' profitable expectations of $0.22 per share. The stock price temporarily dropped to $29.72, down $2.00 (-6.31%) from the previous day, and closed at $30.14, down $1.58 (-4.98%).
CFPB Sues 3 Major US Banks Over Inadequate Response to Zelle Fraudulent Transactions
On the 20th, the US Consumer Financial Protection Bureau (CFPB) sued major American banks $JPMorgan (JPM.US)$、 $Bank of America (BAC.US)$(Bank of America), $Wells Fargo & Co (WFC.US)$The lawsuit names all three banks as members of a consortium of major US banks that own the person-to-person payment app "Zelle". CFPB claimed in the complaint that the rush to introduce Zelle due to competition with payment apps led to insufficient fraud prevention measures on the platform.
On the 20th, the US Consumer Financial Protection Bureau (CFPB) sued major American banks $JPMorgan (JPM.US)$、 $Bank of America (BAC.US)$(Bank of America), $Wells Fargo & Co (WFC.US)$The lawsuit names all three banks as members of a consortium of major US banks that own the person-to-person payment app "Zelle". CFPB claimed in the complaint that the rush to introduce Zelle due to competition with payment apps led to insufficient fraud prevention measures on the platform.
Italian authorities impose a €15 million fine on OpenAI for handling personal information
On the 20th, the Italian data protection authority (Garante) revealed that it imposed a fine of 15 million euros (approximately 2.4 billion yen) on the US OpenAI regarding the use of personal information in training the conversational artificial intelligence (AI) 'ChatGPT'. The authority stated that OpenAI failed to demonstrate sufficient legal basis and violated Italy's regulations on transparency and disclosure to users when processing personal information for ChatGPT's training.
On the 20th, the Italian data protection authority (Garante) revealed that it imposed a fine of 15 million euros (approximately 2.4 billion yen) on the US OpenAI regarding the use of personal information in training the conversational artificial intelligence (AI) 'ChatGPT'. The authority stated that OpenAI failed to demonstrate sufficient legal basis and violated Italy's regulations on transparency and disclosure to users when processing personal information for ChatGPT's training.
US Starbucks union initiates strikes in three major cities nationwide.
Top US coffee chain. $Starbucks (SBUX.US)$On the 20th, baristas in some stores in Chicago, Los Angeles, and Seattle, where labor unions were established, began strikes due to stalled labor negotiations. According to the union, about 10 stores nationwide had employees taking leaves or picketing outside, rendering some stores unable to operate, as reported by Starbucks.
Top US coffee chain. $Starbucks (SBUX.US)$On the 20th, baristas in some stores in Chicago, Los Angeles, and Seattle, where labor unions were established, began strikes due to stalled labor negotiations. According to the union, about 10 stores nationwide had employees taking leaves or picketing outside, rendering some stores unable to operate, as reported by Starbucks.
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Main Market Events
Source: Dow Jones, MINKABU, Trader's Web, Fisco
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