Stocks opened a little higher on Friday, but major indices are still poised to break a five-week winning streak hit by concerns over high inflation rates. We see the following in the markets:
- Rivian Automotive stocks are up. In the first two days of trading, the electric car maker reached a market value of more than $ 100 billion, about a tenth the size of Tesla.
- Tesla CEO Elon Musk sold more shares in the electric vehicle manufacturer on Thursday.
- Lordstown Motors reported a larger loss in the third quarter due to higher spending as the company announced that commercial production and shipping of its electric pickup truck will begin next year.
- Johnson & Johnson plans to split into two companies, spinning off the $ 15 billion-a-year division that sells patches, Tylenol drugs, and Johnson’s baby powder.
- AstraZeneca’s US-listed shares fell as the market opened after the company posted a net loss despite a jump in sales in the third quarter as the recent acquisition of Alexion Pharmaceuticals and increased research and development costs weighed on earnings.
- The shares of the single-serve coffee filter manufacturer NuZee rose again in opening trading. Shares rose more than 160% Thursday after its partner, specialty coffee roaster Cuvee Coffee, announced it would sell its product in 3,000 Walmarts in the US
- Spectrum Brands Holdings, a staple food company, said its profits and sales rose in the fourth quarter of the fiscal year, although supply chain disruptions weighed on results.
- Eyewear maker Warby Parker said its loss increased in the third quarter as the surge in spending dwarfed sales growth.
Chart of the day
- Founded just four years ago, Binance is the stock exchange giant that towers above the world of digital currencies, a crypto equivalent of the London, New York and Hong Kong exchanges combined. According to data provider CryptoCompare, Binance processes more trades for cryptocurrencies such as Bitcoin and Ether worth $ 76 billion each day than its four largest competitors combined.
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