Live Stock Market News: Stocks Rise After Bank of England Action, Bond Yields Tumble, Alzheimer’s Drug Promise Lifts Biogen & Others

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David Keller on the stock market: We are in a low phase

David Keller, chief market strategist of StockCharts.com, and Daniel Flax, chief executive of Neuberger Berman, provide information on investments.

Developing history

Storm stocks rise

Symbol Price Change %Change
HD $ 280.30 11.61 4.32
LOW $ 193.88 6.21 3.31
GNRC $ 186.21 5.99 3.32
ENR $ 26.38 0.34 1.31
WY $ 28.09 0.28 0.99

Storm stocks strengthen as Hurricane Ian approaches Florida’s Gulf Coast.

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Hurricane Ian lands

Hurricane Ian landed as an extremely dangerous Category 4 hurricane near Cayo Costa, Florida, with maximum sustained winds at 150 mph.

Central and northeastern Florida will also be impacted. The storm is expected to move through central Florida and out of Daytona Beach on Thursday, Florida Governor Ron DeSantis said.

LATEST WEATHER NEWS | FOX WEATHER HOME OF THE AMERICAN WEATHER TEAM

Boeing and China Airlines of Taiwan finalize the 787 order

Symbol Price Change %Change
BA $ 132.97 5.46 4.28

Taiwan’s China Airlines has finalized an order for 16 Boeing Co 787 Dreamliners, with an option for 8 more, the airlines said Wednesday, nearly a month after revealing a tentative deal.

The firm order for 16 jets is worth $ 4.6 billion at list prices, although discounts are normal on such orders.

China Airlines announced the 787 deal last month, weeks after a visit to Taipei by US House of Representatives Speaker Nancy Pelosi angered Beijing and fueled Sino-US trade tensions.

The airline has now ordered 22 Boeing jets, including six 777 freighters, the companies said.

Airstream manufacturer Thor Industries beats Wall Street estimates

Thor Industries Inc.

$

74.48

Symbol Price Change %Change
HOWEVER $ 74.23 2.48 3.46

Thor Industries Inc. (THO) posted a fourth-quarter fiscal profit of $ 280.9 million on Wednesday.

The Elkhart, Indiana-based company said it had a profit of $ 5.15 per share.

The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was earnings of $ 4.13 per share.

The recreational vehicle maker posted revenue of $ 3.82 billion over the period, which also surpassed Street’s forecasts. Four analysts interviewed by Zacks expected $ 3.77 billion.

For the year, the company posted a profit of $ 1.14 billion, or $ 20.59 per share. Revenue was reported at $ 16.31 billion.

Docusign will cut 9% of the workforce

Symbol Price Change %Change
DOCU $ 54.95 2.32 4.41

DocuSign plans to cut 9% of its workforce through a restructuring plan that will cost $ 30 to $ 40 million, the electronic document management company said in a regulatory filing.

The disbursement mainly consists of cash expenses for employee transition, notice period and severance indemnities, employee benefits and related costs, as well as non-monetary expenses related to the accrual of share-based bonuses.

The company expects to assume most of the restructuring charges in the third and fourth quarters of fiscal 2023, with the restructuring essentially completed by the end of fiscal 2023.

Potential eliminations of positions in each country are subject to local laws and consultation requirements, which may extend this process beyond fiscal year 2023 in some countries.

Developing history

Promising treatment for Alzheimer’s

An estimated 6.5 million Americans aged 65 and over are living with Alzheimer’s, and a new drug could be the first of its kind to slow the progression of the disease.

Pending home sales fell 2.0% in August as mortgage rates soar towards 7%

Mortgage rates are heading towards 7% higher. Lawrence Yun, chief economist at the National Association of Realtors (NAR), said he expects the economy to remain sluggish for the rest of this year, with mortgage rates rising close to 7% in the coming months.

Yun’s view is in line with Bank of America, whose strategists have said that the average interest rate on the most popular US home loan may soon rise above 7%, reaching the highest level since. early 2000s. Pending home sales fell for the third consecutive month in August, according to the NAR.

Its Pending Home Sales Index fell 2.0% to 88.4 in August. Year-over-year, pending transactions fell by 24.2%. An index of 100 equals the level of contractual activity in 2001.

As mortgage rates rise, the impact is rapid

Rapidly rising mortgage rates are putting a strain on demand for mortgages and refinancing.

Apple abandons plan to ramp up iPhone production as demand falters: report

Apple Inc is ditching plans to ramp up production of its new iPhones this year after an expected increase in demand didn’t materialize, Bloomberg News reported on Tuesday, citing people familiar with the matter.

The company told suppliers to reduce efforts to increase the assembly of its iPhone 14 flagship product family by a whopping 6 million units in the second half of this year, Bloomberg reported.

Instead, the Cupertino, California-based company will aim to produce 90 million phones for the period, nearly the same number as a year ago and in line with Apple’s original forecasts this summer, the report said.

Apple did not immediately respond to a request for comment from Reuters.

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US equities stable with 10-year Treasury yield reaching 4%

US equities opened mixed but remained stable as the 10-year Treasury yield surpassed 4% before retreating. Also helping sentiment, the Bank of England moved to stop the British pound’s decline. In commodities, oil rose slightly to the $ 78 a barrel level.

Symbol Price Change %Change
Me: DJI $ 29,177.57 42.58 0.15
SP500 $ 3,651.32 4.03 0.11
ME: COMP $ 10,810.30 -19.21 -0.18

Lions Gate is making progress in separating STARZ from study operations

Lions Gate Entertainment Corp.

$

7.97

Symbol Price Change %Change
LGF.A $ 8.35 0.20 2.45
LGF.B $ 7.92 0.17 2.26

Lions Gate Entertainment says it “stays on track” to separate its STARZ unit from studio operations “despite an unstable market environment,” according to a regulatory filing.

“As negotiations progress, we have increased our focus on the ability to run our firm’s business, creating a range of financial and strategic benefits. In that regard, we are continuing productive negotiations with potential strategic and financial partners on both sides. sides of our business, “Lions Gate said.

The entertainment company also said that its STARZ’S premium international streaming service, STARZPLAY, will be renamed LIONSGATE + in 35 countries, coinciding with a brand new look with graphics pack, launched globally on Thursday.

STARZ has established itself as one of the first U.S. linear channels to enter the global market after launching its global SVOD service, now LIONSGATE +, in 2018.

The Bank of England buys bonds to quell market turmoil

The Bank of England is temporarily repurchasing British long-dated government bonds to restore orderly market conditions in the UK.

“The purchases will be made on whatever scale is necessary to achieve this,” the British central bank said.

These purchases will be strictly limited in time. They aim to address a specific problem in the long-term government bond market. The auctions will take place from today until October 14th. Purchases will take place in a regular and orderly manner once the risks to the functioning of the market have disappeared.

The 30-year UK government bond yield rose above 5% on Wednesday for the first time since 2002, but fell more than 50 basis points after the announcement, Reuters reported.

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