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  /  News   /  Earnings Results: Zoom’s stock swings lower on fourth-quarter prospects after initially rising on revenue and earnings beat

Earnings Results: Zoom’s stock swings lower on fourth-quarter prospects after initially rising on revenue and earnings beat




Investors need to stop obsessing about the Fed taper and pay attention to the 36 central banks that have raised rates so far this year.






The roughly $1.6 trillion ‘junk bond’ market could get more turbulent next year, says Deutsche Bank.







El Salvador is planning to issue next year $1 billion in bonds backed by bitcoin, the latest effort by the economically stressed Central American nation to attract crypto capital.







Netflix Inc. said it is acquiring the special-effects company Scanline VFX, a Canada-based firm that has worked on several shows for the streamer, including “Stranger Things” and “Blood Red Sky.”







Powell’s renomination goes over big on social media, where the accommodative central banker is a very popular fellow.







Keeping Federal Reserve Chairman Jerome Powell at the central bank’s top post is likely good news for the stock market, analysts say.







Monday’s top personal finance stories







Comcast Corp.’s NBCUniversal is considering removing much of its content from Hulu and making it exclusive to its Peacock platform, according to people familiar with the matter, as the media giant determines how to best play its hand in the streaming wars.







Urban Outfitters Inc. shares fell in the extended session Monday after the retailer’s earnings and revenue came in above the Wall Street consensus but comparable sales did not.







Zoom Video Communications Inc.’s stock initially popped 5% in extended trading Monday after the video-conferencing service giant posted revenue, earnings and guidance that beat Street estimates.







The Dow Jones Industrial Average closed slightly higher Monday, clinging to gains after President Joe Biden announced that he picked Federal Reserve Chair Jerome Powell to serve a second term. The Dow gained less than 0.1%, while the Nasdaq Composite , a technology-heavy index viewed as sensitive to moves in interest rates, closed about 1.3% lower, and the SP 500 slipped about 0.3%, according to preliminary data from FactSet. Although the SP 500 slipped slightly, the index’s financial sector rose more than 1%, FactSet data show. Shares of Wall Street banks rallied Monday, with Wells Fargo Co. rising about 3% and Goldman Sachs Group Inc. , JPMorgan Chase Co. and Morgan Stanley all rising more than 2%, preliminary data from FactSet show. The yield on the 10-year Treasury note rose 9 basis points to 1.625%, according to Dow Jones Market Data.






Nasdaq Composite finishes 1.3% lower









SP 500 closes down 0.3%, turning negative late in the session









Dow ends about 20 points higher, or 0.1%, near 35,619









Stocks close mostly lower Monday to start Thanksgiving week










Longeveron shares jumped 117% to $21.62 on Monday to their highest level since the company went public in February at $10 a share. The stock has been rising sharply since Thursday, when the biotechnology company said its Lomecel-B for the treatment of a congenital heart defect in infants (Hypoplastic Left Heart Syndrome) affecting about 1,000 babies a year was granted rare pediatric disease (RPD) designation by the Food and Drug Administration. The catapulted 120% on Thursday and continued rising on Friday and Monday. Prior to the announcement, the stock’s highest price was about $8.45 a share on March 11 and a low of $2.84 a share earlier this y ear. Volume on the stock hit 98 million shares on Monday, compared to its average daily volume of 110,000 shares. Even with the share price boost, Longeveron’s market cap remans small at about $192 million.







Known more as a marquee investment bank, Goldman Sachs also houses a major private equity business. It’s been selling alternative assets off its balance sheet and refocusing on management fees to boost its overall valuation.







Sabrina Taylor is charged with conning pals out of $550,000 by plucking their heartstrings with falsehoods about having multiple sclerosis.







U.S. stock indexes were trading mixed heading toward the closing bell Monday, with the SP 500 and Dow Jones Industrial Average each climbing higher while the Nasdaq Composite was down, after the White House announced earlier in the day that Federal Reserve Chairman Jerome Powell was nominated to serve a second term. The Dow was up 0.8%, the SP 500 was 0.6% higher and the Nasdaq was off about 0.2%, according to FactSet data, at last check. President Joe Biden’s nominations of Powell to lead the Fed as Chair and Fed Gov. Lael Brainard to fill the position of Vice Chair, must be confirmed by the Senate. A sharp rise in shares of Wall Street banks Goldman Sachs Group Inc. and JPMorgan Chase Co. helped fuel the Dow’s rise Monday afternoon. Meanwhile, the technology-laden Nasdaq, seen as sensitive to interest rates moves, slid as the yield on the 10-year Treasury note rose to around 1.62%.







Bitcoin [S: BTCUSD] was trading near $55,920 Monday afternoon, down 5.8% over the past 24 hours and down 10.6% during the past seven days, according to CoinDesk data. Ether [S: ETHUSD] tumbled 6.7% in the past 24 hours, recently trading at around $4,061. It logged a 9.3% loss over the past seven days. The two largest cryptocurrencies have been under pressure since President Joe Biden signed into law on Nov. 15 a $1 trillion infrastructure bill, which contains a provision that would require brokers of digital assets to record and report transactions to the Internal Revenue Service starting 2023. Blockchain gaming and Metaverse-related tokens continue to rally after Facebook [S: FB] changed its name to Meta to show its resolution to build a Metaverse. Gala rose about 2.1% over the past 24 hours to $0.4, contributing to a 302% gain over the past seven days, according to CoinMarketCap. The Sandbox rallied 12.6% over the past 24 hours to $4.4, with a 60% gain over the past seven days. Decentraland went up 2.9% during the past 24 hours to $3.85, notching a 21% gain over the past seven days.







As ride-hailing prices have become more expensive during the course of the coronavirus pandemic, some of the biggest metro areas in the country are seeing customers return to taxis.







Oil futures ended higher Monday after a news report said the Organization of the Petroleum Exporting Countries and its allies may not stick to a plan to continue slowly boosting production in a possible response to the Biden administration’s efforts to organize a coordinated release of crude from reserves of major oil-consuming nations. West Texas Intermediate crude for January delivery rose 81 cents, or 1.1%, to close at $76.75 a barrel on the New York Mercantile Exchange. Bloomberg reported that OPEC+ members were poised to rethink their timetable for raising output, which has proceeded in monthly increments of 400,000 barrels a day, if there is a release from strategic reserves. Bloomberg also reported that President Joe Biden could announce an SPR release as early as Tuesday.







Videogame stocks were hammered Monday as the sector is finding it difficult to catch a break heading into the holiday season.







Macy’s has faced pressure from Jana Partners to separate e-commerce from the bricks-and-mortar business, according to Wall Street Journal reports.







Quick-moving shoppers are acting now to avoid slim pickings later, with 70% saying they want to avoid out-of-stock notices.



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