Business

Ken Griffin, chief executive officer and founder of Citadel Advisors LLC, speaks during an Economic Club of New York event in New York, US, on Thursday, Nov. 21, 2024.Yuki Iwamura | Bloomberg | Getty ImagesCitadel CEO Ken Griffin issued a warning against the steep tariffs President-elect Donald Trump vowed to implement, saying crony capitalism could be a consequence."I am gravely concerned that the rise of tariffs puts us on a slippery slope towards crony capitalism," the billionaire investor said Thursday at the Economic Club of New York.The Citadel founder said domestic companies could enjoy a short-term benefit of having their competitors taken away. Longer term, however, it does more harm to corporate America and the economy as companies lose competitiveness and productivity, he said.C...

Wall Street's optimistic tone since Donald Trump secured a return to the White House could have outsized benefits for a handful of stocks that typically gain when sentiment is bullish, according to Piper Sandler. Stocks soared to record highs immediately after Trump's victory in early November. Investors hoped that his election would lead to looser regulations, which could trigger a spree of dealmaking on Wall Street, as well as lower corporate taxes. The postelection rally has broadened out in recent days toward stocks outside of the "Magnificent Seven." "By many metrics, bullish sentiment is at an extreme," Michael Kantrowitz, Piper Sandler's chief investment strategist and head of portfolio strategy, wrote in a Tuesday note. "Investors expect the market to climb higher and accordingly, ...

While the S & P 500 and Nasdaq 100 have both pushed to new all-time highs in November, market breadth indicators have mostly not confirmed those recent highs. While the trends for the major equity averages remain undeniably positive, the lack of breadth support suggests a painful reversal may be just around the corner. This chart shows the S & P 500 on a closing basis along with three common measures of market breadth: the cumulative advance-decline line, the percent of stocks above their 50-day moving average, and the Bullish Percent Index. Note how all three of the breadth indicators shown have actually made lower highs in November, despite the S & P 500's move above the 6,000 level. Market breadth indicators like these are equal-weighted, meaning they simply count the number...

Check out the companies making headlines before the bell. Snowflake – Shares surged more than 21% following the company's better-than-expected third-quarter results and strong guidance. Snowflake posted adjusted earnings of 20 cents per share on revenue of $942 million. Analysts surveyed by LSEG were looking for 15 cents in earnings per share on revenue of $897 million. Palo Alto Networks – The cybersecurity stock fell 2% after the company issued fiscal second-quarter guidance largely in-line with expectations. Palo Alto Networks guided for adjusted earnings of $1.54 to $1.56 per share on revenue of $2.22 billion to $2.25 billion. That was roughly in line with the Street's forecast of $1.55 per share in earnings and $2.23 billion in revenue, per FactSet. Palo Alto also announced a 2-for-1 ...

Dollar stores are facing challenges in the modern U.S. economy.Dollar stores companies were some best performing stocks in the S&P 500 during the Great Recession, said Piper Sandler managing director Peter Keith. But over the past couple of years, dollar stores have not seen the same success.Shares of Dollar Tree — which owns its namesake brand and Family Dollar — and Dollar General have both fallen roughly 50% this year.The companies are dealing with a complex mix of both economic and self-inflicted problems. Lower income Americans, who comprise about 60% of Dollar General sales, are under more pressure to stretch their dollars in the face of high inflation. These shoppers are therefore looking for more consumables — like foods and household items – rather than discretionary items, wh...

The International Criminal Court issued arrest warrants on Thursday for Israeli Prime Minister Benjamin Netanyahu, his former defense minister and Hamas officials, accusing them of war crimes and crimes against humanity over the war in Gaza and the October 2023 attacks that triggered Israel's offensive in the Palestinian territory.The decision turns Netanyahu and the others into internationally wanted suspects and is likely to further isolate them and complicate efforts to negotiate a cease-fire to end the 13-month conflict. But its practical implications could be limited since Israel and its major ally, the United States, are not members of the court and several of the Hamas officials have been subsequently killed in the conflict.Netanyahu and other Israeli leaders have condemned ICC Chie...

Arrest warrants have been issued for Israeli Prime Minister Benjamin Netanyahu and former defence secretary Yoav Gallant by the International Criminal Court (ICC).The warrants are for alleged war crimes and crimes against humanity related to the war in Gaza that Israel launched following the 7 October attacks by Hamas. The prime minister's office said the warrants against him and Gallant were "anti-semitic" and said Israel "rejects with disgust the absurd and false actions".Another warrant was issued for the arrest of Hamas leader Mohammed Diab Ibrahim al Masri for war crimes and crimes against humanity.Al Masri, also known as Mohammed Deif, was the mastermind behind the 7 October attacks.It is unclear if he is still alive, following an airstrike that Israel claimed killed him earlier this...

Here are Thursday's biggest calls on Wall Street: Goldman Sachs reiterates Nvidia as buy The firm raised its price target on the stock to $165 per share from $150 following earnings. "We reiterate our Buy rating on NVDA (which is also on the Americas Conviction List) and highlight the rich catalyst path ahead." Morgan Stanley initiates UMB Financial as overweight Morgan Stanley said the commercial bank has a "differentiated deposit base." "We see UMBF as one of the best ways to play lower rates among the Midcap Banks." Rosenblatt upgrades Palo Alto Networks to buy from neutral The firm upgraded the stock following Palo Alto earnings on Wednesday. "The company delivered another strong quarterly performance, driven by successful execution of its platform strategy." William Blair downgrades U...

Goldman Sachs sees big gains ahead for Merus on the back of the company's cancer treatment. The firm initiated coverage of the cancer therapeutics stock with a buy rating on Wednesday, alongside a $73 per share price target. Goldman's forecast implies 68% upside from Wednesday's close. Goldman Sachs analyst Richard Law highlighted the company's estimated glomerular filtration rate (EGFR) petosemtamab antibody, which is intended for treating recurring and metastatic head and neck squamous cell carcinoma. Law said the antibody has already shown promising results and can be a key growth driver for the stock moving forward. MRUS YTD mountain Merus stock. "We believe peto has a reasonable chance of demonstrating best-in-class efficacy/safety profile," Law said. "While some ADCs [antibody-drug c...

Four people have died and six British backpackers are in hospital in southeast Asia after reports of suspected methanol poisoning.Simone White, 28, from Orpington in Kent, is among those who fell ill after being offered "free shots" in the Vang Vieng resort of Laos. Bianca Jones, 19, from Melbourne, Australia, two Danish women in their 20s, and a 56-year-old US national are reported to have died.New Zealand has confirmed one of its citizens has also fallen ill.Authorities are now warning travellers about the risks of methanol poisoning, how it happens, and how to avoid it. Image: Vang Vieng, Laos. File pic: iStock What is methanol?Methanol, or CH3OH, is very similar to ethanol - the pure form of alcohol in alcoholic drinks...