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  • Dow Jones slips after strong run as inflation data looms

    Dow Jones slips after strong run as inflation data looms

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    U.S. edged lower early Monday ahead of important inflation data in coming days, while gauging the possibility of a shutdown of the federal government at the end of the week.

    What’s happening

    • The Dow Jones Industrial Average
      DJIA
      was down 42 points, or 0.1%, at 34,242.

    • The S&P 500
      SPX
      fell 19 points, or 0.4%, to 4,396.

    • The Nasdaq Composite
      COMP
      shed 93 points, or 0.7%, to 13,705.

    The Dow, S&P 500 and Nasdaq Composite rose Friday to score back-to-back weekly gains.

    What’s driving markets

    The S&P 500 has jumped 7.2% over the past two weeks, helped by benchmark borrowing costs
    BX:TMUBMUSD10Y
    falling swiftly from 16-year highs on hopes that recent softer jobs data means inflation can ease further and the Federal Reserve has thus finished its campaign of interest rate rises.

    However, after that strong rally a more cautious tone prevails at the start of the new week as the market awaits a U.S. consumer-price index report for October, due Tuesday, that thus has the heft to underpin the latest bull run or bring it to a halt.

    Read: Stock-market rally faces make-or-break moment. How to play U.S. October inflation data.

    Core CPI growth — which strips out volatile items such as food and energy — is expected to remain steady at 0.3% month-on-month. The producer prices report for October will be published on Wednesday.

    See: This week’s October inflation data looms large on Washington’s economic radar

    October retail sales data is also on the docket this week, offering further clues to the health of the consumer on Wednesday.

    “Most eyes will be focused on the latest inflation numbers, but retail sales and retail earnings will also help set the tone,” Chris Larkin, managing director of trading and investing at E-Trade from Morgan Stanley, said in emailed comments.

    He warned that the market “may be a little more jittery than usual,” following a downgrade of the U.S. credit outlook by Moody’s Investors Service and the possibility of a shutdown of the federal government at the end of the week.

    Also see: House Republicans look to pass two-step package to avoid partial government shutdown

    Worries over a dysfunctional government contributed to Moody’s Investors Service late Friday cutting its outlook on the U.S. sovereign credit rating to negative from stable.

    “This week, we will plunge back into the U.S. political saga, as the government short-term funding deadline is due 17th of November and not much progress has been made to seal a fresh deal,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.

    “Depending on the new funding resolution – or the lack thereof – we could see the U.S. 10-year yield return above 4.80%,” Ozkardeskaya added.

    Investors will also be keeping an eye out for a slew of earnings reports from retailers, including Home Depot Inc.
    HD,
    -1.24%
    on Tuesday, Target Corp.
    TGT,
    -0.50%
    on Wednesday and Walmart Inc.
    WMT,
    +0.15%
    on Thursday. Their comments on the health of the consumer may also play into thinking on the Fed.

    Indeed, the earnings season in general should have provided fundamental support to investor sentiment, according to analysts. “For Q3 2023, with 92% of S&P 500 companies reporting actual results, 81%…have reported a positive earnings per share surprise and 61%…have reported a positive revenue surprise,” said John Butters, senior earnings analyst at FactSet.

    The U.S. federal budget update for October will be published at 2 p.m. Eastern. Fed Governor Lisa Cook was due to deliver opening remarks at a Fed conference Monday morning.

    Companies in focus

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  • This week’s October inflation data looms large on Washington’s economic radar

    This week’s October inflation data looms large on Washington’s economic radar

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    Inflation data, a Fed speech and a government-shutdown deadline are on the calendar this week.


    MarketWatch photo illustration/iStock

    U.S. inflation data for October is clearly the economic highlight for markets, economists and policymakers this coming week. That’s because if price pressures continue their cooling trend from the summer, the Fed might be able to refrain from any more interest-rate hikes.

    Here’s a preview of the inflation report and other critical data and events that will have the markets’ attention this week.

    See: MarketWatch’s comprehensive economic calendar

    October consumer inflation

    Tuesday, 8:30 a.m. Eastern

    No economic reports matter more for the Federal Reserve’s interest-rate policy outlook than consumer inflation data. Inflation has been trending down since the summer, but many economists are wary that most of the progress was low-hanging fruit, and that it will take a lot to get back to the Fed’s 2% target. Fed Chairman Jerome Powell raised this concern in remarks on Thursday, saying the central bank was concerned about inflation “head fakes.”

    Economists polled by the Wall Street Journal expect headline CPI to moderate to a 0.1% rise in October, down from a 0.4% gain in the prior month, and the smallest increase since May.

    Over the past year, inflation is expected to rise at a 3.3% rate, down from 3.7% in the prior month.

    The improvement is expected to come mainly from gasoline prices.

    Core CPI, excluding volatile food and energy prices, is expected to rise 0.3%, matching a 0.3% gain in the prior month. The year-over-year rate is seen holding steady at a 4.1% annual rate.

    October retail sales

    Wednesday, 8:30 a.m. Eastern

    Economists expect retail sales to be weak, falling 0.1% in October after a 0.7% jump in September and a 0.8% gain in August.

    The outlook for consumer spending is one of the most intriguing questions about the outlook.

    Will the strong spending seen in the late summer fade away? With above-trend job growth and incomes rising, there seems no reason for consumers to pull back sharply. But many economists think that consumers are running out of excess spending power built up during the pandemic.

    Also see: Retail earnings begin this week. ‘It’s getting worse,’ an analyst says.

    Chicago Fed President Austan Goolsbee’s speech to the Detroit Economic Club

    Tuesday at 12:45 p.m. Eastern

    There are just under 20 public remarks from Fed officials scheduled this week. One of the highlights will be Chicago Fed President Austan Goolsbee’s moderated question-and-answer session before the Detroit Economic Club.

    Goolsbee, who joined the Fed at the beginning of the year, is comfortable speaking in public and on television from his days in the Obama administration, and afterwards as a pundit. His views also carry weight because he will be on any short list of potential replacements for Powell if President Joe Biden wins a second term.

    Goolsbee has looked prescient so far. In his first public speeches this summer, he suggested that there could be an improvement in inflation without a big rise in unemployment.

    Biden-Xi to meet at APEC summit

    Wednesday

    Biden and Xi will meet for the first time in a year at the Asia-Pacific Economic Cooperation summit in San Francisco, amid struggles in the Chinese economy and the recent strengthening of ties between XI and Russian Vladimir Putin.

    Derek Scissors, a senior fellow at the American Enterprise Institute, said investors should not expect anything market-moving from the talks. The Biden administration simply wants to get face time with Xi, he said.

    “The goal is to find out how to reach him, who are you supposed to talk to [to reach him in the future], and then have a good conversation with him where Biden can say a few things that we think he really needs to hear from us,” Scissors said.

    Gone are the days when the U.S. and China cooperated on economic issues, he said.

    Xi simply doesn’t care that much about the economy, Scissors said. He is more focused on “really strict party control of everything,” he added.

    Threat of a government shutdown

    Friday, midnight deadline

    The federal government will run out of money late Friday unless Congress passes legislation to keep the lights on.

    It is the first test for new House Speaker Mike Johnson. He has proposed a two-step government spending plan to keep the government open until early next year, but it remains uncertain whether this will break the logjam.

    Late Friday, Moody’s Investors Service lowered its outlook on the U.S. credit rating to “negative” from “stable.”

    This is actually positive for the prospects of a congressional deal, said Terry Haines, founder of Pangaea Policy, a political forecasting firm.

    Haines said he has lowered the odds of a government shutdown to 30% from 40% before the Moody’s move.

    “The last thing House Republicans should want to do…is show newly skeptical markets that they can’t even handle a continuation of government funding,” Haines said, in a note to clients.

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  • Microsoft stock surges toward another record close, has added about $308 billion in market cap in 11 days

    Microsoft stock surges toward another record close, has added about $308 billion in market cap in 11 days

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    Shares of Microsoft Corp.
    MSFT,
    +2.49%
    hiked up 2.4% afternoon trading Friday, toward its third record close in the past four sessions. The stock has now soared 12.6% over the past 11 sessions, in which is has gained 10 times, including a nine-day winning streak through Nov. 8 that was the longest such streak since the 9-day stretch that ended Nov. 19, 2019. During those 11 sessions, the stock has added $307.8 billion to its market capitalization. Microsoft is the second-largest component in the S&P 500
    SPX,
    +1.56%
    with a market cap of $2.745 trillion, behind only Apple Inc.
    AAPL,
    +2.32%
    at $2.891 trillion. The rally kicked off a couple days after Microsoft reported bumper quarterly results. Market research firm Bespoke Investment said Friday that Microsoft has joined Apple as the second individual company that has a larger market cap that the combined market caps of the companies that make up the Russell 2000 index
    RUT,
    +1.07%
    of small-capitalization companies.

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  • WeWork’s stock has continued the strange trend of the bankruptcy bounce

    WeWork’s stock has continued the strange trend of the bankruptcy bounce

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    In a strange flashback to the demise of Bed Bath & Beyond Inc., WeWork Inc.’s stock soared on its over-the-counter debut this week, just days after the office sharing company filed for chapter 11 bankruptcy protection. 

    WeWork
    WEWKQ,
    +23.02%
    filed for Chapter 11 in New Jersey on Monday and the beleaguered company’s stock was halted before the open that day. The New York Stock Exchange started the delisting process for WeWork that same day.

    Trading resumed over the counter on Wednesday, with WeWork shares ending their first session as an OTC stock up 91.5%.

    WeWork Chapter 11 a meme stock reality check: ‘No one should ever buy a stock that is rumored to be headed to bankruptcy’

    A similar scenario happened when shares of Bed Bath & Beyond began trading over the counter in May after the Nasdaq started the delisting process for the bankrupt home-goods retailer and sometime meme-stock darling. Despite Bed Bath & Beyond’s well-documented woes, the stock ended its first session as an OTC stock up 30.4%. Bed Bath & Beyond’s shares were canceled in September.

    In June Overstock.com acquired Bed Bath & Beyond’s intellectual property, and began operating as Bed Bath & Beyond, before changing its corporate name to Beyond Inc.
    BYON,
    +2.06%    .

    Like Bed Bath & Beyond, WeWork has continued to attract investor attention even as the company’s problems mounted. In mid-September WeWork’s stock saw a record run-up amid meme stock chatter, just weeks after WeWork warned that it may not be able to stay in business.

    Related: WeWork files for bankruptcy, capping a stunning downfall

    Users on social media noted the activity in WeWork’s share price this week, with Twitter user @asunapg warning Thursday that the OTC markets are “much more volatile and often a death trap for a lot of companies.”

    “Here we go again” tweeted @B2Investor Friday, with popcorn and clown emojis.

    WeWork’s stock ended Thursday’s session down 21.3% and the stock is down 12.7% Friday, compared with the S&P 500 index’s
    SPX
    gain of 1.3%.

    Related: Why investors gamble on shares of bankrupt companies — Bed Bath & Beyond, for example

    Tom Bruni, head of content at StockTwits, a social platform for investors and traders, told MarketWatch that, from what he is seeing, there doesn’t seem to be broad interest in the stock.

    “Unlike Bed Bath & Beyond and others where it seemed possible to restructure and continue operating, the current situation for WeWork is mainly a math equation,” he told MarketWatch. “It’s looking most likely that it’ll be bought out, the question is at what price and how much cash (if anything) does that leave for common shareholders to receive? The consensus right now is that all value from its 52 million shares of common stock will be wiped out.”

    Set against this backdrop, short covering could be driving the stock price up in the short term, according to Bruni. “Many market participants don’t want to risk being squeezed by unexpected good news, so they’d rather take their gains than ride it all the way down to zero,” he said. “Should that high short interest start to create sustainable upside momentum (more than a few days), then we’d likely see other traders get involved on the long side.”

    “But for now, with earnings season in full swing, there’s plenty of volatility and news elsewhere for investors/traders to focus on,” he added.

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  • Honda joins Toyota in raising U.S. wages for its auto workers as unionization push looms

    Honda joins Toyota in raising U.S. wages for its auto workers as unionization push looms

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    Honda Motor Co.’s U.S. unit joined other foreign carmakers in raising their automobile workers’ wages in the wake of historic wins for the United Auto Workers and as the union has vowed to intensify its organizing push.

    Honda
    7267,
    -4.11%
    gave U.S. production workers an 11% raise that will go into effect in January. Honda also cut down the time to reach a top wage from six years to three years, and added benefits, the company said Friday.

    The Wall Street Journal on Friday first reported the raises, citing a memo it had reviewed.

    UAW President Shawn Fain has said numerous times the union wants to expand its base into the nonunionized automobile workforce beyond the Midwest.

    At an address to UAW members in mid-October, for instance, Fain said that the UAW was “going to organize non-union auto companies like we’ve never organized before.”

    Don’t miss: Ford and GM inventories rise despite UAW strike, but demand concerns linger

    U.S. auto workers at foreign carmakers such as Honda and Volkswagen AG
    VOW,
    -1.12%    ,
    which have their major factories in the Southeast, are not unionized. Neither are auto workers at Tesla Inc.
    TSLA,
    +2.22%    ,
    which has car-making factories in California and Texas.

    Auto workers went on strike for six weeks starting in mid-September, hitting several factories and facilities of Ford Motor Co.
    F,
    +1.65%    ,
    General Motors Co.
    GM,
    +0.75%
    and Stellantis NV
    STLA,
    +1.57%    .

    The labor action, which the UAW dubbed a “stand-up strike,” called on select local unions to stand up and walk out. It marked a break from tradition: Going back decades, the UAW would strike at one company at a time, mostly to save its picket-line firepower and strike fund.

    Related: There’s a new Tesla bear in town: EV maker is a ‘very expensive company,’ HSBC says

    The new strategy yielded big results, including pay raises of around 25% over the life of the four-year contract plus cost-of-living adjustments, the end of several wage tiers, and better retirement benefits.

    At an event Thursday to celebrate the UAW deal and the reopening of a Stellantis factory in Illinois, President Joe Biden seemed to support the UAW’s unionization push.

    “I want this type of contract for all auto workers,” Biden said. “And I have a feeling UAW has a plan for that.”

    During the UAW strike, some Wall Street analysts said that Tesla would benefit from the increased costs to unionized factories following the labor agreements. One analyst noted that even before any wage increases, the Big Three automakers were paying their workers 38% more than comparable Tesla workers earned.

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  • Plug Power, Trade Desk, Doximity, Unity Software, Illumina, Wynn, and More Stock Market Movers

    Plug Power, Trade Desk, Doximity, Unity Software, Illumina, Wynn, and More Stock Market Movers

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    These Stocks Are Moving the Most Today: Plug Power, Trade Desk, Doximity, Unity Software, Illumina, Wynn, and More

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  • Groupon’s stock craters after earnings as CEO says business ‘continues to be challenged’

    Groupon’s stock craters after earnings as CEO says business ‘continues to be challenged’

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    Groupon Inc. shares were tumbling more than 20% in Thursday’s extended session after the discounting marketplace announced a new rights offering and acknowledged “challenged” business conditions.

    The company said in a Thursday afternoon release that its board approved an $80 million fully backstopped rights offering to all holders of its common stock. The rights offering will occur through the distribution of nontransferable subscription rights to purchase common stock at a price of $11.30 a share.

    Groupon
    GRPN,
    -2.73%
    also posted third-quarter results, showing revenue down to $126.5 million from $144.4 million a year prior and slightly below the $129.7 million FactSet consensus, which is based on estimates from three analysts.

    The company logged a net loss of $41.4 million, or $1.31 a share, compared with a loss of $56.2 million, or $1.86 a share, in the year-earlier period.

    “We are turning our focus to delivering projects across product, engineering, sales, marketing and revenue management that we expect will reinvigorate our marketplace and position our business to return to growth,” interim CEO Dusan Senkypl said in a release.

    Added Senkypl: “While we did not make as much progress on key projects as I expected and our business continues to be challenged, I am pleased to see sequential improvement in our financial performance, Local Billings return to growth, and our plan to strengthen our liquidity position.”

    In addition, co-founder Eric Lefkofsky plans to leave Groupon’s board of directors, according to Thursday’s release. “With a new management team and the announcement of today’s financing strategy, I am confident that Groupon is on the right track to become the ultimate destination for experiences and services,” Lefkofsky said.

    Groupon’s stock is up 58% so far this year but off 97% from its 2011 all-time high.

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  • Unity Software’s stock skids 12% on revenue miss, uncertain outlook

    Unity Software’s stock skids 12% on revenue miss, uncertain outlook

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    Unity Software Inc.’s stock fell about 12% in extended trading Thursday after the company reported a revenue miss and withheld from offering guidance.

    “Our results in the third quarter were mixed,” Unity
    U,
    -3.15%
    said in a letter to shareholders. “While revenue came in within guidance, we believe we can do better.”

    The beleaguered game-engine software company has been whipsawed by a series of missteps and departures. In September, it announced new fees based on the number of people who install games built with Unity’s editor software — only to backtrack and revamp its plan following a chorus of complaints that dented the stock. Last month, John Riccitiello announced he was retiring as chief executive, effective immediately.

    Also read: Opinion: Unity Software has a fleeting moment to win back developers — and investors

    “While we did not expect the introduction of the fees to be easy, the execution created friction with our customers and near-term headwinds,” Unity said in the letter. “We expect the impact of this business-model change to have minimal benefit in 2024 and ramp from there as customers adopt our new releases.”

    Unity executives are mulling several new strategies that include layoffs, a reduction in office space and product discontinuations, but it did not offer timing or guidance, according to the shareholder letter.

    Unity reported a fiscal third-quarter net loss of $125.3 million, or 32 cents a share, compared with a net loss of $250 million, or 84 cents a share, in the year-ago quarter.

    Revenue was $544.2 million, up from $322.9 million a year ago.

    Analysts surveyed by FactSet had expected revenue of $554 million.

    Shares of Unity have dipped 12% this year. The broader S&P 500 index
    SPX,
    -0.81%
    is up 13% in 2023.

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  • UBS Issues $3.5B in AT1 Bonds in First Issuance Since Credit Suisse Acquisition

    UBS Issues $3.5B in AT1 Bonds in First Issuance Since Credit Suisse Acquisition

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    By Miriam Mukuru

    UBS Group issues $3.5 billion in Additional Tier 1 bonds in the first issuance since the acquisition of Credit Suisse.
    

    It is comprised of two tranches of $1.75 billion of 9.25% perpetual notes redeemable at the option of UBS after five years and $1.75 billion of 9.25% perpetual notes redeemable after 10 years.
    

    

    “Each issue is a direct, unsecured and subordinated obligation of UBS Group AG,” it said.
    

    “The notes provide that, following approval of a minimum amount of conversion capital by UBS Group AG’s shareholders, upon occurrence of a trigger event or a viability event, the notes will be converted into UBS Group AG ordinary shares rather than be subject to write-down,” UBS added.
    

    Write to Miriam Mukuru at miriam.mukuru@wsj.com
    

    

    

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    AMC swings to Q3 profit, reports positive net income for second consecutive quarter
    
			
    AMC swings to Q3 profit, reports positive net income for second consecutive quarter
    
			
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    AMC Entertainment Holdings Inc. reported third-quarter results that beat top- and bottom-line expectations Wednesday, as the movie-theater chain and meme-stock darling swung to a profit.
    

    The company swung to net income of $12.3 million, or 8 cents a share, compared with a loss of $226.9 million, or $2.20 a share, in the prior year’s quarter. Excluding nonrecurring items, AMC
    
        AMC,
    
        -1.27%
    
       reported a loss of 9 cents a share. Analysts surveyed by FactSet were looking for a loss of 25 cents a share.
    

    Related: AMC bonds see bullish activity while meme-stock darling rides the Taylor Swift wave
    

    

    Revenue grew 45.2% to $1.406 billion, above the FactSet consensus of $1.260 billion. AMC’s adjusted Ebitda was $194 million.
    

    “For both revenue and adjusted Ebitda, these were AMC’s most successful third-quarter results in our company’s entire 103-year history, by definition being greater than the third quarter of pre-pandemic 2019,” AMC Chief Executive Adam Aron said in a statement. “For the second consecutive quarter, AMC reported positive net income, and we ended the quarter with $730 million of cash. This all suggests that we are well underway on our growth path to recovery from the ravages of the COVID pandemic.”
    

    Related: The ‘Barbenheimer’ buzz may be over, but consumer enthusiasm for movies is still strong, says Cinemark CEO
    

    “What is perhaps most impressive of all is that our success in the third quarter came at a time when our attendance at the domestic box office in the quarter was still 16% below comparable 2019 levels,” Aron added. “That success is because our contribution per patron was up 30% versus 2019.”
    

    Admissions revenue was $797.7 million, above the FactSet consensus of $739 million. Food and beverage revenue was $482.7 million, above the FactSet consensus of $449 million.
    

    AMC’s stock fell 1.3% in extended trading Wednesday. The company’s shares are down 71.9% in 2023, compared with the S&P 500 index’s
    
        SPX
    
       gain of 14.2%.
    

    Related: AMC’s debt-to-equity, late payments, could be ‘red flags,’ warns Creditsafe
    

    Speaking during a conference call to discuss the results, Aron said that the short-term impact of the writers’ and actors’ strikes will cause challenges for AMC in 2024. “Without taking sides … we strongly encourage all the parties involved to come to the negotiating table with the intent of reaching an agreement immediately,” he said.
    

    The AMC CEO also discussed the success of Taylor Swift’s record-breaking concert film, which opened Oct. 12. “Both as distributor and exhibitor, AMC benefited handsomely,” he said,  adding that AMC Theatres  Distribution is following this success with the release of “Renaissance: A Film by Beyoncé,” which hits theaters globally Dec. 1. 
    

    “In working with two of the most admired pop stars on the planet, we  already have touched lightning,” Aron added. “We are optimistic, though, that this will lead to much more ahead … we believe that we will have several more concert film products in 2024 and 2025. We intend to be working with some of the most known and most loved musical artists the world has ever known.” 
    

    

    

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    Amazon offers Prime members primary care for $9 a month
    
			
    Amazon offers Prime members primary care for $9 a month
    
			
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    Amazon.com Inc.
    
        AMZN,
    
        -0.58%
    
       said Wednesday that it will offer Prime members primary care for $9 a month through its healthcare business One Medical. 
    

    The new One Medical membership includes unlimited round-the-clock virtual care nationwide, Amazon said. Prime members who sign up for the benefit can also schedule same-day or next-day in-person appointments at One Medical primary care offices, but they must use their insurance or pay out-of-pocket for office visits, the company said. 
    

    

    The $99 annual cost of One Medical for Prime members represents a $100 discount off the standard One Medical annual membership fee. Prime membership costs $139 a year. 
    

    The new offer comes as the e-commerce giant has been expanding its health services with Amazon Pharmacy and the online healthcare service Amazon Clinic as well as its $3.9 billion acquisition of One Medical, which closed earlier this year. The company’s healthcare efforts could be an important driver of future sales, potentially generating an extra 1 percentage point of revenue growth in 2026, D.A. Davidson analysts wrote in a September research note. 
    

    Amazon is among several retailers pushing into the primary care business. Costco Wholesale Corp.
    
        COST,
    
        -0.67%
    
       recently started offering members access to healthcare, including $29 virtual primary care visits, through a deal with online marketplace Sesame. Walmart Inc.
    
        WMT,
    
        -0.51%
    
       has been setting up Walmart Health centers, providing primary care, dental care, labs and other services, inside some of its Walmart Supercenters. 
    

    Although One Medical has hundreds of locations scattered across roughly two dozen metro areas, it doesn’t have the same presence as some companies that have established healthcare services in their retail locations. CVS Health Corp.
    
        CVS,
    
        +0.01%    ,
    
       for example, has more than 1,100 MinuteClinic locations. 
    

    Amazon shares were roughly flat Wednesday morning and have gained 70% in the year to date, while the S&P 500
    
        SPX
    
       has gained 14%. 
    

    

    

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    Virgin Galactic to Cut Jobs as Interest Rates Bite
    
			
    Virgin Galactic to Cut Jobs as Interest Rates Bite
    
			
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Virgin Galactic said it would cut jobs and expenses to focus on producing its lower-cost Delta spaceships.
    


    




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    Adidas 3Q Net Pft EUR259M
    
			
    Adidas 3Q Net Pft EUR259M
    
			
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    By Andrea Figueras
    

    Adidas on Wednesday posted a decline in net profit and sales for the third quarter while it continued to reduce high inventory levels.
    

    The German athletic apparel and footwear company confirmed its third-quarter preliminary figures and said that net profit fell 25% on year to 259 million euros ($277.1 million).
    

    

    As reported last month, revenue declined 6.4% to EUR6 billion, although currency-neutral revenue increased 1%, it said.
    

    Operating profit fell to EUR409 million from EUR564 million and the operating margin was 6.8%, down from 8.8% in 2022.
    

    Results for the third quarter were better than expected, but the current performance isn’t good enough, the company said.
    

    Inventory levels decreased more than expected and were down 23% on year, it said. During the first nine months, inventories fell by more than EUR1.1 billion.
    

    Adidas backed its recently updated guidance for 2023, which was raised thanks to Yeezy inventory reductions and a better-than-expected underlying business, it said.
    

    It continues to expect currency-neutral revenues to decline at a low single-digit rate and underlying operating profit–excluding any one-offs related to Yeezy and the underway strategic review–at around EUR100 million.
    

    Adidas also sees an operating loss of around EUR100 million this year.
    

    Write to Andrea Figueras at andrea.figueras@wsj.com
    

    

    

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    Virgin Galactic to cut staff to focus on lower-cost Delta spacecraft
    
			
    Virgin Galactic to cut staff to focus on lower-cost Delta spacecraft
    
			
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    Commercial space-flight operator Virgin Galactic Holdings Inc. on Tuesday said it would cut staff in an effort to focus on developing its new class of Delta spacecraft that are expected to cost less and bring more profit. 
    

    Management, in an email to employees, did not offer specific figures on the cuts, while citing a shaky investing environment as part of the reason for them. The message said the company would offer more details during its third-quarter earnings call on Wednesday. 
    

    

    Virgin Galactic
    
        SPCE,
    
        +2.96%    ,
    
       when reached on Tuesday, declined to offer additional information. Executives over the summer said they expected commercial service for Delta ships to begin in 2026, after testing in 2025. 
    

    Shares were little changed after hours on Tuesday. The stock has fallen 50.4% so far this year.
    

    The cuts follow a handful of space flights this year from Virgin Galactic, which was founded by billionaire Richard Branson. But Chief Executive Michael Colglazier, in the email, said that following successes from the spaceship Unity and its carrier mothership, Eve, the company needed to “reduce our reliance on unpredictable capital markets.” 
    

    “To profitably scale our business, we must first invest upfront capital to create a fleet of ships based on a standardized production model — the Delta Class ships,” Colglazier said in the email. 
    

    He added that “uncertainty has grown in the capital markets,” with higher interest rates pressuring borrowing and “geopolitical unrest” making for a more cautious environment. He said the Delta spacecraft played a key role in expanding flight service and profitability, and that it was crucial to focus on bringing them into service. 
    

    “Interest rates remain high, which adds pressure to companies who are investing today for profits that will come in the future,” he said. “Geopolitical unrest continues to expand, and the combination of these factors makes near-term access to capital much less favorable.”
    

    “The Delta ships are powerful economic engines,” he continued. “To bring them into service, we need to extend our strong financial position and reduce our reliance on unpredictable capital markets. We will accomplish this, but it requires us to redirect our resources toward the Delta ships while streamlining and reducing our work outside of the Delta program.”
    

    He said employees would be notified of their job status between Tuesday and Thursday. Employees will be working from home for the rest of the week, Colglazier said, adding that on-site work locations would be unavailable through that time. 
    

    “Delta ships have been designed to have a relatively low unit-production cost and have a material improvement flight cadence relative to our initial ship, VSS Unity,” Colglazier said on Virgin Galactic’s earnings call in August.  
    

    “The Delta development process has yielded some excellent enhancements to the ship’s architecture, particularly with regard to manufacturability and maintainability,” he said. “And we are tracking well against our primary ship-performance criteria.”
    

     
    

    

    

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    Sleep Number’s stock falls 30% as company saw demand change ‘abruptly’
    
			
    Sleep Number’s stock falls 30% as company saw demand change ‘abruptly’
    
			
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    Shares of Sleep Number Corp. tanked 30% in the after-hours session Tuesday after the mattress maker and retailer swung to a surprise quarterly loss, predicted a loss for the full year and said it reached an agreement with a shareholder that had been pushing for change.  
    

    It was a “challenging” quarter for Sleep Number
    
        SNBR,
    
        -1.41%
    
       and the bedding industry, Chief Executive Shelly Ibach said. “The consumer demand trajectory changed abruptly midway through the quarter,” Ibach said. 
    

    

    Sleep Number “acted quickly to further reduce costs, recalibrate our sales and marketing approach, and amend our credit agreement to provide additional covenant flexibility through the end of 2024,” she said.
    

    Sleep Number lost $2.32 million, or 10 cents a share, in the third quarter, versus earnings of $5 million, or 22 cents a share, in the year-ago quarter.
    

    Revenue dropped 13% to $473 million, the company said. 
    

    Analysts polled by FactSet expected the company to earn 16 cents a share on sales of $509 million in the quarter.
    

    Sleep Number also kicked off a plan to reduce costs in light of the lower demand. It hopes the plan will result in about $50 million less in operating expenses next year, the company said. 
    

    The cost-restructuring actions are “broad-based” and include layoffs as well as store closures, the company said. 
    

    The layoffs will occur “across all areas of the organization,” including in corporate and research and development, the company said. It plans to close 40 to 50 stores by the end of next year, and slow down the rate of new-store openings and remodels.
    

    The restructuring will result in up to $20 million in one-time costs, with about $10 million of the costs falling in the fourth quarter, the company said. 
    

    Sleep Number also dialed back its 2023 EPS outlook, calling for a per-share loss of up to 70 cents, including the fourth-quarter restructuring charges. 
    

    That compares with a July guidance of 2023 EPS in a range between $1.25 and $1.75. 
    

    Separately, Sleep Number appointed Stephen E. Macadam and Hilary A. Schneider to its board, effective immediately, expanding the board to 12 people.
    

    In conjunction with the appointments, Sleep Number entered into a cooperation agreement with shareholder Stadium Capital Management LLC.  
    

    As part of the agreement, the board has established a “capital allocation and value enhancement committee” to review capital use and investments, it said. 
    

    Independent director Michael J. Harrison said that the company was “grateful to have reached an agreement with Stadium Capital on a constructive path forward and are looking forward to working with Steve and Hilary toward our common goal of delivering long-term value for our shareholders.”
    

    Stadium Capital, which owns about 9% of Sleep Number, published a letter in September criticizing the company, its executives, and the “abysmal” shareholder returns. 
    

    Shares of Sleep Number have lost 38% so far this year, contrasting with gains of about 14% for the S&P 500 index
    
        SPX.
    
       
    

    

    

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    Datadog Stock Skyrockets 30% on Upbeat Outlook and Customer Growth
    
			
    Datadog Stock Skyrockets 30% on Upbeat Outlook and Customer Growth
    
			
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Datadog







External link stock surged Tuesday after the security software provider generated more profit than expected in the quarter and raised its sales outlook for the full year. 
    


    




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    RingCentral’s stock jumps on narrowing loss, revenue beat, raised guidance
    
			
    RingCentral’s stock jumps on narrowing loss, revenue beat, raised guidance
    
			
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    RingCentral Inc.’s stock jumped about 10% in after-hours trading Monday after it reported a narrowing quarterly loss, results that beat analysts’ forecasts on the top- and bottom-lines, and sales projections that were raised.
    

    The cloud-based communications company
    
        RNG,
    
        -0.25%
    
       posted a third-quarter net loss of $42.1 million, or 45 cents a share, compared with a net loss of $284.6 million, or $2.98 a share, in the same quarter a year ago. Adjusted earnings were 78 cents a share.
    

    

    Total revenue improved nearly 10% to $558.2 million from $509 million a year ago. Subscription sales were $531 million, or about 95% of total
    revenue.
    

    Analysts polled by FactSet had forecast on average adjusted earnings of 75 cents a share and revenue of $554 million.
    

    “The results speak for themselves: Our solid third-quarter results demonstrate our ability to drive long-term durable, profitable growth,” RingCentral Chief Executive Tarek Robbiati said in an interview. This marks his first quarter as company CEO after five years as chief financial officer at Hewlett Packard Enterprise Co.
    
        HPE,
    
        -0.13%    .
      
    

    Robbiati credited his predecessor for the quarterly performance and vowed to “infuse AI into everything we do.”
    

    “We are leveraging AI into our core of products,” he added. “AI is a massive trend in turbo-charging productivity.”
    

    At the same time, RingCentral raised its annual total revenue guidance to between $2.198 billion and $2.205 billion. FactSet analysts are projecting $2.198 billion.
    

    The company’s board last week also authorized an incremental $100 million stock-repurchase plan.
    

    Shares of RingCentral are down 20% in 2023; the broader S&P 500 index
    
        SPX
    
       is up 14%.
    

    

    

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    Disney and other entertainment giants report after upbeat results from peers, but investors are getting harsher on companies that don’t deliver
    
			
    Disney and other entertainment giants report after upbeat results from peers, but investors are getting harsher on companies that don’t deliver
    
			
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    Last month, Netflix Inc.
    
        NFLX,
    
        +1.80%
    
       stock jumped after it reported big subscriber gains and hiked prices. Last week, results from Paramount Global
    
        PARA,
    
        +15.44%
    
       beat expectations, sending shares of the streaming and entertainment giant on its best percentage gain in nearly a year, and Roku Inc.
    
        ROKU,
    
        +8.58%
    
       also offered an upbeat outlook. 
    

    This week — as Walt Disney Co., Warner Bros. Discovery Inc., Lions Gate Entertainment Corp. and AMC Entertainment Holdings Inc. all report results — we’ll get a deeper sense of whether the entertainment industry is starting to make investors happy again, even if they make viewers less happy in the process.
    

    

    Those companies will report as the streaming industry, under pressure from investors to turn a better profit, consolidates and as platforms charge more to watch and cram more advertisements into shows and films. 
    

    Cable TV providers and movie theaters, too, are trying to figure out a way forward as streaming becomes more prevalent. Even as Hollywood’s writers come back to work following a strike that shut down production, its actors are still striking, with issues surrounding AI usage to portray actors, streaming payments and other issues in the balance. 
    

    Disney
    
        DIS,
    
        +2.14%    ,
    
       which reports results on Wednesday, faces questions about losses at Disney+, efforts to cut billions in costs and stamp out streaming-account sharing, its planned takeover of the streaming platform Hulu and speculation over which of its large media properties it might sell. BofA analysts recently estimated that ESPN, which Disney has leaned on for years, could be worth around $24 billion. Meanwhile, activist investor Nelson Peltz has been angling for seats on Disney’s board, and its fight with Florida Gov. Ron DeSantis continues. 
    

    Elsewhere, Warner Bros. Discovery
    
        WBD,
    
        +6.23%
    
       — the parent company of the streaming service Max, Warner Bros. Pictures, Discovery Channel, CNN and other channels — reports on Wednesday, as it tries to turn its reserves of intellectual property into franchise films. Meme-stock theater chain AMC
    
        AMC,
    
        +2.19%    ,
    
       which also reports Wednesday, following upbeat results from rival Cinemark Holdings Inc.
    
        CNK,
    
        -2.43%    .
      
    

    Sales at the theater chains have been lifted in recent months by “Barbie” and “Oppenheimer.” While both were original films, analysts have said the avalanche of sequels and remakes in theaters is unlikely to stop.  
    

    The pressure to boost profits will ultimately affect what TV shows and films get made, and what viewers actually consume. And a report from FactSet on Friday found that investors have been more unkind than usual to companies whose results come up short of Wall Street’s expectations. 
    

    That report found that through the third-quarter earnings season, companies whose earnings miss expectations have seen an average stock-price drop of 5.2% during the two days before the publication of the results through the two days after. If that figure holds, it would be the stock market’s biggest adverse reaction to an earnings miss since the second quarter of 2011. 
    

    This week in earnings
    

    Among S&P 500 companies, 55 including one from the Dow, will report quarterly results during the week ahead. 
    

    EV startup Rivian Automotive Inc.
    
        RIVN,
    
        +0.68%
    
       reports amid concerns about EV demand. Following Ticketmaster parent Live Nation Entertainment Inc.’s
    
        LYV,
    
        +3.53%
    
       blowout quarterly results last week, results from Madison Square Garden Entertainment Corp.
    
        MSGE,
    
        +1.03%
    
       will shed more light on people’s appetites for live entertainment. Results from digital marketing platform Klaviyo Inc.
    
        KVYO,
    
        +3.86%
    
       and fast-casual chain Cava Group Inc.
    
        CAVA,
    
        +5.49%
    
       — both recent IPOS — will offer a deeper look at digital ad budgets and a competitive restaurant backdrop, respectively. 
    

    The New York Times Co.
    
        NYT,
    
        +0.91%
    
       also reports during the week. So do Planet Fitness Inc.
    
        PLNT,
    
        -0.09%    ,
    
       Gilead Sciences
    
        GILD,
    
        +0.44%    ,
    
       eBay Inc.
    
        EBAY,
    
        +3.98%
    
       and Take-Two Interactive Software
    
        TTWO,
    
        +1.03%    .
       
    

    The call to put on your calendar
    

    Cybersecurity drama: Cyberattacks are getting more severe, and customers are starting to feel their effects more acutely. Against that backdrop, casino and resort operator MGM Resorts International
    
        MGM,
    
        +5.27%
    
       will report quarterly results on Wednesday, in the wake of a cyberattack that took down some of its systems. MGM has said that attack, which the company disclosed in September, would cost them roughly $100 million. 
    

    The company said the fallout of that attack — which disrupted hotel bookings and put hotels on manual operations, resulting in long lines — was largely contained to September. But the SEC last week accused software company SolarWinds Corp.
    
        SWI,
    
        +1.74%
    
       of failing to disclose its purported cybersecurity vulnerabilities, potentially leaving other companies wondering whether they’re vulnerable to similar legal action. 
    

    The numbers to watch
    

    The gig economy and delivery demand: Rival ride-hailing platforms Uber Technologies Inc. and Lyft Inc. report results on Tuesday and Wednesday, respectively. Maplebear Inc.
    
        CART,
    
        +0.94%    ,
    
       better known as the grocery-delivery platform Instacart, also reports on Wednesday. 
    

    Analysts have been kinder to Uber
    
        UBER,
    
        +2.73%    ,
    
       the larger of the two ride-hailing companies. But Lyft has tried to cut its prices and roll out new services, including one that tries to match women and non-binary riders and drivers. The financials from all three companies will land after strong results from food-delivery platform DoorDash Inc.
    
        DASH,
    
        +5.35%    ,
    
       which has expanded its services into retail an effort to compete with Instacart and other delivery providers. And they’ll fill in the picture of rider demand following the back-to-school season and a bigger push to get workers back into offices.
    

    Beyond ride-sharing, results from Uber and Instacart will narrow the lens on delivery demand, as some analysts question whether higher prices for basics and the return of student-loan payments might make food delivery more dispensable. Analysts also seem likely to zero on in those companies’ high-margin digital-ad businesses, as more e-commerce platforms try to turn their apps and websites into online billboard space.   
    

    

    

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    Chevron Is a Buy. It’s Been Punished Enough.
    
			
    Chevron Is a Buy. It’s Been Punished Enough.
    
			
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    In less than a year, Chevron has gone from being Wall Street’s favorite Big Energy company to a show-me story. Investors who buy the stock now should end up liking what they see.
    

    Chevron stock (ticker: CVX) has fallen 17% in 2023, making it the worst performer by far among the half-dozen global super majors this year. Exxon Mobil (XOM), by comparison, is down just 2% this year, and the Energy Select Sector SPDR exchange-traded fund (XLE) is about flat.
    

    

    

    

    

    Advertisement – Scroll to Continue
    

    

    

    

    Most of the drop has come during the past few weeks after a disappointing earnings report that included news of a surprise delay in the development of a key oil field in Kazakhstan, while Chevron’s $60 billion deal to buy Hess (HES), an independent energy producer, not only failed to excite investors but was seen as a sign of weakness by some.
    

    

    

    

    

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    Here’s why you might not have to pay a 6% commission next time you sell a home
    
			
    Here’s why you might not have to pay a 6% commission next time you sell a home
    
			
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    Going back decades, if you wanted to buy or sell a stock on the open market, you had to pay a 2% commission to buy and a 2% commission to sell. Then the advent of discount brokerage, led by Charles Schwab Corp.
    
        SCHW,
    
        +1.64%    ,
    
       made lower commissions available until eventually, with improved technology and efficiency, the entire industry changed to enable the average investor to avoid commissions completely.
    

    

    But the internet hasn’t done much to reduce the cost of selling a home in the U.S. Sellers typically pay a 6% commission to a real-estate agent to list and sell a home, with the seller’s agent splitting that commission with the buyer’s agent. But all of that may change because of a verdict this week in a class-action lawsuit in federal court against the National Association of Realtors. 
    

    Aarthi Swaminathan covers the case, what may happen next and the implications for home sellers and buyers:
    

    Real-estate advice from the Moneyist
    

    

              
    

    

    
          
    
            MarketWatch illustration
    
          
    
  
    

    

    Quentin Fottrell — the Moneyist — works with three readers to answer tricky real-estate questions:
    

    Economic outlook
    

    On Wednesday, Federal Reserve Chair Jerome Powell may have bolstered the case that the central bank is finished raising interest rates for this economic cycle. The federal-funds rate was left in its target range of 5.25% to 5.50%.
    

    Jon Gray, the president of Blackstone Group, spoke with MarketWatch Editor in Chief Mark DeCambre and said he expected the Fed to succeed in bringing down inflation without pushing the U.S. economy into a deep recession.
    

    Friday employment numbers: Jobs report shows 150,000 new jobs in October as U.S. labor market cools
    

    Bond-market trend switches again
    

    

              
    

    

    
        
      
    

    The U.S. Treasury yield curve has been inverted for nearly a year.
    

          
    
            FactSet
    
          
    
  
    

    

    Normally, longer-term bonds have higher yields than those with short maturities. But the yield curve has been inverted for nearly a year, with 3-month U.S. Treasury bills
    
        BX:TMUBMUSD03M
    
       having higher yields than 10-year Treasury notes
    
        BX:TMUBMUSD10Y.
      
    

    There has been elevated demand for long-term bonds, as investors have anticipated a recession and a reversal in Federal Reserve interest-rate policy. When interest rates decline, bond prices rise and vice versa.
    

    As you can see on the chart above, the yield curve was narrowing until mid-October. Yields on 10-year Treasury notes were close to 5% on Oct. 19, but they have been falling the past several days as the three-month yield has remained close to 5.5%.
    

    In this week’s ETF Wrap, Christine Idzelis reports on where all the money is flowing in the bond market.
    

    In the Bond Report, Vivien Lou Chen summarizes the action as investors react to the Federal Reserve’s decision not to change its federal-funds-rate target range this week and to other economic news.
    

    For income-seekers looking to avoid income taxes, here’s a deep dive into municipal bonds, with taxable-equivalent yields and a deeper look at those within four high-tax states.
    

    Ford’s good news — in the bond market 
    

    

              
    

    

    
        
      
    

    Ford Motor Co.’s debt rating has been lifted by S&P to investment-grade.
    

          
    
            Getty Images
    
          
    
  
    

    

    Ford Motor Co.’s
    
        F,
    
        +4.14%
    
       credit rating was upgraded to an investment-grade rating by Standard & Poor’s on Monday. This takes about $67 billion in bonds out of the high-yield, or “junk,” market, as Ciara Linnane reports.
    

    A stock-market warning based on history
    

    

              
    

    

    
        
      
    

    The original Magnificent Seven.
    

          
    
            Courtesy Everett Collection
    
          
    
  
    

    

    By now you have probably heard the term “Magnificent Seven” used to describe stocks of the tremendous tech-oriented companies that have led this year’s rally for the S&P 500
    
        SPX
    
      : Apple Inc.
    
        AAPL,
    
        -0.52%    ,
    
       Microsoft Corp.
    
        MSFT,
    
        +1.29%    ,
    
       Amazon.com Inc.
    
        AMZN,
    
        +0.38%    ,
    
       Nvidia Corp.
    
        NVDA,
    
        +3.45%    ,
    
       Alphabet Inc.
    
        GOOGL,
    
        +1.26%
    

            GOOG,
    
        +1.39%    ,
    
       Meta Platforms Inc.
    
        META,
    
        +1.20%
    
       and Tesla Inc.
    
        TSLA,
    
        +0.66%    .
    
       With Tesla’s recent decline, that company is now the ninth-largest holding in the portfolio of the SPDR S&P 500 ETF Trust
    
        SPY,
    
       which tracks the benchmark index. Here are the top 10 companies held by SPY (11 stocks, including two common-share classes for Alphabet), with total returns through Thursday:
    

    

    

      Company
    
    		

      Ticker
    
    		

      % of SPY portfolio
    
    		

      2023 total return
    
    		

      2022 total return
    
    		

      Total return since end of 2021
    
    		

    

    

      Apple Inc.
    
    		

        AAPL,
    
        -0.52%    
          		

      7.2%
    
    		

      37%
    
    		

      -26%
    
    		

      1%
    
    		

    

    

      Microsoft Corp.
    
    		

        MSFT,
    
        +1.29%    
          		

      7.1%
    
    		

      46%
    
    		

      -28%
    
    		

      5%
    
    		

    

    

      Amazon.com Inc.
    
    		

        AMZN,
    
        +0.38%    
          		

      3.5%
    
    		

      64%
    
    		

      -50%
    
    		

      -17%
    
    		

    

    

      Nvidia Corp.
    
    		

        NVDA,
    
        +3.45%    
          		

      3.0%
    
    		

      198%
    
    		

      -50%
    
    		

      48%
    
    		

    

    

      Alphabet Inc. Class A
    
    		

        GOOGL,
    
        +1.26%    
          		

      2.1%
    
    		

      44%
    
    		

      -39%
    
    		

      -12%
    
    		

    

    

      Meta Platforms Inc. Class A
    
    		

        META,
    
        +1.20%    
          		

      1.9%
    
    		

      158%
    
    		

      -64%
    
    		

      -8%
    
    		

    

    

      Alphabet Inc. Class C
    
    		

        GOOG,
    
        +1.39%    
          		

      1.8%
    
    		

      45%
    
    		

      -39%
    
    		

      -11%
    
    		

    

    

      Berkshire Hathaway Inc. Class B
    
    		

        BRK.B,
    
        +0.80%    
          		

      1.8%
    
    		

      13%
    
    		

      3%
    
    		

      17%
    
    		

    

    

      Tesla Inc.
    
    		

        TSLA,
    
        +0.66%    
          		

      1.7%
    
    		

      77%
    
    		

      -65%
    
    		

      -38%
    
    		

    

    

      UnitedHealth Group Inc.
    
    		

        UNH,
    
        -0.98%    
          		

      1.4%
    
    		

      2%
    
    		

      7%
    
    		

      9%
    
    		

    

    

      Eli Lilly and Company
    
    		

        LLY,
    
        -2.15%    
          		

      1.3%
    
    		

      60%
    
    		

      34%
    
    		

      115%
    
    		

    

    

      Sources: FactSet, State Street (for SPY holdings)
    
    		

    

    

    Five of these stocks (including the two Alphabet share classes) are still down from the end of 2021. SPY itself has returned 14% this year, following an 18% decline in 2022. It is still down 7% from the end of 2021.
    

    Mark Hulbert makes the case that a decade from now, the Magnificent Seven are unlikely to be among the largest companies in the stock market.
    

    More from Hulbert: These dividend stocks and ETFs have healthy yields that can lift your portfolio
    

    A different market opportunity: India is seeing a multidecade growth surge. Here’s how you can invest in it.
    

    The MarketWatch 50
    

    

              
    

    

    
        
      
    
          
    
            MarketWatch
    
          
    
  
    

    

    The MarketWatch 50 series is back, with articles and video interviews starting this week, including:
    

    PayPal soars after earnings report
    

    

              
    

    

    
        
      
    

    PayPal CEO Alex Chriss.
    

          
    
            MarketWatch/PayPal
    
          
    
  
    

    

    After the market close on Wednesday, PayPal Holdings Inc.
    
        PYPL,
    
        +1.89%
    
       announced quarterly results that came in ahead of analysts’ expectations, and the stock soared 7% on Thursday even though the company lowered its target for improving its operating margin.
    

    In the Ratings Game column, Emily Bary reports on the positive reaction to PayPal’s new CEO, Alex Chriss.
    

    A less enthusiastic earnings reaction: EV-products maker BorgWarner’s stock suffers biggest drop in 15 years after downbeat sales outlook
    

    Consumers drive mixed reactions to earnings results
    

    

              
    

    

    
        
      
    

    Apple Inc. reported mixed quarterly results.
    

          
    
            Mario Tama/Getty Images
    
          
    
  
    

    

    Here’s more of the latest corporate financial results and reactions. First the good news:
    

    And now the news that may not be so good:
    

    Harsh verdict for SBF
    

    

              
    

    

    
        
      
    

    FTX founder Sam Bankman-Fried.
    

          
    
            AP
    
          
    
  
    

    

    It might seem that some legal battles never end, but it took only a year from the collapse of FTX for the cryptocurrency exchange’s founder, Sam Bankman-Fried, to be convicted on all seven federal fraud and money-laundering charges brought against him. The charges were connected to the disappearance of $8 billion from FTX customer accounts. 
    

    Here’s more reaction and coverage of the virtual-currency industry:
    

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