ReportWire

Tag: Motor Vehicles

  • Police/Fire

    Police/Fire

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    In news taken from the logs of Cape Ann’s police and fire departments:

    GLOUCESTER

    Friday, Feb. 23

    9:11 p.m.: A Poplar Street resident reported a male called her with specific personal information, demanded money be sent via Cash App and threatened to show up and ambush the house. The caller believed it may be a friend playing a prank but was unsure. The caller was advised to lock her doors and call 911 if anyone shows up and to call back with any further information.

    8:57 p.m.: Police planned to file a complaint against a 23-year-old Gloucester resident with two counts of assault and battery and threatening to commit a crime and breaking and entering with intent to commit a felony. This after dispatch reported an assault involving a man making threats of having a knife running away. Police spoke to a resident who said a man broke into the apartment. Another man said the person came in through the screen door and began to punch him. The attacker reportedly hit a woman sitting next to him on the couch. The person who was attacked said the man stated he was going to stab him. The victim was able to use his foot to create distance before the man fled. Those in the apartment said they did not need medical attention. The attacker was said to be wearing a red hooded sweatshirt, a blue mask, black pants and black shoes. Police searched for the man, who was known to those who were attacked, but were unable to find him.

    4:18 p.m.: A Prospect Street resident told police he had returned to his apartment after 10 days away and saw blankets on his bed that did not belong to him, a package of Gambler cigarette filter tubes and bag labeled “APP Sampler” containing miscellaneous electronics that can be checked out of the library, the report said. The resident said his doors were locked when he left and when he returned. He said a Dell Laptop, a 10-inch Samsung tablet and a can of powdered Gatorade were stolen. Neighbors described two men who were seen in the building who might have broken into the apartment. Police planned to view surveillance footage to see if someone had entered the apartment during the resident’s absence. Police were not able to speak with the two men because they were believed to be homeless. A copy of the report was forwarded to detectives for follow up.

    3:02 p.m.: A disturbance was reported on Burhan Street.

    1:42 p.m.: Debris in the roadway was reported on Staten and Perkins streets.

    11:11 a.m.: Police took a report of a larceny at Sheedy Park on Pleasant Street.

    10:46 a.m.: Peace was restored after a report of stolen property on Pearl Street. A resident of the housing complex said that on Feb. 22 she was supposed to have a package with a knife set costing $89.99 and a blanket costing $49 delivered via FedEx, which told her the package had been delivered to the foyer. Police told her to contact the company from which she ordered the goods and submit a claim through FedEx.

    10:05 a.m.: Officers responded to a report of an assault at the Subway restaurant on Railroad Avenue.

    8 a.m.: Police responded to a parking complaint at City Hall on Dale Avenue.

    3:32 a.m.: Police could not locate suspicious activity reported on Pleasant Street.

    ROCKPORT

    Friday, March 1

    3:48 a.m.: Mini beat conducted on Main Street.

    Building and area checks conducted throughout town throughout the morning.

    Thursday, Feb. 29

    Traffic stops were made on Mount Pleasant Street at 6:18 a.m., Granite Street at 9:58 a.m.. and Thatcher Road at 6:48 and 11:09 a.m. and 7:48 p.m.. Officers issued three written warnings and two verbal warnings.

    5:52 p.m.: A person on Alpine Court was spoken to about a report received by police.

    Medical emergencies: Individuals were taken to a hospital by ambulance from Jerden’s Lane at 11:41 a.m., Parker Street at 12:57 p.m., and Pigeon Hill Street at 5:33 p.m.

    Assistance was given to other agencies by police on Main Street at 3:12 and 4:25 p.m.

    Wellness checks: Calls were made by police to residents all over town at 9:47 a.m. and an officer visited Granite Street at 2:04 p.m.

    Mini beats: Officers walked Main Street at 3:11 and 3:49 a.m.; Broadway at 7:02 a.m.; South Street and Jerden’s Lane at 7:11 a.m.; Curtis Street at 9:50 a.m.; Jerden’s Lane at 7:11, 8:51 and 11:14 a.m.; and Railroad Avenue and Main Street at 11:30 a.m.

    Public Works notified of bad road conditions all over town at 12:08 and 2:36 a.m.

    Wednesday, Feb.28

    Mini beats were conducted on Main Street at 6:33 a.m., Jerden’s Lane at 7:10 and 8:41 a.m., Broadway at 6:21 p.m., Main Street and Railroad Avenue at 6:58 and 9:10 p.m., and Railroad Avenue at 11:10 p.m.

    Traffic stops were conducted on School Street at 6:25 a.m., Thatcher Road at 6:56 a.m., T Wharf at 6:01 p.m., Broadway at 7:11 p.m., and Thatcher Road at South Street at 9:33 p.m. Officers issued verbal warnings to the five drivers.

    7:03 p.m.: A person was taken to a hospital by ambulance from King Street.

    Assistance was given to individuals on Greystone Lane at 8:10 a.m. and Main Street at 3:09 p.m.

    1:51 p.m.: A party on Sandy Bay Terrace was spoken to about noise after a complaint was lodged.

    10:24 a.m.: Police wellness check calls were to made to residents all over town.

    9:34 a.m.: A driver was given a verbal warning for operating a vehicle erratically on Main Street.

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  • Police/Fire

    Police/Fire

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    In news taken from the logs of Cape Ann’s police and fire departments:

    ROCKPORT

    Tuesday, Feb. 27

    11:32 p.m.: A medical emergency ambulance transport was refused at a Marmion Way address.

    Citizens were assisted on Story Street at 12:43 p.m. and at the intersection of Granite Street and Breakwater Avenue at 9:52 p.m.

    5:48 p.m.: Lost and found property was reported at a Main Street address.

    Traffic stops were conducted on Thatcher Road at 7:11 a.m., Broadway at 9:50 a.m., Mt. Pleasant Street at 6:41 and 10:43 a.m., Cleaves Street at 11:15 a.m., Granite Street at 1:17 p.m. and Dock Square at 1:45 p.m. Officers issued four verbal warnings, two written warnings and a civil infraction.

    12:03 a.m.: After a medical alarm was reported, services were rendered at a Millbrook Park address.

    Monday, Feb. 26

    Medical emergencies: Individuals were taken by ambulance to a hospital from Main Street at 6:27 p.m. and Lattof Farm Circle at 9:05 p.m.

    4:50 p.m.: A report was made about alleged larceny/forgery/fraud at a Smith Road address.

    Traffic stops were conducted on Broadway at 6:25 a.m., Mt. Pleasant St. at 2:05 p.m., and Thatcher Road at 2:27 p.m. Officers issued a verbal warning and two written warnings, respectively.

    10:08 a.m.: A police wellness check was conducted at a Main Street address.

    10:01 a.m.: An individual was assisted on Phillips Avenue.

    9:27 a.m.: The Fire Department was dispatched to a Granite Street address for a chimney fire. The fire was extinguished within minutes after firefighters arrived on the scene.

    6:52 a.m.: After a motor vehicle stop on Broadway, a verbal warning was issued.

    Sunday, Feb. 25

    5:45 p.m.: A report was made about lost and found property at a Granite Street address.

    2:10 p.m.: After a report of an odor at a Thatcher Road address, the Fire Department was dispatched.

    8:43 a.m.: A fire alarm was reported at a Marmion Way address. It later was determined to be a false alarm.

    7:12 a.m.: After an alarm was reported, the Fire Department provided assistance at a Main Street address.

    ESSEX

    Tuesday, Feb. 27

    Animal complaints were lodged on Apple Street at 11:26 a.m. and Haskell Court at 4:52 p.m.

    Monday, Feb. 26

    11:58 p.m.: A noise complaint was made at a Grove Street address.

    11:33 p.m.: A welfare check was conducted at Belcher Street address.

    8:04 p.m.: A utility request was made at an Essex Reach Road address.

    Citizens were assisted on John Wise Avenue at 11:38 a.m. and 3:41, 4:35 and 4:46 p.m.

    2:49 p.m.: Police conducted a community policing call at a Story Street address.

    12:38 p.m.: A police investigation was conducted at a John Wise Avenue address.

    12:17 p.m.: A traffic hazard was reported on John Wise Avenue.

    Sunday, Feb. 25

    9:46 p.m.: A medical ambulance transport was conducted at a Lebaron Road address.

    4:20 p.m.: A person was reported missing from a Lufkin Street address.

    3:20 p.m.: A report of a fire at a Southern Avenue address later proved to be a false alarm.

    2:44 p.m.: Erratic operation of a motor vehicle on John Wise Avenue was reported.

    12:47 p.m.: Suspicious activity was reported on John Wise Avenue.

    MANCHESTER

    Tuesday, Feb. 27

    11:13 p.m.: A welfare check was conducted at an Old Essex Road address.

    6:51 p.m.: The Fire Department was dispatched to a Proctor Street address.

    2:50 p.m.: A disabled motor vehicle was reported at the intersection of Route 128 and School Street.

    1:51 p.m.: A traffic hazard was reported near the intersection of Route 128 and School Street.

    Monday, Feb. 26

    9:38 p.m.: Suspicious activity was reported on Filias Circle.

    Complaints were lodged about animals on Alpine Road at 2:23 p.m., Raymond Street at 5:03 p.m., Beach Street at 6:13 p.m. and at White Beach at 6:25 p.m.

    Lost and found property reported on Central Street at 5:24 and 5:45 p.m.

    Verbal warnings were given to drivers during traffic stops at the intersection of School and Vine Streets at 11:21 a.m., at the intersection of Lincoln and Vine Streets at 11:35 a.m., on Summer Street at 12:32 p.m. and on Beach Street at 5:13 p.m.

    12:44 a.m.: A welfare check was made at a Summer Street address.

    Sunday, Feb. 25

    8:16 p.m.: Officers participated in a community policing event.

    12:44 p.m.: Police provided assistant to a citizen on Summer Street.

    Friday, Feb. 23

    3:10 p.m.: A complaint was made about an animal on Beach Street.

    10:26 a.m.: Police assisted a citizen on Central Street.

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  • City councilor calls library cost estimate ‘almost dishonest’

    City councilor calls library cost estimate ‘almost dishonest’

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    BEVERLY — A city councilor accused Mayor Mike Cahill’s administration of being “almost dishonest” about the cost of a proposed library project that has ballooned to $18 million.

    In a public hearing at City Hall on Monday night, Ward 1 Councilor Todd Rotondo criticized city officials for telling city councilors two years ago that the project would cost $3.75 million. Cahill is now asking the council to approve the project at a cost of $18 million.

    “It wasn’t with malicious intent but it really was almost dishonest,” Rotondo said of the original $3.75 million estimate. “We weren’t presented a whole picture of the project originally.”

    The comment prompted a heated exchange with Mike Collins, the city’s director of public services and engineering.

    “I’m curious, were you insinuating that we were lying to you?” Collins asked Rotondo. “That’s the way I heard it.”

    “I don’t think I said that,” Rotondo responded. “What I said was, well, OK yes, I would say that then.”

    Rotondo said everyone he’s spoken with about the project assumed that the $3.75 million was a high price, but was the full scope of the project.

    “So it almost is a little distrustful, yes,” he said to Collins. “So I’m sorry if that’s the way you feel, but yes it’s not a full truth.”

    “It’s not how I feel, it’s how you feel, so I just wanted to clarify that,” Collins said.

    The City Council did not take a vote on the project Monday night, instead continuing the public hearing until its next meeting on March 18.

    The project calls for installing a new geothermal heating and cooling system at the Beverly Public Library on Essex Street as well as other improvements to the building. City officials say the HVAC system is failing and the building lacks humidity control, an important feature in the storage of historic records.

    The City Council approved an initial $2 million for the project in June 2022 based on an estimated cost of $3.75 million. But when the project came back before the council in January, councilors were told the cost was now $18 million.

    Rotondo asked Collins why the original estimate did not include such costs as accessibility upgrades and other “soft costs.” Collins said that estimate was “just a relative cost comparison of different options” and “wasn’t a fully developed project.”

    “What we were asking for was money to pursue developing the selected option out to its fullest extent so that we could then come back to the council with a fully developed project and request funding,” Collins said.

    Members of the project team hired by the city spent nearly two hours presenting details of the project. Bryant Ayles, the city’s finance director, said the city can afford to borrow money for the library as well as for two other upcoming renovation projects, to City Hall and the McPherson Youth Center.

    The library project is in line to receive about $7.8 million in grants, incentives and credits under various energy programs, significantly reducing the cost for the city, officials said. They said the proposed geothermal system, which involves installing a “geothermal well field” under the library parking lot, will reduce the city’s greenhouse gas footprint.

    “It will give us the best overall project and the lowest total operating costs and the lowest cost of ownership over the life of the project,” Collins said. “I still stand by that.”

    If the City Council approves the project, construction would start in August and the library would be closed for six to eight months during construction, according to the project team’s presentation.

    Beatrice Heinze, a Conant Street resident who spoke as part of the public hearing, said she thinks geothermal systems are “wonderful.” But she questioned the cost of the project, noting that as a taxpayer she is also paying for the credits and incentives that the city would receive.

    “I take $18 million out of this pocket to Beverly. Then I take $8 million out of this pocket to the feds to give back to Beverly. Then I pay a big added-on to my National Grid bill to give a carbon credit back to Beverly,” Heinze said.

    Ward 5 Councilor Kathleen Feldman said she believes the geothermal system “still makes the most sense long-term for our city.” “But the sticker shock was a lot for all of us to handle,” she said.

    Staff Writer Paul Leighton can be reached at 978-338-2535, by email at pleighton@salemnews.com, or on Twitter at @heardinbeverly.

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    By Paul Leighton | Staff Writer

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  • Driver pleads guilty after crash kills Andover woman

    Driver pleads guilty after crash kills Andover woman

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    ANDOVER — A Milford woman pleaded guilty Monday to negligent operation of a motor vehicle following an accident that killed a 78-year-old woman in 2022.

    Margaret Silvestri, 23, will serve 2½ years of probation, perform 100 hours of community service and lose her driver’s license for 2½ years, according to court documents.

    Francyne Fuller of Andover was struck at the intersection of Elm and Whittier streets on April, 27, 2022, about 4:20 p.m. She was rushed to Lawrence General Hospital with critical injuries and later pronounced dead.

    In Lawrence District Court on Monday, Erin Fuller King – Fuller’s daughter – described the important roles her mom played in her community and in her family. She said while the outcome did not bring “justice,” her mother would not have wanted Silvestri to go to jail.

    “And this is why we are standing here today, without a trial, without a jury, with nothing but a paltry slap on the wrist,” King said in a victim impact statement.

    “Not because I think this is what is fair or just, but because I think this is what my mother would have wanted,” the daughter said.

    Silvestri stopped after the accident and cooperated with law enforcement, according to police. She was 21 at the time.

    Silvestri was also found responsible for two civil violations, an equipment violation and an unsafe operation offense.

    The complaint against Silvestri was filed in December 2022. She originally faced a charge of motor vehicle homicide by negligent operator, according to court documents.

    In her statement, King described a traumatic series of events as friends and family members searched for Fuller after the accident, including her home, only to eventually learn of her death.

    “It was dark. Her new Toyota was still parked in her garage,” King said. “Her salad was on the counter, ready for dinner when she arrived home from her evening walk. No sign of my mother. My heart was exploding out of my chest as doubt and terror began to consume every cell of my body.”

    Silvestri will also be required to take a Brains at Risk class.

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    By Teddy Tauscher | ttauscher@eagletribune.com

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  • Surge in police warnings drives increase in traffic violations

    Surge in police warnings drives increase in traffic violations

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    Massachusetts drivers racked up nearly 40% more traffic violations last year than they did in 2020, driven in large part by a substantial increase in warnings issued by law enforcement, new data show.

    Altogether, motorists across the state received nearly 1.08 million violations in 2023, up from just fewer than 776,000 in 2020, according to figures presented Tuesday by the state board in charge of maintaining driving violation records.

    Merit Rating Board Director Sonja Singleton told fellow members of the group, which is part of the state Registry of Motor Vehicles, that more than six in 10 of the violations counted last year were, in fact, warnings. About one-quarter were civil violations, and the remainder were criminal violations.

    In addition to making up a majority of the violations counted, warnings also grew at a much faster rate than civil or criminal offenses, the data show.

    The MRB counted about 429,000 warnings in 2020 and 683,000 in 2023 — a nearly 60% increase. Civil violations increased about 14% over the same span, while criminal violations grew about 12 percent in that period.

    But state officials did not offer much explanation or insight into why warnings have grown so much more than other kinds of violations. Asked to detail any possible reasons behind the trends, a Department of Transportation official deferred comment to law enforcement.

    One potential factor behind the overall growth in violations is traffic. Far more drivers were on the road in 2023 than in 2020, when many businesses, schools and other facets of public life were closed for extended periods due to the COVID-19 pandemic. Higher volumes could translate into more violations.

    Another contributor to the increase — but not the cause of all of it — is a change in state law.

    The state in 2020 began implementing a new distracted driving ban that permits motorists to make only a single tap or swipe on a device to activate its hands-free mode while behind the wheel.

    That year, which was affected by the pandemic, police issued more than 29,600 citations for violations of the new distracted driving law, according to data Singleton presented Tuesday. The number of citations continued to increase in each subsequent year to more than 44,000 in 2021, 51,000 in 2022 and nearly 54,000 in 2023.

    “They’re really trying to do a lot of awareness around distracted driving, but we still continually see those numbers increase,” Singleton said during the board meeting.

    As is the case with all violations more broadly, the majority of distracted driving citations are recorded as warnings. About 40,000, or roughly 75%, of the distracted driving citations in 2023 consisted of warnings.

    While enforcement continues to ramp up, distracted driving did not crack the top three most commonly issued violations in 2023, according to Singleton’s presentation. That list was topped by speeding, with about 275,000 total violations; inspection sticker issues, with about 105,000 violations; and failure to stop or yield, with nearly 98,000 violations.

    A single citation can cover multiple violations.

    The state in recent years has also more fully embraced electronic citations over paper-only versions.

    In 2020, paper citations outnumbered their electronic counterparts 323,328 to 265,501, but the trend flipped in 2021 and the gap has continued to widen.

    Last year, more than three-quarters of the 808,000 total citations issued were electronic rather than paper. Singleton said the Massachusetts State Police are now fully operating with e-citations, as are 290 out of 351 municipal police departments.

    “We are still getting a lot of paper [citations], but you can see that the decrease — it’s exactly what we want to see,” Singleton said.

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    By Chris Lisinski | State House News Service

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  • Tesla settles California hazardous-waste lawsuit for $1.5 million

    Tesla settles California hazardous-waste lawsuit for $1.5 million

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    Tesla Inc. will pay $1.5 million to settle a lawsuit filed earlier this week by 25 California counties accusing the electric-vehicle maker of mishandling hazardous waste.

    San Francisco District Attorney Brooke Jenkins announced the settlement late Thursday.

    “While electric vehicles may benefit the environment, the manufacturing and servicing of these vehicles still generates many harmful waste streams,” Jenkins said in a statement. “Today’s settlement against Tesla, Inc. serves to provide a cleaner environment for citizens throughout the state by preventing the contamination of our precious natural resources when hazardous waste is mismanaged and unlawfully disposed.”

    The lawsuit, filed Tuesday, accused Tesla
    TSLA,
    +0.84%
    of improperly handling, transporting and disposing hazardous materials including oil, lead acid batteries, antifreeze and diesel fuel at as many as 101 sites across the state.

    As part of the settlement, Tesla was ordered to pay $1.3 million in civil penalties, and $200,000 to reimburse the cost of the investigation, which began in 2018. Tesla also must comply with an injunction for five years to properly dispose of its hazardous materials.

    Last month, Tesla reported earnings of $7.9 billion in the fourth quarter.

    Tesla, which dissolved its media relations team in 2020, did not respond to a request for comment.

    Tesla shares are down about 24% year to date, compared to a 3% gain by the S&P 500
    SPX.

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  • So Long, Apple and Tesla. We Built a Better Magnificent 7.

    So Long, Apple and Tesla. We Built a Better Magnificent 7.

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    By Nicholas Jasinski

    Jan 12, 2024, 1:00 am EST

    In this article

    AMZN

    AAPL

    MSFT

    NVDA

    SPX

    The Magnificent Seven had an extraordinary year in 2023—one that will be very difficult to repeat. And there will be a new Magnificent Seven in 2024.

    Continue reading this article with a Barron’s subscription.

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  • AMC extends losing streak to five days, hits another record low close

    AMC extends losing streak to five days, hits another record low close

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    AMC Entertainment Holdings Inc. extended its losing streak to five days Friday, with the stock ending the session down 2.5% to $5.15.

    AMC
    AMC,
    -2.45%
    shares are now on their longest losing streak since a seven-day slide that ended on Aug. 29, 2023. The movie-theater chain and onetime meme-stock darling ended Thursday’s session at a then-record-low close of $5.30. AMC was a top trending symbol on Stocktwits, a social platform for investors and traders, at Friday’s open.

    The stock’s previous record closing low had been $6.07, which was set on Dec. 21, 2023, according to Dow Jones Market Data, citing available information dating back to Dec. 18, 2013.

    Related: AMC hits another record-low close, extends losing streak to four days

    The decline in AMC’s share price is a far cry from its meme-stock heyday, when it hit an all-time closing high of $339.05 on June 2, 2021.

    In a regulatory filing Tuesday, AMC said that between Dec. 28 and Dec. 29, 2023, the company entered into a series of privately negotiated exchange agreements to issue nearly 3.26 million shares of Class A common stock in exchange for $22.5 million of its notes due in 2026.  The common stock issued had an implied value of $6.94 per share, according to AMC. “The company may engage in similar transactions in the future but is under no obligation to do so,” AMC said in the filing.

    The move is the latest in AMC’s attempts to tackle its debt burden, which reached more than $5 billion in 2022. That year, AMC launched its APE special dividend, and in 2023 it completed the conversion of the APEs into AMC common stock and a reverse 1-for-10 split of common stock. 

    Related: AMC CEO slams ‘prophets of doom,’ says company is ‘blazing new trails’ as it enters 2024

    In December, AMC also completed its latest at-the-market equity offering, raising approximately $350 million. AMC CEO Adam Aron has repeatedly warned that the company faces liquidity challenges. 

    AMC shares are down 84.8% in the last 12 months, compared with S&P 500 index’s
    SPX
    gain of 20.6%.

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  • These 20 stocks soared the most in 2023

    These 20 stocks soared the most in 2023

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    (Updated with Friday’s closing prices.)

    The 2023 rally for stocks in the U.S. accelerated as more investors bought the idea that the Federal Reserve succeeded in its effort to bring inflation to heel.

    The S&P 500
    SPX
    ended Friday with a 24.2% gain for 2023, following a 19.4% decline in 2022. (All price changes in this article exclude dividends). Among the 500 stocks, 65% were up for 2023. Below is a list of the year’s 20 best performers in the benchmark index.

    This article focuses on large-cap stocks. MarketWatch Editor in Chief Mark DeCambre took a broader look at all U.S. stocks of companies with market capitalizations of at least $1 billion, to list 10 with gains ranging from 412% to 1,924%.

    The Fed began raising short-term interest rates and pushing long-term rates higher in March 2022 by allowing its bond portfolio to run off. That explains the poor performance for stocks in 2022, as bonds and even bank accounts because more attractive to investors.

    The central bank hasn’t raised the federal-funds rate since moving it to the current target range of 5.25% to 5.50% in July, and its economic projections point to three rate cuts in 2024.

    Investors are anticipating the return to a low-rate environment by scooping up 10-year U.S. Treasury notes
    BX:TMUBMUSD10Y,
    whose yield ended the year at 3.88%, down from 4.84% on Oct. 27 — the day of the S&P 500’s low for the second half of 2023.

    Read: Treasury yields end mostly higher but little changed on year after wild 2023

    Before looking at the list of best-performing stocks of 2023, here’s a summary of how the 11 sectors of the S&P 500 performed, with the full index and three more broad indexes at the bottom:

    Sector or index

    		 2023 price change

    		 2022 price change

    		 Price change since end of 2021

    		 Forward P/E

    		 Forward P/E at end of 2022

    		 Forward P/E at end of 2023
    Information Technology

    		 56.4%

    		 -28.9%

    		 11.5%

    		 26.7

    		 20.0

    		 28.2
    Communication Services

    		 54.4%

    		 -40.4%

    		 -7.6%

    		 17.4

    		 14.3

    		 21.0
    Consumer Discretionary

    		 41.0%

    		 -37.6%

    		 -11.4%

    		 26.2

    		 21.7

    		 34.7
    Industrials

    		 16.0%

    		 -7.1%

    		 8.0%

    		 20.0

    		 18.7

    		 22.0
    Materials

    		 10.2%

    		 -14.1%

    		 -4.9%

    		 19.5

    		 15.8

    		 16.6
    Financials

    		 9.9%

    		 -12.4%

    		 -3.4%

    		 14.6

    		 13.0

    		 16.3
    Real Estate

    		 8.3%

    		 -28.4%

    		 -21.6%

    		 18.3

    		 16.9

    		 24.7
    Healthcare

    		 0.3%

    		 -3.6%

    		 -3.3%

    		 18.2

    		 17.7

    		 17.3
    Consumer Staples

    		 -2.2%

    		 -3.2%

    		 -5.4%

    		 19.3

    		 20.6

    		 21.4
    Energy

    		 -4.8%

    		 59.0%

    		 51.8%

    		 10.9

    		 9.8

    		 11.1
    Utilities

    		 -10.2%

    		 -1.4%

    		 -11.4%

    		 15.9

    		 18.7

    		 20.4
    S&P 500
    SPX     		24.2%

    		 -19.4%

    		 0.4%

    		 19.7

    		 16.8

    		 21.6
    Dow Jones Industrial Average
    DJIA     		13.7%

    		 -8.8%

    		 3.8%

    		 17.6

    		 16.6

    		 18.9
    Nasdaq Composite
    COMP     		43.4%

    		 -33.1%

    		 -3.5%

    		 26.9

    		 22.6

    		 32.0
    Nasdaq-100
    NDX     		53.8%

    		 -33.0%

    		 3.5%

    		 26.3

    		 20.9

    		 30.3
    Source: FactSet

    A look at 2023 price action really needs to encompass what took place in 2022 for context. The broad indexes haven’t moved much from their levels at the end of 2022 (again, excluding dividends). We have included current forward price-to-earnings ratios along with those at the end of 2021 and 2022. These valuations have declined a bit, which may provide some comfort for investors wondering how likely it is for stocks to continue to rally in 2024.

    Biggest price increases among the S&P 500

    Here are the 20 stocks in the S&P 500 whose prices rose the most in 2023:

    Company

    		 Ticker

    		 2023 price change

    		 2022 price change

    		 Price change since end of 2021

    		 Forward P/E

    		 Forward P/E at end of 2022

    		 Forward P/E at end of 2021
    Nvidia Corp.

    		 NVDA,
         		239%

    		 -50%

    		 68%

    		 24.9

    		 34.4

    		 58.0
    Meta Platforms Inc. Class A

    		 META,
    -1.22%         		194%

    		 -64%

    		 5%

    		 20.2

    		 14.7

    		 23.5
    Royal Caribbean Group

    		 RCL,
    -0.37%         		162%

    		 -36%

    		 68%

    		 14.3

    		 14.9

    		 232.4
    Builders FirstSource Inc.

    		 BLDR,
    -1.02%         		157%

    		 -24%

    		 95%

    		 14.2

    		 10.7

    		 13.3
    Uber Technologies Inc.

    		 UBER,
    -2.49%         		149%

    		 -41%

    		 47%

    		 56.9

    		 N/A

    		 N/A
    Carnival Corp.

    		 CCL,
    -0.70%         		130%

    		 -60%

    		 -8%

    		 18.7

    		 41.3

    		 N/A
    Advanced Micro Devices Inc.

    		 AMD,
    -0.91%         		128%

    		 -55%

    		 2%

    		 39.7

    		 17.7

    		 43.1
    PulteGroup Inc.

    		 PHM,
    -0.26%         		127%

    		 -20%

    		 81%

    		 9.1

    		 6.3

    		 6.2
    Palo Alto Networks Inc.

    		 PANW,
    -0.24%         		111%

    		 -25%

    		 59%

    		 50.2

    		 38.0

    		 70.1
    Tesla Inc.

    		 TSLA,
    -1.86%         		102%

    		 -65%

    		 -29%

    		 66.2

    		 22.3

    		 120.3
    Broadcom Inc.

    		 AVGO,
    -0.55%         		100%

    		 -16%

    		 68%

    		 23.2

    		 13.6

    		 19.8
    Salesforce Inc.

    		 CRM,
    -0.92%         		98%

    		 -48%

    		 4%

    		 28.0

    		 23.8

    		 53.5
    Fair Isaac Corp.

    		 FICO,
    -0.46%         		94%

    		 38%

    		 168%

    		 47.1

    		 29.3

    		 28.7
    Arista Networks Inc.

    		 ANET,
    -0.62%         		94%

    		 -16%

    		 64%

    		 32.7

    		 22.3

    		 41.4
    Intel Corp.

    		 INTC,
    -0.28%         		90%

    		 -49%

    		 -2%

    		 26.6

    		 14.6

    		 13.9
    Jabil Inc.

    		 JBL,
    -0.45%         		87%

    		 -3%

    		 81%

    		 13.5

    		 7.9

    		 10.3
    Lam Research Corp.

    		 LRCX,
    -0.81%         		86%

    		 -42%

    		 9%

    		 25.2

    		 13.5

    		 20.2
    ServiceNow Inc.

    		 NOW,
    +0.57%         		82%

    		 -40%

    		 9%

    		 56.0

    		 42.6

    		 90.1
    Amazon.com Inc.

    		 AMZN,
    -0.94%         		81%

    		 -50%

    		 -9%

    		 42.0

    		 46.7

    		 64.9
    Monolithic Power Systems Inc.

    		 MPWR,
    -0.23%         		78%

    		 -28%

    		 28%

    		 49.1

    		 27.3

    		 57.9
    Source: FactSet

    Click on the tickers for more about each company.

    Click here for Tomi Kilgore’s detailed guide to the wealth of information available for free on the MarketWatch quote page.

    Don’t miss: Nvidia tops list of Wall Street’s 20 favorite stocks for 2024

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  • Tesla Stock Today: A Bad Day, A Very Good Year

    Tesla Stock Today: A Bad Day, A Very Good Year

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    Tesla stock has had a great year—but a lousy five months and change as it limps into the end of the year.

    Continue reading this article with a Barron’s subscription.

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  • Lawmakers may revisit issue of drivers smelling of marijuana | Police Fire Court – Medical Marijuana Program Connection

    Lawmakers may revisit issue of drivers smelling of marijuana | Police Fire Court – Medical Marijuana Program Connection

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    When leaving a meeting at Prince George’s Community College on the night of Dec. 12, the Rev. Robert L. Screen and his wife were shocked when a car drove past them smelling so strongly of marijuana that they both noticed it even with their windows rolled up.

    The couple had just left the MD Route 210 Traffic Safety Committee, an organization that Screen founded, when the car drove past. Screen carefully put some distance between him and the other car, as it sped off down the road.


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    kAm%96 u:?6D 7@C $>@<:?8 😕 !F3=:4[ $E@AD[ 2?5 $62C496D =2H H2D 2AAC@G65…

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  • Nio stock jumps as Abu Dhabi investor to pour in $2.2 billion

    Nio stock jumps as Abu Dhabi investor to pour in $2.2 billion

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    Nio stock surged in premarket trade on Monday after the Chinese electric vehicle maker said it’s received a $2.2 billion investment from an Abu Dhabi investor.

    Terms call for CYVN to invest $2.2 billion for 294 million shares at $7.50 each. Nio stock closed Friday at $7.98.

    Nio’s U.S.-listed shares
    NIO,
    +1.53%
    jumped 8% to $8.64 in premarket trade.

    CYVN in July previously invested $738.5 million in Nio, as well as bought $350 million of shares in Nio from Tencent
    700,
    -0.89%    .
    The new deal at closing will give the Abu Dhabi group a 20% stake in the EV maker that focuses on the high-end of the market, and will give it the right to nominate two directors.

    “With the enhanced balance sheet, Nio is well prepared to sharpen brand positioning, bolster sales and service capabilities, and make long-term investment in core technologies to navigate the intensifying competitive landscape, while continually improving execution efficiency and system capabilities,” said William Li, founder, chairman and chief executive officer of Nio, in a statement.

    Nio has been cutting jobs and reducing projects that aren’t making financial contributions, as it fends off a price war from rivals including Tesla
    TSLA,
    +0.98%    .

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  • This is what we can expect to see from meme stocks in 2024

    This is what we can expect to see from meme stocks in 2024

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    It may be a couple of years since the meme-stock feeding frenzy hit its heights, but we’re still seeing occasional bursts of meme-like activity in number of stocks.

    No discussion of meme stocks would be complete without OG AMC Entertainment Holdings Inc.
    AMC,
    -0.89%    .
    But while the movie theater chain and original meme stock darling still grabs plenty of attention, it no longer fits the bill of a meme stock, according to Alicia Reese, VP of equity research at Wedbush. “AMC has seemingly lost its meme status, its share price having come crashing back down to earth over the past several months, particularly since its APE fold-in and reverse stock split,” she said. “AMC is now trading at a more normalized valuation, even if still at the high-end of its pre-meme historic range.”

    AMC’s shares ended Friday’s session at $6.65, a far cry from their high of $393.63 on June 2, 2021, during the meme-stock frenzy.

    Related: AMC’s stock falls more than 5% after company completes $350 million equity offering

    “AMC’s premium valuation here is driven in part by a sub-section of the shareholders it gained during its meme stage, who have remained loyal to the company and have long claimed to be AMC shareholders for life,” Reese added. “AMC shed all the rest of its meme-era shareholders and are now left with the lifers, along with some institutional shareholders now that valuation has come back to a more normalized range.”

    The analyst thinks that in 2024, AMC will continue to issue pre-authorized shares to pay down its high-debt balance, as evidenced by the $350 million equity offering completed this week. “The company is focused on right-sizing the balance sheet, while attempting to maintain strong relations with the AMC lifers still propping up the stock,” said Reese.

    Fellow original meme stock GameStop has also been in the news recently, with the company’s board of directors approving a new investment policy, which lets the company invest in equity securities, among other investments. The board also gave Chairman and Chief Executive Ryan Cohen the authority to manage the investment portfolio. The new policy was dubbed “alarming” and “inane” by Wedbush Managing Director Michael Pachter.

    “If he can invest in anything – farmland, chicken feed, cryptocurrency – that’s not in the best interests of the shareholders,” he told MarketWatch. “Heaven knows what he will do.”

    Related: GameStop’s plan to buy stocks with company cash ‘alarming’ and ‘inane,’ analyst says

    As for GameStop, the analyst describes the videogame retailer as a declining business, pointing to the company’s third-quarter revenue of $1.078 billion, which was down from $1.186 billion in the prior year’s quarter. “They are shrinking, period, and they can’t save their way to prosperity,” he added.

    The company’s new investment policy could also fuel more meme-style activity, according to Pachter, who says that Cohen’s moves will be closely watched. “He will invest in something and it will possibly become the next meme stock,” the analyst told MarketWatch. 

    Pachter pointed to Cohen’s decision in 2022 to unload his huge stake in beleaguered home goods retailer and sometime meme stock Bed Bath & Beyond Inc. just months after buying it. In August of that year Cohen sold his entire stake in Bed Bath & Beyond five months after accruing the stake in an activist campaign, amassing a profit of more than $58 million.

    Stocktwits, a social platform for investors and traders, told MarketWatch that it has seen a dedicated core audience of retail investors stick with the likes of AMC and GameStop. “Message volume and sentiment have remained elevated on the platform throughout the year, with their audiences growing temporarily around earnings or other events that create volatility,” Tom Bruni, senior writer at Stocktwits, told MarketWatch.

    Related: Small-cap Chinese stocks spark meme-like buzz

    Retail traders are still on the lookout for high-volatility situations, according to Bruni, who cited the example of Vietnamese electric vehicle stock VinFast Auto Ltd.
    VFS,
    +13.54%    ,
    which had a “crazy month” in August before crashing back down. “However, we would note that there have been fewer instances of these types of meme stocks occurring this year, and their lifespan tended to be pretty short,” he added.

    “For stocks with the ‘meme’ potential in 2024, look to beaten-down areas of the market that already have strong retail investor communities around them,” Bruni told MarketWatch. “Several that stick out are electric vehicle stocks (specifically startups), solar stocks, or anything China-related. Traders will likely be looking for stocks at the intersection of these themes, like Lucid Group ($LCID), as potential ‘powder kegs’ for volatility in 2024.”

    Shares of Lucid Group Inc.
    LCID,
    -7.20%
    are down 30.2% in 2023, compared with the S&P 500 index’s
    SPX
    gain of 22.9%.

    One thing is for sure – the social media dynamics that created the meme stock phenomenon are not going away. “Internet culture will continue to be more prevalent in markets as the world becomes more digitized and young people age into participation,” Tommy Tranfo, head of community at Stocktwits, told MarketWatch. “Crypto markets are an area where we expect to see a large concentration of this activity, particularly within the context of a crypto bull market, which will likely bring in a new wave of market participants who will skew toward the internet culture demo.”

    Related: This EV company has a bigger market cap than Ford or GM. But you may not have heard of it.

    “New crypto meme communities such as the $BONK (a dog-themed coin on the Solana blockchain) are already clear examples of this craze taking place,” he added.

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  • Tesla Is Cutting Prices Again, in a Different Way

    Tesla Is Cutting Prices Again, in a Different Way

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    It’s year-end and Tesla is in the midst of its final push to meet Wall Street expectations for a record quarter. It won’t be easy for the battery-electric vehicle leader to sell almost half a million cars amid higher interest rates and more EV competition. Instead of price cuts, Tesla is using a new tool to move metal: Incentives.

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  • Soros snaps up tech stocks in Q3, but dumps some of the biggest names

    Soros snaps up tech stocks in Q3, but dumps some of the biggest names

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    Soros Fund Management, the investment firm founded by billionaire George Soros, took new positions or bulked up on IPOs and a number of tech names during the third quarter.

    But it sold off small holdings of some of the largest — like Nvidia Corp. and Microsoft Corp. — as well as electric-vehicle maker Rivian Automotive.

    According to a filing on Tuesday, the firm during the third quarter bought up 325,000 shares of chip designer Arm Holdings
    ARM,
    +3.37%    ,
    which went public in September, for $17.4 million. It also bought smaller stakes in recent IPOs such as Maplebear Inc.
    CART,
    +1.25%    ,
    better known as grocery-delivery platform Instacart, and digital-marketing firm Klaviyo Inc.
    KVYO,
    +6.90%    .
    Those purchases were disclosed as investors remain cautious on new IPOs.

    Elsewhere, the fund took a new position, of around 41,000 shares, in Apple Inc.
    AAPL,
    +1.43%    .
    And it did so as well for Datadog Inc.
    DDOG,
    +4.58%    ,
    buying 62,000 shares during the quarter. It also bought up 574,962 shares of Splunk, and took fresh positions in Snowflake Inc.
    SNOW,
    +4.51%
    and Taiwan Semiconductor
    TSM,
    +2.58%    .

    Soros also packed on more to some of its other tech holdings. It added 125,000 shares to its stake in Uber Technologies Inc.
    UBER,
    +3.14%    ,
    boosting its position by 16.6% for a total of 878,955 shares. It also bought 42,000 more shares of another gig-economy player, DoorDash Inc.
    DASH,
    +4.37%    ,
    a 30.9% increase for 178,075 shares.

    While Soros boosted its stake in General Motors
    GM,
    +4.83%    ,
    it sold off its 4.2 million shares in Rivian
    RIVN,
    +4.39%    .
    The firm also sold off its positions — of roughly 10,000 shares apiece — in tech giants Microsoft
    MSFT,
    +0.98%
    and Nvidia
    NVDA,
    +2.13%    .

    Soros Fund Management also sold off its stake in Walt Disney Co.
    DIS,
    +1.82%    .

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  • Fisker’s stock tanks 10% after EV maker widens loss, revenue falls short

    Fisker’s stock tanks 10% after EV maker widens loss, revenue falls short

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    Fisker Inc. shares plunged around 10% in the after-hours session Monday after the electric-vehicle maker widened its quarterly loss and reported sales that missed the mark, underscoring the difficulties of turning a profit in the EV world.

    Fisker
    FSR,
    +7.03%
    lost $91 million, or 27 cents a share, in the third quarter, compared with a loss of $149.3 million, or 49 cents a share, in the year-ago period.

    Revenue rose to $71.8 million, from $14,000 a year ago and $825,000 in the second quarter.

    Analysts polled by FactSet expected Fisker to report a loss of 23 cents a share on sales of $143.1 million.

    Fisker kept its guidance for 2023 operating expenses and capital expenditures unchanged, between $565 million and $640 million, but removed language about gross margins.

    See also: Tesla’s Cybertruck contract restricts reselling vehicle within the first year

    In August, the company said it expected gross margins between 8% and 12% for the year, “provided input costs do not change dramatically.”

    The EV maker said the third quarter was its first quarter “with meaningful automotive sales revenue.”

    Fisker is often dubbed the “Apple of autos,” and is focused on design and consumer interfaces while contracting out the manufacturing of cars.

    The company said it produced 4,725 vehicles and sold 1,097 in the quarter. Deliveries “have accelerated as Fisker begins optimizing last-mile logistics and expanding its delivery infrastructure to achieve further scale effects in Q4 and beyond,” the company said in a statement.

    “Over 3,000 vehicles delivered globally to date and hundreds more en route to consumers,” the company said.

    On Monday, Fisker said it lowered its Fisker Ocean prices in the U.S. for the first time since it introduced the trim pricing in 2020 and 2021. Fisker also adjusted pricing in Europe and Canada, narrowing the gap between two trims.

    Don’t miss: Plug Power’s stock extends losses as investors seek ‘clarity’ about going-concern warning

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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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  • 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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  • A wall of debt rolling over: Here’s what’s scaring Bridgewater’s co-CIO

    A wall of debt rolling over: Here’s what’s scaring Bridgewater’s co-CIO

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    A weak session is setting up for Tuesday, with oil under pressure after unexpectedly downbeat China export data. So the preference is for bonds this morning, as stock futures tilt south.

    Onto our call of the day, which deals with another worry — a wall of government debt that will be with us for decades. It comes from Bridgewater’s highly regraded co-chief investment officer Bob Prince, who was speaking at the Global Financial Leaders’ Investment Summit on Tuesday, hosted by the Hong Kong Monetary Authority.

    Prince touches on asset liability mismatches, such as what was seen during the banking crisis earlier this year. He explains that one big factor behind a crisis is when a certain economic regime exists for an extended period of time and “people extrapolate that into the future on the basis of leverage and asset liability mismatches. Then you get a shift in that regime.”

    The events of March, which saw the collapse of SVB, Signature Bank and Silvergate, were a perfect example of that, Prince says. Then he turns to what he calls the “broader effects of a transition from 15 years of abundant free money,” that was first used to battle deleveraging pressures in the financial system in 2008 and then the pandemic.

    One long-term effect of that gets particular attention by Prince, who points out how U.S. government Treasury debt to GDP was about 70% in 2008, around where it had been for decades.

    “The after effects of offsetting deleveraging and pandemic, you’ve had a massive wealth shift from the public sector to the private sector and that’s left the government with debt to GDP up from 70% up to 120%. And the particular vulnerability of that is in the debt rollovers and the gross issuance that you’re going to see in the coming decades . You’re stuck with that debt until you pay it off and that means you have to roll it over like anybody else does,” said Prince.

    “Gross debt issuance will be running at 25% for as far as the eye can see, that means every year you’re issuing 25% of GDP in debt. In 1960, the average amount of debt issuance was 12% of GDP,” he said.

    Prince says most people really don’t pay attention to debt rollovers because they just assume those will get done, but notes that when countries have experienced balance of payments crisis in the past, mostly emerging markets, that is because they have been unable to roll over that debt.

    In the U.S. case, it’s crucial to look at who is holding the debt, particularly the 27% held by foreign investors and 18% by central banks. “Foreign investors would normally be a reliable source of investment but it does heighten sensitivity to geopolitical risk, and so geopolitical risk converges with debt rollovers and gross issuance of the Treasury is an issue that you need to pay attention to in the coming years.

    While not an “acute problem,” he says, it’s a lingering one, and when it comes to central banks it’s also unclear whether their holdings also present a “rollover risk.”

    Prince also touches on the fact that that all that “abundant free money” has fueled a private-equity boom, but with interest rates now at 8% instead of 2% or 3%, “the pace and transaction cycle is bound to slow,” and they are starting to see that.

    “When we talk to institutional investors around the world, many of them are experiencing liquidity issues right now and the liquidity issues result from the fact so much money was allocated to private assets and the transaction cycle is slowing,” he said.

    MarketWatch 50: Forget U.S. stocks for now. Invest here instead, says Bridgewater’s co–investment chief

    A team of analysts at Citigroup led by Nathan Sheets have also weighed in on government debt, telling clients in a new note that “it’s unwise for policy makers to experiment or test” where the threshold for too much debt lies. Here’s their chart showing the bleak trajectory:

    Dirk Willer, head of global asset allocation at Citigroup, said a debt crisis scenario in the U.S. would likely mean a selloff of risk assets globally. He notes that bonds in rival countries may not be the best bet as they don’t always benefit. And both gold and bitcoin underperformed during the U.K. gilt crisis, so those may be out.

    Also in attendance at the conference in Hong Kong, Deutsche Bank’s CEO is worried geopolitics could create another market event and Citadel’s Ken Griffin said investors should put money in China.

    Read: ‘Stock-market correction is over’ after broad surge amid ‘epic’ market rallies

    The markets

    Stock futures
    ES00,
    -0.02%

    NQ00,
    +0.31%
    are pointing to a weak to flat session ahead, while the 10-year Treasury yield
    BX:TMUBMUSD10Y
    eases back. U.S. crude
    CL.1,
    -2.20%
    is under $80 a barrel after worse-than-forecast China exports signaled more economic bumps in the global growth engine. The dollar
    DXY
    is up.

    The buzz

    Planet Fitness stock
    PLNT,
    -0.27%
    is surging on upbeat results and an improved growth outlook. Uber
    UBER,
    +0.82%
    is up as earnings beat forecasts, but revenue fell short. D.R. Horton
    DHI,
    -0.96%
    stock is also getting a boost from results. EBay
    EBAY,
    -0.44%    ,
    Occidental Petroleum
    OXY,
    -2.00%    ,
    Akamai Tech
    AKAM,
    -0.06%
    and Gilead Sciences
    GILD,
    -0.55%
    after the close.

    Reporting late Thursday, Tripadvisor
    TRIP,
    +2.29%
    delivered blowout results and the stock is surging, while Sanmina
    SANM,
    -1.03%
    is down 14% after the manufacturing services provider’s disappointing results.

    UBS
    UBS,
    -0.49%

    UBSG,
    +2.79%
    swung to a $785 million quarterly loss on lingering effects of its Credit Suisse takeover, but it pulled in $33 billion in new deposits and shares are up.

    After a decade of turmoil, office-sharing group WeWork
    WE,
    -24.73%
    filed for Chapter 11 bankruptcy protection on Monday. 

    The U.S. trade deficit climbed 5% in September to $61.5 billion as imports rebounded. Still to come is consumer credit at 3 p.m. Fed Vice Chair for Supervision Michael Barr speaks at 9:15 a.m., followed by Fed Gov. Christopher Waller at 10 a.m.

    The International Monetary Fund boosted its China outlook for 2023 and 2024.

    Best of the web

    Big banks are cooking up new ways to offload risk.

    Retirees continue to flock to places where climate risk is high.

    How to know when it’s time to retire

    The chart

    According to this recent JPMorgan survey, two-thirds of investors are ready to start pumping more money into equities, while just 19% plan to increase bond exposure. Also, note that 67% also said they did not expect performance of the Magnificent 7 stocks — Apple, Microsoft, Alphabet, Amazon, Nvidia, Tesla and Meta — to “crack before the end of the year.”

    Top tickers

    These were the top-searched tickers on MarketWatch as of 6 a.m.:

    TSLA,
    -0.31%         		Tesla
    AMC,
    +2.15%         		AMC Entertainment
    NVDA,
    +1.66%         		Nvidia
    AAPL,
    +1.46%         		Apple
    NIO,
    -3.16%         		NIO
    GME,
    -2.45%         		GameStop
    AMZN,
    +0.82%         		Amazon.com
    PLTR,
    -1.85%         		Palantir Technologies
    MULN,
    +3.88%         		Mullen Automotive
    MSFT,
    +1.06%         		Microsoft
    NVDA,
    +1.66%         		Nvidia

    Random reads

    Fifteen people ended up with eye pain and sight issues after a Bored Ape NFT event.

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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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