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Investors dip back in stocks, jobless claims steady, FTX gets new pressure from Congress, oil inches higher. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.
Covered by: Ken Martin , FOX Business Team, Reuters and Associated Press
Gasoline below year ago levels
Jobless claims on tap
GameStop shares gain on company comments
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Microsoft logo is seen on a smartphone placed on displayed Activision Blizzard logo in this illustration, Jan. 18, 2022. (Reuters/Dado Ruvic/Illustration)
| Symbol | Price | Change | %Change |
|---|---|---|---|
| MSFT | $248.19 | 3.82 | 1.56 |
| ATVI | $74.57 | -1.36 | -1.79 |
The Federal Trade Commission wants to stop Microsoft from buying video game publisher Activision Blizzard, The Washington Post reported.
The federal watchdog is reportedly worried about competition in the gaming market.
Microsoft agreed to acquire Activision Blizzard for $95.00 per share, in an all-cash transaction valued at $68.7 billion, inclusive of Activision Blizzard’s net cash.
When the transaction closes, Microsoft will become the world’s third-largest gaming company by revenue, behind Tencent and Sony.
The planned acquisition includes iconic franchises from the Activision, Blizzard and King studios like “Warcraft,” “Diablo,” “Overwatch,” “Call of Duty” and “Candy Crush,” in addition to global eSports activities through Major League Gaming. The company has studios around the world with nearly 10,000 employees.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| CIEN | $51.59 | 8.30 | 19.19 |
Ciena Corp. on Thursday reported fiscal fourth-quarter profit of $57.6 million.
On a per-share basis, the Hanover, Maryland-based company said it had net income of 39 cents. Earnings, adjusted for one-time gains and costs, came to 61 cents per share.
The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 8 cents per share.
The developer of high-speed networking technology posted revenue of $971 million in the period, also surpassing Street forecasts. Six analysts surveyed by Zacks expected $851.5 million.
For the year, the company reported profit of $152.9 million, or $1 per share. Revenue was reported as $3.63 billion.
Home for sale sign in Cherry Hill, N.J., Oct. 29, 2020
The average long-term U.S. mortgage rate fell for the fourth consecutive week and have dropped more than three-quarters of a point since hitting a 20-year high last month.
Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate dipped to 6.33% from 6.49% last week. A year ago the average rate was 3.1%.
The average long-term rate sat at 7.08% in early November, but has since had the steepest 4-week decline since 2008.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| CANO | $1.36 | -0.34 | -20.18 |
Cano Health in lower in Thursday trading. Investor Third Point reportedly sold its remaining shares in the primary care medical provider, Bloomberg reported.
The hedge fund had a 3.5% stake in October, the report said.
People with knowledge of the situation told Bloomberg that Daniel Loeb’s firm was increasingly concerned about liquidity.
Cano Health reported a third quarter net loss of $112 million, unfavorably impacted by a $65.7 million fair value adjustment of warrant liabilities.
Revenue rose 33% to $665 million.
Chao Xing tanker at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia, Aug. 12, 2022. (Reuters/Tatiana Meel)
Oil rebounded on Thursday after four sessions of decline, boosted by hopes that easing anti-COVID measures in China will revive demand and by signs that some tankers carrying Russian oil have been delayed after a G7 price cap came into effect.
China on Wednesday announced the most sweeping changes to its resolute anti-COVID regime since the pandemic began, while at least 20 oil tankers faced delays in crossing to the Mediterranean from Russia’s Black Sea ports.
Brent crude rose 69 cents, or 0.9%, to $77.86 a barrel by 1445 GMT, while U.S. West Texas Intermediate (WTI) crude gained $1.42, or 2%, to $73.43.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| XOM | $105.26 | 1.61 | 1.55 |
Exxon Mobil Corp on Thursday said it will lift spending next year to $23 billion-$25 billion, the top end of its guidance, and expand investments to curb carbon emissions.
Exxon led record profits among oil majors in the second and third quarters this year, aided by its highly criticized decision during the COVID-19 pandemic to double down on fossil fuels as European competitors shifted to renewables.
The strategy boosted its shares by more than 60% this year — far ahead of rivals Shell PLC and BP PLC — as oil prices rose to their highest levels since 2008 after Russia’s invasion of Ukraine.
U.S. stocks rose, ending a five day losing streak, as investors dipped in and bought material and energy names including ExxonMobil which lifted its share buyback program by as much as $50 billion. In commodities, oil rose to the $74 per barrel level as China eased more COVID restrictions.
FTX customers, already burned by the bankruptcy, could be facing an even bigger headache: the IRS.
U.S. stock futures are rebounding on Thursday as oil and gold hover between small gains and losses.
Dow Jones Industrial Average futures are up roughly 54 points, or 0.16%, while S&P and Nasdaq Composite futures are both up around 0.23%.
Over the last five days, the Dow is 2.14% in the red, the S&P is down 3.24%, while the tech-heavy Nasdaq is 4.19% lower.
The U.S. Tech 100 remains down on Thursday at 0.45% in negative territory and is now 4.52% lower over the last five days as tech stocks begin to mix.
Shares of Meta are down 0.17%, Apple is down 1.38%, while Microsoft and Alphabet are off 0.31% and 2.10%, respectively.
In other tech stocks, shares of Nvidia are up 0.83% and Amazon are 0.24% higher.
Meanwhile, West Texas Intermediate crude futures are up approximately 2.21% to $73.60 a barrel, as gold holds onto roughly a 0.04% gain at $1,798.80 an ounce.
U.S. crude and gold are off the last five days with oil skidding 9.53% and gold losing 1.02%.
Stock traders (Reuters)
U.S. equity futures traded cautiously Thursday morning, the day after stocks fell for a fifth day.
Oil prices were rebounding Thursday amid optimism over China’s easing of anti-COVID measures.
West Texas Intermediate (WTI) crude futures traded around $72.00 per barrel.
Brent crude futures traded around $77.00 per barrel.
Gasoline prices slipped Thursday morning to below where they were a year ago.
The nationwide price for a gallon of gasoline slipped Thursday to $3.329, according to AAA.
A year ago, the price for a gallon of regular gasoline was $3.343.
On today’s economic docket is the latest report on jobless claims.
On Friday, traders will be able to study the latest inflation report when the government releases producer prices for November.
In Asia, Tokyo’s Nikkei 225 declined 0.4%, Hong Kong’s Hang Seng gained 3.4% and China’s Shanghai Composite lost 0.1%.
Wall Street ended a wobbly day of trading with more losses Wednesday, with the S&P 500 down 0.2% in its fifth straight loss. The Nasdaq composite, which is heavily weighted with tech stocks, fell 0.5% and the Dow industrials were flat.
Gas prices (AAA)
It has been a long strange trip involving pain at the pump.
The nationwide price for a gallon of gasoline slipped Thursday to $3.329, according to AAA.
That is below where the price was 12 months ago.
A year ago, the price for a gallon of regular gasoline was $3.343.
Diesel has declined to $5.00 per gallon, but that is still a far cry from the $3.612 of a year ago.
Everyone remembers when gas hit an all-time high of $5.016 on June 14.
The average price of a gallon of gasoline on Wednesday was $3.355.
One week ago, a gallon of gasoline cost $3.470. A month ago, that same gallon of gasoline cost $3.804.
Oil rig at sunrise (AP)
Oil prices were rebounding Thursday amid optimism over China’s easing of anti-COVID measures.
Oil is gaining after slumping to the lowest levels so far this year in the previous session.
West Texas Intermediate (WTI) crude futures traded around $72.00 per barrel.
Brent crude futures traded around $77.00 per barrel.
China on Wednesday announced a loosening of COVID rules that curbed the spread of the virus but sparked protests and hobbled the world’s second-largest economy.
Brent settled on Wednesday below the year’s previous closing low touched on the first day of 2022, while U.S. West Texas Intermediate crude fell to its lowest for the year.
Concerns of economic slowdowns weakening fuel demand continued to cap gains.
While U.S. crude stocks fell last week, gasoline and distillate inventories surged, adding to concerns about easing demand.
Bitcoin was trading around $16,000, after trading lower in three of the last five days.
For the week, Bitcoin has lost 2%.
For the month, the cryptocurrency is down a little more than 1%, but down more than 63% year-yo-date.
Ethereum was trading around $1,200, after losing more than 4% in the past week.
Dogecoin was trading at 9 cents, after losing more than 11% in the past week.
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Quotes displayed in real-time or delayed by at least 15 minutes. Market data provided by Factset. Powered and implemented by FactSet Digital Solutions. Legal Statement. Mutual Fund and ETF data provided by Refinitiv Lipper.
This material may not be published, broadcast, rewritten, or redistributed. © FOX News Network, LLC. All rights reserved. FAQ – New Privacy Policy
