Stocks opened a touch higher Friday but major indexes are still poised to snap a five-week winning streak, knocked by concerns about high levels of inflation. Here’s what we’re watching in markets:
- Rivian Automotive shares are up. In its first two days of trading, the electric car-maker has cinched a market value of more than $100 billion, roughly a tenth the size of Tesla .
- Tesla Chief Executive Elon Musk sold more stock in the electric-vehicle maker Thursday.
- Lordstown Motors reported a wider loss in the third quarter on higher expenses as the company said that commercial production and deliveries for its electric pickup truck will begin next year.
- Johnson & Johnson said it plans to break up into two companies, splitting off the $15-billion-a-year division that sells Band-Aid bandages, Tylenol medicines and Johnson’s Baby Powder.
- U.S.-listed shares of AstraZeneca fell at the market open after the company posted a net loss for the third quarter despite a jump in revenue, as its recent acquisition of Alexion Pharmaceuticals and increased research-and-development expenses dragged down earnings.
- Shares of single-serve coffee filter maker NuZee surged again in opening trading. Shares leaped more than 160% Thursday after its partner, specialty coffee roaster Cuvee Coffee, said it will sell its product in 3,000 Walmarts in the U.S.
- Home-essentials company Spectrum Brands Holdings said its profit and sales rose for the fiscal fourth quarter, though supply-chain disruptions weighed on results.
- Eyeglass-maker Warby Parker said its loss widened for the third quarter as the increase in expenses eclipsed revenue growth.
Chart of the Day
- Started just four years ago, Binance is the exchange giant that towers over the digital currency world, a crypto equivalent of the London, New York and Hong Kong stock exchanges combined. Binance processes more trades for cryptocurrencies such as bitcoin and ether each day, $76 billion worth, than its four largest competitors put together, according to data provider CryptoCompare.
Write to Caitlin Ostroff at [email protected]
