Stock Market Breaking News Today: Increased Holiday Shopping, Warren Buffett’s $750 Million Donation, Musk Makes More Twitter Changes, Stock Market Closing Early | November 25, 2022

Elon Musk says Twitter’s color-tested service will start next week

Twitter Inc plans to launch its verified service next Friday with color-coded checks for individuals, businesses and governments, after an initial botched launch led to a surge in users impersonating celebrities and brands on the platform.

Chief Executive Elon Musk on Friday awarded colors for the categories: gold for companies, gray for governments and a blue checkmark for people, including celebrities.

“Painful, but necessary,” he said, adding that verified accounts will be manually authenticated before a check is triggered.

The revamped $8-per-month service will allow people to have a smaller secondary logo of their organizations if verified by them, it said in another tweet on Friday. “More explanation next week.”

Spectrum Pharmaceuticals downgrades poziotinib priority following FDA letter

Spectrum Pharmaceuticals Inc.

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0.42

symbol Price Change %Change
SPPI extension $0.44 0.01 1.70

Spectrum Pharmaceuticals is deprioritising the development of poziotinib, its treatment for lung cancer.

The decision comes after the biopharmaceutical company received a complete response letter (CRL) from the Food and Drug Administration, stating that the poziotinib application cannot be approved in its current form.

“Based on the CRL, the Company is expected to generate additional data including a randomized controlled trial prior to approval,” the company said.

Spectrum Pharmaceuticals will deprioritize activities in the poziotinib program, effective immediately, and is reducing its research and development workforce by approximately 75%.

Based on the expected cost savings from the restructuring, Spectrum believes it will be able to generate the working capital needed to support its strategic refocus through 2024.

Foxconn Woes to Take Bigger Toll on China’s Giant iPhone Plant as More Workers Leave – Source

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Price Change %Change
AAPL extension $148.26 -2.81 -1.86

Foxconn’s flagship iPhone plant in China will see its November shipments reduced further by the latest bout of worker unrest this week, a source with direct knowledge of the matter said on Friday, as thousands of employees left the site. .

The company could now see more than 30% of the site’s November output affected, compared with an internal estimate of up to 30% when the factory worker woes began in late October, the source said.

The site, which is the only factory where Foxconn produces premium iPhone models, including the iPhone 14 Pro, is unlikely to resume full production by the end of this month, the source added.

Apple’s largest iPhone factory in the world grappled with tough COVID-19 restrictions that fueled unrest among workers and halted production ahead of Christmas and the January Lunar New Year holiday as many workers were placed in solitary confinement or have fled the establishment.

It has fueled concerns about Apple’s ability to deliver products for the holiday season.

Binance.US confirms plans to bid on bankrupt cryptocurrency lender Voyager Digital

Binance has confirmed plans to make a new offering for bankrupt cryptocurrency lender Voyager Digital, CoinDesk reported, citing a Bloomberg interview with Binance CEO Changpeng “CZ” Zhao.

Sam Bankman Fried’s FTX cryptocurrency exchange was set to acquire Voyager’s assets after signing a deal in September, but then filed for bankruptcy itself following a cash crunch.

FTX raised Voyager’s assets in an offer of $1.42 billion in a bankruptcy auction in September. Binance was also a major bidder, as The Wall Street Journal previously reported.

Voyager filed for bankruptcy in July, months after the collapse of major crypto tokens TerraUSD and Luna that sent shockwaves through the digital asset sector and led to the collapse of hedge fund Three Arrows Capital, to which Voyager was exposed .

Reuters contributed to this report.

Development history

More changes to Twitter

Twitter CEO Elon Musk is planning more changes as he continues to shake up the social media giant.

Amazon workers demonstrate at some German and French sites during Black Friday

symbol Price Change %Change
AMZ extension $94.13 0.93 1.00

Some workers at Amazon sites in Germany and France ditched their tools on Black Friday, as part of a worldwide move to target the online retailer on one of the busiest shopping days of the year with demands for better pay.

The Make Amazon Pay initiative, which called for the strikes, said industrial action was planned in more than 30 countries, including the United States.

In Germany, there were demonstrations in nine of Amazon’s 20 warehouses in the country, even as the company said on Friday morning that the vast majority of its employees in Germany were working normally.

The French trade unions SUD and CGT have called for a strike in eight warehouses across the country.

Amazon France said there were no signs of a halt in operations so far. Two French union officials said they hadn’t expected a large turnout because the rising cost of living was prompting employees to seek overtime.

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Actions shuffled into the shortened holiday session

US stocks opened mixed in the shortened trading session with the stock market closing at 1 PM ET. For the week, all three major averages are eyeing gains. In commodities, oil has been firmer at the $78 level.

Black Friday shopping in progress; payment transactions up 0.7% in Great Britain

Investors will be watching for signs of how consumers spend this Black Friday.

The National Retail Federation estimates that nearly eight million more people plan to shop in the United States this year, from Thanksgiving through Cyber ​​Monday, compared to last year.

“Although there is much speculation about the impact of inflation on consumer behavior, our data tells us that this Thanksgiving holiday weekend will see heavy store traffic with record numbers of shoppers taking advantage of the affordable prices,” he said. said NRF President and CEO Matthew Shay last week.

However, Russ Mold, investment director at AJ Bell, cautioned:

“The Black Friday deals are now in full swing and retailers are hoping they can move some of their excess stock. While this should free up space in their warehouses, it won’t necessarily be good for their profit margins as consumers are under significant financial pressure and the only way to get them to keep spending is to cut prices to the bone.” .

Black Friday payment transaction volume in Britain at 1pm GMT was up 0.7% on 2021, according to data from Barclaycard Payments shown on Friday.

Reuters contributed to this report.

The price of petrol continues to fall

The national price for a gallon of gasoline slipped to $3,578 on Friday, according to AAA.

The median price of a gallon of gasoline on Thursday was $3,586.

A week ago, a gallon of gas cost $3,707. A month ago, that same gallon of gasoline cost $3,778.

Gas hit an all-time high of $5,016 on June 14.

Diesel was down to $5,248.

Ford recalls SUVs in the US over possible fuel leak and fire risk

Ford Motor Company is recalling more than 500,000 SUVs in the US over fire hazards resulting from a possible broken fuel injector.

Ford, the second-largest automaker in the United States, said while the likelihood of fires was rare, it was forced to offer the recall after being notified of at least 20 such incidents. The recall affects Bronco Sport and Escape SUVs manufactured by the company between 2020 and 2023.

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Oil losing week

Oil gained on Friday, trimming some of the week’s losses that were driven by concerns about Chinese demand and expectations of a high price cap planned by Group of Seven (G7) nations on Russian oil.

US West Texas Intermediate (WTI) crude futures traded around $79.00 a barrel.

Brent crude futures traded around $86.00 a barrel.

Both contracts were headed for their third consecutive weekly decline, on track to drop around 2% on concerns over supply easing.

G7 and European Union diplomats have discussed a price cap for Russian oil of between $65 and $70 a barrel, aiming to cap revenues to fund Moscow’s military offensive in Ukraine without disrupting oil markets global, according to Reuters.

Cryptocurrency prices for Bitcoin, Ethereum go up and Dogecoin go down on Friday

Bitcoin was trading around $16,000, following a three-day winning streak.

For the week, Bitcoin has lost less than 1%.

For the month, the cryptocurrency is down more than 18% and more than 64% year-to-date.

Ethereum traded around $1,100, after trading changed little during the week.

Dogecoin was trading at 8 cents, after losing almost 4% in the last week.

Microsoft’s bid to acquire the video game publisher may face a major hurdle

Microsoft’s bid to acquire video game publisher Activision Blizzard could reportedly hit a major hurdle as early as next month.

The US Federal Trade Commission (FTC) is likely to file an antitrust lawsuit to block the $69 billion takeover, Politico said, citing people familiar with the matter.

A lawsuit against the settlement isn’t guaranteed, and the four FTC commissioners have yet to dismiss a complaint or meet with the companies’ attorneys.

FTC staffers reviewing the settlement are skeptical of the companies’ arguments, those people said.

Central to the FTC’s concerns is whether the Activision acquisition would give Microsoft an unfair push into the video game market.

Microsoft’s Xbox is number three compared to industry leaders Sony Interactive Entertainment and its PlayStation console.

Sony fears that if Microsoft makes blockbuster games like Call of Duty exclusively for its platforms, Sony would be significantly disadvantaged.

For more on the story, click here: Microsoft’s bid for Activision may be blocked by FTC lawsuit: report

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