Business and Finance News - 11.5.24

The Federal Energy Regulatory Commission (FERC) rejected a request to increase the power the Susquehanna nuclear plant could dispatch to an Amazon data center, halting a pioneering co-location energy deal. This decision impacted stocks of Talen Energy, Constellation Energy, and Vistra Corp., with similar arrangements anticipated across the tech and energy sectors. (CNBC)

*Amazon (AMZN) - Amazon is a multinational technology and e-commerce company based in the United States, known for its vast online retail platform, cloud computing services through Amazon Web Services (AWS), digital streaming services, and artificial intelligence innovations.

*Constellation Energy (CEG) - Constellation Energy is a leading energy company that provides electricity, natural gas, and renewable energy solutions to residential, commercial, and industrial customers in the United States.

*Talen Energy (TLN) - Talen Energy Corporation is an independent power producer and infrastructure company that generates and sells electricity, capacity, and ancillary services in the United States.

*Vistra Corp (VST) - Vistra Corp. is an integrated retail electricity and power generation company that operates a diverse portfolio of natural gas, nuclear, coal, solar, and battery energy storage facilities, with a total generation capacity of approximately 41 gigawatts.

Blackstone Inc. is in advanced discussions to acquire Retail Opportunity Investments Corp. (ROIC), a U.S. shopping center owner, with a deal potentially finalizing in the coming weeks. Blackstone is the frontrunner, although other private equity firms, including Bain Capital, have shown interest in ROIC. (Bloomberg)

*Blackstone - Blackstone is a global investment management firm that specializes in private equity, real estate, hedge funds, and credit investments. It is one of the world's largest alternative asset managers, focusing on acquiring and managing businesses and properties to generate long-term value for its investors. 

*Retail Opportunity Investments Corp (ROIC) - Retail Opportunity Investments Corp. (ROIC) is a real estate investment trust (REIT) specializing in the acquisition, ownership, and management of grocery-anchored shopping centers along the West Coast of the United States.

Ford reported a 15.2% increase in U.S. vehicle sales in October, led by a 29.2% rise in truck sales, compared to strike-impacted levels in October 2023. The automaker's U.S. market share rose to 12.6%, with hybrid vehicle sales up 38.5% and EV sales down 8.3% year-over-year. (CNBC)

*Ford (F) - Ford Motor Company is a global automotive manufacturer that designs, produces, markets, and services a full line of cars, trucks, SUVs, electrified vehicles, and luxury vehicles under the Ford and Lincoln brands.

OPEC+ has postponed a planned 180,000 barrels per day output increase by one month, citing concerns over weak demand and economic conditions. The group will maintain its current production cut of 2.2 million bpd through December, with full OPEC+ ministerial talks scheduled for December 1 to address future policy. (Reuters)

*OPEC+ - OPEC+ refers to the coalition of oil-producing countries that includes the 13 members of the Organization of the Petroleum Exporting Countries (OPEC) and additional 10 non-OPEC oil-producing nations, most notably Russia. This expanded group was formed to coordinate and regulate oil production levels to influence global oil prices, stabilize the market, and ensure fair returns for producers.

Sherwin-Williams stock jumped after news of its inclusion in the Dow Jones Industrial Average and may see a technical retest of the $348 support level, a critical area for sustaining its recent gains. If this level holds, a measured move analysis projects a potential price target of $503, providing an optimistic outlook for long-term investors. (Investopedia)

*Sherwin-Williams (SHW) - Sherwin-Williams is a leading American company specializing in the manufacture, distribution, and sale of paints, coatings, and related products.

Here’s how the major indexes did yesterday:

• Dow Jones Industrial Average: 41,794.60 -257.59 (-0.61%)

• S&P 500: 5,712.69 -16.11 (-0.28%)

• Nasdaq Composite: 18,179.98 -59.93 (-0.33%)

• Russell 2000: 2,219.03 +8.90 (+0.40%)

Here’s how leading market ETFs did yesterday:

• SPDR S&P 500 ETF Trust (SPY): 569.81 -1.23 (-0.22%

• iShares Core S&P 500 ETF (IVV): 572.57 -1.15 (-0.20%)

• Invesco QQQ Trust (QQQ): 486.01 -1.42 (-0.29%)

• Vanguard S&P 500 ETF (VOO): 523.80 -1.14 (-0.22%)

• Vanguard Total Stock Market ETF (VTI): 281.72 -0.51 (-0.18%)

Here’s how The Magnificent Seven did yesterday:

• Apple (AAPL) [3.375T]: 222.01 -0.90 (-0.40%)

• Nvidia (NVDA) [3.337T]: 136.05 +0.65 (+0.48%)

• Microsoft (MSFT) [3.037T]: 408.46 -1.91 (-0.47%)

• Alphabet (GOOGL) [2.083T]: 169.24 -2.05 (-1.20%)

• Amazon (AMZN) [2.055T]: 195.78 -2.15 (-1.09%)

• Meta Platforms (META) [1.418T]: 560.68 -6.48 (-1.14%)

• Tesla (TSLA) [779.53B]: 242.84 -6.14 (-2.47%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $67,764.69 (3:30PM PST on 11/4/24)

• Ethereum (ETH): $2,394.44 (3:30PM PST on 11/4/24)

• Solano (SOL): $157.83 (3:30PM PST on 11/4/24)