5 things to know before the stock market opens Thursday, February 16
Traders work on the floor of the New York Stock Exchange.
NYSE
Here are the most important news items investors need to start their trading day:
1. Messy
The bulls are going through an inconclusive week. Retail sales rose more than expected on Wednesday, which, in theory, should stomp fears that the Federal Reserve will continue to raise interest rates until the spirit of, eh, inflation is under control. improve. But the stock still ended the day higher, though not by a large margin. Investors will be looking at more economic data on Thursday: the January producer price index report, which measures wholesale inflation; weekly unemployment claims; and housing begins. According to Live market updates.
2. Worry about electricity
Ford workers produce the electric F-150 Lightning pickup truck on December 13, 2022 at the automaker’s Ford Rouge Electric Vehicle Center (REVC).
Michael Wayland | CNBC
Ford halted production and shipped the following all-electric F-150 Lightning pickup truck one of the cars caught fire earlier this month due to battery problems, the company said late Wednesday. Ford said it believes engineers have determined the cause of the fire and it expects an investigation into the matter to conclude by the end of next week. After that, Ford said it would tweak the battery manufacturing process, which “could take several weeks”. The development comes at a difficult time for Ford, the company is trying revolve around your business after posting a net loss in 2022, while making the transition to electric vehicles.
3. Cisco success
A sign bearing the logo of communications and security technology giant Cisco Systems Inc is seen outside one of its offices in San Jose, California, August 11, 2022.
Paresh Dave | Reuters
Computer network company Cisco‘s stock rallied well in after-hours trading after a Strong earnings report. The company beat both revenue and profit, and raised its forecast for the year. Cisco also said some logistics costs have come down. Demand is also steady, according to Cisco, even as other tech companies face falling demand for computers and pressure from a dwindling advertising market. But the company also reported some difficulties. Its hardware and software backlog, for instance, is still much higher than usual, and that’s due to limited supply, according to CFO Scott Herren.
4. This is the person who helped SBF get bail
Former FTX CEO Sam Bankman-Fried, who faces fraud charges related to the collapse of the bankrupt crypto exchange, leaves after a hearing in Manhattan federal court in New York City, January 3, 2023.
Andrew Kelly | Reuters
Indicted FTX founder Sam Bankman-Fried secured his issuance on bonds with the help of two scholars at Stanford University. One of them, Stanford Law School Honorary Principal Larry Kramer, said he is very close to SBF’s father and mother, both professors at law school. “Joe Bankman and Barbara Fried have been close friends of mine since the mid-1990s,” Kramer told CNBC. Andreas Paepcke, a research scientist at the school is another guarantor whose name is sealed until a federal judge decides otherwise, as suggested by several media outlets, including CNBC. Paepcke did not respond to a request for comment. SBF, who has been charged with fraud and conspiracy, was issued on a $250 million bond in December. His parents also signed as guarantors.
5. Sanders vs. Schultz
Senator Bernie Sanders (I-VT) (L), Starbucks CEO Howard Schultz
Reuters (L) | Getty Images (R)
Howard Schultz Will Resign Soon Starbucks The CEO – for the third time – but nonetheless Senator Bernie Sanders wants to drag him before lawmakers after the chief executive declined an invitation to testify next month. While Sanders didn’t say outright that he would try subpoena Schultz, he hinted that it might be in the works. “One way or another, he will be there,” the senator told reporters Wednesday. Sanders, a self-described democratic socialist, supports unions, chairs the Senate Health, Education, Labor and Pensions Committees. The board has scheduled a hearing for March 9 on Starbucks’ labor practices. Schultz, also a major shareholder of the coffee giant, has led Starbucks’ efforts to combat the push to unite among its baristas, even as the company introduced new initiatives. progressive ant.
— Sarah Min, Michael Wayland, Jordan Novet, Rohan Goswami and Amelia Lucas of CNBC contributed to this report.
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