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Top Stock Market News For Today December 17

Stock market news worth knowing amid the current volatility in stocks.
The post Top Stock Market News For Today December 17 appeared first on Stock Market News, Quotes, Charts and Financial Information | StockMarket.com.

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Stock Market Futures Extend Losses As Central Bank Tightens Monetary Policies

Stock market futures appear to be dipping further after yesterday’s sell-off of growth names. The current activity is likely a continuation of investors’ reaction to the Fed’s policy announcement this week. In brief, the Federal Reserve is pulling back on its pandemic-era easy-money policies. This involves tapering its bond purchasing program and a possible interest rate hike down the line. As a result, investors appear to be rotating out of high-growth names. Among the main sectors affected by this would be tech stocks. This is evident as the tech-heavy Nasdaq was down by as much as 2.5% during intraday trading yesterday.

Weighing in on all of this is FS Investments chief market strategist Troy Gayeski. He said, “The thing investors have to understand is, we’re going through a major transition in monetary policy”. Gayeski went on to elaborate, “The Fed has been running emergency policies arguably far longer than they should have been, and as that money supply growth slows down as they ease off the balance sheet expansion and ultimately hike next year, one would at least expect more volatility in markets. And that’s really what we’ve been seeing the last month.

If all that wasn’t enough, investors have no shortage of exciting stock market news to consider today as well. As of 7:38 a.m. ET, the Dow, S&P 500, and Nasdaq futures are trading lower by 0.25%, 0.47%, and 0.94% respectively.

Rivian Shares Fall On Wide Earnings Miss

Among the companies turning heads at the tail-end of this earnings season is electric vehicle (EV) industry newcomer Rivian (NASDAQ: RIVN). This would be the case given the company’s explosive initial public offering (IPO) back in early November. However, the company’s first quarterly earnings since going public fell short on several fronts.

RIVN stock

Namely, Rivian posted a loss per share of $12.21 on revenue of about $1 million from its first customer deliveries of 11 R1T EVs. On one hand, the company missed consensus earnings estimates by $5.53 and revenue projections by $0.03 million. As a result, the company’s shares are sliding by over 9% in pre-market trading, placing RIVN stock below the $100 mark.

By and large, the numbers may not seem all that inviting at face value. However, a loss is expected given the company’s current focus on expanding its operations. After all, it is looking to compete with major names in the industry that already have substantial head-starts. In fact, Rivian also revealed plans to build its second U.S. production plant. The company is looking to begin construction by the summer of 2022. By Rivian’s estimates, it will have an annual production capacity of about 400,000 units. On top of that, the company also notes that it currently has over 71 thousand pre-orders for its EVs. Regardless of where you stand on Rivian’s prospects, RIVN stock will likely be in focus in the stock market today.

[Read More] Best Lithium Battery Stocks To Buy Now? 4 To Know

FedEx Back On Track To Deliver On Original Fiscal Year 2022 Profit Goals

In other earnings-related news, FedEx (NYSE: FDX) posted solid figures in its latest quarterly earnings release after yesterday’s closing bell. In detail, the company reported an earnings per share of $4.83 on revenue of $23.5 billion for the quarter. For comparison, this is versus estimates of $4.28 and $22.4 billion respectively.

FDX stock

Providing an overview of the quarter is executive VP and CFO Michael Lenz. Lenz said, “FedEx operating income grew in our second quarter, driven by strong revenue growth and effective management of our cost and expected labor availability challenges.” While the company’s earnings per share were unchanged year-over-year, he also notes that FedEx paid “significantly higher” taxes this year.

Notably, a key highlight of the company’s earnings call would be the update to its fiscal 2022 profit outlook. Thanks to the current momentum in its business, FedEx is reinstating its initial estimates after lowering them in September. For the fiscal year, the company is now expecting an annual earnings per share between $20.50 to $21.50. At the same time, FedEx also announced a $5 billion share repurchase program as well. With FedEx seemingly kicking into high gear across the board, I could see investors watching FDX stock now.

[Read More] Best Copper Mining Stocks To Buy In 2021? 4 To Watch This Week

Goldman Sachs Sees ‘Solid Demand’ For Apple’s iPhones In China

Elsewhere, Apple (NASDAQ: AAPL) received a positive update from analysts over at Goldman Sachs (NYSE: GS). In essence, the firm recently highlighted Apple’s improving iPhone supply in general. According to analyst Rod Hall, this is evident from better lead times for iPhones across “all major geographies”. He added that 13 weeks since launching, lead times for the iPhone 13 Pro models are down by 6 to 7 days in the U.K. In China, lead times also improved by 8 days. Not to mention, Hall also highlights that there is “solid demand” in China while Europe is seeing “slightly weaker” demand.

best tech stocks (AAPL stock)

That’s not all, the analyst also pointed out that there is a notable increase in Macbook orders in China, the U.S., and part of Europe. Hall argued that this could be “suggesting supply is not keeping up with the demand”.

Across the board, it seems that Apple’s vast array of cutting-edge tech remains in demand this holiday season. With consumers looking to spend their saved-up discretionary funds, this comes as no surprise. As such, AAPL stock could be a top stock to watch for some investors now, even as it trades around record levels.

Churchill SPAC Looking To Bring India’s Byju Via $48 Billion Deal

Churchill Capital VII (NYSE: CVII), a special purpose acquisition company (SPAC), is making waves in the stock market as well. Accordingly, this would be thanks to news about its plans to take Indian online education company Byju public. According to Bloomberg, should things go as planned, the company would have a valuation of about $48 billion. Given the sheer scale of the deal, it is no wonder that some consider Byju among India’s most valuable startups.

Overall, the report suggests that among all the SPAC partners Byju has talked to, Churchill Capital has “made the most progress” yet. In terms of the timeline, a deal could potentially be set as soon as next month. For the uninitiated, Churchill Capital brought EV firm Lucid Group (NASDAQ: LCID) public earlier this year. Given the generally positive reception to LCID stock, investors could be keeping CVII stock in view now.


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The post Top Stock Market News For Today December 17 appeared first on Stock Market News, Quotes, Charts and Financial Information | StockMarket.com.

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This country became first in the world to let in tourists passport-free

Singapore has been on a larger push to speed up the flow of tourists with digital immigration clearance.

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In the fall of 2023, the city-state of Singapore announced that it was working on end-to-end biometrics that would allow travelers passing through its Changi Airport to check into flights, drop off bags and even leave and exit the country without a passport.

The latter is the most technologically advanced step of them all because not all countries issue passports with the same biometrics while immigration laws leave fewer room for mistakes about who enters the country.

Related: A country just went visa-free for visitors with any passport

That said, Singapore is one step closer to instituting passport-free travel by testing it at its land border with Malaysia. The two countries have two border checkpoints, Woodlands and Tuas, and as of March 20 those entering in Singapore by car are able to show a QR code that they generate through the government’s MyICA app instead of the passport.

A photograph captures Singapore's Tuas land border with Malaysia.

Here is who is now able to enter Singapore passport-free

The latter will be available to citizens of Singapore, permanent residents and tourists who have already entered the country once with their current passport. The government app pulls data from one's passport and shows the border officer the conditions of one's entry clearance already recorded in the system.

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While not truly passport-free since tourists still need to link a valid passport to an online system, the move is the first step in Singapore's larger push to get rid of physical passports.

"The QR code initiative allows travellers to enjoy a faster and more convenient experience, with estimated time savings of around 20 seconds for cars with four travellers, to approximately one minute for cars with 10 travellers," Singapore's Immigration and Checkpoints Authority wrote in a press release announcing the new feature. "Overall waiting time can be reduced by more than 30% if most car travellers use QR code for clearance."

More countries are looking at passport-free travel but it will take years to implement

The land crossings between Singapore and Malaysia can get very busy — government numbers show that a new post-pandemic record of 495,000 people crossed Woodlands and Tuas on the weekend of March 8 (the day before Singapore's holiday weekend.)

Even once Singapore implements fully digital clearance at all of its crossings, the change will in no way affect immigration rules since it's only a way of transferring the status afforded by one's nationality into a digital system (those who need a visa to enter Singapore will still need to apply for one at a consulate before the trip.) More countries are in the process of moving toward similar systems but due to the varying availability of necessary technology and the types of passports issued by different countries, the prospect of agent-free crossings is still many years away.

In the U.S., Chicago's O'Hare International Airport was chosen to take part in a pilot program in which low-risk travelers with TSA PreCheck can check into their flight and pass security on domestic flights without showing ID. The UK has also been testing similar digital crossings for British and EU citizens but no similar push for international travelers is currently being planned in the U.S.

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Analysts issue unexpected crude oil price forecast after surge

Here’s what a key investment firm says about the commodity.

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Oil is an asset defined by volatility.

U.S. crude prices stood above $60 a barrel in January 2020, just as the covid pandemic began. Three months later, prices briefly went negative, as the pandemic crushed demand.

By June 2022 the price rebounded all the way to $120, as fiscal and monetary stimulus boosted the economy. The price fell back to $80 in September 2022. Since then, it has bounced between about $65 and $90.

Over the past two months, the price has climbed 15% to $82 as of March 20.

Oil prices often trade in a roller-coaster fashion.

Bullish factors for oil prices

The move stems partly from indications that economic growth this year will be stronger than analysts expected.

Related: The Fed rate decision won't surprise markets. What happens next might

Vanguard has just raised its estimate for 2024 U.S. GDP growth to 2% from 0.5%.

Meanwhile, China’s factory output and retail sales exceeded forecasts in January and February. That could boost oil demand in the country, the world's No. 1 oil importer.

Also, drone strokes from Ukraine have knocked out some of Russia’s oil refinery capacity. Ukraine has hit at least nine major refineries this year, erasing an estimated 11% of Russia’s production capacity, according to Bloomberg.

“Russia is a gas station with an army, and we intend on destroying that gas station,” Francisco Serra-Martins, chief executive of drone manufacturer Terminal Autonomy, told the news service. Gasoline, of course, is one of the products made at refineries.

Speaking of gas, the recent surge of oil prices has sent it higher as well. The average national price for regular gas totaled $3.52 per gallon Wednesday, up 7% from a month ago, according to the American Automobile Association. And we’re nearing the peak driving season.

Another bullish factor for oil: Iraq said Monday that it’s cutting oil exports by 130,000 barrels per day in coming months. Iraq produced much more oil in January and February than its OPEC (Organization of Petroleum Exporting Countries) target.

Citigroup’s oil-price forecast

Yet, not everyone is bullish on oil going forward. Citigroup analysts see prices falling through next year, Dow Jones’s Oil Price Information Service (OPIS) reports.

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The analysts note that supply is at risk in Israel, Iran, Iraq, Libya, and Venezuela. But Saudi Arabia, the UAE, Kuwait, and Russia could easily make up any shortfall.

Moreover, output should also rise this year and next in the U.S., Canada, Brazil, and Guyana, the analysts said. Meanwhile, global demand growth will decelerate, amid increased electric vehicle use and economic weakness.

Regarding refineries, the analysts see strong gains in capacity and capacity upgrades this year.

What if Donald Trump is elected president again? That “would likely be bearish for oil and gas," as Trump's policies could boost trade tension, crimping demand, they said.

The analysts made predictions for European oil prices, the world’s benchmark, which sat Wednesday at $86.

They forecast a 9% slide in the second quarter to $78, then a decline to $74 in the third quarter and $70 in the fourth quarter.

Next year should see a descent to $65 in the first quarter, $60 in the second and third, and finally $55 in the fourth, Citi said. That would leave the price 36% below current levels.

U.S. crude prices will trade $4 below European prices from the second quarter this year until the end of 2025, the analysts maintain.

Related: Veteran fund manager picks favorite stocks for 2024

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Disney remote jobs: the most magical WFH careers on earth?

Disney employs hundreds of thousands of employees at its theme parks and elsewhere, but the entertainment giant also offers opportunities for remote w…

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The Walt Disney Co. (DIS)  is a major entertainment and media company that operates amusement parks, produces movies and television shows, airs news and sports programs, and sells Mickey Mouse and Star Wars merchandise at its retail stores across the U.S.

While most of the jobs at the multinational entertainment conglomerate require working with people — such as at its theme parks, film-production facilities, cruise ships, or corporate offices — there are also opportunities for remote work at Disney. And while remote typically means working from home, with Disney, it could also mean working in a non-corporate office and being able to move from one location to another and conduct business outside normal working hours.

Related: Target remote jobs: What type of work and how much does it pay?

What remote jobs are available at Disney?

Many companies, including Disney, have called employees to return to the office for work in the wake of the COVID-19 pandemic, and the bulk of the company’s positions are forward-facing, meaning they involve meeting with clients and customers on a regular basis. 

Still, there are some jobs at the “most magical company on earth” that are listed as remote and don’t require frequent in-person interaction with people, including opportunities in data entry and sales.

While thousands work in forward-facing positions, such as greeting customers at Disney’s theme parks around the world, there are some positions with the Walt Disney Co. that allow work to be done remotely.

Orlando Sentinel/Getty Images

On Disney’s career website, there are limited positions available where the work is completely remote. One listing, for example, is for a “graphics interface coordinator covering sporting events.” This role involves working on nights, weekends, and holidays — times when corporate offices tend to be closed — and it may make sense for the company to hire people who can work from home or to travel and work in a location separate from the game venue.

Some of the senior roles that are shown on the website involve managers who can oversee remote teams, whether that be in sales or data. Sometimes, a supervisor overseeing staff who work outside corporate offices may be responsible for hiring freelancers who work remotely.

On the employment website Indeed, there are limited positions listed. A job listing for a manager in enterprise underwriting for a federal credit union indicates weekend duty, working outside of an 8 a.m. to 5 p.m. schedule, and being able to work in different locations. The listed annual salary range of $84,960 to $132,000, though, is well above the national annual average of around $50,000.

Internationally, Disney offers remote work in India, largely in the field of software development for its India-based streaming platform, Disney+ Hotstar.

The company also offers some hybrid schemes, which involve a mixture of in-office and remote work. For a mid-level animator position based in San Francisco, the role would involve being in the office and working from home occasionally.

How much do remote jobs at Disney pay?

Pay for remote jobs at Disney varies significantly based on location. A salary for a freelance artist in New York City, for example, may be higher than for the same job in Orlando, Florida. 

Disney lists actual salary ranges in some of its job postings. For example, the yearly pay for a California-based compensation manager who works with clients is $129,000 to $165,000.

In an online search for “remote jobs at Disney,” results range from $30 to $39 an hour, for data entry, or $28.50 to $38 an hour for social media customer support.

How can I apply for remote jobs at Disney?

You can look for remote jobs on Disney's career site, and type “remote” in the search field. Listings may also appear on career-data websites, including Indeed and Glassdoor.

How many employees does Disney have?

In 2023, Disney employed about 225,000 people globally, of which around 77% were full-time, 16% part-time, and 7% seasonal. The majority of the workers, around 167,000, were in the U.S.

Disney says that a significant number of its employees, including many of those who work at its theme parks, along with most writers, directors, actors, and production personnel, belong to unions. It’s not immediately known how many remote workers at the company, if any, are union members. 

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