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HomeAll NewsMost read newsBusiness Leaders Biography
Age : 37
Public asset : 835,427,979 USD
Biography : Founder of DoorDash, Inc., Tony Xu currently is Chairman & Chief Executive Officer at this company.

North American Morning Briefing: All Eyes on -2-

01/12/2022 | 05:56am EDT

Apple Inc. may not have triggered the current buzz about the metaverse, but the company is reaping the benefit.

Excitement about how the iPhone maker could gain from a broad embrace of digital alternate realities has been a central facet of the rise in its share price in recent months, according to investors and analysts.

Covid-19 Pill Developer to Spend SPAC IPO Funds on Clinical Trial, Hiring

Biopharmaceutical firm Pardes Biosciences Inc. plans to spend a large chunk of the funds it raised through a public offering late last month on a pill it is developing to treat Covid-19, including on manufacturing and hiring more clinical staff.

The clinical-stage company, which is based in Carlsbad, Calif., on Dec. 27 listed on Nasdaq after merging with FS Development Corp. II, a special-purpose acquisition company sponsored by venture-capital firm Foresite Capital. Pardes said it raised $274 million, including $199 million from the SPAC's trust account and $75 million in the form of a private investment in public equity from Foresite, investment manager RA Capital Management and biotech giant Gilead Sciences Inc., among others.

Facebook Owner Meta Names DoorDash CEO Tony Xu to Board

Facebook parent Meta Platforms Inc. appointed DoorDash Inc. Chief Executive Tony Xu to its board of directors, adding outside executive experience to a group that has been criticized for its lack of independence.

Mr. Xu's appointment Tuesday is the first change to the board since the company rebranded itself as Meta in October. It is also the first addition to the board since the departure of Jeffrey Zients, who chose not to seek re-election to the company's board in March 2020. Mr. Zients was succeeded by Robert Kimmitt, a lawyer and former deputy secretary at the Department of the Treasury during the George W. Bush administration. Mr. Kimmitt is the lead independent director.

J.C. Penney Names Two Retail Veterans to Boost Digital Efforts

J.C. Penney Co. on Monday named two new technology executives in a move to boost its digital efforts a little over a year after emerging from bankruptcy.

The department-store chain named Sharmeelee Bala as chief information officer, responsible for building tools to serve its "evolving digital footprint," the retailer said in a press release.

2021 Is Expected to Rank as Biggest Year for Inflation in Four Decades

U.S. inflation is on track to have closed out 2021 near its highest level since 1982 as robust consumer demand exacerbated pandemic-related supply shortages.

Economists surveyed by The Wall Street Journal estimate the Labor Department's consumer-price index-which measures what consumers pay for goods and services-rose 7.1% in December from the same month a year ago, up from 6.8% in November. That would mark the fastest pace since 1982 and the third straight month in which inflation exceeded 6%.

China's Inflation Pressure Eased in December

BEIJING--China's factory-gate prices and consumer inflation in December both eased more than expected compared with the previous month, thanks to the plunge in oil prices, as well as Beijing's efforts to ensure commodity and food supply, which gives more room for policy easing in 2022, official data showed Wednesday.

The producer-price index rose 10.3% from a year earlier in December, down from a 12.9% increase in November, according to the National Bureau of Statistics. The result was lower than the 11.2% forecast by economists in a poll conducted by The Wall Street Journal.

Southern California Ports Struggle to Trim Cargo Backlog as Omicron Surges

The Covid-19 Omicron variant is hampering efforts to clear a backlog of about 100 container ships at the nation's busiest port complex as infections rise among Southern California dockworkers.

About 800 dockworkers-roughly 1 in 10 of the daily workforce at the ports of Los Angeles and Long Beach-were unavailable for Covid-related reasons as of Monday, according to the Pacific Maritime Association. Absentees included workers who tested positive for the virus, were quarantining or awaiting test results, or who felt unwell.

Chinese Banks' Loan Issuance Declined in December

New loans issued by Chinese banks fell in December, according to data released by the People's Bank of China on Wednesday.

Chinese banks extended 1.13 trillion yuan ($180 billion) worth of new yuan loans in December, down from CNY1.27 trillion in November, the People's Bank of China said. The result undershot the CNY1.2 trillion expected by economists polled by The Wall Street Journal.

Judges Uphold North Carolina's GOP-Drawn Voting-District Maps

A North Carolina court on Tuesday upheld the state's new Republican-drawn voting maps, rejecting claims that they were illegally gerrymandered for partisan advantage.

A three-judge panel in Wake County Superior Court said while excessive partisanship in redistricting was incompatible with democratic principles and had subjected the state to many years of ridicule, the court had no basis for constraining the legislature.

Write to paul.larkins@dowjones.com TODAY IN CANADA

Earnings:

Aritzia 3Q

Shaw Commun 1Q

Economic Indicators:

None scheduled

Expected Major Events for Wednesday

05:00/JPN: Dec Economy Watchers Survey

07:00/GER: Dec WPI

12:00/US: 01/07 MBA Weekly Mortgage Applications Survey

13:30/US: Dec CPI

13:30/US: Dec Real Earnings

15:00/US: Dec Online Help Wanted Index

15:30/US: 01/07 EIA Weekly Petroleum Status Report

16:59/GER: Nov Balance of Payments

17:00/US: World Agricultural Supply & Demand Estimates (WASDE)

19:00/US: Dec Monthly Treasury Statement of Receipts & Outlays of the U.S. Govt

19:00/US: U.S. Federal Reserve Beige Book

23:50/JPN: Dec Money Stock, Broadly-defined Liquidity

All times in GMT. Powered by Kantar Media and Dow Jones.

Expected Earnings for Wednesday

Aritzia is expected to report $0.34 for 3Q.

CHS Inc (CHSCP) is expected to report for 1Q.

Caldwell Partners International Inc (CWL.T) is expected to report for 1Q.

Concrete Pumping Holdings Inc (BBCP) is expected to report $0.10 for 4Q.

E2open Parent Holdings Inc (ETWO) is expected to report for 3Q.

FedEx Corp (FDX) is expected to report.

Jefferies Financial Group Inc (JEF) is expected to report $1.34 for 4Q.

KB Home (KBH) is expected to report $1.77 for 4Q.

Platinum Group Metals Ltd (PLG,PTM.T) is expected to report for 1Q.

Postmedia Network Canada (PNC.A.T,PNC.B.T) is expected to report for 1Q.

Rocky Mountain Chocolate Factory Inc (RMCF) is expected to report for 3Q.

Shaw Communications Inc - Class B (SJR,SJR.A.V,SJR.B.T) is expected to report $0.33 for 1Q.

SouthGobi Resources Ltd (1878.HK,SGQ.T,SGQRF) is expected to report $-0.04 for 4Q.

Timberline Resources Corp (TBR.V,TLR) is expected to report for 4Q.

Velan Inc (VLN.T,VLNSF) is expected to report for 3Q.

Volt Information Sciences Inc (VOLT) is expected to report $0.04 for 4Q.

Powered by Kantar Media and Dow Jones.

ANALYST RATINGS ACTIONS

Advanced Micro Devices Raised to Overweight From Sector Weight by Keybanc

Alcoa Cut to Hold From Buy by Deutsche Bank

Allegheny Technologies Raised to Outperform From Market Perform by Cowen & Co.

American Airlines Group Raised to Equal-Weight From Underweight by Morgan Stanley

Apria Cut to Neutral From Buy by UBS

Brighthouse Financial Raised to Equal-Weight From Underweight by Barclays

Certara Raised to Buy From Hold by Jefferies

Citizens Financial Group Raised to Buy From Neutral by Citigroup

Cogent Communications Cut to Sell From Neutral by Goldman Sachs

Dell Technologies Raised to Outperform From Market Perform by Bernstein

Houghton Mifflin Harcourt Raised to Outperform From Market Perform by BMO Capital

IBM Cut to Sell From Neutral by UBS

Illumina Raised to Equal-Weight From Underweight by Barclays

Intel Cut to Sector Weight From Overweight by Keybanc

Intercept Pharmaceuticals Raised to Buy From Neutral by B. Riley Securities

iRhythm Technologies Raised to Outperform From Perform by Oppenheimer

Juniper Networks Raised to Buy From Underperform by B of A Securities

L3Harris Technologies Raised to Outperform From Peer Perform by Wolfe Research

Las Vegas Sands Raised to Overweight From Neutral by JP Morgan

Monolithic Power Raised to Overweight From Sector Weight by Keybanc

Northern Trust Raised to Outperform From Market Perform by Keefe, Bruyette & Woods

Northrop Grumman Cut to Peer Perform From Outperform by Wolfe Research

Nucor Cut to Underperform From Peer Perform by Wolfe Research

Old Dominion Freight Cut to In-Line From Outperform by Evercore ISI Group

Paychex Raised to Outperform From Market Perform by Cowen & Co.

Regions Financial Raised to Buy From Neutral by Citigroup

Reynolds Cnsmr Products Cut to Neutral From Buy by Citigroup

STAG Industrial Cut to Neutral From Outperform by Baird

Steven Madden Raised to Buy From Hold by Loop Capital

Take-Two Interactive Cut to Neutral From Buy by MoffettNathanson

Take-Two Interactive Raised to Overweight From Sector Weight by Keybanc

Terreno Realty Cut to Neutral From Outperform by Baird

US Steel Cut to Underperform From Peer Perform by Wolfe Research

ViewRay Raised to Buy From Neutral by B. Riley Securities

WW International Cut to Hold From Buy by Craig-Hallum

Zynga Cut to Sector Weight From Overweight by Keybanc

Zynga Raised to Neutral From Underperform by Credit Suisse

This article is a text version of a Wall Street Journal newsletter published earlier today.

(END) Dow Jones Newswires

01-12-22 0556ET

Stocks mentioned in the article
ChangeLast1st jan.
ADVANCED MICRO DEVICES, INC. 0.79% 94.24 Delayed Quote.-33.38%
ALCOA CORPORATION 1.79% 60.28 Delayed Quote.-0.52%
AMERICAN AIRLINES GROUP INC. 0.93% 16.55 Delayed Quote.-6.82%
APPLE INC. -0.63% 145.54 Delayed Quote.-17.67%
APRIA 0.03% 37.5 End-of-day quote.15.03%
ARITZIA INC. 0.96% 38.39 Delayed Quote.-25.67%
BANK OF CHINA LIMITED -0.66% 2.99 Delayed Quote.6.41%
BARCLAYS PLC 0.63% 151.3 Delayed Quote.-19.09%
BRIGHTHOUSE FINANCIAL, INC. 1.08% 46.34 Delayed Quote.-10.61%
CERTARA, INC. -1.15% 18.63 Delayed Quote.-33.57%
CITIGROUP INC. -0.09% 47.46 Delayed Quote.-21.19%
CITIZENS FINANCIAL GROUP, INC. 1.13% 37.99 Delayed Quote.-18.79%
COGENT COMMUNICATIONS HOLDINGS, INC. 0.27% 58.34 Delayed Quote.-18.93%
CONCRETE PUMPING HOLDINGS, INC. -0.83% 4.65 Delayed Quote.-42.55%
CREDIT SUISSE GROUP AG 0.18% 6.52 Delayed Quote.-26.51%
DELL TECHNOLOGIES INC. 0.53% 45.03 Delayed Quote.-19.30%
DEUTSCHE BANK AG -1.37% 9.219 Delayed Quote.-16.33%
DOORDASH, INC. -5.70% 65.79 Delayed Quote.-53.32%
E2OPEN PARENT HOLDINGS, INC. -0.84% 7.67 Delayed Quote.-31.66%
EVERCORE INC. 0.17% 109.79 Delayed Quote.-19.29%
FEDEX CORPORATION -0.34% 209.72 Delayed Quote.-18.58%
GILEAD SCIENCES, INC. 0.28% 62.24 Delayed Quote.-13.86%
INTEL CORPORATION -0.94% 43.08 Delayed Quote.-16.14%
INTERCEPT PHARMACEUTICALS, INC. 5.06% 18.15 Delayed Quote.15.32%
IRHYTHM TECHNOLOGIES, INC. -0.17% 133 Delayed Quote.17.94%
JEFFERIES FINANCIAL GROUP INC. -0.78% 30.59 Delayed Quote.-21.52%
JUNIPER NETWORKS, INC. -0.48% 30.27 Delayed Quote.-15.11%
KB HOME -0.66% 32.89 Delayed Quote.-25.98%
LAS VEGAS SANDS CORP. -1.56% 33.37 Delayed Quote.-9.30%
LONDON BRENT OIL 0.44% 112.848 Delayed Quote.41.60%
META PLATFORMS, INC. 2.79% 200.04 Delayed Quote.-39.30%
MONOLITHIC POWER SYSTEMS, INC. -1.97% 417 Delayed Quote.-14.22%
MORGAN STANLEY -0.43% 79.9 Delayed Quote.-18.31%
NASDAQ COMP. -0.88% 11662.79 Real-time Quote.-24.54%
NORTHERN TRUST CORPORATION -1.00% 103.38 Delayed Quote.-13.79%
NORTHROP GRUMMAN CORPORATION 0.95% 458.08 Delayed Quote.18.10%
NUCOR -5.07% 119.75 Delayed Quote.2.94%
OLD DOMINION FREIGHT LINE, INC. -2.94% 262.48 Delayed Quote.-26.03%
ON SEMICONDUCTOR CORPORATION -1.25% 55.15 Delayed Quote.-18.32%
PAYCHEX, INC. 0.12% 120.06 Delayed Quote.-12.21%
REGIONS FINANCIAL CORPORATION -0.78% 19.72 Delayed Quote.-9.52%
ROCKY MOUNTAIN CHOCOLATE FACTORY, INC. -5.36% 6.58 Delayed Quote.-22.84%
S&P 500 -0.29% 4008.01 Real-time Quote.-15.57%
SHAW COMMUNICATIONS INC. 0.92% 34.83 Delayed Quote.-8.83%
SOUTHGOBI RESOURCES LTD. 0.00% 0.14 Delayed Quote.-26.32%
STAG INDUSTRIAL, INC. 0.87% 34.53 Delayed Quote.-27.52%
STEVEN MADDEN, LTD. -0.27% 38.21 Delayed Quote.-17.83%
TERRENO REALTY CORPORATION -0.27% 63.12 Delayed Quote.-25.56%
THE CALDWELL PARTNERS INTERNATIONAL INC. 0.00% 2.54 Delayed Quote.20.50%
THE PLATINUM GROUP PUBLIC COMPANY LIMITED -1.28% 3.08 End-of-day quote.3.36%
UBS GROUP AG -1.16% 17.03 Delayed Quote.3.71%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.06% 6.7955 Delayed Quote.6.83%
VELAN INC. -4.12% 8.15 Delayed Quote.-0.61%
VIEWRAY, INC. -0.76% 3.14 Delayed Quote.-40.56%
WTI 1.11% 111.72 Delayed Quote.44.13%
WW INTERNATIONAL, INC. -4.17% 7.4 Delayed Quote.-51.52%
ZYNGA INC. -0.06% 7.92 Delayed Quote.23.52%