No deal has been reached between the two sides and the funding amount could vary as negotiations evolve, the person said. The companies have held talks in recent weeks, according to people familiar with the matter.
Earnings Are About to Get Even Crazier. 5 Things to Watch in Big Tech's Results Next Week.
Brace yourself. This coming week, the world's largest tech companies all report their September-quarter financial results. And I mean all of them-Alphabet, Microsoft, Meta Platforms, Apple, Amazon.com, and Intel, with special guest appearances from SAP, Shopify, Spotify, Seagate, ServiceNow, and Corning. Every one of these companies reports results in a three-day span, from Tuesday to Thursday. At least 25% of the S&P 500's market value will be reporting during the stretch.
It will be the last full read on the sector's fundamental performance before the end of the year, and the wave of reports could determine the next swing in stock prices. The tech sector continues to face fierce headwinds from the strong dollar, softening consumer spending, rising interest rates, stubbornly high inflation, and a potential recession. The market is yearning for some hint that the worst is over, but don't hold your breath.
Southern California's Notorious Container Ship Backup Ends
The backup of container ships off Southern California's coast that was at the heart of U.S. supply chain congestion during the Covid-19 pandemic has effectively disappeared.
The queue of ships waiting to unload at the ports of Los Angeles and Long Beach fell from a peak of 109 ships in January to four vessels this week, according to the Marine Exchange of Southern California. Shipping specialists say fewer ships than normal are heading to the main U.S. gateway complex for imports from Asia in coming days and that cargo volumes that had long swamped the ports now are receding.
EU Leaders Push Forward Plans to Tackle High Gas Prices
BRUSSELS-European Union leaders pushed discussions on whether to pursue an emergency limit on natural-gas prices to their energy ministers after marathon negotiations over how to tackle the energy crisis brought on by Russia's squeeze on gas supplies.
The European Council issued a set of conclusions early Friday morning saying leaders had agreed to accelerate their efforts to reduce energy demand, secure supplies and bring down prices. They also called on energy ministers and the bloc's executive body to "urgently submit concrete decisions" on a range of measures to achieve those goals, including a possible emergency gas-price cap.
Long-Term Deals Help Japan Secure Ample Gas Amid Global Shortfall
TOKYO-Japan imports nearly all of its natural gas and, despite the worst energy crisis in many years, it isn't facing shortages or out-of-control prices.
Its secret is a reliance on long-term contracts for liquefied natural gas, a strategy that had been in decline until recently but now is rebounding in popularity. The world's largest buyer of LNG is enjoying a moment of validation-at least for now.
UK Retail Sales Fell in September for Second Straight Month as Inflation Took Toll
Retail sales in the U.K. declined in September for a second consecutive month, a sign that consumers are pulling back on spending as high inflation squeezes their purchasing power.
Retail sales volumes fell 1.4% on month in September, having fallen by a revised 1.7% in August, the Office for National Statistics said Friday. September's decrease marks the 10th monthly fall in 11 months.
Japan Finance Minister Reiterates Concerns Over Yen's Rapid Fall
Japan's finance minister on Friday reiterated concerns about the yen's rapid falls and his readiness to intervene in the foreign-exchange market.
"There is no change at all in our stance that we will take appropriate action, if there are any excessive moves" in the currency market, Shunichi Suzuki said at a news conference.
Where $7.5 Billion in Midterm Campaign Ads Are Hitting Hardest
As the midterm campaign heads into its final weeks, political ad spending for the current two-year election cycle is on pace to more than double from the 2018 midterms.
Student-Loan Forgiveness Program Clears Hurdle as Judge Rejects GOP Bid to Block It
A federal judge in Missouri denied a request by a group of Republican state leaders to block the Biden administration's student-loan forgiveness program, a boost for the White House as it plans to begin canceling debt in the coming days.
Thursday's ruling, by U.S. District Judge Henry E. Autrey of St. Louis, said GOP officials representing six states didn't have standing to challenge the loan forgiveness because they couldn't show they had been harmed by the Biden program.
Ukrainians Urged to Ration Electricity as Russian Missiles Target Energy Infrastructure
KYIV, Ukraine-Russia's attempts to destroy Ukraine's heating and power capacity has added a new dimension to the conflict, with Moscow seeking to erode the resilience of Ukrainian civilians even as the Kremlin attempts to regain the initiative against Kyiv on the battlefield.
Kyiv says the systematic destruction of power stations and heating infrastructure across the country over the past 10 days aims to bend Ukrainians' will by causing a humanitarian catastrophe as temperatures drop.
Appeals Court Ruling Casts Shadow Over CFPB Activities
WASHINGTON-An appellate court ruling that the U.S. Consumer Financial Protection Bureau is unconstitutionally funded could undermine the agency's work over its nearly 12 years of existence, legal experts said, including rules that ensure smooth functioning of the $13 trillion mortgage market.
The decision, by a three-judge panel of the Fifth U.S. Circuit Court of Appeals in New Orleans, is the latest blow to hit the consumer financial regulator that has long been politically polarizing.
Arizona Senate Race Tightens in Final Stretch
The Senate race in Arizona, once seen as a likely Democrat hold, appears to have tightened amid broader signs of strength for Republicans nationwide as voters weigh issues such as inflation, abortion access and immigration policy.
Democratic Sen. Mark Kelly is running for re-election this year after winning the seat in 2020. He was elected to fill out the remainder of the late Sen. John McCain's term and is now seeking a full term. He faces Republican Blake Masters, who worked closely with venture capitalist Peter Thiel and is backed by former President Donald Trump.
Write to paul.larkins@dowjones.com TODAY IN CANADA
Earnings:
Corus Entertain 4Q
Economic Indicators (ET):
0830 Sep New Housing Price Index
0830 Aug Retail Sales
Stocks to Watch:
Bank of Montreal Announces C$750M Subordinated Note Issue
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LXRandCo said it is launching a strategic review process to consider the best course of action for its next phase of development, which may include the possibility of a sale, merger or raising capital.
The company said Thursday that it has retained Stifel Nicolaus Canada as an exclusive financial adviser to help with the process.
Read more here.
Expected Major Events for Friday
05:00/JPN: Sep Supermarket sales
05:00/JPN: Sep Steel Production
06:00/UK: Sep Public sector finances
06:00/UK: Sep UK monthly retail sales figures
12:30/CAN: Sep New Housing Price Index
12:30/CAN: Aug Retail trade
14:00/US: Sep State Employment and Unemployment
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Friday
Acme United (ACU) is expected to report $0.55 for 3Q.
Altra Industrial Motion Corp (AIMC) is expected to report $0.64 for 3Q.
American Express Co (AXP) is expected to report $2.40 for 3Q.
Ames National (ATLO) is expected to report for 3Q.
Bank of the James Financial Group Inc (BOTJ) is expected to report for 3Q.
Central Pacific Financial Corp (CPF) is expected to report $0.60 for 3Q.
Corus Entertainment Inc - Class B (CJR.B.T,CJREF) is expected to report $-0.02 for 4Q.
Daseke Inc (DSKE) is expected to report $0.34 for 3Q.
Emclaire Financial (EMCF) is expected to report for 3Q.
Enochian Biosciences Inc (ENOB) is expected to report for 4Q.
Euronet Worldwide Inc (EEFT) is expected to report $2.07 for 3Q.
First Capital Inc (FCAP) is expected to report for 3Q.
Greene County Bancorp (GCBC) is expected to report for 1Q.
HCA Healthcare Inc (HCA) is expected to report $3.92 for 3Q.
Huntington Bancshares Inc (HBAN) is expected to report $0.38 for 3Q.
Interpublic Group of Cos (IPG) is expected to report $0.57 for 3Q.
MetroCity Bankshares Inc (MCBS) is expected to report $0.67 for 3Q.
Nautilus (NLS) is expected to report $-0.50 for 2Q.
Penns Woods Bancorp (PWOD) is expected to report for 3Q.
Regions Financial Corp (RF) is expected to report $0.54 for 3Q.
Republic Bancorp Inc (RBCAA) is expected to report $0.74 for 3Q.
Schlumberger (SLB) is expected to report $0.55 for 3Q.
Sensient Technologies Corp (SXT) is expected to report $0.80 for 3Q.
Simply Good Foods (SMPL) is expected to report $0.27 for 4Q.
South Plains Financial Inc (SPFI) is expected to report for 3Q.
Verizon Communications (VZ) is expected to report $1.25 for 3Q.
WVS Financial Corp (WVFC) is expected to report for 1Q.
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ANALYST RATINGS ACTIONS
Albertsons Cut to Hold From Buy by Deutsche Bank
Albertsons Raised to Equal-Weight From Underweight by Morgan Stanley
Alliant Energy Cut to Peer Perform From Outperform by Wolfe Research
Ally Financial Inc Cut to Equal-Weight From Overweight by Morgan Stanley
Ally Financial Inc Cut to Underweight From Equal-Weight by Wells Fargo
American States Water Cut to Underweight From Equal-Weight by Wells Fargo
American Water Works Raised to Equal-Weight From Underweight by Wells Fargo
Boston Properties Cut to Neutral From Outperform by Credit Suisse
Comerica Cut to Neutral From Buy by DA Davidson
(MORE TO FOLLOW) Dow Jones Newswires
10-21-22 0556ET
