UK recovery continues but risks loom, notably over Brexit. Asian shares mixed after technology fall leads US stock fall. Asian shares mixed after another Wall Street tech sell-off.
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The Early Bird Newsletter

Friday, September 11th

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Good Morning

The tech-led market correction extended its losses on Thursday with all three major indices shedding more than 1.25% by the end of the session. The move was sparked by another impasse in Washington and is the fourth day of selling out of the last five. On Capitol Hill, Senate Republicans tried to move on a one-side stimulus bill that barely made it out of the idea phase.

In a technical sense, Thursday’s selling confirms resistance to higher prices and points to a deeper correction to come. The question now is how deep and the answers could be shocking. The minimum investors might expect to see is another 3.0% drop for a total decline of 10% for the S&P 500. In the worst case, there is a chance for up to 20% or more of losses over the next few weeks. Next week is a data-heavy week so traders and investors should expect market volatility.

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Politics

UK recovery continues but risks loom, notably over Brexit

The British economy recouped further lost ground during July after a swath of coronavirus restrictions on businesses were lifted, official figures showed Friday. However, it still has to make up around half the output lost at the peak of the lockdown and now faces renewed risks related to Brexit. ...

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Tech

Asian shares mixed after technology fall leads US stock fall

Asian shares were mixed Friday following a selloff of technology shares on Wall Street. Japan's benchmark Nikkei 225 recouped early losses to rise 0.3% in morning trading to 23,310.94. South Korea's Kospi dropped 0.8% to 2,377.92, while Australia's S&P/ASX 200 lost 0.8% to 5,860....

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Tech

Asian shares mixed after another Wall Street tech sell-off

Asian shares were mixed Friday following a selloff of technology shares on Wall Street. Japan's benchmark Nikkei 225 recouped early losses to rise 0.6% to 23,383.87. South Korea's Kospi dropped 0.1% to 2,394.09, while Australia's S&P/ASX 200 lost 0.8% to 5,859.40. Hong Kong's Han...

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Markets

Why Was Tapestry The Top Performer In The S&P 500 Yesterday?

Equity markets continued their slide lower yesterday, with the tech-heavy Nasdaq index now down more than 10% from last week’s all-time highs. This puts it officially in correction territory even if it’s only back at levels last seen only in the middle of August.For now at least, this do...

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Politics

China becoming battleground for plant-based meat makers

China has become a battleground for plant-based meat companies looking to tap into the world’s largest market for meat-consumption. American plant-based meat company Impossible Foods Inc. said Thursday it is awaiting regulatory approval to enter the China market, while rivals such as...

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From Our Partners

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Markets

Fox Corporation (NASDAQ: FOXA) Stock is a Recovery Buy Here

Media network Fox Corporation (NASDAQ: FOXA) shares have been trying to recover since its pandemic meltdown in an attempt to recover back to its pre-COVID levels. While still vastly underperforming the benchmark S&P 500 index (NYSEARCA: SPY), shares are staging a recovery as live sports programm...

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Markets

Salvagers working to repair leak on oil tanker off Sri Lanka

Expert salvagers have begun working on a fire-stricken oil tanker off Sri Lanka’s coast after an Indian coast guard aircraft sprayed dispersants to contain an oil slick coming from the vessel, the Sri Lankan navy said Friday. The MT New Diamond, which is carrying nearly 2 million bar...

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Markets

Chipotle (NYSE: CMG) is Well-Positioned for Post-Pandemic Prosperity

The headline numbers in Q2 2020 didn’t look too good for Chipotle (NYSE: CMG) Sales dipped 4.8% yoy and comps decreased by 9.8% yoy. But Chipotle’s numbers compare favorably with its peers and there are several reasons to believe that Chipotle will see rapid growth post-pandemic. C...

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Markets

Rocket Companies IPO Has Launched…Will the Stock Blast Off

They say timing is everything. Detroit-based mortgage solutions provider Rocket Companies (NYSE:RKT) seems to have taken this mantra to heart. Whether by design or chance, the company's August 6th initial public offering (IPO) appears to have come at a great time. Homebuyers have been stampeding ...

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The Early Bird Stock Of The Day

Pfizer Inc.

Pfizer Inc.

Pfizer Inc. develops, manufactures, and sells healthcare products worldwide. It offers medicines and vaccines in various therapeutic areas, including cardiovascular metabolic and pain under the Eliquis, Chantix/Champix, and Premarin family brands; biologics, small molecules, immunotherapies, and biosimilars under the Ibrance, Sutent, Xtandi, Xalkori, Inlyta, Braftovi + Mektovi brands; and sterile injectable and anti-infective medicines under the Sulperazon, Medrol, Vfend, and Zithromax brands. The company also provides medicines and vaccines in various therapeutic areas, such as pneumococcal disease, meningococcal disease, and tick-borne encephalitis under the Prevnar 13/Prevenar 13 (pediatric/adult), FSME-IMMUN, Nimenrix, and Trumenba brands; biosimilars for chronic immune and inflammatory diseases under the Xeljanz, Enbrel, Inflectra, and Eucrisa brands; and amyloidosis, hemophilia, and endocrine diseases under the Vyndaqel/Vyndamax, BeneFIX, Genotropin, and Refacto AF/Xyntha brands. In addition, the company is involved in the contract manufacturing business. It serves wholesalers, retailers, hospitals, clinics, government agencies, pharmacies, and individual provider offices, as well as disease control and prevention centers. The company has collaboration and/or co-promotion agreements with Bristol-Myers Squibb Company and Astellas Pharma US, Inc.; a licensing agreement with Akcea Therapeutics, Inc; a strategic alliance with Verily Life Sciences LLC; collaboration agreements with Merck KGaA and Valneva SE; a clinical trial collaboration and supply agreement with IDEAYA Biosciences, Inc.; a material transfer and collaboration agreement with BioNTech SE; a clinical supply collaboration with Jiangsu Alphamab Biopharmaceuticals Co., Ltd; a research collaboration and license agreement with BioInvent International AB; and a multi-target drug discovery collaboration with Sosei Group Corporation. Pfizer Inc. was founded in 1849 and is headquartered in New York, New York.

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