US FINANCIAL MARKET
Stocks Waver Amid Earnings, Jobless Data – Wall Street Journal, 10/21/2021
- U.S. stock indexes wavered Thursday, as investors parsed another batch of earnings reports and data on the labor market.
- The S&P 500 hovered near the flatline, on pace to close reverse six-sessions of gains a day after the broad stocks gauge closed at its second-highest level on record.
- The Dow Jones Industrial Average—which also stands just shy of its mid-August record—ticked down 0.2%.
- The tech-focused Nasdaq Composite Index rose 0.4%.
- Stocks have risen in recent days, after solid earnings helped quell concerns that sent markets lower at the start of fall.
- Among those worries: A slowdown in China’s economy, supply-chain blockages that have hampered sectors such as manufacturing, and inflation pressures that could prompt central banks to withdraw stimulus.
- Data showed jobless claims fell to a new pandemic low last week, a sign layoffs remain low as companies struggle to hire workers. Filings for initial unemployment benefits fell to 290,000, from 296,000 the week before, the Labor Department said.
- Meanwhile, existing-home sales rebounded in September and beat estimates after an August slowdown.
- Thursday’s earnings reports will offer clues about consumer spending habits.
- AT&T shares rose 0.2% after the company said it expected full-year earnings to reach the high end of its target.
- Blackstone shares gained 4% on net income that almost doubled in the third quarter.
- Chipotle Mexican Grill and Whirlpool are scheduled to report results after markets close.
- Of the 80 companies on the S&P 500 to have reported through Wednesday, 81% had topped analysts’ earnings forecasts, according to FactSet, better than the three-quarters that did so each quarter in 2019.
- Overseas markets were broadly lower.
- Shares of China Evergrande Group slumped 13% in Hong Kong after the embattled developer canceled plans to sell a majority stake in its property-management unit, a setback in attempts to ease its continuing cash crisis.
- Hong Kong’s Hang Seng Index fell 0.5%, Japan’s Nikkei 225 lost 1.9% and China’s Shanghai Composite Index ticked up 0.2%.
- The pan-continental Stoxx Europe 600 fell 0.2%, led down by stocks in the basic-resources, auto and industrial sectors. Miners Anglo American and BHP Group both fell around 3.4%, as copper prices pulled back from recent highs.
- In the bond market, the yield on benchmark 10-year Treasury notes edged up to 1.669% Thursday from 1.635% Wednesday. Bond yields and prices move in opposite directions.
Tesla says new factories will need time to ramp up, posts record revenue – Reuters, 10/21/2021
- Tesla said on Wednesday its upcoming factories and supply-chain headwinds would put pressure on its margins after it beat Wall Street expectations for third-quarter revenue on the back of record deliveries.
- Third-quarter revenue rose to $13.76 billion from $8.77 billion a year earlier, slightly beating analyst expectations according to IBES data from Refinitiv.
- Tesla’s automotive gross margin, excluding environmental credits, rose to 28.8%, from 25.8% the previous quarter.
- Tesla’s overall average price fell as it sold more lower-priced Model 3 and Model Y cars, but it raised prices in the United States.
- In the third quarter, Tesla posted $279 million in revenue from sales of environmental credits, the lowest level in nearly two years. The company sells its excess environmental credits to other automakers that are trying to comply with regulations in California and elsewhere.
AT&T Wireless’s Gains Dwarf Shrinking Media Business – Wall Street Journal, 10/21/2021
- AT&T cut a slimmer profile in the third quarter with the first of a series of entertainment divestitures out the door, even as its core wireless business continued to grow.
- AT&T’s overall quarterly revenue fell about 5.7% compared with a year ago, when it still ran DirecTV, a massive but shrinking satellite brand that had burdened its financial results. Excluding that effect, the remaining company’s revenue rose 4.7% to $38.07 billion.
- AT&T posted a net gain of 928,000 postpaid phone connections, a key figure for investors who watch the growth of subscribers under contracts for signs of overall business strength. The company also added 249,000 prepaid phone connections.
- Amid the wait, WarnerMedia’s flagship HBO Max service suffered from the loss of carriage on Amazon’s streaming platforms in the most recent quarter, underscoring that sector’s more volatile returns. The business ended September with 45.2 million domestic HBO subscribers, down from 47 million three months earlier. The total included additions to the HBO Max service.
- Worldwide subscriptions to the HBO services hit 69.4 million, up from 67.5 million at the end of the prior quarter.
- AT&T said it expects to reach the higher end of its year-end target of 70 million to 73 million total HBO subscribers.
- WarnerMedia’s film-and-TV operations still contributed to its parent’s bottom line.
- The division’s overall revenue jumped 14% to $8.44 billion, lifted by the global subscription gains and licensing deals.
- Revenue from the U.S. wireless segment rose 7% to $19.14 billion, while the business wireline segment’s revenue fell 5.2% to $5.94 billion.
- Overall, the third-quarter profit attributable to AT&T jumped to $5.92 billion, or 82 cents a share, from a year-earlier result of $2.82 billion, or 39 cents a share.
- The reported earnings included gains from asset sales and improved over a year-earlier result depressed by accounting charges.
- The company said it expects its full-year adjusted earnings to reach the high end of its year-end target, which excludes the now-divested pay-TV business.
IBM’s Revenue Misses Wall Street Projections as Client Spending Slows – Wall Street Journal, 10/21/2021
- International Business Machines reported weaker-than-expected revenue in the latest quarter, weighed down by its cloud business and some clients’ pause in spending.
- Total revenue for the September quarter rose to $17.62 billion, from $17.56 billion a year earlier.
- Analysts polled by FactSet were looking for $17.79 billion in revenue.
- IBM’s -cloud and cognitive-software business had $5.69 billion in revenue, shy of analysts’ projected $5.77 billion, according to FactSet.
- On Wednesday, IBM reported more than 3,500 users of hybrid cloud, compared with the more than 3,200 users it reported in July, when it released second-quarter results.
- On a per-share basis, third-quarter profit fell to $1.25. An adjusted profit of $2.52 a share met analysts’ expectations.
- IBM said it recorded a hit to profit of about 56 cents a share related to costs tied to the Kyndryl separation.
- IBM said it expects to end 2021 in position to deliver mid-single-digit revenue growth and about $35 billion in free cash flow in 2022-24.
Southwest Airlines to Cut Flights Amid Staffing Shortages – Wall Street Journal, 10/21/2021
- Southwest Airlines posted a smaller-than-expected loss for the third quarter on Thursday, and said profit would remain elusive in the current quarter as mounting costs are expected to offset improved travel bookings.
- Excluding items, the Dallas-based airline’s net loss narrowed to $135 million, or 23 cents per share, in the quarter ended Sept. 30, from $1.17 billion, or $1.99 per share, a year earlier.
- Southwest expects its capacity to be down about 6% in the first quarter of 2022 compared with the same period in 2019, before the pandemic.
- It expects four to five points of the unit cost increases in the current quarter due to efforts to bolster staffing, cost inflation related to lower productivity, and vaccination incentive pay. Southwest is also facing higher airport costs.
- As a result, overall costs are estimated to rise between 8% to 12% in the quarter through December compared with the same period in 2019.
American Airlines posts profit vs year-ago loss as travel demand improves – Reuters, 10/21/2021
- American Airlines Group reported a quarterly profit compared to a year-ago loss on Thursday, as easing COVID-19 curbs strengthened travel demand ahead of the peak holiday season.
- Total operating revenue jumped 183% to $8.97 billion.
- The No.1 U.S. airline reported a net income of $169 million, or 25 cents per share, in the third quarter ended Sept. 30, compared with a loss of $2.40 billion, or $4.71 per share, a year earlier.
- Excluding items, the company posted a third-quarter net loss of $641 million, or 99 cents per share.
U.S. auto retailer AutoNation beats profit estimates on surging car prices – Reuters, 10/21/2021
- AutoNation on Thursday reported a better-than-expected quarterly profit and unveiled an additional $1-billion share buyback program, as the largest U.S. auto retailer benefited from surging car prices on tight inventories.
- Revenue rose 18% to $6.4 billion.
- Used vehicle revenue, on the other hand, jumped 53% to $2.32 billion compared to $1.51 billion a year earlier.
- Net income from continuing operations was $361.7 million, or $5.12 per share, for the quarter, compared with $182.6 million, or $2.05 per share, a year earlier. Adjusted net income per share was $5.12.
- Analysts on average had expected the company to report a profit of $4.2 per share, on revenue of $6.3 billion, according to Refinitiv IBES data.
- New vehicle gross profit per vehicle retailed jumped 116% to $5,484, while used vehicle gross profit per vehicle retailed was up 5% at $2,104.
- AutoNation said new vehicle inventory remained at historically low levels leading to a marginal rise in new vehicle revenue in the third quarter ended Sept. 30.
Quest Diagnostics sees slowdown in COVID-19 testing in fourth quarter – Reuters, 10/21/2021
- Quest Diagnostics on Thursday warned that demand for COVID-19 molecular testing will slow down through the end of 2021 as infections decline, but a recovery in its core testing business will likely cushion the blow.
- Shares of the U.S. laboratory reversed course and fell 3.5% to $141.75 in early trading after it said it expects to record about 50,000 molecular tests per day in the fourth quarter. The company averaged 83,000 tests a day in the third quarter.
- Excluding items, Quest earned $3.96 per share for the third quarter ended Sept. 30, beating analysts’ estimates of $2.88, according to Refinitiv data.
- Quest raised its full-year profit outlook to $13.50 to $13.90, from $11.65 to $12.35. Analysts on an average estimate $11.93.
Kinder Morgan profit rises as fuel demand heats up – Reuters, 10/21/2021
- Kinder Morgan posted a 4.1% jump in adjusted profit for the third quarter on Wednesday, as a rebound in fuel demand from pandemic lows boosted the pipeline operator’s volumes.
- Revenue of $3.82 billion beat estimates of $3.26 billion.
- With people taking to the roads again and air travel picking up as international borders reopen, Kinder Morgan reported a jump of 9% in gasoline volumes and a 56% surge in jet fuel volumes.
- The company also posted a 3% rise in gas pipeline volumes as a scramble to fill gas inventories before the winter heating season in Europe and Asia steadily boosted exports of liquefied natural gas from the United States.
- Adjusted profit rose to $505 million, or 22 cents per share, in the third quarter ended Sept. 30, from $485 million, or 21 cents per share, a year earlier.
Dow expects strong sales as higher prices power beat – Reuters, 10/21/2021
- Dow on Thursday forecast better-than-expected revenue for the fourth quarter after beating estimates on higher prices across its business following a rebound in economic activity and tight supplies after Hurricane Ida.
- Net sales of $14.84 billion was above estimates of $14.28 billion.
- Overall prices climbed 50% in the third quarter from a year earlier, while volume rose 2%, Dow said on Thursday
- Net operating income, which excludes certain items, rose to $2.07 billion, or $2.75 per share, in the three months ended Sept. 30, from $376 million, or 50 cents per share, a year earlier. Analysts had estimated earnings of $2.55 per share.
- Dow forecast fourth-quarter net sales of between $14 billion and $14.5 billion, above estimates of $13.53 billion, according to Refinitiv IBES data.
- Still, the company warned net sales in its packaging and specialty plastics, coatings, as well as industrials unit, to be flat to down 3%, from the third quarter, due to higher raw materials and energy costs, as well as logistics constraints.
Union Pacific cuts 2021 volume growth forecast as supply woes set to bite – Reuters, 10/21/2021
- U.S. railroad operator Union Pacific cut its full-year volume growth forecast, as worsening supply chain disruptions are expected to hit shipments across a sector considered critical in connecting most consumer and industrial businesses.
- Union Pacific’s third-quarter total operating revenue rose 13% to $5.57 billion, beating average analysts’ estimate of $5.41 billion, according to Refinitiv I/B/E/S.
- Revenue carloads, or business volumes, were flat at 2.04 million, as supply chain disruptions and a bridge outage in California took a toll.
- The company’s quarterly profit, however, rose 23% as it shipped more chemicals, metals, minerals, paper and plastics to meet U.S. industrial demand.
- The Omaha, Nebraska-based company’s net income rose to $1.67 billion, or $2.57 per share, for the quarter ended Sept. 30, from $1.36 billion, or $2.01 per share, a year ago.
- Union Pacific, which operates in 23 states and connects East Coast ports to key terminals like Chicago, said it expects 2021 volume growth of 5% versus a 7% growth it had forecast earlier.
Freeport profit beats estimates on higher copper prices – Reuters, 10/21/2021
- Miner Freeport-McMoRan reported a quarterly profit on Thursday that beat analysts’ estimates, helped by higher copper prices and an increase in demand for the metal.
- The company’s average realized price for a pound of copper rose about 40%, while production of the metal increased about 17% to 987 million recoverable pounds.
- Freeport’s adjusted net income attributable to common stock was $1.3 billion, or 89 cents per share, in the third quarter ended Sept. 30, compared with $430 million, or 29 cents per share, a year earlier.
- Analysts on average had estimated a profit of 81 cents per share, according to Refinitiv IBES data.
- “The outlook for the copper market is extraordinarily positive”, Freeport Chief Executive Officer Richard Adkerson said.
Footwear maker Crocs plans to outrun supply chain woes; shares jump – Reuters, 10/21/2021
- Crocs raised the lower end of its annual revenue forecast, as it prepares to counter supply constraints by shifting some production out of Vietnam where factory shutdowns have pinched shipments, sending its shares up 12%.
- Revenue for the third quarter ended Sept. 30 jumped 73% to $625.9 million, topping analysts’ average estimate of $610 million, according to Refinitiv IBES, as the company benefited from higher prices and fewer discounts.
- The company, known for its rubber clogs, said on Thursday it would move production to China, Indonesia and Bosnia, from Vietnam which had become a manufacturing hub for many companies across the world, especially apparel.
- Crocs had planned on 70% of its production coming from Vietnam in 2021, before deciding to move out some output, Chief executive Officer Andre Rees said on an analyst call.
- The company did not say how much production it was moving out of the country.
- It expects revenue for fiscal 2021 to rise 62% to 65%, up from its prior forecast of a 60% to 65% increase.
Blackstone’s Profit Nearly Doubles – Wall Street Journal, 10/21/2021
- Blackstone’s net income nearly doubled in the third quarter, driven by strong investment performance for its largest strategies and continued expansion into fast-growing new business lines.
- The New York private-equity firm said earnings rose to $1.4 billion, or $1.94 a share, from $794.7 million, or $1.13 a share, a year earlier.
- The value of Blackstone’s corporate private-equity investments climbed by 10% during the third quarter, handily beating the 0.2% appreciation for the S&P 500. Its opportunistic real-estate investments appreciated by 16%.
- Distributable earnings, or the portion of cash that could be returned to investors, reached an all-time high of $1.64 billion, or $1.28 a share, more than double the $772.1 million, or 63 cents a share, it reported a year earlier.
- Fee-related earnings of $779 million were also the highest in the firm’s history, representing a 28% improvement from a year earlier.
- Blackstone’s assets under management were $730.7 billion at the end of the third quarter, up from $684 billion in the second quarter and $584.4 billion in the third quarter of 2020.
- Blackstone said it would pay a dividend of $1.09 a share, up from 54 cents a share a year earlier.
Ford’s Maverick Hybrid Truck Nearly Sold Out for 2022 Model Year – Bloomberg, 10/21/2021
- Ford Motor’s new Maverick tiny truck is nearly sold out for the 2022 model year in its standard setup with a gas-electric hybrid propulsion system.
- The automaker said Thursday it expects that version of the truck, with a starting price below $20,000, to be fully subscribed by early November. At that point, Ford said it will stop taking reservations for the hybrid Maverick until next summer.
- A gasoline-only version of the Maverick, with a turbo-charged engine and a starting price of $21,080, will continue to take orders.
- Ford unveiled the Maverick in June and by August had received more than 100,000 non-binding reservations, exceeding expectations.
- The compact pickup is aimed at young, entry-level buyers on a budget and capitalizes on Ford’s truck franchise that includes the top-selling F-Series. In September, Ford sold 506 Mavericks, its first month on sale.
- Ford also said the Maverick hybrid has been certified to achieve 42 miles per gallon in city driving, more than the 40 mpg the automaker had initially announced for the truck.
California ports, key to U.S. supply chain, among world’s least efficient, ranking shows – Reuters, 10/21/2021
- Southern California’s Los Angeles and Long Beach ports handle the most ocean cargo of any ports in the United States, but are some of the least efficient in the world, according to a ranking by the World Bank and IHS Markit.
- In a review of 351 container ports around the globe, Los Angeles was ranked 328, behind Tanzania’s Dar es Salaam and Alaska’s Dutch Harbor.
- The adjacent port of Long Beach came in even lower, at 333, behind Turkey’s Nemrut Bay and Kenya’s Mombasa, the groups said in their inaugural Container Port Performance Index published in May.
- The total number of ships waiting to unload outside the two adjacent ports hit a new all-time record of 100 on Monday. Americans’ purchases of imported goods have jumped to levels the U.S. supply chain infrastructure can’t handle, causing delivery delays and snarls.
- Southern California port executives are coaxing terminal operators, importers, truckers, railroads, dock workers and warehouse owners to adopt 24/7 operations in a bid to clear clogs that have backed up dozens of ships offshore and delayed deliveries to stores and e-commerce fulfillment centers.
US ECONOMY & POLITICS
U.S. Home Sales Jumped 7% in September Shortages – Wall Street Journal, 10/21/2021
- U.S. home sales surged in September as demand remained strong, but sky-high prices made it more difficult for first-time buyers to compete.
- Existing-home sales rose 7% in September from the prior month to a seasonally adjusted annual rate of 6.29 million, the highest pace since January, the National Association of Realtors said Thursday. September sales fell 2.3% from a year earlier.
- Though prices remain near record highs, the pace of price growth is slowing. The median existing-home price rose 13.3% in September from a year earlier, NAR said, to $352,800. That compares to a 15.2% increase the prior month.
- There were 1.27 million homes for sale at the end of September, down 0.8% from August and down 13% from September 2020.
- At the current sales pace, there was a 2.4-month supply of homes on the market at the end of September.
- Existing-home sales rose the most month-over-month in the South, up 8.6%, and in the West, up 6.5%.
- About 23% of September existing-home sales were purchased in cash, up from 18% a year earlier, NAR said.
Jobless Claims Fall to Pandemic Low as Labor Market Remains Tight – Wall Street Journal, 10/21/2021
- Jobless claims fell slightly and notched a new pandemic low last week, a sign layoffs remain low as companies struggle to hire workers.
- Worker filings for initial unemployment benefits decreased to 290,000 last week from a revised 296,000 a week earlier, the Labor Department said Thursday.
- Continuing claims—a proxy for those receiving payments—made to pandemic programs and all others fell to 3.28 million in the week ended Oct. 2 from about 12 million in late August, before the pandemic aid expired nationwide.
- That data isn’t seasonally adjusted and is reported on a several-week delay.
Sinema’s Opposition Stymies Democrats’ Planned Tax-Rate Increases – Wall Street Journal, 10/21/2021
- Senate Democrats are considering abandoning central tax elements of their social policy and climate package, as a key senator continues to oppose any increase in marginal rates for businesses, high-income individuals or capital gains, according to people familiar with the matter.
- Sen. Kyrsten Sinema (D., Ariz.) has previously told lobbyists that she is opposed to any increase in those rates, according to a person familiar with her remarks, but her stance is now pushing Democrats to plan more seriously for a bill that doesn’t include those major revenue increases.
- Other planks of President Biden’s tax agenda, including tightening the net on U.S. companies’ foreign earnings and enhancing tax enforcement by the Internal Revenue Service, are still on the table, according to one of the people.
- Losing the rate increases would punch a significant hole in the Democrats’ plans for funding the package, now expected to cost around $2 trillion over a decade.
- The House’s corporate tax rate increase was projected to raise $540 billion over a decade, while the tax rate increases on ordinary income and capital gains would raise nearly $300 billion.
U.S. Growth Slowed in Recent Months Amid Elevated Prices, Fed’s Beige Book Says – Wall Street Journal, 10/21/2021
- U.S. economic growth slowed to a modest to moderate rate this fall as firms confronted supply-chain disruptions, elevated prices, a shortage of available workers and fears around the Delta variant of Covid-19, the Federal Reserve said Wednesday.
- Many businesses said they expected higher prices and supply shortages to last another year or so. The report, known as the Beige Book, collects anecdotes from businesses in Fed districts around the country.
- One bright spot in the report was the continued rise in consumer spending, which grew in most parts of the country. Manufacturing activity also increased and residential real estate spending was flat.
- Employers continued to struggle finding workers, the report said, with many offering bonuses, higher wages and more training. One retailer in the St. Louis area has started raffling off a car to employees with good attendance.
- In the Philadelphia area, the end of enhanced unemployment benefits and the return to in-person schooling only produced, “at best,” a slight increase in job applicants. Many of those applicants were already considering another job offer.
- Shipping problems and higher wages have contributed to price increases. One Boston area furniture seller has raised prices more than 30% since February. And manufacturers there said they were seeing 10%-to-30% price increases for their inputs. Most said they raised their own prices as a result.
EUROPE & WORLD
Unilever Held Back by Lingering Covid-19 Restrictions in Asia – Wall Street Journal, 10/21/2021
- Unilever said pandemic-related restrictions in several key markets were still keeping a lid on sales growth even as business begins to return to normal in the U.S. and Europe.
- Overall, the owner of Lifebuoy soap and Knorr soups said revenue for the third quarter rose to 13.5 billion euros, equivalent to $15.7 billion, up from €12.9 billion in the year-earlier period.
- The maker of Hellmann’s mayonnaise and Dove soap on Thursday reported a 2.5% rise in third-quarter underlying sales growth, with higher selling prices offsetting declines in the volume of products sold across much of the world.
- While Unilever’s overall sales volumes in the three months to Sept. 30 dropped 1.5%—most of that attributed to declines in Southeast Asia—the company was able to make up the shortfall with an average price increase of more than 4%.
- In Vietnam, where troops were deployed to help deliver food, sales fell almost 20%, while business in Thailand was hit by a lack of tourists.
- In North America, Unilever said third-quarter underlying sales growth was 2%, with a 2.9% rise in selling prices offsetting a 0.9% drop in sales volumes. It said sales of in-home food and hygiene products fell from their pandemic highs, while higher-end beauty lines grew strongly.
- Sales in China grew by a high single-digit percentage, led by volumes, though it said the overall market remains below pre-Covid-19 levels.
- Unilever confirmed its full-year guidance for flat margins, pushing up the company’s shares by more than 2% in London trading.
Semiconductor squeeze forces ABB to shrink sales outlook – Reuters, 10/21/2021
- ABB expects the supply chain crunch to continue into next year, the Swiss engineering group said on Thursday, as a shortage of semiconductors made it cut its 2021 sales outlook, sending its shares down 6%.
- Operational earnings before interest, tax and amortization rose 32% to $1.06 billion, in line with forecasts, while net profit came in at $652 million, slightly below expectations.
- Still, demand was buoyant, with the company’s orders surging 26% while its backlog grew by $2.1 billion to $16 billion.
- The maker of industrial robots and drives is the latest company to warn about shortages reducing its ability to meet demand from customers ramping up output after the pandemic-induced slump in activity.
- As a result, ABB reported its third quarter sales increasing by 4%, less than half the 10% rate it expected in July.
- It now expects full-year sales growth of 6% to 8%, slower than the previous outlook for a 10% increase.
Chinese Developer Defaults Pile Up as Evergrande Contagion Spreads – Wall Street Journal, 10/21/2021
- Dollar-bond defaults from Chinese property developers are rising quickly as the country’s housing market slumps, and the problem could worsen as a wave of debt from the beleaguered industry comes due in the coming months.
- Real-estate developers dominate China’s international high-yield bond market, making up about 80% of its total $197 billion of debt outstanding, according to Goldman Sachs.
- On Wednesday evening, Chinese developer Modern Land (China), which has a $250 million bond coming due on Oct. 25, said it is facing liquidity issues and is looking to hire a financial adviser. It scrapped an earlier plan to delay repaying most of the bond by three months.
- Over the past week, China Properties Group Ltd. defaulted on $226 million in three-year notes that matured on Oct. 15. And on Tuesday, S&P Global Ratings downgraded Sinic Holdings (Group) to a “selective default” rating, after the Shanghai-headquartered company failed to repay $250 million of bonds that came due a day earlier.
- Xinyuan Real Estate, another cash-strapped developer, swapped more than $200 million in dollar bonds that were scheduled to mature on Oct. 15 with debt that matures in two years, in what is known as a distressed debt exchange.
- The refinancing pressure is likely to intensify, with more than $6 billion of dollar debt maturing in January, according to Goldman Sachs—up from $2.2 billion this month, and less than $2 billion in each of November and December.
Chinese Regulators Nudge Didi Toward Hong Kong Listing – Wall Street Journal, 10/21/2021
- China’s internet watchdog suggested ride-hailing giant Didi Global and two other U.S.-listed tech firms explore listings in Hong Kong, as Beijing wraps up cybersecurity investigations into the companies, people familiar with the matter said.
- The Cyberspace Administration of China, which in July started data security reviews into apps operated by the three companies, broached the idea in recent conversations with executives from Didi, logistics platform Full Truck Alliance and online recruitment firm Kanzhun, the people said.
- Authorities are expected to deliver findings after the probes conclude as soon as next month, the people said.
- The navy frigate U.S. Constitution, known as “Old Ironsides,” was launched in Boston Harbor. (1797)
- Admiral Horatio Nelson died in the Battle of Trafalgar. (1805)
- Thomas Edison invented a workable incandescent electric lamp. (1879)
- The Solomon R. Guggenheim Museum of modern and contemporary art, designed by architect Frank Lloyd Wright, opened to the public in New York City. (1959)