Wall Street Breakfast September 29: Porsche Revs Higher in IPO Debut in Frankfurt

Wall Street Breakfast

Seeking Alpha

Business, Investing, Business News, News

3.8 • 950 Ratings

🗓️ 29 September 2022

⏱️ 7 minutes

🔗️ Recording | iTunes | RSS

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Summary

Porsche revs higher in IPO debut in Frankfurt. Stock futures reverse as big market rally fizzles out. Amazon.com raises hourly pay through $1B investment. Medicare costs to decline for first time in a decade. Catch today’s WSB article seekingalpha.com/wsb. Start Your Free Trial of Seeking Alpha Premium - https://bit.ly/3uX5TDY.

Transcript

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0:00.0	Welcome to Seeking Alpha's Wall Street breakfast, your daily source of market news and analysis.
0:06.8	Subscribe to this podcast on Apple Podcast, Spotify or Stitcher.
0:11.2	Good morning. Today is Thursday, September 29th,
0:14.2	and I'm your host Julie Morgan, our top stories.
0:17.4	Porsche, Amazon, Medicare, Apple, Docusine, Biogen, Volta, and Warner Brothers Discovery.
0:26.6	The stock market experienced a large rally as major averages gained ground while yields plunged
0:32.2	from recent highs.
0:33.7	The Dow Jones ended higher by 1.8% as it jumped 548 points.
0:38.9	The S&P 500 ended up 1.9%, finishing above 3,700. The NASDAQ led the averages concluding up 2%.
0:47.6	All 11 S&P sectors closed in the green with energy on top. Infotech was the lager.
0:53.0	The 10-year Treasury yield dropped 23 basis points to 3.72%.
0:58.0	The 2-year yield fell 19 basis points to 4.12%. On the economic calendar, August pending home sales
1:06.2	declined more than was forecasted. Pending home sales data came in down 2%
1:11.0	month over month versus the forecast at negative 0.8%.
1:16.3	In the earning spotlight today, Bed Bath and Beyond, Carmax, Rite Aid, Micron, and Nike.
1:24.6	In our day watch, DocuSign shares rose more than 5% Wednesday after the Electronic Signature
1:30.6	Technology Company said it would cut the size of its workforce by
1:34.1	roughly 9 percent at last check in pre-market trading shares are down 1 percent.
1:40.6	Also in our day watch is biogen. Biogen stock closed up 40% Wednesday after the release of phase 3 data for the drug to treat Alzheimer's disease.
1:50.0	The stock closed at $ 276.61, the last time it closed that
1:55.0	time it closed that high was November 5th of 2021 at $178.68
2:01.0	The top line data showed the candidate met its primary endpoint, reducing cognitive
	...

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