Wall Street's major market averages were trading higher on Friday after the release of a monthly jobs report that exceeded expectations.
The September employment report showed nonfarm payrolls rose by 254,000, well above the 150,000 jobs increase expected in a survey compiled by Bloomberg as of 7:15 am ET, while August payrolls saw an upward revision to a 159,000 increase and July payrolls were revised up to a 144,000 increase, for a net upward revision of 72,000 jobs. Private payrolls rose by 223,000 in September after a 114,000 increase in August, above the increase of 125,000 private jobs expected. The unemployment rate fell to 4.1% in September from 4.2% in August, compared with a 4.2% rate expected.
The International Longshoremen's Association and the United States Maritime Alliance said late Thursday they have reached a tentative agreement on wages. The parties have agreed to extend their contract until Jan. 15, 2025, giving them time to "return to the bargaining table to negotiate all other outstanding issues."
Spirit Airlines (SAVE) shares slumped 25% in recent Friday trading after The Wall Street Journal reported that the budget carrier is in talks with bondholders for the terms of a potential bankruptcy filing. Spirit is also looking at restructuring its balance sheet through an out-of-court transaction, the report said, citing unnamed people familiar with the matter. Recent talks have been focused on reaching an agreement with lenders to support a Chapter 11 filing, the Journal said, adding that a filing would not be imminent if it were to happen. Spirit didn't immediately respond to MT Newswires' request for comment.
Rivian Automotive (RIVN) said Friday it manufactured 13,157 vehicles in Q3 at its production site in Normal, Illinois. The company delivered 10,018 vehicles for the quarter ended Sept. 30. The EV manufacturer said it now expects full-year 2024 annual production of between 47,000 and 49,000 vehicles, lower than 57,000 previously. The company said it is experiencing shortages on certain components of its R1 SUV, R1T pickups and delivery vans. Shares of the company were down 6.6% in recent trading.
Apogee Enterprises (APOG) shares advanced 24% in recent Friday trading after the company said that its fiscal Q2 adjusted earnings increased to $1.44 per diluted share from $1.36 a year earlier. The company also raised its adjusted fiscal 2025 EPS outlook to a range of $4.90 to $5.20 from its previous forecast of $4.65 to $5.00.
Coeur Mining (CDE) agreed to acquire SilverCrest Metals (SILV) in an all-share transaction valued at about $1.7 billion. Under the terms of the deal, expected to close in Q1, SilverCrest shareholders will receive about 1.6 Coeur shares for each SilverCrest share they own, implying a price of $11.34 per SilverCrest share. Coeur shares retreated 6.9% and SilverCrest shares climbed 12% in recent Friday trading.
Meta Platforms (META) launched Friday a new artificial intelligence tool called "Meta Movie Gen" that can generate videos based on a text prompt. The model can generate videos of up to 16 seconds at a rate of 16 frames per second with text prompt as input. A person's image can also be used as input in combination with a text prompt to generate a video featuring that person. Meta shares were up 0.4% in recent trading.
Price: 1.66, Change: -0.58, Percent Change: -25.76
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