Market Today: AstraZeneca Faces Fraud Probe in China, Devon Energy Surges

GuruFocus06:41

Market Performance on Election Day The stock market experienced substantial gains on Election Day. The S&P 500 increased by 1.2%, the Nasdaq Composite rose by 1.4%, the Dow Jones Industrial Average ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2481669370?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2024-11-06 06:41","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2481669370","market":"hk","top_or_hot":-1,"title":"Market Today: AstraZeneca Faces Fraud Probe in China, Devon Energy Surges","media":"GuruFocus","content":"<div>\n<p>Market Performance on Election Day The stock market experienced substantial gains on Election Day. The S&P 500 increased by 1.2%, the Nasdaq Composite rose by 1.4%, the Dow Jones Industrial Average ...</p>\n\n<a href=\"https://www.gurufocus.com/news/2584501/market-today-astrazeneca-faces-fraud-probe-in-china-devon-energy-surges\">Source Link</a>\n\n</div>\n","source":"gurufocus_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Market Today: AstraZeneca Faces Fraud Probe in China, Devon Energy Surges</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMarket Today: AstraZeneca Faces Fraud Probe in China, Devon Energy Surges\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-06 06:41 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.gurufocus.com/news/2584501/market-today-astrazeneca-faces-fraud-probe-in-china-devon-energy-surges><strong>GuruFocus</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Market Performance on Election Day The stock market experienced substantial gains on Election Day. The S&P 500 increased by 1.2%, the Nasdaq Composite rose by 1.4%, the Dow Jones Industrial Average ...</p>\n\n<a href=\"https://www.gurufocus.com/news/2584501/market-today-astrazeneca-faces-fraud-probe-in-china-devon-energy-surges\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"IE00BK4W5M84.HKD","symbol_name":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (HKD) ACC","start_time":0,"source_url":"https://www.gurufocus.com/news/2584501/market-today-astrazeneca-faces-fraud-probe-in-china-devon-energy-surges","article_id":"2481669370","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2481669370","pubTimestamp":1730846464,"sourceInfo":{"source_id":"gurufocus_highlight","name":"GuruFocus"},"weMediaInfo":null,"summary":"Market Performance on Election Day The stock market experienced substantial gains on Election Day. The S&P 500 increased by 1.2%, the Nasdaq Composite rose by 1.4%, the Dow Jones Industrial Average cl","collect":0,"end_time":0,"defaultTopTitle":"gurufocus.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"IE00BK4W5M84.HKD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (HKD) ACC","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","OEX":"标普100",".SPX":"S&P 500 Index","SPY":"标普500ETF","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","IE00BMPRXQ63.HKD":"NEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUND \"A\" (HKDHDG) ACC","DVN":"德文能源","BK4559":"巴菲特持仓","BK4543":"AI","LU1861558580.USD":"日兴方舟颠覆性创新基金B","IE0034235188.USD":"PINEBRIDGE GLOBAL FOCUS EQUITY \"A\" (USD) ACC","BK4588":"碎股","OEF":"标普100指数ETF-iShares","LU0048584097.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) INC","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1  Acc SGD-H","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD)   INC","IE00B7KXQ091.USD":"Janus Henderson Balanced A Inc USD","SDS":"两倍做空标普500ETF","BK4547":"WSB热门概念","UPRO":"三倍做多标普500ETF","2NVD.UK":"2X NVIDIA ETP","IE0034235295.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"A\" (USD) ACC","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","BK4549":"软银资本持仓","DD":"杜邦","IVV":"标普500指数ETF","IE00BDCRKT87.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"ADC\" (USD) INC","META":"Meta Platforms, Inc.","BK4548":"巴美列捷福持仓","3NVD.UK":"LS 3X NVIDIA","BK4529":"IDC概念","DJT":"特朗普媒体科技集团","VOO":"Vanguard标普500ETF","IE00BJJMRY28.SGD":"Janus Henderson Balanced A Inc SGD","IE0034235303.USD":"PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY \"A\" (USD) ACC","SSO":"两倍做多标普500ETF","SH":"标普500反向ETF","L":"洛斯公司","IE00BKDWB100.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5H\" (SGDHDG) ACC","IE00BYXW3230.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"AA\" (USD) ACC","BK4554":"元宇宙及AR概念","LU0310799852.SGD":"FTIF - Templeton Global Equity Income A MDIS SGD","BK4592":"伊斯兰概念","SMCI":"超微电脑","SPXU":"三倍做空标普500ETF","IE0005OL40V9.USD":"JANUS HENDERSON BALANCED \"A6M\" (USD) INC"},"translate_title":"今日市场：阿斯利康在中国面临欺诈调查，德文能源飙升","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"DVN":1,"DD":1,"VOO":0.76,"SPY":0.76,"DJT":0.7,"SMCI":0.7,"IVV":0.6,"L":0.6,"SPXU":0.6,"UPRO":0.6,"SSO":0.6,"META":0.6,"OEF":0.6,"OEX":0.6,"SDS":0.6,"SH":0.6,"ESmain":0.6,"2NVD.UK":0.6,"3NVD.UK":0.6,".SPX":0.6},"content_text":"Market Performance on Election Day The stock market experienced substantial gains on Election Day. The S&P 500 increased by 1.2%, the Nasdaq Composite rose by 1.4%, the Dow Jones Industrial Average climbed 0.4%, and the Russell 2000 advanced 1.9%. This upward movement was driven by a rise in the ISM Services PMI for October, signaling positive prospects for economic and earnings growth. Additionally, the market was buoyed by relief over the resolution of some election uncertainties before Wednesday's trading. Although some election-related uncertainties remain, such as extended vote counting and potential recounts, many stocks saw positive movement.Sector and Stock Highlights The equal-weighted S&P 500 also rose by 1.2%, with 24 out of the 30 Dow components closing with gains. All 11 S&P 500 sectors ended higher, with seven sectors gaining at least 1.0%. The consumer discretionary sector led with a 1.8% gain. The information technology sector rose by 1.5%, driven by gains in mega caps and chipmakers. NVIDIA (NVDA) was a standout, increasing by 2.8% to $139.91, surpassing Apple (AAPL, Financial) in market cap, which rose 0.7% to $223.45.Significant Stock Movements Palantir Technologies (PLTR) surged by 23.5% to $51.13. DuPont (DD) increased by 4.7% to $85.67. GlobalFoundries (GFS) saw a 14.9% rise to $41.37, all in response to earnings reports.Treasury Market Overview Treasuries had mixed results. The 10-year yield decreased by two basis points to 4.29%, while the 2-year yield increased by three basis points to 4.21%. This was influenced by the day's economic data and a $42 billion 10-year note sale that saw strong demand.Year-to-Date Index Performance Nasdaq Composite: +22.8% YTD S&P 500: +21.2% YTD Dow Jones Industrial Average: +12.0% YTD S&P Midcap 400: +13.5% YTD Russell 2000: +11.5% YTDEconomic Data Review The September Trade Balance Report indicated a widening trade deficit to $84.4 billion, compared to a revised $70.8 billion in August. This was due to a $3.2 billion decrease in exports and a $10.3 billion increase in imports, pointing to a stronger U.S. economy relative to global counterparts.The S&P Global US Services PMI slightly declined to 55.0 in October, while the ISM Services PMI increased to 56.0%, reaching its highest level since July 2022. This indicates accelerated activity in the services sector, with employment activity returning to expansion. However, the Backlog Index showed deeper contraction, potentially slowing future expansion.Upcoming Economic Data Looking ahead to Wednesday, market participants will receive the weekly MBA Mortgage Applications Index at 7:00 ET and the weekly EIA Crude Oil Inventories at 10:30 ET.Overseas Market Performance Europe: DAX +0.6%, FTSE -0.1%, CAC +0.5%Asia: Nikkei +1.4%, Hang Seng +2.1%, Shanghai +2.3%Guru Stock PicksBernard Horn has made the following transactions:Reduce in IBOC by 7.34%Sold out in DUB:SK3Add in LSE:BWY by 0.61%New position in GLPIBaillie Gifford has made the following transactions:Reduce in ROKU by 3.56%Sold out in RDFNAdd in PGR by 0.91%New position in LINEToday's NewsAstraZeneca (AZN, Financial) faced a significant selloff on Tuesday following reports of a fraud investigation in China, a crucial market for the company. The investigation, which could involve senior executives, centers around allegations of insurance fraud. This news comes as a blow to AstraZeneca, which relies heavily on China for revenue, marking it as the company's third-largest market. The investigation is expected to impact the broader Chinese pharmaceutical sector amidst a slowdown in the country's hospital industry.Devon Energy (DVN, Financial) reported a positive third quarter, with non-GAAP EPS of $1.10 aligning with expectations and revenue of $4.02 billion exceeding forecasts by $470 million. The company saw its shares rise by 2.69%, highlighting its potential to capitalize on rising oil prices. Despite short-sellers increasing their positions against energy stocks, Devon's performance suggests it remains undervalued, with a shareholder yield nearing 9%.Trump Media and Technology Group (DJT, Financial) experienced a volatile trading session on U.S. Election Day, closing down 1.2% after a rally of up to 19% earlier in the day. The stock's trading volume was significantly high, with over 147 million shares exchanged, marking a 3.8 times increase over its three-month daily average. The volatility led to three trading halts, reflecting the market's uncertainty amid the election.Casey’s General Stores (CASY, Financial) announced the completion of its acquisition of Fikes Wholesale, adding 148 stores in Texas and 50 in other southern states. This strategic move expands Casey's store count to approximately 2,900 locations, marking the largest acquisition in the company's history. The acquisition aligns with Casey's strategic plans, enhancing its presence in key markets.Coupang (CPNG, Financial) saw its shares decline in post-market action despite posting a mixed Q3 earnings report. The company reported a 27.3% year-over-year revenue increase, surpassing estimates by $140 million. However, the market reacted negatively to the earnings report, reflecting investor concerns despite strong growth in Coupang's developing offerings segment.Super Micro Computer (SMCI, Financial) shares dropped 17% after announcing preliminary first-quarter results that fell short of previous guidance. The company expects earnings per share between $0.75 and $0.76 on revenue between $5.9 billion and $6 billion, below analyst expectations. The results are preliminary due to the recent resignation of its auditor, adding to investor uncertainty.Meta Platforms (META, Financial) reportedly closed an internal virtual reality studio and reduced funding for external app developers, leading to staff cuts and project delays. This move comes as Meta shifts its focus on developer funding, impacting companies like Monks and Atlas V, which were involved in creating content for Meta's virtual reality projects.Sixth Street Specialty Lending (TSLX, Financial) reported in-line Q3 earnings with adjusted net investment income per share of $0.57. The company declared a Q4 base dividend of $0.46 per share and a Q3 supplemental dividend of $0.05. Despite a slight decline in adjusted annualized return on equity, TSLX's stock edged up 0.1% in after-hours trading.GuruFocus Stock AnalysisBoeing Faces Production Challenges as Union Strike Ends; 777X Delayed, Layoffs Announced by Muslim FarooqueCelanese Drop: Gloomy Projection, Analysts Downgrades, and Lower-than-Expected Q3 Result by ShantiPutriHugo Boss Sets Sights on China Growth, Emphasizes Brand Visibility and Larger Store Formats by Muslim FarooqueHyperscaler Capex to Reach $300 Billion in 2025: Morgan Stanley by Faizan FarooqueOpenai's Nonprofit Shift to For-Profit Structure Draws Scrutiny Over ChatGPT Valuation by Muslim Farooque","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2481669370"}