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U.S. MARKETS OVERVIEW

Stocks Surge in Pre-Election Buying Spree As we had noted last week, U.S. equity markets have had a long history of rising following the Presidential elections. Staying on-trend, U.S. stock indexes booked their best five-day period since April as investors grabbed stocks, despite the uncertainty of who would be the winner of The Presidential Reality Show®. Stocks and derivatives and...

GOING DOWN, GOING BUST, GOING OUT

BOEING WILL CUT THOUSANDS MORE JOBS. As the economic shutdown took its toll on the airline industry, the company earlier announced cutting 10 percent of its 160,000-strong labor force. Now Boeing says it plans to end 2021 with a staff of 130,000, which means letting go of another 14,000 workers. About 19,000 workers already have left the company, but Boeing...

ETSY’S 3Q RESULTS SHINE AMONG RETAILERS

Online retailer Etsy reported third-quarter sales more than doubled from the same period last year, reaching $451.5 million and increasing profits five-fold, as shoppers stocked up on masks and treated themselves to new home décor items, the company said in a statement announcing the results. The number of shoppers on its site shot up 41 percent year on year, including...

LAYOFFS AT SCHWAB

Brokerage firm Charles Schwab, which owns TD Ameritrade, is laying off 1,000 workers across both companies or about 3 percent of its labor force. The layoffs are part of the ongoing process of eliminating overlapping roles since Schwab bought TD Ameritrade for $26 billion late last year, the company said in a statement announcing the layoffs. Schwab will “continue to...

AMD BUYS XLINX

Chip maker AMD will buy competitor Xlinx for $35 billion in stock, the companies announced on 27 October. AMD specializes in graphics and central processing chips, while Xlinx is a leader in field-programmable gate arrays, which can be programmed by users instead of by a manufacturer. The news follows Nvidia’s September $40-billion purchase of Arm Holdings, a major British maker...