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Snapshot: Another interesting story that made waves was a remark from Best Buy (BBY) CEO Corie Barry on a post-earnings interview. She told CNBC that the rise of organized crime is a "horrible change" for the "trajectory of the business" and the electronics retailer is "working hard to try to stem" loosely organized bands of thieves who have targeted the firm's locations. Barry also noted that Best Buy was among many retailers who have faced a spike in these attacks and has put measures in place to prevent the thefts, such as locking up certain products and working with local law enforcement.
Kroger previously highlighted organized crime as a reason for its reduced margins when it reported quarterly results back in September. Over in San Francisco, Louis Vuitton (OTCPK:LVMHF), Burberry (OTCPK:BBRYF) and Hermes (OTCPK:HESAF) stores were ransacked last weekend, while a raid on a Nordstrom in nearby Walnut Creek was even more brazen. Just before closing time, some 80 people jumped out of a group of cars and assaulted two employees before escaping with hands full of merchandise.
Holiday sales: Shopping trends are on track to make a comeback this year, with 158.3M people (nearly 2M more people than last year) expected to shop from Thanksgiving Day through Cyber Monday. That's according to the latest report from the National Retail Federation, which estimates consumers will shell out an average $997.73 on holiday sales during November and December. At those levels, it would mean a growth rate of between 8.5% and 10.5% over 2020 to a total of $843.4B-$859B, setting records for both the expansion and total amount spent. Download Seeking Alpha for your Phone or Tablet
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Kroger previously highlighted organized crime as a reason for its reduced margins when it reported quarterly results back in September. Over in San Francisco, Louis Vuitton (OTCPK:LVMHF), Burberry (OTCPK:BBRYF) and Hermes (OTCPK:HESAF) stores were ransacked last weekend, while a raid on a Nordstrom in nearby Walnut Creek was even more brazen. Just before closing time, some 80 people jumped out of a group of cars and assaulted two employees before escaping with hands full of merchandise.
Holiday sales: Shopping trends are on track to make a comeback this year, with 158.3M people (nearly 2M more people than last year) expected to shop from Thanksgiving Day through Cyber Monday. That's according to the latest report from the National Retail Federation, which estimates consumers will shell out an average $997.73 on holiday sales during November and December. At those levels, it would mean a growth rate of between 8.5% and 10.5% over 2020 to a total of $843.4B-$859B, setting records for both the expansion and total amount spent.
On The Move
Friday's shortened trading day was supposed to be a calm one, given the typically low trading volumes seen on Black Friday, but fears of a new COVID-19 variant found in South Africa is shaking up sentiment. Dow futures plunged more than 800 points before the open, while contracts linked to the S&P 500 and Nasdaq fell 1.8% and 1.2%, respectively, after stocks sold off in Europe and Asia. WTI crude oil futures (CL1:COM) also tumbled nearly 7% as the U.K. imposed fresh travel restrictions, though Zoom Video (ZM) and Peloton (PTON) took off as the news revived the stay-at-home-trade.
New variant: Believed to have first emerged in Botswana, B.1.1.529 will be called as such until a Greek letter is assigned to it by the World Health Organization. The variant carries an unusually large number of mutations associated with increased antibody resistance and is "clearly very different" from previous incarnations. South African scientists have already detected 30 mutations to the spike protein, which play a big role in how the virus enters the body.
The biggest concern is whether the virus could lead to more serious illness or decrease the effectiveness of vaccines and treatments. While we don't yet know whether it's more infectious or deadly than other variants, it's spreading across the globe. B.1.1.529 has been found in travelers arriving in Hong Kong, just as COVID cases surge around the world heading into the holiday season.
Go deeper: The World Health Organization (WHO) has designated the new COVID strain detected in South Africa as a "variant of concern", which prompted nations around the world to impose travel restrictions amid fears over its potential spread "For the moment it is understood that the number of cases is small, but due to the thin liquidity levels in Asia trading as a consequence of the U.S. holiday the reaction does appear to be outsized," said Michael Hewson, chief market analyst at CMC Markets. Other variants of concern include Delta, which is now dominant worldwide, as well as Alpha, which triggered a deadly wave of infections across Europe and the U.S. last winter and spring. (142 comments)
New variant: Believed to have first emerged in Botswana, B.1.1.529 will be called as such until a Greek letter is assigned to it by the World Health Organization. The variant carries an unusually large number of mutations associated with increased antibody resistance and is "clearly very different" from previous incarnations. South African scientists have already detected 30 mutations to the spike protein, which play a big role in how the virus enters the body.
The biggest concern is whether the virus could lead to more serious illness or decrease the effectiveness of vaccines and treatments. While we don't yet know whether it's more infectious or deadly than other variants, it's spreading across the globe. B.1.1.529 has been found in travelers arriving in Hong Kong, just as COVID cases surge around the world heading into the holiday season.
Go deeper: The World Health Organization (WHO) has designated the new COVID strain detected in South Africa as a "variant of concern", which prompted nations around the world to impose travel restrictions amid fears over its potential spread "For the moment it is understood that the number of cases is small, but due to the thin liquidity levels in Asia trading as a consequence of the U.S. holiday the reaction does appear to be outsized," said Michael Hewson, chief market analyst at CMC Markets. Other variants of concern include Delta, which is now dominant worldwide, as well as Alpha, which triggered a deadly wave of infections across Europe and the U.S. last winter and spring. (142 comments)
U.S. Indices
Dow -2.% to 34,899. S&P 500 -2.2% to 4,595. Nasdaq -3.5% to 15,492. Russell 2000 -4.2% to 2,246. CBOE Volatility Index +59.8% to 28.62.
S&P 500 Sectors
Consumer Staples -0.2%. Utilities -1.%. Financials -0.6%. Telecom -3.3%. Healthcare -0.9%. Industrials -2.4%. Information Technology -3.2%. Materials -2.3%. Energy +1.7%. Consumer Discretionary -3.6%.
World Indices
London -2.5% to 7,044. France -5.2% to 6,740. Germany -5.6% to 15,257. Japan -3.3% to 28,752. China +0.1% to 3,564. Hong Kong -3.9% to 24,081. India -4.2% to 57,107.
Commodities and Bonds
Crude Oil WTI -10.4% to $68.17/bbl. Gold -3.3% to $1,791.4/oz. Natural Gas +8.6% to 5.498. Ten-Year Treasury Yield +0.3% to 131.17.
Forex and Cryptos
EUR/USD +0.27%. USD/JPY -0.59%. GBP/USD -0.84%. Bitcoin -8.9%. Litecoin -12.4%. Ethereum -6.3%. Ripple -12.8%.
Top Stock Gainers
Longeveron Inc (NASDAQ:LGVN) +346%. Ispecimen Inc (NASDAQ:ISPC) +263%. Biofrontera Inc (NASDAQ:BFRI) +211%. Allied Healthcare (NASDAQ:AHPI) +71%. Pasithea Therapeutics Corp (NASDAQ:KTTA) +67%.
Top Stock Losers
Transdigm Group Inc (NYSE:TDG) -15%. Globant S.A. (NYSE:GLOB) -17%. Autodesk Inc (NASDAQ:ADSK) -21%. Okta Inc Cl A (NASDAQ:OKTA) -16%. Doordash Inc Cl A (NYSE:DASH) -18%.
Where will the markets be headed next week? Current trends and ideas? Add your thoughts to the comments section.
Dow -2.% to 34,899. S&P 500 -2.2% to 4,595. Nasdaq -3.5% to 15,492. Russell 2000 -4.2% to 2,246. CBOE Volatility Index +59.8% to 28.62.
S&P 500 Sectors
Consumer Staples -0.2%. Utilities -1.%. Financials -0.6%. Telecom -3.3%. Healthcare -0.9%. Industrials -2.4%. Information Technology -3.2%. Materials -2.3%. Energy +1.7%. Consumer Discretionary -3.6%.
World Indices
London -2.5% to 7,044. France -5.2% to 6,740. Germany -5.6% to 15,257. Japan -3.3% to 28,752. China +0.1% to 3,564. Hong Kong -3.9% to 24,081. India -4.2% to 57,107.
Commodities and Bonds
Crude Oil WTI -10.4% to $68.17/bbl. Gold -3.3% to $1,791.4/oz. Natural Gas +8.6% to 5.498. Ten-Year Treasury Yield +0.3% to 131.17.
Forex and Cryptos
EUR/USD +0.27%. USD/JPY -0.59%. GBP/USD -0.84%. Bitcoin -8.9%. Litecoin -12.4%. Ethereum -6.3%. Ripple -12.8%.
Top Stock Gainers
Longeveron Inc (NASDAQ:LGVN) +346%. Ispecimen Inc (NASDAQ:ISPC) +263%. Biofrontera Inc (NASDAQ:BFRI) +211%. Allied Healthcare (NASDAQ:AHPI) +71%. Pasithea Therapeutics Corp (NASDAQ:KTTA) +67%.
Top Stock Losers
Transdigm Group Inc (NYSE:TDG) -15%. Globant S.A. (NYSE:GLOB) -17%. Autodesk Inc (NASDAQ:ADSK) -21%. Okta Inc Cl A (NASDAQ:OKTA) -16%. Doordash Inc Cl A (NYSE:DASH) -18%.
Where will the markets be headed next week? Current trends and ideas? Add your thoughts to the comments section.


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