?? Singapore Halts Allianz’s $1.7B Majority Stake in Income Insurance
The articles and information in this newsletter are a summary of Friday’s trading and related news. They are presented for informational purposes only. Nothing in the newsletter should be taken as investment or trading advice.
S&P 5005, 815.03+34.98 (+0.61%)
Dow Jones 42,863.86+409.76 (+0.97%)
NASDAQ 18,342.94+60.94 (+0.33%)
Market close: October 11, 2024
Breaking News
Singapore Halts Allianz’s $1.7B Majority Stake in Income Insurance.
?? The Singapore government blocks Allianz’s 51% acquisition of Income Insurance, citing concerns over the insurer's ability to fulfill its social mission. Officials are open to new proposals addressing these issues. WSJ reports.
Image source: Wikimedia Commons
EdgeUp
?? PubliGoogle: Google used influence, ultimatum to cut California news deal. Yahoo Finance reports.
?? StellaStruggle: Stellantis CEO under fire from Italian lawmakers as the group grapples with financial troubles. Yahoo Finance reports.
?? JobCrash: Boeing stock slides as company plans to cut 17,000 jobs, delays jet delivery amid labor strike. Yahoo Finance reports.
?? iRestrict: US labor board accuses Apple of restricting workers' Slack, social media use. Reuters reports.
?? RollStop: British Airways changes schedule due to Rolls-Royce parts delays. Reuters reports.
?? RoboDrop: Tesla shares drop 9% after Cybercab robotaxi reveal ‘underwhelmed’ investors. CNBC reports.
Top 5 Movers in Early Pre-Market
(All pricing and percent gains are based on Early Pre-Market from 4:00 AM to 7:00 AM Eastern Time) Benzinga reports.
1. $TVGN: Tevogen Bio Holdings
Total gain: 98.47%
2. $XPON: Expion360
Total gain: 80.33%
3. $IVA: Inventiva
Total gain: 76.71%
4. $LBPH: Longboard Pharmaceuticals
Total gain: 48.48%
5. $RANI: Rani Therapeutics Holdings
Total gain: 19.3%
A Question About Risk
Bob Iaccino is a chief market strategist and co-founder of Path Trading Partners. He joins us live every Thursday from 11 AM ET, as our Risk Management educator.
Any advice for traders using Fibonacci retracement?
Fibonacci retracement is a great tool, but like any tool, it’s important to use it wisely. It’s not a crystal ball, and it doesn’t guarantee success. What it does offer is a structured approach to analyzing price movements and identifying potential areas of interest. My advice to traders is to always use Fibonacci retracement in conjunction with other technical and fundamental analysis tools. For example, if you see a Fibonacci retracement level aligning with a previous support or resistance zone, that could strengthen the case for a potential reversal at that point. Similarly, combining Fibonacci retracement with volume analysis can help you determine whether a move is backed by strong market sentiment. Lastly, always remember to manage your risk. Even if you’re confident that a price will react at a Fibonacci level, the market can still surprise you. Setting proper stop-loss orders and using position sizing strategies are crucial for long-term success. It’s all about stacking the odds in your favor while protecting your downside.
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Friday’s Biggest Movers
The closing price of the top three market percent gainers trading near or above $3 on October 11.
(All pricing and percent gains are based on regular market trading hours from 9:30 am to 4:00 pm Eastern Time)
1. $TWG: Top Wealth Group
Total gain: +240.65%
The company announced the pricing of its public offering of 27,000,000 ordinary shares at a public offering price of $0.40 per share. Gross proceeds, before deducting placement agent fees and other offering expenses, are expected to be approximately $10.8 million. The offering is expected to close on October 14, 2024, subject to customary closing conditions. Benzinga reports.
2. $VERB: Verb Technology
Total gain: +51.82%
The stock appeared to be moving on no notable news.
3. $DWTX: Dogwood Therapeutics
Total gain: +32.05%
The stock appeared to be moving on no notable news.
Today’s Notable Earnings
(Estimate and Actual numbers represent Earnings Per Share in US Dollars)
KARO Karooooo
2Q 2025
After Market Close Estimate: 0.390
Actual: N/A
Today’s Key Economic Dates
Time (ET) / Report / Period
3:00 pm Federal Reserve Governor Christopher Waller speaks
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Parting Thoughts
“The market’s volatility is a friend to the disciplined investor, offering opportunities where others see only risk.” ― Howard Marks
Sourced in: "The Most Important Thing: Uncommon Sense for the Thoughtful Investor", by Howard Marks, published in 2011
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