The Radnor, Pa.-based firm is targeting $1.5 billion for Lovell Minnick Equity Partners VI, to take control and minority positions in companies in the financial services industry and related sectors, according to documents prepared for the Massachusetts Pension Reserves Investment Management Board, which managed $92.4 billion as of June 30, 2022.
Taylor Swift Fans Sue Ticketmaster After 'Eras Tour' Sales Debacle
More than two dozen Taylor Swift fans sued Ticketmaster in a California court for anticompetitive and fraudulent behavior after they alleged the company blocked them from buying tickets this past month to the musician's concerts.
In the lawsuit, filed in Los Angeles County Superior Court, the fans said Ticketmaster knew the sale would be plagued with issues in part because it had let too many people access the presale.
Investors Yank Money From Commercial-Property Funds, Pressuring Real-Estate Values
Big and small investors are queuing up to pull money out of real-estate funds, the latest sign that the surge in interest rates is threatening to upend the commercial-property sector.
Blackstone Inc. last week said it would limit the amount of money investors could withdraw from its $69 billion flagship real-estate fund following a surge in redemption requests. Starwood Capital Group shortly after notified investors that it was also restricting withdrawals in a $14.6 billion fund, according to a person familiar with the matter.
Oil Prices and Energy Stocks Are Headed in Different Directions. What Gives?
Oil is sitting out Wall Street's year-end rally.
While recent hopes that inflation has peaked sparked sharp gains in stocks and bonds, oil prices just bounced off their 2022 lows, hit by worries about slowing global growth eating into demand for fuel. Early gains for crude Monday, triggered by easing Covid restrictions in China and a price cap on Russian oil, quickly petered out.
China's Covid Easing Fuels Stock-Market Hopes-and Fans Fears
Chinese stocks have recently been whipsawed by the country's attempts-and its numerous struggles-to move past the Covid-19 pandemic.
Investors say it is only the beginning of what is likely to be a long and tumultuous period, as Beijing tries to pivot from a zero-tolerance Covid policy characterized by lockdowns and numerous restrictions to living with the virus and limiting its damage to the economy. Economists and strategists say China's path to reopening in the coming year is littered with hurdles that make it difficult for investors to predict the impact on domestic spending, corporate earnings and the country's stock market.
RBA Raises Rates; Says Path to Soft Landing Is Narrow
SYDNEY-The Reserve Bank of Australia continued to raise interest rates cautiously at its final board meeting for the year, maintaining the pace of increases despite early signs that inflation may be peaking.
The RBA on Tuesday raised the official cash rate by 25 basis points to 3.10%. It was the third straight month that the RBA, which said it still expects to raise rates further, increased borrowing costs by that amount.
German Factory Orders Rebounded More Than Expected in October
Manufacturing orders in Germany increased in October after falling the previous two months, a sign demand for goods could be slightly recovering.
Factory orders rose 0.8% in October compared with the previous month, according to price-adjusted data from the German statistics office Destatis released Tuesday.
Why Monday's stock-market rout should be a wake up call for investors
Monday's punishing selloff could be the beginning of the next leg lower for stocks as a sense of complacency has taken hold in markets following a stellar October and November, several strategists told MarketWatch.
In a note to clients on Monday, Jonathan Krinsky, chief technical strategist at BTIG, said that U.S. stocks were primed to tumble after the S&P 500 SPX bounced off its latest resistance level, which coincided with the index's 200-day moving average, a key technical level for assets. Krinsky illustrated the pattern in a chart included below.
Warnock, Walker Close Out in Senate Runoff as Georgia Voters Head to Polls
ATLANTA-Georgia voters head to the polls Tuesday in a runoff election that will determine whether incumbent Democratic Sen. Raphael Warnock goes back to Washington or he is replaced by GOP challenger Herschel Walker.
Mr. Warnock spent election eve holding various get-out-the-vote events with younger people in Democratic-leaning Atlanta, while Mr. Walker spent much of the day at rallies in Republican areas of the northern suburbs.
Biden Backs Tying Energy Permitting Plan to Defense Policy Measure
WASHINGTON-The White House said President Biden supports including a proposal to speed up environmental reviews of energy projects in an annual defense-policy law, as lawmakers prepare to unveil the proposal as soon as this week.
White House press secretary Karine Jean-Pierre stated support for the permitting proposal's inclusion at a press briefing on Monday. Mr. Biden "believes we should pass the defensive authorization bill and that the permitting bill should be included in the legislation," Ms. Jean-Pierre said.
U.S., EU Agree to Coordinate Semiconductor Subsidy Programs
COLLEGE PARK, Md.-Top U.S. and European Union officials agreed to work closely to strengthen semiconductor supply chains, including sharing information about their respective programs to provide massive subsidies to promote domestic chip production.
At a Monday gathering to discuss trade and technology issues, however, the two sides failed to make progress on a dispute over the U.S.'s new electric-vehicle program that has strained bilateral ties, an issue that was raised by French President Emmanuel Macron during his meeting with President Biden last week.
Write to paul.larkins@dowjones.com TODAY IN CANADA
Earnings:
Evertz Tech 2Q
Economic Indicators (ET):
0830 Oct Trade Balance
1000 Nov Ivey Purchasing Managers Index
Stocks to Watch:
Advantage Energy: Alberta Securities Commission Has Permitted Advantage to Extend Substantial Issuer Bid Without First Taking Up Any Common Shares; Advantage Energy: Haven't Determined if It Will Extend Offer
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Canfor: Will Temporarily Curtail Canadian Production Capacity Due to Very Weak Market Conditions; To Reduce Production at All Solid Wood Facilities in B.C., Alberta; Around 150M Board Feet of Production to Be Removed in Dec, Jan
Expected Major Events for Tuesday
00:01/UK: Nov BRC-KPMG Retail Sales Monitor
02:00/JPN: Nov Imported Vehicle Sales
07:00/GER: Oct Manufacturing orders
07:00/GER: Oct Manufacturing turnover
08:59/JPN: Oct Provisional Labour Survey - Earnings, Employment & Hours Worked
09:30/UK: Nov S&P Global / CIPS UK Construction PMI
11:00/FRA: Oct OECD CPI
13:30/CAN: Oct International merchandise trade
13:30/US: Oct U.S. International Trade in Goods & Services
13:55/US: 12/03 Johnson Redbook Retail Sales Index
15:00/CAN: Nov Ivey Purchasing Managers Index
21:30/US: 12/02 API Weekly Statistical Bulletin
23:50/JPN: Nov International Reserves / Foreign Currency
23:50/JPN: Nov Provisional Trade Statistics for 1st 20 days of Month
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Expected Earnings for Tuesday
AeroVironment (AVAV) is expected to report $-0.09 for 2Q.
Alico (ALCO) is expected to report $-0.25 for 4Q.
AltiGen Communications (ATGN) is expected to report for 4Q.
AutoZone Inc (AZO) is expected to report $25.12 for 1Q.
Avid Bioservices Inc (CDMO) is expected to report $-0.01 for 2Q.
Barnes & Noble Education Inc (BNED) is expected to report $0.77 for 2Q.
CSP Inc (CSPI) is expected to report for 4Q.
California First Leasing Corp (CFNB) is expected to report for 1Q.
Casey's General Stores (CASY) is expected to report $3.09 for 2Q.
Cenntro Electric Group Ltd (CENN) is expected to report for 3Q.
Conn's (CONN) is expected to report $-0.55 for 3Q.
Couchbase Inc (BASE) is expected to report for 3Q.
Dave & Buster's Entertainment Inc (PLAY) is expected to report $0.03 for 3Q.
Emcore (EMKR) is expected to report $-0.20 for 4Q.
Evertz Technologies (ET.T,EVTZF) is expected to report $0.17 for 2Q.
FTI Consulting (FCN) is expected to report $1.32 for 4Q.
Fastenal Co (FAST) is expected to report.
Guidewire Software Inc (GWRE) is expected to report $-0.79 for 1Q.
Healthequity Inc (HQY) is expected to report $-0.10 for 3Q.
IES Holdings Inc (IESC) is expected to report for 4Q.
J.Jill (JILL) is expected to report for 3Q.
MongoDB Inc (MDB) is expected to report $-1.57 for 3Q.
Oil Dri Corporation of America (ODC) is expected to report for 1Q.
Orvana Minerals (ORV.T,ORVMF) is expected to report for 4Q.
Qualstar Corp (QBAK) is expected to report for 3Q.
SentinelOne Inc (S) is expected to report for 3Q.
Skillsoft Corp (SKIL) is expected to report for 3Q.
Smart Share Global Ltd - ADR (EM) is expected to report for 3Q.
Smith & Wesson Brands Inc (SWBI) is expected to report for 2Q.
Sprinklr Inc (CXM) is expected to report for 3Q.
Stitch Fix Inc (SFIX) is expected to report $-0.47 for 1Q.
Toll Brothers Inc (TOL) is expected to report $3.95 for 4Q.
Zuora Inc (ZUO) is expected to report $-0.20 for 3Q.
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ANALYST RATINGS ACTIONS
Allegiant Travel Cut to Equal-Weight From Overweight by Morgan Stanley
Angel Oak Mortgage Cut to Underperform From Buy by B of A Securities
Callon Petroleum Raised to Neutral From Underweight by JP Morgan
Comcast Raised to Equal-Weight From Underweight by Wells Fargo
Diamondback Energy Raised to Buy From Accumulate by Johnson Rice
Domino's Pizza Raised to Buy From Neutral by BTIG
EOG Resources Cut to Hold From Buy by Johnson Rice
Huntington Bancshares Raised to Overweight From Equal-Weight by Morgan Stanley
(MORE TO FOLLOW) Dow Jones Newswires
12-06-22 0619ET
