IPOs at Nasdaq have raised $191 billion this year through Friday, compared with $109 billion for new listings at the NYSE, according to Dealogic. Nasdaq's commanding lead with only a few weeks left in 2021 means it is likely to beat the Big Board for the third year in a row.
High-Income Business Owners Escape $10,000 Tax Deduction Cap Using Path Built by States, Trump Administration
Congressional Democrats are debating whether increasing the $10,000 cap on the state and local tax deduction would benefit the rich too much, but some of America's top earners-including private-equity managers and law firm partners-are already legally circumventing the cap on much of their income.
That is because state governments and the Trump administration blessed a cap workaround for owners of closely held businesses that is proliferating around the country. So far, about 20 states have enacted versions of it, including New York, California, Connecticut, New Jersey and Illinois.
German Manufacturing Orders Dropped in October
German manufacturing orders fell in October, missing expectations of an increase amid continuing supply chain disruptions that is curtailing factory activity.
Manufacturing orders declined 6.9% on month in October in adjusted terms, following a revised 1.8% rise in September, according to data from federal statistics office Destatis released Monday.
Small-Cap Stocks Hit Hard by Covid-19 Omicron Variant
The emergence of the Covid-19 Omicron variant has pummeled small-cap stocks.
The Russell 2000 benchmark has dropped 7.4% since Thanksgiving, when the fast-spreading new variant made headlines. Last week, the index fell into a correction, declining more than 10% from its November record. The S&P 500 large-cap index, by comparison, has shed 3.5% since the variant news.
China Seeks First Military Base on Africa's Atlantic Coast, U.S. Intelligence Finds
BATA, Equatorial Guinea-Classified American intelligence reports suggest China intends to establish its first permanent military presence on the Atlantic Ocean in the tiny Central African country of Equatorial Guinea, according to U.S. officials.
The officials declined to describe details of the secret intelligence findings. But they said the reports raise the prospect that Chinese warships would be able to rearm and refit opposite the East Coast of the U.S.-a threat that is setting off alarm bells at the White House and Pentagon.
Putin Troop Buildup Near Ukraine Raises Concerns of Potential 2022 Invasion, U.S. Officials Say
WASHINGTON-Russian President Vladimir Putin is amassing a force expected to total 175,000 troops near Russia's border with Ukraine, giving him the capability for a potential invasion of his neighbor by early 2022, administration officials said Friday.
The officials, citing new intelligence reports that include images from spy satellites, said the Russian military buildup differs markedly from an earlier massing of troops in the spring. When completed, they said, it will be twice the size of that previous buildup. In addition, Russia has embarked on a rapid mobilization of reservists.
Venezuela's U.S.-Backed Opposition Movement in Danger of Breaking Up
The political movement the U.S. has backed in Venezuela to challenge the country's authoritarian government is on the verge of breaking up after a major faction announced its withdrawal on Sunday.
Julio Borges, a leading figure in the antiregime coalition, called for an end to the leadership of Juan Guaidó, whom the U.S. and dozens of allies have backed as Venezuela's legitimate president since January 2019 in a strategy to remove strongman President Nicolás Maduro. Until now, Mr. Guaidó has been leader of a movement that calls itself an interim government, complete with a bureaucracy and diplomats.
Write to sarka.halas@wsj.com TODAY IN CANADA
Earnings:
None scheduled
Economic Indicators:
None scheduled
Stocks to Watch:
Alimentation Couche-Tard: All of Its Outstanding Class B Subordinate Voting Shrs Will Be Automatically Converted Into Class A Multiple Voting Shrs of the Corp on a One-For-One Basis on Dec 8, 2021, Contrary to mid-Dec as Previously Communicated; All Class B Shrs of the Corp Will Be Delisted From the Toronto Stk Exchange at the Close of Trading on Dec 7, 2021
Expected Major Events for Monday
00:01/UK: CBI Economic Forecast
02:00/JPN: Nov Imported Vehicle Sales
07:00/GER: Oct Manufacturing orders
07:00/GER: Oct Manufacturing turnover
09:00/ITA: Oct Retail Sales
09:00/UK: Nov UK monthly car registrations figures
09:30/UK: Nov CIPS / Markit Construction PMI
09:30/UK: 3Q Household Finance Review
15:00/US: Nov Employment Trends Index
23:30/JPN: Oct Household Spending
23:50/JPN: Nov International Reserves / Foreign Currency
23:50/JPN: Nov Provisional Trade Statistics for 1st 20 days of Month
All times in GMT. Powered by Kantar Media and Dow Jones.
Expected Earnings for Monday
Citius Pharmaceuticals Inc (CTXR) is expected to report $-0.04 for 4Q.
Coupa Software Inc (COUP) is expected to report $-1.41 for 3Q.
DLH Holdings (DLHC) is expected to report $0.22 for 4Q.
Electrovaya (EFL.T) is expected to report for 4Q.
Fastenal Co (FAST) is expected to report.
GitLab Inc (GTLB) is expected to report for 3Q.
Healthequity Inc (HQY) is expected to report $-0.03 for 3Q.
Malvern Bancorp Inc (MLVF) is expected to report $0.25 for 4Q.
MongoDB Inc (MDB) is expected to report $-1.35 for 3Q.
Mullen Automotive Inc. (MULN) is expected to report for 3Q.
Science Applications International Corp (SAIC) is expected to report $0.99 for 3Q.
Star Group LP (SGU) is expected to report for 4Q.
Sumo Logic Inc (SUMO) is expected to report for 3Q.
Powered by Kantar Media and Dow Jones.
ANALYST RATINGS ACTIONS
Accel Entertainment Raised to Outperform From Neutral by Macquarie
DocuSign Cut to Neutral From Buy by UBS
DocuSign Cut to Neutral From Outperform by Wedbush
DocuSign Cut to Neutral From Overweight by Piper Sandler
DocuSign Cut to Underweight From Neutral by JP Morgan
Eagle Materials Cut to Hold From Buy by Loop Capital
Fastly Raised to Outperform From Market Perform by Raymond James
JOANN Cut to Equal-Weight From Overweight by Wells Fargo
Marvell Technology Raised to Buy From Neutral by Goldman Sachs
Marvell Technology Raised to Outperform From Market Perform by Cowen & Co.
Morgan Stanley Raised to Buy From Neutral by Citigroup
Ollies Bargain Outlet Cut to Hold From Buy by Craig-Hallum
Ollies Bargain Outlet Cut to Underweight From Neutral by JP Morgan
PNM Resources Raised to Equal-Weight From Underweight by Wells Fargo
Ryman Hospitality Raised to Hold From Sell by Truist Securities
Smith & Wesson Brands Cut to Market Perform From Outperform by Cowen & Co.
Sportsman's Warehouse Raised to Buy From Hold by Craig-Hallum
Stitch Fix Raised to Equal-Weight From Underweight by Morgan Stanley
TopBuild Cut to Neutral From Buy by BTIG
UiPath Raised to Overweight From Equal-Weight by Morgan Stanley
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
12-06-21 0615ET
