>>> US After Hours Summary: VRNT +19.4%, FIVE +12%, CHPT +10.2% higher on earnin

After Hours Summary: VRNT +19.4%, FIVE +12%, CHPT +10.2% higher on earnings; NCNO -13.4%, S -13.4%, AEO -12.3%, PVH -6.5%, AVAV -6.4%, GEF -6.3%, SNPS -6.3% lower on earnings

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: VRNT +19.4%, FIVE +12% (also names new CEO), CHPT +10.2%, CXM +6%, IDT +5.6%, OOMA +2%

Companies trading higher in after hours in reaction to news: ASO +3.6% (authorizes new $700 mln share repurchase program), MRUS +1.8% (FDA approves BIZENGRI), BAK +1% (names new CFO), CRVS +0.5% (announces publication of biochemistry and preclinical data), ADEA +0.5% (Sharp to renew license for Adeia's IP portfolio), OKE +0.2% (completes NGL fractionator in Texas), PAC +0.2% (reports Nov traffic), CBOE +0.1% (reports trading volume for Nov), CSV +0.1% (names new CFO), DIS +0.1% (increases dividend), FFWM +0.1% (stock offering by selling shareholders)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: NCNO -13.4%, S -13.4%, AEO -12.3%, PVH -6.5%, AVAV -6.4%, GEF -6.3%, SNPS -6.3%

Companies trading lower in after hours in reaction to news: AEYE -12.4% (announces launch of secondary offering by selling stockholders), MYO -6.4% (stock offering), SMTC -3.2% ($400 mln stock offering), SYBT -1.9% (files mixed securities shelf offering), GAU -1.1% (terminates its gold purchase and sale agreement with Red Kite), ANF -0.9% (expands into India; inks franchise partnership with Myntra Jabong), COST -0.4% (reports Nov comps), WSR -0.2% (increases dividend), BEN -0.1% (reports Nov AUM, also increases dividend)

>>> US Close Dow +0.69% S&P +0.61% Nasdaq +1.30% Russell +0.42%

Closing Stock Market Summary
The S&P 500 advanced 36 points to a fresh record high, the Nasdaq Composite jumped 1.3% to a new all-time high, and the Dow Jones Industrial Average closed above 45,000 for the first time. The solid showing followed strong earnings results from Dow component Salesforce (CRM 367.87, +36.44, +11.0%) and upbeat comments about its Agentforce AI system for enterprises, which reignited enthusiasm in the AI sector.

Mega-cap stocks and semiconductor-related shares led the charge today. These stocks benefitted from the renewed AI optimism, as well as the continuation of positive momentum after a strong week. The Vanguard Mega Cap Growth ETF (MGK) closed 1.6% higher today and has gained 3.1% this week. The PHLX Semiconductor Index (SOX) was up 1.7% for the session and has surged 4.0% since last Friday.

Earnings results and guidance from other companies like Marvell (MRVL 118.15, +22.24, +23.2%), Okta (OKTA 86.11, +4.40, +5.4%), Pure Storage (PSTG 65.35, +11.81, +22.1%), and Dollar Tree Stores (DLTR 73.83, +1.35, +1.9%) garnered positive responses from investors, providing added support to the broader equity market.

A drop in market rates also contributed to the upside bias in stocks. The 10-yr yield dropped four basis points to 4.18% and the 2-yr yield dropped five basis points to 4.12%. The move in Treasuries followed weaker-than-expected economic data, including the ADP Employment Change and the ISM Service PMI for November. These reinforced the market's expectation that the Federal Reserve will cut rates by 25 basis points at its December 17-18 meeting.

Strength in some of the aforementioned stocks propelled the S&P 500 information technology sector (+1.8%) to the top of the leaderboard among the 11 sectors. On the flip side, the energy sector registered the largest decline by a wide margin, dropping 2.5% amid falling oil prices ($68.60/bbl, -1.37, -2.0%).

Market participants received the Fed's November Beige Book and comments from Fed Chair Jerome Powell at the NYT DealBook Conference, but stocks didn't react much.

During his remarks, Chair Powell expressed confidence in the U.S. economy, pointing to its strong performance, low unemployment, and progress on inflation. He emphasized the Fed's cautious approach to monetary policy, seeking to balance inflation control with labor market stability. Powell also reiterated the Fed's independence and affirmed the continuity of its relationship with the Treasury under the new administration. Turning to the Beige Book, the report indicated a slight rise in economic activity across most Federal Reserve Districts.

  • Nasdaq Composite: +31.5%
  • S&P 500: +27.6%
  • S&P Midcap 400: +20.7%
  • Russell 2000: +19.7%
  • Dow Jones Industrial Average: +19.4%

Reviewing today's economic data:
  • Weekly MBA Mortgage Applications Index 2.8% vs Briefing.com consensus of ; Prior was revised to 6.3% from
  • November ADP Employment Change 146K (consensus 170K); Prior was revised to 184K from 233K
  • November S&P Global US Services PMI - Final 56.1; Prior 55.0
  • November ISM Non-Manufacturing Index 52.1% (consensus 55.5%); Prior 56.0%
    • The key takeaway from the report is that tariff concerns were mentioned often among respondents considering their outlooks.
  • October Factory Orders 0.2%; Prior was revised to -0.2% from -0.5%
    • The key takeaway from the report is that factory orders picked up following declines in the previous two months.

Looking ahead, Thursday's economic data includes:
  • 8:30 ET: Weekly Initial Claims ( consensus 213,000; prior 213,000), Continuing Claims (prior 1.907 mln), and October Trade Balance (consensus -$75.1 bln; prior -$84.4 bln)
  • 10:00 ET: October Factory Orders (prior -0.5%)
  • 10:30 ET: Weekly natural gas inventories (prior -2 bcf)

Forbes : Gérald Hibert acculé par les dettes

Gérald Hibert acculé par les dettes

L’étau se resserre autour de GH Group, la société immobilière de l’homme d’affaires bruxellois Gérald Hibert. Banques et investisseurs privés ferment les robinets.
Gérald Hibert, c’est le Napoléon du monopoly bruxellois, à la tête d’un portefeuille immobilier commercial colossal valorisé un moment à plus d’un milliard d’euros. Sur le site De Rijkste Belgen, l’homme d’affaires ucclois Gérald Hibert est classé au 101e rang des Belges les plus riches – entre les familles Seynaeve et Vande Vyvere (Matexi) – avec une fortune personnelle toujours évaluée à quelque 300 millions d’euros de fonds propres. Le site rappelle au passage qu’en 2016, l’intéressé a finalisé la plus importante acquisition jamais réalisée en Belgique dans le secteur du retail high street en ajoutant à son vaste portefeuille l’immeuble Toison d’Or (12.000 m² d’espace commercial) flambant neuf pour 190 millions d’euros.
Des résultats qui se font attendre
Peu enclin à communiquer depuis sa tour d’ivoire uccloise dont il occupe le dernier étage du 1135 de la chaussée de Waterloo, Gérald Hibert ne l’était pas davantage à vendre jusqu’ici, malgré plusieurs années de vaches maigres. Pour objectiver à quel point ses briques ont perdu du poids, le marché attend impatiemment la publication des résultats annuels 2023, toujours introuvables début décembre, de Sogefibel, la société faîtière du GH Group créée en 2008 et qui recense pas moins de 57 sociétés liées domiciliées à la même adresse (40) ou au 2 de la rue de Vienne à Paris (16), la dernière étant logée à Breda (NL).
Gérald Hibert.
«Il ne les publiera pas!», confie un observateur averti, qui explique au passage -preuves à l’appui- que la plupart des comptes courants du GH Group ouverts dans les grandes banques et auprès des créditeurs historiques ont récemment été mis à zéro.
Pire: les très discrètes familles et amis privés fortunés sollicités par l’homme d’affaires pour éponger les pertes à plusieurs reprises -et à hauteur de quelque 80 millions d’euros- ont eux aussi fermé les robinets. Certains auraient même donné ordre aux huissiers de saisir certains biens à titre conservatoire, lassés de constater que la plupart des sociétés du groupe ne cessent depuis plusieurs années de creuser les pertes reportées.
Première vente forcée
Tout récemment, un mandat confié aux équipes de BNP Paribas Real Estate et CBRE est venu conforter ces informations: d’un coup, ce sont en effet pas moins de sept actifs immobiliers de la galaxie Hibert qui ont été mis sur le marché en vente groupée. Et pas n’importe lesquels puisqu’il s’agit de vitrines des artères les plus courues du haut de la ville (boulevard de Waterloo, avenue de la Toison d’Or et chaussée d’Ixelles) actuellement louées par des marques de renom comme Cartier, Delvaux, Emporio Armani, H&M, Quick et Hawaiian Poke Bowl… sans oublier les murs désacralisés du Spirito Brussels.
Localisation des immeubles High Street mis en vente.
A bonne source, on indique que ce sont ses créanciers de premier rang -trois banquiers belges- qui ont définitivement perdu patience et sifflé la fin de la récréation en mettant à l’étalage en vente forcée ces actifs immobiliers commerciaux de premier rang évalués à quelque 75 millions d’euros par un magazine professionnel de référence.
L’étau se resserre
Une autre source confirme que les liquidités fondent au point que la société de gestion, qui sous-loue également plusieurs immeubles pour des enseignes connues, ne paie plus les loyers de certains propriétaires depuis des mois. Un d’entre eux, auquel nous avons demandé preuve de ses dires, nous a même fait parvenir une demande de citation en faillite transmise à son avocat à l’attention du groupe GH. Elle est motivée par une saisie-arrêt conservatoire signifiée à BNP Paribas Fortis en date du 28 octobre dernier ciblant tous les comptes à vue de l’intéressée.
On suivra donc de près l’opération de vente (share deal) en cours dont le montant, s’il est rapidement scellé et versé, ne devrait toutefois constituer qu’une bouffée d’oxygène toute provisoire pour le vendeur. Afin de faire face à la dégradation structurelle du cash flow, l’organe de gestion des sociétés gérées par Gérald Hibert mentionnait d’ailleurs déjà dans les derniers comptes annuels publiés à ce jour -ceux de 2022- la nécessité d’établir «un programme de vente d’actifs étalé sur 3 à 4 ans pour un montant de 300 millions d’euros -dont une première tranche de 65 millions en 2023- et l’émission d’une dette mezzanine (5 ans) pour un montant de 40-50 millions d’euros».
« No comment! »
Nous avons bien sûr tenté de contacter personnellement le principal intéressé et d’en savoir davantage sur sa situation financière actuelle. Nous avons également contacté un des avocats du GH Group, Jehan de Thiers (KDC & Partners). La seule réponse reçue à ce jour est bien laconique voire menaçante: « Le groupe GH a toujours privilégié la plus grande discrétion. Il ne fera dès lors aucun commentaire sur des affirmations incorrectes et manifestement invérifiées parues dans une certaine presse « spécialisée ». Les fonds propres du Groupe sont positifs. Cela dit, il est évident, vu la situation sur le marché immobilier en général et bruxellois en particulier, que le Groupe travaille à des pistes de refinancement. Dans ce contexte précis, toute publication d’informations inexactes ou approximatives est donc de nature à lui causer un préjudice extrêmement important. Le Groupe ne tolérera donc pas la circulation de telles informations visant, pour d’obscures raisons, à affecter sa crédibilité. »

FT : Elon Musk plans to expand Colossus AI supercomputer tenfold

Elon Musk plans to expand Colossus AI supercomputer tenfold
Facility in Memphis expected to incorporate more than 1mn GPUs as billionaire’s xAI aims to catch up with rivals

Elon Musk’s artificial intelligence start-up xAI has pledged to expand its Colossus supercomputer tenfold to incorporate more than 1mn graphics processing units, in an effort to close the gap with rivals such as Google, OpenAI and Anthropic.

Colossus, built in just three months earlier this year, is believed to be the largest supercomputer in the world, operating a cluster of more than 100,000 interconnected Nvidia GPUs. The chips are used to train Musk’s chatbot Grok, which is less advanced and has fewer users than market-leader ChatGPT or Google’s Gemini.

Work has already begun to increase the size of the facility in Memphis, Tennessee, according to a statement from the Greater Memphis Chamber on Wednesday. Nvidia, Dell and Supermicro Computer would also establish operations in Memphis to support the expansion, the chamber of commerce said, while it would establish an “xAI special operations team” to “provide round-the-clock concierge service to the company”.

AI companies are scrambling to secure GPUs and access to data centres to supply the computing power needed to train and run their frontier large-language models.

OpenAI, the maker of ChatGPT, has an almost $14bn partnership with Microsoft that includes credits for computing power. Anthropic, the maker of the Claude chatbot, has received $8bn in investment from Amazon and will soon be given access to a new cluster of more than 100,000 of its specialised AI chips.

Rather than form partnerships, Musk, the world’s richest man, has used his power and influence within the tech sector to build his own supercomputing capacity, although he is playing catch-up after founding xAI barely more than a year ago. The trajectory has been steep — the start-up is valued at $45bn and recently raised another $5bn.

Musk is in fierce competition with OpenAI, which he helped co-found with Sam Altman among others in 2015. The pair subsequently fell out and Musk is now suing OpenAI, seeking to block its transition from a non-profit to a more traditional enterprise.

An investor in xAI said the speed with which Musk had created Colossus was the “feather in the cap” of the AI company, despite it having limited commercial product offerings. “He has built the most powerful supercomputer in the world in three months,” the investor said.

Jensen Huang, chief executive of Nvidia, said in October that “there was only one person in the world who could do that”. Huang has referred to Colossus as “easily the fastest supercomputer on the planet as one cluster”, and said a data centre of this size would typically take three years to build.

The Colossus project has attracted controversy for the speed in which it was built. Some of have accused it of skirting planning permissions and criticised the demands that it places on the region’s power grid.

“We’re not just leading from the front; we’re accelerating progress at an unprecedented pace while ensuring the stability of the grid utilising megapack technology,” Brent Mayo, xAI’s senior manager for site builds and infrastructure, said at an event in Memphis, according to the statement.

TechCrunch : Khloé Kardashian and Kris Jenner are raising money for a new consum

Khloé Kardashian and Kris Jenner are raising money for a new consumer startup

Khloé Kardashian and Kris Jenner are looking to raise $10 million for a new business called Khloud, according to an SEC filing.

Per the filing, which was listed on Tuesday, the company started raising last month and has already raised $4.49 million. Trademark filings show that earlier this year, trademarks affiliated with Khloud were filed to cover popcorn, granola, and other types of snacks, with one also filed to cover protein supplements.

Bryan Baum, a serial entrepreneur and co-founder of the venture firm K5 Global, is listed as CEO, per the SEC filing. Michael Kives, the other co-founder of K5, is also listed as being affiliated with Khloud, which perhaps is not surprising, as he has close ties to the Kardashian-Jenner family, including helping Kendall Jenner launch her 818 Tequila line, as reported by the Wall Street Journal. He also made headlines last year for his ties to Sam Bankman-Fried, who invested $700 million in K5 before the crypto founder’s arrest, the New York Times reported. The outlet called Kives “super connected,” since he introduced Bankman-Fried to Hollywood power players like Katy Perry and President Bill Clinton.

Internet sleuths are already on the case regarding what Khloud could be, with speculation mounting that this will probably be a protein popcorn brand of some sort.

TechCrunch has approached K5 Global, the attorney listed on the trademark filing, and Khloé Kardashian’s rep for comment.

WSJ : Ukraine to Open Talks With Trump Team on Halting War

Ukraine to Open Talks With Trump Team on Halting War
Top Zelensky aide arrives in Washington amid uncertainty about Trump’s intentions

WASHINGTON—Ukrainian officials are holding high-level talks with the incoming Trump administration, seeking to narrow wide differences on achieving a settlement of Kyiv’s war with Russia even before President-elect Donald Trump takes office.

A top aide to Ukrainian President Volodymyr Zelensky is due to meet Wednesday with Keith Kellogg, Trump’s choice as special envoy for Russia and Ukraine, and Mike Waltz, the incoming national security adviser, according to a Trump transition official and several people familiar with the discussions.

Kellogg has signaled support for the Biden administration’s efforts to rush weapons to Ukraine, saying it will give Trump leverage with Moscow in negotiating a settlement. But the Trump team has shown little interest in offering Ukraine membership in the North Atlantic Treaty Organization, which Zelensky has said he considers a vital security guarantee against future Russian aggression.

Andriy Yermak, Zelensky’s closest adviser, is visiting Washington to forge relationships with Trump advisers, according to people familiar with the planning. Worn down by waging the nearly three-year war against Russia, Ukraine plans to communicate its readiness for peace.

“But that needs to be a sustainable peace,” said a person familiar with Kyiv’s thinking. “An unstable, temporary peace doesn’t serve U.S. or Ukrainian interests.”

Zelensky has recently signaled Ukraine could agree to a cease-fire if Ukraine were permitted to join NATO. Kyiv would seek to win back Ukrainian territory occupied by Russia through diplomatic pressure, he said, rather than force, as he has long insisted.

Zelensky said NATO membership would need to be offered to unoccupied parts of Ukraine for Kyiv to consider ending what he called the “hot phase of the war.” While Ukraine would continue to claim the whole of its territory, Zelensky suggested in an interview on Sky News last week that Kyiv would seek to “get them back in a diplomatic way.”

Ukraine Foreign Minister Andrii Sybiha said Tuesday that Kyiv would reject any security guarantees other than NATO membership. “We won’t accept any alternatives, surrogates or substitutes,” Sybiha wrote, in a letter to the 32 members of NATO.

Trump advisers have discussed peace plans that would recognize Russia’s seizure of roughly 20% of Ukrainian territory and that would close the door, for now, on Kyiv’s bid to join NATO.

“The Ukrainians are laying out their maximalist position going into possible talks,” said Lucian Kim, a Ukraine analyst at International Crisis Group, a conflict-resolution organization. “They may, in fact, recognize that NATO membership isn’t right around the corner. But why should they concede that before negotiations have even started?”

Kellogg’s own position on paving the way for talks to halt the war is nuanced. He and another veteran of the first Trump administration proposed suspending U.S. weapons deliveries to Ukraine earlier this year to persuade Kyiv to join peace talks with Russia. This week he said that President Biden’s expediting of arms shipments strengthens Trump’s negotiating position with Moscow.

“The more that the Biden administration does this, it creates a greater opportunity for the president-elect to do what he wants to do,” Kellogg said in an interview on Fox News. “It is all based on leverage. The president understands that, and he’s going to use that to his advantage.”

Trump will face a decision after he takes office on whether to continue U.S. aid to Kyiv. Biden officials have been accelerating arms deliveries to Ukraine, but lack sufficient time before his term ends to expend the full remaining $6.5 billion that is approved for the Pentagon to transfer weapons and equipment from its stocks, officials say.

Russia is ramping up offensives against Ukraine’s stretched defensive lines. With the help of roughly 10,000 North Korean soldiers, Russian troops have retaken roughly half of the territory that Ukraine seized in Russia’s Kursk region. But Moscow hasn’t achieved a breakthrough in Ukraine’s east occupied by Kyiv’s military or in Kursk, despite losing more than 1,000 soldiers a day to injury or death.

Russian President Vladimir Putin has previously ruled out participation in peace talks unless Ukraine submitted to a raft of demands.

Since the expansion of Ukraine’s war with Russia nearly three years ago, Yermak has served as Zelensky’s right hand and will portray Ukraine as a constructive partner for peace, rather than as an obstacle to it, according to people who are familiar with relevant discussions.

That reflects, in part, Kyiv’s bitterness at restrictions on military aid by the Biden administration.

“There is very deep frustration in Kyiv with the outgoing administration,” Kim said. “The incoming Trump administration has given people in Kyiv hope of a breakthrough. What it will look like is the question. But what’s clear is the status quo will end.”

FT : Donald Trump picks crypto enthusiast Paul Atkins for SEC chair

Donald Trump picks crypto enthusiast Paul Atkins for SEC chair
President-elect also names Gail Slater to run the antitrust unit at the justice department

Donald Trump has nominated Paul Atkins to chair the US Securities and Exchange Commission, signalling a looser regulatory agenda at Wall Street’s top watchdog.

“Paul is a proven leader for common sense regulations,” Trump said in a post on Truth Social on Wednesday, adding that Atkins, a former SEC commissioner, “also recognises that digital assets & other innovations are crucial to Making America Greater than Ever Before”.

The announcement came shortly after Trump nominated Gail Slater to head the Department of Justice’s antitrust division, calling on JD Vance’s top aide to sustain a crackdown on Big Tech.

The president-elect said in a post on Truth Social that Big Tech had “run wild for years, stifling competition in our most innovative sector” while “using its market power to crack down on the rights of so many Americans, as well as those of Little Tech!”

“I was proud to fight these abuses in my First Term, and our Department of Justice’s antitrust team will continue that work under Gail’s leadership,” he added.

Atkins and Slater did not immediately respond to requests for comment.