Finance

Traders on the floor of the NYSE, March 25, 2022.
Source: NYSE

Stock futures were slightly lower Sunday evening as investors look ahead to a series of key economic reports and continue to keep a close eye on the Federal Reserve’s planned interest rate hikes.
Futures tied to the Dow Jones Industrial Average moved lower by 58 points, or 0.1%. S&P 500 futures and Nasdaq 100 futures each fell 0.1%.

The Dow and S&P rose in the previous session to close out their second consecutive winning week. The Dow gained 153 points, or 0.4%. The S&P 500 advanced 0.5% and has more than erased its losses since Russia invaded Ukraine in late February. Meanwhile, the Nasdaq Composite dipped 0.2% but still finished the week in the green.
The moves came as investors continue to monitor developments in Russia’s war on Ukraine and expectations about the Fed’s plans to hike interest rates.
“It seems the skyrocketing move higher with commodity prices has taken a break and that has allowed investors a chance to pile back into equities,” said Edward Moya, senior market analyst at Oanda. “Geopolitical risks remain very elevated and the rally in equities over the past two weeks is impressive. The U.S. economy is still in good shape, but buying every stock market dip probably won’t be the attitude for most traders going forward given how hawkish the Fed has turned.”

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Investors continue to keep a close eye on the Fed. Wall Street firms from Goldman Sachs to Bank of America penciled in half-point hikes in future Fed meetings this year after the central bank’s chair Jerome Powell vowed to be tough on inflation and said rate increases could become more aggressive if necessary.
On Friday, the benchmark 10-year yield touched a fresh multi-year high of 2.5% as investors priced in a more aggressive rate hike cycle, which helped lift financial stocks while tech stocks pulled back.

Investors are looking forward to the Job Openings and Labor Turnover Survey, or JOLTS, this week. The JOLTS report is one set of employment data that the Federal Reserve is watching closely as it tightens monetary policy. ADP will also release its private payrolls data ahead of the main show, the closely watched monthly jobs report, on Friday.
Monday is a light day for earnings reports but several big companies are scheduled to report their quarterly results this week, including BioNTech, Micron and Walgreens Boots Alliance.

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British Finance Minister Rishi Sunak is expected to announce a new regulatory regime for crypto in the coming weeks, sources tell CNBC.
The announcement will focus in particular on stablecoins, digital assets that derive their value from existing currencies like the U.S. dollar.
The Treasury has been in discussions with a number of firms and trade groups, including the crypto exchange Gemini.

Britain’s Chancellor of the Exchequer Rishi Sunak leaves the 11 Downing Street, in London, on March 23, 2022.
Daniel Leal | AFP | Getty Images

LONDON — The U.K. government will soon reveal plans to regulate the cryptocurrency market, focusing on a fast-growing type of token known as stablecoins, according to four industry sources familiar with the matter.
British Finance Minister Rishi Sunak is expected to make an announcement in the coming weeks about a new regulatory regime for crypto, the sources told CNBC, preferring to remain anonymous as the information hasn’t yet been made public.

The Treasury declined to comment when asked about the plans by CNBC.
Details of the plans are still being finalized, however sources who spoke to CNBC say they are likely to be favorable to the industry, providing legal clarity for a sector that has so far been mostly lacking in regulation.
According to the sources, Treasury officials have shown a willingness to understand the complexities of the crypto market and so-called stablecoins, digital assets that derive their value from existing currencies like the U.S. dollar.
The department has been in discussions with a number of firms and trade groups. That includes the Winklevoss brothers’ crypto exchange Gemini, one of the sources said. Gemini issues its own stablecoin called the Gemini dollar, which is pegged to the U.S. dollar.

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Stablecoins have seen exponential growth in terms of usage over the past few years, in tandem with rising interest in cryptocurrencies more broadly. Tether, the world’s largest stablecoin, now has a total circulating supply of more than $80 billion — up from about $4 billion two years ago.

But those tokens have also caused concern for regulators, who worry they may not be fully backed by an equivalent amount of reserves, and are being used for money laundering and other illicit activities.
Meanwhile, regulators are worried about possible exposure of the financial system to bitcoin and other digital currencies, as well as their potential use for evading sanctions imposed on Russia amid its invasion of Ukraine.

Financial stability risks

The Bank of England on Thursday called for policymakers to expand regulatory frameworks to limit the risks posed by crypto to financial stability.
BOE Deputy Governor Sam Woods wrote a letter to several bank CEOs saying there has been “increased interest” from banks and investment firms in “entering various crypto markets.”
The Treasury’s move is being viewed as a response to President Joe Biden’s executive order calling for coordination from different U.S. federal agencies on regulating crypto, the sources said. Several industry insiders have bemoaned the lack of similar action from the U.K.

A number of companies, including Revolut, Blockchain.com and Copper could be forced to wind down their crypto operations in the U.K. this week if they fail to make it onto the Financial Conduct Authority’s cryptoasset register in time for a Mar. 31 deadline.
The FCA said a “high number” of crypto businesses aren’t meeting the required anti-money laundering standards. Just 33 companies have made it onto the register. More than 80% firms assessed by the regulator have either withdrawn their applications or been rejected.

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ON FEBRUARY 22ND, two days before Russia invaded Ukraine, a German-flagged vessel left the Russian port of Primorsk loaded with 33,000 tonnes of diesel. It failed to deliver them. When it reached Tranmere, a British oil terminal, on March 3rd, the dockers refused to unload the freight when they learnt where it had come from. Similar boycotts have sprung up elsewhere. Kayrros, a data firm, estimates that the total volume of oil “on water” rose by nearly 13% in the fortnight after the invasion, in large part as undelivered Russian cargo sought new takers. The number of vessels returning to Russia also jumped.Most of what has flowed out of Russia in recent weeks was bought and paid for before the war started. Now more oil is not leaving the country in the first place. Worries about sanctions, bad publicity and logistical headaches have prompted many buyers to pause purchases. On March 24th the volume of Russian seaborne oil exports, at 2.3m barrels per day (bpd), was nearly 2m below the level on March 1st, reckons Kpler, a data firm. As those barrels fail to sell, the price of Brent crude, the global benchmark, is nearing $120. Yet for the countries willing to risk opprobrium and jump through new logistical hoops, Russian oil is starting to look like a bargain. That in turn could set off a lasting shift to the patterns of trade.The partial embargo of Russia has echoes with the blockade of Iran by the West in the 2010s, which led the Islamic Republic to put together an unrivalled playbook for smuggling oil. In May 2018 America imposed “maximum pressure” sanctions, with the aim of halting Iran’s oil exports altogether. It almost succeeded: by October 2019 they had fallen to an average of 260,000 bpd, from 2.3m before the sanctions. Since then, however, they have revived a little, averaging an estimated 850,000 bpd in the three months to February 2022. Iran manages to sell oil through two channels. The first is through authorised but restricted sales. As it imposed its sanctions America granted a limited exemption to eight importing countries. There is a big catch, however: the sales have to be paid in the buyers’ currency and either kept in escrow accounts at local banks or spent on a list of goods produced locally. For Iran that is deeply frustrating. In December it was forced to accept tea from Sri Lanka as payment for an oil debt valued at $251m.To circumvent the restrictions Iran smuggles vast quantities of oil—its second channel for sales. Iranian tankers sail to America’s foes, such as Venezuela, with their transponders turned off. Some are repainted to hide their provenance. Others transfer their cargo in the high seas, often at night, to ships sailing under a different flag. Oil is also moved over land by smuggling gangs, says Julia Friedlander, a former intelligence official now at the Atlantic Council, a think-tank in Washington. Petroleum is bartered with China, Turkey and the United Arab Emirates against gold, pesticides and even housing projects in Tehran. Traders in Dubai, home to half a million Iranians, blend crude from the Islamic Republic with other, similar grades which they then rebrand as Kuwaiti oil.Russia is unlikely to take a leaf out of Iran’s book, mainly because, for now, it doesn’t need to. The penalties imposed on Iran include secondary sanctions that threaten third-country banks dealing with it with huge fines. That makes overtly buying its oil risky. By contrast, Russia faces a weaker embargo. Only America has banned oil imports from the country, and it did not buy much to begin with. On March 25th Germany said it would cut its purchases by half, but it is unclear when that would start. Sales transmitted over pipelines, which are less conspicuous than shipments and represent about 1m of Russia’s total exports of 7.9m bpd, are still flowing. There are no secondary sanctions.Instead seaborne exports have cratered because Western buyers, such as big energy firms, fear a public backlash. They also face financial and logistical headaches as cautious banks cut credit, ship owners struggle to obtain insurance and freight costs soar. And each time sanctions are tweaked, says Antonia Tzinova of Holland & Knight, a law firm, compliance staff must study hundreds of pages of ambiguous legalese, making many Russian deals hardly worth the hassle. As a result, Urals crude, the grade pumped out by Russia, is currently trading at a discount of around $30 a barrel. One trader expects the gap to hit $40 within a week’s time.Two big countries that have not joined in with the West’s sanctions sense a bargain to be had: India and China. India is certainly acting on the opportunity. Russian ship loadings headed for the subcontinent are expected to have risen to 230,000 bpd in March, up from nothing in the previous three months (this excludes CPC, a blend of mainly Kazakh and Russian crude). Yet India is unlikely to buy much, at least in the short term. Nearly half its imports come from the Middle East. Although some could be replaced with Russian oil, shipping from the Gulf is so much cheaper that the Urals discount would have to widen further first. Payment cannot be settled in dollars, requiring India to experiment with a rouble-rupee mechanism.All this might explain why the Indian Oil Corporation, the country’s biggest refiner, has ordered a mere 3m barrels. Adi Imsirovic, a former oil-trading boss of Gazprom now at the Oxford Institute of Energy Studies, does not see India buying more than 10m barrels a month. This is small, considering that Russia’s pool of unwanted oil is expected by the International Energy Agency, an official forecaster, to reach 3m bpd in April.Only China, then, can save Russia. It imports a total of about 10.5m bpd (11% of the world’s daily production). Mr Imsirovic thinks China could opportunistically increase its purchases to 12m bpd. That could allow it to buy 60m from Russia in relatively short order. It helps that China has lots of empty storage.None of this is happening yet. One reason is that, even for China, transporting oil from Russia has become harder. Whereas shipment from Russia to Europe usually takes three or four days, transport to Asia takes 40. Oil must be loaded onto much bigger tankers, which takes extra time and is more expensive. Chinese banks are loth to lend. Purchases must be made in yuan.The bigger reason, though, is that Chinese traders are probably biding their time. Even with the extra costs, buying Russian oil would save lots of money. And Chinese traders know a bargain when they see one: when the oil price neared single digits during the covid-induced downturn of 2020, they stocked up to the gills. As Russia’s trading position weakens, the Urals discount will go up. So will China’s purchases.Such a move will not be easily reversed. Most refineries are configured to guzzle certain types of crude, meaning switching from the high-sulphur Urals variety to, say, Saudi Arabia’s super light takes time and money. That in turn suggests Russia’s push into Asia and Europe’s scramble for supplies could reshape the global market. North Sea oil, much of which usually goes east, will stay in Europe. The continent will probably also buy more from West Africa and America, and crank up its imports of sulphur-rich grades from the Gulf. The rest of the world—Asia included—will have to content itself with what Europe does not want. Oil from the Tupi field in Brazil already trades at twice the premium to Brent than usual. The result of this more fragmented global oil-trading system will be a structurally higher price for oil importers. Until the war petroleum generally flowed seamlessly from oilfields to the fuel tanks that needed it most. Now, says Ben Luckock of Trafigura, a trading firm, that finely tuned system has been disrupted.Read more of our recent coverage of the Ukraine crisis More

A person enters a Bed Bath & Beyond store in the Tribeca neighborhood in New York City.
Michael M. Santiago | Getty Images

Check out the companies making headlines in midday trading Friday.
Bed Bath & Beyond – Shares of the home goods retailer popped more than 2% after the company announced that three people from activist investor Ryan Cohen’s firm, RC Ventures, will immediately join Bed Bath & Beyond’s board.

Nio – The U.S.-traded shares of the Chinese electric vehicle maker dropped 9% after Nio reported its fourth-quarter results. Nio’s fourth-quarter revenue beat expectations, but its forward guidance came in below StreetAccount estimates.
Joby Aviation – The electric aviation company’s stock jumped 12% on the back of its latest quarterly results. Joby reported earnings of 1 per share after losing 31 cents per share in the year-earlier period. Morgan Stanley also reiterated the stock as overweight, noting that Joby continues to gain steam and take “meaningful steps forward in the certification and manufacturing process.”
Teva – Shares of the drugmaker gained 5.5% after Bernstein upgraded the stock to outperform from market perform, as Teva launches new products and looks to potentially settle ongoing opioid litigation.
Honest Company – Shares of the consumer goods company plummeted 22.5% on the back of mixed quarterly numbers. The Honest Company said it lost 10 cents per share on $80.4 million in revenue. Analysts expected a loss of 6 cents per share on $84.6 million in revenue, according to Refinitiv.
Fortinet – Fortinet fell nearly 1% after Bank of America downgraded to neutral from buy. The bank said strong earnings growth is already baked into Fortinet’s stock.

Alibaba, JD.com — Chinese technology stocks listed in the U.S. fell again on Friday, as they continue to face increased scrutiny in China and potential U.S. delistings. Alibaba fell 1.9%, JD.com lost 2.6%, and Pinduoduo slid 1.5%. Didi Global plummeted nearly 14%.
— CNBC’s Maggie Fitzgerald, Jesse Pound and Sarah Min contributed reporting

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Retirement savers invested a net $55 billion in Vanguard Group’s Target Retirement Funds in 2021, the most of any asset manager.
Fidelity Investments and BlackRock ranked No. 2 and No. 3, respectively.
The three firms offer among the industry’s lowest-cost TDFs. Investors have been shifting to low-fee funds for several years.

Thomas Barwick | Digitalvision | Getty Images

Vanguard Group captured the most new investor money in its target-date funds last year relative to other asset managers, reclaiming the top spot it’d held for over a decade before being dethroned in 2020, according to a new Morningstar report.
Target-date funds, or TDFs, have become popular in 401(k) and other workplace retirement plans over the last decade and a half. Investors select a fund whose date best approximates their likely year of retirement; the fund gets more conservative as investors near retirement age, shifting from stocks to bonds.

Many employers use the funds as a de facto investment for employees who are automatically enrolled in a 401(k) plan.

Record contributions

TDFs raked in $170 billion of new contributions in 2021, an annual record, according to Morningstar. Total fund assets approached $3.3 trillion, up almost 20% from 2020.
Investors have been shifting toward lower-cost funds for years. Vanguard, which has branded itself as a low-cost provider, and other popular TDF managers have capitalized on the trend.
Retirement savers invested a net $55 billion in Vanguard’s Target Retirement Funds in 2021 — almost a third of all the money that flowed into TDFs, according to Morningstar.
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Fidelity Investments’ Freedom Index Funds, the firm’s most popular flavor of TDFs, pulled in $45 billion, ranking second. (The total was a smaller $35 billion across all Fidelity’s target funds, because investors withdrew money from its flagship Fidelity Freedom series, according to Morningstar.)
BlackRock’s LifePath Index funds collected $25 billion of net money in 2021, ranking third, Morningstar said.
BlackRock and Fidelity had the No. 1 and No. 2 spots in 2020, respectively.
“Vanguard had held the top spot since 2008, but took a dip [in 2020],” said Megan Pacholok, an analyst on Morningstar’s multi-asset manager research team and co-author of its annual target-date report, published Wednesday. “This year, they climbed to the top again.”

The three money managers have among the lowest-cost target-date funds.
In 2020, BlackRock, Fidelity and Vanguard captured about $22 billion, $19.8 billion and $19.5 billion in their most popular TDFs, respectively.
The Covid-19 pandemic likely played a big role in the scramble atop the leaderboard, Pacholok said.
“We believe it’s primarily because of the market drawdown in 2020,” she said. “People were a little more hesitant to keep up with their contributions.”

Fidelity has an unwavering commitment to delivering exceptional outcomes for plan sponsors and participants in our target date funds.

Claire Putzeys
spokesperson at Fidelity

A BlackRock spokesperson declined comment.
“The Freedom Funds were launched in 1996, making Fidelity one of the only providers with a demonstrated track record that extends over 25 years,” said Claire Putzeys, a Fidelity spokesperson. “Fidelity has an unwavering commitment to delivering exceptional outcomes for plan sponsors and participants in our target date funds.”
Vanguard managed roughly $1.2 trillion of TDF assets at the end of 2021, about 36% of the total market, according to Morningstar. Fidelity managed $460 billion (14% of the total) and BlackRock $289 billion (8.8%). (BlackRock ranks fourth in total TDF assets, behind third-place T. Rowe Price, with $374 billion.)
BlackRock, unlike Fidelity and Vanguard, is not also a 401(k) plan administrator.

Low costs

Thomas Barwick | Digitalvision | Getty Images

Low costs are a common theme among the TDFs most popular with both investors and the employers who choose to make them available to their employees.
This trend has occurred more broadly across the investment industry, as investors pivot to index funds over those that are actively managed. The former tend to have lower annual fees for investors.
The cheapest fifth of TDFs received $59 billion of investor money in 2021, up from $41 billion in 2020, according to Morningstar. Meanwhile, the three most-expensive quintiles saw investors withdraw a net $38 billion.
“Low fees … continue to drive target-date mutual fund flows,” the Morningstar report said. “Cheaper mutual fund target-date series have attracted more investor interest than those with higher price tags.”
The Fidelity Freedom Index, Vanguard Target Retirement and Schwab Target Index have the lowest fees among target-date mutual funds, according to Morningstar. Investors pay an annual 0.08% fee on their money. (A $10,000 investment costs about $8 a year.)
The BlackRock LifePath Index and State Street Target Retirement funds are similar, with a 0.09% annual expense.

TDFs may not make sense for all investors, though.
Some financial advisors think the “set it and forget it” funds are best suited for younger employees, who often have a less complex financial situation, or those with less investing experience; the funds help put savings on autopilot, by managing essential functions like de-risking and portfolio rebalancing.
That’s not to say TDFs aren’t well suited for investors closer to retirement; but it’s a good idea to reconsider how they do or don’t fit within the construct of their overall finances, which tend to get more complex over time. (For example, your TDF may have a larger share of stocks to bonds than makes sense for your overall portfolio.)

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Check out the companies making headlines before the bell:
Cannabis stocks – Shares of marijuana producers are extending a Thursday rally in the premarket, following an industry publication’s report that the House will vote for a second time next week to legalize cannabis at the federal level. The House passed such a bill in 2020, but the Senate did not follow suit. Tilray (TLRY) surged 14.1% in the premarket, Aurora Cannabis (ACB) jumped 10.2%, Sundial Growers (SNDL) soared 12% and Canopy Growth (CGC) rallied 9.6%.

Bed Bath & Beyond (BBBY) – Bed Bath & Beyond is close to reaching a settlement with investor Ryan Cohen, according to people familiar with the matter who spoke to Bloomberg. The agreement would see three new directors appointed to the housewares and personal care products retailer’s board. Cohen’s RC Ventures holds a 9.8% stake in Bed Bath & Beyond. The stock added 1.4% in premarket trading.
Nio (NIO) – Nio shares fell 3.6% in premarket action after the China-based electric car maker reported better-than-expected quarterly sales but saw deliveries fall below analyst estimates.
Honest Company (HNST) – Honest Company posted a wider-than-expected quarterly loss as sales of masks and sanitizing products dropped significantly. It also issued guidance for the current quarter that was weaker than expected. Shares slumped 19.5% in the premarket.
Shaw Communications (SJR) – Shaw’s shares added 2% in premarket trading after Canadian regulators gave conditional approval to a $16 billion takeover of Shaw’s broadcasting services by Canadian telecom giant Rogers Communications (RCI).
U.S-listed China stocks – These stocks continue to be volatile amid concerns about tighter regulation by Chinese authorities and potential U.S. delistings. Alibaba (BABA) lost 3.4% in premarket action, with JD.com (JD) losing 4.2%, Pinduoduo (PDD) sliding 6% and Didi Global (DIDI) falling 7.1%.

Teva Pharmaceutical (TEVA) – Bernstein upgraded the generic drug maker’s stock to “outperform” from “market perform,” noting an improved balance sheet, new product launches and the potential of settling opioid litigation. Teva rallied 4.2% in the premarket.
Switch (SWCH) – The technology infrastructure company was downgraded to “equal weight” from “overweight” at Wells Fargo Securities, which said a buyout of Switch is possible but the price would likely be no higher than $32 to $34 per share. Switch closed at $30.24 Thursday and dropped 2.2% in premarket trading.
Fortinet (FTNT) – The cybersecurity company’s shares fell 2.1% in the premarket after Bank of America Securities downgraded Fortinet to “neutral” from “buy,” saying strong results are already reflected in the stock’s price.

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Stocks rallied Thursday, clawing back the previous session’s losses, as falling jobless claims added to confidence in the U.S. economic recovery.
Shares that have the most to gain from a rebounding economy, including chip and materials stocks, led the gains.

The Dow Jones Industrial Average rebounded by 349.44 points, or 1%, to close at 34,707.94. The S&P 500 added 1.4% at 4,520.16. The Nasdaq Composite rose 1.9% to 14,191.84.
Stocks have seesawed this week, alternating between up and down days. The S&P 500 and the Nasdaq are on track to close the week higher.
“There has been so much volatility over the past week or so,” Victoria Fernandez, chief market strategist at Crossmark Global Investments, said. “We’re seeing a combination of some good economic news, some people going in and picking up names. That’s why we see a little bit of a bounce here.”

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A drop in jobless claims to the lowest level in decades gave some investors confidence the U.S. economy could keep growing through headwinds such as the Russia-Ukraine war and higher interest rates. Initial jobless claims last week totaled 187,000, the lowest level since 1969, the Labor Department reported Thursday.
Thursday’s rally gained steam as the day went on, with technology and materials stocks leading the way.

Chip stocks climbed Thursday, with shares such as Nvidia among the favorites of traders to buy in market upswings. These chip companies also stand to benefit in a continuing global economic recovery from the pandemic. Nvidia jumped 9.8%. Intel added 6.9%, and AMD rose 5.8%.
Materials was the second-best-performing S&P 500 sector Thursday. Nucor added 4.3%, and Freeport-McMoRan rose about 3.3%.
Uber gained nearly 5% after the company announced a deal to list all New York City taxis on its app.
Meanwhile, bitcoin rose nearly 4% in another sign of rising risk appetite.

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Investors are continuing to monitor the war in Ukraine and weigh the Federal Reserve’s rate hikes amid persistent inflation.
Last week, the Fed raised interest rates for the first time since 2018. Chair Jerome Powell on Monday vowed to be tough on inflation and opened the door for more aggressive half-percentage-point rate hikes.
NATO leaders met in Brussels Thursday to discuss increasing pressure on Russia, as Ukraine appears to be retaking ground in the war.
“While the stock market is attempting to recover from its correction, markets are fundamentally riskier and more uncertain than before Russia’s invasion of Ukraine,” said Richard Saperstein, chief investment officer at Treasury Partners.
The indexes are coming off a big rally last week, their best weekly performance since 2020.
All three major averages are on track to close the month higher. The S&P 500 is up 3.3% in March. The Nasdaq is 3.2% higher, and the Dow is up 2.4%.

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NVIDIA President and CEO Jen-Hsun Huang
Robert Galbraith | Reuters

Check out the companies making headlines in midday trading.
KB Home — Shares of the homebuilder fell 4.5% lower after missing on the top and bottom lines of its quarterly results. KB Home reported earnings of $1.47 per share on revenue of about $1.40 billion. Wall Street expected earnings of $1.56 per share on revenue of $1.50 billion, according to Refinitiv.

Nikola — Shares for the electric vehicle company jumped 5.6%. The company began production of the battery-electric version of its Tre semitruck in its Coolidge, Arizona, factory.
Nvidia, Intel — Shares for the two companies popped after reports that Nvidia may consider sourcing computer chips from Intel, according to Bloomberg. Also, Intel CEO Pat Gelsinger has been pushing government officials in the U.S. to support legislation to assist semiconductor production. Nvidia’s stock price jumped 9.8%, and Intel jumped 6.9%.
GameStop — Shares of the video game retailer ticked up almost 1%. following a seven-day winning streak. The stock surged 14% on Wednesday after Chair Ryan Cohen bought 100,000 more shares and raised his stake to 11.9%.
Steelcase — Shares of the office furniture maker tumbled 6.1%. The company reported an unexpected loss for its most recent quarter, even as revenue exceeded expectations. Steelcase cited supply chain issues and inflationary pressures.
Logitech — Shares of the computer peripherals manufacturer rose 4% after Bank of America initiated coverage of the company with a buy rating. Though the stock is down about 13% this year, the analyst covering Logitech said it’s “too inexpensive to ignore.”

NetApp — The cloud company’s stock price dipped 1%. Bank of America analysts on Thursday downgraded the firm to neutral from buy, saying NetApp has limited upside from here.
Uber — Shares of the ride-sharing company rose 4.9% on news that it reached a deal to feature New York City taxis on its app. Through the deal, Uber will work with taxi-hailing apps Curb and Creative Mobile Technologies.
Cleveland-Cliffs — Shares for the firm soared by 12% as global shortages in steel spurred interest in the manufacturer.
Liberty Global — Shares of the European telecommunications company rose 2.3% after Credit Suisse upgraded the stock to outperform from neutral. The firm said in a note that “momentum was turning” for Liberty.
— CNBC’s Margaret Fitzgerald, Yun Li, Tanaya Macheel, Jesse Pound and Samantha Subin contributed reporting.

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