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Amazon.com Inc.’s stock slipped 0.2% in midday trade Friday, but remained just below all-time highs despite record levels of bearish bets by speculators. The value of short interest in the ecommerce giant’s stock surged since September to a historical high of approximately $5.3 billion this week, estimates financial analytics firm S3 Partners, which suggests the bulk of the bets were made by shorter-term momentum traders, rather than for fundamental reasons. “Traders are betting on [Amazon’s] stock price to cool off temporarily after hitting its historical high,” S3 Partners wrote in a research note to clients. Amazon’s stock has lost 2% since closing at a record of $844.36 on Oct. 5, but has run up 12% in the past three months and 23% so far this year, compared with year-to-date gains of 11% for the SPDR Technology Select Sector ETF and 4.6% for the S&P 500 .

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From:: Stock Market News

Green Century Capital Management said Thursday that it has withdrawn the proposal it filed with Tyson Foods Inc. , for disclosure of the risks of growing demand for plant-based protein, after the meat company announced a 5% stake in Beyond Meat. Beyond Meat makes plant-based burgers and other proteins. “We are pleased to see that the company is responsive to investor concern on this issue and becoming an early mover in the industry to create a more sustainable food system,” said Leslie Samuelrich, president of Green Century Capital Management, said in a statement. Tyson shares are nearly flat in Friday trading, but up 35% for the year to date. The S&P 500 Index is up 4.8% for 2016 so far.

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From:: Stock Market News

Shares of SkinnyPop maker Amplify Snack Brands Inc. slumped 3.6% in morning trade Friday, after Goldman Sachs said it was no longer bullish, solely because of valuation. Analyst Jason English cut his rating on the better-for-you snacks company to neutral, after being at buy for the past seven months. His stock price target remained at $18, which is 21% above current prices. “We downgraded Amplify Snack Brands…to neutral as upside to our price target shrinks,” English wrote in a note to clients. “Our fundamental view of the company is unchanged.” The stock, which went public on Aug. 5, 2015 at an initial public offering price of $18, has now lost 13% since the Sept. 6, 2016 record close of $17.08. It was still up 29% year to date, while the S&P 500 was up 5%.

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From:: Stock Market News

Shares of Mammoth Energy Services were trading at $14 Friday morning, below their $15 issue price, in the company’s debut on the Nasdaq. The offering was comprised of 7.75 million shares for a total of $112.5 million raised. Mammoth said it would sell 7.5 million shares while 250,000 shares were sold by stockholders. Mammoth estimated that it would receive $103.2 million from the offering. Credit Suisse was the lead underwriter for the offering.

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From:: Stock Market News

U.S. stocks opened higher Friday as investors welcomed better-than-expected results from three of the largest banks. J.P.Morgan Chase & Co , Citigroup Inc. and Wells Fargo & Co. all beat Wall Street estimates. The S&P 500 gained 13 points, or 0.6%, to 2,145. The Dow Jones Industrial Average added 150 points, or 0.8%, to 18,244. The Nasdaq Composite began the session up 32 points, or 0.6%, at 5,245.

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From:: Stock Market News

Shares of Best Buy Co. Inc. slipped 0.6% in premarket trade Friday, bucking gains seen in the broader market, after government retail sales data showed sales at electronics and appliance stores falling in September. Sales at electronics and appliances stores fell 0.9% since August, according to Department of Commerce data, even though Apple Inc.’s new iPhones went on sale in September, and declined 3.8% from the same period a year ago. In Best Buy’s fiscal second-quarter results, sales of consumer electronics, computing and mobile phones and appliances accounted for 90% of Best Buy’s revenue. Among other consumer electronics and appliance retailers, HHGregg Inc.’s stock was still inactive in premarket trade, as was the SPDR S&P Retail ETF . Best Buy shares have soared 25% over the past three months, while the retail ETF has has lost 1.6% and the S&P 500 has slipped 1.4%.

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From:: Stock Market News

J.P. Morgan Chase’s CFO on Friday said the bank has identified a few instances of problems with its employees’ cross-selling practices, but added that the problems discovered weren’t “systemic.” J.P. Morgan’s financial chief, Marianne Lake, during a call to discuss its quarterly results with the media, said the bank conducted a “deep dive” into its sales practice in the aftermath of a fake-account scandal that resulted in Wells Fargo & Co.’s CEO John Stumpf retiring on Wednesday. For J.P. Morgan’s part, the bank conducts regular reviews of its sales tactics but acknowledged that a recent look into its employee-incentive programs and sales techniques was a direct response to the public uproar over Wells Fargo’scandal. She said J.P. Morgan’s issues didn’t rise to the level where the bank would be concerned about widespread problems at its retail bank branches. “We can’t have zero defects…if we find someone who’s abusing our code of conduct we will take action,” she said. Wells Fargo faces federal and state probes after it agreed last month to pay a $185 million fine to settle charges that its employees opened as many as 2 million unauthorized accounts, often using fake names to meet sale goals. The San Francisco bank, and its new CEO Tim Sloan, are expected to offer more details on its strategy to restore its reputation when it conducts an earnings call with analyst at 10 a.m. Eastern Time Friday. But its sales practices have brought to light concerns about banks’ high-pressure sales practices, which offer richer bonuses to staff who have sold the highest number of products and services to clients.

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From:: Stock Market News

The dollar strengthened on Friday against its main rivals after official data showed sales at U.S. retailers rebounded in September after slumping over the summer. One dollar bought 104.36 yen, up 0.7% at 104.64 yen late Thursday in New York. The euro tumbled to $1.1000, down 0.4% from $1.1052 late Thursday. The pound sunk to $.1.2233, erasing an earlier rally. It traded at $1.2241 late Thursday. The producer price index, which measures prices paid to U.S. producers for their goods, increased by 0.3% in September. The PPI is considered an early indicator of consumer-price inflation, because rising prices at the wholesale level are typically passed along to consumers.

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From:: Stock Market News