Boston Beer Co., Inc. - Class A (SAM) shares closed today 19.7% higher. The Boston Beer Company was founded in 1984 by James "Jim" Koch and Rhonda Kallman. The initial beer offering was Samuel Adams Boston Lager. Koch, the sixth-generation, first-born son to follow in his family's brewing footsteps, brewed his first batch of the beer in his kitchen, using the original family recipe for Louis Koch Lager.
Lithium Americas (NYSE:LAC) +12.1% in Friday's trading after announcing a community benefits agreement with the Fort McDermitt Paiute and Shoshone Tribe living near its Thacker Pass project in Nevada, creating a framework for continued collaboration between the company and the Native American tribe on the proposed mine. Lithium Corporation of America is a mining company. In September 1959, Lithium Corporation of America was sued for breach of contract by a Canadian producer of lithium concentrate, Quebec Lithium Corporation, from which it had been buying lithium concentrate.
Tenet Healthcare (NYSE:THC) Shares plunged nearly 17% Tenet Healthcare Corporation is a for-profit multinational healthcare services company based in Dallas, Texas, United States. Through its brands, subsidiaries, joint ventures, and partnerships, including United Surgical Partners International, the company operates 65 hospitals and over 450 healthcare facilities.
SNAP shares are down 25% Snap Inc. is an American camera and social media company, founded on September 16, 2011, by Evan Spiegel, Bobby Murphy, and Reggie Brown based in Santa Monica, California. The company developed and maintains technological products and services, namely Snapchat, Spectacles, and Bitmoji. This quarter the enterprise took action to further focus business on three strategic priorities: grow the community and deepening the engagement with products, reaccelerating and diversifying revenue growth, and investing in augmented reality. Snap CEO Evan Spiegel said “Snap will continue to navigate this volatile macroeconomic environment” moving forward with its community of 363 million daily active users. The company is also focused on its subscription service called Snapchat+, which hit 1.5 million paying subscribers in the third quarter.
WHAT ELSE HAPPENED?
Stocks surged capping off a winning week. Hopes that the Federal Reserve may soon slow the pace of its rate-hiking campaign are stoking optimism.
The Dow Jones Industrial Average gained 749 points, while the S&P 500 advanced 2.4%. The tech-heavy Nasdaq Composite rose 2.3%. All three indexes posted weekly gains, with the Dow enjoying its third straight week in the green.
High inflation has prompted the Fed to rapidly lift interest rates, which is expected to cool demand and bring the rate of inflation down. The fed funds future market is now pricing in a chance that the Fed brings the federal funds rate up to about 5%. Higher rates and slowing consumer spending could affect companies’ sales and earnings, and have caused the S&P 500 to fall more than 20% from its all-time high in January.
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