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Dow Jones Dips As Apple Stock Pops; Nike Rallies; Donald Trump SPAC Dives Again

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The Dow Jones Industrial Average fell even as Apple (AAPL) popped and Nike (NKE) ran back into a buy zone. The Donald Trump SPAC Digital World Acquisition (DWAC) continued to fall following calls for an SEC probe into the deal. Leaderboard stock Airbnb (ABNB) dipped amid rising Covid worries.




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Meanwhile, a trio of stocks managed to pass entries despite the mixed action. Pfizer (PFE), Domino’s Pizza (DPZ) and Energy Recovery (ERII) moved above buy points.

Nasdaq Gains As Tech Stocks Excel

The Nasdaq benefited from continued enthusiasm for tech stocks. It was up about 0.5%. Intuit (INTU) was faring best here, shooting up more than 9% on an earnings beat, with strong growth in online accounting revenue a highlight.

The S&P 500 was struggling for momentum, dipping slightly into the red. Intuit was also the top performer here, while Apache parent APA Corp. (APA) weighed with a drop of more than 6%.

U.S. Stock Market Today Overview

Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 35607.86 -263.09 -0.73
S&P 500 (0S&P5) 4702.25 -2.29 -0.05
Nasdaq (0NDQC ) 16074.13 +80.42 +0.50
Russell 2000 (IWM) 233.07 -1.79 -0.76
IBD 50 (FFTY) 50.93 -0.01 -0.02
Last Update: 2:50 PM ET 11/19/2021

The S&P sectors were mostly negative, but technology and consumer discretionary were both in the green. Financials and energy were the worst performers.

Small caps struggled amid the weakness among financials. The Russell 2000 was down about 0.8%. Small-cap value stocks were struggling even as small-cap growth stocks were hitting new highs.

The battle between the bulls and the bears was finely poised among growth stocks. The Innovator IBD 50 ETF (FFTY) was roughly flat.

Dow Jones Slips As Apple Stock, Nike Do This

The Dow Jones Industrial Average fell even as Apple continued to drive higher following reports it is looking to bring an electric car to market as early as 2025.

The iPhone maker is now extended past the buy zone of a cup-with-handle base, according to MarketSmith analysis. The ideal buy point was 153.26.

It has been boosted following a Bloomberg report which said the tech giant is refocusing its car project around full self-driving capabilities. There is speculation it will not even have a steering wheel.

But it was Nike that was running highest on the Dow Jones today. The stock gained almost 4% in solid volume as it ran past a 174.48 buy point. It had previously cleared the entry on Nov. 4.

The shoe and athletics gear firm has just notched its 20th straight year of dividend hikes after boosting its quarterly dividend by 11% to 30.5 cents per share.

On Thursday, Nike said it’s created Nikeland, a virtual world on the Roblox gaming platform. Nikeland lets players customize their avatar with Nike products.

Boeing (BA) was the biggest Dow Jones laggard. It plunged more than 5%.

The decline comes after the aerospace giant walked away with aircraft orders and commitments at the Dubai Airshow. European rival Airbus (EADSY) walked away with a far more impressive 408. Coronavirus worries also weighed.

Airbnb Stock Dips As Covid Worries Rise

Airbnb stock fell as a new coronavirus lockdown Europe raised fears about another wave of infections.  Austria has announced a full national Covid-19 lockdown starting on Monday, while Germany has refused to rule one out.

ABNB stock was down around 4%, which saw it flash a sell signal from its latest entry of 211.44. It also dipped back below an alternate trendline buy point near 200.

Airbnb stock is a member of the prestigious IBD Leaderboard list of leading growth stocks.

The U.S. economy has been recovering from the Covid-19 pandemic, which triggered nationwide lockdowns more than a year-and-a-half ago.

The  Food and Drug Administration expanded eligibility for Covid vaccine booster shots Friday. It applies to all adults and enables them to get the vaccines made by either Moderna (MRNA) or Pfizer (PFE)-BioNTech (BNTX).

Moderna rose 5%, retaking its 200-day moving average. Pfizer pared its gain to 0.5% by midday. BioNTech was up nearly 4%.

Donald Trump SPAC Dives Again

The Trump SPAC Digital World Acquisition continued to fall Friday, following calls for the Securities and Exchange Commission to conduct a probe.

DWAC stock was down more than 7% for the day and is on track to fall 12% for the week.

It emerged Thursday that Sen. Elizabeth Warren had sent a letter questioning whether the company and Trump “may have committed securities violations by holding private and undisclosed discussions about the merger as early as May 2021, while omitting this information in U.S. Securities and Exchange Commission (SEC) filing and other public statements.”

Digital World Acquisition skyrocketed on the news it will serve as a vehicle to take the Trump Media & Technology Group public via a merger.

In addition to Truth Social, a social media site, the firm plans to offer a subscription-based video-on-demand service to be called TMTG+. The SPAC stock is still up bigly overall, gaining more than 450% so far in 2021. It’s been rangebound for a couple of weeks.

These Stocks Pass Buy Points

Pfizer was trading below its 51.96 buy point from a cup-without-handle base buy point. It had cleared the level early amid the rising coronavirus worries.

Strong earnings and stock market performance has earned the stock a near-perfect IBD Composite Rating of 97.

Domino’s Pizza also slipped back below its entry after briefly moving above a consolidation pattern buy point of 548.82.

Look to see if it can rally back above the entry going forward. The home delivery giant has seen its relative strength line spike higher of late.

Energy Recovery is in its buy zone after clearing a consolidation entry of 23.79 in strong volume.

The firm manufactures energy recovery devices for oil and gas, chemical and water industries. It boasts an Accumulation/Distribution Rating of A, which reflects strong buying among institutions of late.

Please follow Michael Larkin on Twitter at @IBD_MLarkin for more on growth stocks and analysis.

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The Plot Thickens. New York Court Of Appeals Finds Companies Do NOT Consent To Jurisdiction By Registering To Do Business There. – Litigation, Mediation & Arbitration

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United States:

The Plot Thickens. New York Court Of Appeals Finds Companies Do NOT Consent To Jurisdiction By Registering To Do Business There.


To print this article, all you need is to be registered or login on Mondaq.com.

In a post on October 10, 2021, I shared my thoughts on the
Georgia Supreme Court’s recent decision holding that a company
that registers to do business in Georgia has ipso facto
consented to the general jurisdiction of Georgia courts over
lawsuits brought there. I explained this was the minority rule. The
New York Court of Appeals recently added clarity to the majority
position by holding that companies do NOT consent to general
jurisdiction simply because they have registered to do business and
have an agent for service of process in the Empire State.

Both the Georgia and New York cases involved very similar
product liability claims arising out of auto accidents. In the New
York case, Aybar v. Aybar, plaintiffs sued Ford Motor
Company, The Goodyear Tire & Rubber Co., and José Aybar
for injuries when the vehicle they were passengers in overturned in
the State of Virginia. Neither Ford nor Goodyear were incorporated
in New York and did not maintain their principal places of business
in New York. However, pursuant to the New York Business Corporation
Law, to do business in New York foreign corporations must register
with the New York Secretary of State and designate an in-state
agent for service. As such, plaintiffs attempted to gain personal
jurisdiction over Ford and Goodyear in New York by personally
serving those entities’ designated agents for service.

Ford and Goodyear moved to dismiss and asserted that personal
service on their agents in New York did not confer general
jurisdiction over them. The trial court disagreed and declined to
dismiss plaintiffs’ claims on the basis that it lacked personal
jurisdiction over these entities. The Appellate Division reversed,
holding that general jurisdiction could not be exercised over a
foreign corporation on the sole basis that the foreign
corporation’s designated agent for service was personally
served in New York. Plaintiffs appealed to the New York Court of
Appeals, New York’s highest court, and it affirmed. 

I will keep an eye on the decisions on this topic in future
posts. It is only a matter of time before SCOTUS weighs in and
hopefully resolves the current split in authority. As I said in my
October 10 post, I’m hoping that day is sooner, rather than
later.

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.

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Nihangs cast further doubt on Aman Singh, police question his role in Singhu killing

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Police officials are probing the role of Aman Singh—a Nihang Sikh whose photograph with the agriculture minister Narendra Tomar went viral last month—in the killing of Lakhbir Singh at the Singhu farmers’ sit-in. “Disclosures by other arrested accused in the case say Nihang Aman Singh instigated them,” a police official formerly associated with the inv­­­estigation told me on the condition of anonymity. The official said that Aman is now named as an accused in the case. Aman has claimed to be a founder of a Nihang group called “Misl Shaheed Pyaare Himmat Singh” that is a part of a prominent Nihang group, the Buddha Dal. But members of the Buddha Dal, including a senior leader, told me they were suspicious of Aman and his group. Among other reasons, they said they first heard of him only when the farmers protests gained steam last year, his group appeared to be formed in haste and his past is marred with allegations of criminal activity.

Most of Aman’s responses to the allegations against him were evasive. When I asked him about the allegation that he instigated the accused to kill Lakhbir, Aman said, “I have already cleared everything on this subject. I do not want to talk about this.” Sarabjit Singh, who is among the four arrested for killing Lakhbir, belonged to Aman’s group. As reported by The Caravan earlier, he was seen frequenting the deceased’s village of Cheema Kalan in Punjab in the months preceding the killing, according to two residents of the village. Lakhbir’s sister, Raj Kaur, has consistently maintained that her brother could not have gone to Singhu on his own and that he was lured there by someone. While Nihangs, including Aman, have claimed in the past that Lakhbir was killed for committing sacrilege, they have furnished no evidence to back the accusation.

Interviews with police officials associated with the investigation and multiple Nihang Sikhs of the Buddha Dal revealed curious details about Aman’s background, adding to the many perplexing aspects about Lakhbir’s death. All of them requested anonymity citing the sensitivity of the matter.

According to a senior police official, Aman, also known as Amna, is in his early thirties and grew up in a family of labourers. At the age of 19 or 20, Aman became a Amritdhari Sikh—one who is formally inducted into the Sikh order by partaking in holy water, or amrit. Around that time, Nihangs from Buddha Dal visited his village and Aman joined them. He rarely visited home afterwards, the senior police official mentioned. Aman’s parents have told the media that they evicted him years ago. However, the senior official told me that Aman is still in touch with them.

The senior Nihang leader told me that Aman floated the Misl Shaheed Pyaare Himmat Singh dal, or group, sometime around end October 2020. The farmers’ protests were gaining momentum across the country at that time. The leader said that the ceremony happened at Gurudwara Joda Sahib in Chamkaur Sahib, in Punjab’s Rupnagar district. He added, “A Nihang Dal can only be floated in presence of a huge sangat in a proper ceremony with blessings of other Nihang Dals or jathebandis”—communities. He said that when he and other Nihangs heard about Aman’s dal “we were extremely angered. This man launched his own dal by throwing all norms and traditions to wind.”

When I asked Aman about these details, he did not confirm or deny the senior Nihang’s allegations. Instead, he said, “Baba Maan Singh had told me that ‘you float your own dal, take responsibility for it.’” Maan Singh is the chief of the Buddha Dal. Aman claimed that Maan Singh had told him, “The time is such that many sacrilege cases are happening.”

After Aman’s photo with Tomar surfaced, Maan Singh and others in his dal gave a video statement saying they had nothing to do with him. “On behalf of Babaji”—referring to Maan Singh—“we want to inform everyone that neither did Babaji deploy him on a duty over there and nor is he related to Babaji in any manner. He had made his own group,” the statement mentioned. “Aman Singh is warned by the entire dal and Jathedar Baba Maan Singh and Buddha Dal Nihangs against using the name of Buddha Dal.” When I asked Aman about this, he said, “If Babaji is saying that ‘Aman is not ours,’ I can return home with bare feet, in my two sets of clothes. I have no issue.”

While Aman confirmed that he formed the Misl Shaheed Pyaare Himmat Singh, his exact designation in it remains unclear. The senior Nihang leader added that Aman was a ghorean da jathedar—which roughly translates to deputy chief—of the dal, contrary to multiple media reports that identified him as the chief of the Nihang dal. When I asked Aman for clarity, he replied, “Someone writes jathedar, someone writes mahant … I just do sewa”—selfless service.

Aman was also among the Nihangs who were at the Red Fort during the 26 January tractor rally. That day, thousands of protesting farmers had marched and driven their tractors into central Delhi, with hundreds on foot even reaching the Red Fort. The farmers’ rally witnessed several incidents of lathi charges and tear-gas shelling from the police, as well as attacks on police barricades and personnel by the farmers. “I reached there when some women approached us saying that some youth had been trapped inside the Red Fort and were being assaulted,” Aman said. He also shared a video with me of himself on a horse at the Red Fort that day.  

Since the rally, the senior Nihang leader said, Aman had been donning a farla, a piece of blue cloth sprouting from the top of a Nihang turban. The senior Nihang found this appalling. “For Nihangs, it is equivalent of a Nishan Sahib”—the Sikh flag—he told me. “It is earned after years of hard work including cleaning the stables, taking care of the horses, preparing langar, meditation, studying and exceling in martial arts of Nihangs, et cetera. Once, a Nihang gets a farla bestowed in the presence of the sangat, he is forbidden to even carry the Guru Granth Sahib on his head. Nihangs get it after 20–30 years of dedicated services. Many never even get it. Such a mockery of wearing a farla—a tradition of that was started by none other than Sahibzada Fateh Singh, the fourth and the youngest son of the tenth Guru of Sikhs, Guru Gobind Singh—is being criticised in Nihang circles,” the senior Nihang Sikh said.

Aman confirmed this. “I didn’t start wearing it myself. I was bestowed the honour by baapuji,” he told me. He said he was bestowed the farla sometime around end January or February. Aman said baapuji is Gurnam Singh, who is reportedly the caretaker of Gurudwara Joda Sahib. He added that he even had the support of Maan Singh.

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Possible Release Date of This Rumoured Zack Snyder Movie!

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How much truth is there to the rumor that Ben Affleck has given up the cape and cowl as Batman? Let’s find out.

Ben Affleck has recently spoken about his time at DC and the reason for leaving. Here is a list of everything he discussed.

Related:

Dawn Of Justice

Since Affleck began working at DC, he has continuously collaborated with Snyder in the director’s chair for a movie. The first few minutes of Justice League were also a similar story. However, due to a personal issue in the director’s life, there were issues.

Affleck said that he had more fun making the earlier film.

In a recent interview, Ben Affleck spoke about the filming of Justice League.

The DC Extended Universe’s 2017 superhero film was Justice League. The characters in the film were Affleck as Batman, Cavill as Superman, Gal Gadot as Wonder Woman, Miller as the Flash, Momoa as Aquaman, and Fisher as Cyborg.

The goal of the film was to create a DC counterpart to the Avengers, but it spectacularly failed.

Mr. Allens believes the film to be haunted by a personal tragedy. This is a personal tragedy for Snyder, who lost his daughter as a result of the accident.

In Affleck’s view, the fact that it was directed by two directors who couldn’t collaborate was a major factor in the film’s failure to live up to expectations.

Why Does Ben Affleck Want To Leave DC?

In his debut film, Affleck enjoyed the superhero genre. While developing Justice League, he lost interest at some point.

that’s why he wants to move on. It’s been a long time since that moment, and Affleck doesn’t feel compelled to keep it going. Superhero films should be made by individuals who are truly enthusiastic about them.

WHEN WILL JUSTICE LEAGUE 2 BE RELEASED? 

First and foremost, let’s get the bad news out of the way. Justice League 2 is not being developed by Warner Bros. Yes, we realize that this entire post is about the sequel, but the studio has expressed no interest in continuing the plot. WarnerMedia CEO Ann Sarnoff told Variety in March 2021 that they’re delighted Snyder was able to finish his trilogy, but that’s where it ends.

“I’m glad they like Zack’s work, and we’re grateful for all of his contributions to DC.” We’re just overjoyed that he was able to bring his version of the “Justice League” to life, as that wasn’t originally planned.”

The Dark Knight is resurrected! The Batman release date has been set.

“With it comes the completion of his trilogy,” she added. We’re ecstatic to have completed this, but we’re even more ecstatic about the plans we have for all of the multi-dimensional DC characters now in development.”

Obviously, this does not mean that the story is over for all of the characters. The Flash will cast Ben Affleck’s Batman alongside Michael Keaton’s Batman, with Ezra Miller repeating his role as Barry Allen. Meanwhile, Patty Jenkins just stated that Wonder Woman 3 is in development, with Gal Gadot reprising her role as Diana Prince. Jason Momoa’s Aquaman and the Lost Kingdom, directed by highly renowned director James Wan, is currently in production. As a result, the DC Extended Universe is still alive and well!

Is Still Happening?

According to the original script, a follow-up to Justice League was scheduled for release in June of last year. But we haven’t heard anything about the film since then.

There is no telling whether or not the film will be made now that there has been no new production announcement, and Affleck has moved out of DC.

We may only wait and anticipate. There is no end to human optimism! Isn’t it?

IS THERE A TRAILER FOR JUSTICE LEAGUE 2?

You probably already know the solution to this one. No, there isn’t a Justice League 2 trailer. However, there is an animated Justice League film called Justice League Dark: Apokolips War that plays with similar themes to what Zack Snyder had intended for the sequel.

Let’s watch the trailer of justice league!

Stay tuned for more updates with alphanewscall!

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