SQUAWK TALK - MONDAY, October 4, 2021

 

IN THE NEWS TODAY

Washington must enforce the U.S.-China phase one trade agreement, and it will raise broader policy concerns with Beijing, according to remarks set to be delivered Monday by U.S. Trade Representative Katherine Tai. CNBC reported last week that the top trade advisor would announce that Beijing has not complied with the phase one deal that was reached under former President Donald Trump's administration. (CNBC)

Indebted developer China Evergrande Group is set to sell part of its stake in its property services unit, the second asset sale in as many weeks as the liquidity-squeezed Chinese real estate giant scrambles to raise cash. In a filing with the Hong Kong exchange, Evergrande said it requested a trading halt ahead of an announcement about a "major transaction." Last week, Evergrande said it will sell a $1.5 billion stake in Shengjing Bank to a state-owned asset management firm. (CNBC)

Frances Haugen, a Facebook whistleblower who brought internal documents detailing the company's research to The Wall Street Journal and Congress, revealed her identity ahead of an interview she gave to the CBS program "60 Minutes," which aired Sunday night. The documents showed Facebook executives had been aware of negative affects of its platforms on some young users. (CNBC)

Shares of Tesla, up close to 10% year to date, rose nearly 3% in the premarket after the company said Saturday it delivered a better-than-expected 241,300 electric vehicles during the third quarter of 2021. In its press release, Tesla acknowledged delivery delays during the quarter, blaming them on "global supply chain and logistics challenges." It also thanked customers for their patience. (CNBC)

Johnson & Johnson (JNJ) Johnson & Johnson is planning to ask the Food and Drug Administration this week to authorize a booster shot for its Covid-19 vaccine, according to The New York Times citing officials familiar with the company's plans. Moderna (MRNA) and Novavax (NVAX) were under pressure once again. Both Covid vaccine makers saw double-digit percentage losses Friday, following news of Merck's (MRK) successful late-stage trial for its new anti-viral pill. Moderna fell 4% in Monday's premarket. Novavax slid 3.3%. Merck rallied another 2.7% in the premarket following Friday's 8.4% surge. * Covid vaccine mandate takes effect for NYC teachers, staff (AP)

The Supreme Court is beginning a momentous new term with a return to familiar surroundings, the mahogany and marble courtroom that the justices abandoned more than 18 months ago because of the coronavirus pandemic. Abortion, guns and religion all are on the agenda for a court with a rightward tilt, including three justices appointed by President Donald Trump. (AP)

There's a new king of the pandemic box office. Sony's "Venom: Let There Be Carnage" tallied an estimated $90.1 million in ticket sales domestically over the weekend, the best box office haul since Covid began. Marvel's "Black Widow" was the previous record-holder after snaring $80 million during its July debt. (CNBC) * 'The Many Saints of Newark' meager haul showcases pitfalls of hybrid release models (CNBC) * No Time to Die scores $119 million in international debut ahead of Friday's U.S. release (CNBC)

The biggest lottery prize in months grew larger after no ticket matched all five numbers and the Powerball drawn on Saturday night. The estimated jackpot for the next drawing on Monday night is $670 million. Saturday night's numbers were 28, 38, 42, 47 and 52. The Powerball was 1. (AP)