Market Today: Stanley Druckenmiller Criticizes Yellen, CRISPR Therapeutics on Hold, and Automakers

Stanley Druckenmiller (Trades, Portfolio), billionaire investor and former chairman and president of Duquesne Capital, criticized Secretary of Treasury Janet Yellen for not securing long-term U.S. debt at low interest rates in 2021. Druckenmiller referred to this as “the biggest blunder in the history of the Treasury” and claimed that it has set the environment for the current U.S. debt crisis.

Shares of CRISPR Therapeutics (CRSP, Financial) will be on hold for trading as an FDA advisory committee is set to discuss the approvability of a gene editing candidate the company co-developed with Vertex Pharmaceuticals (VRTX, Financial). If approved, exa-cel will become the first FDA-cleared gene editing therapy in the U.S.

A group representing U.S. automakers, including General Motors (GM, Financial), Toyota Motor (TM, Financial), Volkswagen (VWAGY, Financial), and Hyundai (HYMTF, Financial), expressed opposition to Cleveland-Cliff's (CLF, Financial) proposed purchase of U.S. Steel (X, Financial). The group argued that the combination would increase auto industry costs and slow electric vehicle sales.

A Missouri jury verdict against the National Association of Realtors (NAR) and two real estate brokerages has caused shares of Redfin (RDFN, Financial) and Zillow (Z, Financial) to plummet. The case accused NAR, HomeServices of America, and Keller Williams of working together to inflate or maintain high commission rates.

Northland Capital Markets expressed confidence in Intel’s (INTC, Financial) execution and expects the company to gain share in x86 microprocessors next year. Shares of Intel (INTC) are up 1.8% on Tuesday.

ZoomInfo Technologies (ZI, Financial) fell more than 16% as several Wall Street firms cut their price targets even as the company posted third-quarter results that topped estimates. The company issued a fourth-quarter forecast, expecting sales for the coming quarter to be between $309M and $312M.

Smartphone chipmaker Qualcomm (QCOM, Financial) is set to report its fourth-quarter results on Wednesday, November 1. Analysts expect earnings per share of $1.91 for the quarter on revenues of $8.52 billion.

As the tech sector is on pace for the third consecutive month of losses, Barton Crockett, Rosenblatt Securities senior analyst, recommended investors buy Meta (META, Financial), Alphabet Class A (GOOGL, Financial), Pinterest (PINS, Financial), and Amazon (AMZN, Financial), but "hold" on Apple (AAPL, Financial).

CVS Health (CVS, Financial) is expected to report higher year-over-year revenue but slightly lower adjusted earnings early Wednesday as the company wrangles with a company-wide restructuring, rising costs and a pharmacist strike.

Enterprise Products Partners (EPD, Financial) announced plans to spend $3.1B to develop four new capital projects to support continuing production growth in the Permian Basin.

Disclosures

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