Five-Year Note Auction Attracts Modestly Above Average Demand

13 Recipes Our Food Staff Cooked on Repeat in 2022

Another year’s end, another year-end list: These are the recipes our reporters and editors turned to again and again.

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By Kasia Pilat

Minerva Surgical Surges On $30 Mln Private Placement

Minerva Surgical, Inc. (UTRS) shares are gaining more than 85 percent on Wednesday morning trade after the women’s health company announced a share purchase agreement for the sale of 146.62 million shares in a private placement, led by Accelmed, at a price of $0.2046. Following the offering, Accelmed will become the controlling stockholder of Minerva. The total proceeds of the private placement are expected to be around $30 million.

Currently, shares are at $0.31, up 91.32 percent from the previous close of $0.1635 on a volume of 19,382,115.

Range Resources’s Downward Spiral Continues

Shares of oil and gas company Range Resources Corp. (RRC) are down 6 percent on Wednesday’s trading. The stock has been on a downward spiral since the past few days. RRC’s movement is in line with the U.S markets, which are in the red early Wednesday morning.

Currently at $24.86, the stock has traded between $16.71 and $37.44 during the past 52 weeks.

Tesla Reportedly Plans More Layoffs, Hiring Freeze

Luxury electric vehicle giant Tesla Inc. (TSLA), has reportedly told its employees that it is implementing a hiring freeze.

According to Electrek, citing unnamed source, the company has halted hiring for the time being and teams will need to lay some people off in the first quarter of 2023.

However, it is not clear how extensive the hiring freeze will be as Tesla is still planning to expand in some manufacturing locations.

Tesla’s stock has more than halved in value this year due to a sell-off triggered by Musk’s $44 billion acquisition of social media company Twitter. Tesla’s stock has also been impacted by its disappointing quarterly results as well as ongoing disruptions at one of its factories in Shanghai. Musk’s selling of Tesla shares to finance takeover of the social media platform has also impacted the price.

In June, Tesla had announced that it will reduce its salaried workforce by around 10% over the next three months.

Speaking at the Qatar Economic Forum organized by Bloomberg, Elon Musk noted that the planned cuts would amount to about a 3.5% reduction in total headcount at the company. The company has employed around 100,000 people at the end of 2021.

Tesla had previously stated that its own factories have been running below capacity for several quarters as supply chain became the main limiting factor, which is likely to continue through the rest of 2022.

Elys Game Technology Slips 18%

Shares of gaming and sports betting technology company Elys Game Technology, Corp. (ELYS) are down 18 percent on Wednesday’s trading. There have not been any company-specific news to impact the stock.

Currently at $0.3000, the stock has traded between $0.1110 and $3.4710 during the past 52 weeks.

U.S. Pending Home Sales Unexpectedly Show Another Steep Drop In November

A report released by the National Association of Realtors on Wednesday unexpectedly showed a continued slump in U.S. pending home sales in the month of November.

NAR said its pending home sales index tumbled by 4.0 percent to 73.9 in November after plunging by 4.7 percent to a revised 77.0 in October.

The extended nosedive came as a surprise to economists, who had expected pending home sales to increase by 0.6 percent.

Pending home sales slid for the sixth consecutive month and are now down by 37.8 percent compared to the same month a year ago.

A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale.

“Pending home sales recorded the second-lowest monthly reading in 20 years as interest rates, which climbed at one of the fastest paces on record this year, drastically cut into the number of contract signings to buy a home,” said NAR Chief Economist Lawrence Yun.

“There are approximately two months of lag time between mortgage rates and home sales,” he added. “With mortgage rates falling throughout December, home-buying activity should inevitably rebound in the coming months and help economic growth.”

The report showed particularly steep drops in pending home sales in the Northeast and Midwest, where pending home sales plummeted by 7.9 percent and 6.6 percent, respectively.

Pending home sales in the South also slumped by 2.3 percent, while pending home sales in the West fell by 0.9 percent.

Here’s Yet Another Reason to Worship Canned Beans

Canned cannellini beans quickly braised with olive oil, rosemary, tomato and golden fried onions make the best of your pantry.

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By Melissa Clark

Five-Year Note Auction Attracts Modestly Above Average Demand

The Treasury Department announced the results of this month’s auction of $43 billion worth of five-year notes on Wednesday, revealing the sale attracted modestly above average demand.

The five-year note auction drew a high yield of 3.973 percent and a bid-to-cover ratio of 2.46.

The Treasury also sold $43 billion worth of five-year notes last month, drawing a high yield of 3.974 percent and a bid-to-cover ratio of 2.39.

The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.

The ten previous five-year note auctions had an average bid-to-cover ratio of 2.41.

The announcement of the results of the five-year note auction come a day after the Treasury revealed this month’s auction of $42 billion worth of two-year notes attracted above average demand.

On Thursday, the Treasury is due to announce the results of this month’s auction of $35 billion worth of seven-year notes.