Many companies that have gone public through a SPAC have been forced to restate their financial information in a similar manner, after the SEC clarified rules for SPACs, including big-name SPAC targets like Virgin Galactic Holdings Inc.
SPCE,
-7.13%
and DraftKings Inc.
DKNG,
-9.58%

See also: Virgin Galactic, DraftKings to amend financials after SEC guidance for SPACs

WeWork went public long after those companies, and after they had restated their financials. The stock began trading as WeWork in October after combining with BowX Acquisition Corp., a SPAC that went public in August 2020. When the SPAC went public, it did not properly account for some equity, and the problem was not fixed in the run-up to the merger.

“The Company had previously classified a portion of the Public Shares in permanent equity,” WeWork explained in the filing. “Upon further evaluation, the Company determined that the Public Shares include certain redemption features not solely within the Company’s control that, under ASC 480-10-S99, require such shares to be classified as temporary equity in their entirety.”

WeWork also disclosed that the misclassification of the equity led its management team to determine it had a material weakness in overseeing its financial reporting. It will detail its plans to address the weakness in future filings.

WeWork shares fell more than 5% in after-hours trading following the disclosure, after closing with a 2.7% decline at $8.46. Shares have traded between $8.02 and $14.97 since the merger, with Wednesday’s close valuing the company at roughly $6.2 billion, according to FactSet.

Read: Square will change its name to Block as business expands

The U.S. border opened Nov. 8, Visa said, and the company saw inbound card-present cross-border spending increase about 25 points above October levels in the week that ended Nov. 30. Card-present volumes typically represent in-person spending, while cross-border volumes refer to those in which people are making purchases in countries other than where their cards were issued.

Visa noted that payment volumes in international markets were up “several points from October levels in most countries,” calling out “notable” positive spikes in India, Australia, and New Zealand.

Visa saw its U.S. payments volume in November reach 133% of 2019 levels, which the company said was “flat with October.” The company saw U.S. credit volumes increase 3 points from October, while debit volumes dipped 4 points.

Don’t miss: PayPal, Square stocks look attractive amid fintech ‘carnage,’ says analyst

Visa shares were up 0.4% in after-hours trading Wednesday. They declined 1.9% in Wednesday’s regular session and have fallen 10.5% over the past month, as the Dow Jones Industrial Average
DJIA,
-1.34%
has recorded a 5.3% drop.

The energy giant said the $15 billion blueprint was at the low end of guidance between $15 and $17 billion, and up more than 20% from 2021 expected levels.

See also: OPEC+ at a crossroads as oil prices post worst monthly drop since the pandemic began

“This capital program supports Chevron’s objective of higher returns and lower carbon, including approximately $800 million in lower carbon spending,” the company said.

Chief Executive Mike Wirth said the capital budget “reflects Chevron’s enduring commitment to capital discipline.” The company is sizing the program consistent “with plans to sustain and grow the company as the global economy continues to recover,” he said.

Chevron also raised its share buyback guidance to a range between $3 billion and $5 billion a year, compared with a previous guidance of a range between $2 billion and $3 billion.

“We’re a better company than we were just a few years ago. We’re more capital and cost efficient, guided by a clear and consistent objective to deliver higher returns and lower carbon,” enabling the company to return more cash to shareholders, Wirth said.

Chevron shares have gained 34% this year, compared with gains of around 20% for the S&P 500 index.
SPX,
-1.18%

As Supreme Court weighs abortion, here’s the true cost of traveling out of state to access one — or being denied altogether

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The healthcare sector of the S&P 500
SP500EW.35,
-0.52%
has gained almost 14% this year, while information technology
SP500EW.45,
-1.50%
has soared more than 27%, according to FactSet data. Healthcare has also lagged the S&P 500 index’s gain so far this year of around 20%.

Bianco said the healthcare sector has “good breadth,” pointing to potential buying opportunities in areas such as managed care, devices, pharmaceuticals and biotech. He also said the healthcare sector is a large portion of the U.S. economy and the “next battleground for inflation” amid an aging population.

The capitalization-weighted S&P 500 index is “so digital in nature,” said Bianco, citing its heavy exposure to tech. Information technology represents about 29% of the S&P 500, while tech giants Meta Platforms Inc.
FB,
-4.27%,
formerly known as Facebook, and Google parent Alphabet Inc.
GOOG,
-0.59%
fall within the index’s communication services sector, FactSet data show.

Bianco, who cautioned against being “overly dependent” on the S&P 500 index, said he also likes small-cap stocks. The small-cap focused Russell 2000 index
RUT,
-2.34%
dropped 2.3% Wednesday, slipping into correction territory, commonly defined as drop of at least 10% from a recent peak, for the first time since June of 2020, while the S&P 500
SPX,
-1.18%
declined 1.2%, FactSet data show.

The sharp slide Wednesday for U.S. stock indexes came amid fresh concern over the new omicron variant of the coronavirus, as the U.S. has confirmed its first case. The tech-laden Nasdaq Composite COMP lost 1.8% Wednesday while the Dow Jones Industrial Average DJIA fell 1.3%, FactSet data show.

The U.S. stock-market drop follows Tuesday’s slump that had steepened after Federal Reserve Chairman Jerome Powell remarked during testimony to the Senate Banking Committee that the Fed would consider speeding up the tapering of its monthly bond purchases. He cited “high” inflation pressures and an economy that is “very strong.”

As for 2022, Bianco said it should be another “good year” for equity markets provided the Fed won’t need to take “aggressive” action to tame inflation. Many investors have been expecting the Fed to complete tapering before it begins hiking the benchmark fed-funds rate, which it has kept between 0% and 0.25% during the pandemic to aid with the economic recovery.

Read: Jerome Powell says he doesn’t think taper will disrupt markets

Bianco said that banks would benefit from higher rates. The S&P 500’s financials sector, which fell 1.1% Wednesday, has seen gains so far this year of about 27%, according to FactSet data. 

Investors will be watching for the interest-rate forecasts of Fed officials after their next policy meeting, scheduled for Dec. 14-15.

“The [Block] name has many associated meanings for the company — building blocks, neighborhood blocks and their local businesses, communities coming together at block parties full of music, a blockchain, a section of code, and obstacles to overcome,” Square said in a press release.

A change to the corporate name “allows the Seller business to own the Square brand it was built for,” the company continued.

Shares of the company will continue to trade under the ticker symbol “SQ.” Square expects that the name change to Block Inc. will become official around Dec. 10.

Square becomes the latest technology company to opt for a corporate name change amid sprawling ambitions beyond its core brand. Facebook recently became Meta Platforms Inc.
FB,
-4.27%,
while Google transformed into Alphabet Inc.
GOOG,
-0.59%

GOOGL,
-0.60%
back in 2015. Looking beyond the tech sector, it’s worth noting that name changes evoking the blockchain concept were all the rage back in 2017.

Shares of Square were up 0.8% in after-hours trading Wednesday. They declined 6.6% in Wednesday’s regular session.

For the 12-week first quarter ended Nov. 21, the company’s net sales were $49.42 billion, a 16.7% increase from $42.35 billion last year. For the 13 weeks ended Nov. 28, Costco reported net sales of $54.10 billion, a 16.8% rise from $46.33 billion last year.

Shares of Costco fell more than 1% in extended trading after closing at $529.84, down about 1.8%. So far this year, the company’s shares have risen about 40%.

The company is scheduled to release fiscal first-quarter results Dec. 9.

The company reported a fiscal third-quarter loss of $50.5 million, or 22 cents a share, compared with a loss of $24.5 million, or 11 cents a share, in the year-ago period. Adjusted net income, which excludes stock-based compensation and other items, was 17 cents a share, compared with 8 cents a share in the year-ago period.

Revenue rose to $380.1 million from $232.5 million in the year-ago quarter. Annual recurring revenue, a software-as-a-service metric that shows how much revenue the company can expect based on subscriptions, increased 67% to $1.51 billion for the quarter.

Analysts surveyed by FactSet had forecast CrowdStrike to report earnings of 10 cents a share on revenue of $363.6 million, based on the company’s outlook of 8 cents to 10 cents a share on revenue of $358 million to $365.3 million. Analysts also had estimated ARR at $1.47 billion.

“Our outstanding results this quarter demonstrate the flywheel effect of our platform and reflect continued strong customer adoption for our core products in addition to the growing success of our newer product initiatives including identity protection, log management and cloud,” said George Kurtz, CrowdStrike co-founder and chief executive, in a statement.

CrowdStrike expects adjusted fiscal fourth-quarter earnings of 19 cents to 21 cents a share on revenue of $406.5 million to $412.3 million, while analysts forecast earnings of 16 cents a share on revenue of $400 million, according to FactSet.

For the year, the company raised its forecast to a range of 57 cents to 59 cents a share on revenue of about $1.43 billion, up from a previous forecast of 43 cents to 49 cents on revenue of $1.39 billion to 1.41 billion. Wall Street expects 46 cents a share on revenue of $1.4 billion.

As of Wednesday’s close, the stock is up more than 36% over the past 12 months, compared with a 23% rise on both the S&P 500 index 
SPX
and the tech-heavy Nasdaq Composite Index 
COMP,
  and a 17% gain by the ETFMG Prime Cyber Security ETF 
HACK.