US Index Futures are trading slightly higher in premarket
Tuesday. As Europe watches record wage increases in the UK and
economic indicators in Germany, US futures are on the rise,
awaiting the release of the country’s inflation data, scheduled for
Wednesday.
By 6:56 AM, Dow Jones (DOWI:DJI) futures were up 7 points,
or 0.02%. S&P 500 futures were up 0.09%, while Nasdaq-100
futures were up 0.13%. The 10-year Treasury yield is currently
at 3.97%.
On the American economic agenda for Tuesday, the president of
the Fed of NY, John Williams, will participate in an event at 11:00
am. At 4:30 pm, oil inventories for the week up to 6/30 will
be released. Today, at 1 pm, the government will hold an
auction of Treasury bonds maturing in three years. This
auction aims to obtain financing for public expenses.
Elsewhere, the UK jobless rate rose to 4% in the quarter to May,
while average weekly earnings, excluding bonuses, rose by 7.3% over
the same period. The salary increase for the British
highlights a prospect of rising inflation in the country,
generating pressure on the stock market.
In Germany, the annual inflation rate increased by 6.4% in June,
according to the final reading of the index, in line with
expectations. However, the ZEW economic expectations index
fell to 14.7 points in July, below expectations, which were -10.50
points.
In commodities markets, West Texas Intermediate crude for August
was up 0.51% at $73.36 a barrel. Brent crudes for September
are up 0.40% near $78.00 a barrel. Iron ore futures traded in
Dalian, China, rebounded from the rout seen yesterday, rising 0.3%
to $112.13 after China’s central bank extended a bailout package
for the real estate sector.
At the close of Monday, stocks ended the day higher, despite few
developments in the macroeconomic scenario. The Dow Jones
closed with a gain of 209.52 points or 0.62%, at 33,944.40
points. The S&P 500 closed up 10.58 points, or 0.24%, at
4,409.53 points, while the Nasdaq rose 24.77 points, or 0.18%, to
13,685.48 points. FOMC directors continued to warn that the
Fed may need to raise interest rates to fight
inflation. However, investors seem to have temporarily ignored
the risks posed by the inflation data due to be released this week,
such as the CPI on Wednesday and the PPI on Thursday. If the
data turns out to be stronger than expected, it could affect market
sentiment in the near term. Futhermore, the earnings release
season with banks could also pose a risk given the instability in
the global banking system during the second quarter.
The second-quarter US corporate earnings season kicks off this
week, with PepsiCo (NYSE:PEP) and Delta Air
Lines (NYSE:DAL) on Thursday, and major banks such as
JPMorgan Chase, Citigroup and Wells Fargo presenting its financial
numbers on Friday.
Wall Street Corporate Highlights for Today
Apple (NASDAQ:AAPL) – On Tuesday, Apple
launched an online store on Tencent’s WeChat messaging app in China
as part of its efforts to expand its retail channels in a key
market. Users can purchase Apple products including the iPhone
14 and enjoy services such as device switching. Apple has been
looking to increase its presence on major Chinese online platforms,
aiming to reach a wider audience.
Amazon (NASDAQ:AMZN) – Amazon is offering
bigger discounts during Prime Day this year in the US, including
its first travel deals. Amazon has teamed up with travel
booking site Priceline to offer discounts during Prime
Day. Amazon is expanding its offerings to attract more
sign-ups as travel companies look to fill up hotel
rooms. Inflation and post-pandemic shopping fatigue are
expected to affect sales, but the company is looking to entice
consumers with discounts on a wide range of products and
services. The Prime Day sales event is expected to generate a
12% year-on-year increase, reaching $12 billion in gross
merchandise value for Amazon in the US.
Meta Platforms (NASDAQ:META) – Social
media apps Instagram, Facebook, WhatsApp and Twitter rival Threads
are back up and running after a brief outage that affected
thousands of users on Monday. At the peak of the outage, over
14,000 users reported issues with Instagram, while Facebook,
WhatsApp and Threads were also affected. Additionally, the
Threads app reached over 100 million signups in just five days
after launch, making it the fastest growing platform to reach this
milestone. Meta plans to monetize Threads once it reaches 1
billion users.
Alphabet (NASDAQ:GOOGL) – Llion Jones,
co-author of the influential Google article “Attention Is All You
Need,” is leaving the company to launch his own startup. The
article popularized the concept of transformers and its previous
authors also founded startups. Jones is the latest of eight
authors to leave Google.
Microsoft (NASDAQ:MSFT) – Microsoft plans
to cut more jobs in addition to the previously announced 10,000
layoffs. The new round of cuts will affect customer service,
support and sales employees. While the exact number of layoffs
has not been released, 276 workers in Seattle will lose their
jobs. Microsoft stock has performed well this year.
Cisco Systems (NASDAQ:CSCO) – Cisco
Systems Inc. could face prosecution for allegedly aiding
Chinese authorities in the religious persecution of Falun Gong
followers, according to a US Court of Appeals ruling. The
ruling heightens tensions between the US and China as the US
Supreme Court considers the case.
Vedanta (NYSE:VEDL) – Foxconn
(USOTC:FXCOF) has pulled out of a semiconductor joint venture with
Vedanta, a setback for India’s chip-making plans. The decision
was motivated by delays in the approval of incentives by the Indian
government. This affects India’s ambitions to attract foreign
investors to manufacture chips locally.
Astra Space (NASDAQ:ASTR) – Astra Space
announced a 1-to-15 reverse stock split plan and an open market
offering of up to $65 million. The rollout is expected to take
place by October 2, subject to board approval. Astra shares
rose 4.3% on Monday.
Uber (NYSE:UBER) – Uber’s CFO Nelson Chai
is planning to leave the company. Chai briefed CEO Dara
Khosrowshahi on his intentions, but a decision has yet to be made
on the timing of his departure. Uber is looking to cut costs
despite its business recovery.
Rivian (NASDAQ:RIVN) – Investors are
buying bullish options on Rivian Automotive’s stock, propelling the
electric vehicle maker’s share price to a nine-day streak of record
gains. Options activity, including buying short-term calls,
has contributed to rising stock prices. This tendency, known
as “gamma squeeze”, has already been observed in other companies,
such as Tesla and AMC. Rivian was the third most traded
company on the US options market on Monday.
Stellantis (NYSE:STLA) – Stellantis and
the Italian government have agreed to increase annual automotive
production in Italy to one million units, reversing a downward
trend. The company plans to introduce production of a fifth
model at its Melfi factory as part of that effort. The
objective is to create conditions to increase production in the
coming years and boost Italy’s competitiveness in the automotive
sector.
Ford (NYSE:F) – South Korean battery maker
SK On is investing in its future despite facing ongoing financial
losses. The company is partnering with Ford to build battery
plants for electric cars in the US and plans an initial public
offering within the next four years. While facing
profitability challenges, SK On is focused on ensuring the quality
of its products.
Carvana (NYSE:CVNA) – Carvana shares have
seen sharp declines compared to other dealerships, falling more
than 90% from their 2021 peaks. an increase of 786%. While the
exact number of EVs sold was not disclosed, this growth illustrates
Carvana’s progress in this segment.
Boeing (NYSE:BA) – Godrej Aerospace is in
talks to manufacture aircraft parts for suppliers to Airbus (EADSY)
and Boeing as airlines place record orders for jets. The
company hopes to increase its supply chain and provide airframe
components as well as maintenance services. Godrej Aerospace
already exports components to General Electric (GE, GEOO34) and
Rolls-Royce and is looking to expand its civil aviation business in
India.
Berkshire Hathaway (NYSE:BRK.A) –
Berkshire Hathaway Energy, the utilities and energy division of
Berkshire Hathaway, has acquired an additional 25% interest in the
Cove Point, Maryland, liquefied natural gas facility for $3. 3
billion. With this, its total stake in the plant reaches
75%. The transaction reflects Berkshire’s investment strategy,
which includes businesses associated with fossil
fuels. Berkshire Hathaway Energy is one of the largest
electric utilities in the country and has other relevant
investments in the energy sector.
Blackstone (NYSE:BX) – An Australian court
has approved a $300 million fine on Crown Resorts, operator of
Blackstone-owned casinos, for violations of money laundering
laws. The fine closes a dark chapter in the company’s history,
which has faced allegations of poor governance. Crown said the
court’s approval puts an end to historic failures related to money
laundering and terrorist financing. This is Australia’s third
highest corporate fine.
KKR (NYSE:KKR) – KKR & Co. is
considering selling its majority stake in NVC Lighting, a
commercial lighting manufacturer in China. The strategic
review could result in a deal worth around $1 billion. KKR can
also choose to hold the assets longer.
HSBC (NYSE:HSBC) – Finance Canada has
extended the consultation period for the proposed acquisition of
the Canadian unit of HSBC by the Royal Bank of Canada due to a
technical error. The deadline has been extended by 15 days and
interested parties can submit comments until July 21st. The
deal is subject to the approval of the Financial Department and the
Directorate of Competition, and seeks to assess its impact on
consumers and the stability of the banking sector.
Morgan Stanley (NYSE:MS) – Morgan Stanley
has hired Marco Caggiano, a former senior investment banker
at JPMorgan (NYSE:JPM), as vice
president of mergers and acquisitions. Caggiano spent 23 years
at JPMorgan and led the bank’s M&A business in North
America.
Wells Fargo (NYSE:WFC) – Dawson Her Many
Horses, head of Native American Banking, has been promoted to
managing director at Wells Fargo, becoming one of the first
enrolled tribal members to reach that role at a major US
bank. Wells Fargo has been looking to diversify its staff and
conducted a racial equity audit last year.
UBS (NYSE:UBS) – UBS has suspended
its plans to establish a new mutual fund unit in China, opting to
retain ownership of its existing joint venture with ICBC. The
decision was made due to Chinese regulations that limit the number
of fund management companies that a company can own.
Citigroup (NYSE:C) – Citigroup has
downgraded its US stock rating to “Neutral” from “Overweight,”
predicting a pullback in growth stocks and a recession in the
fourth quarter. In contrast, the brokerage sees opportunities
in discounted European equities and in the materials sector, driven
by China’s economic growth. Emerging markets also received an
“Overweight” rating.
Payoneer Global (NASDAQ:PAYO) – Payoneer
Global announced that it is reducing its workforce by 9%, resulting
in approximately 210 affected positions. The company expects
to save $20 million a year from the move and is weighing the
positive impact on its 2023 outlook. Analysts forecast earnings of
12 cents per share and revenue of $815.7 million in 2023.
ADT Inc (NYSE:ADT) – ADT, the home
security and alarm monitoring company, has announced that it will
have to restate some financial results. ADT has found errors
in its financial statements and plans to make the necessary changes
as soon as possible. Cash flow was not affected. ADT
shares ended Monday’s regular session up 2.3%.
Starbucks (NASDAQ:SBUX) – Baristas at
pro-union Starbucks will hand out flyers to customers during a bus
tour of 13 US cities, urging them to organize protests at non-union
coffee shops. The company faces accusations of unfair labor
practices and deadlocked negotiations.
Femsa (NYSE:KOF) – Daniel Rodriguez Cofre,
CEO of Coca-Cola Femsa, is stepping down to focus on treating colon
cancer. President and former CEO José Antonio Fernandez
Carbajal will take over as interim boss. The company has
undergone strategic divestments, including the sale of shares in
the Heineken Group and Jetro Restaurant Depot.
Constellation
Brands (NYSE:STZ), Anheuser-Busch
InBev (NYSE:BUD) – Constellation Brands’ Modelo
Especial continued as the top-selling beer brand in the US in June,
surpassing Bud Light. Modelo Especial had an 8.7% share of
retail beer sales, while Bud Light had 7%.
Ralph Lauren (NYSE:RL) – Shares in Ralph
Lauren (RL) hit their highest close in over a year on Monday,
boosted by news that the brand will return to New York Fashion Week
after a four-year hiatus. years. The move is part of the
company’s strategic redirection to focus on luxury products, and
investors have responded positively, boosting the stock’s
performance. Additionally, Ralph Lauren beat earnings and
sales estimates in its latest quarterly report, underlining the
resilience of luxury demand. Analysts see continued growth
potential for the brand.
Surf Air Mobility – Surf Air Mobility
stock will begin trading on the New York Stock Exchange during the
week of July 24, according to the electric aviation and regional
air travel company. The company had initially set a July 11
date, but postponed it due to market conditions. Surf Air
ended a previous merger agreement and has now opted for a direct
listing.
WD-40 (NASDAQ:WDFC) – WD-40, a
manufacturer of cleaners and lubricants, reported positive results
for the third fiscal quarter, with earnings and sales beating
analysts’ expectations. In addition, the company reaffirmed
its guidance for the fiscal year and saw its shares rise 4% in
premarket trading.
Novavax (NASDAQ:NVAX) – Shares of vaccine
maker Novavax jumped 30% on Monday after it announced it will
receive $350 million from Canada to make up for missed vaccine
doses. Payment will be made in two installments this
year. This news is a boost for investors after a period of
financial difficulties and a reduced workforce. Novavax is
also working on three promising vaccine candidates.
Viridian Therapeutics (NASDAQ:VRDN) –
Shares in Viridian Therapeutics fell about 14.4% in premarket
Tuesday, following the announcement that the biotech drug maker was
making changes to its study design for a chronic therapy of thyroid
eye diseases.
Better Therapeutics (NASDAQ:BTTX) – Shares
in Better Therapeutics are up 46.7% in premarket Tuesday after the
company gained Food and Drug Administration (FDA) approval for its
smartphone-based behavioral therapy for diabetes. The approval
was considered a milestone not only for Better Therapeutics, but
also for digital therapeutic prescriptions in
general. However, challenges ahead include driving adoption
and achieving payment coverage. The company plans to launch
its AspyreRx therapy in the fourth quarter.
Charter Communications (NASDAQ:CHTR) –
Charter Communications announced that it plans to launch a new
two-tier cable package system, allowing customers to choose a
cheaper sports TV option without regional sports channels. The
company is pursuing a more flexible approach to meeting customer
demands and adapting to changing viewing habits.
Market view
Zillow Group (NASDAQ:Z) – The Zillow Group
received a rating upgrade from “Neutral” to “Overweight” by Piper
Sandler, and the real estate services company’s stock price target
was increased from $42 to $62 As a result, shares of Zillow rose
3.8% in premarket trade to hit $49.74.
SunPower (NASDAQ:SPWR) – SunPower was down
-1.2% after Deutsche Bank issued a “Catalyst Call: Sell” on the
stock as a short-term investment idea, while maintaining a rating
of “ Hold”.
Ford (NYSE:F), General
Motors (NYSE:GM) – Wall Street is adjusting price
targets for Ford and General Motors stock after a strong quarter of
car sales. On Monday, analysts Dan Levy of Barclays and Colin
Langan of Wells Fargo raised price targets for Ford and GM
shares. Langan raised Ford’s target from $10 per share to $11,
and GM’s price target to $32 from $31. Levy raised Ford’s target to
$14 per share, and the GM price to $46 per share.
Better Therapeutics (NASDAQ:BTTX)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Better Therapeutics (NASDAQ:BTTX)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024