US Index Futures are operating higher on Thursday, as are
European markets, with investors paying attention to US jobless
insurance data and reacting to news of a trade surplus below
expectations in China.
By 6:58 AM, Dow Jones (DOWI:DJI) futures were up 62 points,
or 0.18%. S&P 500 futures were up 0.33%, while Nasdaq-100
futures were up 0.66%. The 10-year Treasury yield is at
3.816%.
The US second quarter corporate earnings season kicks off today
with highly anticipated reports from Delta Air
Lines (NYSE:DAL), Pepsico (NASDAQ:PEP), Cintas (NASDAQ:CTAS), Progressive (NYSE:PGR), Fastenal (NASDAQ:FAST)
and Conagra
Brands (NYSE:CAG). Major banks such
as JPMorgan
Chase, Citigroup (NYSE:C)
and Wells Fargo (NYSE:WFC) will be
reporting their financial numbers on Friday.
On Thursday’s US economic calendar, the Labor Department will
release the Jobless Claims reports for the week through 7/8 and the
June PPI and Core PPI at 8:30 am. At 6:45 pm Fed Director
Christopher Waller will deliver a speech on the economic
scenario. Additionally, the US government will hold a third
Treasury bond auction, this time with a 30-year maturity, at 1
pm. Yesterday, US$32 billion in 10-year bonds were auctioned,
with a cut rate of 3.857%.
Elsewhere, China’s trade balance underperformed expectations,
with a surplus of US$70.62 billion in June, up from US$65.81
billion in May, but below analysts’ forecast of US$74
billion. Asian stocks closed higher due to prospects of
support from the Chinese government to sectors in the country.
In the UK, industrial production fell by 0.6% in May, compared
with the -0.4% forecast. However, the trade balance showed a
surplus of £6.58 billion, beating expectations and showing an
improvement from the previous deficit of £2.46 billion.
In commodities markets, West Texas Intermediate crude for August
was up 0.21% at $75.91 a barrel. Brent crudes for September
are up 0.22% near $80.31 a barrel. Iron ore futures traded in
Dalian, China, followed the recent movement and rose 1.6%, at
US$115.68 per tonne, still reflecting the expectation of stimuli
from the Chinese government.
At Wednesday’s close, riskier assets performed well as US
Treasury yields fell. The Nasdaq jumped 158.26 points, or 1.2%, to
13,918.96 points, and the S&P 500 rose 32.90 points, or 0.7%,
to 4,472.16 points. The Dow closed up 86.01 points or 0.3% at
34,347.43 points. This was also in response to the CPI
inflation data, which showed a greater-than-expected deceleration,
reinforcing the expectation that the Federal Reserve may end the
cycle of increasing interest rates after the meeting at the end of
this month. Although the S&P 500 saw a significant
increase, it was the Nasdaq 100 that showed the greatest growth, as
it is more sensitive to future interest rates.
The CPI reached its lowest level in more than two years,
considering the variation in 12 months. In the core index,
there was a deceleration from 0.4% in May to 0.2% in
June. Regarding the overall index, there was an acceleration
to 0.2% compared to 0.1% in May, but still, both numbers were below
market expectations. It is worth mentioning that the Fed’s
target is 2%, so the 3% rate is still above what is needed for the
US central bank to fulfill its mandate, but it is an advance that
may indicate a positive outlook on the horizon.
Wall Street Corporate Highlights for Today
Alphabet (NASDAQ:GOOGL) – Alphabet’s
Google announced on Thursday that it is launching its artificial
intelligence chatbot, Bard, in the European Union. After
delays due to data privacy concerns, the European release was
cleared, with a scheduled review after three months. Google
also launched Bard in Brazil, introducing new features such as
image uploading. The company has seen a 35% increase in its
shares this year.
Amazon (NASDAQ:AMZN) – On the first day of
Amazon.com’s Prime Day event, US online sales increased nearly 6%
to $6.4 billion year-over-year. In other news, Amazon is
facing a complaint from the National Council on Labor Relations for
refusing to negotiate with a New York workers’ union. The
board is seeking a solution that would require Amazon to negotiate
in good faith with the union. The company contested the
results of the vote to join the union and postponed
discussions. Meanwhile, dozens of Amazon warehouse workers in
New York sued the union, citing a lack of democratic elections for
leadership positions.
Apple (NASDAQ:AAPL) – Apple faces union
tensions at its first unionized US store. The union accused
the company of dealing in bad faith and sharing trading information
with other stores. Apple denies the allegations and says it is
committed to respectful dealings. The clash comes after months
of negotiation and the union has filed a complaint with the
National Council for Labor Relations. Apple has sought to
block other stores from unionizing, using the situation as a
wake-up call. In addition, Apple has released iOS 17 in the
form of a public beta. It brings changes like custom contact
posters, autocorrect improvements, updated iMessage app, and a new
Journal app.
Meta Platforms (NASDAQ:META) – Meta is
preparing to challenge the European Union’s antitrust allegations
at a closed hearing. The European Commission has accused Meta
of linking its classified ads service to Facebook, giving it an
unfair advantage, and imposing unfair trading conditions on
competitors. The company could face fines and change orders if
found guilty. Meta Platforms has yet to launch its Threads
product in the EU.
Roblox (NYSE:RBLX) – Roblox Corp’s online
game Roblox will be launching soon on Meta
Platforms‘ Quest virtual reality (VR) headsets
(META), as announced by Meta in a blog post. The beta
will initially be available on Quest 2 and Quest Pro in the coming
weeks, allowing developers to optimize their games for
VR. Roblox has millions of daily users and is available on
multiple platforms.
Microsoft (NASDAQ:MSFT), Activision
Blizzard (NASDAQ:ATVI) – The Federal Trade Commission
(FTC) has filed an appeal against the court ruling that allowed
Microsoft to acquire Activision Blizzard. However, the FTC is
running out of time to stop the deal, as the hold ends on Friday
and the acquisition is expected to close on July 18. Microsoft
has voiced its opposition to the feature and both companies’
actions have had mixed reactions in the market.
Broadcom (NASDAQ:AVGO), VMware (NYSE:VMW)
– Broadcom has received EU antitrust approval for its proposed
acquisition of VMware for $61 billion. The deal will help
Broadcom diversify into enterprise software. The European
Commission has confirmed that Marvell
Technology (NASDAQ:MRVL) and other competitors will
be granted access to programming interfaces and source code for
storage adapters. The merger is also under scrutiny by US and
UK authorities. Broadcom has already received authorizations
in several other jurisdictions.
Vedanta (NYSE:VEDL) – Indian company Vedanta
plans to enter the chip and display manufacturing market later this
year after Foxconn‘s
investment (USOTC:FXCOF) is cancelled. Vedanta is seeking
government approval to install its semiconductor and display
units. The company also found new partners for the venture
after Foxconn pulled out of the joint venture due to approval
issues and stalled talks with
STMicroelectronics (NYSE:STM).
Chinese companies – Shares of Chinese
internet platform companies rose significantly in Hong Kong on
Thursday, following a sign of Chinese government support for the
sector. Meituan (USOTC:MPNGY), Bilibili (NASDAQ:BILI), Kuaishou Technology
(USOTC:KUASF) and Alibaba (NYSE:BABA)
posted gains, boosted by the meeting between Premier Li Qiang and
industry executives. Analysts believe this meeting signals a
possible end to regulatory crackdowns on the technology sector,
which should improve investor sentiment.
JD.com (NASDAQ:JD) – JD.com Inc., China’s
second-largest e-commerce platform, unveiled its own language model
called ChatRhino, for enterprise use. The service will
initially be used internally and later extended to enterprise
customers starting in 2024. JD.com will also launch a platform for
developers next month. Shares of the company rose 6.2% in Hong
Kong.
Walt Disney (NYSE:DIS) – CEO Robert Iger’s
contract has been extended for an additional two years by the Walt
Disney Board. Iger, who returned from retirement in 2022,
faces long-term challenges in his film and television
businesses. The board seeks to maintain leadership during the
company’s transformation. Iger said there is still much to do
before completing this transformative work, and the board continues
to interview candidates for the CEO position.
Imax Corp (NYSE:IMAX) – Imax Corp
announced a proposal to acquire its Imax China Holding Inc
unit in a cash transaction worth approximately $124
million. Imax China would become a wholly owned subsidiary of
Imax. The company highlighted the potential for expanding its
brand and technology in the growing entertainment market in China,
where it has more than 770 units, the most in any global
market.
Azul (NYSE:AZUL) – Azul announced the
launch of a public offering of senior secured notes, due in 2028,
as part of its restructuring plan. The company will use
receivables from the TudoAzul loyalty program and the Azul Viagens
travel package business as collateral. The offering seeks to
raise additional capital to further the company’s growth and expand
its operations.
Morgan Stanley (NYSE:MS) – According to
Reuters, Morgan Stanley has hired Daniel Cohen, a former executive
at Truist Financial Corp, to join the investment bank. Cohen,
who specializes in healthcare services, will continue to focus on
negotiations in the pharmaceutical sector.
JPMorgan Chase (NYSE:JPM) – JP Morgan
Securities was ordered to pay $2.5 million to a financial adviser
who was fired over allegations of structuring bank deposits to
avoid the company’s attention. The decision was reached by an
arbitration panel, which also ordered the removal of separation
information on Form U5 filed by the company. JPMorgan plans to
pursue legal options against the decision.
Barclays (NYSE:BCS) – Barclays won an
appeal to the UK High Court in a case questioning banks’
obligations to protect customers against fraud. Customer Fiona
Philipp sued the bank after falling victim to authorized payment
fraud. The court ruled that the bank had no responsibility to
ignore instructions from customers suspected of fraud. In
other news, Barclays is considering increasing investment in its
smaller businesses such as US credit cards as part of a plan to
boost its share price. However, some shareholders would prefer
the bank to opt for share buybacks. The strategic review is
being led by CEO CS Venkatakrishnan, with assistance from
consultants from the Boston Consulting Group.
ARK Innovation (AMEX:ARKK) – Cathie Wood’s
ARK Innovation fund hit an 11-month high, buoyed by expectations of
falling inflation that would benefit speculative tech
stocks. The fund is up nearly 52% this year, with companies
like Coinbase (NASDAQ:COIN)
and Exact Sciences (NASDAQ:EXAS) leading
gains. The prospect of lower interest rates boosted optimism
in small-cap technology stocks. Elsewhere, ARK Investment sold
20,874 Tesla shares, worth $5.7 million, within its Autonomous
Technology and Robotics ETF. Several transactions were carried
out on the ETF, including the purchase of shares
in Cameco Corp (NYSE:CCJ)
and Teradyne Inc.(NASDAQ:TER), and the sale
of shares in Kratos Defense and Security Solutions
Inc (NASDAQ:KTOS) and AeroVironment
Inc (NASDAQ:AVAV). Tesla (NASDAQ:TSLA) now
represents 0.51% of the ETF.
Viasat (NASDAQ:VSAT) – Viasat reported
that an anomaly occurred during the deployment of the ViaSat-3
Americas satellite, which may affect its performance. The
company’s shares fell 20.9% in premarket trading on Thursday
following the incident. Viasat is reviewing the situation and
will share more information in its earnings conference call in
August.
Tesla (NASDAQ:TSLA) – Tesla is in talks with
the Indian government to establish a car factory in the country
with an annual capacity of up to 500,000 electric vehicles,
according to the Times of India. The company is considering
using India as an export base for Indo-Pacific countries. In
other news, Tesla has announced that the $7,500 federal tax credits
for the Model 3 will likely be reduced after December
31st. The move comes amid tougher US battery rules aimed at
increasing domestic manufacturing and reducing reliance on
China. Additionally, Malaysian Prime Minister Anwar Ibrahim
said he will hold a virtual meeting with Elon Musk on
Friday. In other news, vehicles with foreign battery
components will no longer be eligible for tax credits starting in
2024. Furthermore, Elon Musk launched his artificial
intelligence startup xAI, with the aim of building an alternative
to ChatGPT. Musk seeks to create a safer AI based on maximum
curiosity rather than explicitly programming morality.
General Motors (NYSE:GM) – US regulators
will soon make a decision on General Motors (GM) autonomous driving
unit’s petition to deploy up to 2,500 autonomous vehicles annually
without human controls. The petition seeks approval for
vehicles without steering wheels, mirrors, turn signals and
windshield wipers. The road safety agency will issue a
decision in the coming weeks.
Lucid (NASDAQ:LCID) – The shares of Lucid
Group Inc. fell on Wednesday after disclosure that the company
delivered 1,404 electric vehicles and produced 2,173 vehicles in
the second quarter. Analysts had expected higher
production. The fall in the stock raises concerns about weak
demand and highlights the importance of the future launch of the
Gravity electric SUV. Lucid will report full second-quarter
results on August 7.
Cirrus Logic (NASDAQ:CRUS) – Cirrus Logic
announced that it will reduce its workforce by 5%, which equates to
approximately 85 employees, due to general market conditions and
the impact related to the cancellation of a new product scheduled
for launch this fall. The company expects to shoulder the
costs related to the cuts in the fiscal second quarter.
McDonald’s (NYSE:MCD)
– Carlyle Group Inc (NASDAQ:CG) and
Trustar Capital plan to raise $4 billion in funds to buy out part
of their stakes in McDonald’s operations in Hong Kong and mainland
China. The change would allow for a partial exit for
acquisition companies six years after the business is
purchased. The creation of a new vehicle would provide a
potential exit or partial exit for existing investors and allow new
capital to be raised. The plan has shareholder approval and is
being discussed with interested investors. A deal is expected
to be finalized by the end of the year.
Domino’s Pizza (NYSE:DPZ) – Andrew Rennie,
former head of a large operator of Domino’s Pizza franchises in
Europe, will join Domino’s Pizza Group (DPG) as CEO in
August. He will replace Elias Diaz Sese, who has served as
interim CEO of Domino’s Pizza Group since October 2022. Domino’s
Pizza shares jumped in Wednesday’s trading after it announced that
customers will be able to use the Uber Eats and Postmates apps to
make requests. Domino’s has entered into an exclusive
agreement with Uber, making Uber Eats its third-party delivery
platform in the US until at least 2024. The partnership will expand
the pizza brand’s reach to new customers, while Domino’s continues
to utilize its own drivers for delivery. delivery. The deal
also allows Uber to share customer order data with Domino’s.
Mondelez (NASDAQ:MDLZ) – Toblerone
chocolate bar is removing the Matterhorn peak from its iconic logo
due to legal requirements. The parent company, Mondelēz
International, needs to meet certain criteria for producing and
sourcing materials in Switzerland. Although the mountain is
replaced, the Toblerone brand remains strong.
Shopify (NYSE:SHOP) – E-commerce company
Shopify has announced the upcoming launch of its AI assistant for
merchants called “Sidekick”. The assistant will be available
on the Shopify platform and will answer questions, provide sales
insights, and help entrepreneurs update their stores. The
exact release date has not been specified.
Thrivent (NASDAQ:TEFMX) – Carolyn
Armitage, head of Thrivent Advisor Network (TAN), has left the
hybrid investment advisory firm, a spokeswoman confirmed. TAN
has approximately 25 teams and oversees more than $5 billion in
client assets. No additional details were provided about the
leadership change. Armitage joined TAN in 2021 to expand its
customer base. She is currently seeking employment
opportunities in the Los Angeles area.
Recursion Pharmaceuticals (NASDAQ:RXRX) –
Recursion Pharmaceuticals (RXRX) announced on Wednesday that it has
received a $50 million investment
from Nvidia (NASDAQ:NVDA) through a PIPE
transaction. Shares in Recursion were up 78%, while Nvidia’s
were up 3.5%.
Nomura Holdings (NYSE:NMR) – Nomura
Holdings is expanding into the European equity business, seven
years after exiting that market, in an effort to boost its
earnings. The company is resuming corporate equity derivatives
and Delta One products, as well as starting debt finance businesses
in the region. Nomura has hired more than 30 executives to
strengthen its global presence, targeting private equity, hedge
fund and large corporate clients. The initiative is part of
the company’s efforts to resume growth after facing significant
losses in negotiations with family office Archegos Capital
Management LP.
Earnings
MillerKnoll (NASDAQ:MLKN) – Shares in
MillerKnoll were down 4.9% in premarket trade on Thursday after the
furniture company issued a first-quarter and full-year outlook
below analyst estimates.
Delta Air Lines (NYSE:DAL) – Delta Air
Lines posted its highest-ever quarterly earnings and revenue,
driven by strong demand for travel. Earnings per share were
$2.68 cents versus $2.40 expected. Adjusted Revenue was $14.61
billion versus $14.49 billion expected. International travel
and demand for premium seats boosted results, while lower fuel
costs contributed to the airline’s positive performance. Delta
raised its 2023 earnings forecast and the stock rose following the
announcement. CEO Ed Bastian expressed continued optimism,
predicting sustained growth in travel demand.
PepsiCo (NASDAQ:PEP) – PepsiCo beat
analyst expectations by reporting quarterly earnings and
earnings. The company’s shares soared after the
announcement. Organic revenue increased 13% and adjusted EPS
was $2.09. While volume declined in some divisions, the
company raised its growth outlook for the year.
Market view
Advanced Micro Devices (NASDAQ:AMD) – On
Tuesday, Cowen analyst Matthew Ramsay raised his price target for
AMD shares to $135 from $115. He reiterated his “Outperform”
rating.
DraftKings (NASDAQ:DKNG) – BofA analyst
Shaun Kelley raised his rating on DraftKings stock from “Neutral”
to “Buy” and raised the price target to $35 from $25. expressed
confidence that the company is heading towards profitability as
more states legalize online sports betting and costs rise.
Carvana (NYSE:CVNA) – Carvana rose 9.2% on
Wednesday after JMP Securities raised the used car dealership’s
share price target to $50 from $25 and maintained its “Outperform”
rating.
SunPower (NASDAQ:SPWR) – Shares in
SunPower rose 8.2% on Wednesday after being raised to a “Strong
Buy” of “Outperform” by Raymond James.
Jefferies Financial Group (NYSE:JEF) –
Jefferies Financial Group gained 4.9% on Wednesday after being
upgraded to “Equal Weight” from “Underweight” by Morgan
Stanley.
McDonalds (NYSE:MCD)
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