Commodities & Agriculture:
- Oil headed for weekly loss as recession fears cloud demand outlook
- Gold Prices See Weekly Losses as Fed Rate Risks Rise
Forex:
- Russia jumps to become third-largest market for yuan payments amid sanctions
- Dollar Climbs to New One-Month High on Hawkish Fed Officials
During Market hours Yesterday — (Thursday – 18.08.2022):
- The Dow (Symbol: DIA) gained +0.11%. The S&P 500 (Symbol: SPY) earned +0.29%. and the Nasdaq (Symbol: QQQ) gained +0.24%.
- Cisco Systems (Symbol: CSCO) — Shares of the networking equipment producer jumped +5.8%. The company reported earnings after the bell on Wednesday that beat estimates. Cisco also provided a better-than-expected forecast for 2023.
- Bed Bath & Beyond (Symbol: BBBY) — The latest favored meme stock, which has surged in August, dropped almost -20%. Investors appeared to be reacting to activist investor Ryan
- Verizon (Symbol: VZ) — Shares of Verizon slipped -2.54% after MoffettNathanson downgraded it to underperform and slashed its price target. Increased competition from AT&T and T-Mobile is weighing on Verizon and will likely drag shares lower, analysts said.
- Canadian Solar (Symbol: CSIQ) — The solar equipment and services company hit a new 52-week high, popping more than +15%, after reporting quarterly profits that beat expectations. Canadian Solar also raised its full-year revenue forecast and reported solar module shipments that were at the high end of its forecast.
- Walgreens boots Alliance (Symbol: WBA) — Shares of Walgreens fell more than -5% in trading Thursday. The drugstore chain, along with CVS and Walmart, was ordered Wednesday by a federal judge to pay a combined $650.6 million to two Ohio counties to address damage done by the opioid crisis. Walgreens also announced Wednesday it had sold 11 million shares of Option Care Health’s common stock in an underwritten secondary offering.
During Premarket hours today – (Friday – 19.08.2022):
- Deere (Symbol: DE) — Deere slid -5.2% in premarket trading after the heavy equipment maker missed quarterly earnings estimates despite higher-than-expected sales. Deere earned $6.16 per share, below the consensus estimate of $6.69, as it successfully implemented price hikes but also faced higher costs. The company also cut its full-year forecast.
- Foot Locker (Symbol: FL) — Foot Locker surged +17.4% in the premarket after the athletic footwear and apparel retailer’s quarterly earnings beat analyst forecasts, and the company also announced a CEO transition. Former Ulta Beauty CEO Mary Dillon will replace Richard Johnson as CEO on Sept. 1.
- Bed Bath & Beyond (Symbol: BBBY) — Bed Bath & Beyond plunged -42.7% in premarket trading following news that investor Ryan Cohen had sold his entire stake in the housewares retailer, garnering a profit of more than $58 million.
- Coinbase (Symbol: COIN) — The crypto exchange operator’s stock slid -8.6% in premarket trading, falling in sympathy with the sudden overnight drop in bitcoin prices. Microstrategy (Symbol: MSTR), the business analytics company with extensive bitcoin holdings, saw its stock fall -9.3%.
- Home Depot (Symbol: HD) — Home Depot announced a new $15 billion share repurchase program, replacing a prior authorization. The home improvement retailer also announced that CEO Ted Decker will replace former CEO Craig Menear as chairman, effective October 1.
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