Commodities & Agriculture:
- Oil prices stabilize on IEA demand outlook. Brent crude futures rose 8 cents, or +0.09%, to $93.25 a barrel. U.S. West Texas Intermediate crude was at $87.35 a barrel, up 4 cents, or +0.05%.
- Dollar Stabilizes After CPI-Inspired Gains; Yen Gains on Intervention Talk. USD/JPY fell -0.8% to 143.42, with the yen bouncing from the 24-year low. EUR/USD rose +0.1% to 0.9976, remaining below parity after overnight weakness.
During Market hours yesterday — (Tuesday – 13.09.2022)
- The Dow (Symbol: DIA) went down -6.01%. The S&P 500 (Symbol: SPY) lost -4.35%. and the Nasdaq (Symbol: QQQ) fell -5.48%.
- Meta (Symbol: META) — Shares of Meta slid -9.37% as the overall market fell Tuesday. The company’s bet on Reels is facing hurdles — Instagram users are spending less than one-tenth of the 197.8 million hours TikTok users spend each day on the platform, The Wall Street Journal reported Monday. Meanwhile, Morgan Stanley reiterated its overweight rating on the stock Tuesday, saying investors should wait for more information on declining user engagement trends during the next earnings call.
- Oatly (Symbol: OTLY) — Oatly sank -7.27% after Credit Suisse downgraded the beverage company to neutral from outperform and cut its price target, citing greater consumer risk in Europe and Asia.
- Adobe (Symbol: ADBE) — Shares of Adobe fell -7.06% after BMO downgraded the company to market perform from outperform. The firm also lowered revenue estimates for 2022 and 2023 on long-term concerns about Adobe’s cloud product.
- Dow Inc (Symbol: DOW) — Dow slumped -6.01% after Jefferies downgraded the chemical company to hold from buy on demand risks and excess supply.
- SVB Financial (Symbol: SIVB) — Shares of SVB Financial slipped -5.28% after the company cut its third-quarter guidance during a Barclays conference. It was also downgraded by multiple firms, including Oppenheimer and Piper Sandler.
During Premarket hours today — (Wednesday – 14.09.2022)
- Starbucks (Symbol: SBUX) — Shares of Starbucks gained nearly +1% after the company boosted its long-term forecast and said it expects double-digit growth for revenue and earnings per share over the next three years.
- Nucor (Symbol: NUE) —Nucor fell -5% after the steel producer issued disappointing third-quarter earnings guidance. The company expects earnings per share to range between $6.30 and $6.40, well below a StreetAccount forecast of $7.56. “We expect the steel mills segment earnings to be considerably lower in the third quarter of 2022 as compared to the second quarter of 2022, due to metal margin contraction and reduced shipping volumes,” Nucor said.
- SoFi Technologies (Symbol: SOFI) — SoFi rose more than +2% after Bank of America upgraded the fintech stock to buy from neutral. “We see potential for a meaningful catalyst path over the next few quarters as SoFi benefits from the student loan payment moratorium ending and its high-profile NFL-aligned marketing investments drive user growth and engagement,” BofA said.
- Moderna (Symbol: MRNA) — Shares of Moderna rose +0.6% after the company’s CEO said it would be open to supplying covid vaccines to China.
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