Commodities & Agriculture:
- Gold futures fell -0.1% to $1,809.95. Gold prices had risen on Tuesday, tracking a volatile session on Wall Street.
- Brent crude (UKOIL) futures were down $1.69, or -1.75%, to $94.62 a barrel at 1124 GMT.
- U.S. West Texas Intermediate crude (USOIL) futures were down $1.61 cents, or -1.78%, at $88.89.
- The Euro (EUR) climbed +0.28% to $1.02425
- Sterling (GBP) gained +0.17% to $1.2095
- Dollar (USD/CHF) also lost -0.5% on the Swiss franc, which traded at 0.94885 per greenback.
- Bitcoin was around +4% higher, trading above $22,000, the rest of the crypto market was mostly lower this morning, with the majority of the top 10 cryptos registering losses over the past 24 hours.
- Ethereum was down around -5%.
- Cardano and XRP registered losses of around -4% and -3%, respectively.
- Solana was around -7% lower.
During Market hours yesterday — (Tuesday – 09.08.2022)
- The Dow (Symbol: DIA) went down -0.16%. The S&P 500 (Symbol: SPY) lost -0.40%. and the Nasdaq (Symbol: QQQ) fell -1.13%.
- Norwegian Cruise Line (Symbol: NCKH) — Shares sank nearly -12% on Tuesday after the company reported second-quarter results that missed Wall Street’s expectations and showed occupancy rates of only 65%, compared to more than 100% in the same quarter in 2019. In addition, the cruise line said that it wouldn’t return to pre-pandemic occupancy levels until next year, signaling losses will continue.
- Micron Technology (Symbol: MU) — The chipmaker’s shares lost -5% after the company reported a decline in demand for its DRAM and NAND chips and said it expects a challenging market environment in in the fiscal fourth quarter of 2022 and fiscal first quarter 2023. Several other chip stocks fell with Micron. Applied Materials (Symbol: AMAT), On Semiconductor (Symbol: ON) and Teradyne (Symbol: TER) each fell about -7%.
- Nielsen (Symbol: NLSN) — Shares of the audience data analytics firm soared more than +21% after the company postponed its court meeting and special meeting of its shareholders, where it was expected to finalize a preliminary agreement between a private equity consortium and WindAcre. WindAcre currently owns about 27% of Nielsen shares.
- Ralph Lauren (Symbol: RL) — The luxury retailer dropped -7% even after the company reported strong-than-expected quarterly results. The company posted fiscal first-quarter adjusted earnings of $1.88 a share, beating the $1.71 estimate analysts were expecting, according to FactSet. Ralph Lauren also topped expectations for its revenue, helped by solid demand for its higher-priced clothing.
- Novavax (Symbol: NVAX) — Shares plunged -29% after the biotech company slashed its full-year revenue guidance nearly in half because of weak demand for its coronavirus vaccines. Novavax expects it will generate $2 billion to $2.3 billion in revenue in 2022, in comparison to prior guidance of $4 billion to $5 billion.
- Occidental Petroleum (Symbol: OXY) — Occidental’s stock gained +3.8% on news that Berkshire Hathaway upped its stake in the oil giant to over 20%. Warren Buffett has been increasing the stake in the energy producer since March.
During Premarket hours today — (Wednesday – 10.08.2022)
- US annual CPI inflation declines to 8.5% in July vs. 8.7% expected
- Coinbase (Symbol: COIN) – The cryptocurrency exchange operator’s shares slid -5% in the premarket after the company reported a wider-than-expected quarterly loss, with business impacted by the slide in crypto prices during the spring months. Coinbase saw volumes fall as the number of active traders declined during the quarter.
- Buzzfeed (Symbol: BZFD) – The digital media company reported a wider-than-expected quarterly loss amid a pressured advertising market and rising expenses. Buzzfeed fell -3.7% in premarket trading.
- Twitter (Symbol: TWTR) – Twitter added +3.6% in premarket action following news that Elon Musk sold nearly $7 billion in Tesla (Symbol: TSLA) shares over the past few days. The move comes amid uncertainty over whether a court will force Musk to follow through on his $44 billion deal to buy Twitter. Tesla shares gained +1.3%.
- Wynn Resorts (Symbol: WYNN) – The resort operator reported a smaller-than-expected quarterly loss, but revenue was shy of expectations as results in Macau continue to be pressured by Covid-related shutdowns. Wynn Resorts fell -2.9% in premarket trading.
- H&R Block (Symbol: HRB) – The tax preparation firm’s stock jumped +4% in premarket action after quarterly results were better than expected, helped by a strong tax season. H&R Block also announced a 7% dividend increase and a new $1.25 billion stock buyback program.
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