Commodities & Agriculture:
• As of 05:21 EST (09:21 GMT), Brent crude futures were trading up by +1.20% at $100.68 per barrel, while the U.S. benchmark Crude Oil WTI Futures were +1.09% higher at $96.88.
• The euro is down nearly -12% this year and fell to a 20-year low on Tuesday as the war in Ukraine has triggered an energy crisis that has hurt the continent’s growth outlook.
• The pound was up +0.3% versus the dollar at $1.1923.
• The Australian dollar – seen as a liquid proxy for risk appetite – was up +0.6% at $0.6795
• The Japanese yen was a touch lower versus the U.S. dollar at 137.02, having taken a beating in recent months due to the Bank of Japan’s ultra-easy monetary policy making it an outlier among major global central banks.
During Market hours yesterday — (Tuesday – 12.07.2022)
• The Dow (Symbol: DIA) went down -0.56%. The S&P 500 (Symbol: SPY) lost -0.88%. and the Nasdaq (Symbol: QQQ) dropped -0.97%.
• Gap (Symbol: GPS) — Shares of the apparel retailer dropped more than -5% after Gap announced Monday that CEO Sonia Syngal is stepping down from her position. Wells Fargo downgraded the stock to equal weight from buy following the move, saying the firm can no longer recommend a stock that is dealing with so many challenges within its own company — especially as investors deal with a difficult economic backdrop.
• Boeing (Symbol: BA) — The aerospace company’s shares jumped more than +7% after it reported that its deliveries have reached their highest monthly level since March 2019. Boeing delivered 51 airplanes in June, totaling 216 jets during the first half.
• Peloton (Symbol: PTON) — Peloton shares added +3.7% after the fitness equipment maker said it’s suspending its in-house manufacturing operations and broadening its partnership with Taiwanese manufacturer Rexon Industrial.
• Twitter (Symbol: TWTR) — Shares of the social media company rebounded more than +4% following a 11% decline in the previous session. Twitter said Monday in a letter that Elon Musk’s bid to terminate his proposed $44 billion acquisition of the social media company is “invalid and wrongful.”
• Microsoft (Symbol: MSFT) — Microsoft slipped -4.10% after Morgan Stanley lowered its price target on the company to $354 from $372. The firm also said that the stock is not immune to macro risks.
During Premarket hours today — (Wednesday – 13.07.2022)
• Delta Air Lines (Symbol: DAL) — Delta shares slid -2.9% in the premarket after reporting a mixed quarter. The airline earned an adjusted $1.44 per share for the second quarter, shy of the $1.73 consensus estimate. Revenue exceeded estimates on strong travel demand, but margins took a hit from higher fuel prices and higher operational costs.
• Twitter (Symbol: TWTR) — Twitter added +2% in premarket trading after the company sued Elon Musk to force him to adhere to the terms of their $44 billion takeover. Musk said earlier this week he was backing out of the deal, alleging that Twitter had violated the terms of their agreement.
• Snap (Symbol: SNAP) — The social media company is set to introduce a feature that would allow NFT artists to showcase their designs on Snapchat, according to people familiar with the situation who spoke to the Financial Times. Snap initially rose +1.7% in premarket action before paring those gains.
• Unity Software (Symbol: U) — The provider of interactive software technology announced an all-stock merger agreement with ironSource (Symbol: IS), an Israel-based software publisher. The transaction values ironSource at approximately $4.4 billion. Unity also announced it was cutting its full-year revenue guidance. Unity slumped -8.2% in premarket trading, while ironSource soared +57%.
• Novavax (Symbol: NVAX) — The drug maker’s stock added +2.4% in premarket action after Politico reported the company’s Covid-19 vaccine could receive FDA approval as soon as today.
• Gap (Symbol: GPS) — The apparel retailer’s stock fell -1.3% in the premarket as Deutsche Bank downgrades the stock to “hold” from “buy.” Deutsche Bank said there is little visibility about a sales recovery at Old Navy, as well as concern about an elevated level of promotions at both Gap and Old Navy. The stock fell 5% Tuesday following news that CEO Sonia Syngal was stepping down.
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