Commodities & Agriculture:
- Brent crude futures (UKOIL) inched up 36 cents, or +0.37% to $97.14 a barrel by 0925 GMT.
- The West Texas Intermediate (WTI) crude (USOIL) futures were up 43 cents, a +0.47% gain, at $91.09.
- Gold futures fared better, up +0.4% at $1,783.60 an ounce.
- Platinum futures rose +0.1%, while Silver futures added +0.6% after plummeting 1% over the past two days.
- The dollar index, which measures the greenback against six peers, was at 106.18, down about -0.3% but holding above a one-month low hit earlier this week.
- The euro (EUR) was up +0.25% at $1.0195. The dollar (USD/JPY) was +0.2% firmer at 134.13 yen.
- Britain’s pound (GBP) rose +0.3% to $1.2187. The BoE was widely expected to raise rates by an aggressive 50 basis points to 1.75%, the highest level since late 2008.
During Market hours Yesterday — (Wednesday – 03.08.2022)
- The Dow (Symbol: DIA) went up +1.27%. The S&P 500 (Symbol: SPY) gained +1.57% and the Nasdaq (Symbol: QQQ) spiked +2.72%.
- Electronic Arts (Symbol: EA) — The video game company rose +4% after it reported adjusted earnings of 47 cents per share, beating a Refinitv forecast of 28 cents per share for its most recent quarter. Net bookings of $1.30 billion also beat estimates of $1.26 billion, thanks in part to strength in the EA’s FIFA franchise.
- Charles River Laboratories (Symbol: CRL) — Shares dropped -9.2% after the pharmaceutical company reduced full-year guidance, citing a stronger dollar and rising interest rates.
- Starbucks (Symbol: SBUX) — The coffee chain saw shares edge higher by more than +3% after it reported better-than-expected quarterly results, despite lockdowns in China weighing on its performance. Within the U.S., however, net sales rose 9% to $8.15 billion and same-store sales grew 3%.
- Moderna (Symbol: MRNA) — Shares of the vaccine stock jumped +16.7% after Moderna’s second-quarter results easily topped Wall Street estimates. The company reported $5.24 in earnings per share on $4.75 billion of revenue. Analysts surveyed by Refinitiv were expecting $4.55 in earnings per share and $4.07 billion of revenue. Moderna also announced a $3 billion share buyback program.
- Airbnb (Symbol: ABNB) — Shares of Airbnb slipped about -3% after the vacation home rental company posted weaker-than-expected revenue for the second quarter. The company also reported more than 103 million booked nights and experiences, the largest quarterly number ever for the company but short of StreetAccount estimates of 106.4 million.
- PayPal (Symbol: PYPL) — The payments giant’s shares soared +9.4% following stronger-than-expected second-quarter results and an increase in its forecast. PayPal also revealed it has entered into an information-sharing agreement with Elliott Management and announced a $15 billion share buyback program.
During Premarket hours today (Thursday – 04.08.2022)
- Alibaba (Symbol: BABA) – Shares of the China-based e-commerce giant jumped +5.2% in premarket trading after better-than-expected quarterly results. That came despite flat revenue growth for the first time ever, due to Covid-19-related lockdowns in China.
- Paramount Global (Symbol: PARA) – Paramount fell -4% in the premarket despite better-than-expected quarterly results, which got a boost from the success of “Top Gun: Maverick.” Paramount did note that it spent more on its direct-to-consumer services during the quarter, with its flagship Paramount+ streaming service gaining 4.9 million subscribers.
- Shake Shack (Symbol: SHAK) – The restaurant chain’s shares slid -5.7% in the premarket despite avoiding an expected loss with a breakeven quarter on an adjusted basis. Shake Shake’s revenue missed Wall Street forecast, and the company said June sales were below its expectations after April and May sales came in as expected.
- Booking Holdings (Symbol: BKNG) – The parent of Priceline and other travel services reported better-than-expected quarterly profit, but revenue missed forecasts and the company said travel difficulties like flight cancellations cut into its July growth. Booking Holdings fell -3.1% in the premarket.
- Clorox (Symbol: CLX) – Clorox shares slid -5.9% in premarket trading as higher costs offset price hikes for the company’s consumer products in its latest quarter. Revenue fell slightly below estimates, though earnings did match Wall Street forecasts.
- Toyota Motor (Symbol: TM) – The automaker’s shares fell -3.5% in premarket action after it reported a 42% drop in profit from a year ago for its latest quarter. Toyota was impacted by supply chain issues and rising costs, which prevented it from producing as many cars as it had intended.
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