Commodities & Agriculture:
- Brent crude futures edged down 16 cents, or 0.2%, to $93.21 per barrel after settling 1.7% up in the previous session. U.S. West Texas Intermediate (WTI) crude futures lost 14 cents, or 0.2%, to $87.62 after closing 1.4% up on Wednesday.
- The dollar index, which tracks the greenback against a basket of six advanced economy currencies, was flat at 110.97, after falling nearly -3% in the last week from what was a 20-year high.
During Market hours Yesterday — (Wednesday – 05.10.2022)
- The Dow (Symbol: DIA) went down -0.12%. The S&P 500 (Symbol: SPY) lost -0.23%. and the Nasdaq (Symbol: QQQ) fell -0.05%.
- Tesla (Symbol: TSLA), Twitter (Symbol: TWTR) — Shares of Tesla fell -3.5% after a Tuesday filing confirmed that CEO Elon Musk agreed to buy Twitter for $54.20 per share, the original price he’d agreed upon for the acquisition. Shares of Twitter slumped -1.4%, taking a breather after surging more than 22% on Tuesday.
- Airbnb (Symbol: ABNB) — Shares of the travel rental company gained +0.9% after Bernstein initiated the stock as outperform with a price target of $143, indicating an upside of about 30%. The Wall Street firm said Airbnb is on track to become the biggest travel western travel platform over the next five years.
- Enphase Energy (Symbol: ENPH), Sunrun (Symbol: RUN) — Solar stocks declined Wednesday after their rally earlier this week. Shares of Enphase Energy declined -9.3%, and Sunrun tumbled -7.9%.
- Lumen Technologies (Symbol: LUMN) — The tech company’s shares plummeted -9.5% after Wells Fargo cut its price target on Lumen 56% and downgraded the stock from overweight to equal weight. Wells Fargo said its mass market segment was seeing downsides that put the dividends at risk.
During Premarket hours today (Thursday – 06.10.2022)
- Peloton (Symbol: PTON) – Peloton slid -4.1% in premarket trading after announcing it would cut another 500 jobs, or about 12% of its remaining workforce following several previous rounds of job cuts. CEO Barry McCarthy told the Wall Street Journal he’s giving the fitness equipment maker another six months or so to turn itself around and if it can’t, Peloton is likely not viable as a standalone company.
- Twitter (Symbol: TWTR) – Twitter remains on watch today amid multiple reports on the effort by Elon Musk and the social media company to finalize an agreement on his $44 billion takeover deal. The Wall Street Journal reported the two sides held unsuccessful talks about a possible price cut for the deal, and Reuters reports that private equity firms Apollo Global and Sixth Street Partners are no longer in talks with Musk to provide financing. Twitter fell -1.8% in premarket action.
- Shell (Symbol: SHEL) – Shell slumped -5% in premarket trading after saying third quarter earnings will take a hit from significantly lower profits from trading gas. The energy producer also cites higher costs for delivering fuel.
- Pinterest (Symbol: PINS) – Pinterest rallied +5.2% in the premarket after the image-sharing site’s stock was upgraded to “buy” from “neutral” at Goldman Sachs. Goldman expressed confidence in Pinterest’s ability to further monetize its operations and capture more ad dollars.
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