Commodities & Agriculture:
- European Gas rises as region feels impact of Energy Crisis.
- Ethanol could get boost from carbon capture credits in Biden climate law.
- Gold in a Holding Pattern, Copper Slips on China Jitters.
- Dollar increases as Fed prepares for protracted war on inflation.
- Asian FX Falls on Rate Risks, Yuan Rattled by Real Estate Woes.
- The crypto market was lower this morning, with the majority of the top 10 cryptos registering losses over the past 24 hours. Bitcoin was down around -3%, trading above $23,000. Ethereum and XRP were also around -3% lower, and Cardano and Solana were down -6% and -7%, respectively.
During Market hours Yesterday — (Wednesday – 17.08.2022)
- The Dow (Symbol: DIA) went down -0.45%. The S&P 500 (Symbol: SPY) lost -0.71% and the Nasdaq (Symbol: QQQ) dropped -1.14%.
- Bed Bath & Beyond (Symbol: BBBY) — Shares of the meme stock jumped about +12% on Wednesday, continuing a torrid August rally for the challenged retailer. The stock has seen abnormally high trading volume and is the most popular topic on Reddit page WallStreetBets.
- Krispy Kreme (Symbol: DNUT) — The doughnut chain slid -12% after it reported quarterly results that included lower-than-expected profit and revenue. The company also said it has seen significant deceleration in commodity costs in recent weeks.
- Teladoc Health (Symbol: TDOC) — Shares of Teladoc slipped almost -9% after Guggenheim downgraded the company to sell from neutral. The firm said Teladoc’s pace of growth is set to slow in a challenging macroeconomic environment with a weakening consumer.
- Tech stocks — Shares of Amazon (Symbol: AMNZ), Netflix (Symbol: NFLX), Alphabet (Symbol: GOOGL) and Meta Platforms (Symbol: META) dropped by about -2% after the 10-year Treasury yield moved sharply higher.
During Premarket hours today (Thursday – 18.08.2022)
- Estee Lauder (Symbol: EL) — Estee Lauder shares fell -1.3% in the premarket after the cosmetics maker forecast full-year sales below consensus, due to Covid-related lockdowns in China. Estee Lauder’s profit and revenue for its most recent quarter beat Wall Street estimates.
- Canadian Solar (Symbol: CSIQ) — The solar equipment and services company reported better-than-expected quarterly profit and solar module shipments that were at the high end of its prior forecast. Canadian Solar also raised its full-year revenue forecast, and its stock jumped +6.2% in premarket trading.
- Bath & Body Works (Symbol: BBWI) — Bath & Body Works reported better-than-expected quarterly profit and revenue, but gave a current-quarter forecast that was weaker than expected. The personal care products retailer also said it eliminated 130 positions as it moves to control costs and become more efficient.
- Cisco Systems (Symbol: CSCO) — Cisco rallied +5% in premarket trading after beating top and bottom line estimates for its latest quarter. The networking equipment maker also gave a stronger-than-expected outlook for the current quarter as supply chain issues ease.
- Bed Bath & Beyond (Symbol: BBBY) — Bed Bath & Beyond tumbled -14% in the premarket after investor Ryan Cohen filed a notice of intent to sell 7.78 million shares of the housewares retailer. Cohen’s prior purchases of call options had contributed to a buying spree in Bed Bath & Beyond, with the stock up in 15 of the past 16 sessions and increasing more than five-fold in value over that time.
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