Aug 8, 2022 | Market Updates
Commodities & Agriculture:
- Brent crude (UKOIL) futures were down $1.54, or -1.6%, at $93.38 a barrel by 1128 GMT.
- U.S. West Texas Intermediate crude (USOIL) was at $87.63 a barrel, down 41.38, or -1.6%.
- Gold futures were steady just below $1,800.
- Platinum Futures dropped -0.7%, while Silver shed +0.2%.
- The dollar index slipping to 106.51 by 1035 GMT, down -0.1% on the day, compared with Friday’s 10-day high of 106.930.
- The euro (EUR) was down -0.1% at $1.0187.
- The British pound (GBP) was up +0.1% at $1.2083.
- The New Zealand dollar (NZD) was up +0.5% at $0.62725.
The crypto market was higher this morning with the majority of the top 10 cryptos registering gains over the past 24 hours:
- Bitcoin was around +2% higher, trading above $23,000.
- Ethereum was around +2% higher
- Solana jumped around +6%
- Cardano and Polkadot climbed approximately +4% each
- XRP registered gains of around +1%.
During Market hours Friday — (Friday – 05.08.2022):
- The Dow (Symbol: DIA) went up +0.19%. The S&P 500 (Symbol: SPY) lost -0.17% and the Nasdaq (Symbol: QQQ) went down -0.82%.
- Warner Bros. Discovery (Symbol: WBD) — The media company’s stock cratered -16.5% after Warner Brothers posted its first earnings report since its merger. Warner Bros. Discovery also said it plans to combine its HBO Max and Discovery+ streaming services.
- Lyft (Symbol: LYFT) — Lyft soared +16.6% after sharing an unexpected profit for the recent quarter. Revenue fell in-line with estimates.
- Beyond Meat (Symbol: BYND) — The plant-based meat maker’s stock soared +21.9% even after the company shared results for the recent quarter that missed on the top and bottom lines. Beyond Meat also said its cutting 4% of its workforce.
- Paramount (Symbol: PARA) — Shares dropped -4.2% after JPMorgan downgraded Paramount to underweight from neutral, citing greater macro challenges ahead for the media company. Paramount reported strong second-quarter earnings this week, but falling income and free cash flow numbers weighed on results.
- AMC Entertainment (Symbol: AMC) – The theater chain rallied +18.9% after announcing late Thursday it planned to issue a dividend in the form of preferred shares, under the symbol “APE.” The move came after investors rejected the company’s efforts to issue additional stocks last year as a way to raise money.
- Sunrun (Symbol: RUN) — Shares jumped +4.5% after Barclays initiated coverage of the residential solar installer company with an overweight rating. The investment firm said shares of Sunrun could surge on the back of an ambitious clean energy bill that could “kick off a long-subsidized growth cycle” if passed. Sunrun also reported earnings this week that beat analyst expectations, according to FactSet.
- Virgin Galactic (Symbol: SPCE) — Shares plummeted -17.5% after the company said it’s pushing back the commercial launch of space flights until the second quarter of 2023. Truist downgraded shares of Virgin Galactic to a sell rating as the company continues to run through cash and delay flights.
- iRobot (Symbol: IRBT) — Shares of iRobot skyrocketed more than +19.1% after Amazon announced it plans to acquire the robotic vacuum maker for $1.7 billion, or $61 a share.
During Premarket hours today – (Monday – 08.08.2022):
- Palantir (Symbol: PLTR) – The data analytics company’s stock plunged -15.6% in premarket trading after it reported an unexpected quarterly loss, and lowered its full-year forecast due to the uncertain timing of some government contracts.
- Signify Health (Symbol: SGFY) – CVS Health (Symbol: CVS) is planning a bid for Signify in an effort to expand in-home health services, according to people familiar with the matter who spoke to The Wall Street Journal. The paper had reported last week that Signify was exploring strategic alternatives including a sale. Its stock surged +16.7% in the premarket.
- Baidu (Symbol: BIDU) – The China-based search engine company won approval to operate driverless taxi services in two Chinese cities, the first such approvals in the country. Baidu added +1.2% in premarket action.
- First Solar (Symbol: FSLR) – The solar company was upgraded to “buy” at Guggenheim and to “overweight” at J.P. Morgan Securities, with both saying First Solar is among those poised to benefit most from the Senate-passed Inflation Reduction Act. First Solar gained +4.2% in premarket action, with other solar stocks rallying as well.
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