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EVERYTHING That Happened In The Stock Market Today
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US equities closed higher in Tuesday trading, ending near best levels. Followed some softness on Monday and last week's index declines. Big tech rebounded after a weak Monday. Airlines (DAL), autos/suppliers, semis, homebuilders, media, building products, industrial metals, travel/tourism, department stores were among the outperformers. Drug stores (WBA), life sciences/MedTech, pharma, biotech, E&Ps, utilities were some of the session's laggards. Treasuries were weaker with the curve flattening. Dollar was better vs yen but lagged euro and sterling. Gold finished down 0.5%. Bitcoin futures were up 1.5%. WTI crude settled down 2.4%.
Today's upside was tabbed to soft landing optimism after a strong batch of economic data, though market still waiting on coming key June economic data out over the next couple of weeks, along with the start of Q2 earnings season. Market also recouping some recent declines that were chalked up to overbought conditions, hawkish central bank developments and some renewed growth fears. Big tech led market higher today following recent scrutiny that included several recent sell-side downgrades, largely on valuation. Heightened geopolitical uncertainty largely a nonfactor. Despite market taking a breather from bearish narratives today, bulls still focused on FOMO dynamics surrounding the soft-landing expectations underpinned by a tight labor market and strong consumer balance sheets.
Notable Gainers:
+17.3% AEL (American Equity Investment Life Holding): Canada's Brookfield Reinsurance (BAM.CN) has submitted a proposal to acquire the portion of AEL it does not already own for ~$4.3B; consideration of $55/sh represents a ~22% premium to Monday's close.
+15.4% U (Unity Software): Launched new AI platform and dedicated AI marketplace that features solutions to accelerate AI-driven game development, gameplay enhancements.
+12.8% COIN (Coinbase): Fidelity is preparing to submit a spot Bitcoin ETF as soon as today, according to a report by The Block.
+8.8% GNRC (Generac): Bloomberg reported CEO Jagdfeld yesterday discussed a "dramatic increase" in generator and backup battery demand in Texas amid the recent heat wave.
+7.9% CARG (CarGurus): Initiated overweight at JPMorgan; said auto marketplace sector a safe place to hide in macro backdrop given undemanding valuation, expected rise in new and used car inventories that should support multi-year revenue growth, and omnichannel shopping momentum.
+7.5% CIR (CIRCOR International): Entered into agreement to be taken private by KKR at $51 a share, up from previous offer of $49, in a $1.7B deal; company also received unsolicited $52.65 a share offer from third-party, though board said KKR offer was superior given financing certainty, clearer path to regulatory approval.
+6.8% DAL (Delta Air Lines): As part of Investor Day presentation, raised Q2 revenue guidance; also said FY23 EPS to come in at top end of range, raised low end of revenue growth forecast, raised FCF outlook; reiterated FY24 guidance; said changes reflect rising revenue outlook, robust consumer demand, steady corporate demand, and international travel on pace for record summer.
+2.6% LLY (Eli Lilly & Co.): Published data for obesity candidate retatrutide showing mean weight reduction of up to 17.5% at 24 weeks and 24.2% at the end of 48 weeks; added safety profile was similar to other incretin-based therapies; analysts generally positive though some attention on side effects.
Notable Decliners:
-37.4% XPOF (Xponential Fitness): Hit by short report alleging founder/CEO Geisler has a long history of misleading investors and that the company is hiding the fact that many of its brands and franchisees are struggling.
-9.3% WBA (Walgreens Boots Alliance): FQ3 earnings and GM missed though revenue better; US comps ahead of consensus with help from Pharmacy (while retail comps light); cut FY EPS guidance amid shifting US consumer spending, weaker US respiratory season, and lower Covid demand.
-8.7% REGN (Regeneron): FDA issued a complete response letter to Regeneron that it declined to approve higher dose Eylea treatment; analysts had expected on-time approval was widely expected.
-5.0% SNX (TD SYNNEX): Q2 earnings, revenue, and OM missed; flagged a decline in Endpoint Solutions amid ongoing post-pandemic normalization along with negative product mix; Q3 guidance below the Street but reiterated mid-term targets.
S&P 500 Sector Performance
Outperformers: Consumer Disc. +2.06%, Tech +2.04%, Materials +1.40%, Industrials +1.26%
Underperformers: Healthcare (0.20%), Utilities +0.04%, Energy +0.23%, Consumer Spls. +0.34%, Financials +0.71%, Real Estate +1.11%, Communication Svcs. +1.12%
DISCLAIMER: These videos are for educational purposes only. Nothing in this video should be construed as financial advice or a recommendation to buy or sell any sort of security or investment. Consult with a professional financial advisor before making any financial decisions.
Today's upside was tabbed to soft landing optimism after a strong batch of economic data, though market still waiting on coming key June economic data out over the next couple of weeks, along with the start of Q2 earnings season. Market also recouping some recent declines that were chalked up to overbought conditions, hawkish central bank developments and some renewed growth fears. Big tech led market higher today following recent scrutiny that included several recent sell-side downgrades, largely on valuation. Heightened geopolitical uncertainty largely a nonfactor. Despite market taking a breather from bearish narratives today, bulls still focused on FOMO dynamics surrounding the soft-landing expectations underpinned by a tight labor market and strong consumer balance sheets.
Notable Gainers:
+17.3% AEL (American Equity Investment Life Holding): Canada's Brookfield Reinsurance (BAM.CN) has submitted a proposal to acquire the portion of AEL it does not already own for ~$4.3B; consideration of $55/sh represents a ~22% premium to Monday's close.
+15.4% U (Unity Software): Launched new AI platform and dedicated AI marketplace that features solutions to accelerate AI-driven game development, gameplay enhancements.
+12.8% COIN (Coinbase): Fidelity is preparing to submit a spot Bitcoin ETF as soon as today, according to a report by The Block.
+8.8% GNRC (Generac): Bloomberg reported CEO Jagdfeld yesterday discussed a "dramatic increase" in generator and backup battery demand in Texas amid the recent heat wave.
+7.9% CARG (CarGurus): Initiated overweight at JPMorgan; said auto marketplace sector a safe place to hide in macro backdrop given undemanding valuation, expected rise in new and used car inventories that should support multi-year revenue growth, and omnichannel shopping momentum.
+7.5% CIR (CIRCOR International): Entered into agreement to be taken private by KKR at $51 a share, up from previous offer of $49, in a $1.7B deal; company also received unsolicited $52.65 a share offer from third-party, though board said KKR offer was superior given financing certainty, clearer path to regulatory approval.
+6.8% DAL (Delta Air Lines): As part of Investor Day presentation, raised Q2 revenue guidance; also said FY23 EPS to come in at top end of range, raised low end of revenue growth forecast, raised FCF outlook; reiterated FY24 guidance; said changes reflect rising revenue outlook, robust consumer demand, steady corporate demand, and international travel on pace for record summer.
+2.6% LLY (Eli Lilly & Co.): Published data for obesity candidate retatrutide showing mean weight reduction of up to 17.5% at 24 weeks and 24.2% at the end of 48 weeks; added safety profile was similar to other incretin-based therapies; analysts generally positive though some attention on side effects.
Notable Decliners:
-37.4% XPOF (Xponential Fitness): Hit by short report alleging founder/CEO Geisler has a long history of misleading investors and that the company is hiding the fact that many of its brands and franchisees are struggling.
-9.3% WBA (Walgreens Boots Alliance): FQ3 earnings and GM missed though revenue better; US comps ahead of consensus with help from Pharmacy (while retail comps light); cut FY EPS guidance amid shifting US consumer spending, weaker US respiratory season, and lower Covid demand.
-8.7% REGN (Regeneron): FDA issued a complete response letter to Regeneron that it declined to approve higher dose Eylea treatment; analysts had expected on-time approval was widely expected.
-5.0% SNX (TD SYNNEX): Q2 earnings, revenue, and OM missed; flagged a decline in Endpoint Solutions amid ongoing post-pandemic normalization along with negative product mix; Q3 guidance below the Street but reiterated mid-term targets.
S&P 500 Sector Performance
Outperformers: Consumer Disc. +2.06%, Tech +2.04%, Materials +1.40%, Industrials +1.26%
Underperformers: Healthcare (0.20%), Utilities +0.04%, Energy +0.23%, Consumer Spls. +0.34%, Financials +0.71%, Real Estate +1.11%, Communication Svcs. +1.12%
DISCLAIMER: These videos are for educational purposes only. Nothing in this video should be construed as financial advice or a recommendation to buy or sell any sort of security or investment. Consult with a professional financial advisor before making any financial decisions.
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