Pre-Bell|Futures Slip After June Jobs Data; Twitter Stock Drops

Tiger Newspress2022-07-08

Nonfarm payrolls increased 372,000 in June, better than the 250,000 Dow Jones estimate and continuing what has been a strong year for job growth, according to data Friday from the Bureau of Labor Statistics.

Stock futures fell slightly on Friday as investors believe a stronger-than-expected jobs report will likely keep the Federal Reserve on track for its aggressive rate hikes.

Market Snapshot

At 8:35 a.m. ET, Dow e-minis were down 70 points, or 0.22%, S&P 500 e-minis were down 20.25 points, or 0.52%, and Nasdaq 100 e-minis were down 117.5 points, or 0.97%.

Pre-Market Movers

Levi Strauss(LEVI) – Levi Strauss rallied 3.9% in the premarket after reporting better-than-expected sales and profit for its latest quarter, helped by higher prices and strong demand for its denim offerings. Levi Strauss also raised its quarterly dividend by 20%.

GameStop(GME) – GameStop fell 5.6% in premarket trading after the video game retailer fired Chief Financial Officer Mike Recupero and told employees in an internal memo that it is cutting staff, as it tries to turn its business around.

Twitter(TWTR) – Twitter shares lost 4% in premarket action, following a Washington Post report that Elon Musk’s deal to buy Twitter may be in jeopardy. People familiar with the matter told the paper that Musk’s team doesn’t think Twitter’s figures on spam accounts aren’t reliable, although officials defended their numbers in a call with reporters.

Upstart Holdings(UPST) – The lender’s stock plunged 16.3% in premarket trading after it said it would not meet already-reduced financial targets for its second quarter. Upstart points to a constrained lending marketplace as well as moves during the quarter to convert loans into cash.

Spirit Airlines(SAVE) – Spirit Airlines once again delayed a special shareholder meeting to vote on its planned merger withFrontier Group(ULCC), this time until July 15. The postponement comes as Spirit continues talks with both Frontier and rival suitorJetBlue(JBLU). Spirit jumped 3.2% in the premarket.

Occidental Petroleum(OXY) –Berkshire Hathaway(BRKb) bought another 12 million Occidental Petroleum shares, raising its stake in the energy producer to 18.7%. Occidental gained 2% in premarket action.

WD-40(WDFC) – The lubricant maker reported a quarterly profit and sales that fell short of analyst forecasts, impacted by inflationary pressures and a number of global disruptions. Shares slumped 10.6% in the premarket.

Nu Skin Enterprises(NUS) – Shares of the health products company skid 4% in premarket trading after it gave lighter-than-expected guidance for the current quarter. Nu Skin cited several negative factors, including the Russia/Ukraine conflict, Covid-related factors in China and the general global economic downturn.

Kura Sushi(KRUS) – The Japanese restaurant chain operator’s stock surged 13% in the premarket after it reported an unexpected quarterly profit and raised its sales guidance for the full year.

Market News

Former Japanese Prime Minister Shinzo Abe shot dead at 67

Japanese former Prime Minister Shinzo Abe has died, public broadcaster NHK said on Friday.

Abe, 67, had been delivering a stump speech near a train station in the western city of Nara when he was shot by an assailant.

Tesla Sells Record High 78,906 China-Made Vehicles in June

Tesla in June achieved its highest monthly sales of China-made vehicles since opening its Shanghai plant in 2019, data showed on Friday, as the U.S. carmaker ramped up output which had been hit by the city's COVID-19 lockdown.

Tesla sold 78,906 China-made vehicles in June, including 968 for export, the China Passenger Car Association(CPCA) said. In May it sold 32,165 vehicles and exported 22,340.

TSMC Sales Soar 44% in Another Sign of Resilient Tech Demand

Taiwan Semiconductor Manufacturing Co  reported better-than-expected quarterly revenue, providing another signal that electronics demand is holding up better than feared.

The world’s largest contract chipmaker booked NT$534.1 billion (US$17.9 billion or about RM79.38 billion) of revenue for the second quarter, compared with the average analysts' estimate of NT$519 billion.

American Airlines is downgraded at Argus

Argus lowered its rating on American Airlines Group to Hold from Buy.

Analyst John Staszak said the downgrade reflects the company's high debt relative to other legacy airlines and concerns the firm have aboutthe extent to which AAL can reduce its leverage.

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Comments

  • jannn
    2022-07-09
    jannn
    [smile] 
  • EngHup
    2022-07-09
    EngHup
    Thanks
  • PearlynCSY
    2022-07-09
    PearlynCSY
    Nasdaq rises for fifth-straight day after strong jobs report as Wall Street notches winning week. The Nasdaq Composite rose in choppy trading on Friday as investors reacted to a stronger-than-expected jobs report that will likely keep the Federal Reserve on track for its aggressive rate hikes. The Nasdaq gained 0.12%. The Nasdaq has risen in five straight days for the first time this year. Nonfarm payrolls increased 372,000 in the month of June, better than the 250,000 Dow Jones estimate and continuing what has been a strong year for job growth, according to data Friday from the Bureau of Labor Statistics. All three major averages finished up for the week. The jobs report and a recent decline in commodities prices have made a have made a so-called “soft landing” for the U.S. economy a bit
  • Bspn
    2022-07-08
    Bspn
    Ok
  • YYLSG
    2022-07-08
    YYLSG
    Like
  • Nevstar
    2022-07-08
    Nevstar
    Ok
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