- US stocks opened higher
- US struck a gas deal with the EU
- Bed Bath & Beyond (BBBY.US) reached a deal with Ryan Cohen
US indices launched today's session higher despite recent hawkish comments from several FED members. The Dow Jones and S&P 500 both added 0.2%, while Nasdaq was little changed. Traders are keeping an eye on Europe as the Ukraine-Russia war continues. Yesterday President Zelensky asked NATO leaders for just “one percent” of the alliance’s combined fighter jets and tanks to help repel Russia’s month-long invasion. The US struck a gas deal with the European Union, supplying 15 billion cubic meters of liquefied natural gas to the block this year to help it wean off Russian energy dependence, while Germany reportedly blocked Russian coal ban according to Reuters. President Biden traveled to a town near the Polish-Ukrainian border, to signal Western unity against Russia’s onslaught.
US30 has been moving higher in recent days, however buyers struggle to break above resistance at 34725 which is marked with the upper limit of the 1:1 structure. As long as the price is below this level, another downward move may be launched. Source: xStation5
Company news:
Bed Bath & Beyond (BBBY.US) stock surged over 10.0% after the company reached a deal with investor Ryan Cohen, according to people familiar with the matter who spoke to Bloomberg. BBBY will appoint three new directors to the housewares and personal care products retailer’s board. Cohen holds nearly 10% stake and recently criticized the company's "overly ambitious" strategy and high salaries of its executives. Cohen believes that the company should seek different alternatives including separating its buybuy Baby chain and full sale of the company.
Bed Bath & Beyond (BBBY.US) stock launched today's session higher and is heading towards resistance at $24.40 which is marked with 38.2% Fibonacci retracement of the last upward wave. Should break higher occur, upward move may accelerate towards long-term downward trendline. However if sellers manage to regain control, then support at $20.00 may be at risk. Source: xStation5
Nio (NIO.US) stock dropped over 5.0% after the Chinese electric car maker posted upbeat quarterly sales, however deliveries fell below analyst estimates and the company warned of further chip shortages.
Tilray (TLRY.US) stock jumped18% before the opening bell, following the news that the House of Representatives will consider the Marijuana Opportunity Reinvestment and Expungement Act next week.
Fortinet (FTNT.US) shares dropped over 2.0% after Bank of America Securities downgraded cybersecurity company to “neutral” from “buy,” saying strong results are already priced in.
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