• US jobless claims weaker than expected
• Spotify (SPOT.US) stock hit record high
• Hertz (HTZ.US) suspended its plan to sell $500 million in shares
• Spotify (SPOT.US) stock hit record high
• Hertz (HTZ.US) suspended its plan to sell $500 million in shares
US indices opened lower as the number of Americans applying for initial unemployment benefits unexpectedly rose to 1.5 million, above analysts’ forecasts of 1.3 million. Continuing claims, which show the number of people receiving benefits after an initial week of aid, also came in above analysts expectations at 20.54 million in the week ended June 6, down just slightly from 20.6 million a week earlier. Meanwhile Philadelphia Fed Manufacturing Index in the US rose to 27.5 in June recovering from -43.1 in May and compared to analysts expectations of -23. It is the first positive reading since February as current shipments and new orders recovered from the contraction levels.
Investors remain concerned about the potential second wave of coronavirus infections and the possibility of another lockdown and economic shutdown. Several US states reported their highest seven-day average of new infections per day on record, according to CNN. Yesterday Texas saw an 11% surge in hospitalizations.
S&P500 (US500) broke below major resistance at 3119.7 pts. If the current sentiment prevails, the sellers should focus on the support at 2968.3 pts On the other hand, breaking above 3119.7 pts may trigger a bigger upward move toward 3218.3 pts. Source: xStation5Spotify (SPOT.US) just weeks removed from signing an exclusive deal to lock down Joe Rogan's podcast in a move echoing that of radio peer SiriusXM's move to sign Howard Stern, has now added another celebrity to the lineup. The Wall Street Journal informed that Kim Kardashian West made an exclusive podcast deal with the company. New podcast will focus on her work with the Innocence Project, a nonprofit legal organization that works to exonerate people who were wrongfully convicted, the publication reported.
Spotify (SPOT.US) share price set a 52-week high on Wednesday. Stock climbed over 3% in pre-market trading. Source: xStation5Hertz (HTZ.US) stock fell 4% in extended trading after the company withdrew from the plan to sell up to $500 million in stock amid its Chapter 11 bankruptcy proceedings. The SEC was concerned about the stock offering and decided to review the stock sale plan.
Tesla (TSLA.US) stock price target has been lifted by Jefferies to Street-high $1,200 per share from the prior $650 a share. According to Jefferies believes that TESLA is way ahead of its competitors in terms of product and battery technology.
Kroger (KR.US) earned $1.22 per share, well above analysts expectations of $1.09 a share. Revenue also came in above estimates. Kroger said it expects to exceed the outlook it issued at the beginning of April
Carnival (CCL.US) reported a preliminary quarterly loss of $3.30 per share, while analysts expected a loss of $1.56 per share. The cruise line operator preliminary revenue also came in below consensus. Company is expecting a net loss for the second half of this year, however demand for 2021 bookings is rising.
DISH Network (DISH.US) stock rose about 1% in after-hours trading. The television provider is willing to finalize a deal with T-Mobile, according to an SEC filing. T-Mobile, which recently merged with Sprint, is selling Sprint’s prepaid business to DISH.
Ford (F.US) is planning to offer hands-free driving in its new Mustang Mach-E model. The all-electric crossover will be available later this year, but the “Active Drive Assist” software won’t be available until the fall of 2021.
U.S. Steel (X.US) raised $429 million through a common stock offering of 50 million shares. Company is planning to pay its quarterly dividend, however future dividends will depend on the financial condition.
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