• President Donald Trump is expected to hold a press conference on China
• Twitter made a “public interest notice” on a tweet from President Trump
• Dell Technologies (DELL.US) stock rally
• Twitter made a “public interest notice” on a tweet from President Trump
• Dell Technologies (DELL.US) stock rally
US equities launched today's session in mixed moods. U.S. President Donald Trump will hold a news conference later on today amid growing US-Chinese tensions over Hong Kong and the coronavirus fallout. "We'll be announcing tomorrow what we're doing with respect to China," he told reporters at an Oval Office meeting on Thursday, saying "we're not happy with China," but giving no specific details about his plans. Investors worry it can raise trade tensions with Beijing and slow the global economic recovery.
Meanwhile Twitter (TWTR.US) marked one of President Trump’s tweets regarding protest about the death of George Floyd with a warning that it “glorifies violence”, further escalating the social media company’s row with the U.S. president. Yesterday, President Trump signed the order targeting social media companies that gives regulators the power to pursue legal actions against companies such as Facebook and Twitter for the way they police content on their sites.
The head of the Federal Reserve, Jerome Powell, is scheduled to speak at 15:00 GMT in a public webcast.
Today investors were served with another set of grim macroeconomic data. The Canadian economy shrank 2.1 percent on quarter in the first three months of 2020, after expanding 0.1 percent in the previous period. It was the sharpest contraction since Q1 2009.
Personal spending in the US plunged 13.6 percent month-over-month in April of 2020, following a downwardly revised 6.9 percent fall in March and worse than market forecasts of a 12.6 percent drop. It is the biggest decline on record.
The personal consumption expenditure price index in the United States decreased 0.5 percent month-over-month in April of 2020, following a downwardly revised 0.2 percent fall in March.
Today investors were served with another set of grim macroeconomic data. The Canadian economy shrank 2.1 percent on quarter in the first three months of 2020, after expanding 0.1 percent in the previous period. It was the sharpest contraction since Q1 2009.
Personal spending in the US plunged 13.6 percent month-over-month in April of 2020, following a downwardly revised 6.9 percent fall in March and worse than market forecasts of a 12.6 percent drop. It is the biggest decline on record.
The personal consumption expenditure price index in the United States decreased 0.5 percent month-over-month in April of 2020, following a downwardly revised 0.2 percent fall in March.
S&P 500 (US500) is trading around the 200-period moving average, which previously acted as a resistance. Should upbeat moods prevail, an upward impulse towards 3159.7 pts could be launched. On the other hand, once sellers regain control, the support at 2968.3 pts may be at risk. Source: xStation5Dell Technologies (DELL.US) shares jumped 7% in extended trading after company posted its first-quarter financial results. The computer company reported earnings of $1.34 per share excluding some items on revenue of $21.90 billion, while analysts polled by Refinitiv expected earnings of 92 cents per share on revenue of $20.85 billion.
Dell Technologies (DELL.US) launched today’s session with a bullish price gap. Stock managed to break above 200 MA (red line) and is heading towards local resistance at $53.28 per share. Local support is located around $46.14 per share. Source: xStation5Canopy Growth (CGC.US) reported a loss of $3.72 per share (Canadian) for its fiscal 4th quarter, including $743 million in impairment and restructuring charges. Analysts estimated a loss of 59 cents per share. Revenue also came in below expectations. The cannabis producer said fiscal 2021 will be a transition year in which a strategy reset is fully implemented. Company withdrew its financial outlook due to pandemic-related uncertainty.
Salesforce.com (CRM.US) shares fell 3% in extended trading after the company provided its first-quarter financial results. The enterprise software provider’s earned 70 cents per share excluding some items on revenue of $4.87 billion, which came in below market expectations of 69 cents earnings per share and revenue of $4.85 billion.
Nordstrom (JWN.US) posted a loss of $3.33 per share on revenue of $2.12 billion, wider than analysts’ expectations of $1.07 loss per share with revenue of $2.42 billion. Company's sales plunged 40% during its fiscal first quarter, however CEO Erik Nordstrom announced that the retailer has “sufficient liquidity to successfully execute our strategy in 2020 and over the longer term.”
Costco (COST.US) stock dropped 2% in extended trading after the company reported third quarter results. Costco earned $1.89 per share on revenue of $37.27 billion, while analysts polled by Refinitiv estimated earnings of $1.95 per share with revenue of $37.13 billion. The retailer’s company announced that sales were eventually limited by stay-at-home orders. The company reported a $283 million hit to net income because of costs related to Covid-19, according to a company statement.
Marvell Technology Group (MRVL.US) stock surged 6% in extended trading after company reported better than expected quarterly results. Marvell earned 18 cents per share excluding some items on revenue, above market expectations of 14 cents per share. Revenue also came in above forecasts. The company also provided strong second-quarter guidance.
Big Lots (BIG.US) posted a better than expected quarterly results. Company earned an adjusted $1.26 per share compared with a 40 cent analysts estimate. Company's revenue also came in above forecasts, with same-store sales jumping 10.3% compared with a 1% FactSet consensus estimate. Big Lots is expecting that comparable store sales should increase a similar amount for the current quarter.
General Motors (GM.US) will increase North American production next week, adding shifts at plants that produce crossover vehicles and pickup trucks.
