• FED announces policy shift
• US weekly jobless claims slightly above 1M
• US GDP contraction revised lower
• Netflix (NFLX.US) stock near its ATH
• US weekly jobless claims slightly above 1M
• US GDP contraction revised lower
• Netflix (NFLX.US) stock near its ATH
• Microsoft (MSFT.US) - TikTok deal may come in next 48 hours
US indices are trading higher today with S&P 500 and Nasdaq at new record highs, after Fed Chair Powell announced a shift to the central bank's inflation target to an average, which provides it with more flexibility to let inflation run above target as the central bank retains an ultra-easy monetary policy stance to support the US economy. On the data front, the second estimate showed the US GDP shrank 31.7% slightly less than initially anticipated although it is still the biggest drop ever recorded. Initial weekly jobless claims were at 1.006 million, compared to forecasts of 1 million.
Dow Jones (US30) – yesterday index bounced off is the major support at 28,090 pts and the upward move is being continued after US open. In case buyers manage to uphold momentum, then ATH at 29623 pts may be at risk. On the other hand, breaking below the aforementioned support may trigger a bigger downward move. If this case, the nearest support lies at the upward trendline. Source: xStation5Netflix (NFLX.US) stock jumped 11.6% on Wednesday, to close at $547.53 per share, near the stock’s all-time high at $548.73 per share after Piper Sandler analyst Yung Kim published an upbeat research note on Tuesday, which showed that Netflix led the streaming field as the No. 1 service people plan to keep post-COVID, and showed an increased willingness among subscribers to pay more for Netflix. In the first half of the year Netflix subscriber base increase by nearly 25.9 million mostly due to COVID stay-at-home orders. While the company told investors it expects a slower growth in the end of 2020, many investors are expecting the COVID bump to be long-lasting.
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Netflix (NFLX.US) stock price surged yesterday on bullish analysts survey. Should upbeat moods prevail, resistance at $577.08 per share may come into play. However, should sellers regain control, the nearest support lies at the upward trendline. Source: xStation5
Netflix (NFLX.US) stock price surged yesterday on bullish analysts survey. Should upbeat moods prevail, resistance at $577.08 per share may come into play. However, should sellers regain control, the nearest support lies at the upward trendline. Source: xStation5Shares of Microsoft (MSFT.US) rose 4% after CNBC reported that Chinese company ByteDance will likely sell its TikTok business in the United States to Microsoft within the next two days. According to the sources familiar with the negotiations, TikTok's Chief Executive Kevin Mayer previously announced he's leaving the company after being excluded from negotiations over a possible sale to Microsoft or Oracle.
NetApp (NTAP.US) stock jumped over 10% in extended trading after the data-storage company posted better than expected quarterly results. NetApp earned 73 cents a share, up from 65 cents a share a year ago while analysts expected earnings of 41 cents a share.
Facebook (FB.US) stock surged 8.2% and hit new record high of $303.91 on Wednesday, after UBS analyst Eric Sheridan upheld his buy rating on Facebook's stock and increased his price forecast from $242 to $330. In his opinion, the increased activity of Facebook in the field of e-commerce should provide source of additional growth. In May, Facebook combined forces with Shopify and other e-commerce companies to launch Facebook Shops, a new online shopping platform. On Wednesday BigCommerce announced it will join Facebook to launch a new feature on Instagram that would allow users to purchase products without leaving the popular photo-sharing app.
Abbott Laboratories (ABT.US) stock jumped over 6% after the company won U.S. marketing authorization for a portable coronavirus antigen test that can deliver results within 15 minutes.
Tiffany (TIF.US) posted mixed quarterly results, with revenue below expectation, but earnings surprised on the upside. The luxury goods retailer noticed improvement in sales in China, also global sales trends are continuing to improve during the current quarter. Comparable-store sales decline 24% from a year ago, compared to the drop of 16.9% expected by analysts.
Box (BOX.US) stock rose 7% after the closing bell after the company lifted its guidance for the current fiscal year as it looks to expand its clientele to larger businesses that are looking for cloud-based storage during the coronavirus pandemic. Company also posted better than expected adjusted quarterly earnings of 18 cents well above market expectations of 12 cents per.
Coty (COTY.US) reported a quarterly loss of 46 cents per share, well above analysts’ expectations of 12 cents a share loss. Revenue came in well below estimates. Company said that quarter and the full fiscal year performance were severely impacted by the pandemic, however it expects significant improvement in the current quarter.
Dollar Tree (DLTR.US) – reported quarterly earning of $1.10 per share, well above market expectations of 18 cents a share. Revenue also beat forecasts. Also comparable store sales of 7.2%, came in above analysts' estimate of 6.2%.
Dollar General (DG.US) reported quarterly earnings of $3.21 per share, compared to a consensus estimate of $2.44 a share. Revenue also came in above expectations. Comparable-store sales were up 18.8%, better than the 14.9% increase anticipated by analysts polled by FactSet. The discount retailer also announced a $2 billion increase in its share buyback program.
Splunk (SPLK.US) shares decline2% in extended trading after the company’s posted disappointing second-quarter figures. Revenue of $492 million came below Wall Street estimates of $522 million while adjusted per-share loss of 33 cents came in line with expectations.
Williams-Sonoma (WSM.US) stock plunged 6.6 % after the closing bell despite upbeat quarterly earnings. Williams-Sonoma earned $1.80 per share on revenues of $1.49 billion while analysts' expected earnings of $1.01 on revenues of $1.47 billion.
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