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Market Update

U.S. Stocks Fall Ahead of Earnings With Strong Dollar Adding to a List of Worries

Barry Adams
11 Jul, 2022
New York City

Stocks declined on the first day of trading with a strong dollar adding to the worries of economic slowdown and rising inventories.

With earnings in focus later in the week, investors are looking for signs of other troubles ahead in the market.

This year's market decline of 19.6% has been driven by the rising interest rates and sky-high inflation but the second leg of the market downturn is likely to be driven by the falling rates of earnings growth.

For now, earnings are expected to rise less than 5% in the June quarter and most sectors in the economy are likely to show even weaker or no growth, except the utilities, consumer staples, and energy.

However, the strong dollar is also expected to weigh for the most corporations operating around the globe in addition to the surging inventories and ongoing supply chain disruptions.

The euro is trading at parity to the U.S. dollar and at a two-decade low with the Ukraine war showing no signs of abating and an energy crisis looming in the region.

The Japanese yen is also at a two-decade low driven by the surging imported prices of energy and rising costs of food.

British political chaos and decades of economic mismanagement is finally knocking the British pound to the low last seen since 1984.

One euro fetched $1.004, the British pound closed at $1.188 just shy of $1.15 seen in October 1984, and one dollar yielded 137.41 yen.

The S&P 500 decreased 1.2% to 3,854.42 and the Nasdaq Composite index fell 2.20% to 11,372.60.

Futures of crude oil dropped $1.12 to $103.66 a barrel and natural gas advanced 39 cents to $6.45 a unit.

The yield on 10-year Treasury notes declined to 2.98% and stayed below the 3.05% yield for 2-year Treasury notes.

For some investors, the inverted yields in the U.S. bond market flash signs of a coming recession.

Banks are scheduled to kickstart the latest earnings season with JPMorgan Chase, Morgan Stanley, Citigroup, and Wells Fargo are among financial services companies releasing earnings on Friday.

Delta Airlines and PepsiCo are scheduled to report earnings on Tuesday.

Investors are also awaiting the June consumer inflation on Wednesday and the measure of inflation index is expected to cross 8.6% increase in May and wholesale prices on Thursday which is expected to cross 10%.

Twitter Inc declined 11.2% after Elon Musk led investment group abandoned its $44 billion takeover bid.

Twitter said the company will sue Elon Musk and demand the completion of the deal on the

Movers: Alibaba, Las Vegas Sands, lululemon, Meta, Nio, Redfin, Starbucks, Twitter, Uber, Wynn

Barry Adams
11 Jul, 2022
New York City

Benchmark indexes in New York eased as investors focus on corporate earnings and the latest guidance.

The S&P 500 decreased 0.97% to 3,862.52 and the Nasdaq Composite index fell 1.80% to 11,432.14.

Banks are scheduled to kickstart the earnings season with JPMorgan Chase, Morgan Stanley, Citigroup, and Wells Fargo are scheduled to release earnings.

Delta Airlines and PepsiCo are scheduled to report earnings on Tuesday.

Investors are also awaiting the consumer price index for June on Wednesday and the measure of inflation index is expected to cross 8.6% increase in May.

Twitter Inc declined 7.4% after Elon Musk led investment group abandoned its $44 billion takeover bid.

Twitter said the company will sue Elon Musk and for the terms of the negotiated contract.

Las Vegas Sands and Wynn Resorts declined more than 9% after Macau said it will close all casinos for one-week to contain the spread of coronavirus.

Several areas in Shanghai also reported rising cases of BA.5 subvariant virus infections prompting authorities to resume mass testing.

Uber Technologies declined 4.5% to $21.34 after the company was accused of using stealth technologies to block government investigations and win public trust, according to a report by the International Consortium of Investigative Journalists.

The company was also accused of striking a secret deal with Emmanuel Macron while he was economy minister between 2014 and 2016 and help its to breakup the closed French taxi market.

Uber said it has amended its past practices and it is a different company today.

Alibaba Group Holding declined 8.2% to $110.95 and Tencent Holdings fell 3.4% to $43.12 after Chinese regulators fined companies for not disclosing past transactions.

Meta Platforms declined 4.2% to $163.79 after Needham downgraded the stock to "underperform" from "hold" citing slower than expected returns in Metaverse technology investment.

lululemon Athletica Ltd declined 3.9% to $281.95 after Jeffries downgraded the stock to "underperform" from "hold" pointing to a more competitive market.

Starbucks Corporation declined 1.2% to $78.27 after China reported rising coronavirus cases in Shanghai and other smaller cities and authorities implemented mass testing and stringent mobility restrictions.

China is the second largest market for the coffee chain operator after the United States and derives about 25% of its revenues from the second largest economy in the world.

Nio Inc declined 8.9% to $20.61 after China faced another surge of coronavirus infections and the company also set up a committee to review allegations leveled by a short-seller Grizzly Research LLC that the company inflated its revenues and net income using intercompany transactions.

Redfin Corp dropped 9.3% to $8.62 after the real estate broker said home sale contract cancellation rate in June was just under 15% and jumped from 11% a year ago and approached the high not seen since March and April 2020.

About 60,000 contracts fell through in June equating to 14.9% of all homes that went under contract that month.

European Markets Drop 1%, Russia Suspends Nordstream 1 Gas Flow

Bridgette Randall
11 Jul, 2022
Frankfurt

European markets dropped on the natural gas supplies and fresh cases of coronavirus infections in Shanghai.

The DAX index declined 1.5% to 12,824.28, the CAC-40 index fell 0.9% to 5,977.90, and the FTSE 100 index dropped 0.2% to 7,184.22.

Energy stocks led the decliners after Russia turned off natural gas flow for a scheduled maintenance of the segments of Nordstream-1 pipeline.

The gas flow is scheduled to resume after 10 days but the German government has warned that Russia could halt the flow permanently.

Mining companies also declined after new cases of BA.5 subvariant infections in parts of Shanghai forced the city authorities to resume mass testing.

Danske Bank declined 3.8% to Dkk 98.14 after the Danish bank lowered its fiscal year 2022 annual earnings outlook.

The bank estimated annual earnings between Dkk 10 billion and Dkk 12 billion from the previous estimate between Dkk 13 billion and Dkk 15 billion released at the release of 2021 earnings on February 3.

Electricite de France SA gained 0.9% to 9.65 euros after French prime minister Elisabeth Borne released the government's plan to fully nationalize the debt-ridden utility company and deal with the evolving energy crisis in France.

Go-Ahead Group plc fell 2.2% to 1,536 pence despite the public transportation group saying the "overall, the Group expects to report a good performance for the year ended 2 July 2022" and added regional bus division has reached 85% of passenger volume of pre-pandemic level.

Wizz Air Holdings declined 3.6% to 1,790.95 pence and the ultra discount air carrier said summer flight schedule is going to be cut because of the ongoing labor shortages and strikes at several European airports.

Asian Markets Drop, LDP In Japan Won Super Majority to Revise Constitution

Arjun Pandit
11 Jul, 2022
New York City

Asian markets closed broadly lower after the strong U.S. jobs report in June rekindled the fears of faster rate hikes and resumption of mass testing in a few areas of Shanghai with the resurgence of coronavirus infections.

The Nikkei 225 Index gained 1.1% to 26,812.30, while the broader Topix finished 1.4% higher to close at 1,914.66.

The ruling Liberal Democratic Party won more than 75 of the 125 seats in the upper house election paving the way for the redrafting of the pacifist constitution, the key goal of the recently assassinated former prime minister Shinzo Abe.

Separately, the Bank of Japan revised higher its economic assessment of seven of the nine country's regions, adding the pandemic impact on consumer spending is easing.

China's Shanghai Composite Index fell 1.27% to 3,313.58 ahead of exports and imports data scheduled on Wednesday.

Hong Kong's Hang Seng Index plunged 2.8% to 21,124.20, tech stocks led the decliners after Chinese authorities fined Alibaba and Tencent Holdings for not reporting past transactions.

The Sensex and Nifty indexes trimmed the losses of the day and Tata Consultancy reported flat income on 11% increase in quarterly revenues to $6.8 billon.

Discount retailer Avenue Supermarts said June quarter sales doubled and net income soared six-fold after all 294 stores were open for the first time post pandemic.

S&P 500 Drops 1%, Nasdaq Down 2% On Inflation and Earnings Jitters

Barry Adams
11 Jul, 2022
New York City

Benchmark indexes in New York eased as investors focus on corporate earnings and the latest guidance.

The S&P 500 decreased 0.97% to 3,862.52 and the Nasdaq Composite index fell 1.80% to 11,432.14.

Banks are scheduled to kickstart the earnings season with JPMorgan Chase, Morgan Stanley, Citigroup, and Wells Fargo are scheduled to release earnings.

Delta Airlines and PepsiCo are scheduled to report earnings on Tuesday.

Investors are also awaiting the consumer price index for June on Wednesday and the measure of inflation index is expected to cross 8.6% increase in May.

Twitter Inc declined 7.4% after Elon Musk led investment group abandoned its $44 billion takeover bid.

Twitter said the company will sue Elon Musk and for the terms of the negotiated contract.

Las Vegas Sands and Wynn Resorts declined more than 9% after Macau said it will close all casinos for one-week to contain the spread of coronavirus.

European Markets Face Natural Gas Supplies Worries

European markets dropped on the natural gas supplies and fresh cases of coronavirus infections in Shanghai.

The DAX index declined 1.5% to 12,824.28, the CAC-40 index fell 0.9% to 5,977.90, and the FTSE 100 index dropped 0.2% to 7,184.22.

Energy stocks led the decliners after Russia turned off natural gas flow for a scheduled maintenance of the segments of Nordstream-1 pipeline.

The gas flow is scheduled to resume after 10 days but the German government has warned that Russia could halt the flow permanently.

Mining companies also declined after new cases of BA.5 subvariant infections in parts of Shanghai forced the city authorities to resume mass testing.

Asian Markets Fall, LDP In Japan Win Majority to Revise Constitution

The Nikkei 225 Index gained 1.1% to 26,812.30, while the broader Topix finished 1.4% higher to close at 1,914.66.

Separately, the Bank of Japan revised higher its economic assessment of seven of the nine country's regions, adding the pandemic impact on consumer spending is easing.

China's Shanghai Composite Index fell 1.27% to 3,313.58 ahead of exports and imports data scheduled on Wednesday.

Hong Kong's Hang Seng Index plunged 2.8% to 21,124.20, tech stocks led the decliners after Chinese authorities fined Alibaba and Tencent Holdings for not reporting past transactions.

The Sensex and Nifty indexes trimmed the losses of the day and Tata Consultancy reported flat income on 11% increase in quarterly revenues to $6.8 billon.

Discount retailer Avenue Supermarts said June quarter sales doubled and net income soared six-fold after all 294 stores were open for the first time post pandemic.

Musk Backs Out of Twitter Bid Over Fake Accounts

Scott Peters
09 Jul, 2022
New York City

Elon Musk announced his decision to terminate his $44 billion bid for Twitter blaming the company not providing information on the number of fake accounts.

The deal has been a suspect right from the get go and investors questioned the financial viability of the transaction.

The latest move by Musk appears more as a negotiating tactic to either not complete the deal or engage in a drawn out legal battle and negotiate a lower breakup fee.

Elon Musk has agreed to a breakup fee of $1 billion.

Twitter immediately shot back and said it will pursue Musk and enforce the terms of the agreement.

"The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement.

We are confident we will prevail in the Delaware Court of Chancery," said the social media's board member Bret Taylor on his Twitter account.

The social media platform with more than 200 million user base is a target of several spam attacks and bot account operators.

On Thursday, the company executives asserted that fake or spam accounts are less than 5% of its active userbase each quarter and the company removes more than 1 million spam or fake accounts everyday.

For nearly two months Musk has been asking for more details on spam or bot accounts and his requests have either not been answered or ignored or the company has provided information with strings attached rendering them useless, said Mike Ringler in a letter to Twitter board and posted on the SEC's website.

"This information is fundamental to Twitter

Protesters Storm President's House In Colombo With Deepening Economic Crisis

Anand Sheth
09 Jul, 2022
New York City

With the economic crisis deepening, thousands of protesters took to the streets of Colombo.

Protesters stormed the president's official residence demanding his resignation and shouting slogans.

Video broadcasts on Sri Lankan television show dramatic scenes of thousands of protesters inside the official residence.

Thousands of protesters broke through police barricades and took over the president's residence shouting anti-Rajapaksa family slogans, hanging banners, rummaging through the kitchen, and jumping into the outdoor swimming pool.

At least 120,000 people gathered outside the president's palatial estate demanding for his resignation, according to Colombo police sources.

Last night, President Gotabaya Rajapaksa was flown to a secure and unknown location under military protection.

Angry protesters chanting slogans and carrying Sri Lankan flags also took over the president's office located in Galle Face Colombo.

Sri Lankan economy has completely collapsed and the caretaker government is battling financial, economic and food crises, all at once.

All fuel sales are rationed, hospitals are operating only for emergency needs, and schools have not operated on a regular schedule for more than four months.

At least 31 people have been injured in Saturday's protests in Colombo, according to the National Hospital of Sri Lanka.

The Sri Lankan rupee dropped to a new low 362.84 against one U.S. dollar, at Friday's close.

Prime minister Wickremesinghe agreed to resign after an all party meeting held by the speaker of the national assembly of lawmakers.

"To ensure the continuation of the Government including the safety of all citizens I accept the best recommendation of the Party Leaders today, to make way for an All-Party Government," Ranil Wickremesinghe wrote on Twitter.

"To facilitate this I will resign as Prime Minister."

President Rajapaksa has still not announced his resignation, a decision widely anticipated by lawmakers.

The Bar Association of Sri Lanka urged the president to consider resigning in light of the recent protests and pave the way for an all-party government to ensure political stability of the nation.

U.S. Stocks On Hold After Big Payroll Gains

Barry Adams
08 Jul, 2022
New York City

For today, investors put aside fears of a recession and shifted focus to the Fed's next move after the release of jobs report.

With monthly job growth over 450,000 this year and the steady unemployment rate of 3.6% put asides the fears of a recession for now.

The S&P 500 index declined 3.2 to 3,895.06 and the Nasdaq index rose 13.96 to 11,569.99.

For the week, the S&P 500 index added 2.6% and the Nasdaq Composite index gained 5.0%.

Futures of crude oil increased $2.08 to $104.81 a barrel and natural gas fell 25 cents to $6.04 a unit.

The yield on 10-year Treasury notes increased to 3.08% after the release of the jobs report.

Robust Labor Market

Non-farm payrolls increased 372,000 in June, according to the Bureau of Labor Statistics.

The strong jobs report surpassed the estimate of 250,000 increase that some economists had expected.

The jobless rate held at 3.6% for the fourth month in a row in June after strong hiring in professional and business services, leisure and hospitality, and healthcare.

Total number of unemployed remained at 5.9 million, nearing the 3.5% jobless rate and 5.7 million unemployed in February 2020, just before the onset of Covid-19 pandemic.

In June, the number of long-term unemployed, those without a job for 27 weeks or more, was essentially unchanged at 1.3 million, 215,000 higher than in February 2020.

The long-term unemployed accounted for 22.6% of all unemployed persons in June.

The bond yields rose after the release of sharply higher-than-expected job gains, fueling speculation that the Fed will increase the rate by 75 basis points at its next meeting on July 26-27.

The economy contracted at 1.6% in the first quarter and is estimated to shrink at 1.2% in the second quarter according to the Atlanta Fed's GDPNow tracker.

Energy Prices Dominate European Economic Activities

European markets advanced in cautious trading after Italian production declined for the first time in four months. France's trade and current account deficit widened and Norway's trade surplus soared on a surge in energy exports.

Italy's industrial production decreased for the first time in four months in May, the statistical office Istat said on Friday.

Industrial production decreased 1.1% in May after rising 1.4% in April on a monthly basis and a first decline since January when production fell 3.3%.

France's trade deficit widened to 12.99 billion euros from 12.71 billion euros in April, the custom office said on Friday.

Current account deficit increased to 3.9 billion euros from 2.7 billion euros in April, the Bank of France said on Friday.

Norway's trade surplus rose in June after exports surged, Statistics Norway said on Friday.

Norway's trade surplus increased to NOK 87.46 billion from NOK 25.07 a year ago.

June exports jumped 77.9% after natural gas shipment soared 232.1% and crude oil deliveries rose 59.9%.

Japan's Former Premier Abe Assassinated

Asian markets closed mixed but market indexes in Japan turned lower after Japan's former prime minister Shinzo Abe was assassinated while campaigning in a city near Kyoto.

The killing of Abe sent shockwaves in the nation not accustomed to gun violence, Japan has one of the strictest gun controls in the world.

Abe was shot from behind by a 41-year old man using a homemade pistol at 11:30 a.m. local time when he was delivering a campaign speech near Yamato-Saidaiji railway station located in Nara city, according to local police.

The suspect Tetsuya Yamagami is under custody, Chief Cabinet Secretary Hirokazu Matsuno told reporters.

GameStop Fires CFO

GameStop Corp fell 4.8% to $128.54 and the company fired its chief finance officer Michael Recupero and promoted its chief accounting officer Diane Saadeh-Jajeh to the post.

Earlier in the the week, videogame retailer announced a 4-for-1 stock split.

Levi Strauss' Inventories Surge

Levi Strauss gained 18 cents to $16.54 after the apparel maker and retailer said quarterly sales rose 15% and earnings dropped 23% on charges linked to closure of Russian operations.

The strong dollar also impacted international sales growth.

Revenues in the second quarter ending in May increased 15% to $1.5 billion and rose 20% on a constant currency basis.

Net income in the quarter declined 23% to $50 million from $65 million a year ago and earnings per share dropped to 12 cents from 16 cents.

Revenues in the quarter shot up 29% after the company bulked up core products and took over a wholesaler's operation in Thailand.

WD-40 Plunges On Strong Dollar Worries

WD-40 Company plunged 14.9% to $174.30 after the chemical maker reported sharply lower earnings and lowered its annual outlook.

WD-40 said sales in the third quarter ending in May declined 9% to $123.7 million and sales were affected after translating foreign sales to the strong U.S. dollar.

Net income in the quarter declined 31% to $14.5 million or $1.07 a diluted share from $21.0 million or $1.52 a share.

Warren Buffet Wants Occidental Petroleum

Occidental Petroleum declined 0.8% to $60.93 and Warren Buffett-controlled Berkshire Hathaway increased its stake in the oil explorer to 18.7%.

Berkshire is likely to increase its stake to 20%, the maximum limit for a passive investor.

Spirit Delays Shareholder Meeting Again

Spirit Airlines Inc increased 3.4% to $24.76 after the company postponed its special shareholder meeting to vote on its merger deal with Frontier till July 15.

U.S. Job Market Remain Strong Despite Weakening Economy

Brian Turner
08 Jul, 2022
New York City

Non-farm payrolls increased 372,000 in June, according to the Bureau of Labor Statistics.

The strong jobs report surpassed the 250,000 increase estimate that some economists had expected.

The jobless rate held at 3.6% for the fourth month in a row in June after strong hiring in professional and business services, leisure and hospitality, and healthcare.

Total number of unemployed remained at 5.9 million, matching the 3.5% jobless rate and 5.7 million unemployed in February 2020, jut before the onset of Covid-19 pandemic.

In June, the number of long-term unemployed, those without a for 27 weeks or more, was essentially unchanged at 1.3 million, 215,000 higher than in February 2020.

The long-term unemployed accounted for 22.6% of all unemployed persons in June.

The labor force participation rate, at 62.2%, and the employment-population ratio, at 59.9%, were little changed over the month.

Both measures remain below their February 2020 rates of 63.4% and 61.2%, respectively.

The number of persons not in the labor force who currently want a job was essentially unchanged at 5.7 million in June, higher than 5.0 million in February 2020.

About 158.11 million were employed and 5.9 million were unemployed at the end of June 2022, according to the Bureau of Labor Statistics data released today.

The bond yields rose after the release of sharply higher than expected job gains, fueling worries that the Fed will increase the rate by 75 basis points at its next meeting on July 26-27.

Movers: GameStop, Kura Sushi, Levi Strauss, Occidental. Spirit Air, Twitter, Upstart, WD-40

Barry Adams
08 Jul, 2022
New York City

U.S. stocks turned lower in choppy trading after a stronger-than-expected jobs report lifted the prospects of faster and higher interest rates hikes from the Federal Reserve.

The S&P 500 index declined 0.2% to 3,895.06 and the Nasdaq index fell 0.4% to 11,569.99.

Futures of crude oil increased $1.86 to $104.80 a barrel and natural gas fell 10 cents to $6.19 a unit.

The yield on 10-year Treasury notes increased to 3.05% after the release of the jobs report.

GameStop Corp fell 4.8% to $128.60 and the company fired its chief finance officer Michael Recupero and promoted its chief accounting officer Diane Saadeh-Jajeh to the post.

Earlier in the the week, videogame retailer announced a 4-for-1 stock split.

Kura Sushi USA soared 26.5% to $67.82 after the restaurant chain reported unexpected quarterly profit.

Kura said revenues in the third quarter ending in May more than doubled to $38 million from $18.5 million a year ago on a comparable sales increase of 65%.

Net income was $0.5 million or $0.05 per diluted share compared to $0.8 million or $0.09 a share a year ago.

The company guided full-year 2022 total sales between $137 million and $142 million from the previous estimate between $130 million and $140 million.

Levi Strauss gained 38 cents to $16.73 after the apparel maker and retailer said quarterly sales rose 15% and earnings dropped 23% on charges linked to closure of Russian operations.

The strong dollar also impacted international sales growth.

Revenues in the second quarter ending in May increased 15% to $1.5 billion and rose 20% on a constant currency basis.

Net income in the quarter declined 23% to $50 million from $65 million a year ago and earnings per share dropped to 12 cents from 16 cents.

Nu Skin Enterprises dropped 5.4% to $41.23 after the multi-level marketer of personal products lowered its estimate for second quarter sales between $557 million and $562 million.

Occidental Petroleum declined 0.8% to $60.93 and Warren Buffett-controlled Berkshire Hathaway increased its stake in the oil explorer to 18.7%.

Berkshire is likely to increase its stake to 20%, the maximum limit for a passive investor.

Spirit Airlines Inc increased 3.4% to $24.76 after the company postponed its special shareholder meeting to vote on its merger deal with Frontier till July 15.

Twitter Inc declined 4.4% to $37.01 after an article in Washington Post suggested that the Elon Musk led $44 billion bid for the company may be in peril citing anonymous sources.

A month ago, Elon Musk, chief executive of Tesla Inc held up the deal asking for more information on the extent of bots and spams on the microblogging platform.

Twitter in a meeting with reporters expressed confidence in its figures on spam and bots and the company officials said that the company's security system prevents daily spam attacks exceeding 100,000.

Upstart Holdings plunged 21.5% to $26.51 after the company said its quarterly revenues are going to fall below its lowered estimate.

The revised revenues in the second quarter is expected to be close to $228 million, lower than the previous estimate between $295 million and $305 million.

Net loss is now estimated between $27 million and $31 million from the previous guidance between breakeven and a loss of $4 million.

WD-40 Company plunged 11.4% to $180.10 after the chemical maker reported sharply lower earnings and lowered its annual outlook.

WD-40 said sales in the third quarter ending in May declined 9% to $123.7 million and sales were affected after translating foreign sales to the strong U.S. dollar.

Net income in the quarter declined 31% to $14.5 million or $1.07 a diluted share from $21.0 million or $1.52 a share.

Stocks On Wall Street Turn Lower After Strong Jobs Report

Barry Adams
08 Jul, 2022
New York City

U.S. stocks turned lower after a stronger-than-expected jobs report lifted the prospects of faster and higher interest rates hikes from the Federal Reserve.

The S&P 500 index declined 0.2% to 3,895.06 and the Nasdaq index fell 0.4% to 11,569.99.

Futures of crude oil increased $1.86 to $104.80 a barrel and natural gas fell 10 cents to $6.19 a unit.

The yield on 10-year Treasury notes increased to 3.05% after the release of the jobs report.

Non-farm payrolls increased 372,000 in June, according to the Bureau of Labor Statistics.

The strong jobs report surpassed the 250,000 increase estimate that some economists had expected.

The bond yields rose after the release of sharply higher than expected job gains, fueling worries that the Fed will increase the rate by 75 basis points at its next meeting on July 26-27.

Asian markets closed mixed but market indexes in Japan turned lower after Japan's former prime minister Shinzo Abe was assassinated while campaigning in a city near Kyoto.

The killing of Abe sent shockwaves in the nation not accustomed to gun violence and with one of the strictest gun controls in the world.

Levi Strauss gained 38 cents to $16.73 after the apparel maker and retailer said quarterly sales rose 15% and earnings dropped 23% on charges linked to closure of Russian operations.

The strong dollar also impacted international sales growth.

Revenues in the second quarter ending in May increased 15% to $1.5 billion and rose 20% on a constant currency basis.

Net income in the quarter declined 23% to $50 million from $65 million a year ago and earnings per share dropped to 12 cents from 16 cents.

WD-40 Company plunged 11.4% to $180.10 after the chemical maker reported sharply lower earnings and lowered its annual outlook.

WD-40 said sales in the third quarter ending in May declined 9% to $123.7 million and sales were affected after translating foreign sales to the strong U.S. dollar.

Net income in the quarter declined 31% to $14.5 million or $1.07 a diluted share from $21.0 million or $1.52 a share.

European Movers: Holcim, JD Sports, TAG Immobilien

Bridgette Randall
08 Jul, 2022
New York City

European markets traded mixed after two days of gain in the region.

The DAX index increased 0.9% to 12,966.40, the CAC-40 index increased 0.2% to 6,020.47, and the FTSE 100 index fell 0.6% to 7,143.87.

European market indexes were cautiously optimistic ahead of the release of U.S. jobs report.

Stocks turned weaker after the U.S. non-farm payrolls increased 372,000 in June, sharply higher than expected.

The strong jobs report raised the prospect of another large rate hike at the Fed's next meeting on July 26.

Mining companies in the region traded lower after a 3-day rally on the worries that the rising cases of coronavirus in China may impact the future demand.

Antofagasta, Glencore, and Anglo American fell between 1% and 2%.

Holcim AG gained 4.0% to 41.68 Swiss franc after the Swiss company agreed to acquire Romania's leading concrete-mix maker General Beton Romania S.R.l.

JD Sports Fashion PLC increased 1.5% to 124.10 pence after the apparel retailer appointed Andrew Higginson as Chair of the group.

Higginson was Chair of William Morrison Supermarkets plc from January 2015 until the takeover of the business by private equity firm CD&R LLP in November 2021.

TAG Immobilien AG plunged 8.4% to

European Markets Edge Higher In Cautious Trading

Bridgette Randall
08 Jul, 2022
New York City

European markets traded mixed after two days of gain in the region.

The DAX index increased 0.9% to 12,966.40, the CAC-40 index increased 0.2% to 6,020.47, and the FTSE 100 index fell 0.6% to 7,143.87.

European market indexes were cautiously optimistic ahead of the release of U.S. jobs report.

Stocks turned weaker after the U.S. non-farm payrolls increased 372,000 in June, sharply higher than expected.

The strong jobs report raised the prospect of another large rate hike at the Fed's next meeting on July 26.

In regional news, Italy's industrial production declined in May and France's current account and trade deficit rose in May. Norway's trade surplus increased in June and Dutch industrial production increased at a slower pace in May.