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Market Update

Russia's Economic Contraction to Exceed 10%

Brian Turner
12 Apr, 2022
New York City

Russia's economy is expected to contract at least 10% in 2022 according to domestic news agency RIA. The decline in economic activities will be the largest since the fall of the Soviet Union in 1991. The economy expanded at 4.7% in 2021 and was estimated to grow in 2022 at 3% rate prior to the invasion of Ukraine. Russia is facing soaring inflation, Western sanctions, and capital flight.

U.S. Stocks Rebound On Hopes of Inflation Peaking

Barry Adams
12 Apr, 2022
New York City

U.S. indexes gained after inflation rate in March rose 8.5% from a year ago and increased 1.2% in the month. Traders focused on core inflation rate slowing to 0.3% in the month but rose 6.5% in 12 months. Tech stocks led gainers with Microsoft, Qualcomm, Broadcom, and Nvidia gained more than 1%. Energy companies advanced following an uptick in crude oil prices. 10-year bond fell to 2.72%.

Energy Price Surge Drives U.S. Inflation to 4-Decade High

Brian Turner
12 Apr, 2022
New York City

Consumer price index in March rose 8.5% from a year ago driven by the high cost of energy, food, and shelter. Energy prices soared 32% and food prices increased 8.8%. Core inflation which excludes food and energy rose 6.5%. For the month, core inflation increase ebbed to 0.3% after rising at 0.5% in February. Shelter costs rose 5% from a year ago and gained 0.5% in the month.

Nasdaq Drops 2%, Yields Extend 5-Week Advance

Barry Adams
11 Apr, 2022
New York City

Inflation worries gripped the market sentiment and tech stocks led the decliners extending losses in the final hour of trading. The Nasdaq Composite fell 2% and for the year sank 15.3%. Latest reading on inflation tomorrow is expected to show a 4-decade high above 8%. 10-year bond yield extended 5-week long rise to 2.79% surging from the low of 0.57% in August 2020.

China-L.A. Freight Rates Drop, Congestion Shifts to East Coast

Hossain Akhtar
11 Apr, 2022
New York City

Container freight rates have dropped more than estimated in March after congestion at Long Beach and Los Angeles ports eased faster than expected. Ships waiting to unload have dropped to 14 from the record high of 109 on Jan 9 and rates from China dropped to $8,000 from the high of $9,500 in March. Shippers are planning more direct routes to the East Coast ahead of labor negotiations in July.

China Stocks Slide, Auto Sales Fall 10%, Inflation Rises

Barry Adams
11 Apr, 2022
New York City

China stocks took another dive as Covid-19 lockdown begins to bite activities. Auto sales in March fell 10% from a year ago to 1.58 million as factories remain constrained and supply chains are disrupted. Producer price inflation increased higher than expected 8.3% in March. Guangzhou, the manufacturing hub, closed in-person schools. The EV maker Niio on Saturday suspended vehicle production.

SailPoint Jumps 29% on $6.9 Billion Buyout Offer

Bridgette Randall
11 Apr, 2022
New York City

SailPoint Technologies soared 30% after the company agreed to be acquired by private equity firm Thoma Bravo for $6.9 billion or $65.25 a share. The cyber security and identity management firm has doubled its revenues in the last five years with mounting losses. SailPoint listed its stock for $12 a share in a public offering on Nov 17, 2017 and raised $240 million according to 123jump data.

Movers: Twitter, Shopify, Nvidia

Barry Adams
11 Apr, 2022
New York City

Tech stocks led the declines for the fourth week in a row and Microsoft, Tesla, AMD, Nvidia fell 3%.

Airlines stocks advanced ahead of Delta Air earnings. Twitter plunged after Tesla CEO Musk declined to join the Twitter board.

Shopify proposed to split stock 10-to-1 and increase CEO Lutke's voting power 40% from 34% and create founder share.

Nvidia said it plans to double its authorized shares.

Airlines Advance Ahead of Delta Air Earnings

Barry Adams
11 Apr, 2022
New York City

Airlines stocks advanced ahead of Delta Air earnings scheduled on Wednesday. Despite the surge in fuel cost in the previous quarter, jet fuel price increases are still lagging while the demand for leisure and corporate travel is healthier than a year ago. Leading airlines have shown the pricing power and domestic ticket costs are at least up 30% from the previous quarter.

Nsadaq 1% Loss Sets Negative Tone, 10-Year Bond at 2.77%

Barry Adams
11 Apr, 2022
New York City

Market indexes opened lower led by weakness in tech stocks for the fourth week in a row and bond yields climbed as investors prepared for faster than anticipated rise in interest rates. Earnings season is expected to pick up momentum this week with large banks and airlines scheduled to report. Crude oil prices fell in New York and international markets on China demand worries.

Macron in Tight French Presidential Election Runoff

Barry Adams
10 Apr, 2022
New York City

Emmannuel Macron and Marine Le Pen qualified for the second round of the French presidential election today. Macron led with 28.3% and Le Pen with 23.3% votes, according to the exit polls in Paris. President Macron is projected to win in the second round on April 24 but the election is too tight to call. Ten other candidates failed to qualify. The euro is expected to inch higher.

Tech Stocks Lead Decliners, Nasdaq's YTD Loss 13%

Brian Turner
08 Apr, 2022
New York City

Tech stocks led the decliners for the third week in a row and U.S. indexes closed mixed. Nasdaq Composite fell 1.3% on Friday capping the weekly loss of 3.9% while the S&P 500 fell 0.3% and 1.3% respectively. Chipmakers led the weakness with persistent supply chain worries and growing threat of a recession. For the year, tech heavy Nasdaq and the S&P 500 are down 13.4% and 6.4% respectively.

Freight Recession Worries Sink Transportation Stocks Lower

Brian Turner
08 Apr, 2022
New York City

Transportation stocks fell again on the rising supply chain disruptions linked to China and Europe and surging inflation in the U.S. The tight lockdowns in China, the rerouting of energy supplies in Europe, and the elevated inflation are trimming the freight demand volume in the U.S. UPS fell for the 8th day in a row and for the year the industry index is down 12%.

WD-40 Earnings Beat Lifts Stock, Gross Margin Fell

Scott Peters
08 Apr, 2022
New York City

WD-40 second quarter sales rose 16% to $130 million and net income gained 13% to $19.5 million from a year ago period. Diluted earnings per share rose to $1.41 from $1.24 but gross margins declined to 50.4% from 55.4%. The lubricant maker is planning to pass on higher prices and increase gross margins in the longer term and revised annual EPS range higher to between $5.14 and 5.27.

PriceSmart Comparable Stores Sales, Quarterly Sales Up 10%

Scott Peters
08 Apr, 2022
New York City

PriceSmart, the warehouse club operator said total sales in the fiscal second quarter increased 10.8% to $1.04 billion from a year ago and net income increased 11% to $31.5 million. Comparable store sales increased 10.3% from a year ago and the club operator opened 2 stores in 52 weeks totaling 49.