Brian Turner
06 Apr, 2022
New York City
Fed officials are leaning towards a higher rate increases and have agreed on a plan to shrink holdings of $9 trillion of U.S. bonds. After years of denying rising inflation as transitory, Fed officials are ready to roll over $60 billion of U.S. treasury bonds and $35 billion of mortgage securities a month phased over three months beginning in May starting with the shortest term holdings.
Barry Adams
06 Apr, 2022
New York City
U.S. ramps up pressure on Russian banks and state enterprises by placing a full block on the U.S. dollar denominated transactions. Moreover, President Biden's administration also placed personal sanctions on two adult daughters of President Putin, Prime Minister Mishustin and former president Medvedev. Biden's executive order also ban all new investments in Russia by Americans.
Scott Peters
06 Apr, 2022
New York City
The Simply Good Foods said fiscal second quarter ending in December increased 28.7% to $296.7 million and net income in the quarter was $18.5 million compared to a loss of $26.2 million in a year ago period. Gross profit margin declined to 36.6% from 39.1%. Full fiscal year sales increase outlook was revised higher to a range of 13% to 15% from 12% to 14% estimated in three months ago.
Hossain Akhtar
06 Apr, 2022
New York City
Rising interest rates are wreaking a havoc in mortgage industry and may indicate a slowing housing market in the coming months. Total mortgage volume declined another 6% last week and plunged 41% from a year ago. Applications dropped 10% in the week and plunged 62% from a year ago. The average 30-year contract interest rate increased to 4.9% last week from 3.36% a year ago.
Barry Adams
06 Apr, 2022
New York City
Stocks of Spirit Airlines, Frontier Group, and JetBlue turned lower after the unsolicited bid raised uncertainty for at least few months. Rivian gained 1.6% after the EV maker said it is on track to meet its production goal of 25,000 units in the year. Simply Good Foods gained 4% after the healthier snack maker lifted sales outlook. Intel fell 1% after it suspended its operations in Russia.
Barry Adams
06 Apr, 2022
New York City
U.S. stock futures are pointing to another loss of at least 1% at the opening as bond yields continue to march upwards. 10-year U.S. bond is trading at 2.65% ahead of the release of minutes of meetings this afternoon. Tech stocks are leading the losers and energy stocks are in focus ahead of the Congressional hearing today. Oil inched higher to $103.30 a barrel after dipping in Tuesday.
Boris Petrov
05 Apr, 2022
New York City
JetBlue Airways has made an unsolicited $3.63 billion bid for Spirit Airlines. The all-cash offer values the discount carrier at roughly 40% higher than the current merger agreement with Frontier at $2.9 billion. The Justice Department is currently suing JetBlue for its alliance with American Airlines. A Spirit-Frontier merger will build a nationwide network of a ultra low-cost service.
Barry Adams
05 Apr, 2022
New York City
U.S. indexes fell 1% and Nasdaq Composite dropped 2.2% after a dovish Fed Governor said that the central bank needed an aggressive approach in tackling inflation. 10-year U.S. bond closed at 2.55%, a 3-year high, and 5-year at 2.70%. Inflation worries drove the market sentiment and tech stocks took the hit. The 30-year mortgage rate crossed 5% for the first time since 2011 and two days in 2018.
Scott Peters
05 Apr, 2022
New York City
MarketAxess Holdings dropped 9% after the fixed income trading platform reported its total credit monthly average daily volume fell 3% from a year ago. The combined daily U.S. high grade and high yield volume fell 6% but total credit trading volume in the month increased to $894.6 billion, second best monthly record.
Scott Peters
05 Apr, 2022
New York City
Carvana plunged 9% after an RBC Capital analyst downgraded the stocks and highlighted that the company is expanding at a faster pace than the sales growth. The online auto retailer is expected to sell about 550,000 vehicles in 2022 against the expanded capacity of 3.3 million. Moreover, the recent Adesa car auction service may face integration risks.
Scott Peters
05 Apr, 2022
New York City
Farfetch Ltd agreed to take a minority stake of $200 million in Nieman Marcus. The investment will be used to the retailer in expanding its online capabilities and re-plarform and imporve mobile capabilities of Bergdorf Goodman. In addition, Neiman and Bergdorf will join Farfetch Marketplace.
Barry Adams
05 Apr, 2022
New York City
Twitter extended gains for the second day after the social media company said it has appointed Elon Musk on its board a day after he declared passive holding of 9%. Peabody Energy extended its weeklong advance after the European Union is looking to place a ban on Russian coal. Carnival Corp said it had the busiest week ending on March 28.
Hossain Akhtar
05 Apr, 2022
New York City
General Motors and Honda Motor announced a partnership to manufacture electric vehicles using the battery technology developed by GM. The partnership plans to use solid state battery technology and deliver the vehicles in 2027 at a price lower than $30,000. Yesterday, Tesla announced a 69% surge in EV sales in the first quarter and doubled its 2021 sales to 936,000 units.
Hossain Akhtar
05 Apr, 2022
New York City
Amazon said it has signed rocket launch deals with three companies to build a network of internet satellites. The deal involves as many as 83 launches and place 3,236 low earth orbit satellites to provide high speed internet service anywhere in the world. Amazon is playing catch up to the Starlink system with about 2,000 satellites in place and 250,000 subscribers.
Barry Adams
05 Apr, 2022
New York City
U.S. indexes wavered in the morning trading and oil and natural gas futures advanced. The European Union is looking to ban import of coal from Russia and disallow the sale of jet fuel. Tech stocks turned lower a day after surging nearly 2%.
