ticker

Warby Parker Second Quarter Loss Expands, Revenues Rose 14%

Scott Peters
11 Aug, 2022
New York City

Warby Parker increased 19% to $16.82 said second quarter revenues increased 13.7% to $149.6 million and active customers increased 8.7% to 2.26 million.

Average revenue per customer increased 8.2% from a year ago to $254.

Net loss in the quarter increased to $32.1 million or 28 cents a diluted share from $10.3 million from 35 cents a diluted share a year ago.

The eyewear retailer lowered full-year 2022 net revenues to between $584 million and $595 million, representing growth between 8% and 10% a year ago.

The company had previously guided full-year revenues to fall between $650 million and $660 million and growth between 20% and 22% from a year ago.

Bumble Quarterly Loss Shrank, Lowers 2022 Revenue Outlook

Scott Peters
11 Aug, 2022
New York City

Bumble Inc declined 7.8% to $31.79 after the dating app company said second quarter revenues increased 18.4% to $220.5 million from $186.2 million, including the negative currency impact of $9.4 million.

Bumble App revenue soared 33.2% to $169.6 million but Badoo App and other revenue fell 13.7% to $50.8 million.

Average Revenue per Paying User or ARPU increased to $23.65 from $20.88 and average paying customers increased to 3.0 million from 2.9 million a year ago.

Net loss in the quarter shrank to $6.4 million from $11.1 million a year ago.

The dating app operator guided third quarter revenues between $236 million and $240 million.

Bumble lowered full-year revenues between $920 million and $930 million from the previous range between $934 million and $944 million,

Walt Disney Net Jumps 53%, Free Cash Flow Falls

Scott Peters
11 Aug, 2022
New York City

Walt Disney Company increased 5.7% to $118.95 after the media and theme park operator reported better-than-expected revenues and earnings on the stronger attendance at parks.

Disney said revenues in the fiscal third quarter ending on July 2 rose 26% to $21.5 billion from $17 billion a year ago.

Net income in the quarter rose 53% to $1.41 billion or 77 cents a diluted share from $923 million or 50 cents a diluted share.

The average monthly revenue per paid subscriber for domestic Disney+ decreased from $6.62 to $6.27 due to a higher mix of subscribers to multi-product offerings, partially offset by an increase in retail pricing.

Free cash flow in the quarter declined to $187 million from $528 million a year ago on higher capital expenditures in parks and resorts.

Weekly Jobless Claims Rise to 2022 High

Brian Turner
11 Aug, 2022
New York City

Weekly initial jobless claims rose 14,000 to 262,000 for the week ending on August 6 from the previous week's downwardly revised level of 248,000, the Department of Labor said Thursday.

Producer Prices In July Drop 0.5%

Brian Turner
11 Aug, 2022
New York City

The Producer Prices index, a measure of wholesale prices, declined 0.5% on an adjusted basis in July after rising at 1.0% in June and 0.8% in May, the U.S. Bureau of Labor Statistics reported Thursday.

On an unadjusted basis, the measure of wholesale prices rose 9.8% from a year ago.

The core index, excluding food, energy and services, rose at a slower pace of 0.2% after rising at 0.3% in June. On a yearly basis, the core index rose 5.8%.

The surprise decline in wholesale prices followed the slight cooling of consumer prices to 8.5% reported on Wednesday.

The back-to-back two inflation reports lifted the hopes that the Federal Reserve may moderate the rate hikes at the next meeting in late September.

However, Fed officials reiterated the Fed's commitment in lowering inflation to its target rate of 2%.

Morning Gains Evaporate On Inflation Level Worries

Barry Adams
11 Aug, 2022
New York City

Morning gains on Wall Street evaporated after benchmark indexes slid in a volatile session.

Popular indexes opened higher but struggled to hold on to advances as investors lacked enthusiasm and the Fed officials reiterated that the fight against inflation is far from over.

The Producer Prices index, a measure of wholesale prices, declined 0.5% on an adjusted basis in July after rising at 1.0% in June and 0.8% in May, the U.S. Bureau of Labor Statistics reported Thursday.

On an unadjusted basis, the measure of wholesale prices rose 9.8% from a year ago.

The core index, excluding food, energy and services, rose at a slower pace of 0.2% after rising at 0.3% in June. On a yearly basis, the core index rose 5.8%.

The surprise decline in wholesale prices followed the slight cooling of consumer prices to 8.5% reported on Wednesday.

The back-to-back two inflation reports lifted the hopes that the Federal Reserve may moderate the rate hikes at the next meeting in late September.

However, Fed officials reiterated the Fed's commitment in lowering inflation to its target rate of 2%.

Movers: Bumble, Disney, Six Flags, Sonos, Vacasa, Warby Parker

Barry Adams
11 Aug, 2022
New York City

Stocks extend gains on Wall Street after wholesale prices declined in July following the slight cooling in consumer prices.

The S&P 500 index increased 0.03% to 4,211.03 and the Nasdaq Composite index fell 0.5% to 12,795.03.

Tech stocks led the gainers for the second day in a row.

Apple, Amazon, Meta, Alphabet, and Meta traded in the positive.

Six Flags Entertainment Corp plunged 22% to $20.31 after the operator of the amusement park said attendance in the quarter dropped 22% to 6.7 million from 8.5 million a year ago.

Second quarter revenues declined 5% to $435 million from $460 million a year ago. Net income in the period plunged 36% to $45 million from $71 million a year ago.

Total guest spending per person increased 23% to $63.87 from $51.94 a year ago.

Walt Disney Company increased 5.7% to $118.95 after the media and theme park operator reported better-than-expected revenues and earnings on the stronger attendance at parks.

Disney said revenues in the fiscal third quarter ending on July 2 rose 26% to $21.5 billion from $17 billion a year ago.

Net income in the quarter rose 53% to $1.41 billion or 77 cents a diluted share from $923 million or 50 cents a diluted share.

The average monthly revenue per paid subscriber for domestic Disney+ decreased from $6.62 to $6.27 due to a higher mix of subscribers to multi-product offerings, partially offset by an increase in retail pricing.

Free cash flow in the quarter declined to $187 million from $528 million a year ago on higher capital expenditures in parks and resorts.

Sonos Inc declined 25% to $17.06 after the maker of high-end speakers said revenues in the fiscal third quarter ending on July 2 edged down 2% to $371 million.

In the period, the company swung to a loss of $0.5 million from a profit of $17.8 million a year ago.

The company lowered its fiscal year 2022 revenue outlook to a new range between $1.730 billion and $1.755 billion, representing growth of 1% to 2% from fiscal 2021, or growth of 4% to 5% on a constant currency basis.

This compares to a prior outlook range between $1.95 billion and $2.0 billion, which represented growth of 14% to 16% from fiscal year 2021.

Bumble Inc declined 7.8% to $31.79 after the dating app company said second quarter revenues increased 18.4% to $220.5 million from $186.2 million, including the negative currency impact of $9.4 million.

Bumble App revenue soared 33.2% to $169.6 million but Badoo App and other revenue fell 13.7% to $50.8 million.

Average Revenue per Paying User or ARPU increased to $23.65 from $20.88 and average paying customers increased to 3.0 million from 2.9 million a year ago.

Net loss in the quarter shrank to $6.4 million from $11.1 million a year ago.

The dating app operator guided third quarter revenues between $236 million and $240 million and full-year revenues between $920 million and $930 million

Vacasa Inc soared 35.3% to $4.12 after the vacation rental management firm said second quarter revenues increased 31% to $310 million.

Vacasa swung to a net profit of $10 million from a loss of $20 million a year ago.

The rebound in travel lifted the demand for vacation rental properties.

Gross Booking Value soared 32% to $676 million and nights sold increased 17% to 1.6 million.

Gross booking value per night sold increased 13% from a year ago to $411.

Warby Parker increased 19% to $16.82 said second quarter revenues increased 13.7% to $149.6 million and active customers increased 8.7% to 2.26 million.

Average revenue per customer increased 8.2% from a year ago to $254.

Net loss in the quarter increased to $32.1 million or 28 cents a diluted share from $10.3 million from 35 cents a diluted share a year ago.

The eyewear retailer lowered full-year 2022 net revenues to between $584 million and $595 million, representing growth between 8% and 10% a year ago.

The company had previously guided full-year revenues to fall between $650 million and $660 million and growth between 20% and 22% from a year ago.

Investors Bid Up Stocks On Softer but Elevated Inflation Reports

Barry Adams
11 Aug, 2022
New York City

Stocks extend gains on Wall Street after wholesale prices declined in July following the slight cooling in consumer prices.

The Producer Prices index declined 0.5% in July and the index excluding volatile food and energy prices also eased.

The surprise decline in wholesale prices followed the slight cooling of consumer prices to 8.5% reported on Wednesday.

The back-to-back two inflation reports lifted the hopes that the Federal Reserve may moderate the rate hikes at the next meeting in late September.

The yield on 10-year U.S. Treasury notes increased to 2.84% and 2-year notes rose to 3.21%.

The average price of a gallon of gasoline declined to $3.99 on Thursday, the Automobile Association of America reported.

The average price peaked at $5.02 per gallon in June and the national average has not fallen below $4 a gallon since March 5.

Futures of crude oil prices rose $2.75 to $94.68 a barrel and natural gas rose 30 cents to $8.61 a thermal unit.

The S&P 500 index increased 0.3% to 4,227.53 and the Nasdaq Composite index was nearly unchanged at 12,848.13.

Tech stocks led the gainers for the second day in a row.

Apple, Amazon, Meta, Alphabet, and Meta traded in the positive.

Six Flags Entertainment Corp plunged 22% to $20.31 after the operator of the amusement park said attendance in the quarter dropped 22% to 6.7 million from 8.5 million a year ago.

Second quarter revenues declined 5% to $435 million from $460 million a year ago. Net income in the period plunged 36% to $45 million from $71 million a year ago.

Total guest spending per person increased 23% to $63.87 from $51.94 a year ago.

Walt Disney Company increased 5.7% to $118.95 after the media and theme park operator reported better-than-expected revenues and earnings on the stronger attendance at parks.

Disney said revenues in the fiscal third quarter ending on July 2 rose 26% to $21.5 billion from $17 billion a year ago.

Net income in the quarter rose 53% to $1.41 billion or 77 cents a diluted share from $923 million or 50 cents a diluted share.

The average monthly revenue per paid subscriber for domestic Disney+ decreased from $6.62 to $6.27 due to a higher mix of subscribers to multi-product offerings, partially offset by an increase in retail pricing.

Free cash flow in the quarter declined to $187 million from $528 million a year ago on higher capital expenditures in parks and resorts.

Sonos Inc declined 25% to $17.06 after the maker of high-end speakers said revenues in the fiscal third quarter ending on July 2 edged down 2% to $371 million.

In the period, the company swung to a loss of $0.5 million from a profit of $17.8 million a year ago.

The company lowered its fiscal year 2022 revenue outlook to a new range between $1.730 billion and $1.755 billion, representing growth of 1% to 2% from fiscal 2021, or growth of 4% to 5% on a constant currency basis.

This compares to a prior outlook range between $1.95 billion and $2.0 billion, which represented growth of 14% to 16% from fiscal year 2021.

Volatile European Markets Lacked Direction On Mixed Corporate Earnings

Bridgette Randall
11 Aug, 2022
Frankfurt

European markets traded higher and investors digested a mixed bag of corporate earnings and German bond yields rose.

In regional economic news investors reviewed the jobless rate in Sweden, Turkey's current account balance, and the home price direction in the U.K.

Sweden's unemployment rate in July edged up to 6.7% from 6.6% in June, according to the data released by the Swedish government agency Public Employment Service.

The jobless rate was the highest since the 6.81% rate in April.

Turkey's current account deficit in June narrowed to $3.45 billion from $6.57 billion, largely on the account of improvement in service surplus.

Merchandise goods deficit decreased to $6.426 billion in June from $8.878 billion in May and in travel services registered a net inflow of $2.728 billion in June.

Home prices in the U.K. continued to advance in July, the Residential Market Survey from the Royal Institution of Chartered Surveyors showed Thursday.

A net 63 percent of respondents said home prices are rising in July, lower than 78 percent in April but still significantly above the long term average of 13 percent.

Lack of new home supply is driving the U.K.'s home price surge.

The DAX index increased 0.1% to 13,716.14, the CAC-40 index increased 0.2% to 6,536.79, and the FTSE 100 index fell 0.6% to 7,462.56.

Deutsche Telekom AG increased 0.2% to 18.89 euros after the company reported a weaker profit in the second quarter but lifted the 2022 earnings outlook.

Siemens AG dropped as much as 1.5% before recovering to 0.7% rise to 110.06 euros after the industrial company reported second quarter loss, first loss in 12 years.

Siemens swung to a quarterly loss on the account of expenses of business closure in Russia and investment in Siemens Energy.

Aegon NV soared 9.2% to 4.86 euros after the Dutch financial services company reported second quarter net revenues declined 4% to 538 million euros from 562 million euros a year ago.

Aegon swung to a quarterly loss of 365 million from a profit of 842 million a year ago on one-time non-operating expenses.

The quarterly result was impacted by a one-time charge related to reinsurance rate increases in the US, contributing to the net loss of 348 million euros.

Aegon raised its 2022 guidance for operating income from 1.2 billion euros to 1.4 billion euros and expects to achieve cumulative free cash flow over the period 2021 to 2023 of at least 2.2 billion euros, ahead of the 1.4 to 1.6 billion euros target set at the 2020 Capital Markets Day

Asian Markets Close Higher After Inflation Worries Ease

Arjun Pandit
11 Aug, 2022
New York City

Stocks in Asia advanced on the rising hopes that the future U.S. rate hikes will be moderate after the U.S. inflation cooled in July.

Inflation around the world is easing after crude oil prices continued to fall and extended the six-month loss to 29% from the peak of $121.30 a barrel on March 8.

Benchmark indexes opened sharply higher after the U.S. consumer price index eased in July to 8.5% from a year ago but still stayed near the four-decade high.

On a monthly basis, prices were flat.

U.S. petrol prices at retail locations have declined for 57 days in a row from the peak of $5.23 to $4.14 a gallon.

Moreover, German consumer price growth eased in July to 7.5% from 7.6% in June and matched the preliminary estimates, according to the Federal Statistical Office data on Wednesday. Consumer prices increased 7.9% in May.

Markets in Japan were closed today to celebrate the Mountain Day.

The popular indexes in India traded in a tight range in the session as buyers added positions in tech, consumer products, and financial stocks.

The Sensex index closed up 515.31 points, or 0.88% to 59,332.60 and the Nifty index closed up 124.25 or 0.7% to 17,659.

The rupee advanced to 79.21 against the U.S. dollar following the easing of worries of larger U.S. interest rate hikes at the next policy meeting in about five weeks.

The Shanghai Composite Index rallied 1.6 percent to 3,281.67, while Hong Kong's Hang Seng Index spiked 2.4 percent to 20,082.43.

Longfor Group Holdings jumped 5.7% to HK$22.10 after the real estate company denied rumors that it missed its latest payment for commercial paper.

Real estate companies have been under a close scrutiny after mortgage boycotts have spread to several smaller cities on mainland China.

The Kospi index in Seoul, Korea jumped 1.7% to close at 2,523.78 following the advances in Asian markets.

LG Chem, LG Energy Solution, and Samsung Electronics advanced between 1% and 3%.

The ASX 200 Index advanced 1.1% to 7,071 and the broader All Ordinaries Index ended 1.2% higher at 7,325.40.

Resource stocks led the gainers with BHP Billiton, Santos, Fortescue, and Rio Tinto increased between 1% and 3%.

Global Markets Advance as Inflation Eases In U.S., Germany, China

Barry Adams
10 Aug, 2022
New York City

Investors cheered the latest inflation report and benchmark indexes rallied led by a surge in tech stocks.

Tech stocks led the gainers after the inflation index eased in July but stayed elevated near a four-decade high after the 7.7% fall in gasoline index was outpaced by higher food and housing indexes.

Consumer prices for goods and services were flat in July on a monthly basis but remained elevated despite the decline in energy prices.

The Consumer Price Index in July was flat from the previous month and rose 8.5% from a year ago, the Bureau of Labor Statistics said Wednesday.

Core index, which excludes volatile food and energy prices, rose 0.3% from the previous month and jumped 5.9% from a year ago in July.

The S&P 500 surged 2.1% to 4,206.71 and the Nasdaq Composite index soared 2.6% to 12,811.94.

The S&P 500 and the Nasdaq Composite indexes closed at 3-month highs.

Amazon, Apple, and Alphabet rose more than 2% and Meta Platforms soared 6%.

Futures of crude oil prices declined $1.20 to $91.20 a barrel and natural gas edged up 42 cents to $8.24 a thermal unit.

After the release of the latest inflation report, the yield on 10-year U.S. Treasury notes edged down to 2.79% and 30-year U.S. Treasury bond fell to 2.96%.

The yield on 2-year U.S. Treasury notes edged down to 3.15%.

Coinbase Global Inc rose 7.2% to $93.98 after the cryptocurrencies exchange operator said second quarter net revenues fell to $803 million from $2.03 billion a year ago.

Coinbase swung to a net loss of $1.1 billion from a profit of $1.6 billion a year ago.

The exchange operator said monthly transacting users edged up to 9.0 million from 8.8 million a year ago and transacting volume plunged to $217 billion from $462 million a year ago.

Bitcoin, the most heavily traded cryptocurrency on the exchange, has plunged 74% from the peak in November 2021 to the low in June 2022.

GoodRx Holdings declined 5.5% to $7.39, after surging nearly 40% in the previous session, after the online pharmacy price comparison services reported better-than-expected quarter results two days ago.

Nikola Corp gained 0.4% to $6.99 after the company said its chief executive officer Mark Russell will retire at the end of 2022.

Tesla Inc gained 3.9% to $883.07 and chief executive Elon Musk sold 7.92 million shares between Aug 5 and Aug 9 for $6.88 billion, according to a series of regulatory filings with the SEC.

Walt Disney Co increased 4.1% to $112.50 ahead of the earnings release later today.

European Markets Advance, German Inflation Eases

European markets accelerated gains after the U.S. and German inflation eased but stayed elevated.

German consumer price growth eased in July to 7.5% from 7.6% in June and matched the preliminary estimates, according to the Federal Statistical Office data on Wednesday. Consumer prices increased 7.9% in May.

On a monthly basis, prices rose 0.9% in July despite the fall in energy prices and two subsidies provided by the government.

The U.S. consumer prices rose at a slower pace 8.5% in July on an annual basis, according to the report released by the U.S. Bureau of Labor Statistics.

The inflation eased but stayed near the 4-decade high after the energy prices fell. The inflation index on a monthly basis was unchanged.

The DAX index increased 0.8% to 13,646.60, the CAC-40 index increased 0.4% to 6,517.47, and the FTSE 100 index added 0.3% to 7,510.40.

Vestas Wind Systems rose 10.4% to 26.91 euros after the company agreed to sell its converters and control panels business to KK Wind Solutions.

Aviva PLC jumped 11.2% to 4604.0 pence after the insurance company reported higher-than-expected earnings in the first-half and released a plan to return more cash to stockholders with the release of full-year results.

The insurance company increased first-half dividend 40% from a year ago to 10.3 pence a share.

Ahold Delhaize NV jumped 6.3% to 28.29 euros after the Dutch supermarket chain reported net sales in constant currencies rose 6.4% and at nominal exchange rate rose 15% to 21.4 billion euros.

The food retailer lifted its interim dividend to 46 euro cents from 43 cents a year ago and lifted its cumulative free cash flow estimate to 7.5 billion euros from above 6 billion euros between 2022 and 2025.

Net income increased 11.7% to 603 million euros or 59 cents a diluted share from 540 million euros or 53 diluted share a year ago.

TUI AG declined 0.1% to 143.20 pence after the tour operator said load factor in the June quarter increased to 92%, exceeding 90% in the same quarter in 2019.

The tour operator handled 5.1 million customers in the quarter compared to 4.1 million a year ago.

Revenues in the quarter rose to 4.4 billion euros compared to 649 million a year ago. Net loss in the quarter shrank to 27 million euros from 670 million euros a year ago.

At the end of June, the company repaid

Movers: Coinbase, GoodRx, Nikola, Sweetgreen, Trade Desk, Tesla, Wendy's

Barry Adams
10 Aug, 2022
New York City

Stocks on Wall Street soared after the latest inflation report showed a slight easing.

Tech stocks led the gainers after the inflation index eased in July but stayed elevated near a four-decade high after the 7.7% fall in gasoline index was outpaced by higher food and housing indexes.

Consumer prices for goods and services were flat in July on a monthly basis but remained elevated despite the decline in energy prices.

The S&P 500 surged 2.1% to 4,206.71 and the Nasdaq Composite index soared 2.6% to 12,811.94.

After the release of the latest inflation report, the yield on 10-year U.S. Treasury notes edged down to 2.76% and 30-year U.S. Treasury bond fell 6 points to 2.96%.

The yield on 2-year U.S. Treasury notes edged down to 3.15%.

Coinbase Global Inc rose 6.6% to $93.32 after the cryptocurrencies exchange operator said second quarter net revenues fell to $803 million from $2.03 billion a year ago.

Coinbase swung to a net loss of $1.1 billion from a profit of $1.6 billion a year ago.

The exchange operator said monthly transacting users edged up to 9.0 million from 8.8 million a year ago and transacting volume plunged to $217 billion from $462 million a year ago.

Bitcoin, the most heavily traded cryptocurrency on the exchange, has plunged 74% from the peak in November 2021 to the low in June 2022.

GoodRx Holdings declined 7% to $7.19, after surging nearly 40% in the previous session, after the online pharmacy price comparison services reported better-than-expected quarter results two days ago.

Nikola Corp gained 0.7% to $7.01 after the company said its chief executive officer Mark Russell will retire at the end of 2022.

Sweetgreen Inc increased 6.4% $17.8 after the salad restaurant chain said it will layoff 5% of its support center staff and plans to downsize to a smaller office to cut operating expenses.

The restaurant chain also lowered its 2022 revenues between $480 million and $500 million from the previous estimate between $515 million and $535 million.

Trade Desk Inc soared 33.8% to $72.97 after the company reported higher-than-expected quarterly results and offered positive outlook.

The digital advertising platform operator said second quarter revenues increased 35% to $377 million and swung to a net loss of $19 million from a profit of $48 million a year ago.

Diluted loss per share was 4 cents compared to 10 cents a year ago.

Trade Desk guided third quarter revenues of $385 million and adjusted operating income of $140 million.

Tesla Inc gained 2.5% to $871.54 and chief executive Elon Musk sold 7.92 million shares between Aug 5 and Aug 9 for $6.88 billion, according to a series of regulatory filings with the SEC.

The Wendy's Company declined 2.2% to $20.67 after the fast food chain operator said second quarter revenues rose 9.0% to $537.8 million from a year ago.

Net income in the quarter 26.7% to $48.2 million from $65.7 million a year ago.

Diluted earnings per share fell to 22 cents from 29 cents a year ago.

Systemwide U.S. sales growth in the U.S. fell to 3.5% from 20.6% a year ago and U.S. same store sales growth declined to 2.3% from 16.1% a year ago.

S&P 500 and Nasdaq Soar 2% as Inflation Cools

Barry Adams
10 Aug, 2022
New York City

Stocks on Wall Street soared after the latest inflation report showed a slight easing.

Tech stocks led the gainers after the inflation index eased in July but stayed elevated near a four-decade high after the 7.7% fall in gasoline index was outpaced by higher food and housing indexes.

Consumer prices for goods and services were flat in July on a monthly basis but remained elevated despite the decline in energy prices.

The Consumer Price Index in July was flat from the previous month and rose 8.5% from a year ago, the Bureau of Labor Statistics said Wednesday.

Core index, which excludes volatile food and energy prices, rose 0.3% from the previous month and jumped 5.9% from a year ago in July.

The S&P 500 surged 2.1% to 4,206.71 and the Nasdaq Composite index soared 2.6% to 12,811.94.

Futures of crude oil prices declined $1.38 to $89.12 a barrel and natural gas edged up 15 cents to $7.99 a thermal unit.

After the release of the latest inflation report, the yield on 10-year U.S. Treasury notes edged down to 2.76% and 30-year U.S. Treasury bond fell 6 points to 2.96%.

The yield on 2-year U.S. Treasury notes edged down to 3.15%.

Coinbase Global Inc rose 6.6% to $93.32 after the cryptocurrencies exchange operator said second quarter net revenues fell to $803 million from $2.03 billion a year ago.

Coinbase swung to a net loss of $1.1 billion from a profit of $1.6 billion a year ago.

The exchange operator said monthly transacting users edged up to 9.0 million from 8.8 million a year ago and transacting volume plunged to $217 billion from $462 million a year ago.

Bitcoin, the most heavily traded cryptocurrency on the exchange, has plunged 74% from the peak in November 2021 to the low in June 2022.

GoodRx Holdings declined 7% to $7.19, after surging nearly 40% in the previous session, after the online pharmacy price comparison services reported better-than-expected quarter results two days ago.

Nikola Corp gained 0.7% to $7.01 after the company said its chief executive officer Mark Russell will retire at the end of 2022.

Tesla Inc gained 2.5% to $871.54 and chief executive Elon Musk sold 7.92 million shares between Aug 5 and Aug 9 for $6.88 billion, according to a series of regulatory filings with the SEC.

European Markets Accelerate Gains, German Inflation Eases

Bridgette Randall
10 Aug, 2022
Frankfurt

European markets accelerated gains after the U.S. and German inflation eased but stayed elevated.

German consumer price growth eased in July to 7.5% from 7.6% in June and matched the preliminary estimates, according to the Federal Statistical Office data on Wednesday. Consumer prices increased 7.9% in May.

On a monthly basis, prices rose 0.9% in July despite the fall in energy prices and two subsidies provided by the German government.