Movers: Nike, Occidental Petroleum, Spirit Air, Snowflake, Walt Disney

Barry Adams
28 Jun, 2022
New York City

Major market averages attempted to advance but the market sentiment was dented after the release of weak consumer confidence index was weaker than expected. 

The consumer confidence index declined to 98.7 in June from 103.2 in May, the Conference Board reported today.  

The S&P 500 index added 1.01% to 3,939.45 and the Nasdaq Composite index increased 0.8% to 11,618.86. 

The 10-year U.S. Treasury notes yield increased to 3.23%. 

Futures of crude oil increased $1.12 to $110.69 a barrel and natural gas added 9 cents to $6.59 a thermal unit. 

Occidental Petroleum increased 4.7% to $61.65 after Warren Buffett controlled Berkshire Hathaway increased its stake to 16.4% according to a regulatory filing. 

Spirit Airlines increased 3.04% to $23.24 after JetBlue Airways revised its offer for carrier higher responding to Frontier's bid revision. 

JetBlue increased its breakup fee by $50 million to $400 million and a $2.50 a share cash payment upon the closing of the deal and monthly 10 cents a share pre-payment from January 2023 till the date of deal closure.  

Las Vegas Sands soared 7.8% to $35.81 and Wynn Resorts increased 7.8% to $62.21. 

Walt Disney & Company increased 3.2% to $99.71 after the company announced its Disneyland will reopen in Shanghai this week. 

Snowflake Inc declined 0.3% to $147.74 after Jeffries upgraded the cloud data warehousing and delivery company to "buy" from "hold."

Snowflake has increased more than 22% in the last five days of trading. 

Several banks lifted dividends after passing their annual stress tests. 

Wells Fargo, Bank of America, Goldman Sachs, and Morgan Stanley lifted their dividends but Citigroup and JP Morgan Chase  left their dividends unchanged. 

Nike Inc declined 4.5% to $105.77 after the athletic shoemaker reported sales in the fourth quarter ending in May declined 1% to $12.2 billion from a year ago. 

Gross margin in the fourth quarter declined 80 basis points to 45% and net income declined 5% to $1.44 billion from $1.51 billion a year ago. 

Inventories in the fourth quarter surged 23% to $8.4 billion from a year ago on higher in-transit inventories driven by extended lead times from ongoing supply chain disruptions.