Market Updates
Movers: Carnival Corp, Lucid Group, Pacwest Bancorp, Energy Stocks
Scott Peters
26 Jun, 2023
New York City
The S&P 500 index futures decreased 0.01% and the Nasdaq Composite declined 0.03%.
The yield on 2-year Treasury notes increased to 4.73%, 10-year Treasury notes inched lower to 3.70% and 30-year Treasury bonds edged down to 3.79%.
Crude oil increased $0.22 to $69.38 a barrel and natural gas prices increased 1 cent to $2.73 a thermal unit.
Lucid Group jumped 9.4% to $5.47 after the company signed an agreement with the UK-based Aston Martin to supply power train and battery systems.
Aston also agreed to sell 3.7% stake in the company to Lucid for $232 million.
Carnival Corp increased 1.9% to $16.10 ahead of the release of the company's quarterly results.
Revenue in the quarter ending in May increased to $4.9 billion from $2.4 billion and net loss shrank to $407 million from $1.8 billion and diluted loss per share dropped to 32 cents from $1.61 a year ago.
For the full year 2023, the company forecasted adjusted EBITDA of $4.10 billion to $4.25 billion, above March guidance's range and with a midpoint increase of $175 million.
Cruise stocks have been on upswing since April on the expectations of a rebound in reservations after travel demand recovered following the Covid-19 pandemic.
PacWest Bancorp jumped 7% to $7.71 after the company sold a $3.5 billion specialty finance portfolio of senior and secured maturities to Ares Management.
Annual Returns
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Earnings
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