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MarketWatch MarketPulseAug 03, 2020
Real estate ETFs fall as REITs see their worst day in 10 weeks
Exchange-traded funds with exposure to commercial real estate slumped Monday as real estate investment trusts continued to report earnings that reflected the full brunt of the coronavirus pandemic. The real estate Sector SPDR fund was down 1.6% in the early afternoon, making it the worst-performing sector of the S&P 500 by far. Among the biggest losers in the fund was CBRE Group, Inc., a commercial real estate firm that on Friday reported a 57.5% yearly decline in adjusted net income in the second quarter. CBRE shares were down 4.8% on Monday, on track for its worst day since mid-May. Shares of Apartment Investment & Management Co., a real estate investment trust due to report its earnings after the bell, were down 3.8%. The Vanguard Real Estate ETF and the Schwab U.S. REIT ETF were both 1.5% lower in the early afternoon.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseAug 03, 2020
: RingCentral falls despite beating expectations
RingCentral Inc. RNG shares fell in the extended session Monday even though the enterprise cloud communications company reported results that beat expectations. The Belmont, Calif.-based company's shares fell 1.5% in after-hours trading, after a 5.4% gain in the regular session to close at $305.36. The company reported second-quarter net income of $509,000, or 1 cent a share, versus a loss of $9.2 million, or 11 cents a share, in the year-ago period. Adjusted earnings were 24 cents a share after adjusting for higher share-based compensation and amortization of intangibles. Revenue rose to $278 million from $215 million in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 20 cents a share on revenue of $264 million. RingCentral shares are up 81% year to date, while the S&P 500 Index SPX is up 1.25% so far.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



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: RingCentral stock falls despite beating earnings expectations (MarketWatch MarketPulse)

MarketWatch MarketPulseAug 03, 2020
Nio's stock spikes up after July deliveries data, helping lift other EV makers
Shares of Nio Inc. spiked up 14.2% in afternoon trading Monday, after the China-based electric vehicle maker and Tesla Inc. rival reported upbeat July deliveries data. Nio said it delivered 3,533 vehicles in July, up more than fourfold (up 322.1%) from a year ago, including 2,610 of its ES6 5-seater SUV and 923 6-and-7 seater ES8 SUVs. "In July, we are pleased to have achieved the second-highest monthly delivery results despite the impact on productions due to a 5-day suspension of manufacturing to prepare for EC6 productions and other flood-related supply chain challenges," said Chief Executive William Bin Li. That helped boost other EV makers, with Tesla's stock surging 3.6% and Nikola Corp. shares running up 17.1%. Nikola is scheduled to report second-quarter results after Tuesday's closing bell. Separately, Electric truck maker Lordstown Motors Co. will become public, after agreeing to be acquired by blank-check company DiamondPeak Holdings Corp. , which saw its stock soar 15.4% on the news. The rally in EV maker shares comes as the S&P 500 gained 0.8%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


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