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MarketWatch MarketPulse
Aug 03, 2021

Dow industrials gain modestly early Tuesday but COVID delta-variant worries keep stock market in check
U.S. stock indexes Tuesday rose modestly higher as traders grappled with concerns over how the global economy will withstand COVID-19's delta variant as well as Chinese regulatory actions. The Dow Jones Industrial Average rose 0.3% at 34,924, the S&P 500 index advanced 0.2% at 4,395, while the Nasdaq Composite Index climbed 0.1% to reach 14,702. The market has been buoyed by strong corporate quarterly results but investors are still watching to see if the U.S. central bank will continue to support the economy, helping to spurt further expansion for equities. The Centers for Disease Control and Prevention said Monday the delta variant is "highly contagious" and urged unvaccinated people to get their shots and for employers to require vaccination. "To put this in perspective: if you get sick with the alpha variant, you could infect about two other unvaccinated people," said CDC Director Dr. Rochelle Walensky. "If you get sick with the delta variant, we estimate that you can infect about five other unvaccinated people - more than twice as many as the original strain," she explained.

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MarketWatch MarketPulse
Aug 03, 2021

Newly-separated Victoria's Secret and Bath & Body Works start trading today
The L Brands Inc. separation of Victoria's Secret & Co. and Bath & Body Works Inc. is complete and the newly-separated companies will begin trading on their respective tickers on Tuesday. Shares of Bath & Body Works, which will open at a reference price of $64.59, were down 0.9% in premarket trading. And Victoria's Secret, which is set to open at a reference price of $45.99, was up 3.3% in premarket. Victoria's Secret, which is undergoing a turnaround to focus on women's empowerment and diversity, says it sees opportunity in areas like maternity and in locations outside of traditional malls. The SPDR S&P Retail ETF has rallied 48% for the year to date while the S&P 500 index is up 16.8% for the period.

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 MarketPulse
Aug 03, 2021

Nikola stock rallies after reporting narrower loss than expected
Shares of Nikola Corp. rallied 2.0% in premarket trading Tuesday, after the battery-electric and hydrogen-electric vehicle and components maker reported a narrower-than-expected second-quarter loss. The company said net losses narrowed to $143.2 million, or 36 cents a share, after a loss of $115.8 million, or 43 cents a share, in the year-ago period. Excluding nonrecurring items, the adjusted per-share loss widened to 20 cents from 16 cents but beat the FactSet loss consensus of 30 cents. The company didn't record revenue in the second quarter, after recording $36,000 in solar revenue last year. The company said the second-half 2021 objectives it expects to achieve include delivering pre-series Nikola Tre battery-electric vehicles (BEVs) for use on public roads to haul freight, break ground on the first commercial hydrogen station. The stock has tumbled 26.7% year to date through Monday, while EV-market leader Tesla Inc. shares have edged up 0.6% and the S&P 500 has advanced 16.8%.

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.



MarketWatch MarketPulse
Aug 03, 2021

Blue Apron swings to a loss
Blue Apron Holdings Inc. shares fell 2.5% in Tuesday premarket trading after the meal-kit company swung to a second-quarter loss. Net loss totaled $18.6 million, or 98 cents per share, after net income of $1.1 million, or 8 cents per share last year. Revenue of $124.0 million fell from $131.0 million. The FactSet consensus was for a loss of 89 cents and revenue of $124.3 million. Blue Apron had 375,000 customers as of June 30, down from 396,000 last year. Average order value was up to $62.72 from $60.88. And average revenue per customer was $330, nearly flat with $331 last year. Blue Apron continues to expect high single-digit to low double-digit net revenue growth for 2021. The FactSet consensus is for revenue of $497.7 million, implying 8% growth. Blue Apron stock has slumped 21.1% for the year to date while the S&P 500 index has gained 16.8% for the period.

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MarketWatch MarketPulse
Aug 03, 2021

Expeditors beats earnings expectations, sees logistics challenges remaining for rest of the year
Expeditors International of Washington Inc. reported Tuesday second-quarter profit and revenue that rose well above expectations, and said logistics challenges are likely to remain through the rest of the year while demand is expected to remain robust. The airfreight and ocean freight company's stock was still inactive in premarket trading. Net income rose to $316.4 million, or $1.84 a share, from $183.9 million, or $1.09 a share, in the year-ago period. The FactSet consensus for earnings per share was $1.63. Revenue increased 49.7% to $3.61 billion, above the FactSet consensus of $3.40 billion. Cost of transportation and other expenses rose 56% to $2.60 billion. "Robust demand is bumping up against capacity constraints in the air and ocean markets, all of which is made more challenging by limited warehouse space, staffing constraints, port congestion, equipment dislocations, and driver shortages, not to mention additional disturbances such as the closure of the Yantian port due to a COVID-19 outbreak in May or the blockage of the Suez Canal back in March," said Chief Executive Jeffrey Musser. "While we remain optimistic that conditions will improve over time, we are unable to predict when that might take place, or how even the recovery might be, and we believe that demand will likely continue to outstrip capacity in both air and ocean for the near term, keeping buy/sell rates unsettled for at least the duration of 2021." The stock has rallied 12.0% over the past three months, while the Dow Jones Transportation Average has dropped 8.0% and the Dow Jones Industrial Average has gained 2.1%.

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MarketWatch MarketPulse
Aug 03, 2021

Activision Blizzard names Jen Oneal and Mike Ybarra co-leaders of Blizzard Entertainment
Activision Blizzard Inc. said Tuesday it has named Jen Oneal and Mike Ybarra as co-leaders of Blizzard Entertainment, the unit responsible for developing popular videogames, including Warcraft, Diablo and StarCraft. The news was announced by Activision Chief Operating Officer Daniel Alegre in a letter to all employees. Oneal is an 18-year veteran of the company, most recently servicing as executive vice president of development. Ybarra has worked in the industry for more than 20 years and spent seven years as a senior executive at Microsoft's XBOX division. He was most recently EVP and general manager of platform and technology overseeing Battle.net and development services operations. "With their many years of industry experience and deep commitment to integrity and inclusivity, I am certain Jen and Mike will lead Blizzard with care, compassion and a dedication to excellence," Alegre said. The news comes after the California Department of Fair Employment and Housing filed a lawsuit against Activision, alleging that it pays and promotes female employees less than their male peers, and that female employees are subject to "constant sexual harassment," including unwanted sexual comments, advances and groping. Shares were down 1.9% premarket and have lost 11% in the year to date, while the S&P 500 has gained 16.8%.

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MarketWatch MarketPulse
Aug 03, 2021

Ralph Lauren shares surge after earnings blow past expectations
Ralph Lauren Corp. shares surged 7.2% in Tuesday premarket trading after the luxury lifestyle company reported fiscal first-quarter earnings that blew past expectations. Net income totaled $164.7 million, or $2.18 per share, after a loss of $127.7 million, or $1.75 per share, last year. Adjusted EPS of $2.29 far exceeded the FactSet consensus for 88 cents. Revenue of $1.376 billion was nearly triple the $487.5 million last year and also ahead of the FactSet consensus of $1.218 billion. North American revenue was up 301% to $662 million, and comparable sales in the region were up 176%. Ralph Lauren stock has gained 13.7% for the year to date while the benchmark S&P 500 index is up 16.8% for the period.

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MarketWatch MarketPulse
Aug 03, 2021

Sanofi to buy mRNA developer for $3.2 billion
Shares of Translate Bio Inc. soared 29.8% in premarket trading on Tuesday after Sanofi said it will spend $3.2 billion to buy the developer of messenger RNA (mRNA) technologies. The U.S.-listed shares of Sanofi were down 0.1% in premarket trade. "A fully owned platform allows us to develop additional opportunities in the fast-evolving mRNA space," Sanofi CEO Paul Hudsons said in a statement. Investors are paying much closer attention to mRNA developments since the mRNA COVID-19 vaccines developed by Moderna Inc. and BioNTech SE /Pfizer Inc. have been authorized. Sanofi and Translate are also developing a mRNA COVID-19 vaccine; the experimental shot is currently in a Phase 1/2 clinical study. "Given the early stage of TBIO's platform, and the company's recent pivot into vaccines, the deal terms strike us as favorable for SNY and fair for TBIO," SVB Leerink's Geoffrey Porges told investors on Tuesday. So far this year, Translate's stock has gained 58.1% and Sanofi is up 5.5%. The S&P 500 has gained 17.0%.

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MarketWatch MarketPulse
Aug 03, 2021

Tyson Foods to require vaccinations for all U.S. workers
Tyson Foods Inc. announced Tuesday that it will require all office staff to be vaccinated by October 1, and all other workers to be vaccinated by November 1, pending discussions with locations represented by unions. Tyson said nearly half of its workers are already vaccinated, and the company has hosted more than 100 vaccination events. The meat manufacturer says it will provide $200 to workers, subject to those union discussions, along with the policy to compensate workers for up to four hours of pay if they're vaccinated outside of their shift or through an external source. Tyson has spent $700 million to date on protective gear, vaccinations and other COVID-19-related measures. At one point, the illness had infected 1,000 of 2,800 workers in the company's Waterloo facility. Tyson shares are up 11.3% for the year to date while the benchmark S&P 500 index has gained 16.8% for the period.

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MarketWatch MarketPulse
Aug 03, 2021

Bausch Health shares slide 6% premarket after surprise loss, says will seek IPO of Solta Medical business
Bausch Health Companies Inc. shares fell 6% in premarket trade Tuesday, after the company posted a surprise loss in the second quarter, hurt by higher costs stemming from litigation, selling, general and administration expenses and the impact of a recall caused by a quality issue at a third-party supplier. The loss came to $595 million, or $1.66 a share, wider than the loss of $326 million, or 92 cents a share, posted in the year-earlier period. Revenue rose to $2.100 billion rom $1.664 billion. The FactSet consensus was for EPS of 95 cents and revenue of $2.118 billion. The company, the former Valeant, lowered its full-year guidance and now expects revenue of $8.40 billion to $8.60 billion, down from earlier guidance of $8.60 billion to $8.80 billion. The FactSet consensus is for $8.60 billion. It made several other announcements with earnings, including that Thomas J. Appio will become CEO of Bausch Pharma as soon as the separation of the Bausch & Lomb eye health care business has been completed. The company will seek an initial public offering of its Solta Medical business, a provider in medical aesthetics. Shares have gained 43% in the year to date, while the S&P 500 has gained 16.8%.

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MarketWatch MarketPulse
Aug 03, 2021

Wolverine World Wide buys athletic brand Sweaty Betty in $410 million all-cash deal
Wolverine World Wide Inc. announced Tuesday that it has acquired British lifestyle brand Sweaty Betty in a $410 million all-cash deal. Wolverine funded the transaction with cash and credit. Founded in 1998, more than 80% of Sweaty Betty's sales come through direct-to-consumer channels. "The acquisition of Sweaty Betty complements our strategic shift over the last several years from a traditional footwear wholesaler into a consumer-obsessed, digital-focused growth company," said Wolverine Chief Executive Blake Krueger in a statement. Wolverine brands include the namesake label, Keds, Saucony and Merrell. "It also gives us a leadership position in the growing women's activewear category," he said. Wolverine expects the deal to be earnings accretive in a year. Wolverine acquired all of the shares of Lady of Leisure InvestCo Limited, the group that owns Sweaty Betty, from L Catterton and other shareholders. Wolverine stock rose 1.3% in premarket trading after the deal, and has gained 7.7% for the year to date. The S&P 500 index is up 16.8% for 2021 so far.

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MarketWatch MarketPulse
Aug 03, 2021

Arconic stock slips after swinging to loss, while revenue came up short of expectations
Shares of Arconic Corp. slipped 0.2% in premarket trading Tuesday, after the aluminum company swung to a loss, which included a one-time pension charge, and revenue that came up a bit shy of forecasts. The net loss was $427 million, or $3.89 a share, after net income of $52 million, or 48 cents a share, in the year-ago period. The results included a pension settlement charge of $423 million related to the partial annuitization of U.S. pension obligations. Sales increased 51.7% to $1.80 billion, but was below the FactSet consensus of $1.87 billion, as rolled products revenue grew 67.5% to $1.47 billion. Arconic raised its 2021 revenue guidance range to $7.3 billion to $7.6 billion from $7.1 billion to $7.4 billion. The company said after buying back nearly $9 million worth of stock in the second quarter, it repurchased more than doubled that amount during July. The stock has run up 18.9% year to date through Monday, while the S&P 500 has gained 16.8%.

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MarketWatch MarketPulse
Aug 03, 2021

Marvell Technology to acquire Innovium in all-stock deal valued at $1.1 billion
Marvell Technology Inc. said Tuesday it has reached an agreement to acquire Innovium Inc., a provider of software for cloud and edge data centers, in an all-stock deal valued at $1.1 billion. The deal is expected to close by year-end and to add $150 million in incremental revenue in fiscal 2023. It's expected to be neutral to Marvell's adjusted per-share earnings in the first quarter after close and too boost it in the first full fiscal year after that. Marvell, which makes infrastructure semiconductor software, has a portfolio of Ethernet switch semiconductor solutions for the enterprise and carrier segment. "Innovium's TERALYNX(TM) switching architecture delivers the ultra-low latency, optimized power, high performance, and innovative telemetry that are critical in today's cloud-scale data centers," Marvell said in a statement. The deal will allow Marvell to "immediately participate in the fastest growing segment of the switch market with a cloud-optimized solution," said the statement. Marvell shares were slightly higher premarket and have gained 27% in the year to date, while the S&P 500 has gained 16.8%.

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MarketWatch MarketPulse
Aug 03, 2021

Under Armour reports better-than-expected earnings, raises guidance
Under Armour Inc. shares jumped 5.4% in Tuesday premarket trading after the athletic company reported second-quarter earnings that far exceeded expectations and raised its 2021 guidance. Net income totaled $59.2 million, or 13 cents per share, after a loss of $182.9 million, or 40 cents per share, last year. Adjusted EPS of 24 cents blew past the FactSet consensus for 6 cents. Revenue of $1.352 billion was up from $707.6 million last year and ahead of the FactSet consensus for $1.218 billion. Under Armour is now guiding for revenue growth in a low-20 percentage rate compared with previous guidance for high-teens percentage rate. EPS is expected to be 14 cents to 16 cents up from previous guidance for 2 cents to 4 cents. And adjusted EPS is expected to be 50 cents to 52 cents, up from prior guidance for a range of 28 cents to 30 cents. The FactSet consensus is for revenue of $5.346 billion, implying 19.5% growth, and EPS of 35 cents. Under Armour shares have gained 23% for the year to date while the S&P 500 index is up 16.8% for the period.

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MarketWatch MarketPulse
Aug 03, 2021

ConocoPhillips shares jump about 2% premarket after profit tops estimates
ConocoPhillips shares rose about 2% in premarket trade Tuesday, after the oil major posted better-than-expected profit for the second quarter. The company posted net income of $2.1 billion, or $1.55 a share, for the quarter, up from $300 million, or 24 cents a share, in the year-earlier period. Adjusted per-share earnings came to $1.27, well ahead of the $1.10 FactSet consensus, boosted by higher realized prices and volumes. It did not offer a revenue number. Production excluding Libya came to 1,547 thousand barrels of oil equivalent a day, or MBOED, up 566 MBOED from the year-earlier period. The company recently offered a market update offering a 10-year plan that is based on an oil price of $50 a barrel and offered an outlook for the business following its acquisition of Concho. Shares have gained 38.5% in the year to date, while the S&P 500 has gained 16.8%.

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MarketWatch MarketPulse
Aug 03, 2021

Marriott stock jumps after big profit beat, revenue more than doubles but comes up a bit shy
Shares of Marriott International Inc. jumped 2.0% in premarket trading Tuesday, after the hotel operator reported a big second-quarter profit beat, as revenue more than doubled but came up a bit shy of expectations, amid a "swift resurgence" in lodging demand. The company swung to net income of $422 million, or $1.28 a share, from a loss of $234 million, or 72 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to 79 cents, above the FactSet consensus of 47 cents. Revenue grew 115% to $3.15 billion, missing the FactSet consensus of $3.32 billion. Worldwide revenue per available room (RevPAR) increased 262.6%, occupancy increased to 51% and the global average daily rate was down 17% from the same period in 2019. "The rate of global lodging recovery accelerated during the second quarter and momentum has continued into July," said Chief Executive Anthony Capuano. The stock has gained 9.8% year to date through Monday, while the S&P 500 has advanced 16.8%.

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MarketWatch MarketPulse
Aug 03, 2021

Coronavirus tally: Global cases of COVID-19 near 199 million , CDC urges vaccination against 'highly contagious' delta variant
The global tally for the coronavirus-borne illness headed above 198.9 million on Tuesday, while the death toll climbed above 4.23 million according to data aggregated by Johns Hopkins University. The U.S. leads the world with a total of 35.1 million cases and in deaths with 613,679 as the highly infectious delta variant continues to spread fast, especially in states with low vaccination rates. The Centers for Disease Control and Prevention said Monday the delta variant is "highly contagious" and urged unvaccinated people to get their shots and for employers to require vaccination. "The delta variant is highly contagious," CDC director Dr. Rochelle Walensky said during the briefing. "To put this in perspective: if you get sick with the alpha variant, you could infect about two other unvaccinated people. If you get sick with the delta variant, we estimate that you can infect about five other unvaccinated people - more than twice as many as the original strain." India is second by cases at 31.7 million and third by deaths at 425,195 according to its official numbers, which are expected to be undercounted. Brazil is second in deaths at 557,223, but is third in cases at 19.9 million. Mexico has fourth-highest death toll at 241,279 but has recorded just 2.9 million cases, according to its official numbers. In Europe, Russia continues to pull ahead of the U.K. by deaths at 158,263, while the U.K. has 130,039, making Russia the country with the fifth-highest death toll in the world and highest in Europe.

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MarketWatch MarketPulse
Aug 03, 2021

PepsiCo stock rises after $3.3 billion deal to sell juice brands, including Tropicana and Naked
Shares of PepsiCo Inc. rose 1.0% in premarket trading Tuesday, after the beverage and snacks company announced an agreement to sell Tropicana, Naked and other juice brands across North America for $3.3 billion in cash to PAI Partners. The deal includes options to sell certain juice businesses in Europe. PepsiCo said it will retain a 39% interest in a newly formed joint venture, and will retain exclusive U.S. distribution rights of the brands. "This joint venture with PAI enables us to realize significant upfront value, whilst providing the focus and resources necessary to drive additional long-term growth for these beloved brands," said PepsiCo Chief Executive Ramon Laguarta. "In addition, it will free us to concentrate on our current portfolio of diverse offerings, including growing our portfolio of healthier snacks, zero-calorie beverages, and products like SodaStream which are focused on being better for people and the planet." PepsiCo said the juice businesses in the deal delivered about $3 billion in revenue in 2020, while operating profit margins were below overall operating margins. The stock has gained 5.4% year to date through Monday, while the S&P 500 has advanced 16.8%.

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MarketWatch MarketPulse
Aug 03, 2021

Clorox shares slide 7% premarket as earnings hurt by inflation and lower demand for cleaning products
Clorox Co. shares tumbled 7% in premarket trading Tuesday, after the consumer goods company missed estimates for its fiscal fourth quarter and said it expects earnings and margins to shrink again in fiscal 2022. The company posted net income of $97 million, or 78 cents a share, for the quarter to June 30, after income of $310 million, or $2.41 a share, in the year-earlier period. Adjusted per-share earnings came to 95 cents, well below the $1.32 FactSet consensus. Sales fell to s$1.802 billion from $1.983 billion a year earlier, also below the $1.906 billion FactSet consensus. "Fiscal year 2021 was an extraordinary year for Clorox, with the pandemic putting us through the test of volatility, including rapid changes in consumer demand and inflationary pressure, which is reflected in our fourth quarter results," CEO Linda Rendle said in a statement. Sales fell at 2 of the company's 3 businesses, due to lower shipments of cleaning and disinfecting products in the retail and professional channels as consumer demand diminished. Sales of household goods fell 8% and lifestyle goods fell 3%. The company is now expecting fiscal 2022 sales to fall 2% to 6% and for adjusted EPS to fall 26% to 21% to a range of $5.40 to $5.70. The company is expecting to invest about $500 million over the next five years to improve its digital capabilities and enhance productivity. Shares have fallen 10% in the year through Monday, while the S&P 500 has gained 16.8%.

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MarketWatch MarketPulse
Aug 03, 2021

Eli Lilly's stock falls after profit comes up short of expectations, while revenue beat
Shares of Eli Lilly & Co. fell 1.4% in premarket trading Tuesday after the drug maker missed second-quarter profit expectations while revenue beat, as gross margin as a percentage of revenue fell due primarily to an excess inventory charge related to COVID-19 antibodies. Net income slipped to $1.39 billion, or $1.53 a share, from $1.41 billion, or $1.55 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to $1.87 from $1.45, but was below the FactSet consensus of $1.89. Revenue grew 23% to $6.74 billion, above the FactSet consensus of $6.60 billion, with revenue from its largest drug Trulicity rising 25% to $1.54 billion to top expectations of $1.51 billion. Gross margin as a percentage or revenue fell to 71.0% from 77.8%. "As the COVID-19 pandemic has continued to evolve during the second quarter of 2021, Lilly incurred excess inventory charges primarily due to the combination of changes to current and forecasted demand from U.S. and international governments and near-term expiry dates of COVID-19 antibodies," the company said in a statement. Lilly estimates the COVID-19 pandemic hurt revenue by about $200 million in the U.S. and $50 million outside the U.S. For 2021, the company expects adjusted EPS of $7.80 to $8.00, surrounding the FactSet consensus of $7.89. The stock has soared 46.1% year to date through Monday, while the S&P 500 has gained 16.8%.

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MarketWatch MarketPulse
Aug 03, 2021

DuPont stock surges after profit and sales beats, raised full-year outlook
Shares of DuPont de Nemours Inc. rallied 1.7% in premarket trading Tuesday after the specialty materials and chemicals company reported second-quarter earnings that beat expectations, amid an ongoing recovery in markets hurt by the COVID-19 pandemic a year ago, and raised its full-year outlook. The company swung to net income of $478 million, or 90 cents a share, from a loss of $2.48 billion, or $3.37 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to $1.06 from 31 cents, beating the FactSet consensus of 94 cents. Sales grew 25.7% to $4.14 billion, above the FactSet consensus of $3.99 billion. For 2021, the company raised its adjusted EPS guidance range to $4.24 to $4.30 from $3.60 to $3.75 and listed its sales guidance to $16.45 billion to $16.55 billion from $15.7 billion to $15.9 billion. "Continued positive momentum in almost all of our key end-markets, including semiconductor, smartphones, automotive, and residential construction, enabled us to deliver strong second quarter results ahead of expectations with year-over-year and sequential growth in all three reporting segments," said Chief Executive Ed Breen. The stock has gained 5.0% year to date through Monday, while the S&P 500 has gained 16.8%.

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MarketWatch MarketPulse
Aug 02, 2021

Treasury taking extra measures to stave off default, Yellen tells Congress
Treasury Secretary Janet Yellen told congressional leaders on Monday her department has begun taking extra steps to avoid default after a suspension of the debt limit ended over the weekend. In a letter, Yellen once again urged Congress to act "as soon as possible" on the borrowing limit. The Congressional Budget Office has estimated the Treasury could run out of cash to pay bills in October or November absent a debt-limit increase. Senate Minority Leader Mitch McConnell has suggested no Republicans will vote to increase or suspend the borrowing limit, while the White House says President Joe Biden expects lawmakers to vote to raise it.

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MarketWatch MarketPulse
Aug 02, 2021

White House: 1 out of 3 cases of COVID-19 are in Florida and Texas
One out of three COVID-19 cases occurred in Florida and Texas over the past week, and 17% of cases came from seven states with the lowest vaccination rates in the U.S., the White House said Monday. "We remain concerned about the continued rise in cases, driven by the delta variant," Jeff Zients, White House COVID-19 response coordinator, told reporters during a news briefing. "These cases are concentrated in communities with lower vaccination rates." That said, the overall vaccination rate is increasing; more than 3 million Americans have received a first shot of a COVID-19 vaccine in the past seven days. At least 49.7% of people in the U.S. have been fully vaccinated, as of Monday, according to the Centers for Disease Control and Prevention.

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MarketWatch MarketPulse
Aug 02, 2021

Stocks give up early gains to end mostly lower on worries over peak growth, COVID
Stocks gave up early gains to end mostly lower Monday, in a move analysts attributed partly to jitters over signs of peaking economic growth and the continued spread of the delta variant of the coronavirus that causes COVID-19. The Dow Jones Industrial Average fell around 99 points, or 0.3%, to close near 34,836, according to preliminary figures, while the S&P 500 gave up around 8 points, or 0.2%, finish near 4,387. The Nasdaq Composite bucked the trend, holding on to a gain of around 8 points, or 0.1%, to end near 14,681.

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MarketWatch MarketPulse
Aug 02, 2021

Sen. Lindsey Graham says he has breakthrough COVID infection
Republican Sen. Lindsey Graham of South Carolina said in a tweet on Monday that he had tested positive for COVID-19 even after being vaccinated. Graham said he has "mild" symptoms at the present time and will be quarantining for 10 days. "I am very glad I was vaccinated because without vaccination I am certain I would not feel as well as I do now," he added. There is growing worry about breakthrough infections in vaccinated people, even though such infections are rare.

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MarketWatch MarketPulse
Aug 02, 2021

Biden asked CDC for 30-day eviction ban, White House says
President Joe Biden on Sunday "raised the prospect" of a new, 30-day eviction moratorium focused on U.S. counties with high or substantial COVID-19 case rates, the White House said Monday. An eviction ban expired at midnight Saturday. The White House said that to date, Centers for Disease Control and Prevention Director Rochelle Walensky and her team haven't been able to find legal authority for a new, targeted eviction moratorium. Biden is now asking his policy and other teams to reexamine whether there are other authorities to take more actions to stop evictions, the White House said. The president is also calling on states to extend or put in place eviction moratoriums for at least the next two months.

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MarketWatch MarketPulse
Aug 02, 2021

Oil futures end more than 3% lower to kick off August
Oil futures slumped Monday, kicking off August on a down note as investors weighed weaker-than-expected, survey-based readings on economic activity in China and the U.S. and continued to monitor the spread of the Delta variant of the coronavirus that causes COVID-19. West Texas Intermediate crude for September delivery fell $2.69, or 3.6%, to close at $71.26 a barrel on the New York Mercantile Exchange.

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MarketWatch MarketPulse
Aug 02, 2021

Gold ends higher as dollar retreats, benchmark Treasury yields deepen slump to February nadir
Gold futures settled higher Monday, starting August on an upbeat note for the precious metal as a retrenchment in the U.S. dollar and a further pullback in 10-year Treasury yields helped to pave the way for buying in bullion. December gold gained $5, or 0.3%, to end at $1,822.20 an ounce. The 10-year Treasury yield fell below 1.15%, extending the fall to the lowest levels since February, briefly on Monday and the U.S. dollar was off 0.1%, as gauged by the ICE U.S. Dollar Index. Concerns about the spread of the delta variant of COVID-19 also was attributed to the move to assets perceived as havens.

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Aug 02, 2021

U.S. reaches COVID-19 milestone of 70% of adults receiving at least one vaccine dose: White House
The U.S. reached a COVID-19 milestone on Monday by having 70% of American adults receive at least one dose of a vaccine, according to a tweet from Cyrus Shahpar, White House COVID-19 data director, emergency physician and epidemiologist. President Joe Biden had wanted to reach that goal by the July 4 holiday, but the U.S. vaccine program had slowed sharply in the weeks preceding that date. More than 468,000 doses had been reported to have been administered by early afternoon Monday, including 320,000 that were in newly vaccinated people, up from 257,000 a week ago, said the Shahpar tweet. The Centers for Disease Control and Prevention's vaccine tracker shows that, as of Sunday, about 165 million Americans are fully vaccinated, equal to 49.6% of the total population. Among adults 18 and over, 60.5% are fully vaccinated. That means they have had two doses of the vaccines developed by Pfizer Inc. with German partner BioNTech SE or Moderna Inc. or one shot of Johnson & Johnson's single-dose regimen. Public health experts have been urging people to get their shots as the highly transmissible delta variant of the virus has cases rising in all 50 states. Coronavirus Update: U.S. COVID-19 daily case tally back at February levels, and patients are getting younger as Florida records highest hospitalizations yet

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MarketWatch MarketPulse
Aug 02, 2021

: Google-designed Tensor chip to debut in Pixel phones this fall
Alphabet Inc. GOOGGOOGL said Monday it's using an in-house designed semiconductor to power its new line of phones this fall. In a blog post, Google said its Pixel 6 and Pixel 6 Pro phones will contain its custom Tensor chip. "AI is the future of our innovation work, but the problem is we've run into computing limitations that prevented us from fully pursuing our mission," said Rick Osterloh, head of Google devices and services, in the post. "So we set about building a technology platform built for mobile that enabled us to bring our most innovative AI and machine learning (ML) to our Pixel users." Google said it will announce pricing and availability of the new phones "later this year." Last November, Apple Inc. AAPLdebuted its M1 chip in its Mac computers, in a shift away from Intel Corp. INTC processors, while Amazon.com Inc. AMZN and Microsoft Corp. MSFT are also reportedly designing their own chips.

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Aug 02, 2021

Affirm stock rockets after Square announces $29 billion deal for rival Afterpay
Shares of buy-now pay-later (BNPL) company Affirm Holdings Inc. are surging more than 18% in Monday trading after Square Inc. announced its plans to purchase BNPL rival Afterpay Ltd. for a 31% premium in a vote of confidence for the payment trend. The deal is valued at $29 billion. Afterpay and Affirm are among companies offering financial technology that lets consumers split their purchases into installments in a break from the traditional credit-card model of compounding interest. Some BNPL products are interest-free, while others carry simple interest. Affirm's stock "will now include an M&A premium," Bernstein's Harshita Rawat wrote in a note to clients. In her view, the deal announcement translates to a negative read for PayPal Holdings Inc. , which also has expanded into BNPL and is seeing a 0.2% drop in its stock during Monday's session. She saw a positive read through for Marqeta Inc. , which works with both Afterpay and Square on debit-based products, though Marqeta shares are off 0.4% in Monday trading.

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Aug 02, 2021

Bank of America files shelf to offer up to $123 billion in debt and equity securities over time
Bank of America Corp. filed a shelf registration Monday with the Securities and Exchange Commission to allow it to issue up to $123 billion in debt securities, warrants, preferred stock and equity securities over time. Proceeds of any offerings will be used for working capital, to fund investments in or credit to subsidiaries, to repay debt, to invest in other businesses and for general corporate purposes. Shares were down 0.2% but have gained 26% in the year to date, while the S&P 500 has gained 17%.

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Aug 02, 2021

GE stock rallies, trades above $100 after reverse split takes effect
For General Electric Co. investors who might have done a double take when they saw their stock trading above $100, the reason is because the 1-for-8 reverse stock split the industrial conglomerate proposed earlier this year just went into effect. The stock rose 2.1% in morning trading to $105.80, which implies a pre-split adjusted price of about $13.23. The stock's new split-adjusted record close is Aug. 28, 2000's $461.40. GE had said in March that it wanted to implement the reverse split, which is typically effected by companies looking to boost their share price to avoid delisting or to make it appear more attractive to certain institutional investors, because the company wanted to "decrease the number of shares outstanding to a number more typical of companies with comparable market capitalization." GE's current market cap is about $116.1 billion. As of June 30, GE had 8.78 billion shares outstanding; the reverse split multiplies the stock price by eight but also divides the shares outstanding by eight, to bring it down to about 1.10 billion shares. In comparison, fellow S&P 500 components 3M Co. , with a market cap of $115.4 billion, has 578.6 million shares outstanding as of June 30, and Caterpillar Inc. , with a market cap of $114.8 billion, had 547.8 million shares outstanding as of March 31, according to their latest 10-Q filings.

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MarketWatch MarketPulse
Aug 02, 2021

Stocks open higher to kick off August on positive note
U.S. stocks opened higher Monday, kicking off August on a positive note after a bipartisan group of senators unveiled the text of a nearly $1 trillion infrastructure bill and investors continued to shrug off worries about the spread of the delta variant of the coronavirus that causes COVID-19. After losing ground last week, major indexes were trading not far off record levels. The Dow Jones Industrial Average was up 125 points, or 0.4%, at 35,060, while the S&P 500 advanced 0.5% to 4,417.22. The Nasdaq Composite was up 0.6% at 14,751.15.

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Aug 02, 2021

Ever-Glory stock rockets to pace premarket gainers, Exicure leads most-actives list
Shares of Ever-Glory International Group Inc. rocketed 99.1% in active trading early Monday, enough to pace all of the gainers in the premarket session, after the China-based apparel retailer and supply chain solution provider announced a share repurchase program of up to $5 million. Trading volume of 10.9 million shares, which compares with the full-day average of about 755,000 shares, made the stock the second-most active in the premarket. Based on Friday's stock closing price of $2.26, the buyback program, which lasts through the end of the year, could represent 14.9% of the company's market capitalization. The most active stock in the premarket is Exicure Inc.'s , which ran up 36.3% on 16.0 million shares after Ipsen said it will make an upfront cash payment of $20 million to Exicure as part of an exclusive collaboration to research, develop and commercialize potential treatments for Huntington's disease and Angelman syndrome. Exicure will also be eligible to receive $1 billion in option exercise fees and milestone payments. The rallies come as futures for the S&P 500 rose 0.4%.

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Aug 02, 2021

Velodyne Lidar Chairman Joseph Culkin steps down from role for health reasons
Velodyne Lidar Inc. said Monday that Joseph Culkin will step down as chairman of the board for health reasons, but will remain an "active" director of the board. Culkin co-founded Velodyne Lidar's predecessor company, Velodyne Acoustics, and has been on Velodyne Lidar's board since September 2016. The company named board member Michael Dee as Chairman. Dee was Chief Financial Officer of Graf Industrial Corp., which was the special purpose acquisition company (SPAC) that Velodyne Lidar merged with in September 2020 to go public. Velodyne Lidar's stock, which rose 1.8% in premarket trading Monday, has plunged 64.9% year to date, while shares of competitor Luminar Technologies Inc. have plummeted 45.9% and the S&P 500 has gained 17.0%.

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Aug 02, 2021

Earnings Results: Global Payments tops earnings expectations
Global PaymentsGlobal Payments GPN topped earnings and revenue expectations Monday while upping its full-year forecast. The company posted net income of $263.6 million, or 89 cents a share, up from $37.3 million, or 12 cents a share, in the year-earlier quarter. On an adjusted basis, Global Payments earned $2.04 a share, up from $1.31 a share a year prior and ahead of the FactSet consensus, which called for $1.90 a share. Global Payments posted revenue of $2.14 billion, compared with $1.67 billion a year prior. Analysts tracked by FactSet were anticipating $2.03 billion in GAAP revenue. The company now expects full-year adjusted earnings per share of $8.07 to $8.20, up from a prior expectations of $7.87 to $8.07. "Our business accelerated meaningfully in the second quarter of 2021, demonstrating significant ongoing momentum," Chief Executive Jeff Sloan said in a release. The company increased its share-repurchase authorization to $1.5 billion. Global Payments shares are up 1.2% in premarket trading Monday. They've fallen 9.9% over the past three months as the S&P 500 SPX has risen 5.1%.

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MarketWatch MarketPulse
Aug 02, 2021

Bed Bath & Beyond to exclusively sell Kris Jenner line of cleaning products, Safely
Bed Bath & Beyond Inc. said Monday that it will sell cleaning products from the Safely line, a brand founded by "Keeping Up with the Kardashians" mom Kris Jenner and entrepreneur Emma Grede. Launched in March 2021, Safely products include hand soap, laundry detergent and hand cream. Items are made without chemicals like sulfates and parabens and will be available at Bed Bath & Beyond, buybuy BABY and Harmon. Bed Bath & Beyond is the first retail partner for Safely products. Bed Bath & Beyond stock has rallied more than 60% for the year to date while the S&P 500 index is up 17% for the period.

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Aug 02, 2021

ON Semiconductor stock surges after record earnings that beat expectations, upbeat outlook
Shares of ON Semiconductor Corp. shot up 8.2% in premarket trading Monday, after the chipmaker reported record adjusted profit and revenue that beat expectations and provided an upbeat outlook, citing accelerating demand in the automotive and industrial end markets. Net income was $184.1 million, or 42 cents a share, after a loss of $1.4 billion, or roughly breakeven on a per-share basis, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share increased to a record 63 cents from 12 cents, beating the FactSet consensus of 49 cents. Revenue grew 37.6% to $1.67 billion, above the FactSet consensus of $1.62 billion. For the third quarter, the company expects adjusted EPS of 68 cents to 80 cents and revenue of $1.66 billion to $1.76 billion, above the FactSet consensus for EPS of 51 cents and revenue of $1.61 billion. Gross margin is expected to improve to 38.8% to 40.9% in the third quarter from 38.3% in the second quarter. The stock has rallied 19.3% year to date through Friday, while the PHLX Semiconductor Index has run up 20.1% and the S&P 500 has advanced 17.0%.

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MarketWatch MarketPulse
Aug 02, 2021

Sirius XM to offer $725 million of five-year, $1.0 billion of 10-year high-yield bonds
Sirius XM Radio Inc. said Monday it's planning to issue $750 million of five-year and $1.25 billion of 10-year high-yield bonds. Proceeds will be used along with cash on hand to redeem all $1.0 billion of the company's outstanding 5.375% senior notes due 2026. Shares were up 0.5% premarket and have gained 1.6% in the year through Friday, while the S&P 500 has gained 17%.

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Aug 02, 2021

News Corp to buy OPIS for $1.15 billion in cash
News Corp announced Monday an agreement to buy Oil Price Information Service (OPIS) for $1.15 billion in cash, from S&P Global Inc. and IHS Market Ltd. . The media and information services company said OPIS, the digital data, analytics and insights provider, will become part of the Professional Information Business of News Corp's Dow Jones business, including Dow Jones Risk & Compliance, Dow Jones Newswires and Factiva. As part of the deal, News Corp expects to receive an estimated tax benefit of $180 million. The deal is expected to close in the fourth quarter of 2021. "OPIS will be the cornerstone for a rising commodities, energy and renewables digital business that we are convinced will have a positive impact on Dow Jones and News Corp," said News Corp. Chief Executive Robert Thomson. News Corp's stock, which was still inactive in premarket trading, has gained 32.3% year to date, while the S&P 500 has advanced 17.0%. News Corp is the parent of Dow Jones and MarketWatch, the publisher of this report.

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Aug 02, 2021

Foot Locker confirms deals to spend $1.1 billion to buy retailers WSS and atmos
Foot Locker Inc. is spending $1.11 billion in cash to buy two retailers in separate deals for companies with retail brands WSS and atmos, with both deals expected to close late in the third quarter. The deals were reported earlier by The Wall Street Journal. Foot Locker's stock rose 0.3% in premarket trading. Foot Locker said it was paying $750 million to buy U.S.-based athletic footwear and apparel retailer Eurostar Inc., or WSS. The retailer, which generated $425 million in revenue in fiscal 2020, operates 93 off-mall stores in California, Texas, Arizona and Nevada. Foot Locker is also spending $360 million to buy Japan-based Text Trading Co. K.K., which owns the atmos brand of sneakers and apparel. Atmos recorded $175 million in revenue in fiscal 2020, and has 49 stores globally including 39 stores in Japan. Foot Locker's stock has rallied 41.1% year to date, while the S&P 500 has advanced 17.0%.

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Aug 02, 2021

Coronavirus tally: Global cases of COVID1-9 top 198 million and U.S. daily tally hit highest level since Feb.
The global tally for the coronavirus-borne illness climbed above 198.3 million on Monday, while the death toll climbed above 4.22 million according to data aggregated by Johns Hopkins University. The U.S. leads the world with a total of 35 million cases and in deaths with 613,228 as the highly infectious delta variant continues to spread fast, especially in states with low vaccination rates. The U.S. counted more than 100,000 new cases on Friday, according to CDC data, the most since February. The delta variant continues to create spikes in Missouri, Arkansas, Louisiana and Florida, where hospitalizations are worse now than at any time since the start of the pandemicas the Associated Press reported. The Sunshine State had 10,207 people hospitalized with confirmed COVID-19 cases on Friday, according to data reported to the U.S. Department of Health & Human Services, above the peak of 10,170 on July 23, 2020. India is second by cases at 31.7 million and third by deaths at 424,773 according to its official numbers, which are expected to be undercounted. Brazil is second in deaths at 556,834, but is third in cases at 19.9 million. Mexico has fourth-highest death toll at 241,034 but has recorded just 2.9 million cases, according to its official numbers. In Europe, Russia continues to pull ahead of the U.K. by deaths at 157,496, while the U.K. has 130,014, making Russia the country with the fifth-highest death toll in the world and highest in Europe.

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Aug 02, 2021

Adagio Therapeutics sets IPO terms, looks to raise up to $318.6 million
Adagio Therapeutics Inc. disclosed Monday that it has set terms for its initial public offering, in which the Massachusetts-based biopharmaceutical company focused on antibody-based solutions for infectious diseases looks to raise up to $318.6 million. The company is offering 17.7 million shares in the IPO, which is expected to price between $16 and $18 a share. At the top of that expected pricing range, the company could be valued at $1.94 billion. The stock is expected to list on the Nasdaq under the ticker symbol "ADGI." Morgan Stanley, Jefferies, Stifel and Guggenheim Securities are the lead underwriters. The company recorded a net loss of $38.7 million on no revenue for the three months ended March 31, after a loss of $65.3 million on no revenue for the three months ended Dec. 31, 2020. The company is looking to go public at a time that the Renaissance IPO ETF has edged up 0.7% over the past three months, while the S&P 500 has gained 5.1%.

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MarketWatch MarketPulse
Aug 02, 2021

XPeng's stock rallies after record July delivery data, Nio's stock slips
Share of Xpeng Inc. rallied 4.8% in premarket trading Monday, after the China-based electric vehicle maker reported July deliveries that more than tripled from a year ago and rose 22% from the previous month, to mark a second-straight monthly record. Fellow China-based EV maker Nio Inc.'s stock slipped 0.2% ahead of the open, after July deliveries more than doubled from a year ago but slipped 1.9% from June. XPeng said late Sunday that it delivered 8,040 EVs in July, up 228% from a year ago and up from 6,565 in June, while Nio said early Monday that July deliveries rose 124.5% from a year ago to 7,931 vehicles, after delivering 8,083 EVs in June. XPeng's deliveries in July included 6,054 P7 smart sedans and 1,986 G3 smart compact SUVs, while Nio's July deliveries included 3,669 ES6 5-seater SUVs, 2,560 EC6 five-seater coupes and 1,702 ES8 six- or seven-seater SUVs. Year to date, XPeng's stock has slipped 5.4% and Nio shares have given up 8.3% through Friday, while shares of U.S.-based EV leader Tesla Inc. have eased 2.6% and the S&P 500 has rallied 17.0%.

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MarketWatch MarketPulse
Aug 02, 2021

Foot Locker to spend $1.1 billion to buy 2 retailers, WSJ reports
Foot Locker Inc. is spending about $1.1 billion in cash to buy two retailers in separate deals, which are expected to be announced as early as Monday, according to a report in The Wall Street Journal. Foot Locker's stock was still inactive in premarket trading. Citing people familiar with the matter, the WSJ report said the athletic footwear and apparel retailer is paying $750 to buy Los Angeles-based athletic retailer WSS and spending $360 million to buy Japan-based sneaker and streetwear retailer Atmos, as Foot Locker looks to expand beyond U.S. shopping malls. WSS, which recorded $425 million in revenue in 2020, has 93 stores across the West Coast and Southwest, the WSJ report said, while Atmos recorded $175 million in 2020 with a majority of its stores in Japan and a small number of stores in the U.S. Foot Locker's stock has rallied 41.1% year to date, while the S&P 500 has advanced 17.0%.

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MarketWatch MarketPulse
Jul 30, 2021

Stocks end lower after Amazon disappointment, but S&P 500 logs 6th straight monthly gain
Stocks fell Friday, leaving major averages negative for the week but still holding monthly gains as July trading came to a close. Equities were pressured after e-commerce giant Amazon.com Inc. late Thursday delivered disappointing quarterly results. The S&P 500 fell around 24 points, or 0.5%, to close near 4,395, according to preliminary figures, while the Nasdaq Composite fell around 106 points, or 0.7%, to finish near 14,673. The Dow Jones Industrial Average fell around 149 points, or 0.4%, ending near 34,936. That left the S&P 500 with a 0.4% weekly loss, but the index rose 2.3% for July, marking its sixth consecutive monthly advance. The Nasdaq fell 1.1% for the week holding on to a 1.2% monthly gain, while the Dow saw a 0.4% weekly drop and a 1.3% July advance. Amazon shares fell 7.6%.

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MarketWatch MarketPulse
Jul 30, 2021

Oil futures end higher, up a fourth-straight month
Oil futures ended higher on Friday, with prices up a fourth month in a row. "Oil futures [markets] remain hyper-focused on draws to U.S. crude and product inventories and are likely positioned on the expectation that draws will continue through the coming month, as strengthening refining margins should entice stronger crude runs in the final month of U.S. driving season," said Troy Vincent, market analyst at DTN. West Texas Intermediate crude for September delivery climbed 33 cents, or nearly 0.5%, to settle at $73.95 a barrel on the New York Mercantile Exchange, the highest front-month finish since July 13, according to Dow Jones Market Data. Front-month contract prices rose 2.6% for the week and saw a monthly climb of nearly 0.7%.

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MarketWatch MarketPulse
Jul 30, 2021

Gold prices settle lower, but post a gain for the month
Gold futures settled lower on Friday, but climbed for the month. "Renewed signs that the Federal Reserve may not taper anytime soon continues to sweeten appetite for the precious metal, while negative COVID-19 developments may boost attraction towards the safe-haven asset," said Lukman Otunuga, manager, market analysis at FXTM. Looking ahead however, gold may face multiple headwinds "as the Fed finds it increasingly difficult to defend its dovish stance," he said. With annual inflation in the U.S. already at a 13-year high and the economy recovering, "hawks are bound to enter the scene," and such a development "could throw a proverbial wrench in the works for gold bulls, sending prices tumbling lower." December gold fell by $18.60, or 1%, to settle at $1,817.20 an ounce. Based on the most-active contract, prices rose nearly 0.9% for the week and were up 2.6% for the month, according to Dow Jones Market Data.

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Jul 30, 2021

Trump's tax returns must be released to Congress, DOJ says
The Justice Department on Friday said the Treasury Department must release former President Donald Trump's tax returns to a congressional committee. An opinion by the DOJ's Office of Legal Counsel said the House Ways and Means Committee's chairman had shown "sufficient reasons" for requesting Trump's returns. The former president has long fought the release of his tax documents. House Speaker Nancy Pelosi, a California Democrat, said access to the returns is a "matter of national security." Americans "deserve to know the facts of his troubling conflicts of interest and undermining of our security and democracy as president," she said in a statement. Trump did not voluntarily release his returns as a candidate or as president, saying they were under audit.

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MarketWatch MarketPulse
Jul 30, 2021

Baker Hughes data show a fall in U.S. oil-drilling rigs for the first time in 5 weeks
Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil was down by two at 385 this week. That followed four weekly increases in a row. The total active U.S. rig count, which includes those drilling for natural gas, also declined by three to stand at 488, according to Baker Hughes. September West Texas Intermediate crude continued to trade higher, with the contract up 35 cents, or 0.5%, to $73.97 a barrel on the New York Mercantile Exchange.

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MarketWatch MarketPulse
Jul 30, 2021

Dole stock suffers downbeat debut, as it opens below IPO price and falls further
Dole PLC stumbled out of the gate Friday, as the Ireland-based fruit and vegetable company's stock opened 6.3% below the price of the downsized initial public offering, then slipped even further. The IPO had priced overnight at $16 a share, at the low end of the recently lowered expected range of between $16 and $17. The company raised $400 million, as it sold 25.0 million shares in the IPO, down from expectations of a 30.3 million share offering. The stock's first trade was at $15.00 at 11:18 a.m. Eastern for 1.6 million shares. At that price, the company was valued at $1.48 billion. The stock was down 9.1% at $14.55 in recent trading. The stock's downbeat debut occurred on a day that the Renaissance IPO ETF rose 0.1% while the S&P 500 slid 0.5%.

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MarketWatch MarketPulse
Jul 30, 2021

Market breadth looks bullish despite declines in the Dow, S&P 500 and Nasdaq
While the Big 3 stock market indexes are all losing ground, market internals are looking rather bullish. The number of stocks gaining ground is leading decliners 1,658 to 1,114 on the NYSE and 1,892 to 1,488 on the Nasdaq, while volume in advancing shares represents 53.7% of total volume on the Big Board and 56.3% of total volume on the Nasdaq. Meanwhile, the Dow Jones Industrial Average is down 21 points, or 0.1%, with 17 of 30 components losing ground, the S&P 500 is slipping 0.2% and the Nasdaq Composite is giving up 0.3%. The Russell 2000 index of small-capitalization stocks is performing more in line with market breadth, as it is up 0.4%.

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MarketWatch MarketPulse
Jul 30, 2021

Robinhood stock falls again, hits lower intraday low before paring losses
Shares of Robinhood Markets Inc. fell 1.4% in morning trading Friday, as a night's sleep failed to fully rejuvenate investors in the newly public no-fee trading app. The stock debuted on Thursday at $38.00, right where the initial public offering priced, but quickly fell below that IPO price, hitting an intraday low of $33.35 before closing its first day down 8.4% at $34.82. On Friday, the stock spiked up as much as 1.4% to an intraday high of $35.30 soon after the open, before selling off. It fell as much as 4.5% to a lower intraday low of $33.25, before paring losses. At current prices, Robinhood was being valued at about $28.8 billion. The stock's weak performance comes on a day that Nasdaq Inc. shares tacked on 0.5%, the Renaissance IPO ETF rose 0.4% while the S&P 500 slipped 0.3%.

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MarketWatch MarketPulse
Jul 30, 2021

Baker Hughes stock gains after setting $2 billion stock repurchase program
Shares of Baker Hughes Co. rallied 0.8% in morning trading Friday, after the oilfield products and services company said it set a $2 billion stock repurchase program. Based Thursday's stock closing price of $21.18, the buyback program represents about 9.1% of the shares outstanding. The repurchases come as General Electric Co. continues to sell off its stake in the company, which GE saying earlier this week that it received $1.0 billion in proceeds from the sale of Baker Hughes stock in the second quarter and expects to receive about $1.3 billion in proceeds in the third quarter. In Baker Hughes' conference call with analysts following second-quarter results released July 21, BofA Securities analyst asked "why not do a buyback to help partially offset the continued drag on our stock from GE," according to a FactSet transcript. Chief Financial Officer Brian Worrell responded by saying, among other things, "share repurchases can certainly be an attractive price of the capital allocation portfolio view." Baker Hughes' stock has edged up 2.4% year to date, while the SPDR Energy Select Sector ETF has rallied 31.8% and the S&P 500 has advanced 17.1%.

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MarketWatch MarketPulse
Jul 30, 2021

Stocks open lower, with Nasdaq down 0.9% after Amazon results disappoint
Stocks opened lower Friday, with the tech-heavy Nasdaq Composite leading major averages to the downside after disappointing quarterly results from online-retailing juggernaut Amazon.com Inc. The Dow Jones Industrial Average was down 64 points, or 0.2%, at 35,021, while the S&P 500 declined 0.6% to 4,393.34. The Nasdaq dropped 0.9% to 14,645.47. Shares of Amazon declined more than 7% in early trade.

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MarketWatch MarketPulse
Jul 30, 2021

Erytech Pharma stock nearly doubles on heavy volume after ALL treatment granted Fast Track designation
Shares of Erytech Pharma SA rocketed 98.5% on heavy volume in premarket trading Friday, enough to make them the biggest gainer and most actively traded ahead of the open, after the France-based biopharmaceutical company said it's treatment for hypersensitive acute lymphocytic leukemia (ALL) patients was granted Fast Track designation by the Food and Drug Administration. Trading volume was 11.5 million shares in recent trading, compared with the full-day average of about 66,600 shares. "This is yet another significant milestone and meaningful inflection point in advancing our lead product candidate eryaspase, further supporting our recently announced intention to submit a [Biologics License Application] for eryaspase in hypersensitive ALL patients," said Chief Executive Gil Beyen. "We believe that the FDA's Fast Track designation for eryaspase underscores its potential to address this high unmet medical need." The stock, which closed Thursday at a 16-month low, has tumbled 42.8% over the past three months through Thursday, while the iShares Biotechnology ETF has gained 7.2% and the S&P 500 has tacked on 5.7%.

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Jul 30, 2021

AbbVie cites growth of immunology business in the second quarter
AbbVie Inc. beat expectations for the second quarter of 2021, driven largely by gains in its immunology business. The drug maker had earnings of $766 million, or 42 cents per share, in the second quarter of 2021. It had a loss of $738 million, or 46 cents per share, in the same quarter a year ago. Adjusted earnings per share were $3.11, against a FactSet consensus of $3.08. AbbVie said its revenue jumped to $13.9 billion for the quarter, up from $10.4 billion in the same period a year ago. The FactSet consensus was $13.6 billion. The company said sales of several marquee drugs increased in the second quarter, including arthritis therapy Humira to $5.0 billion and Botox Cosmetic, which the drug maker gained as part of its acquisition of Allergan, to $584 million. The company updated its guidance for the year, saying it now expects EPS of $6.04 to $6.14, compared with past guidance of $7.27 to $7.47. It also updated guidance for adjusted EPS and now expects a range of $12.52 to $12.62, compared with previous guidance of $12.37 to $12.57. AbbVie's stock is up 10.4% so far this year, while the broader S&P 500 is up 17.6%.

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Jul 30, 2021

Illinois Tool Works profit more than doubles to beat expectations, but stock falls
Illinois Tool Works Inc. reported second-quarter that more than doubled and beat expectations, and raised the full-year outlook, as the all business segments saw double-digit organic revenue growth in the face of rising raw materials costs and supply chain challenges. Meanwhile, the industrial products and equipment maker's stock fell 1.5% in premarket trading. Net income rose to $775 million, or $2.45 a share, from $319 million, or $1.01 a share, in the year-ago period. The FactSet consensus for earnings per share was $2.09. Revenue rose 43.4% to $3.68 billion, topping the FactSet consensus of $3.56 billion. "In the quarter, price recovery actions essentially offset raw material cost increases on a dollar-for-dollar basis," the company stated. For 2021, the company raised its EPS guidance range to $8.55 to $8.95 from $8.20 to $8.60. The stock has slippped 0.9% over the past three months through Thursday while the S&P 500 has gained 5.7%.

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Jul 30, 2021

Vans parent VF Corp. beats expectations, raises sales guidance
VF Corp. reported fiscal first-quarter net income of $324.2 million, or 82 cents per share, after a loss of $285.6 million, or 73 cents per share, last year. Adjusted EPS of 27 cents beat the FactSet consensus for 11 cents. Revenue of $2.19 billion was up from $1.08 billion last year and ahead of the FactSet consensus for $2.18 billion. VF Corp. brands include Vans, The North Face and Timberland. The company says most of its supply chain is operational, though surges in COVID-19 have resulted in certain constraints. For the full year, revenue is expected to be at least $12 billion, including a $600 million contribution from the Supreme brand. That's up from previous guidance for $11.8 billion. Adjusted EPS is expected to be at least $3.20, with a 25 cent contribution from Supreme. The FactSet consensus is for revenue of $11.874 billion and EPS of $3.10. VF Corp. has declared a dividend of 49 cents per share, payable on September 20 to shareholders of record as of September 10. VF Corp. stock rose 1.7% in Friday premarket trading, but has slipped 1% for the year to date. The S&P 500 index has rallied 17.7% for 2021 so far.

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Jul 30, 2021

Exxon Mobil stock gains after profit beat expectations, revenue more than doubled
Shares of Exxon Mobil Corp. tacked on 0.9% in premarket trading Friday, after the oil giant swung to the highest second-quarter profit since the end of 2019 as revenue more than doubled to well above forecasts. Net income came to $4.69 billion, or $1.10 a share, after a loss of $1.08 billion, or 26 cents a share, in the year ago period. The FactSet consensus for earnings per share was $1.01. Total revenue grew 108% to $67.74 billion, beating the FactSet consensus of $64.64 billion. Oil-equivalent production fell 2% to 3.6 million barrels per day, amid increased maintenance activity. In its upstream business, average realizations for crude oil increased 13% from the sequential first quarter, while natural-gas realizations rose 1%. Cash flow from operating activities came to $9.7 billion, which funded the dividend, capital investments and debt reduction. The stock has run up 43.0% year to date through Thursday, while the SPDR Energy Select Sector ETF has climbed 32.4% and the S&P 500 has gained 17.7%.

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Jul 30, 2021

Victoria's Secret parent L Brands to bolster corporate governance in settlement of stockholder derivative claims
L Brands Inc. said Friday it will invest $45 million over at least the next five years to implement a suite of corporate governance measures agreed to as part of a settlement of stockholder derivative claims. The parent of Victoria's Secret and Bath & Body Works, said changes include maintaining a Diversity, Equity and Inclusion council, bolstering policies and procedures for reporting and investigating sexual harassment claims and hiring a DEI consultant. The company is spinning of Victoria's Secret next week and the changes will apply both to that new company and Bath & Body Works Inc. The settlement was negotiated by a special board committee led by Sarah Nash, chair of the board. L Brands shares were down 0.6% premarket, but have gained 114% in the year to date, while the S&P 500 has gained 17.7%.

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Jul 30, 2021

Newell Brands beats expectations, raises full-year sales guidance
Newell Brands Inc. reported second quarter net income of $197 million, or 46 cents per share, up from $78 million, or 18 cents per share, last year. Adjusted EPS of 56 cents beat the FactSet consensus for 45 cents. Sales of $2.71 billion were up from $2.11 billion last year and also ahead of the FactSet consensus for $2.56 billion. Newell's portfolio includes Rubbermaid, Mr. Coffee, Elmer's and Graco baby products. For the third quarter, Newell is guiding for sales of $2.70 to $2.78 billion and adjusted EPS of 46 cents to 50 cents. The FactSet consensus is for sales of $2.596 billion and EPS of 54 cents. Newell raised its full-year sales outlook, which is now expected to be $10.10 billion to $10.35 billion, up from $9.9 billion to to $10.1 billion. Adjusted EPS is still forecast to be $1.63 to $1.73. The FactSet consensus is for sales of $10.112 billion and EPS of $1.73. Newell shares were nearly unchanged in Friday premarket trading, and have gained 28.2% for the year to date. The S&P 500 index is up 17.7% for 2021 so far.

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Jul 30, 2021

Charter tops earnings expectations
Charter Communications Inc. [s; CHTR] topped earnings and revenue expectations Friday amid momentum in its internet, mobile, and advertising businesses. The company posted net income of $1.02 billion, or $5.29 a share, up from $766 million, or $3.63 a share, in the year-prior quarter. Analysts tracked by FactSet were projecting $4.79 in earnings per share. Charter's revenue for the period increased to $12.80 billion to $11.70 billion, whereas analysts were modeling $12.62 billion. Charter added 365,000 residential internet customers in the second quarter, compared with 842,000 in the second quarter of 2020 and 221,000 in the second quarter of 2019. Charter's residential video customers fell by 63,000, whereas the company posted an increase of 102,000 in the second quarter last year and a decrease of 150,000 in the second quarter of 2019. Charter shares have risen 6% over the past three months as the S&P 500 has increased 5%.

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Jul 30, 2021

Outback Steakhouse parent Bloomin' Brands top estimates and offers upbeat guidance
Bloomin' Brands Inc. shares rose 1.4% in premarket trade Friday, after the parent of Outback Steakhouse beat consensus estimates for the second quarter and offered upbeat guidance. The company posted net earnings of $82.5 million, or 75 cents a share, for the second quarter, after a loss of $92.3 million, or $1.05 a share, in the year-earlier period, when the pandemic forced most of its restaurants to close. Adjusted per-share earnings came to 81 cents, ahead of the 67 cent FactSet consensus. Revenue rose 86% to $1.077 billion from $578.5 million, also ahead of the $1.047 billion FactSet consensus ."We are making great progress improving margins, increasing cash flow and retaining off-premises sales as dining rooms have reopened," Chief Executive David Deno said in a statement. "Our sales momentum has continued through the first four weeks of the third quarter with U.S. comp sales up 15.2% on a two-year basis versus 2019." Same-restaurant sales at Outback Steakhouse rose 65.8% from the same period in 2020 and were up 11.3% compared with the 2019 period. Carrabba's Italian Grill same-restaurant sales were up 84.5 vs. 2020 and up 16.75 vs. 2019. The company is now expecting third-quarter revenue of at least $1.015 billion and adjusted EPS of at least 50 cents. The FactSet consensus is for revenue of $998 million and EPS of 34 cents. Shares have gained 29.7% in the year to date, while the S&P 500 has gained 17.7%.

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Jul 30, 2021

Michael Kors parent Capri offers strong guidance after earnings blow past expectations
Capri Holdings Ltd. shares rose 3.9% in Friday premarket trading after the luxury company reported fiscal first-quarter earnings that blew past expectations and gave guidance ahead of consensus. Net income totaled $219 million, or $1.41 per share, after a loss of $180 million, or $1.21 per share, last year. Adjusted EPS of $1.42 blew past the FactSet consensus of 80 cents. Revenue of $1.253 billion was up from $451.0 million last year and also ahead of the FactSet consensus of $1.114 billion. Michael Kors revenue was up 184% to $871 million. Versace revenue increased 158% to $240 million. And Jimmy Choo revenue jumped 178% to $142 million. For the second quarter, Capri is guiding for revenue of $1.25 billion and EPS of about 90 cents. The FactSet consensus is for revenue of $1.246 billion and EPS of 82 cents. For the full year, Capri's outlook is for revenue of $5.3 billion and EPS of $4.50. The FactSet consensus is for revenue of $5.175 billion and EPS of $3.94. Capri shares have gained 19.2% for the year to date while the S&P 500 index is up 17.7% for the period.

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Jul 30, 2021

Colgate-Palmolive shares slip as company highlights inflationary pressure, supply chain issues and volatile consumer demand in Q2
Colgate-Palmolive Co. shares slid 1.2% in premarket trading Friday, after the company's profit margins declined in the second quarter, amid inflationary pressures, supply chain challenges and the continued impact of COVID-19. The company posted net income of $703 million, or 83 cents a share, for the quarter, up from $635 million, or 74 cents a share, in the year-earlier period. Adjusted per-share earnings came to 80 cents, matching the FactSet consensus. Sales rose to $4.26 billion from $3.89 billion, a touch ahead of the $4.25 billion FactSet consensus. The company said it held on to its leadership in the toothpaste market with 39.3% global share in the year to date, while manual toothbrushes took market share of 30.8%. Profit margins fell however by 80 basis points, amid inflationary pressures and a market marked by "significant volatility," due to COVID, volatile consumer demand and supply chain challenges, Chief Executive Noel Wallace said in a statement. "We expect the difficult cost environment to continue in the back half of the year and we remain sharply focused on our funding the growth and revenue growth management initiatives," he said. The company is still expecting net sales to rise 4% to 7% in 2021. It expects gross profit margins to decline, and expects EPS growth to come in at the lower end of its low to mid-single-digit range. Shares have fallen 2.3% in the year to date, while the S&P 500 has gained 17%.

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Jul 30, 2021

Procter & Gamble stock rallies after profit and revenue rise above expectations
Shares of Procter & Gamble Co. rallied 1.0% in premarket trading Friday, after the consumer products giant reported fiscal fourth-quarter profit and sales that rose above expectations, with the strongest growth in its health care and beauty businesses. Net income for the quarter to June 30 rose to $2.91 billion, or $1.13 a share, from $2.80 billion, or $1.07 a share, in the year-ago period. The FactSet consensus for earnings per share was $1.09. Sales increased 7.1% to $18.95 billion, boosted by increases in shipment volume and pricing, to top the FactSet consensus of $18.40 billion. All of P&G's business segments saw sales grow from a year ago, with sales up 18% in health care, 11% in beauty, 10% in grooming, 5% in fabric & home care and 1% in baby, feminine & family care. For fiscal 2022, the company expects adjusted EPS growth of 3% to 6% and sales to rise 2% to 4% from a year ago. The FactSet EPS consensus of $5.90 implies 4.2% growth and sales consensus of $78.22 billion implies 2.8% growth. The stock has gained 4.5% over the past three months through Thursday, while the SPDR Consumer Staples Select Sector ETF has tacked on 2.6% and the Dow Jones Industrial Average has advanced 3.6%.

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Jul 30, 2021

Burger King parent Restaurant Brands tops consensus estimates, resumes dividend and share buybacks
Restaurant Brands International Inc. posted above-consensus earnings for the second quarter on Friday, after the COVID-19 pandemic hurt business in the year-earlier period. The parent of Burger King and Tim Hortons said it had net income of $390 million, or 84 cents a share, for the quarter, up from $163 million, or 35 cents a share, in the year-earlier period. Adjusted per-share earnings came to 77 cents, ahead of the 61 cents FactSet consensus. Revenue rose to $1.438 billion from $1.048 billion, also ahead of the $1.369 billion FactSet consensus. Digital sales rose nearly 60% in home markets and were up 15% from the prior quarter. Chief Executive José E. Cil said he was encouraged by the momentum across the business and the rapid adoption of digital channels by customers. The board has approved a dividend and a $1 billion share buyback program, he said. Burger King sales rose 37.9% to $5.883 billion, while Tim Horton sales rose 33% to $1.637 billion. Shares were slightly higher premarket and have gained 6.2% in the year to date, while the S&P 500 has gained 17.7%.

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MarketWatch MarketPulse
Jul 30, 2021

Caterpillar net profit triples, revenue rises above forecasts even as construction industries came up shy
Shares of Caterpillar Inc. edged up 0.2% in premarket trading, as the construction and mining equipment company reported a second-quarter net profit that tripled and revenue that topped forecasts, even as the largest construction business came up short. Net income rose to $1.41 billion, or $2.56 a share, from $458 million, or 84 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to $2.60 from $1.27, beating the FactSet consensus of $2.41. Total revenue grew 28.9% to $12.89 billion, above the FactSet consensus of $12.51 billion. Among the company's business segments, Construction Industries revenue rose 40% to $5.66 billion, but missed the FactSet consensus of $5.77 billion; Energy & Transportation revenue increased 20% to $4.98 billion, topping expectations of $4.42 billion; and Resource Industries revenue grew 41% to $2.58 billion, above expectations of $2.27 billion. "We're encouraged by higher sales and revenues across all regions and in our three primary segments, which reflect continued improvement in our end markets," said Chief Executive Jim Umpleby. The company did not provide full-year guidance in the earnings release. Caterpillar's stock has declined 6.8% over the past three months through Thursday, while the Dow Jones Industrial Average has gained 3.6%.

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MarketWatch MarketPulse
Jul 30, 2021

Dole's downsized IPO prices at low end of expected range, valuing company at $1.6 billion
Dole PLC is set to go public Friday, as the Ireland-based fruit and vegetable company's downsized initial public offering priced overnight at $16 a share, to value the company at about $1.57 billion. The pricing was at the low end of the expected range of between $16 and $17 a share, which was recently lowered from a previous expected range of between $20 and $23 a share. The company sold 25.0 million shares in the IPO, down from a previously expected 30.3 million shares, as the company raised $400 million. The stock is expected to begin trading on the NYSE some time after the open under the ticker symbol "DOLE." The company is going public at a time that the Renaissance IPO ETF has gained 1.0% over the past three months while the S&P 500 has tacked on 5.7%.

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MarketWatch MarketPulse
Jul 30, 2021

SEC stops processing registrations for IPOs or other securities from Chinese companies amid Beijing crackdown: Reuters
The Securities and Exchange Commission has stopped processing registrations for U.S. initial public offerings or the sale of other securities by Chinese companies to give it time to craft new guidelines for investors to help them understand the risk of a regulatory crackdown by Beijing, Reuters reported Friday, citing people familiar with the matter. Chinese companies have raised a record of $12.8 billion in the year to date, Reuters reported, citing data from Refinitiv. But the flow of deals has slowed this month after Chinese regulators banned ride-sharing giant Didi from signing up new users days after its U.S. IPO. Since then, the regulator has also make moves to rein in tech and private education companies. SEC commissioner Allison Lee said on Tuesday that Chinese companies listed on U.S. stock exchanges must disclose to investors the risks of the Chinese government interfering in their businesses as part of their regular reporting obligations.

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Jul 30, 2021

Coronavirus tally: Global cases of COVID-19 top 196.6 million and more than 4 billion vaccine doses have been administered globally
The global tally for the coronavirus-borne illness climbed above 196.6 million on Friday, while the death toll climbed above 4.19 million, according to data aggregated by Johns Hopkins University. The data shows that 4 billion doses of vaccine have been administered globally. Duke University research suggests at least 11 billion doses are needed to achieve herd immunity across the world. The U.S. leads the world with a total of 34.8 million cases and in deaths with 612,122 as the highly infectious delta variant continues to spread fast, especially in states with low vaccination rates. The delta variant is "as transmissible as chickenpox," and could spread as easily from vaccinated persons as the unvaccinated, according to an internal document from U.S. health officials that the Washington Post obtained. Health officials must "acknowledge the war has changed," regarding the variant that has spread quickly across the U.S. and rest of the world,the paper reported. The data is expected to be released Friday. India is second by cases at 31.6 million and third by deaths at 423,217 according to its official numbers, which are expected to be undercounted. Brazil is second in deaths at 554,497, but is third in cases at 19.8 million. Mexico has fourth-highest death toll at 239,997 but has recorded just 2.8 million cases, according to its official numbers. In Europe, Russia continues to pull ahead of the U.K. by deaths at 155,180, while the U.K. has 129,809, making Russia the country with the fifth-highest death toll in the world and highest in Europe.

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Jul 30, 2021

Chevron stock rises after profit and revenue top expectations, share repurchases to resume in current quarter
Shares of Chevron Corp. climbed 1.1% in premarket trading Friday, after the oil giant swung to a second-quarter profit and reported revenue that beat expectations, with free cash flow reaching the highest in two years. The company plans to resume stock repurchases in the third quarter, at an annual rate of $2 billion to $3 billion a year. Chevron reported net income of $3.08 billion, or $1.60 a share, after a loss of $8.27 billion, or $4.44 a share, in the year-ago period. The FactSet consensus for earnings per share was $1.59. Total revenue nearly tripled to $37.60 billion from $13.49 billion, above the FactSet consensus of $36.33 billion. Free cash flow was $5.2 billion, topping expectations of $4.8 billion. The company's U.S. upstream business swung to earnings of $1.4 billion from a loss of $2.1 billion a year ago, while U.S. downstream business earned $776 million after losing $988 million last year. Worldwide net oil-equivalent production rose 5% to 3.13 million barrels per day. The stock has slipped 0.5% over the past three months through Thursday, while the SPDR Energy Select Sector ETF has gained 1.6% and the Dow Jones Industrial Average has advanced 3.6%.

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Jul 30, 2021

Ark Innovation ETF bought $45 million worth of Robinhood on first day of trade
The Ark Innovation ETF , the flagship fund of Cathie Wood's Ark Investment Management, purchased nearly 1.3 million shares of Robinhood Markets during its first day of trade, worth roughly $45 million. Robinhood shares slumped 8% as the initial public offering, targeted to Robinhood's own retail base, was greeted with tepid demand.

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MarketWatch MarketPulse
Jul 29, 2021

: Skyworks stock falls after results, outlook top Street view
Skyworks Solutions Inc. SWKS shares dropped in the extended session Thursday even after the semiconductor-component company's results and outlook topped Wall Street estimates. Skyworks shares fell 5% after hours, following a 2.4% rise in the regular session to close at $196.67. The company reported fiscal third-quarter net income of $337.8 million, or $2.02 a share, compared with $129.7 million, or 77 cents a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were $2.15 a share, compared with $1.25 a share in the year-ago period. Revenue rose to $1.12 billion from $736.8 million in the year-ago quarter. Analysts had forecast $2.14 a share on revenue of $1.11 billion. Skyworks forecast adjusted earnings of about $2.53 a share should revenue fall in the midpoint of its estimated revenue range of $1.27 billion to $1.33 billion for the fiscal fourth quarter. Analysts surveyed by FactSet had estimated $2.47 a share on revenue of $1.23 billion.

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MarketWatch MarketPulse
Jul 29, 2021

: Chip shortage hurts outlook of company formerly known as Plantronics
Poly POLY, the company formerly known as Plantronics, saw its shares fall in the extended session Thursday after the business audio and video products maker said the ongoing global chip shortage would affect its business. Poly shares fell 11% after hours, following a 0.9% decline in the regular session to close at $32.72. For the current quarter, Poly forecast adjusted earnings of 50 cents to 70 cents a share on revenue of $420 million to $440 million, while analysts had estimated 73 cents a share on revenue of $446.6 million. "The global semiconductor chip shortage has impacted companies worldwide and we expect we will continue to experience ongoing tightness in our supply chain," the company said in a statement. "In addition, as COVID-19 variants emerge, countries have taken, or may take, measures to control pandemic outbreaks, which may impact component supply and/or end-market demand." The company reported a first-quarter loss of $36.8 million, or 88 cents a share, compared with a loss of $75 million, or $1.85 a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were 60 cents a share, compared with 33 cents a share in the year-ago period. Revenue rose to $431.2 million from $355.7 million in the year-ago quarter. Analysts surveyed by FactSet had forecast 46 cents a share on revenue of $419.8 million.

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MarketWatch MarketPulse
Jul 29, 2021

Procter & Gamble names Jon Moeller its new CEO, effective in November
Procter & Gamble Co. said late Thursday that Chief Operating Officer Jon R. Moeller will succeed David Taylor as the consumer-products giant's chief executive officer, effective Nov. 1. At that date, Taylor will become Procter & Gamble's executive chairman, tasked with leading the board and "provide advice and counsel to the CEO and P&G leadership on company decisions," Procter & Gamble said. Moeller joined the company in 1988 and served as chief financial officer as well. The company said that Shailesh Jejurikar will take the post of chief operating officer on Oct. 1, reporting to Moeller. Jejurikar is the CEO of the company's fabric & home care unit, Procter & Gamble's largest. Shares of Procter & Gamble were flat in the extended session Thursday after ending the regular trading day up 0.5%.

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MarketWatch MarketPulse
Jul 29, 2021

: Zendesk stock drops as results fall short of Street view
Zendesk Inc. ZEN shares fell in the extended session Thursday after the enterprise-software company's quarterly results came up short against Wall Street expectations. Zendesk shares dropped 10% after hours, following a 0.2% decline in the regular session to close at $150.52. The company reported a second-quarter loss of $58.4 million, or 49 cents a share, compared with a loss of $64.7 million, or 56 cents a share, in the year-ago period. Adjusted earnings, which exclude share-based compensation expenses and other items, were 13 cents a share, compared with 14 cents a share in the year-ago period. Revenue rose to $318.2 million from $246.7 million in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 16 cents a share on revenue of $320.4 million. For the third quarter, Zendesk expects revenue of $332 million to $337 million, while analysts had forecast revenue of $335.8 million.

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MarketWatch MarketPulse
Jul 29, 2021

Earnings Results: Atlassian stock rallies as results, outlook beat Street view
Atlassian Corp. TEAM shares rallied in the extended session Thursday after the business collaboration software company's results and outlook topped the Wall Street consensus. Atlassian shares surged 9% after hours, following a 0.9% decline in the regular session to close at $266.79. The company reported a fiscal fourth-quarter loss of $213.1 million, or 85 cents a share, compared with a loss of $385.2 million, or $1.56 a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were 24 cents a share, compared with 25 cents a share in the year-ago period. Revenue rose to $559.5 million from $430.5 million in the year-ago quarter. Analysts surveyed by FactSet had forecast 18 cents a share on revenue of $471.6 million. Atlassian forecast adjusted earnings of 38 cents to 39 cents a share on revenue of $575 million to $590 million for the first quarter. Analysts had estimated 30 cents a share on revenue of $539.1 million.

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MarketWatch MarketPulse
Jul 29, 2021

Dow, S&P 500 snap 2-session skid as stock-market investors shake off signal that growth is waning; Robinhood IPO sinks
U.S. stock indexes ended solidly higher Thursday, with the Dow and the S&P 500 index finishing higher for the first time in three sessions, as investors weighed a weaker-than-expected updated report on U.S. economic growth in the second quarter and a woeful public market debut for trading platform Robinhood Markets Inc. . The Dow Jones Industrial Average closed up by about 154 points, or 0.4%, at 35,085; the S&P 500 index rose 0.4% to 4,420. Both indexes touched all-time intraday trading highs before paring those gains somewhat. The Commerce Department said U.S. gross domestic product grew at an annualized pace of 6.5% in the second quarter, falling short of the average forecast of 9.1% produced by a survey of economists by The Wall Street Journal. Separately, data from the Labor Department showed first-time applications for unemployment benefits fell 24,000 last week to 400,000. Meanwhile, Robinhood closed down 8.4% in its first day as a publicly traded entity on the Nasdaq Inc. . The trading platform opened at $38 Thursday afternoon. In other corporate news, Trevor Milton, the founder of Nikola Corp. , was indicted Thursday on securities-fraud charges for allegedly lying to investors about its business making commercial trucks powered by alternative fuel. Meanwhile, the 10-year Treasury note edged slightly higher at 1.269%, up 1 basis point, after the Federal Reserve kept rates unchanged at a range between 0% and 0.25% on Wednesday and signaled that it may be leaning toward ending its accommodative measures.

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MarketWatch MarketPulse
Jul 29, 2021

Jill Biden to have procedure on foot after stepping on object, White House says
First lady Jill Biden will on Thursday undergo a procedure to remove an object that has lodged in her left foot, the White House said. Michael LaRosa, the first lady's spokesman, said Biden stepped on an object on a beach in Hawaii last weekend. She will have the procedure at Walter Reed National Military Medical Center, and President Joe Biden will join her, said LaRosa in a statement.

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Jul 29, 2021

Amazon stock falls ahead of earnings report, with options traders not expecting too much action after results
Shares of Amazon.com Inc. fell 1.0% in afternoon trading, as investors braced for the ecommerce and cloud giant's second-quarter earnings report due out after the closing bell. The stock has declined the day after the past three earnings reports were released, and after eight of the past 11 reports for an average decline of 3.9% during those days, according to data provided by FactSet. Options traders aren't expecting too much action in the stock after the earnings report. An options strategy known as a straddle, which involves the simultaneous buying of both bullish options (calls) and bearish ones (puts) with the same "at the money" strike price, implied a post-earnings move of $115.61 in Amazon's stock price in either direction on Friday, compared with an average move of $136.55 after the past 12 quarterly reports, according to data provided by Option Research & Technology Services (ORATS) principal Matt Amberson. Amazon's stock has gained 3.5% over the past three months, while the S&P 500 has advanced 5.0%.

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MarketWatch MarketPulse
Jul 29, 2021

Oil futures settle higher, with U.S. prices at highest in over 2 weeks
Oil futures settled higher on Thursday, with U.S. prices at their highest in more than two weeks a day after the Energy Information Administration reported weekly declines in U.S. crude, gasoline and distillate supplies. Volatility in oil remains, given the spread of the COVID variant, said Dan Flynn, an analyst at The Price Futures Group. However, "demand is increasing even with the headlines that a year ago would have sent shockwaves in the market," he said. West Texas Intermediate crude for September delivery climbed by $1.23, or 1.7%, to settle at $73.62 a barrel on the New York Mercantile Exchange, the highest front-month finish since July 13, FactSet data show.

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Jul 29, 2021

Entergy Texas looks to create 7,000 jobs by building natural gas, hydrogen fueled plant
Entergy Corp. subsidiary Entergy Texas Inc. said Thursday it has started the process to seek approval to build the Orange County Advanced Power Station, which the electric utility expects will provide more than 7,000 jobs, create nearly $1.8 billion in economic activity and provide more than $1.5 billion in net benefits to customers. If approved, the 1,215-megawatt plant will be located near Bridge City, Texas, will be fueled using a combination of natural gas and hydrogen and be capable of powering more than 230,000 homes. Construction is expected to begin in the second quarter of 2023. Once the plant is operational, which it is expected to be by the summer of 2026, it is expected to provide about 27 permanent jobs. "Southeast Texas is well-positioned to play a key role in the transition to increased use of hydrogen in electric generation," said Entergy Texas Chief Executive Sallie Rainer. "Our region is home to hydrogen producers, pipelines, storage and industrial users." Entergy's stock, which was little changed in afternoon trading, has slipped 3.9% over the past three months, while the SPDR Utilities Select Sector ETF has edged up 0.4% and the S&P 500 has gained 5.1%.

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MarketWatch MarketPulse
Jul 29, 2021

Gold prices climb nearly 2% to settle at highest in over 6 weeks
Gold futures rallied Thursday, tacking on nearly 2% to settle at the highest in over six weeks. Gold prices surged "after a wrath of U.S. economic data painted a picture of a prolonged economic recovery that will likely be accompanied with a [Federal Reserve] that will not be abandoning its ultra-accommodative policies anytime soon," said Edward Moya, senior market analyst at Oanda. December gold rose $31.20, or 1.7%, to settle at $1,835.80 an ounce. That was the highest most-active contract finish since June 16 and largest one-day percentage gain since May 6, FactSet data show.

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MarketWatch MarketPulse
Jul 29, 2021

: AMD stock surging to new record after Xilinx earnings
AMDShares of Advanced Micro Devices Inc. AMD are up more than 6% in Thursday afternoon trading and on track to close at a fresh record. The stock recently changed hands at $104.45, making this the first session in which AMD's stock has ever traded above $100 intraday. The rally builds on a 7.6% post-earnings run during Wednesday's session and comes following a strong report from Xilinx Inc. XLNX after Wednesday's closing bell. AMD is in the process of acquiring Xilinx in a deal it expects to close by the end of the year, and Xilinx showed strong traction in its business Wednesday after delivering what Cowen & Co. analyst Matthew Ramsay called "well-above-consensus revenue." The company grew revenue by 21% "despite ongoing industry-wide supply chain challenges," it said in its release. Xilinx shares are up 5% in Thursday trading.

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Jul 29, 2021

Target to invest $75 million in fresh round of staff bonuses
Target Corp. said Thursday that it will spend $75 million on another round of worker bonuses. Full-time and part-time frontline team members will be eligible for a $200 recognition bonus. More than 240,000 workers will get the extra pay. Target has given its workers a number of bonuses throughout the pandemic. Target stock has soared more than 47% for the year to date while the S&P 500 index has gained nearly 18% for the period.

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Jul 29, 2021

McDonald's next celebrity menu collaboration will be with platinum artist Saweetie
McDonald's Corp. has announced the next artist collaboration in its Famous Orders lineup: platinum hip-hop artist Saweetie. The Saweetie meal will include a Big Mac, 4-piece Chicken McNuggets, medium fries, a medium Sprite, BBQ Sauce and "Saweetie 'N Sour" sauce, sweet-and-sour sauce that's been renamed for the meal. The Saweetie meal will launch on August 9. McDonald's most recent celebrity meal was with global superstar pop band BTS. The fast-food giant has also partnered with Travis Scott and J. Balvin. McDonald's stock has gained 13.8% for the year to date while the Dow Jones Industrial Average is up 14.8% for the period.

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MarketWatch MarketPulse
Jul 29, 2021

Traeger's stock opens 22% above IPO price, to value the grill market at $2.6 billion
Investors cheered Traeger Inc. on its public debut, as the grill maker's stock opened 22% above its initial public offering price. The IPO priced overnight at $18 a share, at the top of the expected range of between $16 and $18 a share. The stock's first trade was at $22.00 at 11:08 a.m. Eastern for 3.15 million shares. At that price the company was valued at $2.59 billion. The stock has edged higher since the open, and was last trading up 23.9% at $22.30. The bullish open for the stock occurred on a day that the Renaissance IPO ETF rose 0.6% in midday trading, while the S&P 500 gained 0.6%.

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Jul 29, 2021

Biden calls on Congress to extend eviction moratorium
The Biden administration on Thursday called on Congress to extend an eviction moratorium that expires Saturday. The White House said in a statement that the Centers for Disease Control and Prevention can't unilaterally extend the moratorium, following a related Supreme Court decision. "In light of the Supreme Court's ruling, the President calls on Congress to extend the eviction moratorium to protect...vulnerable renters and their families without delay," White House press secretary Jen Psaki said in a statement.

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MarketWatch MarketPulse
Jul 29, 2021

Natural-gas prices hold gains as EIA reports a weekly supply climb of 36 billion cubic feet
The U.S. Energy Information Administration reported on Thursday that domestic supplies of natural gas rose by 36 billion cubic feet for the week ended July 23. On average, analysts forecast an increase of 40 billion cubic feet, according to a poll conducted by S&P Global Platts. Total stocks now stand at 2.714 trillion cubic feet, down 523 billion cubic feet from a year ago and 168 billion cubic feet below the five-year average, the government said. Following the data, September natural gas continued to trade higher, up 4.2 cents, or 1.1%, at $4.01 per million British thermal units.

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MarketWatch MarketPulse
Jul 29, 2021

Traeger to go public as IPO priced at top of expected range, valuing the grill maker are more than $2 billion
Traeger Inc.'s is set to go public Thursday after grill maker's initial public offering priced overnight at the top of the expected range, to value the Utah-based company at about $2.12 billion. The company raised $423.5 million, as it sold 23,529,411 share in the IPO, which priced at $18 a share, compared with an expectation of between $16 and $18 a share. The stock is expected to start trading on the NYSE under the ticker symbol "COOK." The company is going public on the same day as Robinhood Markets Inc. , the popular no-fee trading app being valued at roughly $30 billion. In morning trading Thursday, the Renaissance IPO ETF was little changed, while the S&P 500 gained 0.4%.

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MarketWatch MarketPulse
Jul 29, 2021

Dow rises around 200 points, touches intraday record, as stock-market investors parse GDP, jobless claims reports
U.S. stock benchmarks mostly rose Thursday morning, holding gains after a weaker-than-expected reading on second-quarter gross domestic product and other economic data, as investors await the trading debut of online brokerage Robinhood Markets . The Dow Jones Industrial Average rose 188 points, or 0.5%, at 35,019, touching an intraday record high at 35,155.18; the S&P 500 index gained 19 points, or 0.4%, at 4,419, while the Nasdaq Composite Index traded flat to slightly higher at around 14,789. Brokerage firm Robinhood makes its long-awaited debut after pricing its initial public offering at the low end of expectations. In economic reports, the Commerce Department said U.S. gross domestic product grew at an annualized pace of 6.5% in the second quarter, coming in below forecasts for an expansion of 8.5%. Separately, data from the Labor Department showed first-time applications for unemployment benefits fell 24,000 last week to 400,000. The economic data come after the Federal Reserve held its policy in check and signalled that it hopes to scale back its crisis-era policies when the labor market and economy shows sustained improvement from COVID-19. Chairman Jerome Powell said that the economic recovery may not be there yet, however.

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MarketWatch MarketPulse
Jul 29, 2021

Ebay launches tools for trading card collectors
Ebay Inc. said Thursday that it has launched two new tools for trading card collectors. Price Guide provides pricing data from the previous year and Collection will help users keep track of what users are buying, selling and keeping in their collection. Collection will support baseball, basketball, football, golf, Pokémon and a number of other categories. Both tools are available in beta for Android, on the app in the Apple app store, and for desktop. Ebay said earlier this year that it was preparing for the sales potential in trading cards. Ebay stock has run up 45% while the S&P 500 index has gained 17.2% for the period.

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MarketWatch MarketPulse
Jul 29, 2021

UPDATE: Nikola shares slide premarket on report Founder Trevor Milton indicted for making false claims to investors
Trevor Milton, founder of electric truck company Nikola Corp. has been indicted on three counts of fraud by the U.S. Attorney's Office for the Southern District of New York for making "false and misleading statements" to investors regarding "nearly all aspects of the business," according to a grand jury indictment that was unsealed on Thursday. The investigation came after short seller Hindenburg Research published a research report on the company that alleged that management had misled investors and overstated its internally developed battery and fuel-cell capabilities. The indictment said Milton, the one-time executive chairman of the company, had targeted retail investors, using social media, TV, print and podcast interviews. Nikola shares slid 7% premarket.

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MarketWatch MarketPulse
Jul 29, 2021

LendingClub soars toward record rally, as Wedbush analyst said surprise profit was driven by 'all the right items'
Shares of LendingClub Corp. skyrocketed toward a record rally to pace all premarket gainers Thursday, after the web-based lending company reported a surprise second-quarter profit and revenue that grew five-fold. The stock shot up 38.5% ahead of the open, which would surpass the current record one-day rally of 26.2% on Dec. 31, 2020. Wedbush analyst Henry Coffey reiterated the outperform rating he's had on the stock since May 2019, while lifting his price target to a Wall Street high of $33.50 from $25.00, following the second-quarter results revealed late Wednesday, which he said were "bigger and better on all fronts." Coffey said the company's profitability was driven "by all the right items," including high origination fees, higher margins at the bank and lower-than-anticipated operating costs. The stock has already soared 53.9% year to date through Wednesday, while the S&P 500 has advanced 17.2%.

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MarketWatch MarketPulse
Jul 29, 2021

Albertsons raises full-year guidance
Albertsons Cos. Inc. shares rose 2.8% in Thursday premarket trading after the grocer reported fiscal first-quarter earnings that beat expectations and raised its guidance. Net income totaled $444.8 million, or 78 cents per share, down from $586.2 million, or $1.00 per share, last year. Adjusted EPS of 89 cents beat the FactSet consensus for 71 cents. Revenue of $21.27 billion was down from $22.75 billion but ahead of the FactSet consensus for $20.52 billion. Identical sales fell 10.5%, beating the FactSet consensus for an 11.1% decline. Albertsons attributed the declines to cycling high COVID-19-related demand in 2020. On a two-year stack, identical sales were up 16.5%. For the year, Albertsons is guiding for an identical sales decline in the range of 5% to 6%, up from previous guidance for a decline of 6% to 7.5%, and adjusted EPS of $2.20 to $2.30, up from previous guidance for $1.95 to $2.05. The FactSet consensus is for an identical sales decline of 6.3% and EPS of $2.00. Albertsons stock has rallied nearly 18% for the year to date, outpacing the S&P 500 index , which is up 17.2% for the period.

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MarketWatch MarketPulse
Jul 29, 2021

Taco Bell parent Yum Brands beats earnings and sales consensus
Yum Brands Inc. stock rose 2.8% in Thursday premarket trading after the fast-food company reported earnings and sales that beat the Street. Net income totaled $391 million, or $1.29 per share, up from $206 million, or 67 cents per share, last year. Adjusted EPS of $1.16 beat the FactSet consensus for 96 cents. Revenue of $1.60 billion was up from $1.20 billion last year and also ahead of the FactSet consensus for $1.48 billion. Worldwide comparable sales jumped 23%, with Taco Bell up 21%, KFC rising 30% and Pizza Hut increasing 10%. Habit Burger Grill comparable sales rose 31%. Yum stock has gained 13% for the year to date while the S&P 500 index is up 17.2% for the period.

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MarketWatch MarketPulse
Jul 29, 2021

Viatris gets FDA approval of first biosimilar version of Sanofi's insulin Lantus
Shares of Viatris Inc. gained 3.3% in premarket trading on Thursday, the day after the Food and Drug Administration approved the first biosimilar verson of insulin glargine from Viatris and Biocon Biologics Ltd. Biocon is a privately held biopharma company based in India. The newly approved treatment, Semglee, is a biosimilar and interchangeable version of Lantus, Sanofi's once-blockbuster long-actin insulin. Semglee will be sold exclusively by the companies for 12 months before the FDA can approve another biosimilar version of Lantus. Biosimilar drugs are copies of complex biologic drugs; this is somewhat similar to how generic drugs compare to brand-name prescription medications, in that that biosimilars and generic drugs are less expensive than the brand-name alternatives. Viatris shares are down 24.0% so far this year, while the broader S&P 500 is up 17.1%.

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