- ‘Romeo & Juliet’ Theater Review: Tom Holland Disappoints in Return to the Stage But Another Star Is Born Hollywood Reporter
- Breaking Baz: Zendaya Keeps The Spotlight On Tom Holland As He Makes His Shakespeare Debut In Modern-Dress ‘Romeo & Juliet’ In London’s West End Deadline
- Zendaya method-dresses in Shakespearean look for Tom Holland’s Romeo and Juliet show The Independent
- Zendaya Wears a Dress Straight Out of ‘Romeo and Juliet’ To Support Tom Holland at His Premiere Yahoo Entertainment
- Zendaya supports boyfriend Tom Holland’s West End run and more star snaps Page Six
Tag Archives: Disappoints
‘The Flash’ Disappoints With $55 Million Debut, Pixar’s ‘Elemental’ Flops With $29.5 Million in Battle of Box Office Lightweights – Variety
- ‘The Flash’ Disappoints With $55 Million Debut, Pixar’s ‘Elemental’ Flops With $29.5 Million in Battle of Box Office Lightweights Variety
- Does The Flash Deserve Its Rotten Tomatoes Score? MovieWeb
- Box Office: Ezra Miller’s ‘The Flash’ Faces Trouble, Pixar’s ‘Elemental’ Gets Iced Yahoo Entertainment
- ‘The Flash’ races to $55 million on a busy box office weekend The Washington Post
- ‘The Flash’ Loses Speed With $60M 3-Day Opening: Here’s Why Deadline
- View Full Coverage on Google News
Pete Davidson Disappoints PETA By Not Adopting New Dog – TMZ
- Pete Davidson Disappoints PETA By Not Adopting New Dog TMZ
- Pete Davidson Slammed by Fans for Purchasing a Dog With Girlfriend Chase: ‘Adopt Don’t Shop’ Yahoo Entertainment
- Pete Davidson & girlfriend Chase Sui Wonders spark major fan fury over ‘disgusting’ decision with new fam… The US Sun
- Chase Sui Wonders Accompanies Boyfriend Pete Davidson As He Adopts Puppy One Month After Mourning Loss of Beloved Family Dog Just Jared
- Pete Davidson Got Dragged For Buying A Dog Instead Of Adopting A Rescue Dlisted
- View Full Coverage on Google News
Hong Kong stocks up 3% as tech stocks rise; China’s activity data disappoints
Hong Kong-listed Chinese technology stocks jump early in session
Hong Kong-listed shares of Chinese technology companies rose significantly in the first hour of trade.
Tencent rose 7.6%, Meituan gained 5.9%, and Alibaba rose 9%. The Hang Seng Tech index was up around 4%.
The moves come despite disappointing activity and retail sales data from China, and following U.S. President Joe Biden and Chinese President Xi Jinping’s meeting ahead of the G-20 summit in Bali.
Safanad’s chief investment strategist said the discussion between the two leaders went “much better” than expected, though he mostly credited that to low expectations.
TSMC shares jump more than 9% on Berkshire Hathaway stake news
Shares of Taiwan Semiconductor Manufacturing Company listed in Taiwan jumped after Berkshire Hathaway disclosed a $4 billion stake in the company.
The stock soared as much as 9.44%, reaching the highest levels in nearly two months.
Berkshire added more than 60 million shares of the Taiwanese chipmaker’s American depositary receipts, worth $4.1 billion (1.2% of TSM) by the end of the third quarter, making Taiwan Semi the conglomerate’s 10th biggest holding at the end of September.
The stock was last up around 8%.
China’s industrial output, retail sales miss expectations in October
China’s industrial production grew 5% in the month of October compared with a year ago, slowing from an increase of 6.3% seen in September. The latest figure misses estimates of a 5.2% rise predicted in a Reuters poll.
Separately, retail sales in China fell 0.5% in October from a year ago, missing expectations.
Analysts polled by Reuters expected a 1% increase, and retail sales grew 2.5% in September.
— Abigail Ng
CNBC Pro: Top Morningstar strategist says stocks are undervalued by 15% and shares 6 favorites
With many stocks in a bear market, equities could be undervalued by 15%, according to Morningstar.
The equity research firm’s chief U.S. strategist believes headwinds that were present earlier in the year will start to recede at the start of next year and benefit stocks.
Dave Sekera also shared his “fair value” assessment on six companies with a “wide economic moat” that will outperform in such an economic environment.
CNBC Pro subscribers can read more here.
— Ganesh Rao
Australia’s central bank hints at larger interest rate hikes ahead
The Reserve Bank of Australia hinted at further and possibly larger interest hikes ahead in its efforts to tame inflationary pressures, according to the minutes released from its latest meeting.
“The Board agreed on the importance of returning inflation to target and expects to increase interest rates further over the period ahead,” it said in the release.
The central bank had considered raising its cash rates by 50 basis points, but saw a stronger case to increase the rate by 25 basis points, it said.
Higher interest rates would be part of wider efforts to “establish a more sustainable balance of demand and supply in the Australian economy,” the RBA said, adding that members had not ruled out the possibility of returning to larger hikes if needed.
– Jihye Lee
Japan’s economy unexpectedly contracts in the third quarter, data shows
Japan’s economy unexpectedly contracted in the third quarter from a year ago, official preliminary estimates showed.
Gross domestic product shrank 1.2% in the July-to-September quarter compared with the same period last year, missing estimates for growth of 1.1% in a Reuters poll.
— Abigail Ng
CNBC Pro: China is easing its Covid measures. Here’s how market pros are playing it
Which stocks could benefit if China rolls back its zero-Covid policy? Market pros reveal how to play a reopening as China eases some of its virus controls.
Pro subscribers can read more here.
— Zavier Ong
Stocks off lows of session on Brainard comments
The S&P 500 rebounded off its lows and Treasury yields eased from their highs a bit late morning after Federal Reserve Vice Chair Lael Brainard said it may “soon” be appropriate to slow the pace of interest rate hikes, in a conversation with Bloomberg News.
The S&P 500 was last just down 0.1% after being off by more than 0.7% at one point Monday. The 10-year Treasury yield was 5 basis points higher to 3.878% after trading as high as about 3.90% earlier.
“I think what’s really important to emphasize is we’ve done a lot but we have additional work to do both on raising rates and sustaining restraint to bring inflation down to 2% over time,” Brainard added.
—John Melloy, Jeff Cox
Fed’s Waller’s message to markets: Rates endpoint is ‘still a ways out there’
Fed Governor Chirstopher Waller said that, while the central bank could raise rates at a slower pace next month, this shouldn’t be interpreted as a softening sign in its fight to bring down inflation.
“Quit paying attention to the pace and start paying attention to where the endpoint is going to be. Until we get inflation down, that endpoint is still a ways out there,” Waller said Sunday.
Earlier this month, the Fed raised rates by 75 basis points to their highest level since 2008.
— Fred Imbert
Oil prices drop more than 1% as China demand data disappoints
SINGAPORE, Oct 24 (Reuters) – Oil prices slid more than 1% on Monday after Chinese data showed that demand from the world’s largest crude importer remained lacklustre in September as strict COVID-19 policies and fuel export curbs depressed consumption.
Brent crude futures for December settlement slid $1, or 1.1%, to $92.50 a barrel by 0609 GMT after rising 2% last week. U.S. West Texas Intermediate crude for December delivery was at $84.02 a barrel, down $1.03, or 1.2%.
Although higher than in August, China’s September crude imports of 9.79 million barrels per day were 2% below a year earlier, customs data showed on Monday, as independent refiners curbed throughput amid thin margins and lacklustre demand.
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“The recent recovery in oil imports faltered in September,” ANZ analysts said in a note, adding that independent refiners failed to utilise increased quotas as ongoing COVID-related lockdowns weighed on demand.
“This was exacerbated by falling refinery margins and product export curbs,” the analysts said.
Saudi Arabia and Russia were neck and neck as China’s top two suppliers in September.
Uncertainty over China’s zero-COVID policy and property crisis are undermining the effectiveness of pro-growth measures, ING analysts said in a note, even though third-quarter gross domestic product (GDP) growth beat expectations.
The GDP data came a day after China’s Xi Jinping secured a precedent-breaking third leadership term on Sunday, cementing his place as the country’s most powerful ruler since Mao Zedong.
Brent rose last week despite U.S. President Joe Biden announcing the sale of a remaining 15 million barrels of oil from the U.S. Strategic Petroleum Reserves. The sale is part of a record 180 million-barrel release that began in May.
Biden added that his aim would be to replenish stocks when U.S. crude is around $70 a barrel.
“Biden’s comments that the U.S. will only buy crude once prices hit USD70/bbl provides a strong support level,” ANZ said.
Last week, U.S. energy firms added oil and natural gas rigs for the second week in a row as relatively high oil prices encourage firms to drill more, energy services firm Baker Hughes Co said in a report on Friday.
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Reporting by Florence Tan; Editing by Christian Schmollinger and Jamie Freed
Our Standards: The Thomson Reuters Trust Principles.
Affirm Stock Tumbles As 2022 Guidance Disappoints As Amazon Deal Kicks In| Investor’s Business Daily
Shares of consumer financing firm Affirm Holdings (AFRM) crashed in early trading on Friday on its December-quarter earnings report. Investors mulled new guidance for AFRM stock, which now includes Amazon.com (AMZN) transactions.
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Affirm stock on Thursday released its fiscal second-quarter earnings report ahead of schedule. The company’s fiscal second-quarter earnings were released on Business Wire at 2:48 p.m. ET, an hour and 12 minutes before the market close.
Owing to an expanding e-commerce partnership with online giant Amazon, management hiked full-year fiscal 2022 revenue outlook. Affirm projected revenue in a range of $1.29 billion to $1.31 billion, including Amazon transactions.
But that was up only about 5% from earlier guidance, which called for revenue in a range of $1.225 billion to $1.250 billion.
AFRM Stock: Guidance Confusing?
At Bank of America, analyst Jason Kupferberg said AFRM stock issued confusing guidance.
“For fiscal Q3, revenue/GMV are being guided down 9%/18% quarter-over-quarter,” he said in a report. “While AFRM raised its fiscal 2022 outlook (now includes Amazon) for GMV by 11% at the mid-point, the revenue outlook was raised just 5% and growth in transaction costs was raised 9%.”
He added: “Therefore, the midpoint of revenue less transaction expenses (gross margin) guidance was left essentially flat at $590 million (vs. $587.5 million prior). Based on management commentary, these dynamics seem attributable to mix effects that are moving very rapidly, including large enterprise merchants (such as Amazon and Walmart (WMT)), Shopify (SHOP), and Peloton Interactive (PTON). Amazon and Walmart have low take rates and interest-bearing loans only, which have timing differences between revenue (interest income recognized ratably over the life of the loan) and transaction expenses (provisions are booked upfront when loans are issued).”
Deutsche Bank analyst Bryan Keane had a cautious view.
“AFRM conservatively raised 2022 guidance much lower than anticipated expecting a sequential decline into Q3 due to seasonality, Peloton and difficult comparisons (despite larger partnerships continuing to ramp),” he said in a report.
AFRM Stock: Wider Net Loss
Affirm reported a 57-cent per share loss using Generally Accepted Accounting Principles, or GAAP, for the three months ended Dec. 31. That compares with a 38-cent loss in the year-earlier period. Analysts had projected a loss of 32 cents per share.
San Francisco-based Affirm reported a net loss of $159.7 million compared with a $26.6 million loss in the year-earlier period. Affirm said it had an adjusted operating loss of $7.9 million vs. $3.1 million in adjusted operating income a year earlier.
Affirm said revenue climbed 77% to $361 million vs. estimates of $329.1 million. The company said gross merchandise volume came in at $4.5 billion, up 115%, vs. estimates at $3.73 billion.
AFRM stock fell 11% to 52.31 in early trades on the stock market today. Shares fell 21.4% on Thursday. As of Thursday’s market close, AFRM stock is down 41.5% so far this year.
Affirm stock is one of the biggest providers of buy now, pay later installment payment services. Under an expanded deal, Affirm will be the only provider of BNPL services to Amazon until January 2023. In addition, Affirm will be integrated into Amazon Pay’s digital wallet in the U.S.
New Partners Offset Peloton Struggles?
Struggling fitness company Peloton has been a large customer. But Affirm also has forged partnerships with e-commerce firm Shopify and Walmart.
The initial public offering for AFRM stock in January 2021 raised $1.2 billion. Affirm gets most of its revenue from transaction fees paid by online retailers.
Buy now, pay later — or BNPL — services generally split interest-free payments into three or four equal installments over two months or less. However, Affirm stretches out some BNPL plans to as long as 60 months. In addition, Affirm gets more than one-third of its revenue from interest income paid by consumers.
Heading into Affirm earnings, the stock had a Relative Strength Rating of 27 out of a best-possible 99, according to IBD Stock Checkup.
If you’re new to IBD, consider taking a look at its stock trading system and CAN SLIM basics. Recognizing chart patterns is one key to the investment guidelines.
Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing.
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Dow Jones Today, Stocks Slump As July Hiring Data Disappoints; FDA Timeline Lifts BioNTech; Paycom, DaVita Eye Breakouts
Stocks opened lower, then turned mixed Wednesday after disappointing July hiring data and as concerns rose regarding coronavirus infections and impact. Vaccine maker BioNTech rallied on FDA news. Advanced Micro Devices extended its breakout rally. Earnings news sent Paycom Software and DaVita past buy points. And on the Dow Jones today, Home Depot and UnitedHealth traded just below buy points.
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The Dow industrials sloughed off 190 points, down 0.5%, as oil prices and bond yields dived after a disappointing July hiring report from ADP. The S&P 500 shed 0.3%. The Nasdaq 100 shook off thin early loss and climbed almost 0.1%, although earnings news sent Match Group (MTCH), Kraft Heinz (KHC) and Amgen (AMGN) to the bottom of the Nasdaq 100.
IBD 50 stock Advanced Micro Devices (AMD) surged 4.7%, to the head of the Nasdaq 100, as it aimed to extend its five-day rally. The chipmaker has gained more than 20% in fewer than two weeks, triggering the eight-week hold rule.
Paycom Software (PAYC) vaulted 8.3%, leading the S&P 500. The human resources software developer reported better-than-expected sales and earnings for the second quarter, and raised its guidance. The early move sent shares past a 404.87 double-bottom base buy point.
Delta variant concerns and news reports of a possible full approval from the Food and Drug Administration sent BioNTech (BNTX) up 3.6% to lead the IBD Leaderboard list. BioNTech is in the third week of an eight-week hold rule. IBD 50 stock Moderna (MRNA) opened to a 0.9% gain Wednesday.
In some of the morning’s more dramatic moves, four-day-old Robinhood Markets (HOOD) scrambled 54% higher. The stock finished trade on Tuesday more than 41% above Thursday’s initial offering price. Biotech BeyondSpring (BYSI) spiked 153%, after reporting positive Phase 3 trial results of a lung cancer treatment.
Dow Jones Today: Boeing Test Flight Delayed
Amgen slumped 2.9%, to the bottom of the Dow Jones today, after reporting second-quarter sales and earnings that beat views. But management trimmed its full-year earnings guidance.
Boeing (BA) dropped 1.1% after further delays to a test flight of the company’s autonomous, reusable space capsule. Boeing stock is attempting to add a third week to its advance off a mid-July low.
UnitedHealth Group (UNH) added 0.2% in early trade. A 1.5% jump on Tuesday lifted shares to within 2% of a 422.63 buy point in a 12-week cup-with-handle base.
Home Depot (HD) — a stock that has benefited during periods of tighter Covid restrictions — edged a fraction lower. Home Depot stock rose 1.4% on Tuesday, ending less than 1% below a 333.55 entry, also in a 12-week cup with handle.
Econ Data: Hiring Fades In July
ADP launched the ramp-up to Friday’s July payrolls report from the Labor Department with its July National Employment Report. The report showed U.S. nonfarm private employers added 330,000 workers in July. That was less than half of June’s 692,000-job increase, and was less than half expectations for an increase of 700,000.
Join IBD experts as they analyze actionable stocks in the stock market rally on IBD Live
Oil prices and bond yields turned lower after the ADP report. West Texas Intermediate futures tumbled more than 3%, moving below $69 a barrel. The 10-year yield held dipped four basis points to 1.13%, after settling just below 1.18% on Tuesday.
IHS Markit releases its final composite purchasing managers index for July at 9:45 a.m. ET. The Institute for Supply Management reports its July services PMI at 10 a.m. And weekly petroleum inventories data are set for release from the Energy Information Administration at 10:30 a.m.
Earnings News: Donnelly, DaVita Head For Buy Points
In early earnings news, eXp World Holdings (EXPI) rocketed 28% higher. United Therapeutics (UTHR) and Landmark Infrastructure Partners (LMRK) each gained more than 11%.
Dialysis treatment leader DaVita (DVA) jumped 7.8%, scoring an early breakout past a 124.98 buy point in a double-bottom base. Investors could use a breakaway gap buying strategy, which would place an entry at 129.10.
Video game developer Activision Blizzard (ATVI) gained 2.7%. The company reported second-quarter earnings late Tuesday. Activision has been wracked by an employee walk-off and executive shake-ups tied to a lawsuit alleging widespread sexual harassment and discrimination within the company.
On the downside, in addition to Amgen on the Dow Jones today, General Motors (GM) tumbled 7.7%, despite beating its second-quarter targets, as annual per-share earnings guidance stopped short of expectations.
China Ramps Up Covid Restrictions
China’s markets took a healthy bounce on Wednesday, with the Shanghai Composite and Hong Kong’s Hang Seng index each jumping 0.9%. That put the Shanghai Composite up 2.4% for the week as it rebounds from last week’s 4.3% dive. The Hang Seng ended Wednesday up 1.8%, vs. the prior week’s 5% fall.
The positive market action came even as China on Wednesday imposed “massive travel restrictions,” with a large number of airports and rail travel canceled, according to state-run media agency Xinhua.
Stock Market ETF Strategy And How To Invest In The Current Uptrend
Widespread Covid testing regimens have also been implemented, and Beijing imposed strict entry and exit controls on Sunday. CNBC reported early Wednesday that China’s National Health Commission said it confirmed 96 Covid cases on Wednesday — the third straight day it reported 90 cases and above. Of the newly confirmed cases, 71 were locally transmitted, said the health commission.
The question of how far China will have to go to lock down the new spread of the Delta variant coronavirus comes as a broadening regulatory crackdown left China’s markets reeling. Stocks began selling off aggressively on July 23, as authorities rolled out a series of reforms that reframed regulations for education companies, food delivery operations and companies listing on exchanges outside of China.
Tech and internet stocks fell hard Tuesday, on fears that online gaming would be the next sector on which the government would focus its broadening crackdown.
Tracking Global Stock Markets
Among China gauges in the U.S. early Wednesday, the iShares MSCI China ETF (MCHI) rose 1.8%, and the Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR) gained 0.9. Technology tracker KraneShares CSI China Internet ETF (KWEB) rebounded 2.9% in early trade. The ETF fell 4% on Tuesday.
In Europe on Wednesday, stocks defended narrowed gains in afternoon trade. The CAC-40 in Paris pared back to a 0.3% advance. Frankfurt’s DAX swung 0.5% higher. London’s FTSE 100 mustered a 0.1% gain. The SPDR Portfolio Europe ETF (SPEU) added 0.5%.
IBD 50 Earnings: Roku, HubSpot, Innovative
At least a dozen IBD 50-listed companies have reported or will report earnings this week. Of the companies due to report, Roku (ROKU), HubSpot (HUBS) and Innovative Industrial Properties (IIPR) are among those near buy points.
Roku gained 0.2% in early trade, angling to avoid a fourth straight decline. The stock had dropped below its 21-day exponential moving average on Monday, finishing Tuesday about 10% below a 463.09 buy point in a cup-with-handle base. Roku reports after Wednesday’s close.
HubSpot shares were down 0.2% Wednesday, testing support at their 21-day average. HubSpot stock remains in a buy range above a 574.93 buy point in a cup base. Its pullback to the 10-week line didn’t trigger the automatic sell rule. So the breakout remains in play. The buy zone extends to 603.68. The company reports after today’s close.
Nasdaq, S&P 500, Dow Jones Today
The stock market gave the U.S. economy a vote of confidence Tuesday, with the major indexes all rebounding from short-term support. The gains came even as concerns and restrictions increased, due to what appears to be the accelerating spread of the coronavirus Delta variant in the U.S.
As a result, the S&P 500 and Nasdaq Composite closed narrowly off record highs. The Dow Jones today also opens near its record high, and back above the 35,000 level, which has acted as a cap on its progress since May.
For more detailed analysis of the current stock market and its status, study the Big Picture.
August is generally treated as a sleepy month for the market, a month in which traders take vacations before the kids head back to school. But for the past decade, August performances have been erratic. The Dow and S&P 500 have posted moves up and down of more than 1.5% in seven of the past 10 years. The Nasdaq has seen such moves in eight of the past 10 years.
IBD’s Big Picture cautions that “after rising in eight of the past nine months, a stock market pullback would not come as a surprise. For now, though, there’s no clear sign of such a pullback.” Distribution days are somewhat elevated, particularly on the S&P 500. But Tuesday’s action showed institutional buyers remained engaged. And there has not been any new distribution for the past two weeks.
The stock market’s status remains in “confirmed uptrend.”
Find Alan R. Elliott on Twitter @IBD_Aelliott
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