Tag: Markets

May102023 by Waqas-ChNo Comments

Bitcoin rises slightly after key inflation data comes in better than feared

Bitcoin prices have been under pressure in 2022 after the collapse of algorithmic stablecoin terraUSD and subsequent bankruptcy filings from lender Celsius and hedge fund Three Arrows Capital.Nicolas Economou | Nurphoto | Getty ImagesCryptocurrency prices got a slight bump higher Wednesday following the April consumer price index report.Bitcoin rose about 2% to $28,174.29, according to Coin Metrics, after starting the week with a sharp drop. It's still down about 4.5% for the week. Ether rose more than 1% to $1,873.52.Investors grew optimistic after the CPI report showed the inflation rate eased on an annual basis to 4.9% in April, which was slightly less than what economists polled by Dow Jones expected."When it comes to inflation data, bitcoin embraces its identity as a riskier asset,...

May62023 by Waqas-ChNo Comments

Regional bank stocks could be a market afterthought in the week ahead

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For the immediate economic and earnings and growth outlook, it almost seems irrelevant whether regional bank stocks rally, steady or sell off more next week. Regional banks were top of mind for investors this past week, as First Republic failed , the SPDR S & P Regional Banking ETF tumbled more than 10% — twice the five-day loss in the S & P 500 Energy Index, the hardest hit S & P sector — and lenders such as PacWest Bancorp and Western Alliance Bancorp lost billions in market value. And, for all that, the S & P 500 only fell about 0.75% this week. Now the conventional wisdom on Wall Street is that regardless of how the regional bank stocks trade, it's a given that bank lending officers are going to pull in their horns and risk management desks will grow more risk averse...

May52023 by Waqas-ChNo Comments

Stock market today: Live updates

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Traders work on the floor of the New York Stock Exchange on April 21, 2023 in New York City.Spencer Platt | Getty Images News | Getty ImagesStock futures ticked higher early Friday morning.S&P 500 futures inched up by 0.4%, while Nasdaq 100 futures added 0.5%. Futures tied to the Dow Jones Industrial Average gained 77 points, or 0.23%.Investors received a fresh slate of corporate earnings, including Apple after Thursday's close. The tech giant posted beats on the top and bottom lines for the fiscal second quarter, propelled by iPhone sales. Apple shares gained more than 2% in extended trading.During the regular session on Thursday, the three major averages closed lower for the fourth consecutive day. The S&P 500 lost 0.72%, while the Nasdaq Composite dropped 0.49%. The Dow lost ...

May52023 by Waqas-ChNo Comments

Sweetgreen (SG) Q1 2023 earnings

Business

Nicolas Jammet, chief concept officer and co-founder of Sweetgreen Inc., right, eats a salad during the company's initial public offering (IPO) on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Thursday, Nov. 18, 2021.Michael Nagle | Bloomberg | Getty ImagesSweetgreen on Thursday reported a narrower-than-expected loss in its first quarter after slowing its expansion to focus on profitability.The salad chain, which went public in November 2021, is aiming to turn a profit for the first time by 2024. Last quarter, it announced it would take a more conservative approach to entering new markets. It's also cutting support-center costs and simplifying its management structure.Sweetgreen shares rose 7% in extended trading.Here's what the company reported compared with wha...

May42023 by Waqas-ChNo Comments

Pricing, what to know about consumer health spinoff

Business

Johnson & Johnson products on a shelf in a store in New York.Lucas Jackson | ReutersJohnson & Johnson's consumer health business Kenvue priced its IPO at $22 per share Wednesday, toward the high end of its stated range, in an upsized deal that would bring in about $3.8 billion. At that IPO price, the new company will be valued at around $41 billion. That makes Kenvue's debut one of the largest U.S. IPOs in more than a year.related investing newsThe company expected to price 151 million shares between $20 and $23 per share, according to a preliminary prospectus it filed with the Securities and Exchange Commission last week.Proceeds from the offering and any profits from related debt-financing transactions will go to J&J, but Kenvue will retain $1.17 billion in cash and cash e...

May32023 by Waqas-ChNo Comments

Yum Brands (YUM) Q1 2023 earnings

Business

Cars wait in a line at a KFC (Kentucky Fried Chicken) drive-thru in Bloomsburg.Paul Weaver | LightRocket | Getty ImagesYum Brands on Wednesday reported quarterly earnings that fell short of analysts' expectations, despite a China sales rebound for KFC and Pizza Hut.Yum joins the growing list of companies that includes Procter & Gamble and Starbucks that have reported recovering sales in China.Shares of the company dropped more than 2% in premarket trading.Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:Earnings per share: $1.06 adjusted vs. $1.13 expectedRevenue: $1.65 billion vs. $1.62 billion expectedYum reported first-quarter net income of $300 million, or $1.05 per share, down from $399 million, or $1.36 p...

Apr282023 by Waqas-ChNo Comments

Stocks gain, Eli Lilly, Amazon

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Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. ET. Here's a recap of Friday's key moments. Stocks head for winning week Discipline with Eli Lilly Stick with Amazon 1. Equities on track for winning week The major U.S. stock benchmarks are on track for weekly gains amid a flurry of earnings reports. The Dow Jones Industrial Average on Friday added about 130 points, or 0.4%, while the S & P 500 climbed about 0.3%. The tech-heavy Nasdaq Composite was the laggard Friday, oscillating between minor losses and gains. But the Nasdaq is the best-performing index for the week, climbing nearly 0.6% so far, following strong quarterly results from Big Tech firms, including Club holdings Meta Platforms (META) and Microsoft (MSFT). The blue-...

Apr262023 by Waqas-ChNo Comments

Markets Fall In Early Trade On Weak Trend In US Equities, Foreign Fund Outflows

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Mumbai: Equity benchmark indices declined in early trade on Wednesday tracking weak trends in the US market and foreign fund outflows.Also, a weak trend in index major Reliance Industries and ICICI Bank dragged down the benchmark indices lower in initial trade.The 30-share BSE Sensex declined 54.08 points to 60,076.63 points while the broader NSE Nifty fell 24 points to 17,745.25 points.Among the Sensex firms, Tata Steel, State Bank of India, Reliance Industries, Bajaj Finserv, NTPC, Kotak Mahindra Bank, ITC, ICICI Bank, HDFC Bank and HDFC were the biggest laggards.Power Grid, IndusInd Bank, Larsen & Toubro, Tata Consultancy Services, Tata Motors and Nestle were among the gainers.In Asian markets, Seoul and Hong Kong were quoting in the green while Japan and Shanghai were trading lo...

Apr262023 by Waqas-ChNo Comments

Chipotle Mexican Grill (CMG) earnings Q1 2023

Business

Chipotle Mexican Grill on Tuesday reported quarterly earnings and revenue that topped analysts' expectations, fueled by better than expected same-store sales growth.Like McDonald's, Chipotle said traffic to its restaurants grew during the first quarter despite higher menu items. Chipotle's menu prices are up roughly 10% from a year earlier. CEO Brian Niccol said the chain has demonstrated that it has pricing power.related investing news"We don't want to be in front of the inflationary environment, but we also don't want to fall behind," he said on the company's conference call.Pedestrians wearing protective masks walk in front of a Chipotle restaurant in San Francisco, California, April 19, 2021.David Paul Morris | Bloomberg | Getty ImagesFor now, Chipotle is pausing price increases, Ni...

Apr172023 by Waqas-ChNo Comments

Moderna shares fall despite promising cancer vaccine data

Business

Sopa Images | Lightrocket | Getty ImagesShares of Moderna fell Monday as Wall Street chewed over new trial results on the personalized cancer vaccine it is developing with Merck. Merck's shares were essentially flat.The experimental mRNA vaccine, when combined with Merck's blockbuster drug Keytruda, cut the risk of recurrence of skin cancer melanoma by 44% compared with Keytruda alone, the companies said Sunday in their first detailed presentation of results from a key phase two trial. Nearly 80% of participants who received both the vaccine and Keytruda stayed cancer-free for 18 months compared with the 62% of participants who only received Keytruda, the companies said. They added that side effects with the vaccine were generally mild, with fatigue being the most common. Those results,...