Wall Street Today | Snap posts weakest-ever sales, shares tumble after hours
MACRO
Mortgage Rates Rise for Second Straight Week to 5.54%
Mortgage rates climbed for the second consecutive week. The average rate on a 30-year fixed-rate mortgage rose to 5.54%, mortgage-finance giant Freddie Mac said Thursday. That is up from 5.51% last week but below the 13-year high of 5.81% recorded in June.
U.S. Jobless Claims Rise to New High for Year
New applications for unemployment benefits climbed again last week, reaching their highest point since late last year in a sign the tight labor market is slowly loosening. Initial jobless claims, a proxy for layoffs, rose to a seasonally adjusted 251,000 in the week ended July 16 from 244,000 the week before, the Labor Department said Thursday.
SECTORS
Heat Wave Sends Natural-Gas Prices Soaring
Some of the hottest weather on record is lifting natural-gas prices and reviving a key driver of inflation. Natural-gas futures have jumped 48% this month—including 10% on Wednesday—to $8.007 per million British thermal units.
Inflation Hits Big Insurers' Profits
Big car, home and business insurer $The Travelers Companies(TRV.US$ posted a 41% decline in second-quarter net income, as inflation has continued to drive up costs, including to repair and replace automobiles and pay for medical care of injured people. $Allstate(ALL.US$Corp., meanwhile, said inflation would worsen its coming second-quarter quarter results.
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COMPANY
Snap Posts Weakest-Ever Sales, Shares Tumble After Hours
$Snap Inc(SNAP.US$ on Thursday said that revenue for the April through June period was $1.11 billion, narrowly missing scaled-back Wall Street expectations, according to analysts surveyed by FactSet. The 13% year-over-year sales growth in the second quarter was even lower than what the company registered early in the pandemic, when it slipped to 17%. Snap shares tumbled more than 26% in after-hours trading on the results.
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Amazon to Buy One Medical Network of Health Clinics in Healthcare Expansion
$Amazon(AMZN.US$ Inc. is buying an operator of primary-care clinics and that underscores its sweeping ambitions in healthcare. The $3.9 billion deal, including debt, for $1Life Healthcare(ONEM.US$ Inc., which operates a primary-care practice under the name One Medical.
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Intuitive Surgical Stock Falls More Than 13% After Q2 Results Fall Short
Shares of Intuitive Surgical dropped more than 13% in the extended session Thursday after the maker of surgical robotic systems reported second-quarter results below Wall Street expectations and said that it was able to place fewer of its flagship robotic systems. Intuitive said it earned $308 million, or 85 cents a share.
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Tesla's Rally Creates $1 Billion Headache for Its Army of Shorts
$Tesla(TSLA.US$ Inc. shares surged 10% on Thursday after the electric-vehicle maker reported strong earnings. Tesla is the most shorted stock in the world, with almost 3% of its float held in short-selling positions. S3 Partners estimates that these investors are taking in more than $1 billion in mark-to-market losses just on Thursday's surge. That drives their losses this month to $2.67 billion, according to S3.
Apple Can Hit $3 Trillion on Services Shift, Morgan Stanley Says
$Apple(AAPL.US$ Inc.'s pivot to a subscription-like model suggests long-term upside to over $200 per share, or more than $3 trillion in market value, Morgan Stanley analysts wrote in a note. Apple shares closed at $153 on Wednesday.
Source: Bloomberg, Dow Jones, CNBC
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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