Wall Street Today | US productivity falls for a second quarter, labor costs surge
MACRO
US Productivity Falls for a Second Quarter, Labor Costs Surge
US productivity slumped for a second-straight quarter as the economy shrank, driving another surge in labor costs that risks keeping inflation elevated. Productivity, or nonfarm business employee output per hour, decreased at a 4.6% annual rate in the second quarter after falling at a 7.4% pace in the previous three months, Labor Department figures showed Tuesday.
Wave of Analyst Optimism Is a Red Flag to Citigroup Strategists
Highly optimistic analyst stock recommendations are flashing a warning signal for the equity market rally, according to Citigroup Inc. strategists. An index of global sell-side ratings "is back to peak bullishness levels reached in 2000 and 2007, after which global equities halved," strategists led by Robert Buckland wrote in a note.
SECTORS
Chipmaker Selloff Deepens as Micron, Nvidia Fan Slowdown Fears
Semiconductor stocks tumbled after $Micron Technology (MU.US)$ became the latest chipmaker this week to sound the alarm over a slowdown in demand. The Philadelphia semiconductor index sank 4.6% on Tuesday with all 30 members in the red. The decline was the worst in more than a month. $NVIDIA (NVDA.US)$
Gasoline-Demand Forecast Is Cut for This Year Amid High US Prices
Gasoline consumption for 2022 is now forecast at 8.83 million barrels per day, down from a previous forecast of 8.84 million, according to the Energy Information Administration's Short-Term Energy Outlook released Tuesday. The expected drop is largely due to a 120,000 barrel a day reduction in the third-quarter demand estimate.
COMPANY
Coinbase Posts Steep Second-Quarter Loss Amid Crypto Meltdown
$Coinbase (COIN.US)$ Inc. reported a surprisingly large second consecutive quarter of losses, driven by the crypto market's spring meltdown. Coinbase lost $1.1 billion, in the second quarter, the company said Tuesday. Revenue fell to $808 million from $2.2 billion a year ago.
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Ford Raises Price of Electric F-150 Lightning by Up to $8,500 Due to 'significant' Battery Cost Increases
$Ford Motor (F.US)$ is increasing the starting prices of its electric F-150 Lightning pickup due to "significant material cost increases and other factors." The starting prices for the 2023 F-150 Lightning will now range from about $47,000 to $97,000, up between $6,000 and $8,500, depending on the model.
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Roblox Stock Is Down as Net Loss Exceeds Forecasts
Shares of $Roblox (RBLX.US)$ were down nearly 17% in extended trading after the company reported a wider-than-expected second-quarter loss and said bookings declined 4% year over year. It is the latest videogame company to report disappointing sales in recent weeks.
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Walmart Explores Adding Streaming Video to Walmart+ Membership Program
$Walmart (WMT.US)$ Inc. is looking to add a large video streaming service to its Walmart+ membership program as the retailer amps up its competition with $Amazon (AMZN.US)$ Inc., according to people familiar with the situation.
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Unity Loses Less Than Feared, Trims Outlook as Applovin Makes $20 Billion Bid for Software Company
On the same day it received an offer to acquire the company for roughly $20 billion, $Unity Software (U.US)$ Inc. reported a loss that was less than feared and pulled back on its guidance for the year, and shares slipped 2.5% in the extended session.
Source: Bloomberg, Dow Jones, CNBC
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