Earnings Bite Consumer Stocks, Besides Weightloss | Moovin Stonks
Good morning, traders. Happy Thursday, the market is trying to climb up after falling back. The Nasdaq and tech stocks were still in correction territory from their heights in the lush days of July. My name is Kevin Travers, here are moovin' stonks.
Eli Lilly $Eli Lilly and Co (LLY.US)$ posted a Q2 earnings beat, boosted by demand for the company's Mounjaro diabetes treatment and weight-loss drug Zepbound. The stock climbed 8%, and the firm raised its guidnace after pulling in $3B from Mounjaro in the quarter.
Under Armour $Under Armour-C (UA.US)$ $Under Armour-A (UAA.US)$ climbed 18%, with a surprise fiscal first-quarter profit. The company posted adjusted earnings of $0.01, vs est. $0.08. Revenue declined to $1.18 billion from $1.32 billion the year before.
$Bumble (BMBL.US)$ fell 32% after the firm reported Q2 results disappointing and receiving downgrades Thursday. The firm cut revenue growth projects to 1-2% from 8-11%, and $268.6M in revenue, below estimates.
Warner Bros $Warner Bros Discovery (WBD.US)$ fell 11%, the most on the S&P 500, after the firm reported a $9B drop in its TV assets, and a bad quarter overall, with a revenue drop of 6% year over year in the quarter to $9.7B.
As sectors go, most were in the green, but beverages fell following Monsters $Monster Beverage (MNST.US)$ 10% drop in earnings. Morgan Stanely Analysts said it showed a weakening of demand from consumer commuting and high gas prices.
$Crude Oil Futures(OCT4) (CLmain.US.US)$ climbed 1.13%, $Bitcoin (BTC.CC.CC)$ 6% $58k sending stocks like $MARA Holdings (MARA.US)$ up 7%.
Gold climbed, silver jumped 2.8%. $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ climbed above 4% again, and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ climbed.
Just past 10:30 am ET the $S&P 500 Index (.SPX.US)$ climbed 1.79%, the $Dow Jones Industrial Average (.DJI.US)$ climbed 1.40%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 2.13%.
Thursday in macroeconomics, initial jobless claims came in at 233k, lower than 250k last month.
Monday, this week's macro data came in the form of S&P PMI at 54.3 vs 55 estimated and ISM PMI at 51.4.
Meanwhile, last week's macro numbers pointed to a rush of unemployment. The numbers showed non-farm payrolls dropped from the month before, the economy only added 114k jobs vs 175k forecast and 179k in June, according to the Bureau of Labor Statistics. The unemployment rate in July rose to 4.3%, compared to 4.1% last month. The Federal Reserve has looked extensively at the labor market as an indicator of its monetary policy and appetite for rate cuts, and they left rates unchanged Wednesday.
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