SPY up, GDP down, China goes green, FB goes red, RobinHOOD launches


Here is what you need to know on Thursday, July 29:

China stocks went green for the day on Wednesday and no it wasn’t St. Patrick’s day but perhaps a dead cat bounce? The Fed certainly helped the green shoots as it continued its doveish stance saying there was no sign yet of dialing back ultra-loose policy. Facebook (FB) did put a dampener on things after the close as it reported earnings well ahead of estimates. Yes, a dampener as its guided advertising revenue lower and daily and monthly active users just matched estimates, see more. The stock dropped 3% aftermarket and is down a similar amount in Thursday’s premarket.

Robinhood (HOOD) makes its debut on the stock market today and will be closely watched by all, including retail investors who are largely responsible for its transformation. The IPO price is set at $38, the low end of the range so it will be interesting to see how this one goes. Goldman and JP are the lead and they usually know what they are pricing, see more here. 

US GDP has just hit the tape at a somewhat disappointing 6.5% as the estimate was 8.4%. This will test the resolve of equity investors, are they determined to carry on for more records.

The dollar has weakened after that GDP number and is now at 1.1880 versus the euro while Gold is also higher at $1825, Oil is flat at $72.60. Bitcoin continues to trade just under $40,000. 

See more on US GDP here. 

SPY stock news and forecast

European markets are higher, FTSE +1%, Dax +0.5% and Eurostoxx +0.8%.

US futures are still positive but lower after the GDP number. S&P +0.1%, Dow +0.3% and Nasdaq is flat.

US GDP +6.5% estimate 8.4%.

US jobless claims 400k estimate 385k.

Japan extends the virus state of emergency until the end of August.

China is to hike export tariffs on steel at the end of August.

Facebook (FB) reported after the close on Wednesday, EPS and revenue beat but the company warned of slowing revenue, shares dropped 3% see more.

DIDI denies reports that it is to go private, shares surge 17% in the premarket.

Citrix (CTXS) sales miss estiamtes, EPS beats. Guidance disappoints, stock down 17%.

Novocure (NVCR) down 6% premarket after EPS and sales miss estimates.

Cognizant Tech (CTSH) earnings released after the close on Wednesday, EPS beats, revenue beats and increases guidance. Up 6%.

Paypal (PYPL) released earnings after the close, down 6% as sales miss and FY EPS also lower than estimated.

Smith and Nephew (SNN) down 5% on earnings.

UBER Financial Times reports Softbank is selling a block of shares.

Budweiser, ok Anheuser-Bush InBev, to give the full title (BUD) Q2 results beat on EPS and revenue, down 4%. Citi said core profit missed estimates.

Ford (F) up 5% after earnings beat and raises guidance.

Comcast (CMCSA) EPS beats, up 2%.

YUM Brands beats EPS estimates and revenue is also ahead. Up 2% premarket.

Molson Coors (TAP) up 2% as EPS and revenue beat estiamtes.

AMZN reports after the clsoe today.

Tesla (TSLA) upgraded by DZ Bank.

Zoom Video (ZM) upgraded by Keybanc.

Spotify (SPOT) upgraded by Guggenheim.

Upgrades, downgrades, premarket and earnings

Source: Benzinga Pro

Economic releases

 

 


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