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[Platinum Insights] (7.20.23)
[Platinum Insights] (7.20.23)
August 22, 2023
Good morning.
The S&P 500 and Nasdaq futures are down as Tesla kicked off second-quarter earnings for mega cap growth and technology stocks on a somber note, while Netflix slid as quarterly revenue missed analyst estimates.
Tesla CEO Elon Musk signaled on Wednesday that he would cut prices again on electric vehicles in “turbulent times,” even as his all-out price war squeezes the company’s own margins. “One day it seems like the world economy is falling apart, next day it’s fine. I don’t know what the hell is going on,” Musk told analysts on a conference call. “We’re in, I would call it, turbulent times.”
Netflix fell 7.0% after the streaming video pioneer disappointed Wall Street with second-quarter revenue that fell short of analyst estimates.
United Airlines advanced 2.6% on upgrading its full-year profit outlook after posting the highest ever quarterly earnings on booming demand for international travel.
Johnson & Johnson forecast 2023 profit above Wall Street estimates, banking on demand for its cancer drugs such as Darzalex and the strength in its medical devices business.
Taiwanese chipmaker TSMC forecast a 10% drop in 2023 sales as global economic woes dented demand for chips used in applications as varied as cars, cellphones and servers.
Electrolux, Europe’s biggest home appliances maker, swung to a loss as cash-strapped shoppers opted for cheaper products and demand from residential property builders slowed.
The results set a downbeat tone early in the earnings season, with soaring shopping and food bills and high interest rates curbing consumer spending and pressures building on corporate profit margins.
WTI crude futures steadied above $75 per barrel. Gold rose above $1,980 an ounce while the yield on the US 10-year Treasury note rose for the first time in four days to 3.78%.
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