Natural Gas Collapse Continues, Where Does it End?

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    Wake Up Call TGIF

    S&P 500 futures are down 5 points and are trading 0.1% below fair value.
    Nasdaq 100 futures are down 45 points and are trading 0.5% below fair value.
    Dow Jones Industrial Average futures are up 85 points and are trading 0.3% above fair value


    Snap (SNAP 11.33, -5.02, -30.7%): beats by $0.01, misses on revs; doesn’t provide Q3 guidance due to uncertainties related to operating environment; authorizes $500 mln stock repurchase progra
    Seagate Tech (STX 74.115, -9.46, -11.3%): misses by $0.30, misses on revs; guides SepQ EPS and revs below consensus; macro-related challenges continuing into SepQ; co is reducing its production plans…stock currently halted; downgraded to Hold from Buy at Summit Insights
    Schlumberger (SLB 34.50, +0.87, +2.6%): beats by $0.10, beats on revs; guides FY22 revs above consensus
    HCA (HCA 203.10, +21.79, +12.0%): beats by $0.50, reports revs in-line
    Boston Beer Co (SAM 306.79, -29.39, -8.7%): misses by $0.31, reports revs in-line; guides FY22 EPS below consensus; expects FY22 depletions and shipments decrease of between 2% and 8%
    American Express (AXP 157.00, +6.82, +4.5%): beats by $0.16, beats on revs
    Verizon (VZ 45.50, -2.16, -4.5%): misses by $0.01, reports revs in-line; lowers FY22 EPS guidance


    A few big premarket downside movers are Twitter (TWTR 38.52, -1.00, -2.5%) and Verizon (VZ 45.50, -2.16, -4.5%).
    Both companies reported worse-than-expected earnings this morning


    U.S. Treasuries are on track for an extension of yesterday’s strong gains after an overnight rally in the futures market. Treasury futures rallied to highs once the focus turned to action in Europe, where flash Manufacturing and PMI readings from Germany and France slipped into contraction.

    The early advance in Treasury futures has coincided with gains in European debt, headlined by a 25 bps drop in Germany’s 2-yr yield (0.41%).

    2-yr: -10 bps to 2.99%
    3-yr: -12 bps to 2.95%
    5-yr: -13 bps to 2.88%
    10-yr: -11 bps to 2.80%
    30-yr: -6 bps to 3.01%


    Eurozone’s flash July Manufacturing PMI 49.6 (expected 51.0; last 52.1) and flash Services PMI 50.6 (expected 52.0; last 53.0)
    Germany’s flash July Manufacturing PMI 49.2 (expected 50.6; last 52.0) and flash Services PMI 49.2 (expected 51.2; last 52.4)
    France’s flash July Manufacturing PMI 49.6 (expected 50.8; last 51.4) and flash Services PMI 52.1 (expected 52.7; last 53.9)


    Snap $SNAP 9.27, -0.74, -7.39%

    Top ad executive Jeremi Gorman vice president of sales for the Americas, Peter Naylor, are leaving to join Netflix; to layoff ~20% of employees, according to The Verge


    Snap (SNAP) in concerned about SnapChat Stories engagement, according to Business Insider


    Two things are certain, Natural Gas tears faces off punters and dribblers, Natural Gas futures never does what is expected. Natural gas futures fell M
    [See the full post at: Natural Gas Collapse Continues, Where Does it End?]

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