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Walgreens Boots Alliance (WBA 28.62, -0.02, -0.1%): downgraded to Hold from Buy at Deutsche Bank
General Mills (GIS 77.29, -3.61, -4.5%): beats by $0.05, misses on revs; guides FY24 EPS in-line; raises dividend
AeroVironment (AVAV 95.89, +5.57, +6.2%): beats by $0.04, beats on revs; guides FY24 EPS above consensus, revs above consensus
NVIDIA (NVDA 406.75, -12.26, -2.9%): US mulling new restrictions on artificial intelligence chip exports from China, according to WSJ
IHS Holding Limited (IHS 10.08, +0.50, +5.2%): Blackwells Capital sends letter to the Board of Directors of IHS Holding Limited regarding the immediate need for governance enhancements
AST SpaceMobile (ASTS 4.72, -1.65, -25.9%): prices offering of 12.5 mln shares of common stock for gross proceeds of $59.4 mln
Canadian Pacific (CP 78.00, -2.36, -2.9%): provides growth outlook at 2023 Investor Day; provides multi-year guidance; sees FY23 EPS below consensus
The advance report for international trade in goods showed a deficit of $91.1 billion in May following a prior revised deficit of $97.1 billion (from $96.8 billion).
Retail inventories rose 0.8% in the advance report for May after a prior revised 0.3% increase (from 0.2%).
Wholesale inventories fell 0.1% in the advance report for May following a prior revised 0.3% decline (from -0.2%0.Weekly MBA Mortgage Applications Index rose 3.0% with purchase applications and refinancing applications each rising 3.0%.
The stock market opened on a downbeat note following yesterday’s rally.
Some mega caps are building on gains, offering a measure of support to the broader market.
The Vanguard Mega Cap Growth ETF (MGK) is down 0.1% versus a 0.3% loss in the Invesco S&P 500 Equal Weight ETF (RSP) and a 0.3% loss in the market-cap weighted S&P 500.
Semiconductor stocks are a weak pocket in the market after reports that the U.S. is considering imposing more restrictions on AI chip exports to China. The PHLX Semiconductor Index is down 1.2%.
Losses in semiconductor related components has weighed on the S&P 500 information technology sector (-0.5%). Other notable laggards include the utilities (-1.0%) and consumer staples (-0.9%) sectors.
Energy complex futures are moving higher.
WTI crude oil futures are up 0.5% to $68.04/bbl
natural gas futures are up 0.1% to $2.77/mmbtu.Treasury yields are climbing off overnight lows.
2-yr note yield, at 4.71% earlier, is down two basis points to 4.75%.
10-yr note yield, at 3.72% earlier, is down one basis point to 3.75%.Dow 33,852.66 -74.08 -0.22%
S&P 500 4,376.86 -1.55 -0.04%
Nasdaq 13,591.75 36.08 0.27%
VIX 13.43 -0.31 -2.26%
Gold 1,918.50 -5.30 -0.28%
Oil 69.14 1.44 2.13%BlackBerry death was greatly exaggerated… apparently.
Beats by $0.12, beats on revs; guides on the call
$BB up 6.3%Worthington beats by $0.84, misses on revs (single est); increases quarterly dividend 3% to $0.32/share; on track to complete two separate companies by early 2024
$WOR up 3.7%The Beat Goes On; America’s 23 Biggest Banks Pass Federal Reserve Stress Tests
The Federal Reserve on Wednesday announced the 23 largest US lenders had passed the Central Banks Stress Tests. The banks showed they can withstand a severe global recession and turmoil in real estate markets. The Fed released the hypothetical scenarios for its annual bank stress tests back in March before the New York and California regional bank turmoil. The 23 banks were tested against a severe global recession with heightened stress in both commercial and residential real estate markets, as well as in corporate debt markets.
The Beat Goes On; America’s 23 Biggest Banks Pass Federal Reserve Stress Tests
H.B. Fuller misses by $0.11, misses on revs; guides FY23 EPS in-line, revs below consensus due to slowing global industrial activity.
$FUL down 4.1%
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