[MoneyNeverSleeps]

Etsy Q2 GAAP EPS $0.45 beats by $0.02.

Revenue $628.88M (+7.5% Y/Y) beats by $11.49M.
Guides Q3 below expectations.
Q3 revenue $610M to $645M vs. $633M consensus and GMS of $2.95B to $3.10B vs. $3.07B consensus

$ETSY down 5.4%

[MoneyNeverSleeps]

PayPal PYPL 68.00 -5.20 (-7.10%) after earnings

Beats by $0.01, reports revs in-line;
Guides Q3 EPS, revs above consensus;
Reaffirms FY23 EPS guidance

BUT active accounts continued to slip, Net cash from operating activities turned negative due to European #BNPL loans

[MoneyNeverSleeps]

Tonight’s Tech Ripper…

Upwork $UPWK $11.98 +2.01 (+20.16%) after hours
Beats by $0.10, beats on revs;
Guides Q3 EPS above consensus, revs in-line;
Guides FY23 EPS above consensus, revs above consensus

[MoneyNeverSleeps]

More tech layoffs:
Salesforce $CRM laying off more employees after let go 10% of its workforce in January. via Bloomberg

[MoneyNeverSleeps]

Occidental Petroleum Q2

adj EPS 68c missed exp 70c
Net income $860 million
Revenue $6.73B missed exp $6.8B
Bought back $522 million of Berkshire Hathaway preferred stock
Raised 2023 production guidance 1.3%,
Higher CapEx than expected

$OXY 60.05 -1.42 (-2.31%) AH

[Truman]

Equity indices in the Asia-Pacific region ended Thursday on a mostly lower note.

Japan’s Nikkei: -1.6%,
Hong Kong’s Hang Seng: -0.7%,
China’s Shanghai Composite: +0.6%,
India’s Sensex: -0.8%,
South Korea’s Kospi: -0.4%,
Australia’s ASX All Ordinaries: -0.6%.

[Truman]

China’s July Caixin Services PMI 54.1 (expected 52.5; last 53.9)
Japan’s July Services PMI 53.8 (expected 53.9; last 54.0)
Hong Kong’s July Manufacturing PMI 49.4 (expected 50.4; last 50.3)
India’s July Services PMI 62.3 (expected 58.0; last 58.5)

[Truman]

Australia’s July Services PMI 47.9 (expected 48.0; last 50.3).
June trade surplus AUD11.32 bln (expected surplus of AUD11.00 bln; last surplus of AUD10.50 bln).
June Imports -4.0% m/m (last 3.5%)
Exports -2.0% m/m (last 3.2%).

Q2 Retail Sales -0.5% qtr/qtr (expected -1.8%; last -0.8%)

[Truman]

The Bank of Japan bought 10-yr JGBs as part of an unscheduled operation.

The House of Representatives began an investigation into China’s alleged hacking of emails at the Departments of Commerce and State.

[Truman]

Major European indices trade on a mostly lower note.

STOXX Europe 600: -0.6%,
Germany’s DAX: -0.8%,
U.K.’s FTSE 100: -0.5%,
France’s CAC 40: -0.6%,
Italy’s FTSE MIB: -0.7%,
Spain’s IBEX 35: +0.1%.

[Truman]

Final July Services PMI readings from France, Italy, and Spain were shy of expectations while Germany’s reading beat estimates.

Eurozone’s June PPI -0.4% m/m (expected -0.2%; last -1.9%); -3.4% yr/yr (expected -3.1%; last -1.6%).
July Services PMI 50.9 (expected 51.1; last 52.0)

Germany’s July Services PMI 52.3 (expected 52.0; last 54.1).
June trade surplus EUR18.7 bln (expected surplus of EUR15.0 bln; last surplus of EUR14.6 bln).
June Imports -3.4% m/m (expected -0.3%; last 1.4%)
Exports 0.1% m/m (expected 0.3%; last 0.1%)

France’s June government budget deficit EUR116.2 bln (last deficit of EUR107.2 bln).
July Services PMI 47.1 (expected 47.4; last 48.0)

Italy’s July Services PMI 51.5 (expected 52.2; last 52.2).
June Retail Sales -0.2% m/m (expected 0.0%; last 0.6%); 3.6% yr/yr (expected 4.0%; last 3.0%)

Spain’s July Services PMI 52.8 (expected 53.4; last 53.4)

[Truman]

U.K.’s July Services PMI 51.5, as expected (last 53.7)

The Bank of England raised its bank rate by 25 bps to 5.25% and the market continues expecting that another 25-bps increase will be announced in September.

[Truman]

German chipmaker Infineon narrowed its guidance for the fiscal year

Drugmaker Merck lowered its outlook for the year.

Lufthansa reported solid results but concerns about future costs are weighing on the stock.

[Truman]

Anheuser-Busch InBev (BUD 58.07, +1.84, +3.3%): beats by $0.04; misses on revs

Moderna (MRNA 114.67, +4.45, +4.0%): beats by $0.31, beats on revs

Warner Bros. Discovery (WBD 12.98, +0.43, +3.4%): misses by $0.17, reports revs in-line

Wayfair (W 82.84, +9.95, +13.7%): beats by $0.95, beats on revs

MGM Resorts (MGM 46.49, -2.77, -5.6%): beats by $0.03, beats on revs

Albemarle (ALB 214.42, +11.53, +5.7%): beats by $2.85, misses on revs; guides FY23 EPS above consensus, revs above consensus

ConocoPhillips (COP 112.96, -2.63, -2.3%): misses by $0.09; provides Q3 and FY23 production guidance

[Truman]

Renewed selling in the Treasury market has been another limiting factor for stocks.

The 10-yr note yield is up six basis points to 4.13%.
The 2-yr note yield is unchanged at 4.89%.

[Author]

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