NEWS

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Sporting apparel maker Under Armour reported worse than expected first quarter earnings as the Covid forced closures wrecked sales.$UAA shares fell over 10% pre-market. Under Armour competes with Nike, Adidas and Lululemon.

The US Labor Department reported the largest one-month rise in unemployment since the Great Depression on Friday for April as the Coronavirus hit the economy. Unemployment was higher to 14.7%  This is a lagged report however and the past two jobless claims tells us job losses are much higher.

Natural gas futures were higher on a bigger than expected build of +109 Bcf in natural gas storage last week. Ahead we focus on cold weather and the coronavirus effect, LNG and Mexican exports and the winter outlook for the US.

US job cuts soared in April to the most ever as the Covid-19 lockdown devastated the economy. The damage to working class and middle America, the engine of the American economy is unprecedented.

Etsy reported worse than expected first-quarter earnings after the market Wednesday that beat on revenue but missed on earnings. $ETSY stock was hit in a volatile session over 12% from after market highs after they retracted guidance and gross margins fell.

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