Tesla Inc rose 4.2% premarket after posting a fourth consecutive quarterly profit, clearing a hurdle that could lead to the electric carmaker’s inclusion in the S&P 500 index. Twitter Inc jumped 6% as it reported a bigger-than-expected yearly growth of daily users even as ad sales sank. Jul 23, 2020 (The Expresswire) —
“Final Report will add the analysis of the impact of COVID-19 on this industry” Global “Plastic Bearing Market” research… E-Trade beat on the top and bottom lines of its quarterly earnings. Asia Pacific markets fell on Friday, led by Chinese stocks, as investor sentiment took a hit over worsening U.S.-China relations and a sell-off in U.S. markets overnight. PNC Financial’s Amanda Agati warns fundamentals don’t support small cap value’s strong run. (Kitco News) – Thursday ahead of the bell, Freeport-McMoRan (NYSE: FCX) report adjusted net income attributable to common stock totaled $44 million, or $0.03 per share. The earnings hit the top end of analyst forecasts.
(For a live blog on the U.S. stock market, click or type LIVE/ in a news window)
* Twitter jumps as usage soars
* Microsoft falls as cloud unit revenue growth slows
* Tesla rises after posting quarterly profit
* Futures up: Dow 0.07%, S&P 0.13%, Nasdaq 0.58% (Adds quote, details; Updates prices)
By Medha Singh and Devik Jain
July 23 (Reuters) – Wall Street’s main indexes were set to open slightly higher on Thursday, as investors held out for a new coronavirus relief package with data signaling that a recovery in the labor market was stalling.
The number of Americans filing for unemployment benefits rose last week for the first time in nearly four months, a report from the Labor Department showed.
“The monetary taps are on and are likely remain so while unemployment is so high and this should continue to support markets,” said Geir Lode, head of global equities, International at Federated Hermes in London.
Leading U.S. Senate Republicans and the White House late on Wednesday said they had hammered out agreements in principle on portions of a potential coronavirus-response bill, as lawmakers raced to pass legislation by the end of July.
Optimism about a potential vaccine, fiscal stimulus and improving economic data has helped the benchmark S&P 500 recoup most of its virus-induced losses and rise 1.4% this year. The blue-chip Dow is still down about 5% year-to-date, while the tech-heavy Nasdaq has climbed about 19%.
Of the 75 S&P 500 companies that have reported quarterly results, 77.3% of them have beaten dramatically lowered profit estimates, according to IBES Refinitiv data.
Tesla Inc rose 4.2% premarket after posting a fourth consecutive quarterly profit, clearing a hurdle that could lead to the electric carmaker’s inclusion in the S&P 500 index.
Twitter Inc jumped 6% as it reported a bigger-than-expected yearly growth of daily users even as ad sales sank.
Microsoft Corp fell 1.6% as its flagship cloud computing business Azure reported quarterly sales growth of under 50% for the first time ever.
“Many continue to believe there will be a V-shaped recovery, although it remains too early to say whether the earnings season will add weight to that view or not,” Lode added.
California on Wednesday overtook New York as the worst-hit state for cases as U.S. deaths from the novel coronavirus rose by more than 1,100 for a second day in a row.
At 8:44 a.m. ET, Dow e-minis were up 20 points, or 0.07%, S&P 500 e-minis were up 4.25 points, or 0.13% and Nasdaq 100 e-minis were up 62.75 points, or 0.58%.
Home builder PulteGroup Inc jumped about 5% after posting a higher quarterly profit.
Southwest Airlines Co dipped 0.7% as the carrier said it was rethinking the number of flights it had planned to add in August and September amid a high cash burn.
In contrast, American Airlines Group Inc and Alaska Air Group Inc gained about 0.5% after posting their results. (Reporting by Medha Singh and Devik Jain in Bengaluru; Editing by Shounak Dasgupta)
Author: Medha Singh and Devik Jain
Global Plastic Bearing Market Growth Factors, Top Key Players, Industry Size, Share, Types and Application by Regions and Forecast to 2026
Global “Plastic Bearing Market” research report evaluates the important characteristics of the Plastic Bearing market based on present industry scenarios, market share, demands and business strategies. This market report separates the Plastic Bearing industry based on the market size, types, applications, top key players and regions.
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The report includes a detailed overview of industry chain structure, product scope, market overview, growth opportunities, sales, revenue, price, Plastic Bearing market share, region, sales channel, distributors, traders, dealers.
Top Key Manufacturers in Plastic Bearing Market Report:
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Plastic Bearing Market Sizeby Type:
Plastic Bearing Market Size by Applications:
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Geographical Regions covered in Plastic Bearing market report areNorth America, Europe, Asia-Pacific, South America, Middle East, Southeast Asia, and Africa. Further, divided into countries as United States, Canada Mexico, Germany, France, UK, Russia, Italy, China, Japan, Korea, India, Brazil, Argentina, Colombia, Saudi Arabia, UAE, Egypt, Nigeria, South Africa, and Others.
Scope of the Plastic Bearing Market:
Plastic Bearing Market research study includes the following basics:
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Plastic Bearing Market TOC Covers the Following Points:
1 Industry Overview
1.1 Plastic Bearing Industry
Figure Plastic Bearing Industry Chain Structure
1.1.2 Development of Plastic Bearing
1.2 Market Segment
Table Upstream Segment of Plastic Bearing
Table Application Segment of Plastic Bearing
Table Global Plastic Bearing Market 2015-2025, by Application, in USD Million
1.3 Cost Analysis
2 Global Market Status and Future Forecast
3 Plastic Bearing Market by Type
3.1 By Type
3.2 Market Size
3.3 Market Forecast
Table Global Plastic Bearing Market Forecast 2020-2025, by Type, in USD Million
Table Global Plastic Bearing Market Forecast 2020-2025, by Type, in Volume
4 Major Companies List
5 Market Competition
5.1 Company Competition
5.2 Regional Market by Company
6 Demand by End Market
6.1 Demand Situation
6.2 Regional Demand Comparison
Table Regional Demand Comparison List
Table Major Application in Different Regions
6.3 Demand Forecast
7 Region Operation
7.1 Regional Production
7.2 Regional Market
7.3 by Region
7.3.1 North America
184.108.40.206 by Country (U.S., Canada, Mexico)
220.127.116.11 by Country (Germany, U.K., France, Italy, Russia, Spain etc.)
18.104.22.168 by Country (China, India, Japan, Southeast Asia etc.)
7.3.4 South America
22.214.171.124 by Country (Brazil, Argentina etc.)
7.3.5 Middle East and Africa
126.96.36.199 by Country (Saudi Arabia, South Africa etc.)
7.4 Regional Import and Export
7.5 Regional Forecast
8 Marketing and Price
8.1 Price and Margin
8.1.1 Price Trends
8.1.2 Factors of Price Change
Table Price Factors List
8.1.3 Manufacturers Gross Margin Analysis
8.2 Marketing Channel
Figure Marketing Channels Overview
9 Research Conclusion
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E-Trade experiences record trading in the second quarter as the retail trading boom continues
Pedestrians walk outside an E*Trade Financial office in New York, U.S.
Daniel Acker | Bloomberg | Getty Images
E-Trade’s trading activity and new accounts surged in the second quarter amid a boom in retail investing that started during the coronavirus market turmoil.
The broker — slated to be acquired by Morgan Stanley in the second half of 2020 — reported Thursday a record 1.01 million daily active revenue trades in the second quarter, a 267% increase from its daily trades last year. This is up from 657,000 daily trades in the first quarter.
The major online brokers — Charles Schwab, TD Ameritrade, E-Trade and Robinhood — have seen new accounts and trading activity surge this year during the coronavirus recession. The brokerage industry experienced a retail gold rush as small investors saw the market rout and subsequent rebound as an opportunity.
After adding a record 329,000 new accounts in the first quarter, E-Trade added 327,00 new retail accounts in the second quarter. The broker added just 34,00 new accounts in the second quarter a year ago.
The rapid growth for the broker brings its year-to-date retail asset flows to $31.9 billion and account growth to 656,000.
“We generated greater retail organic asset growth in the first half of this year alone than in the previous two years combined, and generated more retail organic account growth than the previous five years combined,” E-Trade CEO Mike Pizzi said in a company release.
Since last week, Charles Schwab, TD Ameritrade and Interactive Brokers reported similar surges in trading activity and new accounts in the second quarter.
E-Trade also beat on the top and bottom lines of its second quarter earnings. The broker earned 88 cents per share on revenue of $716 million. Wall Street expected earnings of 76 cents per share on revenue of $676 million, according to Refinitiv.
“We generated our highest period ever of revenue from trading-related activity, which more than offset the quarter-over-quarter pressure on net interest income, given the Fed’s recent rate cuts to near zero,” E-Trade CFO Chad Turner said in the release.
Shares of E-Trade ticked slightly lower in extended trading on Thursday.
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Author: Maggie Fitzgerald
China markets extend losses, Shenzhen stocks dive beyond 5% as U.S.-China tensions flare
Mainland Chinese stocks mostly deepened losses by the close, with other Asia Pacific markets also moving lower as U.S.-China tensions worsened on Friday.
In mainland China, the Shanghai composite pared some losses, but still ended the day 3.86% lower at 3,196.77, while the Shenzhen composite tumbled 5% to close at 2,138.36. The Shenzhen component dived 5.31% to close at 12,935.70.
The Chinese yuan, a barometer of Sino-U.S. tensions, looks set for its worst week in two months, according to Reuters. The offshore yuan was last at 7.0224 per dollar, and the onshore yuan was at 7.0166.
Over in Hong Kong, the Hang Seng index declined 2.51% in the afternoon. Tech stocks fell across the board, with Tencent tumbling 5.57% and Alibaba down 3.16%. Gaming stocks also saw steep losses.
Tensions between U.S. and China took center stage this week. China announced on Friday that it ordered the United States to shut its consulate in Chengdu, following the U.S. demanding the closure of the Chinese consulate in Houston.
Preceding that, Secretary of State Mike Pompeo also slammed China in a speech on Thursday. He said Washington will no longer tolerate Beijing’s attempts to usurp global order.
“For now, US-China conflict risks are poised to reinforce pre-existing negative bias in the Asia session, derived from 1.2%-1.3% drop in Wall St that had predated Pompeo’s remarks,” Mizuho Bank’s Vishnu Varathan, head of economics and strategy, wrote in a note.
He said regarding China’s response to the escalating tensions, that it’s likely to try to keep currency and stock markets stable.
“We expect the PBoC (People’s Bank of China) to double down on CNY (Chinese yuan) stability,” Varathan wrote. “What’s more, this will be complemented by policies that support ‘reasonable’ buoyancy in equity markets, which help boost wider wealth creation, increase access to capital for industry champions (to better position against US), and crucially underpin capital stability.”
Other Asia Pacific markets also chalked up losses on Friday afternoon.
Australia’s S&P/ASX 200 tumbled 1.16% to close at 6,024.00, with losses seen in the heavily weighted financials sector and oil stocks.
Over in South Korea, the Kospi slipped 0.71% to 2,200.44.
Markets in Japan are closed for a holiday on Friday.
Overall, MSCI’s broadest index of Asia-Pacific shares outside Japan lost 1.89%.
Over in the U.S., a sell-off in tech stocks and worse-than-expected jobless claims also hit sentiment.
Apple fell 4.5% and Microsoft tumbled 4.3%, pushing the broader market lower. The Dow Jones Industrial Average dropped 353.51 points, or 1.3%, to 26,652.33. The S&P 500 slid 1.2%, or 40.36 points, to 3,235.66, snapping a four-day winning streak. The Nasdaq Composite fell 2.2%, or 244.71 points, to 10,461.42.
Apple shares slid after reports surfaced that a number of states investigating the tech giant’s potential violations of a consumer protection law. Apple is facing antitrust scrutiny in the U.S. and abroad and its CEO will face Congress on Monday alongside Big Tech peers.
U.S. weekly jobless claims came in at 1.416 million for last week, marking the 18th straight week in which initial claims totaled more than 1 million. That was worse than the 1.3 million expected by economists in a Dow Jones poll.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 94.611, continuing its steady decline this week. It slipped below the 95 level on Thursday.
The Japanese yen traded at 106.25 per dollar, strengthening after wavering between 106 and 107 for most of this week. The Australian dollar slipped below the 0.71 level, last changing hands around 0.7077.
Oil prices dropped in the afternoon after rising earlier during Asian trading hours. International benchmark Brent crude futures dipped 0.58% to $43.05 per barrel. U.S. crude futures declined 0.72% to $40.78 per barrel.
Author: Weizhen Tan
Winning Main Street trade is moving too far, too fast, PNC’s Amanda Agati says
PNC Financial’s Amanda Agati warns a winning Main Street trade may burn investors.
According to the firm’s chief investment strategist, fundamentals don’t support small cap value’s recent strong run.
“If you just look at things from a forward P/E [price to earnings] perspective, small cap value is at an all-time high, if you can believe it,” she said on CNBC’s “Trading Nation” on Thursday.
Over the past three months, the Russell Small Cap Value Index has rallied more than 19% versus the broader S&P 500 which is up about 16% in the same period. Agati finds it troublesome.
“There’s a big disconnect between the haves and have nots as it relates to Wall Street and certainly Main Street,” she said.
In a special note to CNBC, Agati explained it’s important pay attention to the growth backdrop and debt levels.
“This is night and day with what happened in 2000 — small and mid were not anywhere near this debt burdened back then,” she wrote.
She doesn’t feel the way about the Nasdaq 100, which has soared more than 22% in the last three months.
Even though big tech and the popular FAANG names Facebook, Apple, Amazon, Netflix and Alphabet pulled back sharply on Thursday, Agati is optimistic the record rally will resume.
“The QQQ [Invesco QQQ Trust], which is a proxy for the Nasdaq 100, is barely half of its valuation level of what it was back in the dot-com era,” she added. “We are in a very growth starved world. When you incorporate growth, it makes the Qs look even more attractive on a relative basis.”
Agati notes the performance gap between the Nasdaq 100 and small cap value is now the widest since 2000.
“We’ve seen a lot of comparisons talking about the dot-com era, and a bubble that relates to the Nasdaq 100. But in our view these comparisons are not warranted,” she said. “The Nasdaq 100 really shares as set of common, really attractive characteristics: Secular revenue growth drivers, strong profitability metrics and they’re throwing off a ton of free cash.”
When it comes to the broad markets, Agati is near-term cautious. She’s concerned about the rally’s breadth off the March 23 low and the impact of surging coronavirus cases.
“We’re going to be range bound for a while,” Agati said. “Bouncing off historic lows is not justifiable to keep this market going. We really need to start seeing fundamental strength in earnings growth, and we haven’t seen that yet.”
Author: Stephanie Landsman
Freeport-McMoRan reports adjusted net earnings of $44 million in Q2
(Kitco News) – Thursday ahead of the bell, Freeport-McMoRan (NYSE: FCX) report adjusted net income attributable to common stock totaled $44 million, or $0.03 per share. The earnings hit the top end of analysts’ forecasts.
Earnings up are from a reported adjusted net loss attributable to common stock totaled $58 million, $0.04 per share in the second quarter of 2019.
Copper sales in the second quarter were slightly down compared to 2019. The company said that it sold 759 million pounds of copper down 5% from last year; meanwhile, it sold 184 thousand ounces of gold, down 2.6% from 2019. Finally, it sold 18 million pounds of molybdenum, a drop of 25% compared to the second quarter of last year.
“Second-quarter 2020 gold sales of 184 thousand ounces were 12% higher than the April 2020 estimate, primarily reflecting stronger performance in Indonesia,” the company said.
The company said that it saw average realized prices in second-quarter 2020 of $2.55 per pound for copper, $1,749 per ounce for gold and $10.53 per pound for molybdenum.
Looking at future guidance, the Freeport said that consolidated sales for 2020 are expected to come in around 3.15 billion pounds of copper, 0.8 million ounces of gold and 77 million pounds of molybdenum. The company added that for 2021 it expects to see consolidated sales of 3.8 billion pounds of copper and 1.4 million ounces of gold.
“Our global team is performing in an exceptional fashion as demonstrated in our second quarter results. We are prioritizing the well-being of our workforce and communities where we operate while executing our strategy of delivering significant growth in production volumes and effective management of costs and capital spending to increase margins and cash flows,” said Richard Adkerson, president and chief executive officer of Freeport said in a press statement. “We are positioned for success with an attractive portfolio of copper, gold and molybdenum assets and a seasoned, competent and value-driven global team with a favorable long-term market outlook for our products. With the imminence of significantly higher production volumes, we have momentum to strengthen our balance sheet, increase returns to shareholders and grow our business in the coming years for the benefit of all stakeholders.”