Streetbeat News

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U.S. stocks traded higher with the Nasdaq Composite gaining more than 100 points. The Walt Disney Company (NYSE:DIS) reported better-than-expected earnings for its third quarter, while sales missed expectations. Edible Garden AG Incorporated (NASDAQ:EDBL), Capri Holdings Limited (NYSE:CPRI), and Holley Inc. (NYSE:HLLY) reported positive financial results. Galera Therapeutics, Inc. (NASDAQ:GRTX), Amyris, Inc. (NASDAQ:AMRS), and Origin Materials, Inc. (NASDAQ:ORGN) faced negative developments.

Portfolio Pulse from Lisa Levin

August 10, 2023 | 4:01 pm

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The article discusses several key financial events of the week, including the downgrade of US debt by Fitch from AAA to AA+, the plummeting of Japanese government bonds, the alleged manipulation of S&P 500 earnings, Saudi Arabia's extension of oil production cut, the bankruptcy of shipping company Yellow (NASDAQ:YELL), and the strong employment situation in the US. The downgrade of US debt and the situation in Japan could potentially lead to a sovereign debt disaster. The article also criticizes the White House's refusal to refill the Strategic Petroleum Reserve (SPR), which has led to Saudi Arabia and Russia cutting oil production.

Portfolio Pulse from Gary Brode

August 10, 2023 | 4:01 pm

SPY

The Consumer Price Index rose from 3% in June to 3.2% in July, narrowly missing the anticipated 3.3%. Core inflation was down marginally from 4.8% in June to 4.7% in July. The SPDR S&P 500 (NYSE:SPY) rose more than 1% after the data was released. Economists and strategists suggest that the slower-than-expected rise in consumer prices is a positive development and supports calls for a pause in rate hikes.

Portfolio Pulse from AJ Fabino

August 10, 2023 | 3:46 pm

SPY

Federal Reserve's Mary Daly stated that the conversation about inflation and its impact on the economy will be held next year. The discussion will depend on the economic conditions and the path of inflation.

Portfolio Pulse from Happy Mohamed

August 10, 2023 | 3:19 pm

SPY

Federal Reserve's Daly stated that super-core inflation needs to return to pre-pandemic levels before she feels comfortable that enough has been done. She also mentioned that discussions about rate cuts are still far off.

Portfolio Pulse from Happy Mohamed

August 10, 2023 | 3:19 pm

SPY

Federal Reserve's Daly stated that the key focus is on goods price inflation, which is currently decreasing, and shelter price inflation, which is also projected to decrease. The Fed will be closely monitoring core-services inflation, excluding housing, as it has not shown significant progress.

Portfolio Pulse from Happy Mohamed

August 10, 2023 | 3:18 pm

SPY

Federal Reserve's Daly has expressed support for the rate hike implemented in July. She also stated that to support holding rates, a completely downward path of inflation would be needed.

Portfolio Pulse from Happy Mohamed

August 10, 2023 | 3:17 pm

SPY

Federal Reserve's Mary Daly stated that it is too early to determine whether interest rates will be raised or held. She noted that inflation data is moving in the right direction. However, if core services excluding housing stalls, it would be significant information. Contacts have expressed concerns that inflation is too high.

Portfolio Pulse from Happy Mohamed

August 10, 2023 | 3:17 pm

SPY

Federal Reserve's Mary Daly stated that more information will be available before the September meeting and the end of the year. She noted a slowdown in the economy, but it hasn't fully arrived yet. The economy feels less frenzied, but there's still a shortage of workers.

Portfolio Pulse from Happy Mohamed

August 10, 2023 | 3:16 pm

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Disney is considering strategic partnerships for ESPN and a shift to streaming. FTX is facing issues with traders and market makers over asset domination. Amazon is reducing its private-label operation to address antitrust scrutiny. Alibaba reported a 14% YoY revenue growth. Plug Power reported a 72% YoY revenue increase but a larger than expected loss. Wolverine World Wide reported a 17.4% YoY revenue decline. Six Flags reported a 2% YoY sales growth. Galera Therapeutics received a Complete Response Letter from the FDA. Novo Nordisk reported a 29% YoY sales increase and raised its FY23 guidance. Novo Nordisk also agreed to buy Inversago Pharma. Two key executives from Amazon's drone delivery program, Prime Air, have quit.

Portfolio Pulse from Vandana Singh

August 10, 2023 | 3:10 pm