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US markets closed lower on August 2 after Fitch downgraded the long-term credit rating of the US, leading to a focus on rising Treasury yields. Major indices were not boosted by the better-than-expected ADP Employment Change report. Asian markets also closed lower due to profit-taking and uncertainty over the Bank of Japan's monetary policy. European markets are down as investors await the Bank of England's rate decision. Commodities are mixed, with crude oil and gold trading lower, while natural gas is trading higher. US futures are down.

Portfolio Pulse from Akanksha Bakshi

August 04, 2023 | 12:41 pm

CNQ

Canadian Natural Res (NYSE:CNQ) reported Q2 earnings of $0.85 per share, missing the analyst consensus estimate of $0.88 by 3.52%. This is a 66.71% decrease from the same period last year. The company's quarterly sales of $5.87 billion beat the analyst consensus estimate of $5.44 billion by 7.97%, but this is a 34.68% decrease from the same period last year.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 12:40 pm

ADDDF

ADDYY

Adidas AG reported a 75% dip in Q2 EPS and a 4.5% decline in revenues to €5.34 billion. The decline was due to a reduction in high inventory levels, particularly in North America and Greater China. However, the company benefited from the first sale of some of its Yeezy inventory, generating revenues of around €400 million. Adidas has revised its outlook for 2023, expecting currency-neutral revenues to decline at a mid-single-digit rate, an improvement from the earlier high-single-digit rate prediction.

Portfolio Pulse from Lekha Gupta

August 04, 2023 | 12:40 pm

ARAV

BTIG analyst Robert Hazlett has downgraded Aravive (NASDAQ:ARAV) from Buy to Neutral.

Portfolio Pulse from richadhand@benzinga.com

August 04, 2023 | 12:40 pm

IMXI

JMP Securities analyst David Scharf has downgraded IntL Money Express (NASDAQ:IMXI) from Market Outperform to Market Perform.

Portfolio Pulse from richadhand@benzinga.com

August 04, 2023 | 12:40 pm

COCO

B of A Securities analyst Bryan Spillane has downgraded Vita Coco (NASDAQ:COCO) from Buy to Neutral, while raising the price target from $25 to $32.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 12:39 pm

ROKU

Citigroup analyst Jason Bazinet has downgraded Roku (NASDAQ:ROKU) from Buy to Neutral.

Portfolio Pulse from richadhand@benzinga.com

August 04, 2023 | 12:39 pm

SNN

Smith & Nephew has increased its 2023 underlying revenue growth guidance from 5.0%-6.0% to 6.0%-7.0%. The company's trading profit margin guidance remains unchanged at at least 17.5%.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 12:39 pm

VGK

The Eurozone Services Purchasing Managers Index (PMI) for July was reported at 50.9, slightly below the estimated 51.1 and down from 52 in the previous month.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 12:39 pm

FXI

TSLA

The China Passenger Car Association (CPCA) reported that Tesla sold 64,285 China-made vehicles in July, according to Reuters.

Portfolio Pulse from Charles Gross

August 04, 2023 | 12:39 pm