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Stock Market Today: Dow Jones, S&P 500 Down On Inflation Data; Twilio, Datadog Surges On Earnings Beat

The markets dipped on the opening bell after higher-than-expected inflation data
The post Stock Market Today: Dow Jones, S&P 500 Down On Inflation…

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top stock market news today (TWLO stock)

Stock Market Today Mid-Morning Updates

On Thursday, the Dow Jones Industrial Average is down 100 points. This comes after key data showed a stronger-than-expected increase in consumer inflation. In recent weeks, investors have so far found relief in strong earnings. This is especially after the Federal Reserve has taken a more aggressive stance on combating rising inflation. Could today’s inflation data put a stop to that relief? Today, Twitter (NYSE: TWTR) announced its latest financials. Fourth-quarter revenue reached $1.57 billion, up by 22% year-over-year, driven by an increase in advertiser demand and solid sales execution. The company also announced a new $4 billion stock buyback program.

Disney (NYSE: DIS) also reported a strong quarter, beating Wall Street estimates on both top and bottom lines. The company posted an adjusted earnings per share of $1.06, above the $0.63 per share estimates. Disney added 11.8 million new Disney+ subscribers last quarter, also beating expectations. It also reported a record profit from its theme parks this quarter. DIS stock is now up by 5% on today’s opening bell. 

Among the Dow Jones leaders, shares of Apple (NASDAQ: AAPL) are down 1.04% today while Microsoft(NASDAQ: MSFT) is also down by 1.87%. 3M (NYSE: MMM) and Nike (NYSE: NKE) are trading lower on Thursday. Among the Dow financial leaders, Visa (NYSE: V) and Goldman Sachs (NYSE: GS) are trading lower as well at 1.16% and 0.064% respectively.

Shares of EV leader Tesla (NASDAQ: TSLA) are down by 1.49% on Thursday. Rival EV companies like Rivian (NASDAQ: RIVN) and Lucid Group (NASDAQ: LCID) are down by 2.37% and 1.40% respectively today. Chinese EV leaders like Nio (NYSE: NIO) and Xpeng Motors (NYSE: XPEV) opened lower at 1.88% and 3.27% respectively.

Dow Jones Today: 10-Year Treasury Yields and CPI Rises To New Pandemic Era Highs

Following the stock market opening on Thursday, the S&P 500, Dow, and Nasdaq are trading 0.88%, 0.37%, and 1.45% lower. Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (NASDAQ: QQQ) is down by 1.25% on Thursday, while the SPDR S&P 500 ETF (NYSEARCA: SPY) is also ticking lower by 0.69%. 

Today, the U.S. Treasury yields climbed after key inflation data showing that prices across a wide range of goods and services had soared in January. The yield on the 10-year Treasury yield jumped 6 basis points to 1.99%, the highest since August 2019. The yield on the 2-year Treasury bond, the most sensitive duration to interest rates, surged 10 basis points to 1.45%. This would likely put more pressure on the markets, with tech stocks, in particular, feeling a lot of pressure since the start of the year.

U.S. inflation accelerated in January, with the Consumer Price Index (CPI) registering a 7.5% jump in January. Consensus economists were expecting a 7.3% rise, according to data from Bloomberg. This would be the fastest rise since 1982, as well as an acceleration from the 7.0% year-over-year increase observed in December 2021. Core CPI, excluding food and energy rose 6% in January year-over-year, also slightly higher than estimates. The CPI would also be a key metric for markets since inflation is normally seen as a direct trigger for the Fed’s first pandemic-era interest rate hike. Officials say that they expect the first rate hike to be in March.

[Read More] Top Stock Market News For Today February 10, 2022

Twilio (TWLO) Stock On The Rise Following Notable Earnings Beat And Optimistic Guidance

Twilio (NYSE: TWLO) appears to be among the top gainers in the stock market at today’s open. Notably, this seems to be the result of the cloud tech company posting solid numbers in its latest quarterly. After yesterday’s closing bell, Twilio saw a loss per share of $0.20, better than Wall Street projections of $0.22. Moreover, the company also raked in a total revenue of $842.7 million for the quarter. To highlight, this is well above analyst expectations of $767.8 million. Through a combination of narrower-than-predicted losses and strong revenue, TWLO stock is now gaining by more than 10% today. The question now is whether or not investors should be jumping on the company’s shares amidst the current hype.

To put things into perspective, we could refer to the company’s full-year performance. Throughout the fiscal year, Twilio is looking at a total annual revenu of $2.8 billion. Chiefly, this translates to a year-over-year leap of 61%. According to CEO Jeff Lawson, continued momentum across Twilio’s two core platforms is to thank for this. This would be the company’s cloud communications platform alongside its customer data platform. Both of which “gives Twilio an unparalleled view into the customer journey,” while empowering Twilio’s clients. As businesses interact with consumers in the digital space more than ever, TWLO stock could be worth watching.

TWLO stock
Source: TradingView

[Read More]Best Stocks To Buy For 2022? 4 Semiconductor Stocks For Your Watchlist

Datadog (DDOG) Stock Jumps On Solid Earnings Figures And CoScreen Acquisition

In other news, Datadog (NASDAQ: DDOG), a cloud software firm is gaining at today’s opening bell as well. Evidently, DDOG stock is currently up by a solid 13.66% now. For the most part, this is likely thanks to the company’s latest announcements. Firstly, Datadog posted an earnings per share of $0.20 on revenue of $326.2 million for the quarter. These two figures would top consensus estimates of $0.11 and $291.42 million respectively. In particular, Datadog is currently looking at a massive year-over-year increase of 83.7% in total revenue.

To provide some context for these figures, it is important to know what Datadog does exactly. In essence, the company operates via a monitoring and security platform for cloud applications. Simply put, it is a cybersecurity firm with a focus on cloud environments. Through Datadog’s software-as-a-service solutions, organizations of varying sizes can engage in safe and efficient digital transformation and cloud migration. While all this is impressive, CEO Olivier Pomel believes that Datadog still has room to grow moving forward. He notes, “We continue to believe we’re in early days with our opportunities in observability. And we are just starting our efforts in cloud security and developer-focused products. We have much to do, and we’re excited about what we’re working on for 2022 and beyond.

Not to mention, the company also completed its acquisition of CoScreen earlier today. In brief, CoScreen is a collaboration platform for technical teams. Through this play, Datadog now brings real-time collaboration capabilities to its clients. In practice, this adds seamless communication, incident response, and pair programming to engineers on the Datadog platform. After considering all this, it makes sense that investors are eyeing DDOG stock today.

DDOG stock
Source: TradingView

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The post Stock Market Today: Dow Jones, S&P 500 Down On Inflation Data; Twilio, Datadog Surges On Earnings Beat appeared first on Stock Market News, Quotes, Charts and Financial Information | StockMarket.com.

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International

Beloved mall retailer files Chapter 7 bankruptcy, will liquidate

The struggling chain has given up the fight and will close hundreds of stores around the world.

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It has been a brutal period for several popular retailers. The fallout from the covid pandemic and a challenging economic environment have pushed numerous chains into bankruptcy with Tuesday Morning, Christmas Tree Shops, and Bed Bath & Beyond all moving from Chapter 11 to Chapter 7 bankruptcy liquidation.

In all three of those cases, the companies faced clear financial pressures that led to inventory problems and vendors demanding faster, or even upfront payment. That creates a sort of inevitability.

Related: Beloved retailer finds life after bankruptcy, new famous owner

When a retailer faces financial pressure it sets off a cycle where vendors become wary of selling them items. That leads to barren shelves and no ability for the chain to sell its way out of its financial problems. 

Once that happens bankruptcy generally becomes the only option. Sometimes that means a Chapter 11 filing which gives the company a chance to negotiate with its creditors. In some cases, deals can be worked out where vendors extend longer terms or even forgive some debts, and banks offer an extension of loan terms.

In other cases, new funding can be secured which assuages vendor concerns or the company might be taken over by its vendors. Sometimes, as was the case with David's Bridal, a new owner steps in, adds new money, and makes deals with creditors in order to give the company a new lease on life.

It's rare that a retailer moves directly into Chapter 7 bankruptcy and decides to liquidate without trying to find a new source of funding.

Mall traffic has varied depending upon the type of mall.

Image source: Getty Images

The Body Shop has bad news for customers  

The Body Shop has been in a very public fight for survival. Fears began when the company closed half of its locations in the United Kingdom. That was followed by a bankruptcy-style filing in Canada and an abrupt closure of its U.S. stores on March 4.

"The Canadian subsidiary of the global beauty and cosmetics brand announced it has started restructuring proceedings by filing a Notice of Intention (NOI) to Make a Proposal pursuant to the Bankruptcy and Insolvency Act (Canada). In the same release, the company said that, as of March 1, 2024, The Body Shop US Limited has ceased operations," Chain Store Age reported.

A message on the company's U.S. website shared a simple message that does not appear to be the entire story.

"We're currently undergoing planned maintenance, but don't worry we're due to be back online soon."

That same message is still on the company's website, but a new filing makes it clear that the site is not down for maintenance, it's down for good.

The Body Shop files for Chapter 7 bankruptcy

While the future appeared bleak for The Body Shop, fans of the brand held out hope that a savior would step in. That's not going to be the case. 

The Body Shop filed for Chapter 7 bankruptcy in the United States.

"The US arm of the ethical cosmetics group has ceased trading at its 50 outlets. On Saturday (March 9), it filed for Chapter 7 insolvency, under which assets are sold off to clear debts, putting about 400 jobs at risk including those in a distribution center that still holds millions of dollars worth of stock," The Guardian reported.

After its closure in the United States, the survival of the brand remains very much in doubt. About half of the chain's stores in the United Kingdom remain open along with its Australian stores. 

The future of those stores remains very much in doubt and the chain has shared that it needs new funding in order for them to continue operating.

The Body Shop did not respond to a request for comment from TheStreet.   

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Government

Are Voters Recoiling Against Disorder?

Are Voters Recoiling Against Disorder?

Authored by Michael Barone via The Epoch Times (emphasis ours),

The headlines coming out of the Super…

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Are Voters Recoiling Against Disorder?

Authored by Michael Barone via The Epoch Times (emphasis ours),

The headlines coming out of the Super Tuesday primaries have got it right. Barring cataclysmic changes, Donald Trump and Joe Biden will be the Republican and Democratic nominees for president in 2024.

(Left) President Joe Biden delivers remarks on canceling student debt at Culver City Julian Dixon Library in Culver City, Calif., on Feb. 21, 2024. (Right) Republican presidential candidate and former U.S. President Donald Trump stands on stage during a campaign event at Big League Dreams Las Vegas in Las Vegas, Nev., on Jan. 27, 2024. (Mario Tama/Getty Images; David Becker/Getty Images)

With Nikki Haley’s withdrawal, there will be no more significantly contested primaries or caucuses—the earliest both parties’ races have been over since something like the current primary-dominated system was put in place in 1972.

The primary results have spotlighted some of both nominees’ weaknesses.

Donald Trump lost high-income, high-educated constituencies, including the entire metro area—aka the Swamp. Many but by no means all Haley votes there were cast by Biden Democrats. Mr. Trump can’t afford to lose too many of the others in target states like Pennsylvania and Michigan.

Majorities and large minorities of voters in overwhelmingly Latino counties in Texas’s Rio Grande Valley and some in Houston voted against Joe Biden, and even more against Senate nominee Rep. Colin Allred (D-Texas).

Returns from Hispanic precincts in New Hampshire and Massachusetts show the same thing. Mr. Biden can’t afford to lose too many Latino votes in target states like Arizona and Georgia.

When Mr. Trump rode down that escalator in 2015, commentators assumed he’d repel Latinos. Instead, Latino voters nationally, and especially the closest eyewitnesses of Biden’s open-border policy, have been trending heavily Republican.

High-income liberal Democrats may sport lawn signs proclaiming, “In this house, we believe ... no human is illegal.” The logical consequence of that belief is an open border. But modest-income folks in border counties know that flows of illegal immigrants result in disorder, disease, and crime.

There is plenty of impatience with increased disorder in election returns below the presidential level. Consider Los Angeles County, America’s largest county, with nearly 10 million people, more people than 40 of the 50 states. It voted 71 percent for Mr. Biden in 2020.

Current returns show county District Attorney George Gascon winning only 21 percent of the vote in the nonpartisan primary. He’ll apparently face Republican Nathan Hochman, a critic of his liberal policies, in November.

Gascon, elected after the May 2020 death of counterfeit-passing suspect George Floyd in Minneapolis, is one of many county prosecutors supported by billionaire George Soros. His policies include not charging juveniles as adults, not seeking higher penalties for gang membership or use of firearms, and bringing fewer misdemeanor cases.

The predictable result has been increased car thefts, burglaries, and personal robberies. Some 120 assistant district attorneys have left the office, and there’s a backlog of 10,000 unprosecuted cases.

More than a dozen other Soros-backed and similarly liberal prosecutors have faced strong opposition or have left office.

St. Louis prosecutor Kim Gardner resigned last May amid lawsuits seeking her removal, Milwaukee’s John Chisholm retired in January, and Baltimore’s Marilyn Mosby was defeated in July 2022 and convicted of perjury in September 2023. Last November, Loudoun County, Virginia, voters (62 percent Biden) ousted liberal Buta Biberaj, who declined to prosecute a transgender student for assault, and in June 2022 voters in San Francisco (85 percent Biden) recalled famed radical Chesa Boudin.

Similarly, this Tuesday, voters in San Francisco passed ballot measures strengthening police powers and requiring treatment of drug-addicted welfare recipients.

In retrospect, it appears the Floyd video, appearing after three months of COVID-19 confinement, sparked a frenzied, even crazed reaction, especially among the highly educated and articulate. One fatal incident was seen as proof that America’s “systemic racism” was worse than ever and that police forces should be defunded and perhaps abolished.

2020 was “the year America went crazy,” I wrote in January 2021, a year in which police funding was actually cut by Democrats in New York, Los Angeles, San Francisco, Seattle, and Denver. A year in which young New York Times (NYT) staffers claimed they were endangered by the publication of Sen. Tom Cotton’s (R-Ark.) opinion article advocating calling in military forces if necessary to stop rioting, as had been done in Detroit in 1967 and Los Angeles in 1992. A craven NYT publisher even fired the editorial page editor for running the article.

Evidence of visible and tangible discontent with increasing violence and its consequences—barren and locked shelves in Manhattan chain drugstores, skyrocketing carjackings in Washington, D.C.—is as unmistakable in polls and election results as it is in daily life in large metropolitan areas. Maybe 2024 will turn out to be the year even liberal America stopped acting crazy.

Chaos and disorder work against incumbents, as they did in 1968 when Democrats saw their party’s popular vote fall from 61 percent to 43 percent.

Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times or ZeroHedge.

Tyler Durden Sat, 03/09/2024 - 23:20

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Government

Veterans Affairs Kept COVID-19 Vaccine Mandate In Place Without Evidence

Veterans Affairs Kept COVID-19 Vaccine Mandate In Place Without Evidence

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

The…

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Veterans Affairs Kept COVID-19 Vaccine Mandate In Place Without Evidence

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

The U.S. Department of Veterans Affairs (VA) reviewed no data when deciding in 2023 to keep its COVID-19 vaccine mandate in place.

Doses of a COVID-19 vaccine in Washington in a file image. (Jacquelyn Martin/Pool/AFP via Getty Images)

VA Secretary Denis McDonough said on May 1, 2023, that the end of many other federal mandates “will not impact current policies at the Department of Veterans Affairs.”

He said the mandate was remaining for VA health care personnel “to ensure the safety of veterans and our colleagues.”

Mr. McDonough did not cite any studies or other data. A VA spokesperson declined to provide any data that was reviewed when deciding not to rescind the mandate. The Epoch Times submitted a Freedom of Information Act for “all documents outlining which data was relied upon when establishing the mandate when deciding to keep the mandate in place.”

The agency searched for such data and did not find any.

The VA does not even attempt to justify its policies with science, because it can’t,” Leslie Manookian, president and founder of the Health Freedom Defense Fund, told The Epoch Times.

“The VA just trusts that the process and cost of challenging its unfounded policies is so onerous, most people are dissuaded from even trying,” she added.

The VA’s mandate remains in place to this day.

The VA’s website claims that vaccines “help protect you from getting severe illness” and “offer good protection against most COVID-19 variants,” pointing in part to observational data from the U.S. Centers for Disease Control and Prevention (CDC) that estimate the vaccines provide poor protection against symptomatic infection and transient shielding against hospitalization.

There have also been increasing concerns among outside scientists about confirmed side effects like heart inflammation—the VA hid a safety signal it detected for the inflammation—and possible side effects such as tinnitus, which shift the benefit-risk calculus.

President Joe Biden imposed a slate of COVID-19 vaccine mandates in 2021. The VA was the first federal agency to implement a mandate.

President Biden rescinded the mandates in May 2023, citing a drop in COVID-19 cases and hospitalizations. His administration maintains the choice to require vaccines was the right one and saved lives.

“Our administration’s vaccination requirements helped ensure the safety of workers in critical workforces including those in the healthcare and education sectors, protecting themselves and the populations they serve, and strengthening their ability to provide services without disruptions to operations,” the White House said.

Some experts said requiring vaccination meant many younger people were forced to get a vaccine despite the risks potentially outweighing the benefits, leaving fewer doses for older adults.

By mandating the vaccines to younger people and those with natural immunity from having had COVID, older people in the U.S. and other countries did not have access to them, and many people might have died because of that,” Martin Kulldorff, a professor of medicine on leave from Harvard Medical School, told The Epoch Times previously.

The VA was one of just a handful of agencies to keep its mandate in place following the removal of many federal mandates.

“At this time, the vaccine requirement will remain in effect for VA health care personnel, including VA psychologists, pharmacists, social workers, nursing assistants, physical therapists, respiratory therapists, peer specialists, medical support assistants, engineers, housekeepers, and other clinical, administrative, and infrastructure support employees,” Mr. McDonough wrote to VA employees at the time.

This also includes VA volunteers and contractors. Effectively, this means that any Veterans Health Administration (VHA) employee, volunteer, or contractor who works in VHA facilities, visits VHA facilities, or provides direct care to those we serve will still be subject to the vaccine requirement at this time,” he said. “We continue to monitor and discuss this requirement, and we will provide more information about the vaccination requirements for VA health care employees soon. As always, we will process requests for vaccination exceptions in accordance with applicable laws, regulations, and policies.”

The version of the shots cleared in the fall of 2022, and available through the fall of 2023, did not have any clinical trial data supporting them.

A new version was approved in the fall of 2023 because there were indications that the shots not only offered temporary protection but also that the level of protection was lower than what was observed during earlier stages of the pandemic.

Ms. Manookian, whose group has challenged several of the federal mandates, said that the mandate “illustrates the dangers of the administrative state and how these federal agencies have become a law unto themselves.”

Tyler Durden Sat, 03/09/2024 - 22:10

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