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Stock Market Today: Dow Jones, S&P 500 Tumble On CPI Data; Netflix Stock Down On Goldman Sachs Downgrade

Markets are trading lower today after inflation accelerated to the fastest rate since 1981
The post Stock Market Today: Dow Jones, S&P 500 Tumble On…

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Stock Market Today Mid-Morning Updates

On Friday, the Dow Jones Industrial Average is down by 770 points today as investors digest the release of new inflation data. Across the board, major tech companies like Amazon (NASDAQ: AMZN) and Meta Platforms (NASDAQ: META) are down by over 3% and 1% respectively. Furthermore, the national average price for a gallon of gas continues to inch higher, now almost reaching $5 a gallon. In other news, the Biden Administration announced on Friday that it will be dropping coronavirus testing requirements for inbound air travelers from abroad.

Shares of Vail Resorts (NYSE: MTN) are up today after it reported better-than-expected quarterly results. Vail Resorts says that it benefited from an easing of pandemic-related restrictions and noted successful efforts to attract visitors outside of its peak skiing season. Stitch Fix (NASDAQ: SFIX) is down by over 14% today after it posted wider-than-expected losses. The company also gave a weaker-than-expected revenue guidance. CME Group (NASDAQ: CME) is in focus today after Atlantic Equities upgraded it to an Overweight rating from a Neutral rating. The firm says that CME has the strongest fundamental backdrop among U.S.-based exchanges.

Among the Dow Jones leaders, shares of Apple (NASDAQ: AAPL) are down by 3.35% today while Microsoft (NASDAQ: MSFT) is also down by 3.72%. Meanwhile, Disney (NYSE: DIS) and Nike (NYSE: NKE) are trading lower on Friday. Among the Dow financial leaders, Visa (NYSE: V) is down by 3.04% while JPMorgan Chase (NYSE: JPM) is also down by 3.36%

Shares of EV leader Tesla (NASDAQ: TSLA) are down by 3.47% on Friday. Rival EV companies like Rivian (NASDAQ: RIVN) are also down by 1.58%. Lucid Group (NASDAQ: LCID) is down by 2.28% today. Chinese EV leaders like Nio (NYSE: NIO) and Xpeng Motors (NYSE: XPEV) are trading mixed today. 

Dow Jones Today: U.S. Treasury Yields Rises to 3.109%; Oil Prices Push Higher Despite Shanghai Lockdown Concerns

Following the stock market opening on Friday, the S&P 500, Dow and Nasdaq are trading lower at 2.65%, 2.39%, and 3.13% respectively. Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (NASDAQ: QQQ) is down by 3.23% while the SPDR S&P 500 ETF (NYSEARCA: SPY) is also down by 2.62%. 

The benchmark 10-year U.S. Treasury yield pushed higher to 3.109% today as tech companies are under pressure from these rising yields. Oil prices are also up slightly, to trade at near three-month highs. Brent crude was up to $123 per barrel. On the other hand, U.S. West Texas Intermediate crude also jumped to $121 per barrel. Both were on track for a fourth and seventh straight weekly increase respectively.

Consumer Price Index In May Rose At Its Quickest Pace Since 1981

Today, the Bureau of Labor Statistics released its May Consumer Price Index (CPI) report, offering fresh but concerning insight into the extent to which prices have increased across the U.S. economy. Its CPI was up by 8.6% year-over-year in May, the fastest advance in more than 40 years. Even on a monthly basis, headline CPI was up 1%, higher than expected. Excluding food and energy prices, it increased by 6% year-over-year. Compared to consensus estimates, it was an increase of 8.3% and 5.9% for the main index and core index respectively. This has caused quite a sell-off today, with the Dow on track for its 10th down week in the past 11.

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

Netflix Stock Dips Following Rating Slash From Goldman Sachs

Netflix (NASDAQ: NFLX) is among the notable movers in the stock market today. Overall, this seems to be the result of a recent analyst update on the company’s shares. Getting into it, Goldman Sachs (NYSE: GS) analyst Eric Sheridan downgraded NFLX stock to a Sell rating. Also, the analyst cut his price target for NFLX stock from $265 to $186. According to Sheridan, the downgrade is the result of Goldman’s concerns over a possible consumer recession. At the same time, the firm also cites growing competition in the streaming space as another reason for the rating cut. As a result, NFLX stock is trading lower by over 5% at the opening bell today.

On top of that, the analyst also adds that Goldman Sachs is lowering its 2022-2023 revenue estimates for Netflix. This, Sheridan explains, is to “incorporate a greater probability of a weaker macro environment.” He elaborates in further detail, “More specifically, we modestly lower our paid streaming subs across every region but incorporate higher ARPU levels in the US in 2024 & beyond to reflect Netflix’s initiatives around its ad-supported tier and password sharing.” All in all, Netflix appears to be actively adapting to the shifting consumer landscape by working on its ad-supporting content. Safe to say, there would be no shortage of attention on NFLX stock today.

NFLX stock
Source: TradingView

[Read More] Cheap Stocks To Buy Now? 3 Cyclical Stocks In Focus

DocuSign Stock Slips After eSignature Firm Falls Short On Wall Street Earnings Estimates

Another company turning heads in the stock market today would be DocuSign (NASDAQ: DOCU). On the whole, this eSignature Software-as-a-Service (SaaS) provider is experiencing some turbulence following its first-fiscal quarter financial update. In detail, the company posted somewhat mixed figures for the quarter. According to the financial release, DocuSign’s quarterly earnings per share is $0.38. Furthermore, the company’s total revenue for the quarter is $588.7 million. To compare, consensus figures on Wall Street are earnings of $0.46 per share on revenue of $581.8 million. Despite the beat on consensus analyst revenue forecasts, investors seem focused on DocuSign’s miss on the earnings per share front. Evidently, DOCU stock is currently trading at losses of over 26% at the opening bell today.

Adding more context to DocuSign’s performance for the quarter is CEO Dan Springer. He highlights, “We delivered solid first-quarter results, growing revenue by 25% year-over-year and adding nearly 67,000 new customers, bringing our total global customer base to 1.24 million.” While the company’s latest results may not be within Wall Street’s expectations, it seems that DocuSign’s SaaS offerings remain relevant. After all, organizations relying on eSignature software will likely continue to do so as hybrid work environments become increasingly prominent. 

Overall, Springer had this to say about DocuSign’s long-term business outlook, “With over a billion users worldwide, the proven value of our products, and the significant opportunity we have ahead of us, we’re confident in our ability to successfully navigate the challenges of a dynamic global environment.” Not to mention, DocuSign also recently expanded its ongoing global partnership with Microsoft. Because of all this, DOCU stock would be in focus in the stock market today.

DOCU stock
Source: TradingView

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The post Stock Market Today: Dow Jones, S&P 500 Tumble On CPI Data; Netflix Stock Down On Goldman Sachs Downgrade appeared first on Stock Market News, Quotes, Charts and Financial Information | StockMarket.com.

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Las Vegas Strip Gets a Brand New Technology

It’s not just Caesars and MGM innovating on the Strip. A number of other companies are trying big idea.

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It's not just Caesars and MGM innovating on the Strip. A number of other companies are trying big idea.

Las Vegas has quietly become a hotbed for innovation. Some of that has been driven by the major casino operators -- Caesars Entertainment (CZR) - Get Caesars Entertainment Inc. Report, MGM Resorts International (MGM) - Get MGM Resorts International Report, Resorts World Las Vegas, and Wynn Resorts (WYNN) - Get Wynn Resorts Limited Report -- trying to outdo each other to win over customers.

Some innovations are ostentatious and hard to miss, like the MSG (MSGE) - Get Madison Square Garden Entertainment Corp. Class A Report Sphere being built at the Venetian. That first-of-its-kind concert venue looks as if it dropped to Earth from a technologically advanced civilization, and it has raised the bar for performance venues.

Many innovations, however, aren't as obvious. Caesars, for example, uses an artificial intelligence text-based concierge that's surprisingly effective. "Ivy," as it goes by, can answer questions, help with mundane tasks like getting clean towels delivered, or advance your issue to a human where needed.

Innovations big and small are happening up, down, and under the Las Vegas Strip. Elon Musk's Boring Co. has been building a network of tunnels under the city that will eventually use driverless Tesla  (TSLA) - Get Tesla Inc. Report electric vehicles to ferry people all over the city. 

That's a revolutionary idea -- but now a rival has emerged.  

Image source: Daniel Kline/TheStreet

Musk Goes Low, Lyft Goes High?

Musk's Boring Co. has a bold plan for more than 50 stations connecting the Las Vegas Strip to the airport, the Convention Center, Allegiant Stadium, and Fremont Street using driverless Teslas. 

Currently, only a small portion of that network has been built -- a section connecting the two halves of the Las Vegas Convention Center (and one connecting Resorts World Las Vegas to that same location.

For Musk and Boring Co., it's all about taking traffic off the city's busy streets and bringing it underground.

"During typical peak hours, driving from the Las Vegas Convention Center to Mandalay Bay, for example, can take up to 30 minutes. The same trip on Vegas Loop will take approximately 3 minutes," the company says on its website.

If Musk's plan is fully built, it'll effectively give Las Vegas a modern subway, helping alleviate road congestion. It will not, however, stop tourists from using ride-share and taxi cabs.

Now, ride-share company Lyft  (LYFT) - Get Lyft Inc. Report has brought a solution to Sin City that may ultimately help it solve another problem: a shortage of taxi and ride-share drivers. 

Lyft Brings Driverless Cars (Sort of) to Las Vegas

Labor in Las Vegas has been in short supply since the pandemic hit. Some people left the city and others found work outside the service-industry jobs that fuel the Las Vegas economy. At times, that has made the wait for a cab, or a ride-share from Uber (UBER) - Get Uber Technologies Inc. Report and Lyft, longer than usual.

Lyft plans to fix that by partnering with Motional to bring Motional's "Ioniq-5-based robotaxi, an autonomous vehicle designed for fully driverless ride-hail operation, to the Lyft network in Las Vegas," the ride-share company shared in a news release.

The Ioniq 5 is Hyundai's  (HYMTF)  prominent EV. Motional is the Boston joint venture between Hyundai and automotive-technology specialist Aptiv.  (APTV) - Get Aptiv PLC Report

"Launching Motional’s all-electric Ioniq 5 on Lyft’s network in Las Vegas represents tremendous progress in our vision to make an electric, autonomous, and shared future a reality for people everywhere," said  Lyft CEO Logan Green.

It's Self-Driving Lyfts, But...

There is, however, a pretty big catch.

"Each vehicle arrives with not one but two backup drivers standing by to take control of the car should anything go wrong" Casino.org's Corey Levitan reported.

Lyft has promised a truly driverless system at some point in 2023, but current laws and the state of driverless technology make the backups necessary.

Motional and Lyft have quietly been testing driverless vehicles in Las Vegas since 2018. In the news release, Lyft explained how the system works.

"This means riders are able to easily control their ride without assistance from a driver. The enhanced experience includes unlocking the doors through the Lyft app and starting the ride or contacting customer support from the new in-car Lyft AV app, an intuitive in-ride display tailored to autonomous ride-sharing," the company said.

Lyft and Boring Co. are not working together. But if Musk's plan takes vehicles off Las Vegas's streets, the new program makes the experience better for any that remain. 

Ride sharing and taxis will continue to cost significantly more than using Boring Co's subway-like system, so it's easy to see how the two options will work well together.   .

 

  

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Elon Musk’s Las Vegas Strip Plan Has Some Competition

It’s not just Caesars and MGM innovating on the Strip. Elon Musk has been tunneling under Las Vegas to solve a big problem, and now he has a rival.

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It's not just Caesars and MGM innovating on the Strip. Elon Musk has been tunneling under Las Vegas to solve a big problem, and now he has a rival.

Las Vegas has quietly become a hotbed for innovation. Some of that has been driven by the major casino operators -- Caesars Entertainment (CZR) - Get Caesars Entertainment Inc. Report, MGM Resorts International (MGM) - Get MGM Resorts International Report, Resorts World Las Vegas, and Wynn Resorts (WYNN) - Get Wynn Resorts Limited Report -- trying to outdo each other to win over customers.

Some innovations are ostentatious and hard to miss, like the MSG (MSGE) - Get Madison Square Garden Entertainment Corp. Class A Report Sphere being built at the Venetian. That first-of-its-kind concert venue looks as if it dropped to Earth from a technologically advanced civilization, and it has raised the bar for performance venues.

Many innovations, however, aren't as obvious. Caesars, for example, uses an artificial intelligence text-based concierge that's surprisingly effective. "Ivy," as it goes by, can answer questions, help with mundane tasks like getting clean towels delivered, or advance your issue to a human where needed.

Innovations big and small are happening up, down, and under the Las Vegas Strip. Elon Musk's Boring Co. has been building a network of tunnels under the city that will eventually use driverless Tesla  (TSLA) - Get Tesla Inc. Report electric vehicles to ferry people all over the city. 

That's a revolutionary idea -- but now a rival has emerged.  

Image source: Daniel Kline/TheStreet

Musk Goes Low, Lyft Goes High?

Musk's Boring Co. has a bold plan for more than 50 stations connecting the Las Vegas Strip to the airport, the Convention Center, Allegiant Stadium, and Fremont Street using driverless Teslas. 

Currently, only a small portion of that network has been built -- a section connecting the two halves of the Las Vegas Convention Center (and one connecting Resorts World Las Vegas to that same location.

For Musk and Boring Co., it's all about taking traffic off the city's busy streets and bringing it underground.

"During typical peak hours, driving from the Las Vegas Convention Center to Mandalay Bay, for example, can take up to 30 minutes. The same trip on Vegas Loop will take approximately 3 minutes," the company says on its website.

If Musk's plan is fully built, it'll effectively give Las Vegas a modern subway, helping alleviate road congestion. It will not, however, stop tourists from using ride-share and taxi cabs.

Now, ride-share company Lyft  (LYFT) - Get Lyft Inc. Report has brought a solution to Sin City that may ultimately help it solve another problem: a shortage of taxi and ride-share drivers. 

Lyft Brings Driverless Cars (Sort of) to Las Vegas

Labor in Las Vegas has been in short supply since the pandemic hit. Some people left the city and others found work outside the service-industry jobs that fuel the Las Vegas economy. At times, that has made the wait for a cab, or a ride-share from Uber (UBER) - Get Uber Technologies Inc. Report and Lyft, longer than usual.

Lyft plans to fix that by partnering with Motional to bring Motional's "Ioniq-5-based robotaxi, an autonomous vehicle designed for fully driverless ride-hail operation, to the Lyft network in Las Vegas," the ride-share company shared in a news release.

The Ioniq 5 is Hyundai's  (HYMTF)  prominent EV. Motional is the Boston joint venture between Hyundai and automotive-technology specialist Aptiv.  (APTV) - Get Aptiv PLC Report

"Launching Motional’s all-electric Ioniq 5 on Lyft’s network in Las Vegas represents tremendous progress in our vision to make an electric, autonomous, and shared future a reality for people everywhere," said  Lyft CEO Logan Green.

An Important Caveat

There is, however, a pretty big catch.

"Each vehicle arrives with not one but two backup drivers standing by to take control of the car should anything go wrong" Casino.org's Corey Levitan reported.

Lyft has promised a truly driverless system at some point in 2023, but current laws and the state of driverless technology make the backups necessary.

Motional and Lyft have quietly been testing driverless vehicles in Las Vegas since 2018. In the news release, Lyft explained how the system works.

"This means riders are able to easily control their ride without assistance from a driver. The enhanced experience includes unlocking the doors through the Lyft app and starting the ride or contacting customer support from the new in-car Lyft AV app, an intuitive in-ride display tailored to autonomous ride-sharing," the company said.

Lyft and Boring Co. are not working together. But if Musk's plan takes vehicles off Las Vegas's streets, the new program makes the experience better for any that remain. 

Ride sharing and taxis will continue to cost significantly more than using Boring Co's subway-like system, so it's easy to see how the two options will work well together.   .

 

  

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Exosomes Could Improve Inhaled Therapeutics

Instead of disguising vaccines in synthetic lipid nanoparticles, researchers used exosomes as their drug delivery vehicles to the lung. The exosomes are…

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For respiratory diseases, from asthma to COVID-19, inhaled treatments can quickly deliver a drug to the desired target, the lungs. Global health depends on such treatments. As Kristen Popowski, a PhD candidate in comparative biomedical sciences at the North Carolina State University’s College of Veterinary Medicine in Raleigh, and her colleagues wrote: “Respiratory diseases are among the leading causes of morbidity and mortality worldwide, with coronavirus disease 2019 (COVID-19) remaining prevalent in the ongoing pandemic.”

Kristen Popowski [North Carolina State University]
Although lipid nanoparticles offer one delivery vehicle for such treatments, nature creates an obstacle. “The lung has natural defense mechanisms against inhaled particulates, and traditional lipid-nanoparticle vaccines present challenges in cytotoxicity and respiratory clearance,” says Popowski. “A nanoparticle formulation that can withstand these defense mechanisms remains a critical challenge.” So, Popowski and her colleagues explored an alternative approach.

“Instead of disguising vaccines in synthetic lipid nanoparticles, we utilize cell-secreted nanoparticles called exosomes as our drug delivery vehicles to the lung,” Popowski explains. “Our exosomes are secreted from native lung cells and are recognizable by the lung.”

Consequently, she says, “We can minimize pulmonary toxicity and clearance to better deliver and retain vaccines.” In addition, the exosome-based treatments developed by Popowski and her colleagues can be formulated as a dry powder that requires no refrigeration and can have a shelf life of 28 days.

Despite the incentives to take an exosome-based approach to inhaled treatments for respiratory diseases, turning that into a part of bioprocessing requires more research.

“Although commercial manufacturing of exosomes has recently shown extensive improvement, optimization of mRNA loading into exosomes remains a challenge,” Popowski says. “Endogenous mRNA expression through exosome engineering would likely be necessary for large-scale production.”

The post Exosomes Could Improve Inhaled Therapeutics appeared first on GEN - Genetic Engineering and Biotechnology News.

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