- Barry Adams
- 12 Aug, 2022
- New York City
Benchmark indexes continued their 2-month long ascend after investors surmised inflation may have peaked, easing pressure on the Federal Reserve in lifting rates.
Optimism reigned on Wall Street on the hopes that the recent continued decline in crude oil prices will be reflected in the inflation data for August.
The inflation peaking theory is taking hold among investors and may are betting that the interest rate hike at the next Fed's policy meeting may be lower than 75 basis points.
The S&P 500 index gained 1.7% to 4,280.15 and the Nasdaq Composite index added 2.1% to 13,047.19.
For the week, the S&P 500 index gained 3.3% and the Nasdaq Composite index jumped 3.1%.
The market rally since mid-June has extended the S&P 500 index by 16.7% and the Nasdaq Composite index by 22.6%.
Tech stocks led the gainers for the fourth week in a row and energy stocks led the losers after crude oil prices continued to slide the for the second month in a row.
Futures of crude oil declined $2.46 to $91.88 a barrel and natural gas inched 9 cents lower to $8.78.
The yield on 10-year U.S. Treasury notes declined to 2.84% and 2-year notes inched up to 3.25%.
Alphabet, Apple, Microsoft, Tesla, and Meta jumped between 1.7% and 5%.
Exxon Mobil, Chevron, Schlumberger, EOG Resources, and Valero gained less than 1%.
Movers: Illumina, Peloton, Poshmark, LegalZoom
Illumina, Inc dropped as much as 20% after closing down 8.4% to $208.33 after after the gene-sequencing technology company said second quarter revenues increased 3% to $1.26 billion from $1.13 billion a year ago.
The company swung to a net loss of $535 million from $185 million a year ago.
The current quarter included $609 million in legal contingencies for the potential fine that the European Commission may impose of up to 10% of our consolidated annual revenues and an estimated accrual of $156 million related to the settlement of litigation with the U.K.-based BGI Group in July 2022.
In the quarter, the diluted loss per share was $3.40 compared to a profit of $1.26 a year ago.
The company also lowered its 2022 revenue growth outlook to between 4% and 5% and GAAP diluted earnings per share loss between $2.93 and $2.78.
The company earlier guided in May at the time of the release of the first quarter results consolidated revenue growth in the range of 14% to 16% and GAAP earnings per diluted share of $2.33 to $2.53.
LegalZoom.com Inc jumped 18% to $12.97 after the online legal content forms and support provider said revenues in the second quarter increased 9% to $163.8 million from $150.4 million a year ago.
Net loss in the quarter shrank to $13.8 million or 7 cents a diluted share from $38.4 million or 31 cents a diluted share a year ago.
Average order value increased 5% to 296 from $282 a year ago and subscription revenues increased to $91.3 million from $69.4 million a year ago.
The company guided third quarter revenues between $149 million and $151 million.
The company lowered its full-year 2022 revenues estimate in the range of $612 million to $616 million from the previous estimate between $650 million and $660 million.
Poshmark Inc fell 8.4% to $11.80 after the social fashion marketplace operator said second quarter revenues increased 9% to $89.1 million and gross merchandise value increased 8% to $483.5 million from $449.6 million a year ago.
Active buyers in the twelve months ending in 12 months to the second quarter increased 14% to 8 million from 7 million a year ago.
Second quarter loss jumped to $22.9 million from $2.5 million a year ago and diluted loss per share rose to 29 cents from 3 cents.
Poshmark guided third quarter revenues between $85 million and $87 million and adjusted operating loss between $9 million and $11 million.
Peloton Interactive Inc rose 13.6% to $13.53 after the expensive fitness equipment maker said it plans to eliminate 780 positions, close a significant number of its 86 retail stores, and increase prices on some of its products.
The company is shifting its model away from a manufacturer to serving its loyal customer base through variable revenue streams.
- Anand Sheth
- 12 Aug, 2022
- New York City
Toast Inc increased 13.6% to $20.59 after the restaurant payment processor posted second quarter revenues increased 58% from a year ago to $675 million.
Gross payment volume on the Toast system increased 62% from a year ago to $23.3 billion.
Net loss in the second quarter shrank to $54 million from $135 million a year ago.
The company guided third quarter revenues between $700 million and $730 million.
The payment platform operator revised higher full-year 2022 revenues to between $2.62 billion and $2.66 billion from the previous estimate between $2.50 billion and $2.55 billion.
Toast acquired employee scheduling software provider Sling on July 7 without disclosing deal terms and expanded its offering through acquisitions and new product launches.
In June 2021, Toast acquired xtraChef following the purchase of HR and payroll software provider StratEx in 2019.
Toast priced its initial public offering at $40 a share and raised $870 million on September 21 and began trading on September 22, 2021.
Toast stock closed at $62.15 on its first day of trading on September 22, 2021.
- Scott Peters
- 12 Aug, 2022
- New York City
Poshmark Inc plunged 15.2% to $10.94 after the social fashion marketplace operator said second quarter revenues increased 9% to $89.1 million and gross merchandise value increased 8% to $483.5 million from $449.6 million a year ago.
Active buyers who purchased at least once in the last twelve months increased 14% to 8 million from 7 million a year ago.
Gross volume on the platform increased 8% to $483.5 million from $449.6 million a year ago.
Gross volume on the platform increased for the 18th quarter in a row.
Second quarter loss jumped to $22.9 million from $2.5 million a year ago and diluted loss per share rose to 29 cents from 3 cents.
Free cash outflow in the second quarter was $3.5 million from inflow of $25.0 million a year ago.
Poshmark guided third quarter revenues between $85 million and $87 million and adjusted operating loss between $9 million and $11 million.
- Scott Peters
- 12 Aug, 2022
- New York City
Olo Inc plunged 33.2% to $8.65 after the restaurant software developer said total revenues in the second quarter increased 27% from a year ago to $45.6 million.
Net loss in the quarter was $11.7 million or $0.07 per share compared to $2.4 million or $0.02 per share a year ago.
Olo lowered its third quarter and full-year revenue growth outlook.
For the third quarter, revenues are now estimated between $46.5 million and $47.0 million.
The company estimated full-year 2022 revenues between $183.0 million and $184.0 million, lower than the previous estimate between $195.0 and $197.0 million.
- Scott Peters
- 12 Aug, 2022
- New York City
Mister Car Wash Inc dropped 10.1% to $10.79 after the company said second quarter revenues growth slowed but revenue share from members rose.
Second quarter revenues increased 14.2% to $225.2 million from $197.1 million a year ago.
Comparable store sales plunged to 2.4% in the second quarter compared to 93.0% a year ago.
The company swung to net income of $35.7 million or 11 cents a diluted share from a loss of $110.3 million or 42 cents a diluted share.
The company added net new 59,000 members for its Unlimited Car Wash Club and increased the membership total 20% from a year ago to 1.841 million.
The company opened four new greenfield locations and opened six acquired locations in the quarter, bringing the total number of car wash locations to 409 compared to 351 a year ago, an increase of 16.5%.
For the full-year 2022, the company lowered same store growth outlook to 3.0% to 5.0% from the previous estimate of 5.0% to 7.0%.
The company also lowered its 2022 revenues estimate between $860 million and $880 million from the previous estimate between $875 million and $895 million.
In the first quarter, revenues increased 25.1% to $219.4 million and comparable store sales rose 11.0% from a year ago.
Unlimited Wash Club member revenue percentage of total revenues increased to 66.2% in the second quarter from 64.3% in the first quarter.
The company retained its target of opening 30 new greenfield locations in 2022.
- Scott Peters
- 12 Aug, 2022
- New York City
LegalZoom.com Inc jumped 23.2% to $13.58 after the online legal content forms and support provider said revenues in the second quarter increased 9% to $163.8 million from $150.4 million a year ago.
Net loss in the quarter shrank to $13.8 million or 7 cents a diluted share from $38.4 million or 31 cents a diluted share a year ago.
Average order value increased 5% to 296 from $282 a year ago and subscription revenues increased to $91.3 million from $69.4 million a year ago.
The company guided third quarter revenues between $149 million and $151 million.
The company lowered its full-year 2022 revenues estimate in the range of $612 million to $616 million from the previous estimate between $650 million and $660 million.
- Scott Peters
- 12 Aug, 2022
- New York City
Illumina, Inc plunged 8.8% to $207.67 after the gene-sequencing technology company said second quarter revenues increased 3% to $1.26 billion from $1.13 billion a year ago.
The company swung to a net loss of $535 million from $185 million a year ago.
The current quarter included $609 million in legal contingencies for the potential fine that the European Commission may impose of up to 10% of our consolidated annual revenues and an estimated accrual of $156 million related to the settlement of litigation with the U.K.-based BGI Group in July 2022.
In the quarter, the diluted loss per share was $3.40 compared to a profit of $1.26 a year ago.
The company also lowered its 2022 revenue growth outlook to between 4% and 5% and GAAP diluted loss per share between $2.93 and $2.78.
The company earlier guided in May at the time of the release of the first quarter results consolidated revenue growth in the range of 14% to 16% and GAAP earnings per diluted share of $2.33 to $2.53.
- Barry Adams
- 12 Aug, 2022
- New York City
Optimism reigned on Wall Street on the hopes that the recent continued decline in crude oil prices will be reflected in the inflation data for August.
The inflation peaking theory is taking hold among investors and may are betting that the interest rate hike at the next Fed's policy meeting may be lower than 75 basis points.
The S&P 500 index futures are indicating 0.5% increase and the Nasdaq Composite index are showing 0.4% rise at the opening.
For the week, the S&P 500 index is up 0.4% and the Nasdaq Composite index is higher 0.5%.
The market rally since mid-June has extended the S&P 500 index by 14.7% and the Nasdaq Composite index by 20.0%.
The S&P 500 index is set to close higher for the fifth week in a row, the longest winning stretch since April 2021.
Illumina, Inc plunged 8.8% to $207.67 after the gene-sequencing technology company said second quarter revenues increased 3% to $1.26 billion from $1.13 billion a year ago.
The company swung to a net loss of $535 million from $185 million a year ago.
The current quarter included $609 million in legal contingencies for the potential fine that the European Commission may impose of up to 10% of our consolidated annual revenues and an estimated accrual of $156 million related to the settlement of litigation with the U.K.-based BGI Group in July 2022.
In the quarter, the diluted loss per share was $3.40 compared to a profit of $1.26 a year ago.
The company also lowered its 2022 revenue growth outlook to between 4% and 5% and GAAP diluted loss per share between $2.93 and $2.78.
The company earlier guided in May at the time of the release of the first quarter results consolidated revenue growth in the range of 14% to 16% and GAAP earnings per diluted share of $2.33 to $2.53.
LegalZoom.com Inc jumped 23.2% to $13.58 after the online legal content forms and support provider said revenues in the second quarter increased 9% to $163.8 million from $150.4 million a year ago.
Net loss in the quarter shrank to $13.8 million or 7 cents a diluted share from $38.4 million or 31 cents a diluted share a year ago.
Average order value increased 5% to 296 from $282 a year ago and subscription revenues increased to $91.3 million from $69.4 million a year ago.
The company guided third quarter revenues between $149 million and $151 million.
The company lowered its full-year 2022 revenues estimate in the range of $612 million to $616 million from the previous estimate between $650 million and $660 million.
Mister Car Wash Inc dropped 10.1% to $10.79 after the company said second quarter revenues increased 14.2% to $225.2 million from $197.1 million a year ago.
Comparable store sales plunged to 2.4% in the second quarter compared to 93.0% a year ago.
The company swung to net income of $35.7 million or 11 cents a diluted share from a loss of $110.3 million or 42 cents a diluted share.
For the full-year 2022, the company lowered same store growth outlook to 3.0% to 5.0% from the previous estimate of 5.0% to 7.0%.
The company also lowered its 2022 revenues estimate between $860 million and $880 million from the previous estimate between $875 million and $895 million.
Olo Inc plunged 33.2% to $8.65 after the restaurant software developer said total revenues in the second quarter increased 27% from a year ago to $45.6 million.
Net loss in the quarter was $11.7 million or $0.07 per share compared to $2.4 million or $0.02 per share a year ago.
Olo lowered its third quarter and full-year revenue growth outlook.
For the third quarter, revenues are now estimated between $46.5 million and $47.0 million.
For the full-year 2022 revenues are estimated to fall between $183.0 million and $184.0 million from the previous estimate of between $195.0 and $197.0 million.
Poshmark Inc plunged 15.2% to $10.94 after the social fashion marketplace operator said second quarter revenues increased 9% to $89.1 million and gross merchandise value increased 8% to $483.5 million from $449.6 million a year ago.
Active buyers in the twelve months ending in 12 months to the second quarter increased 14% to 8 million from 7 million a year ago.
Second quarter loss jumped to $22.9 million from $2.5 million a year ago and diluted loss per share rose to 29 cents from 3 cents.
Poshmark guided third quarter revenues between $85 million and $87 million and adjusted operating loss between $9 million and $11 million.
Toast Inc increased 13.6% to $20.59 after the restaurant payment processor posted second quarter revenues increased 58% from a year ago to $675 million.
Gross payment volume on the Toast system increased 62% from a year ago to $23.3 billion.
Net loss in the second quarter shrank to $54 million from $135 million a year ago.
The company guided third quarter revenues between $700 million and $730 million and for full-year 2022 revised higher between $2.62 billion and $2.66 billion from $2.50 billion and $2.55 billion.
Wheels Up Experience increased 2.5% to $2.65 after the on-demand private jet service provider reported said second quarter net revenues increased 49% to $425.5 million.
Active members at the end of the second quarter increased 20% to 12,667.
Net loss in the second quartet surged 220% to $92.0 million from $28.9 million from a year ago.
- Barry Adams
- 12 Aug, 2022
- New York City
Optimism reigned on Wall Street on the hopes that the recent continued decline in crude oil prices will be reflected in the inflation data for August.
The inflation peaking theory is taking hold among investors and may are betting that the interest rate hike at the next Fed's policy meeting may be lower than 75 basis points.
The S&P 500 index futures are indicating 0.5% increase and the Nasdaq Composite index are showing 0.4% rise at the opening.
For the week, the S&P 500 index is up 0.4% and the Nasdaq Composite index is higher 0.5%.
The market rally since mid-June has extended the S&P 500 index by 14.7% and the Nasdaq Composite index by 20.0%.
The S&P 500 index is set to close higher for the fifth week in a row, the longest winning stretch since April 2021.
Movers: Illumina, Poshmark, LegalZoom
Illumina, Inc plunged 20% after the gene-sequencing technology company said second quarter revenues increased 3% to $1.26 billion from $1.13 billion a year ago.
The company swung to a net loss of $535 million from $185 million a year ago.
The current quarter included $609 million in legal contingencies for the potential fine that the European Commission may impose of up to 10% of our consolidated annual revenues and an estimated accrual of $156 million related to the settlement of litigation with the U.K.-based BGI Group in July 2022.
In the quarter, the diluted loss per share was $3.40 compared to a profit of $1.26 a year ago.
The company also lowered its 2022 revenue growth outlook to between 4% and 5% and GAAP diluted earnings per share loss between $2.93 and $2.78.
The company earlier guided in May at the time of the release of the first quarter results consolidated revenue growth in the range of 14% to 16% and GAAP earnings per diluted share of $2.33 to $2.53.
LegalZoom.com Inc jumped 2.2% after the online legal content forms and support provider said revenues in the second quarter increased 9% to $163.8 million from $150.4 million a year ago.
Net loss in the quarter shrank to $13.8 million or 7 cents a diluted share from $38.4 million or 31 cents a diluted share a year ago.
Average order value increased 5% to 296 from $282 a year ago and subscription revenues increased to $91.3 million from $69.4 million a year ago.
The company guided third quarter revenues between $149 million and $151 million.
The company lowered its full-year 2022 revenues estimate in the range of $612 million to $616 million from the previous estimate between $650 million and $660 million.
Poshmark Inc fell 2% after the social fashion marketplace operator said second quarter revenues increased 9% to $89.1 million and gross merchandise value increased 8% to $483.5 million from $449.6 million a year ago.
Active buyers in the twelve months ending in 12 months to the second quarter increased 14% to 8 million from 7 million a year ago.
Second quarter loss jumped to $22.9 million from $2.5 million a year ago and diluted loss per share rose to 29 cents from 3 cents.
Poshmark guided third quarter revenues between $85 million and $87 million and adjusted operating loss between $9 million and $11 million.
- Brian Turner
- 11 Aug, 2022
- New York City
Six Flags Entertainment Corp plunged 22% to $20.31 after the operator of the amusement park said attendance in the quarter dropped 22% to 6.7 million from 8.5 million a year ago.
Second quarter revenues declined 5% to $435 million from $460 million a year ago.
Net income in the period plunged 36% to $45 million from $71 million a year ago.
Total guest spending per person increased 23% to $63.87 from $51.94 a year ago.
- Scott Peters
- 11 Aug, 2022
- New York City
Warby Parker increased 19% to $16.82 said second quarter revenues increased 13.7% to $149.6 million and active customers increased 8.7% to 2.26 million.
Average revenue per customer increased 8.2% from a year ago to $254.
Net loss in the quarter increased to $32.1 million or 28 cents a diluted share from $10.3 million from 35 cents a diluted share a year ago.
The eyewear retailer lowered full-year 2022 net revenues to between $584 million and $595 million, representing growth between 8% and 10% a year ago.
The company had previously guided full-year revenues to fall between $650 million and $660 million and growth between 20% and 22% from a year ago.
- Scott Peters
- 11 Aug, 2022
- New York City
Bumble Inc declined 7.8% to $31.79 after the dating app company said second quarter revenues increased 18.4% to $220.5 million from $186.2 million, including the negative currency impact of $9.4 million.
Bumble App revenue soared 33.2% to $169.6 million but Badoo App and other revenue fell 13.7% to $50.8 million.
Average Revenue per Paying User or ARPU increased to $23.65 from $20.88 and average paying customers increased to 3.0 million from 2.9 million a year ago.
Net loss in the quarter shrank to $6.4 million from $11.1 million a year ago.
The dating app operator guided third quarter revenues between $236 million and $240 million.
Bumble lowered full-year revenues between $920 million and $930 million from the previous range between $934 million and $944 million,
- Scott Peters
- 11 Aug, 2022
- New York City
Walt Disney Company increased 5.7% to $118.95 after the media and theme park operator reported better-than-expected revenues and earnings on the stronger attendance at parks.
Disney said revenues in the fiscal third quarter ending on July 2 rose 26% to $21.5 billion from $17 billion a year ago.
Net income in the quarter rose 53% to $1.41 billion or 77 cents a diluted share from $923 million or 50 cents a diluted share.
The average monthly revenue per paid subscriber for domestic Disney+ decreased from $6.62 to $6.27 due to a higher mix of subscribers to multi-product offerings, partially offset by an increase in retail pricing.
Free cash flow in the quarter declined to $187 million from $528 million a year ago on higher capital expenditures in parks and resorts.
- Brian Turner
- 11 Aug, 2022
- New York City
Weekly initial jobless claims rose 14,000 to 262,000 for the week ending on August 6 from the previous week's downwardly revised level of 248,000, the Department of Labor said Thursday.
- Brian Turner
- 11 Aug, 2022
- New York City
The Producer Prices index, a measure of wholesale prices, declined 0.5% on an adjusted basis in July after rising at 1.0% in June and 0.8% in May, the U.S. Bureau of Labor Statistics reported Thursday.
On an unadjusted basis, the measure of wholesale prices rose 9.8% from a year ago.
The core index, excluding food, energy and services, rose at a slower pace of 0.2% after rising at 0.3% in June. On a yearly basis, the core index rose 5.8%.
The surprise decline in wholesale prices followed the slight cooling of consumer prices to 8.5% reported on Wednesday.
The back-to-back two inflation reports lifted the hopes that the Federal Reserve may moderate the rate hikes at the next meeting in late September.
However, Fed officials reiterated the Fed's commitment in lowering inflation to its target rate of 2%.