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Amazon Internet Satellites Launch Deal to Catch Up with Starlink

  • Hossain Akhtar
  • 05 Apr, 2022
  • New York City

Amazon said it has signed rocket launch deals with three companies to build a network of internet satellites. The deal involves as many as 83 launches and place 3,236 low earth orbit satellites to provide high speed internet service anywhere in the world. Amazon is playing catch up to the Starlink system with about 2,000 satellites in place and 250,000 subscribers.

U.S. Indexes Lacks Direction, Tech Stocks Drop

  • Barry Adams
  • 05 Apr, 2022
  • New York City

U.S. indexes wavered in the morning trading and oil and natural gas futures advanced. The European Union is looking to ban import of coal from Russia and disallow the sale of jet fuel. Tech stocks turned lower a day after surging nearly 2%.

Tech Rebound Lifts Nasdaq 1.8%, Persisting Inverted Yields

  • Barry Adams
  • 04 Apr, 2022
  • New York City

U.S. indexes closed higher led by a 1.8% rise in Nasdaq Composite. Apple, Microsoft, Amazon added more than 1% and Google, Meta Platforms, Tesla, and Twitter jumped more than 2%. Bond yields continued to send mixed signals and 2-year and 10-year and 5-year and 30-year U.S. Treasury yields remained inverted.

Tesla Quarterly Deliveries Jumps 69% to New Record 310,000 Units

  • Barry Adams
  • 04 Apr, 2022
  • New York City

Tesla deliveries of electric vehicles in the first quarter ending in March 2022 jumped 69% to 310,000 from 184,800. In the quarter, the automaker produced 305,000 units compared to 180.338 a year ago. Despite the severe supply chain challenges, the electric vehicle maker managed to surpass its previous quarterly record production of 308,000 reached in the last quarter of 2021.

Nordstrom Shakes Up Leadership, Consolidates Operation Oversight

  • Barry Adams
  • 04 Apr, 2022
  • New York City

Nordstrom said it is reorganizing its top management structure and streamlining operations to revive growth at its discount chain Rack. The fashion retailer said it has centralized customer strategy under one leader and consolidated store operations for Nordstrom and Rack to improve operating efficiency. Rack same store sales fell 5% in the fourth quarter and dropped 8% in the third quarter 2021.

Movers: Tesla, Twitter, Starbucks

  • Barry Adams
  • 04 Apr, 2022
  • New York City

Twitter soared as much as 25% after Tesla CEO Elon Musk reported 9.2% passive stake in a regulatory filing. Tesla gained 1% after the company said EV shipment jumped 69% in the first quarter to 310,000. Starbucks declined 4% after coffee chain suspended $20 billion stock repurchase program announced three weeks ago. JD.com, Alibaba, Bilibili advanced after China tech stocks surged.

U.S. Stocks Edge Higher, Chinese Tech Stocks Extend 5-Day Gains

  • Barry Adams
  • 04 Apr, 2022
  • New York City

U.S. stocks opened higher and German Chancellor said Western nations are set to impose additional sanctions on Russia this week. In Asian markets, Hong Kong index surged 2% led by a surge in Chinese tech stocks after China proposed to remove a key audit requirement for the U.S. listed companies. European markets also extended gains.

Hungary Re-elects Orban Coalition Supporting Putin

  • Barry Adams
  • 03 Apr, 2022
  • New York City

Hungarian Prime Minister Viktor Orban is set to win fourth consecutive general election with two-thirds majority, according to the election commission. Orban ran on a platform of closer ties with Russia for the energy security and has opposed the arms trans-shipments to Ukraine and anti-immigration policies.

Stocks Retain Upward Bias as Bond Yields Rise

  • Mukesh Buch
  • 01 Apr, 2022
  • New York City

Investors bid up stocks on the first day of April and second quarter after facing worst return in the previous quarter in two years. A decline in oil price below $100 a barrel and a sustained recovery in the job market also helped the sentiment. 2-year at 2.448% closed above 10-year bond yield. Energy stocks were on the defensive after leading other sectors in the first quarter with 33% surge.

Oil Dips Below $100 After Western Nations, Allies Pledge to Release Reserves

  • Brian Turner
  • 01 Apr, 2022
  • New York City

Crude oil continued its slide for the seventh trading session in a row after many European nations, Canada, Japan, and South Korea agreed to join the United States in releasing more oil to the market. The International Energy Agency, an association of western countries said today. West Texas crude oil future price dipped below $100 a barrel in New York trading.

Five Below Plans to Double Sales, EPS in 3 Years

  • Scott Peters
  • 01 Apr, 2022
  • New York City

Five Below, Inc, the deep discount retailer reported December quarter sales increased 16% to $996.3 million from a year ago period and net income rose 13.1% to $140.2 million. Diluted earnings per share also increased 13% to $2.49 from $2.20 in a year ago period. In the first quarter the retailer anticipates diluted earnings per share between 54 cents and 61 cents.

lululemon Earnings Up 32%, Another $1 Billion Share Buyback Plan

  • Scott Peters
  • 29 Mar, 2022
  • New York City

lululemon athletica reported fourth quarter total revenues increased 23% to $2.1 billion on growth of 21% in North America and 35% in international sales. Total comparable store sales increased 32%. The retailer added 22 new stores in the quarter totaling 574. Net income increased to $434 million from $329.8 million and earnings per share rose to $3.36 from $2.52.

H&R Block Quarterly Loss Shrank on 12% Rise in Revenues

  • Scott Peters
  • 01 Apr, 2022
  • New York City

H&R Block said December 2021 quarter revenues increased 12% to $159 million from a year ago and net loss shrank to $190.6 million from $255.8 million. Loss per share declined to $1.09 from $1.38 on 5.7% shrink to 173.3 million after the company repurchased 6.6 million shares in the quarter.

Movers: GameStop, BlackBerry, Li Auto

  • Barry Adams
  • 01 Apr, 2022
  • New York City

GameStop advanced after the company is looking to increase outstanding shares to 1 billion from 300 million to enable a stock split. BlackBerry dropped after the company reported unexpected profit but missed the quarter revenues estimate. Li Auto, China-based electric vehicle maker delivered nearly 32,000 deliveries, more than double in the period a year ago.

Job Market Recovery Added 431,000 in March

  • Brian Turner
  • 01 Apr, 2022
  • New York City

U.S. corporations continued to add jobs on the sustained post-pandemic labor market recovery. Nonfarm payrolls increased 431,000 in March and the unemployment rate declined to 3.6%. Revisions also suggested a stronger trend in place with January additions were revised higher 23,000 to 504,000, February jobs were up by 77,000 to 750,000. For the quarter new additions were 1.69 million.