Yesterday on Wall Street

Posted 27 July, 2022

The S&P Case Shiller index of real estate prices in the 20 largest American cities slowed in May (+ 20.5% against a consensus of + 20.6% after + 21.2%).

New home sales disappointed in June (590,000 against a consensus of 660,000 after a revised 642,000) as did US consumer confidence which deteriorated further in July (95.7 against a consensus of 96 after 98.4 ).

Walmart fell 7.6% to 121.98 after lowering its annual and quarterly profit targets as soaring food and fuel prices dampened customer spending. In its wake, Home Depot dropped 2.6% to 298.18 and Target  – by 3.61% to 151.81.

3M (+ 4.94% to 140.75) announced during the publication of its results its intention to split its health care activity in which it would retain a 19.9% ​​stake.

General Motors (-3.42% to 33.34) confirmed its annual profit target but said it was preparing for a possible slowdown by limiting spending and hiring.

Coca-Cola (+1.64% to 63.21) raised its full-year revenue forecast as demand remained strong despite price increases intended to mitigate the impact of the rising costs.

McDonald's (+2.68% to 257.09) reported higher-than-expected quarterly sales on the back of buoyant online demand, new product launches and higher pricing.

General Electric (+4.61% to 71.51) cut its forecast for the full year, due to inflationary pressure and disruptions in the global supply chain.

Amazon (-5.26% to 114.77) will raise fees for its Prime delivery and streaming service in Europe by up to 43% a year, the online retailer seeks to counter rising costs days before the publication of its quarterly financial results.

UPS (- 3.4% to 181.53) on Tuesday published a higher than expected adjusted quarterly profit, particularly profitable deliveries having compensated for a drop in volumes linked to online commerce.

The household appliance specialist Whirlpool (+ 22.25% to 168.36) lowered its annual profit outlook after reporting a 4.3% drop in sales to $5.10 billion, below expectations, due to supply chain disruptions and slowing demand.

The profit of hospital operator Universal Health Services (-0.45% to 109.6) nearly halved in the second quarter, to $164.1 million, due to rising labor costs.

The  Dow Jones  thus lost 0.71% to 31,761.54 points, the  Nasdaq Composite 1.87% to 11,562.58 points and the  S&P 500  1.15% to 3,921.05 points.

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