Yesterday on Wall Street

Posted 29 July, 2022

Indeed, the American GDP contracted by 0.9% on an annual basis in the second quarter, against a consensus of +0.3%, which adds to the decline of 1.6% already recorded from January to March.

Meta Platforms (-5.22% to 160.72) announced gloomy forecasts on Wednesday evening after reporting a decline in quarterly revenue for the first time, amid the threat of a global recession and increased competitive pressure on its advertising sales.

Qualcomm (-4.54% to 146.45) forecast fourth-quarter revenue below market expectations due to an expected slowdown in the economy and demand for smartphones.

Automaker Ford Motor Company rose 6.14% to 14 after reporting better-than-expected Q2 results and confirming its full-year profit outlook, adding it was "actively" studying how to offset the rising costs.

The distributor of electronic products Best Buy (+ 4.7% to 77.99) issued a warning on its annual results because of a drop in spending by its customers with inflation.

The manufacturer of electric trucks Rivian Automotive (+ 5.73% to 33.85), announced a reduction of 6% of its workforce in order to optimize costs in a more difficult macroeconomic environment.

Mastercard (+2.67% to 352.45) reported a jump in profit in the second quarter, as increased cross-border spending driven by a strong upturn in overseas travel more than offset higher costs.

Pfizer (- 1.61% to 50.72) announced a 78% growth in its quarterly profit and confirmed its sales forecast of $54 billion in 2022 for its vaccine and its oral treatment for Covid-19. 

Merck (-1.41% to 89.94) reported higher than expected profit and revenue for the.

Spirit (+ 5.6% to 25.66) accepted a takeover offer of $3.8 billion from its competitor Jetblue (- 0.36% to 8.37), an operation that will give rise to the fifth largest major American airline.

The maker of Marlboro cigarettes, Altria (-0.16% to 44) lowered the valuation of its 35% stake in the maker of e-cigarettes Juul Labs to $450 million, against $1.6 billion at the end of March and $12.8 billion at 2018.

Comcast (-9.13% to 39.41) said subscriber growth in its broadband and streaming businesses was flat in the second quarter.

Royal Caribbean (+8.42% to 37.85) reported second-quarter revenue of $2.18 billion, beating analysts' estimates of $2.11 billion.

The  Dow Jones thus gained 1.03% to 32,529.63 points, the  Nasdaq Composite  1.08% to 12,162.59 points, and the  S&P 500  1.21% to 4,072.43 points.

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