Yesterday on Wall Street

Posted 04 August, 2022

US private sector activity contracted sharply in July (47.7 against a consensus of 47.5 after 52.3). The ISM services index rose more than expected in July (53.3 against a consensus of 53.2 after 56.7).

Semiconductor maker AMD (-1.21% to 98.09) expects third-quarter sales to be slightly below Wall Street estimates despite the announcement of good results in July.

CVS Health (+6.3% to 101.38) raised its profit forecast for the full year, the health of its insurance business and sales of Covid-19 screening tests helped the American chain of pharmacies to record a growth of 6% of its profit in the second quarter.

Regeneron Pharmaceuticals (+ 5.88% to 608.77) announced a 72.5% drop in quarterly profit, penalized by disappointing sales of its cocktail of antibodies against Covid-19.

Gilead Sciences gained 4.59% to 62.27) as its second-quarter profit tumbled due to higher research costs and lower sales of its Covid-19 treatment, Veklury, among other things. , but its total turnover nevertheless came out above expectations.

Starbucks rose 4.25% to 87.27 after reporting better-than-expected quarterly profit as higher prices and strong demand in the United States helped offset the hit to its business in China from further lockdowns.

Airbnb (- 1.13% to 115.02) said it anticipates a reservation rate for the current quarter equivalent to that of the previous quarter, thus disappointing investors who expected much more in a context of strong summer demand.

Paypal Holdings (+ 9.25% to 97.92) raised its annual profit forecast, announced a $15 billion buyback program, and that the activist fund Elliott Management held a stake of more than $2 billion in its capital.

Occidental Petroleum (-6.26% to 60.99) announced quarterly earnings above expectations, a decrease in its debt, and a share buyback program thanks to high oil and gas prices.

Electronic Arts (+ 3.41% to 133.28) reported adjusted quarterly revenue below expectations, and the easing of restrictions linked to Covid-19 led to a drop in video game purchases.

Chesapeake Energy (+1.42% to 91.53) and Pioneer Natural Resources (-3.17% to 220.68) reported strong second-quarter earnings and increased cash distributions to shareholders, via dividends or share buybacks.

Online broker Robinhood Markets (+11.7% to 10.31) announced that it would lay off 23% of its staff as it posted a 44% drop in turnover due to the collapse of transactions.

The  Dow Jones thus gained 1.29% to 32,812.50 points, the  Nasdaq Composite  2.59% to 12,668.16 points, and the  S&P 500  1.56% to 4,155.17 points.

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04 August, 2022 09:31

Wavestone finalizes the acquisition of the British, PEN Partnership →

After signing a conditional memorandum in July 2022, Wavestone announced the acquisition of PEN Partnership, a UK-based consultancy. 

Wavestone finalizes the acquisition of the British, PEN Partnership
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