Stock Market Today Mid-Morning Updates
On Wednesday, the Dow Jones Industrial Average is up by over 600 points. U.S. President Joe Biden has imposed an immediate ban on Russian oil and other energy imports in retaliation to Russia’s invasion of Ukraine. This is backed by the U.K. saying that it will phase out Russian oil imports by the end of the year. Meanwhile, mass evacuations from war-torn Ukrainian cities continue to take place as Russia’s march on Kyiv slows down.
Big U.S. brands like McDonald’s (NYSE: MCD) and Coca-Cola (NYSE: KO) have said on Tuesday that they are suspending their business in Russia. However, this comes after the companies faced heavy criticism for continuing to operate in Russia. Other U.S. companies have announced suspensions and paused sales. Also, Campbell Soup Company (NYSE: CPB) is up by over 4% on today’s opening bell. The food producer matched estimates in its second-quarter financials today. Notably, it posted an adjusted earnings per share of $0.69 and net sales of $2.21 billion.
Among the Dow Jones leaders, shares of Apple (NASDAQ:AAPL) are up by 1.78% today while Microsoft (NASDAQ: MSFT) is also up by 2.33%. Meanwhile, 3M (NYSE: MMM) and Nike (NYSE: NKE) are also trading higher on Wednesday. Among the Dow financial leaders, Visa (NYSE: V) is up by 2.79% while Goldman Sachs (NYSE: GS) is also up by 3.61%.
Shares of EV leader Tesla (NASDAQ: TSLA) are up by 1.65% on Wednesday. Rival EV companies like Rivian (NASDAQ: RIVN) are also up by 4.36%. Lucid Group (NASDAQ: LCID) is up by 3.05% today. Chinese EV leaders like Nio (NYSE: NIO) and Xpeng Motors (NYSE: XPEV) opened higher today.
Dow Jones Today: Oil Prices Continue To Hover At Elevated Levels.
Following the stock market opening on Wednesday, the S&P 500, Dow, and Nasdaq are trading higher by 1.96%, 1.93%, and 2.33% respectively. Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (NASDAQ: QQQ) is up by 2.20% while the SPDR S&P 500 ETF (NYSEARCA: SPY) is also up by 1.90%.
The 10-year Treasury yield rose to over 1.9% on Wednesday despite growing concerns from investors about how the Russia-Ukraine war could intensify price pressures. Oil, however, fell to around $125 a barrel on Wednesday as investors took the view that the U.S. ban on Russian oil may not worsen a supply shock. Oil prices still remain at an elevated level. Furthermore, the head of the International Energy Agency said that the agency could further tap oil stocks to ease rising prices.
[Read More] Top Stock Market News For Today March 9, 2022
Bumble Soars As Earnings Crush Estimates; Receives Significant Upgrade From BMO
In the news today is dating app operator Bumble (NASDAQ: BMBL). Namely, the current buzz around the company is thanks to its latest quarterly financial update. In it, the company posted an adjusted quarterly profit of $0.13 per share. This would be well above consensus analyst forecasts of a breakeven quarter for the company. Additionally, Bumble is also looking at a total revenue of $208.2 million for the quarter. This adds up to a sizable 25.7% year-over-year increase.
All in all, CEO Whitney Wolfe Herd highlights that Bumble had another quarter of “strong revenue and adjusted EBITDA growth.” Herd goes on to highlight three core strategic priorities that have and continue to contribute to Bumble’s current momentum. They are, 1) driving scale and engagement, 2) increasing monetization, and 3) improving profitability. Also worth mentioning, the company is officially discontinuing its operations in Russia. This involves the removal of all its apps from the Apple App Store and Alphabet’s (NASDAQ: GOOGL) Google Play Store.
If all that wasn’t enough, analysts also seem to be bullish on BMBL stock’s growth prospects moving forward. In detail, Bank of Montreal (NYSE: BMO) analyst Daniel Salmon provided a rosy update on Bumble earlier today. Salmon upgraded BMBL stock from a Market Perform rating to an Outperform rating. Furthermore, he also hit it with a $48 price target, suggesting substantial upside from its current price of about $22.93 a piece. Because of all this, BMBL stock is enjoying gains of over 38% today.
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MongoDB Stock On The Rise After Solid Quarterly Earnings Report
Among the top head turners in the stock market today is MongoDB (NASDAQ: MDB). This follows the company’s fourth fiscal quarter earnings call after Tuesday’s closing bell. Diving in, MongoDB is looking at a total quarterly revenue of $266.49 million for the quarter. This is above consensus expectations of $243.42 million and represents a 58% year-over-year leap. At the same time, the company also posted a loss per share of $0.09. To put things into perspective, Wall Street was forecasting a loss of $0.23 per share. Accordingly, MDB stock is now gaining by over 12% at today’s opening bell.
By and large, MongoDB cites persisting strength in its core subscription and services divisions for its current performance. Throughout the quarter, subscription revenue in particular is looking at year-over-year gains of 58%. Not to mention, this overall solid quarter would be topping a major fiscal year for MongoDB. Notably, the company’s Atlas cloud database continues to go from strength to strength. MongoDB notes that Atlas’ annual revenue is now up by a whopping 85% year-over-year, totaling over $1 billion. According to CEO Dev Ittycheria, this is thanks to MongoDB’s cutting-edge software offerings simplifying the development process for developers. In turn, developers are then free to create “compelling applications that create a competitive advantage.”
All of which could make MongoDB’s cloud database offerings a go-to for organizations now. This would especially be the case as organizations across the board turn to the cloud for their digitization needs. Looking forward, MongoDB is expecting to report a quarterly revenue of between $263 million to $267 million this quarter. With this being above Wall Street’s estimates of$253.59 million investors would be tuning in to MDB stock today.
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