Stock Market Today Mid-Morning Updates
On Wednesday, the Dow Jones Industrial Average is up by 170 points. Companies like Nike (NYSE: NKE) have reported earnings and have warned that persistent problems like inflation and supply chain disruptions will continue to weigh down on the company’s performance. Shopify (NYSE: SHOP) has just carried out a 10-for-1 stock split and shares are now trading on a split-adjusted basis as the market opens today.
Shares of General Mills (NYSE: GIS) are up by over 3% on today’s opening bell. This comes after the company beat revenue and earnings estimates with headwinds like supply chain issues. Shares of cruise operator Carnival (NYSE: CCL) are down by over 12% today after Morgan Stanley (NYSE: MS) cut its price target to just $7 per share from $13. Analysts say that the price could hit zero in the face of another demand shock, given its current debt levels.
Among the Dow Jones leaders, shares of Apple (NASDAQ: AAPL) are up by 1.88% today while Microsoft (NASDAQ: MSFT) is also up by 2.05%. Meanwhile, Disney (NYSE: DIS) and Nike are trading higher on Wednesday. Among the Dow financial leaders, Visa (NYSE: V) is up by 0.84% while JPMorgan Chase (NYSE: JPM) is also up by 0.44%
Shares of EV leader Tesla (NASDAQ: TSLA) are down by 1.54% on Wednesday. Rival EV companies like Rivian (NASDAQ: RIVN) are also down by 1.33%. Lucid Group (NASDAQ: LCID) is down by 0.50% today. However, Chinese EV leaders like Nio (NYSE: NIO) and Xpeng Motors (NYSE: XPEV) are trading lower today as well.
Dow Jones Today: U.S. Treasury Yields Steadies; Disney CEO Extends Contract
Following the stock market opening on Wednesday, the S&P 500, Dow, and Nasdaq are trading higher at 0.24%, 0.57%, and 0.40% respectively. Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (NASDAQ: QQQ) is up by 0.60% while the SPDR S&P 500 ETF (NYSEARCA: SPY) is also up by 0.42%.
The benchmark 10-year U.S. Treasury yield currently trades at 3.1% after what seems to be a volatile last few months. China’s economic growth had faced the consequences of its tight restrictions and lockdown during the second quarter, according to a new report. Many sectors witnessed a slowdown and hiring has also slowed down as well. Disney CEO Bob Chapek will be with the company for another three years. This comes after the board unanimously voted to extend his deal. His current contract was set to expire next February. This will allow him to pursue his goal of broad subscriber growth for Disney’s streaming subscription, Disney+.
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Nio Stock Experiences Turbulence Following Refutal Of Short Seller Research Report
Shares of Nio appear to be coming under fire as it responds to comments from short-seller firm, Grizzly Research. For the most part, this is regarding a recent report by Grizzly regarding bold claims about the Chinese EV firm “inflating” its results. According to Grizzly, the company employed a venture to “juice its numbers by pulling forward seven years of revenue.” As a result, the company’s shares are now experiencing a downturn across the Hong Kong and U.S. markets. In fact, NIO stock is now trading lower by over 2% at the opening bell today. With this scathing report impacting the company’s reputation, Nio also has a response to Grizzly Research.
According to Nio, “The report is without merit and contains numerous errors, unsupported speculations and misleading conclusions and interpretations regarding information relating to the Company. The Company’s board of directors, including the audit committee, is reviewing the allegations and considering the appropriate course of action to protect the interests of all shareholders.” Furthermore, Nio clarifies that it will make any additional disclosures “in due course consistent with the requirements of applicable rules and regulations,” across relevant authoritative bodies. This includes regulations of the Securities and Exchange Commission, the New York Stock Exchange, the Stock Exchange of Hong Kong Limited, and Singapore Exchange Securities Trading.
Moreover, Nio also emphasizes its “continued and unwavering commitment to maintaining high standards of corporate governance and internal control, as well as transparent and timely disclosure in compliance with applicable rules and regulations.” Not to mention, the company continues to expand its portfolio with the recent launch of its ES7. Pair this with its ever-growing battery swapping services, and long-term investors could be considering NIO stock amidst its current weakness.
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Pinterest Gains Attention Following News Of Google Executive Bill Ready Stepping Up As CEO
Among the notable head turners in the stock market today would be Pinterest (NYSE: PINS). Overall, this is likely thanks to the latest news regarding the company’s change in upper management. Namely, CEO and founder Ben Silbermann is relinquishing his CEO role in Pinterest. In turn, he will assume the role of the executive chairman of the company’s board of directors. Stepping up to the CEO role is Bill Ready. Notably, Ready does have work experience as the head of commerce at Alphabet’s (NASDAQ: GOOGL) Google since 2020. Additionally, Ready also has experience as the former operating chief at PayPal (NASDAQ: PYPL) and CEO of Venmo.
Providing further insight on this move is exiting-CEO Ben Silbermann. He first states, “In our next chapter, we are focused on helping Pinners buy, try and act on all the great ideas they see.” Silbermann then adds, “Bill is a great leader for this transition. He is a builder who deeply understands commerce and payments. And he shares our passion for creating a positive corner of the Internet. I’m confident he’s going to be an outstanding CEO.” Also, Silbermann highlights Ready’s comprehensive expertise in the fields of commerce and payments. The likes of which could serve to advance Pinterest’s efforts in monetizing its platform. Because of all this, it would not surprise me to see investors keeping an eye on PINS stock today.
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