Stock Market Open Flat Following The Dow Snapping A Two-Day Losing Streak
On early Thursday morning, U.S. stock futures are flat. This comes after the Dow Jones and S&P500 snapped a two-day losing streak in the stock market on Wednesday. Last month, the S&P 500 index recovered 9.1%, fighting back from its worst start to a year since 1962. This week, investors had another busy week of corporate earnings and economic data. With that, some of the top companies are set to report their second-quarter results in the stock market today. This goes for companies such as; Crocs Inc. (NASDAQ: CROX), Block (NYSE: SQ), Lyft Inc. (NASDAQ: LYFT), Twillo (NYSE: TWLO), and others are set to report earnings after the market closes Thursday.
Investors potentially got the go-ahead to get back into beaten-up tech stocks after an unexpected recovery in July services PMI and statements from St. Louis Federal Reserve President James Bullard. Bullard commented he doesn’t think the U.S. is in a ression. Specifically, touching on job growth and low unemployment. As of 4:55 am ET, the Dow, S&P 500, and Nasdaq futures are trading lower by 0.07%, 0.08%, and 0.10% respectively.
Lucid Stock Sinks After The Company Cuts Guidance
Shares of EV Maker Lucid Group (NASDAQ: LCID) fell sharply in after-hours trading on Wednesday. This comes after the company cut its production forecast for the second time this year. In detail, Lucid now estimates it will produce 6,000 to 7,000 cars in 2022, declining from its prior guidance of 12,000 to 14,000. This is because of supply chain and logistics challenges.
As of the start of 2022, the company expected on producing 20,000 vehicles. What’s more, second-quarter revenue came in at $97.3 million, way short of the $147.05 million Wall Street analysts estimated. Lucid’s CEO and CTO Peter Rawlinson noted in the earnings release, “We’ve identified the primary bottlenecks, and we are taking appropriate measures – bringing our logistics operations in-house, adding key hires to the executive team, and restructuring our logistics and manufacturing organization.” Shares of LCID stock closed Wednesday’s after-hours session down over 12% at $17.96 per share.
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Share Of Ebay Stock Rally After Posting Better-Than-Expected Second Quarter Results
Next up, Shares of eBay Inc. (NASDAQ: EBAY) moved higher in after-hours trading on Wednesday. This comes after the e-commerce marketplace reported its second-quarter 2022 financial results on Wednesday after the market closed.
In the report, EBAY posted a second-quarter earnings beat and maintained its quarterly dividend at $0.22 a share. Also, EBAY reported earnings per share of $0.99 for the second quarter. This is compared to analysts’ estimates of $0.89 per share on revenue of 2.4 billion.
“Once again I am pleased to report another strong quarter. Our team delivered better than expected financial results across the board while continuing to make significant progress on our long-term initiatives,” commented Jamie Iannone, Chief Executive Officer of eBay. “Our focus category strategy is working, and payments and advertising are driving further growth. eBay is in a stronger position today than it was when we entered the pandemic.“On Thursday, shares of EBAY look to open at $50.48 per share.
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