Written by Gary
Under Armour shares rise as earnings top estimates, retailer hikes outlook (SPY +0.4%). Starlink has about 90,000 users as the internet service gains subscribers.
Here is the current market situation from CNN Money | |
North and South American markets finished mixed as of the most recent closing prices. The Bovespa gained 1.21%, while the IPC led the S&P 500 lower. They fell 1.14% and 0.06% respectively. |
What Is Moving the Markets
Here are the headlines moving the markets. | |
U.S. Oil and Gas Doubles Down On Anti-Climate Reporting LobbyingU.S. oil and gas lobbying groups have doubled down on efforts to negotiate laxer climate reporting rules with an administration bent on tightening these rules considerably, the Financial Times reports, citing lobbying disclosures from the Senate. “When it comes to climate risk disclosures, investors are raising their hands and asking regulators for more,” Gary Gensler, the new head of the Securities and Exchange Commission, said recently, as quoted by the FT. “I think we can bring greater clarity to climate risk disclosures.” The administration’s | |
BP Reports Strong Q2 Earnings, Hikes DividendBP reported an underlying replacement cost profit of $2.8 billion for the second quarter of the year, up from $2.6 billion for the first quarter, citing higher oil prices, which helped offset a weaker performance in gas marketing and trading. “We are a year into executing bp’s strategy to become an integrated energy company and are making good progress – delivering another quarter of strong performance while investing for the future in a disciplined way,”chief executive Bernard Looney said. In addition to the stronger profit, BP also reported | |
WTI Falls Below $70 On Global Rise In COVID CasesThe U.S. benchmark, WTI Crude, slumped below $70 per barrel early on Tuesday in the second day of sell-offs triggered by surging COVID cases worldwide, including in the biggest economies, the United States and China. As of 10:10 a.m. EDT, WTI Crude was down to $69.35, down 2.81% on the day, and Brent Crude traded at $71.25, down by 2.21%. Oil prices started August with a loss on Monday, plunging by more than 3 percent as Delta variant cases in the world continue to climb. The Delta variant has spread to 32 Chinese provinces within the last | |
Could Oil Still Hit $80?Crude oil markets have been jittery lately as additional OPEC+ output counters expectations of continued strong demand and coincides with concerns about the resurgence of Covid-19 in key markets. Yet some believe oil could still hit $80 a barrel. Analysts believe strong demand during the second half of the year will prevail, writes Dan Eberhart from Canary LLC in an article for Forbes. In addition to these demand expectations, there is still substantial uncertainty around the U.S.-Iran nuclear deal, especially now, in the wake of a tanker attack | |
Shale Giants Hit Hard By Poor Hedging DecisionsThe lack of growth in shale production, currently inching higher but primarily from DUC- Drilled but Uncompleted wells, has been largely attributed to capital discipline. Shale companies have spoken almost in unison that the higher prices now being seen would not be enough to deter them from the balance sheet repair and shareholder returns strategy in lieu of growth that many embarked upon a year and a half ago. A factor that has not been widely reported is the level of hedging losses that are stripping away much of the upside presented by the | |
Is The Worlds Hottest Oil Play About To Surprise Markets Again?Kavango Basin oil exploration is lighting up again with a series of big announcements on Friday by the junior explorer behind what we consider is the most exciting onshore play in a decade. After stunning markets with two consecutive confirmations of an active petroleum system in Namibias giant Kavango Basin, Reconnaissance Energy Africa (TSX.V: RECO, OTCMKTS:RECAF) has now initiated an ambitious 450-kilometer 2D seismic acquisition, expects to release more comprehensive results from their first well and launched an impressive community | |
SpaceX says Starlink has about 90,000 users as the internet service gains subscribersSpaceX continues to add subscribers to its Starlink satellite internet service, with Elon Musk’s company saying it now serves about 90,000 users globally. | |
U.S. automakers reinstate mask mandates at all facilities due to delta variantThe new mask mandate will go into effect Thursday for all plants, offices and warehouses, regardless of vaccination status. | |
New York City Mayor Bill de Blasio will mandate Covid vaccines for certain indoor activitiesNew York City Mayor Bill de Blasio issued a mandate requiring employees and customers of indoor eateries, gyms, and entertainment centers to get vaccinated. | |
Nikola lowers revenue and delivery expectations for 2021Nikola’s quarterly report comes five days after a federal grand jury charged founder Trevor Milton with three counts of criminal fraud. | |
Tyson Foods will require its 120,000 U.S. workforce to get vaccinatedThe meatpacking company said fewer than half of its U.S. employees have been vaccinated. | |
Bud Light and Corona flex brand strength to stand out in a crowded hard seltzer aisleNewcomers to hard seltzer are using the heft of legacy beer brands to edge out the category’s first movers, White Claw and Truly. | |
PepsiCo to sell Tropicana and other juice brands for $3.3 billionPepsiCo has agreed to sell Tropicana, Naked and other North American juice brands to a French private equity firm for $3.3 billion. | |
Under Armour shares rise as earnings top estimates, retailer hikes outlookUnder Armour said 2021 revenue will rise at a low-20s percentage, compared with a previous outlook of a high-teen percentage increase. | |
Footwear company Wolverine Worldwide buys Lululemon competitor Sweaty Betty for $410 millionThe footwear retailer is adding premium women’s activewear brand Sweaty Betty to its portfolio as it expands its categories, geographies and online sales. | |
Mall owner Simon Property says sales at its centers returned to pre-pandemic levels in JuneSimon Property Group saw sales at its shopping malls and outlet centers bounce back to pre-pandemic levels in its latest fiscal quarter. | |
Another shipping crisis strikes, threatening delays to Black Friday shoppingThe holiday shopping season could be marred by out-of-stock goods and shipping delays as the floods in Europe and China hit already strained supply chains. | |
Covid: Return to office depends on whether workforce is vaccinated, Dr. Celine Gounder saysDr. Celine Gounder explains why it’s important to have a vaccinated workforce when employers are considering a return to the office. | |
NY Gov. Cuomo Sexually Harassed Multiple Women, Retaliated Against Ex-Employee: State AGNY Gov. Cuomo Sexually Harassed Multiple Women, Retaliated Against Ex-Employee: State AG New York Governor Andrew Cuomo sexually harassed multiple women and took action against a former employee who complained publicly about his conduct, according to a Tuesday statement by NY Attorney General Letitia James, who accused the governor of violating federal and state laws. In an investigation conducted by two outside attorneys, Cuomo’s administration was found to be a “hostile work environment” which was “rife with fear and intimidation,” according to the Associated Press.
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Pentagon On Lockdown After Shots Fired At Nearby Metro StationPentagon On Lockdown After Shots Fired At Nearby Metro Station The Pentagon is currently locked down due to a shooting incident at the Pentagon Transit Center. Details are scant at the moment, but there could be at least two injured.Â
An Associated Press reporter heard multiple gunshots near the transit stop outside the Pentagon. Shortly after, a Pentagon announcement said the facility was on lockdown due to “police activity.” Alleged video of the incident area shows “CPR being done on two people,” one Twitter user said.
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Possible ‘Mine Attack’ Incident Unfolding In Gulf Waters As International Aircraft DispatchedPossible ‘Mine Attack’ Incident Unfolding In Gulf Waters As International Aircraft Dispatched (update-11:22AM eastern): Statements from Iranian state sources are saying a foreign tanker has struck a mine in the Persian Gulf. While few details are as yet known or confirmed, international maritime aerial patrols are said to be en route to observe the vessel or vessels directly, possibly including US aircraft in the region.
However, these early reports out of Iran remain unconfirmed, but seem to point to another major security incident unfolding after last Thursday’s deadly drone attack on the Israeli-managed Mercer Street tanker. One of the potentially distressed tankers is Singaporean flagged ‘Golden Brilliant’ chemical ship. Interestingly, it’s managed by “the same company that managed the Andrea Victory, which Iran attacked with a limpet mine in May 2019,” according to one observer.
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NYC Orders Restaurants And Gyms To Demand Proof Of Vaccination From All CustomersNYC Orders Restaurants And Gyms To Demand Proof Of Vaccination From All Customers Maybe it was the rare laudatory op-ed in the thoroughly anti-de Blasio New York Post that inspired the mayor to impose even more restrictive COVID measures, but after being criticized for his refusal to order mandatory masking in NYC, Mayor Bill de Blasio is reportedly planning new measures that double-down on his “vaccine-focused” approach to combating the delta variant. After the Bay Area and Louisiana each adopted mandatory mask rules, it appears Mayor De Blasio is doubling-down on his vaccine-focused approach, ordering even more restrictive policies. According to the NYT, the mayor plans to announced that NYC will require proof of vaccination for people participating in a range of indoor activities, from indoor dining to going to the gyms and performances on Broadway and elsewhere. The mayor’s plan is “his latest attempt to spur more vaccinations”, the NYT said, as the city’s adult vaccination rate hovers at just 66%. | |
Rishi Sunak warns young home working may hurt their careerThe chancellor says being in the office helped him build strong relationships when he started out. | |
Greggs to create 500 jobs as it plans 100 more storesThe bakery chain swings back to profit and says it plans to keep expanding on the High Street. | |
Bank fraud: ‘I had £9,000 stolen from my account’Scam victims are having difficulties getting bank support after losing cash, consumer group Which? says. | |
Market Movers: Why smallcaps went AWOL amid Nifty rally and HDFC soared 4%Nifty Smallcap 100 and Nifty Midcap 100 index were registering record highs on a daily basis as they significantly outperformed. However, today was a different story as the blue-chip indices came roaring back and broke past their psychological resistance levels. | |
Bharti Airtel Q1 results: Consolidated PAT dives 63% QoQ to Rs 284 cr, misses estimates; sales rise 4%The telecom operator, however, reported a 4.3 per cent sequential rise in consolidated revenues to Rs. 26,854 crore for the reported quarter, which was above estimates. | |
HDFC Q1 results cheer up Street; analysts see up to 31% upsideEdelweiss said HDFC’s relatively safer assets provide comfort and Covid-19 does deepen its competitive moats. The crisis has touched HDFC too, it said, but the outcomes have been better than initially thought of. | |
: Does your jar of oregano date back to the disco era? Americans confront their spice-hoarding habitsWe buy billions of dollars in seasonings each year, but we often balk at tossing out expired products. | |
Market Snapshot: Home prices could cool when the Fed tapers its bond-buying program. But a crisis? Unlikely.Home prices shot up dramatically during the pandemic. Can the good times last when the Fed eventually cuts back on buying mortgage and Treasury bonds? | |
The Wall Street Journal: Apartment rents increase as young workers head back to major citiesApartment rents are rising fast, boosted by young professionals returning to cities and an expensive housing market that keeps many of them renting. |
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