Wall Street Breakfast July 22: Snap Nosedives as Revenue Falls Short, Company Pulls Guidance

Wall Street Breakfast

Seeking Alpha

Business, Investing, Business News, News

3.8 • 950 Ratings

🗓️ 22 July 2022

⏱️ 7 minutes

🔗️ Recording | iTunes | RSS

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Summary

Snap nosedives as revenue falls short, company pulls guidance. Musk says lithium refining a 'license to print money,' stock investors jump in. Twitter earnings may get more attention than expected. Catch today’s WSB article here.

Transcript

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0:00.0	Welcome to Seeking Alpha's Wall Street breakfast, your daily source of market news and analysis.
0:06.8	Subscribe to this podcast on Apple Podcast, Spotify or Stitcher.
0:11.3	Good morning. Today is Friday, July 22nd, and I'm your host Julie Morgan.
0:16.2	Our top stories, Snap and Lithium, and later FedEx, Blockchain and Capital One.
0:23.7	The stock market finished higher again on Thursday, adding to the upward momentum that
0:27.8	has marked most of the week so far.
0:29.8	The advance represented the third consecutive day of gains for the major U.S. equity averages,
0:35.0	with Tesla earnings also contributing to the positive sentiment.
0:38.4	The NASDAQ led the charge with a gain of 1.4 percent.
0:42.0	While the overall market performed well, Cruz stocks suffered a major setback.
0:46.5	Word of a $1 billion share offering from Carnival sparked selling, with Royal Caribbean and
0:52.0	Norwegian cruise line also losing ground.
0:55.0	Nine of the 11 S&P sectors posted gains on the day,
0:58.4	Consumer discretionary led the advance, climbing by 2.2 percent.
1:03.0	Health care Infotech and materials also showed notable strength.
1:07.1	The 10-year Treasury yield dropped 12 basis points to 2.91 percent, and the two-year yield declined 15 basis points to 3.10%.
1:17.0	Weekly Jobless claims rose unexpectedly hitting an 8-month high at 250,000. And that's up from a low of 166,000 in mid-March.
1:27.0	Ahead of the opening bell today, Dow, S&P and NASDAQ futures are down.
1:32.0	The Dow is down 17 points, The S&P down 2% and the NASDAQ is down 0.4%.
1:39.2	In the earnings spotlight today, Verizon Communications, American Express, Twitter, and HCA health care.
1:47.8	In our day watch, news of a merger deal with Amazon sent one medical soaring with the stock jumping 69%.
1:54.7	Under the terms of agreement, Amazon will pay $18 per share in cash for the
	...

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