Wall Street Breakfast September 16: FedEx Stock Sinks Before The Bell After Pulling Guidance

Wall Street Breakfast

Seeking Alpha

Business, Investing, Business News, News

3.8 • 950 Ratings

🗓️ 16 September 2022

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

FedEx stock sinks before the bell after pulling guidance. S&P, Nasdaq, Dow futures slide as FedEx hits sentiment; more consumer data on tap. Uber slides as it investigates cybersecurity breach. Adobe gets no relief after it 'overpaid' for Figma. Catch today’s WSB article seekingalpha.com/wsb. Invest Successfully With Alpha Picks https://seekingalpha.com/alpha-picks/subscribe.

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, September 16th,
0:14.1	and I'm your host Julie Morgan.
0:16.0	Our top stories, Adobe, FedEx, Uber,
0:19.8	NCR Corporation, Teva Pharmaceutical, the Gigg Economy, and Tesla.
0:26.2	Stocks lost ground in Thursday, adding to a deep drop
0:29.0	posted earlier this week.
0:30.8	The major averages saw choppy trading through much of the day, spending time in positive
0:35.6	territory at certain points during the session, before succumbing to selling pressure late in the session.
0:40.8	A retreat in tech spurred by earnings from Adobe contributed to a lower finish. Nine of the 11
0:46.8	S&P sectors recorded declines on the session. Energy and utilities led the slide, each falling
0:52.2	by more than 2.5%.
0:54.3	Infotech also showed particular weakness amid a 17% post-earning sell-off in Adobe.
1:00.2	Health care and financials were the only sectors to post gains on the session.
1:04.6	In the bond market, the 10-year Treasury yield rose four basis points to 3.45 percent.
1:10.5	The two-year yield climbed 8 basis points to 3.86.
1:15.0	Looking at economic news, auto sales drove August retail sales up 0.3% compared with expectations for a 0.1% drop.
1:25.0	In the earnings spotlight today, Manchester United.
1:29.0	In our day watch, Adobe fell more than 16% Thursday.
1:34.2	The same day we learned that the company agreed to buy online design collaboration company,
1:38.8	Figma, for about $20 billion in cash and stock.
	...

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