Finance

In this articleFUBOCOINPOSHPoshmark Inc. signage outside the Nasdaq MarketSite during the company’s initial public offering (IPO) in New York, U.S., on Thursday, Jan. 14, 2021.Michael Nagle | Bloomberg | Getty ImagesCheck out the companies making headlines in after-hours trading.Poshmark — Shares of the retailer dipped nearly 7% in extended trading following the company’s second-quarter results. Poshmark lost four cents per share while reporting revenue of $81.8 million. Analysts surveyed by Refinitiv were expecting a six-cent loss per share and $80.3 million in revenue.Coinbase — Coinbase shares whipsawed after the company’s second-quarter results topped expectations. The cryptocurrency exchange reported revenue of $2.23 billion, which was ahead of the $1.78 billion that analysts surveyed by Refinitiv were expecting.ThredUp — ThredUp shares gained 7% after the company beat top-line estimates during the second quarter. ThredUp reported revenue of $60 million, compared to the $56 million analysts surveyed by Refinitiv were expecting.FuboTV — Shares of the streaming company rose 10% following Fubo’s second-quarter results. The company reported revenue of $130.9 million. Analysts were expecting $118.3 million, according to Refinitiv.TVWATCH LIVEWATCH IN THE APPUP NEXT | More

In this articleDDDIIVISAMKSUCasper’s subway campaignSource: CasperCheck out the companies making headlines in midday trading.3D Systems — The 3-D printing company’s stock surged about 21% after it reported second-quarter earnings of 12 cents per share, beating the 5 cents a share consensus estimate, 3D said it had made it out of the company’s most challenging 12 months ever. Its reported revenue beat estimates as well. The RealReal — Shares of the luxury consignment brand plummeted by almost 18% after reporting a quarterly loss late Monday. The company reported strong gross merchandise value of $350 million, up 91% year over year and said as they restart at-home appointments, units per appointment exceed pre-pandemic levels. Still, the company missed revenue forecasts.AMC Entertainment — AMC fell 6% after reporting a loss late Monday of 71 cents per share, though that was less than the 91 cents per share loss analysts expected. The movie theater chain reported revenue of $444.7 million, higher than the $382.1 million analysts had expected. It also announced it will begin accepting cryptocurrencies at U.S. locations this year.Kansas City Southern — Shares of the railroad operator jumped more than 7% after Canadian Pacific Railway raised its buyout offer to about $300 per share. The bid came three months after the companies’ merger agreement was terminated amid a rival offer from Canadian National Railway.Casper — Casper, the maker of sleep products, fell 16% Tuesday. Despite reporting record quarterly revenue that beat Wall Street forecasts, it still reported a loss for the period. The company cited strong growth in retail and direct-to-consumer sales, but also said input costs are higher and it’s experiencing supply chain difficulties. Sysco — Shares of the distribution company rose 6.5% after a better-than-expected earnings report. Sysco posted an EPS of 71 cents in its fiscal fourth quarter, compared to the 60 cents expected by analysts, according to FactSet. Revenue also came in higher than estimates.II-VI — The maker of optoelectronic components saw its stock fall more than 4% after reporting its quarterly results. Although it reported earnings of 88 cents per share, beating analysts’ estimates by 12 cents, it also had its highest-ever backlog at the end of the quarter.Boston Beer — Shares of Boston Beer dropped more than 3% after the brewer announced a partnership with PepsiCo to create an alcoholic Mountain Dew drink. The drink, called Hard Mtn Dew, will be a flavored malt beverage containing 5% alcohol by volume.Aramark — Shares of the business uniform and food service provider nearly 2% after the company’s revenues came up short of expectations. Aramark reported adjusted earnings of 3 cents per share on $2.98 billion of revenue during its fiscal third quarter. Analysts surveyed by Refinitiv were looking for 1 cent per share on $3.06 billion in revenue. Organic growth was lower than expected, according to estimates from StreetAccount. — CNBC’s Yun Li, Hannah Miao and Jesse Pound contributed reportingBecome a smarter investor with CNBC Pro. Get stock picks, analyst calls, exclusive interviews and access to CNBC TV. Sign up to start a free trial todayTVWATCH LIVEWATCH IN THE APPUP NEXT | More

Jane Fraser speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., on Monday, April 29, 2019.Kyle Grillot | Bloomberg via Getty ImagesCitigroup told employees that they’ll need to get the Covid-19 vaccination before returning to its offices, becoming one of the only major U.S. banks to take that stance.The move was announced Tuesday as part of the bank’s plans to bring more workers back to corporate offices in the New York area, as well as Chicago, Boston, Washington, D.C., and Philadelphia, according to a LinkedIn post by the bank’s human resources head Sara Wechter.Employees at those offices “will be expected to return at least two days a week and vaccination is required” starting Sept. 13, Wechter said. “Given the increased number of employees returning to these buildings, and the delta variant in the U.S., we are taking this approach to ensure a safe workplace.”Most large banks, including JPMorgan Chase and Goldman Sachs, recommend that their employees get vaccinated but stop short of requiring it. One exception is Morgan Stanley: The bank told employees in June that those returning to its New York headquarters and other large offices need to be vaccinated.The spread of the highly contagious delta variant of Covid has roiled corporate plans to return more employees to the workplace, prompting some firms to mandate vaccines or push back return dates. Citigroup and JPMorgan recently brought back mask mandates for employees, regardless of vaccination status.At Citigroup, employees working in corporate offices besides the ones mentioned will continue to work remotely, Wechter said. The bank “strongly” encouraged branch employees to get vaccinated, according to Bloomberg, which reported the news earlier.”These are our plans as of today, and I assure you if the facts change, we will too,” Wechter said. This story is developing. Please check back for updates.Become a smarter investor with CNBC Pro. Get stock picks, analyst calls, exclusive interviews and access to CNBC TV. Sign up to start a free trial today.TVWATCH LIVEWATCH IN THE APPUP NEXT | More

In this articlePYPLSOPA Images | LightRocket | Getty ImagesVenmo launched a credit card feature Tuesday that allows users to convert their cash-back rewards into bitcoin and other cryptocurrencies.The development is part of the broader crypto strategy of Venmo parent PayPal. The company launched a business division dedicated to cryptocurrencies earlier this year after introducing crypto trading to its customers last fall. This latest step gives it an opportunity to usher in a wave of new cryptocurrency holders.The new Venmo feature isn’t quite crypto-back, but it’s one step away from it. There are a number of credit cards getting ready to hit the market, like those from BlockFi and Gemini, that’ll offer spending rewards in cryptocurrencies, hoping to put crypto in people’s hands without making them invest in it.Instead, Venmo lets cardholders set an auto-purchase for the cryptocurrency of their choice to be made as soon as they receive their cash-back reward upon making a purchase with the card. That conversion is free of transaction fees to customers, and they’ll get the price of the cryptocurrency at the time of the conversion.Bitcoin, ether, litecoin and bitcoin cash are available to Venmo’s 76 million users. Customers can’t move digital assets off the platform yet, so any rewards converted to crypto will remain in their Venmo app unless they choose to sell them.Robinhood, which has about 18 million active users, offers fee-free crypto trades. Coinbase, which is scheduled to report earnings Tuesday evening, has some of the highest fees, at least for retail traders. Coinbase has about 56 million users.User growth and fee compression are the key metrics analysts are keen to see from Coinbase earnings. For any cryptocurrency exchange business, revenue expectations are tempered since much of the second quarter was a bear market for crypto, and cryptocurrencies tend to be long-term trades. However, analysts told CNBC they see user growth as a “critical health” metric for crypto exchanges.For regular buying and selling, Venmo and PayPal maintain their tiered fee structure starting at 50 cents for transactions under $25. From $25 to $100, it charges 2.3%. It assesses a 2% fee for transactions between $100 and $200; 1.8% for transactions between $200 and $1,000; and 1.5% for anything above $1,000.Venmo’s cash-back to crypto conversion program comes during a week in which digital currency is getting even more attention in Washington.The virtual currency industry suffered a blow in Congress on Monday when the crypto compromise amendment – which would have limited a proposal to increase federal regulation of cryptocurrencies – was blocked from being added to the infrastructure bill. Still, the debate on the nuances of cryptocurrency protocols legitimized the industry and educated lawmakers – a development that many see as a long-term positive for crypto.”Washington now sees crypto as a real product that is worthy of government attention,” Cowen’s Jaret Seiberg said in a note Tuesday. “To us, that is symbolically important as it tells us that Washington is done looking at ways to end crypto.”TVWATCH LIVEWATCH IN THE APPUP NEXT | More

A job fair at a community center in Beattyville, Kentucky, on July 28, 2021.Jon Cherry/Bloomberg via Getty ImagesAbout 3.4 million Americans were long-term unemployed in July, a reduction of about 560,000 from the prior month, according to the Bureau of Labor Statistics.However, the figure remains elevated relative to pre-pandemic levels. About 2 in 5 jobless individuals are long-term unemployed, meaning they’ve been out of work at least six months.This period poses elevated financial risk for households, according to economists.Household income may drop significantly — especially as enhanced federal benefits for the jobless are poised to expire on Labor Day. The dynamic makes it harder to find a new job, scars workers’ long-term earnings potential and raises the odds of losing a future job down the road.More from Personal Finance:Democrats’ $3.5 trillion budget plan extends major relief to families with kids7.5 million Americans will lose unemployment benefits next monthThere’s one week left to qualify for free or low-cost private health insuranceRoughly 39% of all jobless workers have been out of work for 27 weeks or longer, according to the BLS. That’s down from about 42% in June.The reduction came on the back of a stronger-than-expected July jobs report. Hiring rose at its fastest pace in almost a year, as the economy added 943,000 jobs and the U.S. unemployment rate fell to 5.4%.The number of job openings jumped to more than 10 million in June, the highest on record, the Labor Department reported Monday.The number of long-term unemployed remains 2.3 million higher than in February 2020. Nearly 2.5 million individuals were unemployed for at least a year in July, according to the BLS, down by 406,000 people from June.TVWATCH LIVEWATCH IN THE APPUP NEXT | More

Short-seller Jim Chanos warned that retail investors late in the game could be left holding the bag as more red flags emerged in a speculative stock market.”The problem with getting more people, retail, involved is that it always seems to happen toward the end of every cycle. Retail wasn’t there at ’09 at the bottom. They weren’t there in ’02 after the dot-com bubble collapsed. They were certainly there at ’99,” Chanos said Tuesday on CNBC’s “Squawk Box.” “So the problem in the last few cycles as I see it is that we get promotors and insiders and people who have done very well cashing out as retail is buying.”The historic recovery rally from the coronavirus pandemic has attracted a record number of new retail investors to participate in the stock market. Many of them gravitated toward the most volatile and riskiest areas of the market for outsized short-term returns, including shares of companies with struggling businesses like AMC and GameStop.Meanwhile, a flood of companies rushed to public markets to raise capital this year to take advantage of sky-high prices and wild animal spirits. In addition to a booming traditional IPO market, SPACs — special purpose acquisition companies which are corporate shells formed to take an unidentified company public — enjoyed unprecedented growth as investors piled in, hoping to hit a home run.”Wall Street also has a printing press in addition to the Fed. If you get prices high enough, you are going to see lots and lots of equity issuance not only from companies that can put it to good use, but from all kinds of questionable business plans and outright scam,” Chanos said. “That’s sort of where we are now. We are getting into money being raised for all kinds of things that probably aren’t at the end of the day going to be productive but might line up pockets of the promotors doing it.”The wild ride in cryptocurrencies and other digital coins this year also speaks to the trading frenzy in this bull market and the excess risk investors are taking, Chanos said.”When we start speculating in various different cryptos, questionable coins, the sixth SPAC that some guy puts out, the 48th different electric vehicle charging company going public, that’s when things start to get dicey in my opinion,” Chanos said. “We are well into that part of the cycle. I just think the last group of retail coming in are going to probably learn their hard lesson.”Chanos is a famed short seller on Wall Street with a long history of identifying fraud. He made his name betting against energy trading company Enron in 2000 after discovering deceptive accounting practices.His recent short bet against Chinese coffee chain Luckin turned out to be spot on as it was revealed that the company’s chief operating officer fabricated sales.However, as a longtime Tesla bear, Chanos had a painful 2020 as the electric car company rallied more than 700% in a pandemic-stricken year. The investor previously said he closed his Tesla short position earlier this year.Enjoyed this article?For exclusive stock picks, investment ideas and CNBC global livestreamSign up for CNBC ProStart your free trial nowTVWATCH LIVEWATCH IN THE APPUP NEXT | More

Take a look at some of the biggest movers in the premarket:Casper Sleep (CSPR) – The sleep products company reported record quarterly revenue that came in above Street forecasts, though it still reported a quarterly loss. Casper Sleep said it saw strong growth in both retail and direct-to-consumer sales channels, but noted that it is also dealing with higher input costs and supply chain difficulties. Shares initially rallied in the premarket, but subsequently tumbled 6.1%.AMC Entertainment (AMC) – AMC reported a quarterly loss of 71 cents per share, 20 cents a share smaller than Wall Street had anticipated. Revenue came in above analysts’ forecasts. AMC was helped by the lifting of Covid restrictions and the return of moviegoers to theaters, along with the release of several hit movies. Its shares surged 7.8% in premarket action.3D Systems (DDD) – 3D Systems earned 12 cents per share for its latest quarter, beating the 5 cents a share consensus estimate. The 3D printing technology company’s revenue beat estimates as well. 3D said it had successfully come through the most challenging 12 months it had ever experienced amid the pandemic. 3D’s stock soared 14.1% in premarket action.Kansas City Southern (KSU) – Canadian Pacific Railway (CP) raised its cash-and-stock offer for Kansas City Southern to about $300 per share. Canadian Pacific had struck a deal to buy its rival rail operator for $275 per share, but Kansas City Southern subsequently agreed to a higher offer from Canadian National Railway (CNI). Kansas City Southern surged 7.2% in the premarket, while Canadian Pacific lost 1.7% and Canadian National rose 1.9%.Aramark (ARMK) – The foodservice company reported a quarterly profit of 3 cents per share, beating the penny a share consensus estimate. Revenue came in slightly below forecasts. Aramark said it benefited from rebounding sales volume as well as effective cost management. Aramark shares added 1.3% in the premarket.Planet Fitness (PLNT) – Planet Fitness missed estimates by 2 cents a share, with quarterly earnings of 21 cents per share. Revenue topped estimates as gyms reopened and membership numbers increased for the fitness center operator. Shares fell 3.2% in the premarket.The RealReal (REAL) – The RealReal lost 50 cents per share for its latest quarter, 3 cents a share wider than analysts had anticipated. The operator of an online pre-owned luxury goods marketplace also saw revenue fall short of estimates. The company said gross merchandise volume was up 91% compared to a year ago, and up 84.5% from repeat buyers. The stock slid 6% in premarket trading.Chegg (CHGG) – Chegg beat estimates by 6 cents a share, with quarterly earnings of 43 cents per share. The online education company’s revenue also topped forecasts. Chegg raised its full-year outlook, saying its international growth continues to be strong. Its shares added 2.9% in the premarket.InterContinental Hotels (IHG) – InterContinental Hotels reported an operating profit for the first six months of the year, rebounding from a year-ago loss as summer vacation bookings jumped. The operator of Holiday Inn and other hotel chains eliminated its dividend to cut costs, however, sending its shares down 1.6% in premarket trading.II-VI (IIVI) – The maker of optoelectronic components beat estimates on the top and bottom lines for its latest quarter, earning 88 cents per share compared to a 76 cents a share consensus estimate. It also had its highest-ever backlog at the end of the quarter.TVWATCH LIVEWATCH IN THE APPUP NEXT | More

U.S. stock futures were little changed on Monday night after the Dow Jones Industrial Average and S&P 500 fell from record highs in regular trading amid concerns about a resurgence in Covid-19 cases.Dow Jones Industrial Average futures rose 22 points, or 0.04%. S&P 500 futures ticked up 0.01% and Nasdaq 100 futures slid 0.03%.During regular trading, the Dow fell 106.66 points to 35,101.85, or 0.3%. The S&P 500 traded down 0.1% at 4,432.35. The Nasdaq Composite rose 0.16% to 14,860.18.Energy stocks led the declines after oil prices fell 4% amid fears that a wave of Covid cases could lead to a demand slowdown. Recovery plays including Norwegian Cruise Line and United Airlines were down as well.”Despite the delta variant surge in cases across the U.S., recent mobility data suggest that consumer spending should remain robust,” Jason Pride, chief investment officer of private wealth at Glenmede, said in a note Monday. “Weekly foot traffic data gathered by Placer.ai for sectors sensitive to COVID-19 such as hotels, dining, leisure, and fitness continues to increase to sit near or surpass prepandemic peaks. However, as summer comes closer to an end, any significant declines or changes to the narrative are worth watching.”Stock picks and investing trends from CNBC Pro:Fundstrat’s Tom Lee expects an ‘everything rally’ when delta wave peaksGold experiences ‘flash crash’ overnight. Traders debate what may happen nextFund manager highlights 3 ‘left behind’ stocks he’s loving right now20 strategists predict when stocks will have the next big tumble — and how far they’ll fallTreasury yields rose, however, following data released by the Labor Department that showed job openings jumped to 10.1 million for the month of June, versus the 9.1 million expected by economists.Still, the labor market might be tighter than it appears, according to Natixis’ Joseph Lavorgna.”The July employment report was solid confirming the spell of robust economic growth and the 2021 boom,” he said in a note. “While the job market is still far away from a couple of key pre-pandemic benchmarks, recent data suggest there is much less labor slack than what is implied by the unemployment rate. If worker shortages persist, wages will be poised to rise further, and even more government spending will serve as an additional accelerant.”The price of bitcoin Monday jumped 5%, its highest price since May. Gold recovered most of its losses from its overnight flash crash.AMC’s stock jumped 6.7% after releasing its earnings report Monday after hours, reporting a lower loss than expected. The company also announced it would begin accepting bitcoin at all U.S. locations this year.Shares of The RealReal fell 5% in extended trading after reporting a quarterly loss, bringing Poshmark and ThredUp, which are set to report earnings Tuesday, down with it.Earnings season continues Tuesday, with Coinbase set to report. Its stock, which trades closely with the price of bitcoin, rose 8% Tuesday. SoftBank and Sysco are also set to report.Investors await the consumer price index and producer price index data, both of which measure inflation and are scheduled to come out Wednesday and Thursday, respectively. A handful of central bank speakers, including Chicago Fed President Charles Evans and Kansas City Fed President Esther George, are also expected this week. Investors will be listening for clues on how the Fed is approaching dialing back its bond purchases.TVWATCH LIVEWATCH IN THE APPUP NEXT | More