Finance

In this articleAALTTWOCLXUAAHOODPeople wait in line for t-shirts at a pop-up kiosk for the online brokerage Robinhood along Wall Street after the company went public with an IPO earlier in the day on July 29, 2021 in New York City.Spencer Platt | Getty Images News | Getty ImagesCheck out the companies making headlines in midday trading.Robinhood — Shares of the newly public stock-trading app rose 24.2% in midday trading on Tuesday. Robinhood rose above its IPO price of $38 per share, to trade above $44 per share. ARK Invest’s Cathie Wood has been buying shares of HOOD since its IPO. The Menlo Park, California-based company is a “top traded stock” on Fidelity, which is generally a good proxy for individual investor interest on a given day.Take-Two Interactive Software  — The video game company’s share price dropped 7.7% after the firm issued a weak outlook and announcing delays in new releases for some of its games. Still, Take-Two Interactive’s quarterly earnings and revenue both came in above estimates, according to Refinitiv.American Airlines – Shares of the airline company dipped more than 2%, but closed down just 0.5%, as a jump in Covid cases weighed on areas of the market that could be hit hardest by new lockdown measures. The company has also faced disruptions from inclement weather and staffing constraints. United Airlines and Delta Air Lines also traded lower on Tuesday. Alibaba — The Chinese e-commerce giant saw its shares fall 1.4% after reporting a revenue miss. Alibaba notched revenue of $31.8 billion in the three months to the end of June, missing estimates of around $32.4 billion, according to the FactSet consensus.Simon Property Group — Shares of the U.S. mall owner rose 2.6% after the company’s strong quarterly earnings report. Simon Property posted revenue of $1.16 billion, compared with the $1.14 billion that analysts expected, according to Refinitiv. The company said sales at its shopping malls and outlet centers bounced back to pre-pandemic levels in its latest fiscal quarter.Royal Caribbean – Royal Caribbean shares came under pressure and slid 1.3% amid concerns about a rise in Covid cases. Last week the company said that six passengers on board one of its cruises tested positive for Covid. Norwegian Cruise and Carnival Corporation also fell on Tuesday. Under Armour — Shares of Under Armour gained 7.5% after the athletic apparel retailer’s second-quarter earnings and sales topped analysts’ estimates. The company reported adjusted earnings of 24 cents per share on revenue of $1.35 billion. Analysts expected earnings of 6 cents per share on revenue of $1.21 billion, according to Refinitiv. Under Armour also hiked its revenue outlook.Clorox – Clorox sunk 9.5% after the household products maker missed top and bottom line estimates for its latest quarter. Clorox reported adjusted earnings of 95 cents per share on revenue of $1.8 billion. Analysts were looking for earnings $1.35 per share on revenue of $1.92 billion, according to Refinitiv. Clorox’s sales dropped off from a year ago during the height of the pandemic when consumers stocked up on its cleaning and disinfecting products.Eli Lilly — Shares of the pharmaceutical company rose 3.8% despite missing analyst earnings estimates in its quarterly report. Eli Lilly reported earnings of $1.87 per share, below the $1.89 per shares expected on The Street. Revenue topped estimates.— with reporting from CNBC’s Yun Li, Hannah Miao and Pippa Stevens. More

d3sign | Moment | Getty ImagesA Senate infrastructure measure unveiled this week would pull $31 billion from a Covid disaster-loan program for businesses.The Economic Injury Disaster Loan program was one of the mechanisms Congress used to help ailing businesses stay afloat during the pandemic.It was initially plagued by issues such as delays and reductions in maximum loan amounts amid high demand, frustrating business owners eager for cash during lockdowns.The Infrastructure Investment and Jobs Act — a $1 trillion bipartisan bill unveiled Sunday — would permanently rescind $13.5 billion from the disaster-loan program.More from Personal Finance:Infrastructure bill cracks down on crypto tax reportingHere’s where return-to-office plans stand nowThe break for student loan borrowers ends next monthUnlike the Paycheck Protection Program, largely aimed at supporting employee wages, the EIDL program’s low-interest loans are for operating costs such as health-care benefits, rent, utilities and fixed debt payments.The Small Business Administration has paid $236 billion in disaster loans to 3.8 million businesses, according to federal data through July 29.The Senate’s infrastructure legislation would also claw back $17.6 billion from an affiliated program issuing grants up to $15,000 to hard-hit businesses in low-income communities.The program, Targeted EIDL Advance, had paid out $2.6 billion to 314,000 business owners, according to the SBA.An earlier version, created by the CARES Act, was available to a broader swath of entrepreneurs but depleted its $20 billion of funding by July 2020.The rescission of funds wouldn’t affect balances already obligated by the SBA, which administers the programs, if the infrastructure measure succeeds.The infrastructure bill allocates money to the nation’s roads, bridges, public transport, broadband, rail, water and airports. Sen. Majority Leader Chuck Schumer, D-N.Y., hopes to pass it before a planned monthlong recess starting Aug. 9.The bill also seeks to raise revenue by ending a pandemic-era business tax break — the employee retention credit — three months early. More

In this articleSEDGA Solarpro employee installs a SolarEdge Technologies Inc. inverter at a residential property in Sydney, Australia, on Monday, May 17, 2021.Brendon Thorne | Bloomberg | Getty ImagesShares of SolarEdge jumped nearly 12% during premarket trading on Tuesday after the company topped expectations during the second quarter and provided an upbeat forecast.SolarEdge’s results come as the chip shortage and the rising cost of raw materials has weighed on the solar sector broadly.”We are successfully navigating through the challenging supply chain environment while continuing to support our customers’ growth and expansion with new and existing products,” Zvi Lando, chief executive officer at SolarEdge, said in a statement.The company reported adjusted earnings of $1.28 for the quarter, which was above the 89 cents analysts were expecting, according to estimates from StreetAccount. Revenue came in at $480.1 million, also ahead of the expected $455.9 million.Looking ahead to the third quarter, the company envisions revenue coming in between $520 million and $540 million, while the Street had been expecting a forecast of $504.5 million.Citi upgraded the stock to a buy rating following the quarterly update, pointing to SolarEdge’s expansion into the residential storage space as an upside catalyst. The company signed an agreement with Samsung for cells to help ramp its energy storage product into 2022.Citi also raised its target on the stock from $300 to $360, which is 40% above where shares closed on Monday.”SEDG benefited from the sales of power optimizers associated with its new commercial inverter and delivered more favorable margins than expected across both solar/non-solar segments,” added Piper Sandler, which has an overweight rating on the stock.Back in May, SolarEdge executives warned that the company could experience margin erosion thanks to ocean freight prices doubling. Last week, both Generac and Enphase warned that supply couldn’t keep up with demand amid a boom in the solar market and supply chain bottlenecks.”We viewed component shortages as a top risk heading into the call and as such SEDG’s ability to demonstrate line of sight to execution near-term stands out as a positive,” said research firm Truist. “With underperformance into the print, we see pricing power, battery deployment, and supply chain pressures abating all driving a rebound in the shares near-term.”The firm reiterated its buy rating on the company following earnings, and also lifted its price target on the stock to $340 from $325.Shares of SolarEdge are down 19% for the year through Monday’s close.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 More

Take a look at some of the biggest movers in the premarket:Under Armour (UAA) – Under Armour shares jumped 4.5% in the premarket, after the athletic apparel maker beat estimates on the top and bottom lines and the company raised its full-year forecast. Under Armour reported quarterly earnings of 24 cents per share, compared to a consensus estimate of 6 cents a share.Translate Bio (TBIO) – French drugmaker Sanofi (SNY) agreed to buy the U.S.-based biotech company for $3.2 billion, or $38 per share in cash. Translate Bio specializes in mRNA technology, the type that was used to produce the Pfizer and Moderna Covid-19 vaccines. Translate Bio shares soared 29.6% in premarket trading.Clorox (CLX) – Clorox tumbled 8.6% in premarket action after the household products maker missed top and bottom line estimates for its latest quarter. Clorox’s sales fell from a year ago, when consumers stocked up on its products amid the surging pandemic.Eli Lilly (LLY) – The drugmaker’s shares lost 1.7% in premarket trading, after falling 2 cents a share shy of estimates, with quarterly earnings of $1.87 per share. Revenue beat forecasts, but Lilly’s overall results were impacted by weaker sales of Covid-19 therapies as more Americans got vaccinated.Marriott (MAR) – The hotel operator’s stock gained 1.8% in premarket trading after it reported quarterly earnings of 79 cents per share, compared to a 45 cents a share consensus estimate. Revenue more than doubled from a year ago thanks to a rebound in travel demand, though it did fall slightly short of Wall Street forecasts.Take-Two Interactive (TTWO) – Take-Two lost 4.3% premarket trading after issuing a weaker-than-expected outlook and announcing delays in new releases for some of its games. The video game producer beat estimates by 12 cents a share, with quarterly profit of $1.01 per share. Take-Two’s revenue also topped Wall Street forecasts.BP (BP) – BP surged 6.3% in premarket trading after it reported better-than-expected quarterly profit and revenue, thanks to higher oil and gas prices. The energy producer also announced a 4% dividend hike and a boost to its share buyback program.Stellantis (STLA) – Stellantis raised its full-year profit margin outlook after the automaker reported strong first-half financial results, boosted by record margins in North America. The upbeat results came despite the impact of the global chip shortage which cut production by 700,000 vehicles. The stock rallied 5.3% in the premarket.Micron Technology (MU) – Micron instituted its first-ever dividend, with the chip maker planning to pay 10 cents per share in cash payable on October 18. Micron also said it had updated its share buyback policy to buy more when prices are low and fewer when prices are high. Micron shares gained 1.9% in the premarket.Simon Property Group (SPG) – Simon Property shares rose 2.8% in premarket trading after it said sales at its shopping centers returned to pre-pandemic levels in June. The largest U.S. mall owner is hoping the improved results encourage retailers to sign new leases and help it fill space vacated during the pandemic.SolarEdge Technologies (SEDG) – SolarEdge reported better-than-expected earnings and revenue for its latest quarter, with the solar energy company also providing an upbeat current-quarter forecast. SolarEdge surged 11.4% in the premarket.Reynolds Consumer Products (REYN) – Reynolds beat estimates by a penny a share, with quarterly earnings of 39 cents per share. Revenue fell short of Street forecasts, however. The maker of products like Hefty garbage bags and Reynolds Wrap said it was pleased with the results in the face of higher input costs supply chain issues. Reynolds lost 3.6% in premarket action. More

In this article.STIOCBC-SGUOBH-SGDBSM-SGAerial view of Singapore’s central business district and bayfront area.BNBB Studio | Moment | Getty ImagesSINGAPORE — Singapore’s top three banks are due to report second-quarter earnings this week, and investors will be watching for any announcements on dividend payments.Oversea-Chinese Banking Corp and United Overseas Bank will report earnings on Wednesday, while the country’s largest bank DBS Group Holdings will do so on Thursday.Here’s what analysts are expecting from the banks’ financial report cards, according to estimates compiled by Refinitiv:Earnings estimates for Singapore banksBank More

The market appears to be doing something that happens ahead of corrections.When the S&P 500, Nasdaq and the CBOE Volatility Index rise together, BTIG’s Julian Emanuel warns it’s often a precursor to a 10% to 15% pullback.”Whenever we’ve seen that going back to the beginning of 2018, we were essentially weeks away from a correction,” the firm’s chief equity and derivatives strategist told CNBC’s “Trading Nation” on Monday. “The most recent one being last September. We think history could in fact repeat itself.”According to Emanuel, the bearish trend has been happening for a couple of months.”You could trade back to 4,000 [on the S&P 500],” he said. On Monday, the index fell 0.18% and closed at 4,387.16. The S&P 500 is up about 17% so far this year.Emanuel suggests rising Covid-19 delta variant fears during a seasonally difficult period for stocks creates a more precarious situation.”Four or five weeks ago, we really weren’t terribly concerned about the delta variant,” he said. “It’s entirely possible that the [economic] growth we expected might come a little bit slower.”Stock picks and investing trends from CNBC Pro:Singapore’s largest bank picks 3 airlines to buy — one with ‘the cheapest recovery play’Here are JPMorgan’s top stock picks for AugustOppenheimer raises S&P 500 year-end forecast to the highest on Street, sees 7% gainYet Emanuel, a long-term bull, regards near-term trouble as healthy because it would give the market a key refresh.”Its leadership which has been a bit too concentrated,” said Emanuel.His concerns apply mainly to a handful of large cap growth and Big Tech stocks.”At these valuations and as much as these stocks have run, they are in fact vulnerable in our view, particularly given the potential for China, as a wildcard going forward,” added Emanuel.’China looks very interesting as a contrarian play’Despite his reservations about investing in U.S. companies with substantial China exposure, Emanuel wouldn’t completely ignore it either.”Buying China here is an idea not for the faint of heart,” he said. “The options market in particular is sending the kind of near panic message that we saw at the bottom of the pandemic trough.”Beijing has been cracking down on U.S.-listed China stocks. On “Trading Nation” last month, economist Stephen Roach, who served as Morgan Stanley Asia chairman, warned the actions signal the early stages of a cold war.However, Emanuel believes China could be worth the gamble to investors. He notes it’s trading at the cheapest level relative to the U.S. in 25 years.”China looks very interesting as a contrarian play,” Emanuel said. “There is definitely an opportunity there that may in fact come at the expense of these Nasdaq stocks that have been such high flyers in recent months.”Disclaimer More

Stock futures rose slightly in overnight trading on Monday after worries about slowing growth sparked a sell-off on Wall Street.Futures on the Dow Jones Industrial Average gained 50 points. S&P 500 futures and Nasdaq 100 futures both edged up 0.1%.The spread of the delta coronavirus variant continued to keep investors on edge. The seven-day average of daily coronavirus cases in the U.S. reached 72,790 on Friday, surpassing the peak seen last summer when the nation didn’t have an authorized Covid-19 vaccine, according to data compiled by the Centers for Disease Control and Prevention.”The delta variant of the virus is now rapidly spreading in the U.S. and a modest pullback in activity can’t be ruled out,” Solita Marcelli, CIO Americas at UBS, said in a note. “But any potential slowdown should be somewhat muted.”Traders on the floor of the New York Stock ExchangeSource: NYSEThe concern about slowing growth triggered a drop in Treasury yields on Monday. The yield on the benchmark 10-year Treasury note fell as much as 8 basis points to 1.15%. Monday’s slide in bond yields followed data showing the U.S. manufacturing sector expanded at a slower pace than a month ago.A late-day sell-off in economically sensitive stocks like materials and industrials eventually pushed the Dow and the S&P 500 into the red. The blue-chip Dow climbed 250 points to touch an all-time high at one point, but ended Monday nearly 100 points lower.Investors are closely monitoring progress in Washington as lawmakers move toward a bipartisan infrastructure bill that would devote $550 billion to U.S. infrastructure. Senate Majority Leader Chuck Schumer aims to rush the 2,702-page legislation through the chamber before a planned monthlong recess starting Aug. 9. Meanwhile, the second-quarter earnings season continues with Under Armour, Lyft, Eli Lilly and Amgen among the companies to report on Tuesday.So far, 88% of S&P 500 companies have reported a positive earnings surprise for the second quarter, which will mark the highest percentage since FactSet began tracking this metric in 2008.”Rising earnings are providing valuation support,” Terry Sandven, U.S. Bank Wealth Management chief equity strategist, said in a note. “Rising revenue and earnings, generally restrained inflation, relatively low interest rates, ongoing monetary and fiscal stimulus policies and COVID-19 medical progress support our outlook for rising U.S. equities in 2021’s second half.” More

In this articleUISSPGTTWOShoppers ascend and descend escalators at the King of Prussia Mall, owned by Simon Property Group, United State’s largest retail shopping space, in King of Prussia, Pennsylvania.Mark Makela | ReutersCheck out the companies making headlines after the bell: Take-Two Interactive Software — The video game company saw its shares fall more than 3% in after-hours trading even after the company’s quarterly revenue came in above estimates. Take-Two Interactive reported revenue of $711 million, beating analysts’ expectations of $688 million, according to Refinitiv.Simon Property Group — Shares of the mall operator rose about 3% in extended trading after the company released a solid earnings report. Simon Property posted revenue of $1.16 billion, compared to the $1.14 billion that analysts were expecting, according to Refinitiv. The company also raised its dividend to $1.50.Unisys Corp. — Shares of the software company jumped nearly 10% after hours following a stronger-than-expected quarterly report. Unisys posted adjusted earnings of 68 cents per share, compared to an EPS of 42 cents expected by analysts polled by StreetAccount. More