Today is Thursday, August 4, 2022.
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Lucid's "Extraordinary" Issues
Shares of Lucid Group (Nasdaq: LCID) dropped 12.60% in after-hours trading on Wednesday after the electric vehicle manufacturer posted mixed financial earnings.
Financials: Lucid reported a loss of 33 cents per share, which was better than expected. But its revenue of $97.3 million was below estimates.
Production Problems: The company cut its 2022 production guidance in half, from a range of 12,000 to 14,000 vehicles down to the range of 6,000 to 7,000. Lucid attributed the problem to “extraordinary supply chain and logistics challenges.”
Final Thoughts: Lucid’s stock is down 49% in 2022. Reservations for new vehicles are up, signaling healthy demand.
Notable Earnings Today: Block (NYSE: SQ), Alibaba (NYSE: BABA), AMC Entertainment Holding (NYSE: AMC), Kellogg (NYSE: K), Crocs (Nasdaq: CROX), Warner Bros Discovery (Nasdaq: WBD), Datadog (Nasdaq: DDOG), FuboTV (NYSE: FUBO), ConocoPhillip (NYSE: COP), Paramount Global (Nasdaq: PARA), Twilio (NYSE: TWLO), Eli Lilly (NYSE: LLY), Carvana (NYSE: CVNA), Bausch + Lomb (NYSE: BLCO), Star Bulk Carriers (Nasdaq: SBLK), Cheniere Energy (NYSEAMERICAN: LNG), Southwestern Energy Company (NYSE: SWN), Penn National Gaming (Nasdaq: PENN), Cloudflare (NYSE: NET), Abiomed (Nasdaq: ABMD), Air Lease (NYSE: ALB), Air Products and Chemicals (NSYE: APD), Amgen (Nasdaq: AMGN), Applied Optoelectronics (Nasdaq: AAOI), Becton Dickinson (NYSE: BDX), Beyond Meat (Nasdaq: BYND), BioCryst Pharmaceuticals (Nasdaq: BCRX), Bio-Techne (Nasdaq: TECH), Cable One (NYSE: CABO), Chegg (NYSE: CHGG), Choice Hotels International (NYSE: CHH), Chuy's Holdings (Nasdaq: CHUY), Clean Energy Fuels (Nasdaq: CLNE), CubeSmart (NYSE: CUBE), Duke Energy (NYSE: DUK), Dynavax Technologies (Nasdaq: DVAX), Eagle Bulk Shipping (Nasdaq: EGLE), Expedia (Nasdaq: EXPE), Fidelity National Information Services (NYSE: FIS), Funko (Nasdaq: FNKO), GoPro (Nasdaq: GPRO), iHeartMedia (Nasdaq: IHRT), Intrepid Potash (NYSE: IPI), Ironwood Pharmaceuticals (Nasdaq: IRWD), ITT (NYSE: ITT), Kratos Defense and Security Solutions (Nasdaq: KTOS), El Pollo Loco Holdings (Nasdaq: LOCO), Lyft (Nasdaq: LYFT), Live Nation Entertainment (NYSE: LYV), Nikola (Nasdaq: NKLA), NU Skin Enterprises (NYSE: NUS), Papa John's International (Nasdaq: PZZA), Paylocity Holding (Nasdaq: PCTY), Parker-Hannifin (NYSE: PH), Physicians Realty Trust (NYSE: DOC), Public Storage (NYSE: PSA), SeaWorld Entertainment (NYSE: SEAS), Shake Shack (SHAK), Skyworks Solutions (Nasdaq: SWKS), TripAdvisor (Nasdaq: TRIP), Universal Display (Nasdaq: OLED), Vulcan Materials (NYSE: VMC), Wayfair (NYSE: W), WW International (Nasdaq: WW), XPO Logistics (NYSE: XPO), Yelp (NYSE: YELP), Yeti Holdings (NYSE: YETI), Zoetis (NYSE: ZTS).
Notable IPOs Today: Mobiv Acquisition Corp (Nasdaq: MOBVU).
Notable Equity Crowdfunding Campaigns Ending Today: OptioLend (StartEngine).
Notable Economic Events Today: Jobless Claims (8:30 a.m. ET), Trade Balance (8:30 a.m. ET).
Booking Holdings Faces Foreign Currency Headwinds
Shares of Booking Holdings (Nasdaq: BKNG) dropped 3.13% in after-hours trading on Wednesday after the travel tech company posted mixed financial earnings.
Financials: Booking Holdings reported earnings per share of $19.08, which was better than expected. But its revenue of $4.3 billion was below estimates.
Final Thoughts: Gross bookings grew 38%, but it would have been 48% if not for foreign currency headwinds.
Walmart to Lay Off Hundreds
Final Thoughts: The report came out a week after the company lowered its profit outlook.
Trends to Watch
Not Much Here: US Senate Bill Will Give CFTC Crypto Market Oversight – but Doesn't Say How Much (CoinDesk)
Burning the Midnight Crude Oil: Oil falls to nearly 6-month lows after surprise U.S. crude, gasoline build (Reuters)
Not Clean: Clorox 4Q Sales Flat as Impact of Inflation Continues (MarketWatch)
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