CVS Plans Large-Scale Layoffs

Today is Tuesday, August 1, 2023.

The Early Bird Index today is 59.11.

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CVS Plans Large-Scale Layoffs

CVS Health (NYSE: CVS) is looking to cut down expenses through different strategies, including corporate layoffs.

Details: The Wall Street Journal reported late Monday that the healthcare company is about to lay off 5,000 employees. In a statement to Reuters, a spokesperson from CVS confirmed the layoffs but did not comment on the number of employees affected. The layoffs will impact non-customer-facing roles.

Why This Matters: Healthcare stocks are struggling in 2023 due to lower industry demand and (in the case of CVS), higher operating expenses.

Final Thoughts: CVS is down 19% this year and reports financial results tomorrow.

Notables

Notable Earnings Today: Advanced Micro Devices (Nasdaq: AMD), Norwegian Cruise Line (NYSE: NCLH), Uber Technologies (NYSE: UBER), Devon Energy (NYSE: DVN), Pfizer (NYSE: PFE), Starbucks (Nasdaq: SBUX), Caterpillar (NYSE: CAT), Pinterest (NYSE: PINS), Enterprise Products Partners (NYSE: EPD), MicroStrategy (Nasdaq: MSTR), Merck (NYSE: MRK), Elf (NYSE: ELF) JetBlue Airways (Nasdaq: JBLU), SolarEdge (Nasdaq: SEDG), SunPower (Nasdaq: SPWR), Pioneer Natural Resources (NYSE: PXD), Altria (NYSE: MO), Lumen Technologies (NYSE: LUMN), Allegro MicroSystems (Nasdaq: ALGM), Virgin Galactic (NYSE: SPCE), Aflac (NYSE: AFL), Allstate (NYSE: ALL), American International Group (NYSE: AIG), Andersons (Nasdaq: ANDE), Ares Management (NYSE: ARES), Axalta Coating Systems (NYSE: AXTA), Bloomin' Brands (Nasdaq: BLMN), Boston Properties (NYSE: BXP), Caesars Entertainment (Nasdaq: CZR), Camping World (NYSE: CWH), Chesapeake Energy (Nasdaq: CHK), Columbia Sportswear (Nasdaq: COLM), Denny's (Nasdaq: DEN), Eaton (NYSE: ETN), Electronic Arts (Nasdaq: EA), Encompass Health (NYSE: EHC), Exact Sciences Nasdaq: EXAS), FirstEnergy (NYSE: FE), Freshworks (Nasdaq: FRSH), Gartner (NYSE: IT), Global Payments (NYSE: GPN), Graphic Packaging (NYSE: GPK), Howmet Aerospace (NYSE: HWM), Illinois Tool Works (NYSE: ITW), Incyte (Nasdaq: INCY), International Game Technology (NYSE: IGT), IQVIA Holdings (NYSE: IQV), Lear (NYSE: LEA), Leidos (NYSE: LDOS), Marathon Petroleum (NYSE: MPC), Marriott (Nasdaq: MAR), Match Group (Nasdaq: MTCH), Molson Coors Brewing (NYSE: TAP), Mosaic (NYSE: MOS), Nu Skin Enterprises (NYSE: NUS), O-I Glass (NYSE: OI), Prudential (NYSE: PRU), Rockwell Automation (NYSE: ROK), Sirius XM (Nasdaq: SIRI), Stanley Black & Decker (NYSE: SWK), Sysco (NYSE: SYY), V.F. Corp (NYSE: VFC), W&T Offshore (NYSE: WTI).

Notable IPOs Today: Cheetah Net Supply Chain Service Inc. Class A Common Stock (Nasdaq: CTNT), AIM ETF Products Trust (NYSE Arca: AUGW), AIM ETF Products Trust (NYSE Arca: AUGT), Electriq Power Holdings, Inc. (NYSE American: ELIQ), Pixie Dust Technologies, Inc. American Depositary Shares (Nasdaq: PXDT), BV Financial, Inc. Common Stock (Nasdaq: BVFL), Shapeways Holdings, Inc. Common Stock (Nasdaq: SHPW), Astoria US Quality Kings ETF (Nasdaq: ROE).

Notable Equity Crowdfunding Campaigns Ending Today: iHealthScreen (StartEngine).

Notable Economic Events Today: S&P Global US Manufacturing PMI (9:45 a.m. ET), JOLTs Job Openings (10:00 a.m. ET), ISM Manufacturing PMI (10:00 a.m. ET), ISM Manufacturing Employment (10:00 a.m. ET).

ZoomInfo’s Bad Revenue Outlook

Photo by Markus Spiske / Unsplash

ZoomInfo Technologies (Nasdaq: ZI) dropped 17.29% in after-hours trading on Monday after posting mixed financial results.

Final Thoughts: The software company expects revenue in the current quarter to be between $309 million to $312 million, which was lower than expected. The stock is down 13% this year.

Arista Jumps With Good Financial Results

The computer networking company Arista Networks (NYSE: ANET) posted better-than-expected financial results on Monday, which sent shares up by 14.77% in after-hours trading.

Final Thoughts: Arista is up 28% this year and is riding the 2023 technology surge.

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Trends to Watch

Driving a Bit Slower: Avis 2Q Earnings Top Estimates While Sales Slip (MarketWatch)

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