Today is Tuesday, August 2, 2022.
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Pinterest's Largest Investor
Shares of Pinterest (NYSE: PINS) jumped 21.51% in after-hours trading on Monday after the social media company posted mixed financial earnings.
Financials: Pinterest reported earnings of 11 cents per share and revenue of $666 million; both were below estimates.
Backing: The stock jumped because Elliot Management revealed that it was the largest investor in Pinterest. The activist investor, which was rumored to buy a stake in Pinterest last month, praised the CEO and said in a statement that “Pinterest is a highly strategic business with significant potential for growth.”
Final Thoughts: Pinterest’s stock might be down 45% so far this year, but the company aims to turn this around with a stronger focus on e-commerce. However, the online advertising market has been struggling lately.
Notable Earnings Today: Advanced Micro Devices (Nasdaq: AMD), Uber Technologies (NYSE: UBER), Caterpillar (NYSE: CAT), PayPal Holdings (Nasdaq: PYPL), BP (NYSE: BP), Occidental Petroleum (NYSE: OXY), JetBlue Airways (Nasdaq: JBLU), SoFi Technologies (Nasdaq: SOFI), Marathon Petroleum (NYSE: MPC), Airbnb (Nasdaq: ABNB), Marriott International (Nasdaq: MAR), Starbucks (Nasdaq: SBUX), Air Canada (OTCMKTS: ACDVF), Livent (NYSE: LTHM), Eos Energy Enterprises (Nasdaq: EOS), Gilead Sciences (Nasdaq: GILD), Ferrari (NYSE: RACE), Pioneer Natural Resources Company (NYSE: PXD), Entegris (Nasdaq: ENTG), Coterra Energy (NYSE: CTRA), Arconic (NYSE: ARNC), Assurant (NYSE: AIZ), Caesars Entertainment (Nasdaq: CZR), Camping World Holdings (NYSE: CWH), CenterPoint Energy (NYSE: CNP), Cirrus Logic (Nasdaq: CRUS), Cummins (NYSE: CMI), CoreCivic (NYSE: CXW), DuPont (NYSE: DD), Electronic Arts (Nasdaq: EA), Evoqua Water Technologies (NYSE: AQUA), Exact Sciences (Nasdaq: EXAS), FMC (NYSE: FMC), Herbalife Nutrition (NYSE: HLF), Henry Schein (Nasdaq: HSIC), Huntsman (NYSE: HUN), Incyte (Nasdaq: INCY), Lear (NYSE: LEA), Leidos Holdings (NYSE: LDOS), Marriott International (Nasdaq: MAR), Molson Coors Beverage (NYSE: TAP), Match Group (Nasdaq: MTCH), Microchip Technology (Nasdq: MCHP), MicroStrategy (Nasdaq: MSTR), Prudential Financial (NYSE: PRU), Solaredge Technologies (Nasdaq: SEDG), SunPower (Nasdaq: SPWR), Solarwinds (NYSE: SWI), TrueCar (Nasdaq: TRUE), Wynn Resorts (Nasdaq: WYNN), Zebra Technologies (Nasdaq: ZBRA).
Notable IPOs Today: N/A.
Notable Equity Crowdfunding Campaigns Ending Today: QUAS Brewpub (Mainvest), Cultural Kitchen Catering (Honeycomb).
Notable Economic Events Today: JOLTs Job Openings (10:00 a.m. ET), API Weekly Crude Oil Stock (4:30 p.m. ET).
Avis Budget Group’s Record Results
Shares of Avis Budget Group (Nasdaq: CAR) jumped 5.48% in after-hours trading on Monday after the car rental brand posted positive financial earnings.
Financials: Avis reported earnings of $15.94 per share and revenue of $3.2 billion; both were better than expected.
Final Thoughts: Revenues grew 37% from the same period last year and hit a second-quarter record. Per-day revenue in international markets jumped 29%, but it only went up 2% in the Americas.
July’s Crypto Inflows Are 2022’s Strongest
Final Thoughts: Last week’s cryptocurrency inflow totaled $81 million. Despite the good news, most crypto prices dropped on Monday due to layoffs among crypto companies and concerns about crypto regulations.
Trends to Watch
Dog Days of Summer: Bitcoin Slips After Best Month of 2022 as Traders Weigh Recovery (Bloomberg)
Energetic Investment: PepsiCo takes $550 million stake in energy drink maker Celsius (CNBC)
Intelligent Beat: ZoomInfo Stock Soars As Earnings, Revenue Top Estimates (Investor’s Business Daily)
Slow and Steady: Retail Investors Buck Flows Trend To Add To Energy ETFs (VettaFi)
Showing Caution: Binance.US Delists Cryptocurrency Cited by SEC as a Security (The Wall Street Journal)
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