2023-07-20 18:40:08
(Illustration: Camille Charbonneau)
NEWS ESSENTIALS
• Tesla may continue to cut prices in “turbulent” times, says Musk. Tesla Chief Executive Elon Musk has signaled he will once more cut prices for electric vehicles in “turbulent” times, even as his all-out price war once morest rivals in the auto sector is hurting the company’s margins.
• J&J anticipates growth in 2023, driven by its cancer drugs and medical devices. Johnson & Johnson expects full-year 2023 earnings to beat Wall Street estimates, building on demand for its cancer drugs, such as Darzalex, and strength in its medical devices business.
• American Airlines raises its profit forecast for 2023, thanks to strong demand for travel. American Airlines raised its full-year adjusted earnings forecast, buoyed by strong demand for domestic and international travel, despite fears of an impending economic slowdown.
• Netflix shares fall following disappointing revenue despite rising subscriber numbers. Netflix stock fell ahead of the market open, following reporting quarterly revenue and forecasts fell short of estimates. Analysts say it will take time before the company’s profitable new initiatives turn a profit.
• Blackstone’s Q2 earnings fall 39% on sharp drop in asset sales. Blackstone announced that its second-quarter distributable profits fell regarding 40% due to a sharp drop in asset sales, mainly in its real estate and credit businesses.
TRENDS BEFORE OPENING
Futures contracts for the main index of Canadian equities rose, following the rise in oil prices. Futures trailing the S&P 500 and Nasdaq fell, following Tesla and Netflix on a gloomy note led the way for second-quarter earnings releases from large-cap companies and those in the tech sector. European stocks advanced as investors assessed mixed results from companies in the region. Asian stock markets were in the red. The Japanese Nikkei fell as chip-related stocks fell, followed by Chinese and Hong Kong stocks which fell as the government’s pledge to support private companies failed to elicit investor enthusiasm. The price of gold rose, thanks to a weaker dollar.
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