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On May 3 (Tuesday), the U.S. stock market opened, and the three major indexes were mixed. As of press time, the Dow Jones Index rose 0.06%, the Nasdaq Composite Index fell 0.27%, and the S&P 500 Index rose 0.02%.
macro news
U.S. Treasury yields extended losses, with the yield on the benchmark 10-year note falling to 2.92 percent; the yield touched the important 3 percent mark on Monday for the first time since December 2018.
JPMorgan’s U.S. Treasury client net long position is the highest since April 2021. The JPMorgan U.S. Treasury client survey showed that the shorts fell by 8 percentage points, the longs fell by 4 percentage points, and the neutral percentage increased by 12 percentage points. The net-long ratio was the highest since April 2021. Among active clients, neutrals increased by 11 percentage points, longs decreased by 11 percentage points, and shorts were flat.
U.S. natural gas futures hit $8/million British thermal, up more than 7% on the day.
stock news
Fertilizer giant Nutrien (NTR.US) rose more than 3% in early trading.According to the financial report, Nutrien’s sales in the first quarter were US$7.657 billion, compared with US$4.658 billion in the same period last year, a year-on-year increase of 64%; net profit was a record US$1.385 billion, compared with US$133 million in the same period last year, an increase of 941% year-on-year; Adjusted earnings per share were $2.70, compared with $0.29 a year earlier, an increase of 831% year over year. In addition, Nutrien sharply raised its full-year 2022 guidance, predicting full-year adjusted EBITDA in the range of $14.5 billion to $16.5 billion and adjusted EPS of $16.20-$18.70.
British Petroleum (BP.US) rose nearly 6 percent in early trade.According to the financial report, the company’s Q1 revenue was US$49.258 billion, compared with US$34.544 billion in the same period last year, a year-on-year increase of 42.6%; the net loss was US$20.07 billion, compared with a profit of US$4.9 billion in the same period last year. The financial report mentioned that the main reason for the company’s loss in the first quarter was the withdrawal of its shares in Rosneft. In addition, adjusted net profit for the first quarter was $6.25 billion, better than market expectations of $4.43 billion.
Western Digital (WDC.US) rose more than 12% in early trading.Elliott Investment Management Co., Ltd. sent a letter to Western Digital’s board of directors and called on the board to evaluate the company’s comprehensive strategy by spinning off two distinct businesses, hard disk drives (HDD) and NAND flash memory (Flash). Elliott said that Western Digital’s poor performance in terms of operations, finance and strategy is the most direct reason it operates both hard disk and flash memory businesses. Elliott believes that if the flash memory business is split, the two businesses will release huge value at the same time. Elliott expects that Western Digital’s stock price might reach above $100 per share by the end of 2023 by executing the spinoff strategy.
Estee Lauder (EL.US) fell nearly 12% in early trade.The company’s net sales were $4.245 billion, lower than analysts’ expectations of $4.32 billion, up 10% year-on-year; net profit was $573 million, up 25% year-on-year. In addition, the company lowered its full-year 2022 guidance, expecting full-year net sales to increase by 7%-9% year-over-year, and expected diluted earnings per share of $6.54-$6.70.
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