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Nasdaq Off To Its Best Start Since 1991

Published 09/02/2023, 14:58
Updated 09/02/2023, 16:12
Nasdaq Off To Its Best Start Since 1991
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Benzinga - Good Morning Everyone!

Except orange juice prices which hit a new record high.

Prices as of 4 pm EST, 2/8/23; % YTD

MARKET UPDATE Nasdaq off to its best start since 1991

8:30 a.m. jobless claims

  • Up 13,000 to 196,000 in week of Feb 4, street 190,000

  • Relatively low jobless claims continue to point to tight labor market conditions within the US economy.

Crude 78 -1%

  • Azeri exports via Turkey may not start up again until late next week.

Disney (NYSE: DIS) +5%

  • Plans $5.5 billion in cost savings, 7,000 job cuts

  • Cut costs and your stock goes up

  • 2023 is the year of efficiencies

Google (NASDAQ: GOOGL)

  • -7% yesterday, has given back the gains from the expense cuts

  • Google Search market share 93%

  • Bing market share 3%

  • Yesterday, (OTC: MSTF) CEO: “From now on, the gross margin of Search is going to drop forever”

  • AI concern for search is evolutionary not revolutionary but the impact is potentially on Google’s margins

Earnings

  • AbbVie (NYSE: ABBV) +1% rev below, EPS above

  • Pepsi (NASDAQ: PEP) +2% Q4 beat, guides inline

  • AstraZeneca (NASDAQ: AZN) +3% Q2 guide lower

  • Philip Morris (NYSE: PM) +3% revenue beat

  • S&P Global (NYSE: SPGI) +2% Q4 beat, guidance better than feared

  • Duke Energy (NYSE: DUK) +1% inline, reaffirmed 2023 guide

  • Affirm (NASDAQ: AFRM) -15% missed, 19% job cuts

CRYPTO UPDATE SEC rumors

  • Coinbase (NASDAQ: COIN) CEO says heard rumors SEC will ban retail investors from crypto staking

  • Marks reversal from SEC

  • Gensler previously stated cryptos allowing staking could be classified as securities

  • Value of staked assets roughly $42 billion (Q4)

Fear & Greed

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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