The Daily Business and Finance Show - Friday, 19 July 2024 We get our business and finance news from Seeking Alpha and you should too! Subscribe to Seeking Alpha Premium for more in-depth market news and help support this podcast. Free for 14-days!
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Welcome to the Daily Business and Finance Show. In today's episode, the FDA green light 7 new e-cigarette products for marketing, while Costco appears to be cornering the market on apocalypse food supplies. Plug power announces a proposed offering of common stock, and analysts weigh in on the volatility of chip stocks through the election despite strong fundamentals. Eli Lilly and Novo Nordisk experience a rare multi-day decline, Amazon sets a new sales record with Prime Day, and Netflix surpasses financial and user expectations even as cash flow growth pauses. Plus, Hawaiian Electric sees a surge following reports of its involvement in a $4 billion Maui fire settlement. Stay tuned after this short ad break to learn more about these headlines. What's 2FA security on Kraken? Let's say I'm captaining my soccer team, and we're up by a goal against, I don't know, soda springs FC. Do we relax? No way. Time to create an extra line of defense and protect that lead. That's like 2FA on Kraken, a surefire way to keep what you already have, safe and sound. Go to kraken.com and see what crypto can be. Not investment advice. Crypto trading involves risk of loss. Cryptocurrency services are provided to US and US territory customers by Payward Interactive and PWI DBA Kraken, the UPWI's disclosures at kraken.com/legal/disposures. The US Food and Drug Administration has authorized the marketing of seven e-cigarette products from RJ Reynolds Vapor Company, including the Vue's Alto Power Unit and Six Vue's Alto Tobacco-flavored Pods, bringing the total number of FDA-authorized e-cigarette products to 34. British American tobacco shares rose 1.3% while Altria increased by 1.2%. Google searches for "apocalypse food" and "apocalypse dinner" have surged recently, driven by a viral social media post on June 30. Cookbook author Jeffrey Eisner highlighted Costco's "ready-wise" emergency food bucket, which includes 150 freeze-dried meals for $79.99. Shares of Costco are up 26.4% year-to-date. Plug Power, listed on the NASDAQ as "plug," has launched a $200 million public offering of its common stock. The company is also giving underwriters a 30-day option to buy an additional $30 million in shares. After a $500 billion sell-off in the semiconductor industry, Wall Street firms say volatility may persist, but fundamentals remain strong. City analyst Audif Malek attributes declines to ASML missing guidance and geopolitical concerns. Bank of America's Vivec Arian notes AI remains robust, while global growth is uncertain. Shares of weight-loss drugmakers Eli Lilly and Novo Nordisk continue to decline, losing billions in market value. Eli Lilly dropped 6%, marking its worst decline since September 2021, while Novo Nordisk fell 5%, its worst since August 2022. The sell-off followed promising trial results from European rival Roche. Amazon announced record sales for Prime Day 2024, with more items sold than ever before. Millions more prime members shopped compared to last year. Independent sellers moved over 200 million items. Adobe Analytics reported $14.2 billion in total sales, and 11% increase, with nearly half from mobile devices. Netflix stock dipped 2% post-market despite surpassing revenue and user growth expectations in Q2. Revenue rose 17% to $9.56 billion, with paid memberships of 16.5% to $277.65 million globally. However, free cash flow fell short at $1.213 billion versus the expected $1.6 billion. Hawaiian Electric stock surged 45.2% post-market after Bloomberg reported the utility tentatively agreed to a $4 billion settlement over last year's Maui wildfires. The deal, pending final approval, would resolve lawsuits from thousands of homeowners and businesses. Hawaiian Electric is responsible for approximately $1.5 billion of the settlement. Thanks for tuning in to the Daily Business and Finance Show. Stay informed. Stay ahead. Catch you next time with more insights and updates. I'm Montgomery Jones. And I'm Amalia Duprey. Farewell until tomorrow. Have a good one wherever you are. This content is sourced from the Seeking Alpha website, so support our podcast by becoming a Seeking Alpha Premium subscriber. See the show notes page for links to sign up. This episode is produced by Classic Studios. This podcast provides information only and should not be construed as financial or business advice. Check out our other podcasts in our network at classicstudios.com. [MUSIC]
