The Daily Business and Finance Show - Tuesday, 23 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. Tesla's stock dips as investors scrutinize slow margin recovery and production timelines while Alphabet surpasses expectations with strong search and cloud performance leading to a profit surge. Trump refutes claims of considering JP Morgan's Jamie Diamond for Treasury Secretary. UPS CEO attributes steep labor costs to the bathtub effect. US Marvel chair Ike Perlmutter offloads his entire Disney state post-proxy loss according to Wall Street Journal. As election season heats up, will conservative and liberal stock pick sway the market? In-phase energy Mrs. earnings and revenue estimates, while 91% support reforms as the public comment period for marijuana rescheduling concludes. Stay tuned after this short ad break to dive deeper into these headlines. So what's it like to buy your first cryptocurrency on Kraken? Well, let's say I'm at a food truck I've never tried before. Am I going to go all in on the loaded taco? No, sir. I'm keeping it simple. Starting small, that's trading on Kraken. Pick from over 190 assets and start with the $10 in your pocket. Easy. 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 Payroll Interactive Inc. PWI, DBA Kraken. worries at Kraken.com/legal/disclosures. Tesla shares dropped 4.15% after hours following Q2 earnings. Revenue rose 2.3% to $25.50 billion, but earnings per share fell to $0.52 from 91 cents last year, missing expectations of $0.62. Tesla delivered 443,956 vehicles and produced 410831 in Q2, with energy storage getting a record 9.4 gigawatt-hours. Alphabet's stock dipped slightly in post-market trading despite beating second-quarter earnings expectations. Cloud revenues surpassed $10 billion for the first time, while core search performed well. However, YouTube ads fell short of consensus. The company announced a $0.20 per share dividend. These rose 14% to $84.74 billion, with operating income of 26% to $27.4 million and an operating margin of 32%. Former President Donald Trump denied considering JP Morgan Chase CEO Jamie Dimon or BlackRock CEO Larry Fink for Secretary of the Treasury. He stated on his truth social platform that he never discussed or thought of appointing either individual to the position. The United Parcel Service saw its stock plummet after disappointing second-quarter results, making it the worst performer on the S&P 500. High labor costs from a new union contract and a consumer shift to cheaper shipping options led to a nearly 30% drop in adjusted profit. CEO Carol Tomei cited front-loaded costs as the cause, with earnings expected to improve later in the year. Despite strategic initiatives like selling Coyote logistics and acquiring Estafeta, analysts remain cautious due to potential economic slowdowns and increased competition. Morgan Stanley maintains an underweight rating with a $100 price target for UPS. Ike Perlmutter, former Marvel Entertainment chairman, sold his entire 25.6 million share stake in Walt Disney Company after losing a proxy battle. He lacks confidence in Disney's management and expects shares to drop further. Most invested in Nelson Peltz also exited his Disney position recently. Disney shares fell 3.3% Tuesday. The American Conservative Values Exchange Traded Fund recently increased its holdings in deer and tractor supply, while divesting from Chipotle, Mexican Grill and rating it as refused to buy. The fund aims to hold companies accountable through market forces. Its top holdings include Microsoft, Berkshire Hathaway, Broadcom, Eli Lilly and NVIDIA. Enphase Energy reported second-quarter earnings per share of 43 cents, missing estimates by five cents. Revenue was $303.5 million, down 57.3% year over year, missing by $6.17 million. With a third-quarter of 2024, Enphase Projects revenue between $370 million and $410 million and gross margins between 45% and 48%. A 60-day public comment period on rescheduling marijuana ended Monday, with 91% of comments supporting reforms. Cannabis stocks surged in April after reports suggested the U.S. Drug Enforcement Administration might reclassify marijuana from Schedule 1 to Schedule 3 under the Controlled Substances Act. The National Cannabis Industry Association urges swift action on this matter. Thank you for tuning into the Daily Business and Finance Show. Stay informed, stay ahead. Join us tomorrow for more insights and updates on the world of business. I'm Montgomery Jones, and I'm Amalia DePray, until tomorrow, farewell. 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 and our network at classicstudios.com. [MUSIC]
