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Welcome to the Daily Business and Finance Show. The stock market correction is far from over, Warren's IBKR, while Ford Motors earnings miss expectations with a non-gap EPS of 47 cents and automotive revenue falling short by $70 million. The NBA opts for Amazon over Warner Bros. discovery in a new deal, and credit card balances past due hit their highest level since at least 2012 according to the Philly Federal Chipotle Mexican Grill surpasses earnings estimates with a non-gap EPS of 34 cents and revenue of $3 billion, but Hawaiian Holdings faces turbulence as the DOJ may block its Alaska Air Deal. Bosch Health Plummets amid potential Chapter 11 bankruptcy rumors, while Celestica beats earnings expectations with a non-gap EPS of 91 cents and revenue of $2.4 billion despite word of stock falling even after an earnings beat and outlook raise. Stay tuned after the 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, Sota Springs FC. Do we relax? No way. Time to create an extra line of defense and protect that leap. 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. Crypto currency services are provided to US and US territory customers by Payward Interact of Inc. PWI, DBA Kraken. The UPWI's disclosures at kraken.com/legal/disposures. U.S. equity markets faced significant pressure as tech stock sell-offs led the S&P 500 and NASDAQ composite to their worst sessions in over a year. Disappointing quarterly updates from Tesla and Alphabet caused the NASDAQ to drop 3.6% and the S&P 500 to fall 2.3%. Despite recent declines, the S&P 500 remains up about 14% year to date but may see a correction of up to 15%. The narrowing yield spread between two-year and 10-year treasury notes is also a critical market factor, potentially signaling further volatility ahead. Ford Motor Company reported second-quarter earnings per share of 47 cents, missing estimates by 21 cents. Automotive revenue was $44.81 billion, slightly below expectations. Full-year-adjusted earnings before interest in taxes remain unchanged at $10-12 billion while free cash flow outlook increased to $7.5-8.5 billion. Shares fell 1.7%. The National Basketball Association rejected Warner Bros. Discovery's attempt to match Amazon's $1.8 billion offer in a new 11-year, $76 billion media deal with ESPN, NBC and Amazon. The NBA prefers a streaming first partner of like Amazon. Warner Bros. Discovery stock fell 2.2% post-market after the announcement. The Federal Reserve Bank of Philadelphia reports that credit card balances passed due hit their highest levels since 2012. In the first quarter of 2024, 2.59% of balances were over 60 days overdue, up from 1.93% a year earlier. New card originations fell by $5.6 billion from the previous quarter and mortgage originations hit a series low at $44.4 billion. Relevant companies include American Express, Capital One Financial, Discover Financial Services, City Group, Synchrony Financial, Bread Financial Holdings, JPMorgan Chase and Company and Bank of America. In other news, the U.S. dollar in Japanese yen extend gains, Bill W. suggests Federal Reserve rate cuts could start in July. New home sales slipped by 0.6% in June with stable prices compared to May. Chipotle Mexican Grill reported second quarter earnings per share of $0.34, beating estimates by $0.2. Revenue rose to $2.97 billion, up 18.3% year-over-year, surpassing expectations by $30 million. Comparable restaurant sales increased by 11.1%. Operating margin improved to 19.7% and the restaurant level operating margin reached 28.9%. Chipotle opened 52 new restaurants, including international locations and those with drive-through lanes called Chippet Lanes. For 2024, Chipotle expects mid to high single-digit comparable sales growth and plans to open up to 315 new restaurants with over 80% featuring a Chippet lane. The company anticipates an effective tax rate between 25% and 27%. Shares rose by nearly 7% following the announcement. Hawaiian holding shares fell 7.4% after reports indicated the Department of Justice is unlikely to approve its $1.8 billion sale to Alaska Air. The antitrust regulator may challenge the deal with no enforceable remedies offered by the airlines. A final decision is expected by August 5th. Bosch Health shares dropped 44% after reports of potential prepackaged Chapter 11 negotiations to reduce debt. The pharmaceutical company is discussing in-court restructuring with lenders, which may involve extending first-lane debt and converting unsecured debt into equity. Talks are ongoing and no plan is finalized yet. Celestica reported second-quarter non-gap earnings per share of $0.91 surpassing estimates by $0.9. Revenue reached $2.39 billion, a 23.2% year-over-year increase, beating expectations by $140 million. Scientists suggest buying Celestica's stock before the earnings release due to its strong performance and promising artificial intelligence pivot. Vertifstock dropped 11% despite exceeding second-quarter expectations and raising its 2024 sales forecast to $7.67 billion. Organic orders surged 57% due to strong demand. CEO Giordano Albertazzi highlighted the firm's readiness for increased AI deployment. Papanheimer maintained its outperform rating, with third-quarter earnings per share expected between $0.65 and $0.69 and full-year outlook at $2.47 to $2.53 per share. Thank you for tuning into the Daily Business and Finance Show. Stay informed. Stay ahead. Join us next time for more insights and updates. Goodbye. I'm Montgomery Jones. And I'm Amalia Duprey. See you later, until tomorrow comes around. 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]
