Dow Jones, S&P 500 faltering; Walgreens reports strong earnings today


Stock Market Today Mid-Morning Updates

Thursday, the Dow Jones Industrial Average is down 160 points. It comes after declassified US intelligence claimed Putin’s top aides were “too scared to tell the president the truth” about the reality of the situation on the ground. A US official said the United States believed Putin was misinformed by his advisers about the poor performance of the Russian military and how the Russian economy was crippled by sanctions. NATO also reported that Russian forces are not withdrawing and have instead repositioned themselves after vowing to reduce military operations near the Ukrainian capital and Chernihiv.

Today, Advanced micro-systems (NASDAQ: AMD) was downgraded at equal weight from overweight to Barclays (NYSE:BCS). Barclays cites the PC and gaming markets need to undergo a correction. It also highlights the cyclical risks in several different end markets for AMD. Kinross Gold (NYSE: KGC) is reportedly in talks to sell a Russian mine to Russia-backed investment firm Fortiana Holdings.

Among the Dow Jones leaders, stocks of Apple (NASDAQ:AAPL) are down 1.08% today as Microsoft (NASDAQ: MSFT) is also down 0.73%. Meanwhile, disney (NYSE: DIS) and Nike (NYSE:NKE) are trading lower on Thursday. Among the financial leaders of the Dow, Visa (NYSE: V) is down 0.90% while Goldman Sachs (NYSE:GS) is also down 0.64%.

EV Leader Shares You’re here (NASDAQ: TSLA) are down 0.40% on Thursday. Rival electric vehicle companies like Rivian (NASDAQ: RIVN) are down 3.61%. Lucid Group (NASDAQ: LCID) is also down 3.44% today. Chinese electric vehicle leaders like Nio (NYSE:NIO) and Xpeng Motors (NYSE: XPEV) opened higher today.

Dow Jones Today: Personal Consumption Expenditure Price Index and Increase in Unemployment Insurance Claims

After the stock market opened on Thursday, the S&P 500, Dow and Nasdaq are trading lower at 0.33%, 0.48% and 0.48% respectively. However, the Dow is trading higher at 0.04%. Among listed index funds, the Nasdaq 100 tracker Invesco QQQ Trust (NASDAQ: QQQ) is down 0.50% as the SPDR S&P 500 ETF (NYSEARCA:SPY) is down 0.37%.

The 10-year Treasury yield fell below 2.4% today. Oil prices also fall after an uptick in OPEC+ production. West Texas Intermediate crude, the U.S. oil benchmark, fell 6% to around $101 a barrel on Thursday, even after OPEC+ agreed to raise production targets by 432,000 barrels per day. President Joe Biden is also expected to announce plans to release 1 million barrels of oil per day for several months from the US Strategic Petroleum Reserve.

The Commerce Department’s Personal Consumption Expenditures Price Index rose 6.4% from the same period in 2021, the fastest pace since January 1982. This shows intensifying price pressures that continue to torment consumers. Weekly jobless claims hit 202,000 this week after hitting a 50-year low as employers continued to be reluctant to cut staff in a tight labor market. The Labor Department released its latest weekly jobless claims report today at 8:30 a.m. ET.

[Read More] Top Stock Market News for Today March 31, 2022

Walgreens Exceeds Quarterly Estimates on Strong Vaccine Demand; turns to robots to help fill prescriptions

Walgreens (NASDAQ: WBA) is making headlines in the stock market today with several key announcements. For starters, the company hosted its fiscal second quarter earnings call earlier today. For the quarter, Walgreens is looking at admirable numbers across the board. Diving, the company reported earnings of $1.59 per share along with revenue of $33.76 billion. For comparison, Wall Street estimates were $1.40 and $33.4 billion.

Not to mention, Walgreens is also seeing significant growth in same-store retail sales growth in key markets. Namely, its year-over-year growth in the US and UK for the quarter is 14.7% and 22% respectively. If all that wasn’t enough, the company’s e-commerce sales in the United States also grew by 38% over the same period. For the most part, he attributes the strong performance this quarter to an increase in Covid vaccine administration services. Throughout the quarter, Walgreens administered 11.8 million Covid vaccines.

Additionally, Walgreens is also actively looking to better optimize its massive operations. According to CEO Roz Brewer, the company is now turning to bots to automate the subscription processing process. It aims to do this by setting up 22 automatic refill facilities in the United States through 2025. By then, Walgreens estimates that nearly half of its total prescription volume will be handled by robots. Currently, the company’s center in Northlake currently fills approximately 35,000 prescriptions per day. Going forward, Walgreens is looking to increase that number to 100,000 eventually. While some may be concerned about Walgreens’ post-pandemic outlook, the company nonetheless appears to be working hard.

Source: Trading View

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Novavax seeks to expand use of Covid vaccine to EU teenagers

In other news, Novavax (NASDAQ: NVAX) appears to be causing a stir on the vaccine front. The company is currently seeking conditional marketing authorization (CMA) from the European Medicines Agency (EMA). Thanks to this CMA, Novavax hopes to extend the use of its vaccine candidate to adolescents aged 12 to 17 years. Novavax CEO Stanley Erck explains the company’s reasons behind this app. He says, “We continue to see spikes in COVID-19 across Europe and recognize the need to improve vaccination rates, especially in the pediatric population.

In detail, Novavax’s submission includes clinical data from the ongoing pediatric expansion of its Phase 3 trials. As you can imagine, the trials are used to study the safety, efficacy, and efficacy of the Novavax’s Covid vaccine in this demographic. As it stands, the Drug Controller General of India has already approved the use of the vaccine on people in this age group. Meanwhile, Novavax licensee SK bioscience is currently making a similar continuing submission. For investors looking for coronavirus vaccine stocks, NVAX’s stock might not be worth anything now.

NVAX Stock
Source: Trading View

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Midam Ventures, LLC | (305) 306-3854 | 1501 Venera Ave, Coral Gables, FL 33146 | [email protected]

Midam Ventures, LLC | (305) 306-3854 | 1501 Venera Ave, Coral Gables, FL 33146 | [email protected]


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