Friday, May 31, 2024

Trending Topics

HomeAutoJarden Brief: Meme stock takes a hit but used car retailer rallies

Jarden Brief: Meme stock takes a hit but used car retailer rallies


Keeping you up to date with the latest market moves, in association with investment firm Jarden . International US At the time of writing, the US market indicated a positive trading session, as the S&P 500 rose by 0. 6 per cent, the Nasdaq increased 0.

9 per cent and Dow Jones Industrial Average traded 0. 5 per cent higher. Americans filing new claims for unemployment benefits surged to the highest level since October 2021.

Initial jobless claims for the week ended June 3, rose by 28,000 to 261,000. The US Department of Labor did not cite any specific factor for the increase, which comes ahead of the Federal Reserve’s meeting next week. Shares of meme stock GameStop slumped nearly 18.

0 per cent following its quarterly revenue report that came in lower than anticipated. The company announced CEO Matthew Furlong’s departure and appointed Ryan Cohen as executive chairman, effective immediately. Financially, GameStop’s reported net sales of US$1.

24 billion for the first quarter, compared to US$1. 38 billion in the prior year’s first quarter. Advertisement Advertise with NZME.

Carvana, an online used-car retailer, rallied 51. 3 per cent at the time of writing after issuing an upbeat outlook for the second quarter. ‌ Management said it now expects non-GAAP ( generally accepted accounting principles) total gross profit per vehicle to come in above US$6,000 in the second quarter.

That represents more than 63. 0 per cent improvement compared to the same quarter last year. Multinational computer software company Adobe gained 4.

1 per cent at the time of writing after announcing its new artificial intelligence tool, Firefly, to large corporate customers. The tool aims to help business users design images and create content that aligns with their brand guidelines. Rest of the World The eurozone entered a recession in the first quarter of this year.

Gross domestic product shrunk 0. 1 per cent for the second quarter running. Ireland, the Netherlands, Germany, and Greece are among the euro economies that reported a quarter-on-quarter contraction.

Higher consumer prices pushed household consumption down by 0. 3 per cent for the first three months of 2023. New Zealand Advertisement Advertise with NZME.

The NZX 50 shed 0. 4 per cent yesterday, falling 1. 5 per cent so far this week.

‌ Auckland International Airport outlined a new schedule of increasing aeronautical charges paid by airlines from July 1 this year until 2027. During the five-year price setting period, some charges are expected to more than double, in order to help fund $2. 5 billion worth of development projects.

Auckland Airport’s investment in infrastructure will include the new domestic terminal (integrated with international), enhancements to stormwater systems and baggage handling and transportation improvements. In a joint statement, Air New Zealand and Qantas said the steep prices will flow through to passengers, affecting both tourism and trade. Air New Zealand went on to upgrade its profit guidance for the current financial year, ending this month, based on strong travel demand and cheaper jet fuel prices.

The airline now expects profit before tax and other significant items to be no less than $580 million for the June year end – a turnaround from the April forecast range of $510 million to $560 million. Read More NZ Automotive took a revenue hit in December, January . .

. Hard yards for car dealers – Business News. .

. Shortage of land puts brakes on car dealers. .

. Are ‘careful lady drivers’ really better to buy used . .

. Meridian Energy and the Tiwai Point aluminium smelter (NZAS) have informed the market of a deal that will see the smelter reduce its production during periods of power grid strain. The agreement aims to reduce the reliance on coal-fired power generation in New Zealand, specifically during peak periods in winter, or when there are issues with power generation or transmission.

Electricity consumption of the Tiwai Point smelter will curtail by up to 50MW when requested by Meridian, thereby alleviating pressure on the network. Shares of Meridian dropped 2. 1 per cent yesterday.

Australia At the market’s closing, the ASX 200 traded in the red, down 0. 3 per cent. Technology stocks took a hit following a sell-off overnight on the Nasdaq.

The tech sector (-3. 8 per cent) dragged the index lower, with Xero down 5. 3 per cent, WiseTech lost 3.

4 per cent, and Altium slumped 4. 9 per cent. The real estate sector (-2.

5 per cent) also suffered a loss, marking its largest decline in more than a month. Property investors continue to digest the Reserve Bank of Australia’s 12th interest rate hike, which was announced earlier this week. Despite concerns over global economic slowdown and the decline in oil prices, the energy sector emerged as the top-performing sector, up 1.

3 per cent. Shares of Beach Energy and Woodside Energy rallied 3. 4 per cent and 1.

1 per cent respectively. In the realm of macroeconomics, Australia’s trade balance shrunk to a surplus of A$11. 15 billion in April, down from A$14.

8 billion in the previous month. According to data released by the Australian Bureau of Statistics on Thursday, overall exports slide by 5. 0 per cent in April, reflecting a decline in commodity prices and fewer shipments to China.

Coming up today China: Consumer price index, producer price index For more information on the latest market moves, get in touch with Jarden . The Jarden Brief is provided for general information purposes only. It reflects views and research available at the time of publication, using external sources, systems and other data and information we believe to be accurate, complete and reliable at the time of preparation.

We make no representation or warranty as to the accuracy, correctness and completeness of that information, and will not be liable or responsible for any error or omission. The Jarden Brief is not to be relied upon as a basis for making any investment decision. Please seek specific investment advice before making any investment decision.

Jarden Securities Limited is an NZX Firm. A financial advice disclosure statement is available free of charge at https://www. jarden.

co. nz/our-services/wealth-management/financial-advice-provider-disclosure-statement/ . Full disclaimer available at: https://www.

jarden. co. nz/wealth-sales-and-research-disclaimer All market pricing and announcements are sourced from Refinitiv, NZX and ASX.

Save share Share this article Reminder, this is a Premium article and requires a subscription to read. facebook copy link twitter linkedin reddit email.

From: nzherald

Dubai Tech News is the leading source of information for people working in the technology industry. We provide daily news coverage, keeping you abreast of the latest trends and developments in this exciting and rapidly growing sector.


Please enter your comment!
Please enter your name here


Must Read

Related News