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STOCK MARKET NEWS: Stocks slide for third day, Snap layoffs ahead, oil sinks to $91 level

Inflation has investors on edge as volatility hits stocks. Bed Bath & Beyond rises ahead of big day and Twitter vs. Musk takes new turn. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.


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Breaking News

US Army grounds entire fleet of Chinook helicopters: WSJ


The US Army’s Chinook fleet has been grounded “out of an abundance of caution” over possible risk of engine fires, The Wall Street Journal reported.

Although the action covers the entire fleet, officials are focusing on choppers made by Boeing equipped with engines made by Honeywell International.

The report said fuel leaks have sparked an isolated number of engine fires, but there have been no deaths or injuries. Officials have identified the problem. 

The CH-47F Chinook is the Army’s only heavy-lift cargo helicopter supporting combat and other critical operations, according to the United States Army Acquisition Support Center website. 

Posted by Fox Business Team

HP cuts forecasts, shares lower

Hp Inc.

HP is lower in extended trading. The maker of personal computers and printers missed Wall Street revenue estimates and matched profit expectations.

Fiscal third quarter net revenue fell 4.1% to $14.7 billion. The analyst estimate was $15.7 billion.

Net earning were $1.1 billion, up 1% from a year ago.

Non-GAAP diluted earnings per share was $1.04, matching the analyst estimate.

For the fiscal year 2022, HP estimates GAAP diluted net EPS to be in the range of $3.46 to $3.56, down from the previous forecast of $3.79 to $3.93.

For fiscal 2022, HP anticipates generating free cash flow in the range of $3.2 billion to $3.7 billion, inclusive of an approximately $0.3 billion headwind related to Poly acquisition costs. The prior forecast was for free cash flow of at least $4.5 billion.

Posted by Fox Business Team

Chewy cuts earnings guidance, shares fall

Chewy Inc.


Chewy is plunging in after-hours trading. The ecommerce pet supply business founded by investor Ryan Cohen missed the Wall Street estimate on sales but beat on profit.

The company cut its fiscal 2022 net sales guidance to $9.9 billion — $10.0 billion, reflecting 11% to 12% year-over-year growth. The previous guidance was for $10.2 billion — $10.4 billion, reflecting 15% to 17% year-over-year growth.

“The operating environment, including what we faced in the second quarter, remains dynamic and evolving,” Chewy said. The company noted “retention rates on the customers we acquired during the pandemic in 2020 and 2021 are still running low-single-digit percentage points lower than their comparable pre-pandemic cohorts.”

Net sales improved 12.8% to $2.43 billion. Key drivers were a 14.4% increase in net sales per active customers and a 2.1% increase in active customers.

Net income for the three months ended July 31 was $22.3 million, compared to a year earlier net loss of $16.7 million.

Diluted net income per share was 5 cents. Analysts expected a loss of 11 cents.

Posted by Fox Business Team
Breaking News

Snap to cut 20% of staff: report

Snap Inc.


Snap reportedly plans to lay off 20% of its employees.

People familiar with the matter tell The Verge the furloughs had been planned for several weeks and will begin Wednesday.

Developers working on mini apps and games will reported be hard hit, as well Zenly, a social app that Snap acquitted in 2017.

The camera company announced second quarter revenue grew 13% in the second quarter and a net loss  that widened to $422.1 million from $151.7 million.

"We are evolving our business and strategy to reaccelerate revenue growth, including innovating on our products, investing heavily in our direct response advertising business, and cultivating new sources of revenue to help diversify our topline growth," CEO Evan Spiegel said.

Posted by Fox Business Team
Breaking News

Stocks slide for third session, Dow tanks 308 points

U.S. stocks closed lower for the third session as rate hike jitters continue to plague investors. Material and energy stocks paced the 1% drop for the S&P 500, while financials fell the least. In commodities, oil fell over 5% closing at $91.64 per barrel. 


Posted by Fox Business Team

Big Lots reports lower than expected loss, shares surge

Big Lots Inc.


Big Lots gained more than 11% Tuesday after meeting Wall Street sales estimates and beating on profit.

Fiscal second quarter sales fell 7.6% to $1.35 billion, matching the analyst estimate. Comparable sales decreased of 9.2%.Inventory for the three months ended July 30 $1.16 billion compared to $943.8 million for the same period last year, with the 22.8% increase encompassing significantly higher unit costs and a significant increase in in-transit inventory.

The net loss was $84.1 million, compared to net profit of $37.7 million.

The adjusted earnings per share loss was $2.28, smaller than the estimate of $2.39.For the third quarter, the company expects one-year comps to be down in the low double-digit range. Net new stores will add about 140 bps of growth versus 2021. Big Lots expects continued significant promotional activity in Q3, resulting in a quarter gross margin rate into the mid-30s, and that sales, general and administrative expenses will grow low single-digits to 2021.

Posted by Fox Business Team

The Department of Health and Human Services (HHS) is providing approximately $11 million to support the first U.S.-based fill and finish manufacturing of the vaccine used to prevent smallpox and monkeypox

The agreement between Grand River Aseptic Manufacturing (GRAM) in Grand Rapids, Michigan; the HHS Administration for Strategic Preparedness and Response; and the Biomedical Advanced Research and Development Authority aids the company in accelerating the fill and finish manufacturing qualification and production of the Jynneos vaccine in its recently expanded facility. 

The money will allow GRAM — where the vaccine will be manufactured — to purchase additional equipment necessary for the vaccine's production and to recruit and train additional staff. 

Posted by Fox Business Team

Cabinet maker American Woodmark beats Wall Street expectations

American Woodmark Corp.


American Woodmark jumped as much as 17% in Tuesday trading. The cabinet manufacturer topped Wall Street revenue and profit estimates.

Fiscal first quarter net sales increased 22.7%, to $542.9 million. The estimate was $513.1 million.

Net income for the three months ended July 31 was $20.1 million compared to $3 million last year.

Non-GAAP diluted adjusted earnings per share was $1.71, topping the estimate of $1.29.

"We committed to improving our results as price realization started to better match inflationary impacts and we improved our costs through operating efficiency initiatives,” said president and CEO Scott Culbreth.

Posted by Fox Business Team

Consumers at inflection point: Former Toys 'R' Us CEO

Former Toys 'R' Us CEO Gerald Storch argues there are a lot of warning signs, which are noticeable in the way consumers have been spending their money.

Posted by Fox Business Team

U.S. job openings unexpectedly rose in July to a near-record high, underscoring how persistent turmoil in the labor market has made it difficult for employers to fill open positions.

The Labor Department said Tuesday that there were 11.2 million job openings in July, up from the previous month's upwardly revised 11 million. 

The number of available jobs has topped 10 million for 12 consecutive months; before the pandemic began in February 2020, the highest on record was 7.7 million.

The data precedes the release of the July jobs report on Friday morning, which is expected to show that employers hired 300,000 workers following a gain of 528,000 in June. The unemployment rate is expected to hold steady at 3.5%, the lowest since the pandemic began two years ago.

Posted by Fox Business Team

EV maker Lucid files for new offering to raise $8B in stages

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Lucid Group Inc on Monday filed for a new offering of up to $8 billion as the luxury electric-vehicle maker looks to beef up working capital at a time when supply snarls have crimped its production.

The company, which has a market capitalization of about $27 billion, halved its production forecast for electric vehicles earlier this month, blaming supply chain and logistics challenges.

Electric vehicle startups that promised to disrupt the automotive industry are now scrambling to keep a lid on costs and burning cash rapidly to bring vehicles to market, amid parts shortages and rising raw material prices.

Lucid filed for a mixed shelf offering, under which it may sell different types of securities in one or more separate offerings with the size, price and terms to be determined at the time of sale.

The company's shares fell about 1.9% to $15.85 in extended trading, adding to its 57.5% losses so far this year.

California-based Lucid, which went public via a shell company in 2021, had secured the $4.4 billion it needed until the end of 2022 but would not wait until then to raise more cash, Chief Executive Peter Rawlinson told Reuters last year.

Posted by Reuters

Best Buy says pricey smartphone sales holding strong ahead of next iPhone launch


Consumers stung by decades-high inflation are not shifting to cheaper smartphones, Best Buy Co Inc said on Tuesday, boding well for Apple Inc's upcoming iPhones likely to be unveiled next week.

The comments from the largest U.S. consumer electronics retailer come at a time when the soaring prices of gas and groceries have prompted a cutback in non-essential spending.

Best Buy Chief Executive Officer Corie Barry said consumers were switching to cheaper alternatives in categories such as televisions, but demand for expensive smartphones was holding strong."

There are other categories like mobile phones where it is not as much a decision between trading up or trading down. You want a certain brand and you want a certain type of phone," Barry said.

Analysts at J.P. Morgan last week raised concerns around the enthusiasm for the new iPhones, citing consumer expectations of a price hike and limited new features.

Best Buy also said on Tuesday that cost-conscious shoppers might delay holiday season shopping to the last minute this year in search of the best deals.

Posted by Reuters

Netflix says $7 to $9 price tag for ad-supported service is 'speculation'


Netflix has not priced its ad-supported tier that’s expected to launch in select markets later this year.

Bloomberg reported Monday that Netflix was looking to price the new service between $7 to $9 per month.

The company told the New York Post the report was “speculation,” adding internal discussions over price are still “in the early days” and that “no decisions have been made.

”Disney+'s ad-free plan currently costs $7.99 per month.


Posted by Fox Business Team

Chip equipment supplier Photronics sees 'clouded' outlook, shares tumble



Photronics fell almost 25% in Tuesday morning trading. The manufacturer of integrated circuit and flat panel display photomasks sees fiscal fourth quarter revenue below what it earned in the fiscal third quarter.

The company said its fourth quarter outlook is “clouded by geopolitical uncertainty, rising inflation and supply chain challenges.

”Third quarter revenue rose 29% to $219.9 million, topping the Wall Street estimate of $210 million. However, revenue for the fourth quarter is expected to be between $205 million and $215 million.

Third quarter profit for the three months ended July 31 was $31.2 million, up from $17.1 million last year.

Diluted earnings per share was 51 cents, beating the estimate of 50 cents. Fourth quarter EPS is projected between 44 and 52 cents per diluted share.

Posted by Fox Business Team

Aluminum maker Alcoa cuts production in Norway, shares fall

Alcoa Corp.


Alcoa is down more than 7% in Tuesday trading. The producer of bauxite, alumina and aluminum products announced it will curtail production capacity by one third at its Lista smelter in Norway to mitigate high energy costs for the site.

The Lista smelter has three potlines. The curtailment of one potline, or approximately 31,000 metric tons, will begin immediately and is expected to be complete within 14 days.

The site is currently exposed to spot energy pricing, which has increased to above $600 per megawatt hour.

In the fourth quarter of 2022, the energy situation for the site is expected to improve due to a favorable agreement with power utility Statkraft.

Posted by Fox Business Team
Breaking News

Stocks recover as Nasdaq leads gains

All three of the major market averages rose, recovering from two days of losses, as investors stepped back in. The tech-heavy Nasdaq Composite paced the early gains helped by Bed Bath & Beyond’s 11% jump ahead of its strategic update due Wednesday. The Dow Jones Industrial Average and S&P 500 were marginally higher. In commodities, oil slipped 3% to the $93 per barrel level. 


Posted by Fox Business Team
Breaking News

US home price growth cooled in June for third straight month

Home price increases slowed in June for the third consecutive month, evidence that rising mortgage rates are starting to slow activity in the housing market.

Prices climbed 18.6% nationally in June from the previous year, down slightly from the gain of 19.7% recorded in May, the S&P CoreLogic Case-Shiller index showed on Tuesday. 

Posted by Fox Business Team
Breaking News

Twitter vs. Musk the shots keep coming

The battle between Twitter and Elon Musk took another turn on Tuesday. After Musk made another move to bail out of his $44 billion dollar deal for the social media giant, Twitter fired back.

Twitter Inc.

Posted by Fox Business Team

US manufacturing jobs return as AT&T, Corning launch Arizona plant

The private sector is creating the first fiber-optic manufacturing facility in the western U.S. as the industry tries to keep up with record demand to expand broadband access and bring jobs back home.

Corning, in partnership with AT&T, will make the announcement on Tuesday from the site of the future plant in Gilbert, Arizona, which is expected to be operational by 2024. The project will expand manufacturing capacity for optical cable, which is critical for internet access and 5G.

The move will bring manufacturing jobs back home, a goal on both sides of the political aisle, as the U.S. economy tries to keep up with competitors on a range of technology.

Read the full story: US manufacturing jobs return as AT&T, Corning launch Arizona plant

Posted by Fox Business Team

Crypto mixed heading into Tuesday market session

Cryptocurrency prices were mixed early Monday, with Bitcoin and Ethereum edging higher, while Dogecoin was moving lower.

At approximately 5 a.m. ET, Bitcoin was trading at more than $20,415 (+0.59%), or higher by about $119.

For the week, Bitcoin was trading lower by almost 5%. For the month, the cryptocurrency was lower, losing more than 15.1%.

Ethereum was trading at approximately $1,590 (+2.15%), or higher by more than $33.5. For the week, Ethereum was trading lower by almost 4%. For the month, it was trading lower by nearly 11%.

Dogecoin was trading at $0.063926 (-0.15%), or lower by approximately $0.000098. 

For the week, Dogecoin was lower by nearly 6.2%. For the month, the crypto was lower by nearly 7.8%.

Posted by Fox Business Team

Serena Williams' most notable venture capital firm investments

Tennis champion Serena Williams is hanging up her racket after the 2022 U.S. Open. 

In an essay published by Vogue magazine on Aug. 9, Williams said she would be shifting her focus from the sport to her family and her venture capital firm, Serena Ventures.

Williams founded Serena Ventures in 2014 after learning during a J.P. Morgan Chase conference that less than 2% of all venture capital money went to women. 

"I kind of understood then and there that someone who looks like me needs to start writing the big checks. Sometimes like attracts like," she wrote. "Men are writing those big checks to one another, and in order for us to change that, more people who look like me need to be in that position, giving money back to themselves." 

According to Serena Ventures' website, 53% of the companies in its investment portfolio are founded by women, while 47% have Black founders and 12% have Latino founders. The firm has invested in more than 60 start-ups and announced in March that it raised $111 million. 

Williams has a net worth of $260 million, according to real-time tracking by Forbes.

In addition to founding Serena Ventures, the 40-year-old has established brand partnerships throughout her career with big names including Gatorade, Ford, Hanesbrands, Gucci and Nike, which named an office building at its global headquarters after the athlete earlier this year. 

Here are some of Williams’ most notable ventures: MasterClass, Tonal, Impossible Foods, Noom and Esusu.

Posted by Lucas Manfredi

Gas, diesel prices moving in opposite directions: Gas down, diesel up

The average price of a gallon of gasoline slipped slightly on Tuesday to $3.844. On Monday, the nationwide price of a gallon of regular gasoline sold for $3.85, according to AAA. Tuesday's price was $3.853.

The price of a gallon of gasoline a week ago was $3.892. A month ago, that same gallon of gasoline sold for $4.232. A year ago, gasoline was $3.15.

Gas has been on the decline since hitting a high of $5.016 on June 14, nearly 11 weeks ago. 

Meanwhile, the price of a gallon of diesel rose to $5.073. On Monday, the nationwide price of a gallon of diesel sold for $5.057. On Sunday, that same gallon of diesel sold for $5.05.

Last week, a gallon of diesel sold for $4.973. Last month, a gallon of diesel sold for $5.30 and last year, a gallon of diesel sold for $3.278.

Posted by Fox Business Team

Dow higher, Nasdaq, S&P sustaining large losses


U.S. stocks were mixed early Tuesday morning with the Dow higher by almost 300 points, but the tech-heavy Nasdaq and S&P 500 both substantially lower.

On Wall Street, the S&P 500 fell to 4,030.61. On Friday, the benchmark index lost 3.4% in its biggest one-day drop in two months. The Dow Jones Industrial Average dropped 0.6% to 32,098.99. The Nasdaq composite tumbled 1% to 12,017.67. 

Selling was widespread. Tech and health care stocks were the biggest decliners. Energy and utilities stocks rose.

Investors worry rate hikes by the Fed and by central banks in Europe and Asia might derail global economic growth. Fed officials point to a strong U.S. job market as evidence the biggest global economy can tolerate higher borrowing costs. Some acknowledge a recession is possible but say that might be necessary to extinguish surging inflation. 

The Fed has raised interest rates four times this year. The latest two were by 0.75 percentage points, three times its usual margin. Some investors had hoped that the Fed would ease up if inflation subsides. That sentiment led to a rally for stocks in July and early August. 

Investors expect another large hike at the Fed's September meeting, though the likelihood of such a big increase is smaller following weaker-than-forecast July retail sales. 

Meanwhile, Asian stocks were mixed Tuesday after Wall Street fell following last week's Federal Reserve pledge to fight inflation by keeping interest rates elevated. 

Shanghai and Hong Kong fell while Tokyo and South Korea advanced. The Shanghai Composite Index lost 0.5% to 3,225.10 and the Hang Seng in Hong Kong tumbled 0.9% to 19,851.86. The Nikkei 225 in Tokyo gained 1.2% to 28,217.36 after the official unemployment rate for July held steady and the labor participation rate, or the share of the working-age population that is in jobs, stayed at a record high. The Kospi in Seoul added 1% to 2,450.71 and Sydney's S&P-ASX 200 gained 0.7% to 7,013.40. India's Sensex opened up 1.1% at 58,609.22. New Zealand and Southeast Asian markets also advanced.

Posted by Associated Press

Oil edges down as inflation expected to impact fuel demand


Oil prices dipped on Tuesday , paring some gains from the previous session, as the market feared that more aggressive interest rates hikes from central banks may lead to a global economic slowdown and soften fuel demand. 

Brent crude futures for October settlement dropped 56 cents, or 0.5%, to $104.53 a barrel by 0620 GMT, after climbing 4.1% on Monday, the biggest increase in more than a month. The October contract expires on Wednesday and the more active November contract was at $102.57, down 0.4%. 

U.S. West Texas Intermediate crude was at $96.86 a barrel, down 14 cents, or 0.1%, following a 4.2% rise in the previous session. 

Inflation is near double-digit territory in many of the world's biggest economies, a level not seen in close to a half century, which could prompt central banks in the United States and Europe to resort to more aggressive interest rate hikes. 

Also weighing on prices, Russia's oil output has exceeded expectations in the wake of the war in Ukraine, the head of the International Energy Agency (IEA) said on Monday.

IEA members nations could release more oil from strategic petroleum reserves (SPR) if they find it necessary when the current scheme expires, the head of the agency also said. 

Also offering some support to prices is tight supply. Saudi Arabia, top producer in the Organization of the Petroleum Exporting Countries (OPEC), last week raised the possibility of production cuts, which sources said could coincide with a boost in supply from Iran should it clinch a nuclear deal with the West. 

OPEC+, comprising OPEC, Russia and allied producers, meets to set policy on Sept. 5. 

The American Petroleum Institute, an industry group, is due to release data on U.S. crude inventories on Tuesday with the Energy Information Administration, the statistical arm of the U.S. Department of Energy, to follow on Wednesday. 

U.S. crude oil stockpiles likely fell 600,000 barrels with distillates and gasoline inventories also seen down, a preliminary Reuters poll showed on Monday.

Posted by Reuters

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