| Stocks gained in the week's first trading session on Monday. The Dow gained 0.5%, while the S&P 500 added 0.4%. The Nasdaq advanced 0.6% on the session, and the small-cap Russell 2K was up 0.2%. Futures are red in early morning trading. S&P 500 and Dow contracts are both down around 0.3%, and US benchmarks are expected to decline at the open. The #1 Way To Power Up Your Retirement Buying Tesla, Apple, Amazon, Bitcoin, or any other anything else – right now – is a DEVASTATING financial mistake. One of America’s #1 trading millionaires has joined the ranks of the top 1% of wealthy by IGNORING 99% of the entire stock market. You could beat the market by a wide margin and generate steady returns by trading just ONE high quality stock, Get the Details on This Ground-Breaking Trade Here Futures are edging lower as investors expect weak earnings results from retailers like Home Depot and Walmart. Saudi Oil Fund just dropped $7.5 billion on US stocks, including Amazon and Microsoft, after its state-owned oil giant saw huge windfalls from high oil prices last quarter.Dan Loeb’s Third Point Calls for Disney to Spin Off ESPN, Refresh Board. Walmart [WMT] - Last Close: $132.60 Walmart is trending after a decent earnings report. The big box retailer released its Q2 results before this morning's opening bell, and the results beat analyst expectations. Walmart grew its quarterly revenues 8.4% year-over-year to $152.90 billion in Q2 and beat analysts' $150.75 billion revenue target by 1.43%. Adjusted Q2 earnings came in at $1.77 per share, which also topped the Street's $1.62 adjusted EPS target. Walmart also issued robust Q3 and full-year 2022 guidance, but cautioned that the company expected continued pressure from inflation and rising fuel costs in the 3rd quarter. WMT is leading the S&P 500 with a 3.8% gain in today's premarket.
My Take: Walmart beat earnings estimates despite costs rising at a break-neck pace. It also looks like today's rally has helped the stock break through a key resistance point around $135 per share. Forza X1 Inc [FRZA] - Last Close: $6.06 Forza X1 is rebounding just a couple of days after its IPO. The company, which focuses on bringing EV-style technology to the boating industry, just completed its IPO last Friday, but it struggled in its first two trading sessions. However, Forza X1 is rebounding in this morning's premarket after taking losses on Monday and Friday. There were no identifiable news catalysts to explain the move, but it seems like the sell-off is bottoming out and reversing course. FRZA is one of this morning's top stocks with a 54.3% gain on active trading volume. My Take: There was very little demand for FRZA at $15 per share, but it's finally attracting some interest from investors at around $6. It's a compelling speculative trade opportunity, but the risks are high, so act accordingly. IZEA Worldwide [IZEA] - Last Close: $0.9098 A strong earnings report is lifting shares of IZEA Worldwide. The eCommerce firm's Q2 results showed significant progress and topped Wall Street's expectations by a wide margin. IZEA grew its revenues 96% year-over-year to $12.58 million for the second quarter, easily beating the $9.75 million consensus estimate. The company also reported a net operating loss of $169,890, which worked out to $0.00 per share. Analysts' expected IZEA to report a ($0.02) per share loss. Chairman and CEO Ted Murphy said, ""While the near-term macroeconomic outlook is something we continue to monitor, we believe there is much opportunity for growth in the influencer marketing industry, and it is our intent to capture more market share. IZEA is up 17.6% on the strong earnings results. My Take: IZEA's strong growth is noteworthy, but this company is still getting its feet under it. This company could have potential, but it's operating in a very competitive space. Ginkgo Bioworks Holdings [DNA] - Last Close: $3.49 Ginkgo Bioworks is taking off on a strong quarterly report. The cell-editing company released its Q2 sales report after Monday's closing bell, and the market seems to be applauding the results. Ginkgo Bio reported a Q2 diluted net loss of $0.41 per share, much worse than analysts' expectation of a $0.14 per share loss. However, revenues grew substantially to $144.6 million from just $43.6 million a year earlier and beat the Street's $77.6 million target by a wide margin. The strong quarter also led Ginkgo Bio to hike its full-year 2022 revenue guidance to a range of $425 million to $440 million. Analysts' guidance target only called for $384.5 million. The strong numbers are lifting DNA to a 23.8% gain in today's premarket. My Take: Ginkgo Bio is a Cathie Woods favorite, and its Q2 growth figures are truly impressive. This stock could be an excellent long-shot addition to any portfolio. |
