MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING
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Essays, Opinions and Curated News in Health Economics, Investing, Business, Management and Financial Planning for Physician Entrepreneurs and their Savvy Advisors and Consultants
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What’s up
- GameStop shares roared 47.17% higher on Roaring Kitty’s announcement that he will hold a livestream tomorrow.
- J.M. Smucker Co. rose 4.57% after it announced that, although sales fell last quarter, cutting costs helped profits beat analyst expectations.
- Lululemon shares popped 4.79% after beating earnings estimates and guiding for a stronger second half of the year.
- Smartsheet rose 17.15% after announcing it beat analyst expectations this quarter and foresees impressively higher earnings yet to come later this year.
What’s down
- Victoria’s Secret shares dropped 6.37% even though the company met both earnings and revenue estimates this quarter. It’s still mid-turnaround, however, and high debt remains a concern for investors.
- Big Lots shares tanked 18.32% after the company announced abysmal earnings thanks to core customers cutting back their spending.
- Canopy Growth shares dropped 8.45% after the marijuana producer announced plans to sell more shares in order to keep the company afloat.
- Five Below shares fell 10.60% after announcing unimpressive earnings as low-income customers get squeezed by inflation.
- Nio shares dropped 6.92% after the EV maker announced slower earnings than anticipated thanks to the ongoing decline in EV sales.
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Here’s where the major benchmarks ended:
- The S&P 500 index fell 1.07 points (0.02%) to 5,352.96; the Dow Jones Industrial Average® ($DJI) gained 78.84 points (0.2%) to 38,886.17; the NASDAQ Composite eased 14.78 points (0.1%) to 17,173.12.
- The 10-year Treasury note yield (TNX) fell slightly to 4.285%.
- The CBOE Volatility Index® (VIX) declined 0.05 to 12.58.
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