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June 03, 2023
- Midway through earnings season, NIO Inc. and The Toro Company are in line to report next
- Yesterday's star of the day MongoDB appreciates 28% while outperforming its peers
- FTSE is up by 1.56%, hitting 7,607.28.
Ahead of Monday's session: leading equity indices in the US rose as Dow Jones closed the day at 33,763, having gained 2.12%. S&P 500 gained 1.45% and closed at 4,282.37.
US markets are set to open Monday in around a day. In the meantime, upbeat European markets ended yesterday higher as FTSE rallies to 7,607.28 (up 1.56%). Asia-Pacific markets closed higher yesterday whilst KOSPI Composite Index improves by 1.25%, reaching 2,601.36.
3Rd quarter earnings season is mostly over, with Aurora Cannabis Inc. and Signature Bank releasing their earnings reports just this week.
Uptick coincides with some positive signs published earlier as United States Non Farm Payrolls beat analyst expectations of 180,000 and the previous reading of 294,000 with new data of 339,000.
On a negative note, the market received some disappointing news as Average Hourly Earnings in United States fell short of market expectations (0.4%) with a reading of 0.3%, continuing the decline from the previous figure of 0.4%. United States Unemployment Rate fell short of the 3.5 projections, with new data of 3.7.
Furthermore, the market is looking at United States Services PMI figure is projected at 55.1. It previously stood at 53.6; data will be released Monday. United States ISM Non-Manufacturing PMI (May) is expected Monday.
While most assets did well yesterday, some did better than others as MongoDB trades at $376.3 having gained 28%. PacWest Bancorp (up 14.14%) and Outbrain (up 2.9%) also performed well yesterday.
Outbrain | Ended yesterday's session at $4.97
With around 7 days of flat trade under its belt, Pointing in a similar direction, yesterday's session was more of the same — after closing yesterday at $4.97, the web recommendation platform peaked at $4.97 before giving up early gains and closing at $4.97. Yesterday's trading volume was 115,072 shares which is slightly under the 21-day average of 148,546.
MongoDB | Closed +28% at $376.3
MongoDB has posted further gains as part of an 8 day trend that has already seen the stock gain $21.15. Yesterday continued on the same track for MongoDB — the software company rose as high as $397.98 before giving up its gains and dropping back to $376.3 before the close on yesterday. Daily trading volume (9 million shares) increased, making up 395% of the 21-day average (2.29 million).
MongoDB reported earnings results Thursday, with EPS at -1.15 and revenues at $368.28 million; these results are mixed when compared to a consensus of 0.19 Earnings Per Share and $347.15 million revenue. Since the release of its earnings report, MongoDB gained 28.08%.
