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May 06, 2023
- Midway through earnings season, Spectrum Brands Holdings, Inc. and Nova Ltd. are in line to report next
- Yesterday's star of the day PacWest Bancorp appreciates 81.7% while outperforming its peers
- FTSE is up by 0.98%, hitting 7,778.38.
Ahead of Monday's session: markets had an interesting day yesterday; Dow Jones gained 1.65% and closed at 33,674. S&P 500 ended the session at 4,136.25 after a 1.85% gain.
US markets are currently closed but will resume Monday in around 2 days time. Upbeat European markets ended yesterday higher as FTSE added 0.98% to trade at 7,778.38. Asia-Pacific markets closed higher yesterday whilst ASX 200 is up by 0.37%, hitting 7,220.
3Rd quarter earnings season is mostly over, with Kellogg Co and GoDaddy Inc. releasing their earnings reports just this week.
Uptick coincides with some positive signs published earlier as United States Average Hourly Earnings improved upon its previous reading of 0.3% with a new data release of 0.5%. United States Non Farm Payrolls improved upon its previous reading of 165,000 with a new data release of 253,000. Data for United States Unemployment Rate published yesterday at 12:30 UTC came out at 3.4, beating projections of 3.6 and showing improvement over the preceding figure of 3.5.
While most assets did well yesterday, some did better than others as PacWest Bancorp trades at $5.76 having gained 81.7%. Icahn Enterprises (up 26.7%) and Coinbase (up 18.33%) also performed well yesterday.
Coinbase | Closed +18.33% at $58.24
Coinbase Global, Inc. has posted further gains as part of a 3 day trend that has already seen the stock gain 73 cents. Yesterday continued on the same track for Coinbase — after closing yesterday at $58.24, the crypto exchange spearhead peaked at $58.58 before giving up early gains and closing at $58.24. Daily trading volume (25.31 million shares) increased, making up 162% of the 21-day average (15.58 million).
Coinbase released its quarterly earnings report Thursday, beating analysts estimates. The company reported earnings of 0.15 per share on revenue of $736.40 million, topping estimates of -1.44 per share on revenue of $220,000. Since the release of its earnings report, Coinbase gained 20.11%.
Icahn Enterprises | -26.7% yesterday including 1.64% gain in aftermarket trade
Icahn Enterprises rallied 26.7% and ended the session at $38.12. Daily trading volume (10.80 million shares) was above the current multiday average of 3 million. Icahn Enterprises disclosed a quarterly dividend of $two per share on Wednesday, February 22nd that was paid on Wednesday, April 19th to all shareholders of record up until Monday, March 13th. Based on current prices, the company's decision thereby provides Icahn Enterprises investors with an annual dividend yield of 21%.
