AMC, Tesla, Roku and Sanderson Farms

Here are five things you need to know for Monday, August 9:



AMC, Tesla, Roku and Sanderson Farms - 5 things you need to know on Monday


© The Street
AMC, Tesla, Roku and Sanderson Farms – 5 things you need to know on Monday

1. – Stock Futures Mainly Fall As Taper Bets Rise

Stock futures traded mostly lower on Monday as investors raised bets that the Federal Reserve would withdraw its stimulus measures following a stronger-than-expected US jobs report.

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Dow Jones Industrial Average contracts fell 93 points and S&P 500 futures fell 5 points, but Nasdaq futures rose 21 points. The yield on the benchmark 10-year Treasury index was down slightly on Monday to 1.282%.

The Dow Jones and S&P 500 closed at record highs on Friday following a jobs report for July which pointed to a recovery in the labor market but also boosted expectations that the US central bank may soon begin to reduce its extraordinary stimulus which supported the gains of the stock market. The S&P 500 set its 44th record at the close of 2021 on Friday and ended the week with a gain of 0.9%

Dallas Federal Reserve Chairman Robert Kaplan told Bloomberg in an interview that the Fed should start phasing out asset purchases as soon as possible.

“I would support the adjustment of these purchases soon, but once we start the adjustment process, I would probably prefer it to be more gradual,” Kaplan told Bloomberg last week before the release of the report. ‘use.

The prices of commodities, such as oil, have plummeted over fears that restrictions put in place to curb the spread of the COVID-19 virus variant will dampen demand. West Texas Intermediate crude oil, the US benchmark, fell 3.84% to $ 65.66 per barrel.

2. – Monday calendar: AMC results, JOLTS report

The U.S. economic calendar on Monday includes the survey of job openings and labor turnover for June at 10 a.m. ET.

Data is also expected this week on consumer prices, producer prices, jobless claims and consumer confidence.

Earnings reports are expected Monday from AMC Entertainment, BioNTech, Trade Desk, Barrick Gold and Tyson Foods.

The earnings will be issued later this week by Coinbase Global, Walt Disney, fuboTV, Wendy’s, Lordstown Motors, NIO, eBay, Bumble, Baidu, Airbnb, DoorDash and ContextLogic.

Top Earnings To Watch: Disney, eBay, Dish

3. – Tesla workers will have to wear masks in the Nevada battery plant

Tesla told workers at its Nevada battery plant

they will have to wear masks indoors from Monday, regardless of their vaccination status.

Workers at the Reno-area facility previously had to wear a mask if they weren’t vaccinated, but could avoid the requirement if they were, people familiar with the matter told the Wall Street Journal.

The electric vehicle company has changed its policy due to the spread of the

delta variant of the virus and updated guidance from the Centers for Disease Control and Prevention.

Meanwhile, Jefferies raised his rating on Tesla shares to buy and raised his price target to $ 850 from $ 700. The company cited Tesla’s earnings acceleration and growing demand for electric vehicles for its higher rating.

Tesla shares rose 0.97% to $ 705.86 in pre-market trading.

4. – The Sanderson farms will be acquired for 4.5 billion dollars

Poultry giant Sanderson Farms has confirmed that it will be acquired by a joint venture Cargill and Continental Grain Co. in a deal valued at $ 4.53 billion.

The Wall Street Journal was the first to report that Sanderson Farms of Laurel, Mississippi was in advanced talks with Cargill and farm investment firm Continental Grain, which owns a smaller chicken processor.

Sanderson Farms will be acquired for $ 203 a share, about 30% above the price before the Journal reported in June that the company had attracted interest from suitors.

Shares of Sanderson Farms, the nation’s third largest chicken producer, rose 8.32% to $ 197.55 in pre-market trading on Monday.

5. – Cathie Wood’s ARK takes over Roku’s shares

Cathie Wood’s ARK Invest has purchased 48,880 shares of streaming media player Roku, which is estimated to be worth more than $ 19 million, according to a trade update.

Roku shares rose 0.9% in pre-market trading to $ 395 after falling nearly 3% on Friday. The company reported higher than expected second-quarter profit and revenue last week, but fell short of active accounts and streaming hours and also noted higher hardware costs.

Streaming hours in the second quarter fell to 17.4 billion from 18.4 billion in the previous quarter.

ARK Invest also sold 127,800 Square shares. The stock rose more than 11% last week.

This article was originally published by The street.

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