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BP misses Q2 top and bottom line estimates; initiates Q3 outlook. (00:25) Federal judge said to reject Ripple (XRP-USD) ruling on cryptocurrency. (01:34) CVS Health (CVS) to shed 5,000 jobs in cost-cutting effort – report. (02:24)
This is an abridged transcript of the podcast.
BP Q2 Non-GAAP EPADS of $0.89 misses by $0.27.
Revenue of $48.54 billion (-28.5% Y/Y) misses by $6.25B.
But BP raised its dividend by 10% and announced a $1.5B share buyback.
Capital expenditure in the second quarter was $4.3 billion including $1.1 billion for the acquisition of TravelCenters of America.
Looking ahead, BP (BP) expects Q3 reported upstream production to be broadly flat compared to Q2. Within this, BP (BP) expects oil production & operations to be lower and gas & low carbon energy to be higher, including the effects of seasonal maintenance in higher margin regions offset by major project delivery.
In its customers business, BP (BP) expects seasonally higher volumes. In refining, it expects a lower level of turnaround and maintenance activity compared to Q2.
For BP’s full 2023 guidance, I’ll leave a link to this earnings article in show notes.
See BP press release.
U.S. District Judge Jed Rakoff disagrees with U.S. District Judge Analisa Torres, who ruled earlier this month that Ripple Labs’s XRP (XRP-USD) cryptocurrency isn’t a security when sold to the general public but is one in terms of institutional sales.
According to Bloomberg, Rakoff, who is overseeing the U.S. Securities and Exchange Commission’s case against Terraform Labs and its founder Do Kwon, said there is no distinction between public and institutional sales.
Rakoff’s decision doesn’t reverse Torres’s ruling, but it brings back uncertainty about the nature of digital assets.
XRP (XRP-USD) is at $0.69 as of this recording.
The issue was raised by Rakoff in a decision that denied Kwon and Terraform’s motion to dismiss the SEC case, Bloomberg reported.
CVS Health (NYSE:CVS) is cutting about 5,000 jobs to reduce costs as the pharmacy chain focuses on its health services,
According to a WSJ report, citing a company memo, the jobs impacted are mainly corporate positions.
The report also says that CVS Health (CVS) is reducing travel expenses and is also looking to cut its use of consultants and outside vendors.
CVS Health (CVS) had 300,000 employees as of the end of December, according to its latest annual report.
The company is set to report Q2 results on Wednesday.
Other headlines to look out for on Seeking Alpha:
Dell boosts generative AI offerings, expands Nvidia partnership
J&J falls after bankruptcy plan rejected for second time
U.K. regulator seeks public input on Microsoft-Activision deal after new arguments
Meta plans launch of AI bots with different personas in attempt to retain users – report
Pinterest earnings look-ahead: Watching ad spending
Uber Technologies earnings preview: Mobility tailwinds are expected to boost growth metrics
On our catalyst watch for the day- Chinese electric vehicle makers Nio (NIO), XPeng (XPEV), and Li Auto (LI) will be on watch with July deliveries due to be reported. The EV reports from China are being closely watched amid a pricing war. Li Auto (LI) and BYD Company (OTCPK:BYDDF) have been gaining market share this year. (BYD analysis).
Wall Street’s major averages on Monday made small moves, as investors took a breather from last week’s rally that saw the tech-heavy Nasdaq Composite (COMP.IND) advance more than 2%.
The Nasdaq (COMP.IND) ended up 0.21%. The Dow (DJI) gained 0.28%. The S&P 500 (SP500) rose 0.15%. For the month of July, the S&P rose 3.14%, and has now posted its longest monthly win.
Of the 11 S&P sectors, six ended trading in the green, led by a 2% jump in Energy. Health Care and Consumer Staples topped the losers.
Treasury yields were lower. The 10-year yield (US10Y) was down 4 basis points to 3.93%, while the 2-year yield (US2Y) was down 5 basis points to 4.85%.
At home, traders received the Chicago purchasing managers index report for July, with the headline number inching up from June but coming in short of consensus. Additionally, Dallas Fed’s reading of manufacturing activity in July improved modestly, while the outlook worsened.
Now let’s take a look at the markets as of 6 am. Ahead of the opening bell today, Dow, S&P and Nasdaq futures are in the red. The Dow is down 0.2%, the S&P 500 is down 0.2% and the Nasdaq is down 0.2%. Crude oil is down 0.8% at more than $81 a barrel. Bitcoin is down 1.6% at less than 29,000.
In the world markets, the FTSE 100 is down 0.5% and the DAX is down 0.8%.
On today’s economic calendar, at 10am construction spending.
Editor’s Note: This article covers one or more microcap stocks. Please be aware of the risks associated with these stocks.
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