AOF Wall Street Close Analysis – Tips on the Crest Line
(AOF) – US markets closed mixed. Following the publication of several disappointing consumer indicators, investors fear a recession. Good news came from Europe, however, as German inflation showed an unexpected slowdown in June. Speaking at an event organized by the ECB, Jerome Powell reaffirmed his desire to fight inflation at the risk of triggering inflation. The Dow Jones gained 0.27% to 31,029.31 while the Nasdaq Composite fell 0.03% to 11,177.89 points.
General Mills gained 6.39% to 74.76 dollars in sleepy US markets. The agri-food group revealed higher-than-expected profits, with higher prices dampening the deficit. In the fourth quarter of its fiscal year, which ends at the end of May, the American company achieved a profit of 97% to 823 million, or $ 1.35 per share. Excluding special items, earnings per share came in at $1.12 versus the FactSet consensus of $1.01.
Today’s financial community
US GDP fell 1.6% in the first quarter, an adjusted figure of -1.5%, according to the latest estimates. It is expected at -1.5% after +6.9% in the fourth quarter of 2022.
Points to follow today
Bed Bath & Beyond
Bed Bath & Beyond revealed disappointing results this morning and announced the dismissal of chief executive officer, Mark Tritton. “After careful consideration, the board of directors has determined that the time has come to make a management change,” said Harriet Edelman, president of the home goods store. The director pays the cost of the damaged works. In the first quarter of its 2022 fiscal year, the group posted a net loss of $357.7 million after a loss of $50.9 million last year.
The Disney Board of Directors voted unanimously to extend Bob Chapek’s contract as CEO for another three years. “Disney has been hit hard by this pandemic, but with Bob at the helm, our businesses — from parks to surfing — not only weathered the storm, but came out of it stronger,” said Susan Arnold, president of the board of directors.
General Mills revealed better quarterly results due to higher costs. In the fourth quarter of its fiscal year, which ends at the end of May, the American agricultural group earned a profit of 97% to 823 million, or $ 1.35 per share. Excluding special items, earnings per share came in at $1.12 versus the FactSet consensus of $1.01. Sales rose by 8% to 4.9 billion. Analysts were expecting 4.81 billion. Internal growth reached 13%.
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Tesla has closed its office in San Mateo, California, and laid off about 200 workers who work on its driver assistance systems, one of those involved told Reuters, in a move that appears to increase cost-cutting.
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