WW and Virgin Galactic Stocks Crater — and What Else Is Happening in the Stock Market Wednesday

1 year ago 118

Updated Aug. 11, 2021 8:47 americium ET / Original Aug. 11, 2021 8:27 americium ET

  • Order Reprints
  • Print Article

Text size

If investors were betting that July’s ostentation study would person a large interaction connected the market, they were mistaken. The Dow Jones Industrial Average is doing adjacent to thing Wednesday greeting adjacent aft July’s consumer-price scale was released. Shares of Wendy’s, Virgin Galactic, and WW were connected the move.

Dow futures person ticked up 30 points, oregon 0.1%, portion S&P 500 futures person precocious 0.1%, and Nasdaq Composite futures person risen 0.1%. All 3 are somewhat higher than they were earlier the release.

The consumer-price scale roseate 5.4% successful July twelvemonth implicit year, a interaction higher than the 5.3% economists had predicted, portion it accrued 0.5% from June, successful enactment with expectations. Core CPI roseate 4.3% twelvemonth implicit year, successful enactment with forecasts, and conscionable 0.3% successful July from June, a interaction little than forecasts for a 0.4% increase.

“Since the data, the marketplace has done remarkably little—in keeping with the near-consensus report,” writes BMO Capital Markets’ Ian Lyngen.

For now, astatine least, it seems similar the banal marketplace is contented to instrumentality a wait-and-see attack implicit whether ostentation is transitory oregon not.

Shares of WW International (WW), the erstwhile WeightWatchers, has dropped 24% aft missing net forecasts and offering weaker than expected guidance. WW banal was besides downgraded to Hold from Buy astatine Jefferies.

Virgin Galactic (SPCE) has fallen 4.9% aft getting chopped to Underweight from Equal Weight astatine Morgan Stanley.

Perrigo (PRGO) has tumbled 9.7% aft the institution reported a little than expected profit.

Southwest Airlines (LUV) has fallen 2.2% aft it said the Delta variant has interaction third-quarter revenue.

Wendy’s has risen 4.3% aft reporting better-than-expected earnings and raising its full-year guidance.

Write to Ben Levisohn astatine ben.levisohn@barrons.com

Read Entire Article