Benzinga Video Scripts - Friday, 01.06.23
Friday’s Premarket Moves: Bed Bath & Beyond, Tesla, Silvergate Capital, Lululemon - CNBC
Bed Bath & Beyond dropped 12.4 percent in premarket trading on Friday after the company announced that it was low on cash and considering bankruptcy. Tesla shares dropped 6.4 percent after it lowered prices for its Model 3 and Model Y vehicles in China. Silvergate Capital dropped 14 percent premarket following, continuing Thursday’s losses after JPMorgan downgraded it to overweight. Lululemon rose 1.8 percent in premarket trading after Wells Fargo upgraded it to overweight.
Stock Futures Rise Following December Jobs Report - WSJ - CNBC
Stock futures rose following the December jobs report, and Treasury yields fell, which showed payrolls rose by 223,000. Economists expected employers to have added 200,000 jobs. The jobless rate dropped 3.5 percent from 3.6 percent in November. Dow Jones Industrial Average futures rose 1.12 percent. S&P 500 futures rose 1.10 percent, while Nasdaq-100 futures increased 1.13 percent.
December Jobs Report - CNBC
Payrolls increased by 223,000 in December, above the Dow Jones estimate of 200,000 and down from the 256,000 gain in November. The unemployment rate fell to 3.5 percent. Leisure and hospitality gained 67,000 jobs, health care 55,000 jobs, construction 28,000 jobs, and social assistance 20,000. Average hourly earnings rose 0.3 percent, an increase from 4.6 percent a year ago.
Eurozone Inflation Drops to 9.2% - CNBC
Eurozone inflation dropped for the second consecutive month in December to 9.2 percent. Russia’s invasion of Ukraine in February 2022 sent food and fuel costs soaring in the eurozone economy. The European Central Bank increased interest rates four times in 2022, and it’s currently at 2 percent. Energy costs have dropped in recent months, providing some relief to households. Natural gas traded at 72.42 euros on Friday compared to its peak price of 349.90 euros per megawatt hour in August. The ECB remains hawkish about raising interest rates, which analysts expect to rise to 3 percent this year.
Tesla Cuts Prices in China - WSJ
Tesla cut prices for its Model 3 and Model Y in China, after deliveries dropped in December. The Model 3 starts at $32,700, more than 30 percent cheaper than the model’s U.S. price. The Model Y starts at around $37,000. The electric vehicle giant cut prices late last year and offered short-term discounts to entice buyers, but the moves failed to make up for Tesla missing its delivery target in 2022. Tesla’s China market accounted for 24 percent of its global revenue in the first three quarters of 2022.
Southwest Expects Q4 Loss - WSJ
Southwest Airlines said it expects a loss in the fourth quarter after it canceled more than 16,700 flights in the peak holiday travel season. The company estimates that it will see a loss in revenue of $400 million to $425 million, as well as an additional loss for reimbursing travelers, premium pay for employees, and other related costs. Shares fell by 2 percent to $32.86 in premarket trading. The stock price has fallen 16 percent in the past month.
EV Sales Jumped in 2022 - WSJ
Sales for electric vehicles rose two-thirds in 2022 as new models consumed Tesla’s market share. EVs made up of 5.8 percent of all vehicles sold in the U.S. in 2022 compared to 3.2 percent a year earlier. Tesla accounted for 65 percent of EV sales last year, down from 72 percent in 2021. Ford Motor Co came in second, accounting for 7.6 percent of EV sales in the U.S. Hyundai Motor Co. and affiliate Kia Corp. combined were a close third at 7.1 percent.