PepsiCo Inc. (NASDAQ:PEP) announced a weak second-quarter profit on Tuesday. Core earnings and revenue, on the other hand, exceeded earnings estimates. Moving forward, the company intends to produce 10% organic revenue growth in fiscal 2022, up from 8% compared to the previous year. Furthermore, the company expects an 8% growth in core constant currency earnings per share.
Africa, Asia Pacific, the Middle East, South Asia,, Australia, New Zealand, and China Region all reported increased revenues and volumes. PepsiCo shares closed at $170.47 on Monday, down 0.8%. In pre-market trading on the Nasdaq, shares were up 0.9% to $172.
After losing ground in the previous session, US stocks began to rise in the middle of a trade. The Dow gained 0.38% to 31,292.90, while the NASDAQ gained 0.17% to 11,391.47. The S&P 500 gained 0.17% to 3,860.85 as well.
Leading and Lagging Sectors
On Tuesday, financial stocks gained 1.1 percent. Meanwhile, loanDepot Inc. (NYSE:LDI) was one of the top gainers in the sector included, which was up 14%, and CNFinance Holdings Limited (NYSE:CNF), which was up 6%.
Energy stocks fell nearly 2% in trade on Tuesday.
Top Headline: PepsiCo Inc
PepsiCo Inc (NASDAQ:PEP) reported better-than-expected second-quarter earnings on Tuesday. PepsiCo reported a 5.2% year-on-year revenue increase to $20.23 billion in the second quarter of FY22, exceeding the consensus of $19.51 billion. The adjusted EPS of $1.86 is above the analyst average of $1.74. PepsiCo increased its FY22 organic revenue growth forecast to 10%. (prior view 8 percent).
Equities Trading UP
Canoo Inc. (NASDAQ:GOEV) shares jumped 77 percent to $4.1909 after Walmart agreed to buy 4,500 all-electric delivery cars, beginning with the Lifestyle Delivery Vehicle, with the option to buy up to 10,000 units.
Hoth Therapeutics, Inc. (NASDAQ:HOTH) shares rose 19% to $0.4870 after the firm stated that its HT-ALZ treatment demonstrated cognitive improvements in an Alzheimer’s disease mice model.
Greenwich LifeSciences, Inc. (NASDAQ:GLSI) shares were also up, gaining 31% to $11.27. The FDA has reverted the clinical hold on Greenwich LifeSciences’ Flamingo-01 Phase 3 trial of GP2, immunotherapy to prevent breast cancer recurrences.
STOCKS TRADING DOWN
Equities
VOXX International Corporation (NASDAQ:VOXX) shares fell 24 percent to $6.88 following the company’s first-quarter loss.
E2open Parent Holdings, Inc. (NYSE:ETWO) shares fell 17 percent to $6.26 following the release of financial results for the fiscal first quarter ended May 31, 2022.
New Gold Inc. (NYSE:NGD) fell 26 percent to $0.7145 after the firm reduced its gold and copper production forecasts for 2022.
Commodities
In commodity news, oil fell 7.3 percent to $96.46, while gold fell 0.1 percent to $1,729.20.
On Tuesday, silver declined 1.1 percent to $18.93, while copper fell 3.3 percent to $3.3190.
Eurozone
Today, European stocks were mainly higher. The eurozone’s STOXX 600 increased by 0.43 percent, London’s FTSE 100 increased by 0.23 percent, and Spain’s IBEX 35 Index decreased by 0.75 percent. The German DAX increased by 0.49 percent, the French CAC 40 increased by 0.87 percent, and Italy’s FTSE MIB Index decreased by 0.35 percent.
The Eurozone ZEW Indicator of Economic Sentiment was down to -53.8 in July from -28 the previous month, while Germany’s ZEW Indicator of Economic Sentiment fell to -53.8 from -28 in June. Retail sales in the UK fell 1.3 percent on a like-for-like basis in June compared to the previous year.
Economics
The NFIB Small Business Optimism Index dipped to 89.5 in June, the lowest level since January 2013, compared to 93.1 in May.
COVID-19 Update
The United States has the highest coronavirus cases and deaths worldwide, with a total of 90,491,960 cases and approximately 1,046,230 deaths. In India, at least 43,652,940 cases and 525,470 deaths were confirmed, while Brazil reported around 32,940,500 COVID-19 cases and 673,810 deaths. At least 561,885,700 COVID-19 cases were reported worldwide, with over 6,374,990 deaths.
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