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Daily Market News: Twitter share price takes a hit on security concerns

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Burberry cutting 500 jobs

London-listed shares soared yesterday, with the FTSE 100 closing the day 1.8% up. Similar to the US, it was vaccine optimism driving prices higher, along with a surprise 0.6% June inflation figure, above estimates for the month but still well below the 2% targeted by the Bank of England.

International Consolidated Airlines Group led the FTSE 100 with a 10.7% gain, followed by food service business Compass Group and hospitality firm Whitbread, which both finished more than 7% up. In total, more than a dozen names in the FTSE 100 delivered a 5% plus gain on Wednesday. At the bottom of the FTSE 100 was fashion house Burberry Group, which sank 5.6% after announcing it plans to cut 500 jobs after lockdowns hit sales hard.

In the FTSE 250, cruise line Carnival and Cineworld Group, plus airlines Tui and easyJet, were all among Wednesday’s top performers as investors pin their hopes on positive vaccine news driving a recovery in demand for travel and entertainment.

  • FTSE 100: +1.8% Wednesday, -16.6% YTD
  • FTSE 250: +1.4% Wednesday, -20.4% YTD

What to watch

Johnson & Johnson: $390bn market cap behemoth Johnson & Johnson is tied into a number of the key pandemic trends. Its pharmaceutical arm is into clinical trials of a Covid-19 vaccine, while its consumer brands may have benefited from customer stockpiling. The company reports its latest quarterly earnings on Thursday, where vaccine progress and consumer demand trends will likely be a key focus of analysts. Johnson & Johnson stock is close to flat year-to-date; currently 13 analysts rate it as a buy or overweight, and seven as a hold.

Netflix: Streaming service Netflix has been a pandemic success story, with its share price jumping more than 60% year-to-date, as consumers stuck at home turned to their televisions for entertainment. In Q1, the company added 16 million new subscribers to take its total passed 180 million, investors will be watching closely to see how much of that coronavirus-induced growth was sustained into the second quarter. Wall Street analysts are anticipating an earnings-per-share figure of $1.82, up from a predicted $1.54 for this quarter three months ago. On Wednesday, a Morgan Stanley analyst reportedly upped their 12-month price target on the stock to $575, versus its $523 Wednesday closing price.

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US banks: Both Bank of America and Morgan Stanley report their Q2 earnings on Thursday morning, with investors watching closely for whether trading revenue can prove the supporting factor in Q2 it has for other banks and the scale of loan loss provisions. Wall Street analysts currently swing in favour of an overweight rating on the stock.

Other major US stocks reporting on Thursday: Abbott Laboratory, Dominos Pizza, PPG Industries.


All data, figures & charts are valid as of 16/07/2020. All trading carries risk. Only risk capital you can afford to lose.  

This is a marketing communication and should not be taken as investment advice, personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been prepared without having regard to any particular investment objectives or financial situation, and has not been prepared in accordance with the legal and regulatory requirements to promote independent research. Any references to past performance of a financial instrument, index or a packaged investment product are not, and should not be taken as, a reliable indicator of future results. eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared utilizing publicly-available information.

The post Daily Market News: Twitter share price takes a hit on security concerns appeared first on LeapRate.

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