PayPal’s surge, Airbnb’s fall and extra: 5 issues to know on Wednesday

Here are Wednesday’s highlights which may affect trade.

PAYPAL: Shares rose more than 10% in premarket trading. The online payments company entered into an information-sharing agreement with activist investor Elliott Investment Management to evaluate alternative capital returns.

PayPal also appointed Blake Jorgensen as chief financial officer. Also, Chief Product Officer Mark Britto will retire at the end of the year. The search for his successor is underway.

HOUSEHOLD CREDIT CARD DEBT INCREASED IN SECOND QUARTER, BIGGEST JUMP IN 20 YEARS

PayPal reported net income 6.8 billion USD, up 9% year-over-year in the second quarter, with a net loss of USD 341 million. USD, or 29 cents per diluted share. Last year, the company’s net income was 1.18 billion. USD or USD 1.00 per diluted share.

Shares of PayPal Holdings are up ahead of Wednesday’s session. (REUTERS/Amir Cohen/File Photo/Reuters Pictures)

AIRBNB: Shares of the vacation rental company fell more than 7% in premarket trading after the company posted a worse-than-expected outlook that overshadowed otherwise strong results. The company reported revenue of $2.1 billion in the second quarter, up 58% year over year and up 73% from 2019. in the second quarter. The number was in line with Wall Street estimates. Airbnb expects third-quarter revenue of $2.78 billion to $2.88 billion, according to Refinitiv IBES. USD – this is higher than analysts’ forecasts – 2.77 billion. The company also announced that it will buy back up to $2 billion. USD of its shares.

30% MORE NIGHTS BOOKED FOR AIRBNB SUMMER TRAVEL COMPARED TO PRE-PANDEMIC

CVS leads a number of health-related companies in reporting earnings

A CVS Pharmacy sign is displayed in Mount Lebanon, Pa. (AP Photo/Gene J. Puskar/AP Newsroom)

INCOME: Another busy day ahead for earnings with a heavy focus on healthcare. CVS Health, AmerisourceBergen, Moderna and Regeneron Pharmaceuticals all report before the opening bell. Several major insurance companies will report in the afternoon, including Met Life and Allstate. Also keep an eye out for hotel and casino gaming MGM Resorts, online auction house Ebay and household goods maker Clorox.

A waitress working in the service industry

A woman working as a waitress in a restaurant and holding a notebook, close-up (iStock)

NYC RESTAURANTS BUILDING FOR PROFIT BEFORE THE PANDEMIC

ECONOMIC DATA: Institute of Supply Management in July. releases non-manufacturing PMIs. This key indicator of services sector activity is expected to fall for the fourth month in a row to 53.5, the lowest level since 2020. May. Remember that any reading above 50 indicates that the service sector is expanding. Also, the Commerce Department expected manufacturing orders to jump 1.1% in June, lagging behind May’s 1.6%.

CLICK HERE TO READ MORE ABOUT FOX BUSINESS

INVENTORY REPORT: The Energy Information Administration will release its inventory report for last week. Crude stockpiles are expected to decline more than 600,000 barrels, after falling 4.523 million barrels last week. barrels. Keep an eye on just over a million barrels of distillate (heating oil, diesel) and over 1.6 million barrels of gasoline.

Leave a Comment