Here are the most important news, trends and analysis that investors need to start their trading day:
Traders on the NYSE floor, March 18, 2022
Source: New York Stock Exchange.
Ukrainian security officials said on Tuesday morning that they recaptured a strategically important suburb Kyiv. However, Russia continued to push other areas near the capital, and its attacks on the southern port of Mariupol, which was subjected to combat, did not weaken. US President Joe Biden, who is heading to Europe later this week to meet with allies, said on Monday that Russian President Vladimir Putin has “his back against the wall” and may resort to chemical weapons. White House also warned potential cyberattacks, urging US companies to “immediately” beef up their defenses.
3. Dow stock: Nike profits, Boeing crash investigation, Disney strikes
Dow shares Nike shares rose about 6% in premarket trading on Tuesday, the morning after fiscal third-quarter earnings and revenue beat estimates. Nike cited strong demand in North America, but chose not to give early guidance amid inflation uncertainty, Russia’s war in Ukraine and supply chain congestion.
Boeing CEO Dave Calhoun told the staff the aircraft manufacturer offered the full support of its technical experts in the investigation into the crash of a China Eastern Airlines 737-800 with 132 people on board. The plane crashed in the mountains in southern China early Monday morning. Shares of Boeing, which is part of the Dow, rose modestly in premarket trading a day after falling 3.6%.
Shares of Dow Disney, which fell more than 6% in a month, remained stable in premarket ahead of a week of scheduled employee strikes starting Tuesday to protest CEO Bob Chapek’s statement. delayed denunciation Florida’s so-called “Don’t Say Gay” bill. Chapek said on Monday that the company had made a mistake by previously remaining silent on legislation in the state where Disney World is located.
4. Alibaba increases its share buyback program to $25 billion
Alibaba shares jumped 8% in US premarket trading on Tuesday after the Chinese e-commerce giant said it would increase the size of its share buyback program by 66% to $25 billion. Alibaba has bought back about 56.2 million U.S. Depositary Receipts worth about $9.2 billion under its previously announced buyback program. ADRs are US-listed shares and act as fiduciaries of foreign companies. Alibaba is looking to boost investor confidence as its shares have lost about two-thirds of their value since hitting an all-time high in October 2020.
5. Elon Musk will open the long-awaited new Tesla plant in Berlin
Tesla CEO Elon Musk is set to open the electric car maker’s first production facility in Europe on Tuesday by cutting the ribbon at the Berlin plant. Tesla sees the plant producing up to 500,000 vehicles a year. A long delay in licensing the facility meant that Tesla had to service earlier European orders from its Shanghai plant, adding to logistics costs. Pick clients on Tuesday will get Ys model made in Berlin. Musk said new orders from the factory could be delivered as early as next month.
CNBC reports. Arjun Harpal, Sam Shed as well as Lauren Thomas and the Associated Press and Reuters contributed to this report.
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