July 22, 2022
The S&P 500 dropped 1% to 3,957.39.
The Dow 30 slid 0.3% to 31,953.37.
The Nasdaq fell 1.9% to 11,831.18.
Crude oil was up 0.9% at $97.24 a barrel.
Gold increased 0.9% to $1,729 an ounce.
The yield on a 10-year bond slipped 3.9% to 2.796%.
Avid Bioservices Inc. (Nasdaq: CDMO) fell 9.6% to $17.82 per share and a $1.1 billion market cap. Shares in the Tustin-based contract drug manufacturer are still up 33% up since the company in June announced the doubling of capacity of its mammalian cell business.
Mullen Automotive Inc. (Nasdaq: MULN) dropped 9.6% to $1.02 per share and a $485 million market cap. Shares in the Brea-based EV maker have been down about 92% since the company went public via reverse merger with Net Element Inc. last November.
BJ’s Restaurants Inc. (Nasdaq: BJRI) was down about 1% to $23.02 per share and a $538 million market cap. Shares in the Huntington Beach-based restaurant chain yesterday reported Q2 earnings of 10 cents per share, missing the Zacks Consensus Estimate of 23 cents per share. It posted revenue of $330 million, which topped the consensus estimate.
July 21, 2022
Rivian Automotive Inc. (Nasdaq: RIVN) CEO R.J. Scaringe told Reuters that the company will be producing a million EVs every year by 2030, with the expectation that the company will grow its production capacity to millions a year after then.
The Irvine-based EV maker also plans to expand its commercial fleet with vehicles smaller than the EDV-700, which it unveiled for Amazon on Thursday. The vehicles could share features with Rivian’s R2 electric crossover, scheduled for production in 2025 at its new $5 billion Georgia plant, Scaringe said.
“We’re thinking about many other aspects of the commercial space outside of last-mile delivery (including) cargo and work vans,” Scaringe told Reuters. “There will be additional facilities that will allow us to go into these different markets and scale up,” he added.
Shares for Rivian were up 4.3% at $34.13 per share and a $30 billion market cap.
For more on Rivian and its local footprint, see the July 25 print edition of the Business Journal.
— Peter J. Brennan
July 20, 2022
The Nasdaq jumped 1.4% to 11,874.45 in Wednesday midday trading amid tech sector gains, namely a prediction from major streaming service Netflix Inc. that customer growth would return in the third quarter.
The S&P 500 rose 0.6% to 3,960.02.
The Dow 30 dipped 0.1% to 31,807.48.
Crude oil decreased 0.2% to $103.99 per barrel.
Gold was down 0.6% to $1,700.90 an ounce.
The yield on a 10-year bond was up 0.6% to 3.036%.
Irvine-based Vizio Holding Corp. (NYSE: VZIO) led local technology gains Wednesday, with shares up 7% to $8.29 and a $1.6 billion market cap. The television manufacturer this week unveiled two new soundbars for its 2023 TV and audio range, including more affordable options for its Elevate model.
Irvine-based medical technology company Masimo Corp. (Nasdaq: MASI) rose 3.8% to $138.62 and a $7.7 billion market cap. The company reported positive results Wednesday from a randomized trial of its Masimo SedLine brain function monitoring device.
— Katie Murar
July 19, 2022
Major stock indexes rose on stronger-than-expected earnings reports.
The S&P 500 was up 2.1% to 3,912.14 during midday trading.
The Dow 30 increased 1.8% to 31,635.09.
The Nasdaq climbed 2.4% to 11,637.18.
The yield on a 10-year Treasury bond was up 1.4% to 3%.
The price of gold was flat at $1,710.80.
The price for a barrel of oil rose 0.8% to $103.42.
Shares in Irvine-based chipmaker Skyworks Solutions Inc. (Nasdaq: SWKS) rose 4% to $103.98 apiece for a market cap of $16.7 billion. The Senate is set to start voting today on legislation to boost the U.S. semiconductor industry and improve competitiveness with China.
Sunstone Hotel Investors Inc. (NYSE: SHO) in Irvine jumped 7.8% to $10.80 per share for a market cap of $2.3 billion. Sunstone will replace Vonage Holdings Corp. (NASD:VG) in the S&P SmallCap 600 effective prior to the opening of trading on Thursday, July 21, according to an announcement yesterday.
— Kevin Costelloe
July 18, 2022
Indexes climbed today in midday trading after retail spending data beat out forecasts, according to the Wall Street Journal.
The S&P gained 1.5% to 3,847.59.
The Dow 30 jumped 1.8% to 31,165.44.
The Nasdaq was up 1.4% at 11,413.48.
Crude oil rose 2.1% to $97.82 per barrel.
Gold slid 0.2% to $1,703 an ounce.
The yield on a 10-year bond dropped 1.5% to 2.9150.
Avid Bioservices (Nasdaq: CDMO) jumped 5.7% to $17.99 per share and a $1.1 billion market cap, bouncing back from yesterday’s 7.5% drop. Shares in the Tustin-based contract drug manufacturer are up about 50% since the announced it would double the capacity for its mammalian cell business.
Advantage Solutions Inc. (Nasdaq: ADV) climbed 5.5% to $4.19 per share and a $1.3 billion market cap. Shares in the Irvine-based sales and marketing services company are down about 60% their 52-week high last July.
Landsea Homes rose 1.6% to $7.00 per share and a $294 million market cap. Analyst firm Barclays maintained its equal-weight rating of the Newport Beach-based homebuilder and lowered its price target from $10 to $8.
July 14, 2022
Markets fell today in midday trading after earnings reports from large banks signaled future problems.
The S&P 500 was off 1.4% to 3,749.71 while the Dow 30 fell 1.4% to 30,353.52 and the Nasdaq declined 1.1% to 11,125.91.
Crude oil fell 0.9% to $95.44 a barrel.
Gold was off 1.6% to $1,707 an ounce.
The yield on a 10-year bond rose 1.93% to 2.96%.
Avid Bioservices Inc. (Nasdaq: CDMO) fell 7.5% to $16.78 and a $1 billion market cap. The shares are still up 40% since June 13 when it announced the doubling of its capability for the company’s mammalian cell business.
Terran Orbital Corp. (NYSE: LLAP) fell 5.2% to $4.42 and a $609 million market cap. Shares of the satellite maker, which has significant operations in Irvine, are off about 32% since a four-month high on June 23.
–Peter J. Brennan
July 13, 2022
The S&P 500 was flat in midday trading at 3,818.70.
The Dow 30 was down 0.3% to 30,898.27.
The Nasdaq increased 0.2% to 11,290.96.
The yield on a 10-year Treasury bond slipped 0.4% to 2.945%.
The price of gold rose 0.6% to $1,735.70 an ounce.
The price of oil was flat at $95.86 a barrel.
Irvine-based Vizio Holding Corp. (NYSE: VZIO) fell 6.8% to $7.49 and a $1.4 billion market cap. Guggenheim lowered its price target for the television manufacturer’s stock from $14 to $12 in a research note published on Tuesday. The firm has a buy rating on the stock.
Irvine-based medical technology company Masimo Corp. (Nasdaq: MASI) decreased 3.7% to $126.56 and a $7 billion market cap. Shares for the firm are currently trading at less than half their typical daily volume, and are off nearly 9% in the past week.
July 12, 2022
The S&P 500 was flat at 3,852.53 in midday trading.
The Dow 30 increased 0.3% to 31,254.21.
The Nasdaq was flat at 11,283.35.
The yield on a 10-year Treasury bond dropped 2.5% to 2.917%.
The price of gold was flat at $1,730.30.
The price for a barrel of crude oil tumbled 7.5% to $96.24.
Foothill Ranch-based mortgage company loanDepot (NYSE: LDI) shares rose 14% to $1.67 apiece for a market cap of $566 million. The company said earlier today it is implementing annualized savings of $375 million to $400 million by year’s end, through job cuts, attrition, business process optimization, reduced marketing and real estate consolidation.
Shares in data analytics software maker Alteryx Inc. (NYSE: AYX) in Irvine fell 3.5% to $48.88 apiece for a market cap of $3.2 billion. Morgan Stanley lowered its price target for Alteryx to $73 apiece from $80, investor website DefenseWorld.net reported today.
July 11, 2022
July 8, 2022
The S&P 500 fell 0.4% to 3,885.39.
The Dow 30 was off 0.3% at 31,302.71.
The Nasdaq slid 0.5% to 11,558.42.
Crude oil jumped 1.9% to $104.71 a barrel.
Gold was flat at $1,741 an ounce.
The yield on a 10-year bond increased 2.9% to 3.093%.
Tarsus Pharmaceuticals Inc. (Nasdaq: TARS) dropped 4.3% to $14.22 per share and a $374 million market cap. Shares in the Irvine-based eyecare drugmaker are off about 54% since their 52-week high last October.
Boot Barn Holdings Inc. (NYSE: BOOT) fell 3.7% to $68.71 per share and a $2 billion market cap. Shares in the Irvine-based shoes and apparel chain have are down about 49% since their 52-week high last December.
Terran Orbital Corp. (NYSE: LLAP) rose 6.3% to $5.21 per share and a $716 million market cap. Shares for the satellite developer, which has significant operations in Irvine, are up after it announced the successful completion of the first trajectory correction maneuver on its lunar mission, called CAPSTONE.
July 7, 2022
The S&P 500 rose 1.2% to 3,892.44 while the Nasdaq was up 2% to 11,594.06 and the Dow 30 increased 0.9% to 31,303.12.
Crude oil gained 5.3% to $103.79 a barrel.
Gold rose 0.2% to $1,740 an ounce.
The yield on a 10-year bond increased 3.4% to 3.013%.
Virgin Galactic Holdings Inc. (NYSE: SPCE) jumped 12% to $7.25 and a $1.9 billion market cap. Today, the Tustin-based space travel company announced it’s partnering with Aurora Flight Sciences, a Boeing company, to design and build Virgin’s next-generation motherships, which carry the spaceship to its release altitude of approximately 50,000 feet.
Avid Bioservices Inc. (Nasdaq: CDMO) climbed 7% to $17.89 and a $1.1 billion market cap. Shares have risen about 48% since June 13 when the Tustin-based contract drug manufacturer announced the expansion of its process development capacity for its mammalian cell business.