Market Movers, August.6th

Treasury labels China a currency manipulator for the first time since 1994.
“Secretary Mnuchin will engage with the International Monetary Fund to eliminate the unfair competitive advantage created by China’s latest actions”.

” The Chinese authorities have acknowledged that they have ample control over the RMB exchange rate. In a statement today, the People’s Bank of China (PBOC) noted that it “has accumulated rich experience and policy tools, and will continue to innovate and enrich the control toolbox, and take necessary and targeted measures against the positive feedback behavior that may occur in the foreign exchange market.” This is an open acknowledgement by the PBOC that it has extensive experience manipulating its currency and remains prepared to do so on an ongoing basis”.

” This pattern of actions is also a violation of China’s G20 commitments to refrain from competitive devaluation”
Link

 7:08am, Dow futures up 202 points. Volume: 127,235

8:19am, EverQuote up 27% on 8,122 shares traded after reporting 2nd quarter 2019 results. Click on the image for the full report

8:30am, Lonestar Resources US Inc up 21% on 140 000 shares traded after reporting 2nd quarter results.

8:32am, GreenSky, Inc. down 22% on 122,690 shares traded after reporting 2nd quarter results; announces intent to explore strategic alternatives. Misses on estimates by 4 cents per share. Click the image for the full report

8:44am, NPTN up 16% on 198,353 shares traded after reporting 2nd quarter results, missing estimates. The spike this morning is most likely in response to the currency devaluation. Their accounts with suppliers can be paid off with less American dollars, but this is just speculation

“Infrastructure and Energy Alternatives, Inc. Announces $98 Million Wind Construction Project in Nebraska” Globenewswire reports. It is up 17% as of 8:59am on 90,341 shares traded.

9:00am, International Flavors & Fragrances Inc is down 10.7% on 75,995 shares traded. Misses on estimates by 41 cents.

9:14 am, Dow futures up 261 points going into the open. 149,876 in trading volume

TVIX $20.60 -1.97 (-8.73%) 1 minute before the open

Take Two Interactive Software Inc reports strong results for fiscal second quarter 2020. Up 8as of 9:40am on 839,421 shares traded Click image for more

Workhorse announces second quarter operating results. Reports a net loss of $36.9 million. The increase was primarily the result of an increase in the fair value of their warrant liability due the the significant appreciation of their stock price

Tenneco up 20% on 1,632,441 shares traded as of 9:55am after announcing 2nd quarter operating results which beat analyst expectations. Read more at Benzinga

10:04am, Aurora Cannabis is up 13.4% on 13,956,089 shares traded after providing a corporate update for upcoming fiscal fourth quarter 2019 operating results scheduled for release on September 15th. Click the image for the full report

We created a model of their corporate structure. You can adjust each side by moving the separator back and forth. Cheers

1:23am, Dow gives up some its gains, up 142 points on 163,044,364 shares traded

2:32pm, Insulet Corp is up 20% on 2,030,574 shares traded after reporting 2nd quarter financial results. Beats on revenue, raises guidance. Click the image below for the full report

2:36pm, Dow up 300 points on 201,403,736 in trading volume

Oil falls 1.9%

2:51pm, PODD up 16% on 6,136,842 shares traded after reporting 2nd quarter earnings.

Ownership

“Shake Shack Jumps as Sales Beat Backs Up Rebound at Restaurants”, Bloomberg reports

Midstates Petroleum Company, Inc. (MPO) is up 20% after reporting earnings, and closing a merger with Amplify Energy. Read more

Stay tuned for updates!

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