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Thursday, August 21

Noteworthy US mega-cap moves today: Walmart Inc (WMT) -3.2%. 

Recent economic data releases have indicated a slowdown in the U.S. labor market, with initial jobless claims rising to 235,000 for the week ending August 14—significantly above expectations of 226,000—and marking an eight-week high. Additionally, the Philadelphia Fed Manufacturing Index unexpectedly fell into negative territory at -0.3 from July's reading of 15.9 and below analysts' forecasts of positive growth.

In Europe, preliminary PMI readings showed mixed results; Germany’s manufacturing sector saw improvement as its PMI rose to 49.9 but remained contractionary overall while services approached stagnation at just over neutral levels (50). The Eurozone Composite PMI also increased slightly to a modest expansion level indicating some resilience amid ongoing concerns about inflation pressures linked primarily to trade tariffs imposed by external factors.

Market sentiment is further influenced by geopolitical tensions and upcoming events such as Federal Reserve Chair Jerome Powell's speech scheduled during this week's Jackson Hole Economic Symposium on Friday, which may provide insights regarding future monetary policy direction amidst persistent inflation risks highlighted in recent FOMC minutes discussions that prioritize tariff impacts over employment considerations.

Ethereum (ETH/USD) [-1.3%]
Ethereum (ETH/USD) has dropped significantly, experiencing a daily return of nearly -1.3%. This decline coincides with broader cryptocurrency market movements, as Bitcoin (BTC/USD) has also seen a decrease of approximately -1.00%. Recent social media activity highlights tension ahead of Federal Reserve Chair Jerome Powell's upcoming speech at the Jackson Hole Symposium, with nearly $1.9 billion flowing out of spot Ethereum ETFs over the past four sessions. Additionally, Ethereum treasuries across 69 entities have surpassed 4 million ETH, valued at over $17 billion. Notably, a BlackRock spot Ethereum ETF sold 63,280 ETH worth approximately $257.8 million on August 20th. In a related event, a US government wallet received 76.56 ETH valued at about $332K from Coinbase, likely tied to the Uranium Finance exploit from April 2021.

iShares MSCI Japan ETF (EWJ) [-1.3%]
The iShares MSCI Japan ETF (EWJ) has experienced a decline of 1.3% in pre-market trading, coinciding with a drop in the Nikkei 225 index of over 1.5%, primarily due to losses in technology stocks and mixed performances from financial and automobile sectors. The au Jibun Bank Japan Services Purchasing Managers' Index for August was reported at 52.7, down from 53.6, suggesting reduced activity in the services sector and potential weaknesses in economic momentum. Additionally, concerns regarding U.S.-Japan trade relations may be negatively affecting market sentiment towards Japanese equities. The move in USD/JPY contributed to the ETF's performance, alongside notable declines from key holdings such as TM and SONY, which further influenced the ETF's current daily return. Meanwhile, the S&P 500 Index's decline of 0.26% reflects broader market sentiment that may also be impacting EWJ.

NEGG | +9.1% | +4.2B
Newegg Commerce Inc | Computer & Electronics Retail
Newegg Commerce Inc. shares surged over 23% on August 20, reaching fresh 52-week highs amid strong trading momentum. The stock has increased significantly over the past three months, with trading volume hitting 1.36 million shares, well above its 100-day average. Technical indicators suggest a strong uptrend, characterized by higher highs and higher lows forming an ascending triangle pattern. Over 12% of Newegg's float is sold short, attracting retail investors to engage in meme stock-style trades. The company's recent announcement of a sales agreement to offer up to $65 million in common stock has contributed to the ongoing price rally. Newegg shares closed at 110.64, reflecting a robust market response. Additionally, there was noted social media conversation around a shift towards higher-quality stocks, coinciding with the price increase.

MNSO | +6.7% | +1.9B
MINISO Group Holding Ltd | Broadline Retail
MINISO Group Holding Ltd reported its second-quarter results, revealing an adjusted earnings per share of 0.31, a slight increase from 0.30 in the same quarter last year. Quarterly sales reached 693.24 million, surpassing the analyst consensus estimate of 672.03 million by 3.16%. This figure also reflects a substantial year-over-year increase of 28.13% compared to sales of 541.04 million during the same period last year. Additionally, the company's same-store gross merchandise volume growth turned positive, indicating improvements across all segments despite challenges in overseas markets. Following the earnings announcement, which occurred at 4:33 AM NY time, MNSO shares surged by 10%. Social media discussions highlighted that revenue was reported at ¥4.97 billion, exceeding the estimated ¥4.86 billion, with EPS at ¥2.24, surpassing the estimated ¥1.75 and marking a year-over-year growth of 30%.

NDSN | +5.0% | +639.1M
Nordson Corp | Industrial Machinery & Supplies & Components
Nordson Corp reported robust third-quarter results, leading to a notable increase in its stock price, which has risen by nearly 5% since Wednesday. The company achieved revenue of 741.51 million, exceeding analyst expectations of 722.57 million, and reported a net income of 125.78 million, up from 117.33 million year-over-year. Adjusted earnings per share were 2.73, surpassing the consensus estimate of 2.63. The revenue growth was primarily driven by a 32% increase in the Medical and Fluid Solutions segment and a 17% rise in Advanced Technology Solutions. Additionally, the Board approved a new share repurchase authorization of 500 million. Despite these positive developments, Nordson indicated that full-year revenue is tracking slightly below the midpoint of its guidance while earnings per share are slightly above it.

WMT | -3.1% | -25.0B
Walmart Inc | Consumer Staples Merchandise Retail
Walmart Inc reported its second-quarter earnings, revealing an adjusted EPS of 0.68, which fell short of the expected 0.74. Revenue was reported at 177.4 billion, exceeding the forecast of 176.2 billion and reflecting a year-over-year increase of approximately 4.8%. U.S. comparable sales rose by 4.6%, while Sam's Club saw an increase of 5.9%. The company's global advertising business experienced substantial growth, up 46% year-over-year, and eCommerce sales surged by 25%. The CFO noted stable customer spending and emphasized strategies to maintain low prices through expedited imports and increased limited-time discounts. Looking ahead, Walmart anticipates net sales growth between 3.75% and 4.75% for Q3, with adjusted EPS guidance set between 0.58 and 0.60. Operating income decreased by 8.2%, although adjusted operating income slightly increased by 0.4%.

COTY | -18.0% | -618.7M
Coty Inc | Personal Care Products
Coty Inc. shares have dropped significantly in pre-market trading, following a mixed report of fourth-quarter fiscal results. The company posted revenues of $1.25 billion, surpassing expectations of $1.20 billion. However, it reported an adjusted loss of $0.05 per share, missing the anticipated earnings of $0.02. This loss reflects a year-over-year revenue decline of 8%, attributed to softness in U.S. consumer demand and retailer destocking pressures. Coty anticipates like-for-like sales declines of 6% to 8% for the first quarter of fiscal 2026, with gradual improvement expected in the second half of the year, bolstered by new fragrance launches. The company ended the period with $257.1 million in cash against total debt of $4.01 billion. Following the earnings report, shares fell by 11% in after-hours trading and have since declined further by 24% in pre-market activity.

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