Dow Jones Today: US Stock Futures Lower Ahead of Key Inflation Data Release

view original post

Microstrategy Rises After Stock-Split Announcement

11 minutes ago

MicroStrategy (MSTR), one of the world’s largest holders of bitcoin (BTC), said Thursday it is planning a 10-for-1 stock split, making it the latest company to announce a split.

Shares of MicroStrategy were up more than 3% in late-morning trading Thursday, bucking a broader downturn for stocks.


Shares will be split for both MicroStrategy’s class A and class B shares for holders of record as of Aug. 1, with investors set to receive nine additional shares after markets close on Aug. 7 for each share they owned previously. The first day of MicroStrategy’s split-adjusted trading will be on Aug. 8.

While the split will not change the overall value of investors’ MicroStrategy holdings, by lowering the price of each MicroStrategy share, the split could help make the stock more accessible to investors and stimulate demand.

Shares in the company have more than doubled in value this year after the U.S. Securities and Exchange Commission’s approval of spot bitcoin ETFs in January turbocharged the token’s prices.

However, some of the excitement around bitcoin, which rose above $73,000 in March, has ebbed recently. The token is currently trading at a tight range below $60,000.

Nisha Gopalan

Delta Tumbles on Weak Earnings; Other Airlines Take a Hit

1 hr 34 min ago

Delta Air Lines shares fell sharply in early trading Thursday after the airline reported second-quarter profit that fell well short of estimates and lowered its guidance for the third quarter.


Total revenue rose 7% from last year’s second quarter to a record $16.7 billion, which was better than the $16.2 billion analysts had projected, according to estimates compiled by Visible Alpha. However, Delta’s per-share profit of $2.01 sank 29% year-over-year, falling well short of the $2.39 expectation.

The company said that debt reduction remains Delta’s “top financial priority” heading into the second half of the year after spending $1.4 billion to pay down debts in the second quarter. Delta affirmed its full-year adjusted earnings per share (EPS) guidance of between $6 and $7 but forecast lower-than-expected adjusted earnings of $1.70 to $2.00 in the third quarter.

Shares of airline rivals United (UAL), American (AAL) and Southwest (LUV) also tumbled in early trading Thursday.

Aaron McDade

Stock Futures Lower Ahead of CPI Inflation Report

4 hours ago

Futures contracts connected to the Dow Jones Industrial Average were down 0.2% about half an hour before the release of the closely watched inflation data.


S&P 500 futures slipped 0.1%.


Nasdaq 100 futures were also off 0.1%.