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  • 5 things to watch on the ASX 200 on Friday

    ASX share

    On Thursday the S&P/ASX 200 Index (ASX: XJO) returned to form and stormed higher. The benchmark index jumped 0.7% to 6,051.1 points.

    Will the market be able to build on this on Friday? Here are five things to watch:

    ASX 200 expected to slide.

    The ASX 200 index looks set to drop lower on Friday after a mixed night of trade on Wall Street. According to the latest SPI futures, the benchmark index is expected to fall 20 points or 0.3% at the open. On Wall Street the Dow Jones dropped 0.85%, the S&P 500 fell 0.4%, and the Nasdaq pushed 0.4% higher.

    Tech shares on watch.

    Tech shares such as Appen Ltd (ASX: APX) and Xero Limited (ASX: XRO) could be on the rise on Friday after their U.S. counterparts drove the Nasdaq index higher. In addition to this, after the market close on Thursday, both Amazon and Facebook have released strong quarterly results and have seen their shares surge higher in after hours trade.

    Oil prices tumble.

    Energy shares including Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could come under pressure today after oil prices pulled back. According to Bloomberg, the WTI crude oil price is down 2.1% to US$40.42 a barrel and the Brent crude oil price has fallen 0.8% to US$43.39 a barrel. Oil was sold off after the release of weak U.S. economic data.

    Gold price weakens.

    Gold miners such as Newcrest Mining Limited (ASX: NCM) and Saracen Mineral Holdings Limited (ASX: SAR) could finish the week in a subdued fashion after the gold price weakened. According to CNBC, the spot gold price is down 0.35% to US$1,946.70 an ounce. This appears to have been driven by profit taking after some very strong gains by the precious metal this month.

    Commonwealth Bank given sell rating.

    The Commonwealth Bank of Australia (ASX: CBA) share price is overvalued according to analysts at Goldman Sachs. This morning the broker retained its sell rating and $65.25 price target on the banking giant’s shares. This follows the announcement of $300 million of pre-tax customer remediation provisions relating to its advice businesses.

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    James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Xero. The Motley Fool Australia owns shares of Appen Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

    The post 5 things to watch on the ASX 200 on Friday appeared first on Motley Fool Australia.

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  • Halliburton CEO Sees ‘Modest’ Recovery in Second Half of 2020

    Halliburton CEO Sees 'Modest' Recovery in Second Half of 2020Jul.30 — Halliburton Co. Chief Executive Officer Jeff Miller says the company will continue to focus on improving capital efficiency and reducing costs. He speaks with Bloomberg’s Alix Steel and Guy Johnson on “Bloomberg Markets.”

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  • Industry Analysts Just Made A Meaningful Upgrade To Their CRISPR Therapeutics AG (NASDAQ:CRSP) Revenue Forecasts

    Industry Analysts Just Made A Meaningful Upgrade To Their CRISPR Therapeutics AG (NASDAQ:CRSP) Revenue ForecastsCRISPR Therapeutics AG (NASDAQ:CRSP) shareholders will have a reason to smile today, with the analysts making…

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  • Apple earnings: Apple crushes Q3 expectations, announces 4-1 stock split

    Apple earnings: Apple crushes Q3 expectations, announces 4-1 stock splitApple has reported its Q3 2020 earnings, crushing expectations, and announcing a 4-1 stock split.

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  • Amazon Q2 earnings blow past estimates as coronavirus buying boosts revenue, profit

    Amazon Q2 earnings blow past estimates as coronavirus buying boosts revenue, profitThe tech giant has been one of the COVID-19 crisis’ biggest beneficiaries.

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  • Apple delivers blowout earnings, strong iPhone revenue despite COVID-19

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  • Facebook earnings: Facebook’s Q2 user growth, sales top expectations as ad business remains resilient despite pandemic

    Facebook earnings: Facebook's Q2 user growth, sales top expectations as ad business remains resilient despite pandemicFacebook reported second-quarter results that handily topped estimates, growing its user base and advertising business further during the pandemic even as the social media giant came under increased scrutiny for its policies around policing harmful content on its platforms.

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  • Is Southwest Airlines Co.’s (NYSE:LUV) Stock Price Struggling As A Result Of Its Mixed Financials?

    Is Southwest Airlines Co.'s (NYSE:LUV) Stock Price Struggling As A Result Of Its Mixed Financials?Southwest Airlines (NYSE:LUV) has had a rough month with its share price down 9.3%. It is possible that the markets…

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  • Kodak Short Sellers Are Getting Obliterated

    Kodak Short Sellers Are Getting ObliteratedEastman Kodak Company (NYSE: KODK) shares gained another 19% in early Thursday trading and are now up a whopping 1,780% since last Friday's close. The massive move came in response to the company securing a $765 million loan from the U.S. government to produce generic drug ingredients under the Defense Protection Act.Kodak didn't have an extremely large short position prior to this week's move, but the meteoric rise in the stock's share price has inflicted extreme pain on those short sellers. Kodak currently has about 1.72 million shares held short worth about $13.7 million, according to S3 Partners analyst Ihor Dusaniwsky. Dusaniwsky said Kodak has roughly a 6.3% short percent of float.As of late Wednesday, Kodak's borrow fees on existing short positions were just 6.34%, but borrow fees on new short positions had skyrocketed to around 200%.See Also: A Closer Look At The Kodak Chairman's Stock Purchases As Shares Rally 1,500%Cautionary Tale: Despite only having $13.7 million in net short interest, Dusaniwsky said Kodak short sellers took a $59 million loss on Wednesday alone. He also said the stock should serve as a cautionary tale for all short sellers."These KODK short trades highlight the risk that losses may be several times larger than an investors risk position and the need for a systemic ability to monitor short risk positions on a daily basis," he said.Looking ahead, Dusaniwsky said the perfect storm of mounting losses, spiking borrow fees and lack of available Kodak shares to short should continue to squeeze the stock. Thursday's early gains suggest his call was on the mark. KODK Chart by TradingView new TradingView.widget( { "width": 680, "height": 423, "symbol": "NYSE:KODK", "interval": "D", "timezone": "Etc/UTC", "theme": "light", "style": "1", "locale": "en", "toolbar_bg": "f1f3f6", "enable_publishing": false, "allow_symbol_change": true, "container_id": "tradingview_ad7d9" } ); Benzinga's Take: Kodak's business and stock appeared dead in the water just a week ago, and the generic drug news is about as much of a black swan event as short sellers could probably ever imagine.There's a good chance Kodak's share price will ultimately settle somewhere significantly lower than Thursday morning's $39 price, but shorting the stock at this point will be extremely expensive and risky given its extreme volatility.See more from Benzinga * A Closer Look At The Kodak Chairman's Stock Purchases As Shares Rally 1,500% * Kodak Had Some Very Suspicious Trading Activity Ahead Of Drug News(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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  • Tesla Texas Gigafactory’s Massive Size Shown In Scale Comparison

    Tesla Texas Gigafactory's Massive Size Shown In Scale ComparisonWhen Gigafactory Nevada was being constructed, it was planned to be the world's largest building. Now it appears Tesla Inc's (NASDAQ: TSLA) newest factory in Texas will be following that trend.Reddit user u/brandude87 took all of Tesla's current factories with the surrounding land owned by Tesla, and put them on a similar scale to compare the sizes. The massive size of both Gigafactory Nevada and Texas are immediately apparent, whereas Gigafactories in Berlin and Shanghai are much smaller.Photo via u/brandude87Tesla just recently started preparing the land for the construction of Gigafactory Texas.Benzinga's Take: Tesla wants to transition the world to sustainable energy, and building massive factories to create green products is a way to do that quickly. CEO Elon Musk said during the company's second-quarter earnings call that the factory will have a preserved area with walking paths and other natural features, for the general public to enjoy.If Tesla can build this factory as fast as Shanghai, we may be seeing Cybertrucks roll off the line by the end of 2021.See more from Benzinga * Musk Says Tesla Open To Licensing Software, Batteries, Autopilot * Tesla Hiring Battery Production Associates As Battery Day Approaches: Report * Elon Musk Confirms Cybertruck Can Come in Multiple Colors(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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