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Today in the Market (8/21/2023)

Good Evening! On Monday, there was a recovery in the stock market, with the Nasdaq Composite ending its four-day decline and driving Wall Street into positive territory.

The Nasdaq Composite and S&P 500 ended the day in the green by 1.56% & 0.69%, respectively. However, the Dow Jones was the only one down by falling by 0.11%.

ZOOM IS BACK?

Zoom Video Communications Inc. (ZM) has revised its profit and revenue projections for the fiscal year, indicating a favorable outlook for the company’s strategy to diversify its product offerings outside its primary videoconferencing software.

  • Revenue: $1.14 Billion vs. $1.11 Billion Expected
  • Free Cash Flow: $289.4 Million vs. $258.6 Million Expected
  • Earnings Per Share: $1.34 vs. $1.05 Expected

Zoom is positioning itself differently after covid. Investors have expressed concern regarding the lack of growth in Zoom’s previously rapid sales, as the company faces significant competition from significant rivals, including Microsoft Corp. Zoom’s strategy to revive its growth is contingent upon the expansion of its suite of tools tailored for enterprise clients. These tools encompass a range of functionalities, including phone platforms, customer service systems, calendar apps, and chat capabilities. This expansion is driven by the progress made in the field of artificial intelligence as well

Going Forward! Additionally, the firm has revised its revenue projection for the ongoing fiscal year, 2024, and anticipates that the total revenue for the entire year would range between $4.49 billion and $4.5 billion. The revised projection exceeds the estimated value of $4.48 billion.

SURGE IN GAS PRICES...

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The residents of California are currently witnessing a surge in gasoline prices, reaching levels not seen since 2023. This increase can be related to the passage of Tropical Storm Hilary from Southern California, which has caused significant consequences such as flooding, power outages, and various forms of destruction.

How much did it increase? According to AAA, the state of California experienced a significant increase in the average price of gasoline last week, with a rise of $0.11. This surge resulted in the state reaching its highest price level of the year, with gasoline costing $5.26 per gallon. California currently holds the title of being the most expensive state in terms of gasoline prices

However… According to AAA’s data, there was a national increase in prices of $0.02 per gallon for the same period, resulting in a new price of $3.87 per gallon. Based on data provided by the Energy Information Administration (EIA), the average nationwide price for a gallon of normal gasoline surged to $3.96 last week, marking the highest recorded value since October.

Watch out… The price of gasoline in California tends to be higher compared to other regions in the US due to the utilization of a unique mixture that incurs higher production costs. In addition, the state enforces hefty taxes and fines related to efforts aimed at mitigating carbon emissions. However, this time is most likely due to Tropical Storm Hilary, which may potentially lead to an increase in prices in the upcoming week.

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