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US markets fell; Lucid fell 13.77% on production guidance slashed; Target rose 9.9% on Q4 results

  • The Nasdaq fell 1.59% to close Tuesday’s session at 13,532 points.
  • Lucid tumbled 13.77% after the EV maker slashed production guidance for 2022.
  • Target rose 9.9% on Q4 results including 9% sales growth despite supply chain issues.

The US markets returned to negative territory on Tuesday as investors’ grow increasingly concerned over the potential consequences the Russian war with Ukraine will have on global economic recovery post-pandemic.

The Dow Jones fell 1.76% to finish the trading day down 598 points to close at 33,295 points.

The tech heavy NASDAQ fell 1.59% to finish the trading day down 219 points to close at 13,532 points.

One bitcoin is worth US$44,145 going into the Asian trading day.

The Australian dollar is firm against the major currencies and is buying 72.55 US cents.

Lucid shares tumbled 13.77% on Tuesday after the EV-maker reported fourth-quarter results. For the period, Lucid reported a loss of US$0.64/share on revenue of US$26.392m which was below analysts’ expectations and worse than the loss/share in Q3. Lucid blamed ongoing supply chain and logistics challenges for the results and slashed its production guidance for 2022 to only 12,000-14,000 vehicles.

Target shares rose 9.9% on Tuesday after the department store giant posted strong fourth-quarter results. For the period, Target reported a 9% jump in sales despite supply chain constraints, EPS of US$3.19/share on revenue of US$31bn and said projected revenue and EPS growth in the high-single digits for the year ahead.

And Apple is the latest multinational company to halt sales in Russia in response to the country’s invasion and initiation of war with Ukraine.

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