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Stock futures mixed after strong retail sales, Walmart and Home Depot earnings

Stock futures mixed after strong retail sales, Walmart and Home Depot earnings

Stocks gained on Tuesday, with traders digesting key new economic data on the state of the consumer after a couple of major retailers topped quarterly earnings results. 

New monthly retail sales data from the Commerce Department showed better-than-expected consumer spending trends heading into the holiday season. The total value of U.S. retail sales rose by 1.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in October compared to September, topping expectations for a 1.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} rise, according to Bloomberg consensus data. The print was closely watched as an indicator of overall economic strength, given consumption comprises about two-thirds of U.S. economic activity.

Earnings results from retail juggernaut Walmart (WMT) further underscored solid shopping trends among American consumers. The company’s closely watched U.S. comparable same-store sales grew 9.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} over last year in the third quarter, and by 15.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} compared to the same period in 2019, to exceed estimates for growth of 7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, according to Bloomberg consensus data. E-commerce sales also held up and grew by a better-than-expected 8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, compared to the 1.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} rise expected, even as more consumers returned to in-person shopping. 

Home Depot (HD), meanwhile, also posted better-than-expected sales and earnings results as the company continued to see “elevated home improvement demand,” CEO Craig Menear said in Home Depot’s earnings statement. Comparable sales grew 6.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} compared to the 1.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} rise anticipated.

These reports came at the tail end of what has already been an exceptionally strong earnings season. As of Friday, 92{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of S&P 500 companies had reported actual results, and of these, 81{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of them had reported better-than-expected earnings results, according to FactSet.

The slew of better-than-expected corporate profits, coupled with still-accommodative monetary policy support, have helped power stocks to record highs throughout the year, and pushed the S&P 500 up by nearly 25{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} so far in 2021. These factors have also helped investors continue to push through concerns over persistently elevated inflation — though the stickiness of these rising prices remains a closely watched risk for investors. 

“We have a stock market that’s been on an absolute tear despite high inflation,” Michael Darda, MKM Partners chief economist, told Yahoo Finance Live. “That’s not aways been the case historically but it has this time around, and I think for a set of very specific reasons.”

“One is that market interest rates are still extremely low on a historical basis, even though they’re up year-to-date from where they were in January,” he said. “Liquidity levels are high and companies have a lot of pricing power, so profits have been very strong despite those high inflation readings. That doesn’t necessarily mean the market is going to continue to soar on a go-forward basis. I think it’s really going to come down to the future path of market interest rates and how the Fed maneuvers moving forward, because they will be moving into a tightening cycle probably before many forecasters assumed that they would.”

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4:06 p.m. ET: Stocks end higher after retail sales, earnings top estimates: Nasdaq outperforms to gain 0.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

Here were the main moves in markets as of 4:06 p.m. ET:

  • S&P 500 (^GSPC): +18.10 (+0.39{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,700.90

  • Dow (^DJI): +54.77 (+0.15{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 36,142.22

  • Nasdaq (^IXIC): +120.01 (+0.76{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,973.86

  • Crude (CL=F): -$0.10 (-0.12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $80.78 a barrel

  • Gold (GC=F): -$15.40 (-0.83{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,851.20 per ounce

  • 10-year Treasury (^TNX): +1.1 bps to yield 1.6340{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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12:39 p.m. ET: Rivian shares rally for a fifth straight day after IPO 

Rivian’s stock was on track to post a fifth straight day of gains after its upsized initial public offering last week, with investor appetite for the Amazon-backed electric-vehicle startup showing no signs of slowing down.

Shares traded for as much as $169.70 apiece Tuesday afternoon, or nearly 120{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} above their IPO price of $78. This also sent the company’s market capitalization above that of established automaker Volkswagen, the largest car-maker in Europe. 

According to Bloomberg data, the extended rally gave Rivian the title of this year’s best performer in the week following an IPO of at least $1 billion. The title was previously held by financial technology company Affirm Holdings, which advanced by 117{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in its first five sessions. 

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10:15 a.m. ET: U.S. manufacturing production reached highest level since March 2019 despite supply chain disruptions

U.S. manufacturing production surged by 1.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to reach its highest level since early 2019 in October as the goods-producing sector rebounded from impacts related to Hurricane Ida in late summer. 

The increase, which was posted in a monthly report from the Federal Reserve, was biggest than the 0.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} rise expected, and marked a recovery from September’s 0.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} drop in manufacturing production. 

Industrial production, a broader measure that includes output at mine sand utilities, was also up by a greater than expected 1.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in October, or nearly double the 0.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} rise anticipated for the month. 

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9:30 a.m. ET: Stocks open mixed

Here’s where markets were trading shortly after the opening bell:

  • S&P 500 (^GSPC): +0.17 points (+0.00{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,682.97

  • Dow (^DJI): +62.20 (+0.17{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 36,149.65

  • Nasdaq (^IXIC): -23.9 (-0.15{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,829.95

  • Crude (CL=F): -$0.21 (-0.26{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $80.67 a barrel

  • Gold (GC=F): -$3.80 (-0.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,862.80 per ounce

  • 10-year Treasury (^TNX): +0.6 bps to yield 1.627{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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9:20 a.m. ET: Import prices jump in October, adding to inflationary signals

Import prices rose by a greater-than-expected margin in October compared to September, suggesting inflationary pressures were still rippling through the economy. 

The Commerce Department reported Tuesday that import prices rose 1.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} on a monthly basis in October, coming in well above the 0.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} rise for September. This was also above the 1.0{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} increase consensus economists expected for October, according to Bloomberg data.

Energy prices were a major contributor to the headline number, with petroleum costs rising by 8.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} during the month. Excluding petroleum, however, the index of import prices still rose 0.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} during the month, or more than double September’s 0.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} increase. 

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8:39 a.m. ET: Retail sales exceed estimates, rising by 1.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} vs. 1.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} estimate

U.S. retail sales exceeded expectations in October and rose for a third straight month, showing the U.S. consumer was already spending at a strong clip heading into the holiday shopping season.

The Commerce Department said Tuesday that retail sales grew by 1.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} month-on-month in October, topping estimates for 1.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, according to Bloomberg consensus data. In September, retail sales had risen by 0.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, with this figure upwardly revised from the 0.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} uptick previously reported.

So-called “non-store retailers” posted the largest percent increase in sales in October. This category, which captures e-commerce sales, saw a 4.0{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} monthly rise in sales. This was followed by gasoline station sales with a rise of 3.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} and electronics and appliance stores with a gain of 3.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. 

Some of the categories associated with the reopening saw sales momentum slow, however. Food service and drinking places sales were flat during the month, and clothing and clothing accessory store sales turned negative to drop by 0.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. 

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7:25 a.m. ET Tuesday: Stock futures rise ahead of retail sales, and as Walmart and Home Depot top estimates

Here’s where markets were trading ahead of the opening bell: 

  • S&P 500 futures (ES=F): +3 points (+0.06{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,682.00

  • Dow futures (YM=F): +64 points (+0.18{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 36,073.00

  • Nasdaq futures (NQ=F): +9.5 points (+0.06{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,197.25

  • Crude (CL=F): +$0.39 (+0.48{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $81.27 a barrel

  • Gold (GC=F): +$8.50 (+0.46{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,875.10 per ounce

  • 10-year Treasury (^TNX): -0.1 bps to yield 1.611{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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6:15 p.m. ET Monday: Stock futures edge higher as the overnight session kicks off

Here’s where markets were trading Monday evening:

  • S&P 500 futures (ES=F): +1.75 points (+0.04{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,680.75

  • Dow futures (YM=F): +16 points (+0.04{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 36,025.00

  • Nasdaq futures (NQ=F): +6.5 points (+0.04{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,194.25

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 12, 2021. REUTERS/Brendan McDermid

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 12, 2021. REUTERS/Brendan McDermid

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Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter

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Stock futures open mixed to hover below records

Stock futures open mixed to hover below records

Stock futures traded mixed Tuesday evening as buyers awaited another established of corporate earnings final results out Wednesday early morning. 

Contracts on the S&P 500 were being somewhat larger. The index experienced shut out Tuesday’s session bigger, led by a increase in technological innovation stocks, which also pull the Nasdaq increased to outperform towards the other two big indexes. Tesla (TSLA) shares steadied in late investing following jumping 4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for their initial increase in 4 sessions. Peloton (PTON) shares had surged by nearly 16{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} all through the session in its best day given that Might 2020, soon after the firm declared a secondary stock supplying that would internet far more than $1 billion. 

Better-than-expected economic facts, with retail gross sales escalating by the most considering that March in October, and sturdy earnings outcomes from key companies together with Walmart (WMT) and House Depot (High definition) assisted gasoline the broader markets’ most current leg larger. Earnings outcomes from the upcoming batch of merchants like Target (TGT) and Lowe’s (Low) are due for launch Wednesday early morning. 

The upbeat details aided investors at the very least temporarily glance outside of concerns around nonetheless-elevated inflation. And indeed, some of the progress in retail income — which are reportedly nominally in the Commerce Department’s month-to-month reports — possible stemmed from mounting prices. Walmart executives through their earnings simply call Tuesday early morning also observed that they have been “seeing inflationary price pressures in some locations” but were being performing with suppliers to “handle margins properly.” 

Irrespective of these inflationary issues and the possible impacts of growing price ranges on corporate profits and paying, shares have hovered in close proximity to document highs. The S&P 500 was within just .5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of its all-time intraday higher by Tuesday’s shut. And according to some strategists, these moves suggest marketplaces may well be warming to the notion that inflationary pressures will eventually moderate below present-day levels. 

“The marketplaces typically are seeking at it benignly – they are not discounting some for a longer time-time period inflation of far more than, let us say, 2.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a},” Steven Wieting, Citi World wide Prosperity chief financial commitment strategist, informed Yahoo Finance Reside. “You can see this in the pricing out on the yield curve of Treasuries. You can see this in the composition of the current market with advancement stocks not actually staying crushed down by any concerns about some lurch increased, tightening of monetary plan. We think that story is mostly correct – it’s benign for marketplaces. It does not signify we get to repeat the returns the previous yr, having said that.”

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6:15 p.m. ET Tuesday: Stock futures open up mixed 

Here is the place marketplaces have been buying and selling Tuesday evening:

  • S&P 500 futures (ES=F): +.75 details (+.02{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,696.75

  • Dow futures (YM=F): +14 factors (+.04{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 36,075.00

  • Nasdaq futures (NQ=F): -4.75 details (-.03{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,296.50

NEW YORK, NEW YORK - NOVEMBER 15: Traders work on the floor of the New York Stock Exchange (NYSE) on November 15, 2021 in New York City. Following positive economic news out of China, stocks were up in morning trading on Monday with investors looking at retail sales and earnings results out from major U.S. companies later this week. (Photo by Spencer Platt/Getty Images)

NEW YORK, NEW YORK – NOVEMBER 15: Traders get the job done on the floor of the New York Inventory Exchange (NYSE) on November 15, 2021 in New York Metropolis. Subsequent good financial news out of China, stocks have been up in morning buying and selling on Monday with traders searching at retail revenue and earnings results out from main U.S. firms later on this 7 days. (Image by Spencer Platt/Getty Illustrations or photos)

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Emily McCormick is a reporter for Yahoo Finance. Abide by her on Twitter

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Oatly ‘leaving revenue on the table’ amid supply crunch: analyst

Oatly ‘leaving revenue on the table’ amid supply crunch: analyst

Oatly (OTLY) shares are tanking after the oat-milk producer skipped revenue expectations for its most current quarter and slashed its product sales direction. 

The final results were being “disappointing, but also transitory,” Cowen senior analyst Brian Holland advised Yahoo Finance Live. 

Income came in at $171.1 million in the 3rd quarter, missing consensus expectations of $185.7 million, based on Bloomberg information.

The organization forecasts profits will come in at far more than $635 million for the calendar year, a downward revision from its earlier forecast for more than $690 million.

“They guided down … I assume resetting anticipations is heading to assist below in the in the vicinity of expression. We’re heading to reset here right after this quarter,” reported Holland. 

“The capacity dynamic— which is a little something that is ongoing. With each individual passing quarter that they can reveal that they are equipped to add capability as promised, will assist the inventory.”

“On the charge side I feel which is heading to be with us for the upcoming 6-12 months, and that’s not just an Oatly problem. That is across the market,” said Holland.

Supply-chain concerns which include increased logistics and better container premiums, as perfectly as virus-related disruptions in Asia impacted the company’s results. 

“In EMEA, we are starting to create source to meet up with shopper demand from customers, but the tempo at which we expected to improve profits in new and present stores and to open up new markets is slower than we expected as we navigate a dynamic COVID operating natural environment,” Oatly said in its earnings report. 

CHICAGO, ILLINOIS - MAY 20: Oatly oat milk and chocolate oat milk are shown on May 20, 2021 in Chicago, Illinois. Oatly began trading on the Nasdaq today after listing its initial public offering at $17-per-share, giving the company an implied valuation of $10 billion. (Photo Illustration by Scott Olson/Getty Images)

CHICAGO, ILLINOIS – May well 20: Oatly oat milk and chocolate oat milk are revealed on Could 20, 2021 in Chicago, Illinois. Oatly started buying and selling on the Nasdaq right now soon after listing its first public offering at $17-for every-share, offering the organization an implied valuation of $10 billion. (Photograph Illustration by Scott Olson/Getty Pictures)

“We consider this is largely a timing difficulty and in the initial fifty percent of 2022, we count on to have an greater share of shelf space at retail given our sturdy velocities and present provide degrees.”

“In the Americas, we are happy with the weekly output output enhancements at our Ogden, Utah facility to-day in the fourth quarter, as we navigate a challenging provide chain setting,” the company included. 

Holland notes the firm’s prime line will boost as source difficulties ease.

“Oatly is leaving revenue on the desk with their inability to provide,” stated Holland. “As that improves— and once again — these are the transitory difficulties. You’d much relatively be in this predicament ideal now where this is a source problem somewhat than a need difficulty.”

Oatly went community in Could. On Monday, shares have been buying and selling as substantially as 46{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} under their IPO price tag of $17 every.

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Stocks advance, J&J shares gain after breakup announcement

Stocks advance, J&J shares gain after breakup announcement

Stocks advanced Friday after a mixed session in the markets, with both earnings and inflation data remaining at the center of investor attention.

The S&P 500 gained, and both the Dow and Nasdaq also closed out Friday’s session in the green after a volatile trading week. Shares of Dow component Johnson & Johnson (JNJ) rose after the company said it was planning to break up into two separate companies focused on consumer health products and pharmaceuticals, respectively, in a move echoing a similar breakup announcement by General Electric (GE) earlier this week. 

As of Friday’s close, however, the S&P 500 ended the week marginally lower after five straight weeks of gains. But after weeks of advances, it still remained just slightly below all-time highs. 

“We’ve got a market that is just incredible. No matter what it’s going up, and that shouldn’t be much a surprise given how much money has been pushed into the system,” Lenore Hawkins, Tematica Research chief macro strategist, told Yahoo Finance Live. “There’s just a lot of money chasing not a whole lot of alternatives.” 

That said, a hotter-than-expected inflation print earlier this week was one key concern for investors, and reinforced that elevated price pressures were not as fleeting as many had initially expected during the recovery. Consumer prices rose at their fastest clip in 31 years in October, or by a marked 6.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} versus the same month last year, to accelerate from September’s already lofty 5.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} year-on-year rise.

The rise in prices carries implications both for corporations— many of which have had to try and pass on rising prices to end consumers to preserve margins — and for the Federal Reserve. Market pricing currently suggests the Federal Reserve will step in by mid-next year to raise interest rates to try and temper the broadening inflationary trends. 

Still, many economists have reaffirmed that the inflationary pressures will eventually ease, albeit while likely settling at a higher level than had been present before the pandemic. 

“Inflation should moderate. We’re talking about settling at 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, 2.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} over the course of the next 12 months,” Gabriela Santos, JPMorgan Asset Management global market strategist, told Yahoo Finance Live. “So we’re still talking about real wage gains, and that’s extremely supportive certainly of people’s livelihoods, but also of consumption and hence the economy overall.”

“We do expect a big re-acceleration in growth starting this quarter and throughout next year, [and] 5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} average growth just over the next three quarters,” she added. “So we would characterize this not as stagflation, but as reflation. And that difference is, reflation is actually quite good for earnings growth and quite good for the stock market, especially cyclical sectors.” 

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4:02 p.m. ET: Stocks end higher, though S&P 500 posts first weekly loss in six weeks

Here’s where the major stock indexes closed out Friday’s session: 

  • S&P 500 (^GSPC): 4,682.84, +33.57 points (+0.72{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})

  • Dow (^DJI): 36,100.31, +179.08 points (+0.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})

  • Nasdaq (^IXIC): 15,860.96, +156.68 points (+1.00{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})

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12:38 p.m. ET: SEC rejects VanEck Bitcoin ETF

The U.S. Securities and Exchange Commission on Friday said it rejected an exchange-traded fund from VanEck that would have tracked bitcoin spot prices directly. This would have stood in contrast to the the ProShares Bitcoin Strategy ETF (BITO), which was approved and which only tracks bitcoin futures rather than prices directly.  

According to a filing, the SEC concluded that the fund did not meet requirements necessitating that the fund be “‘designed to prevent fraudulent and manipulative acts and practices’ and ‘to protect investors and the public interest.'” 

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10:20 a.m. ET: Consumer confidence drops to 10-year low

Inflation concerns are hitting consumers. 

The University of Michigan’s preliminary sentiment index decreased to 66.8 from 71.7 in October, data released Friday showed. The November figure trailed all projections in a Bloomberg survey of economists which called for an increase to 72.5. Consumers expect inflation to rise 4.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} over the next year, the highest since 2008, the report showed. They expect prices will rise 2.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} over the next five to 10 years, unchanged from the previous month.

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10:00 a.m. ET: Job openings take a dip

Job openings, a measure of labor demand slipped to 10.4 million on the last day of September, the Labor Department said in its monthly Job Openings and Labor Turnover Survey, or JOLTS report, on Friday, down from an upwardly revised 10.6 million in August. Economists had expected 10.3 million, according to Bloomberg consensus estimates. Quits increased by 164,000 to 4.4 million, a record high.

—

9:30 a.m. ET: Stocks open higher after whipsaw week

Here’s where markets were trading at the open bell:

  • S&P 500 (^GSPC): 4,653.65 +4.38 (+0.09{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})

  • Dow (^DJI): 35,974.97, +53.74 (+0.15{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})

  • Nasdaq (^IXIC): 15,727.90, +23.62 (+0.15{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})

—

7:50 a.m. ET: Stock futures point to a higher open

Here’s where markets were trading Friday morning: 

  • S&P 500 futures (ES=F): +9.25 points (+0.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,652.25

  • Dow futures (YM=F): +94 points (+0.26{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,923.00

  • Nasdaq futures (NQ=F): +39.00 points (+0.24{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,061.75

  • Crude (CL=F): -$1,53 (-1.88{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $80.06 a barrel

  • Gold (GC=F): -$8.50 (-0.46{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,855.40 per ounce

  • 10-year Treasury (^TNX): +1.4 bps to yield 1.572{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

6:11 p.m. ET Thursday: Stock futures advance

Here’s where markets were trading Thursday evening:

  • S&P 500 futures (ES=F): +4.5 points (+0.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,647.50

  • Dow futures (YM=F): +41 points (+0.11{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,870.00

  • Nasdaq futures (NQ=F): +19.5 points (+0.12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,042.25

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2021. REUTERS/Brendan McDermid

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2021. REUTERS/Brendan McDermid

—

Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter

Posted on

Stocks fall after hotter-than-expected inflation data

Stocks fall after hotter-than-expected inflation data

Stocks extended losses on Wednesday, retreating from this week’s record highs with investors fixing their attention on a key inflation report that showed a greater-than-expected jump in consumer prices last month. 

The S&P 500 Index is coming off its first session of losses following eight straight days of gains, with the Dow and Nasdaq each also pulling back from record-setting runs.

One of the most closely watched reports Wednesday morning was the Labor Department’s Consumer Price Index (CPI) for October, which counterbalanced strong jobless claims that sank to their lowest of the COVID-19 era.

Consumer prices soared 6.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in October compared to last year, accelerating from September’s 5.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} year-over-year rate. This was a bigger jump than the 5.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} rise anticipated, based on Bloomberg consensus data. And it represented the fastest annual rise in consumer inflation since 1990. 

The staying power and magnitude of inflationary pressures has become a critical question for market participants, with companies across industries reporting rising input costs and price hikes in order to pass on these expenses and preserve margins. While third-quarter earnings results have showed that S&P 500 companies have largely been able to navigate these cost pressures, the possibility remains that lasting inflation could exert a greater impact, especially if consumers ultimately prove unwilling to pay higher prices. 

“That’s going to be one of the big things going forward, to see whether or not that consumer sentiment can bounce back, whether consumers will be resilient in the face of these price pressures, or whether they’ll start to pull back a bit and decide they’re going to hold off on spending and wait to see when prices come down or at least stabilize before they spend more in the new year,” Yung-Yu Ma, BMO Wealth Management’s chief investment strategist, told Yahoo Finance. 

“So that remains to be seen, and that is a big question mark as we go into 2022,” Ma added. 

Inflation data so far has reflected still-elevated pressures in the recovering economy, even as Federal Reserve officials maintained that the supply-related factors creating these heightened costs would eventually wane. Tuesday’s Producer Price Index from the Bureau of Labor Statistics showed that prices paid to producers jumped by a marked 8.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in October compared to last year, representing the fastest rise in data extending back to 2010. And last week’s October jobs report showed average hourly earnings jumped 4.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} last month compared to the same period last year, accelerating from September’s 4.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} annual rise. 

Meanwhile, a bevy of companies will report quarterly earnings results, including Disney (DIS), Bumble (BMBL), Wish (WISH) and Beyond Meat (BYND) after market close. 

—

4:03 p.m. ET: Tech shares lead stock drop after hotter-than-expected inflation print; Nasdaq posts worst day since early Oct.

Here were the main moves in markets as of 4:03 p.m. ET:

  • S&P 500 (^GSPC): -38.55 (-0.82{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,646.70

  • Dow (^DJI): -240.04 (-0.66{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 36,079.94

  • Nasdaq (^IXIC): -263.84 (-1.66{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,622.71

  • Crude (CL=F): -$2.87 (-3.41{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $81.28 a barrel

  • Gold (GC=F): +$22.30 (+1.22{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,853.10 per ounce

  • 10-year Treasury (^TNX): +12.8 bps to yield 1.5600{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

12:17 p.m. ET: Amazon-backed Rivian shares to begin trading after $11.9 billion IPO

Electric-vehicle maker Rivian, backed by companies including Amazon and Ford, is set to see shares begin trading publicly on Wednesday after an upsized initial public offering. The company priced its IPO at $78 per share late Tuesday to raise $11.9 billion, in the sixth largest IPO ever on a U.S. exchange, according to Bloomberg data. 

Investors are already bidding up the stock price further. As of Wednesday afternoon, the stock was indicated to open at $111 apiece, marking a jump from its IPO pricing. The price discovery process was still under way as of 12:17 p.m. ET. 

Rivian has yet to begin delivering its vehicles at scale, and it is expected to produce just 1,200 units by. the end of this year at its flagship plant in Illinois. It expects annual production to hit 150,000 vehicles at this facility by the end of 2023. Amazon has a contract with Rivian to be provided with 100,000 of its vehicles by 2024. 

The company remains unprofitable, however, and its net loss came in at $994 million in the first six months of 2021, compared with a loss of $377 million in the same period in 2020. 

—

12:08 p.m. ET: Biden says reversing elevated inflation is a ‘top priority’

President Joe Biden said on Wednesday that he was committed to combatting rising prices, after new data showed consumer prices rose at their fastest pace in more than three decades.

“Inflation hurts Americans’ pocketbooks, and reversing this trend is a top priority for me,” Biden said in a statement following the Bureau of Labor Statistics’ October Consumer Price Index. 

“The largest share of the increase in prices in this report is due to rising energy costs—and in the few days since the data for this report were collected, the price of natural gas has fallen,” Biden added. “I have directed my National Economic Council to pursue means to try to further reduce these costs, and have asked the Federal Trade Commission to strike back at any market manipulation or price gouging in this sector.”

He noted that other price increase reflected the “ongoing struggle to restore smooth operations in the economy” as supply chain snarls continue to weigh on corporate America. He noted he believed his more than $1 trillion infrastructure plan, which passed the House late last week, would help address these concerns. 

—

9:30 a.m. ET: Wall Street opens on a down note

Here were the main moves in markets as of 9:30 a.m. ET:

  • S&P 500 (^GSPC): 4,669.29, -15.96 (-0.34{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})

  • Dow (^DJI): 36,305.21, -14.77(-0.04{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})

  • Nasdaq (^IXIC): 15,720.30, -166.25 (-1.05{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})

  • Crude (CL=F): $83.91 per barel, -$0.24 (-0.29{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})

  • Gold (GC=F): $1,857.30 per ounce, +$26.50 (+1.45{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})

  • 10-year Treasury (^TNX): +0.43 bps to yield 1.4760{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

8:41 a.m. ET: Consumer Price Index posts biggest annual rise since 1990

The Consumer Price Index (CPI) jumped by a much bigger-than-expected margin in October compared to. last month and last year, with inflationary pressures continuing to weigh on the recovering economy.

The CPI rose 0.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in October over September, the Bureau of Labor Statistics said Wednesday, accelerating from September’s 0.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} monthly rise. Consensus economists were looking for a just 0.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} month-on-month increase in October, according to Bloomberg data. 

Over last year, the broadest measure of CPI jumped 6.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, or by the most since 1990. 

Energy was a major contributor to the headline jump in CPI, with energy prices up 4.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} month-on-month, and fuel oil prices alone up 12.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. Groceries also became more expensive, with food at home prices rising by 1.0{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. Used car and truck prices rose 2.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to reverse course after back-to-back months of price drops. The Bureau of Labor Statistics noted that airline fares and alcoholic beverages were two of the only categories to post price declines during the month. 

Even excluding more volatile food and energy prices, consumer prices accelerated markedly last month. This so-called core measure of CPI was up 0.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} on a month-over-month in October, or three times September’s 0.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} rise. And over last year, the core CPI rose 4.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, or by the most since 1991. 

—

7:50 a.m. ET: Stock futures point to a lower open ahead of CPI data

Here’s where markets were trading Wednesday morning: 

  • S&P 500 futures (ES=F): -12.5 points (-0.27{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,665.75 

  • Dow futures (YM=F): -57 points (-0.16{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 36,152.00

  • Nasdaq futures (NQ=F): -82.75 points (-0.51{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,130.00

  • Crude (CL=F): -$0.46 (-0.55{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $83.69 a barrel

  • Gold (GC=F): -$3.30 (-0.18{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,827.50 per ounce

  • 10-year Treasury (^TNX): +2.5 bps to yield 1.474{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

6:02 p.m. ET Tuesday: Stock futures drift lower ahead of inflation data

Here’s where markets were trading Tuesday evening:

  • S&P 500 futures (ES=F): -3.75 points (-0.08{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,674.50

  • Dow futures (YM=F): -33 points (-0.09{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 36,176.00

  • Nasdaq futures (NQ=F): -16.5 points (-0.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,196.25

NEW YORK, NEW YORK - SEPTEMBER 30: Traders work on the floor of the New York Stock Exchange (NYSE) on September 30, 2021 in New York City. In afternoon trading the Dow was down over 250 points as investors continue to worry about inflation, wages and supply chain issues. (Photo by Spencer Platt/Getty Images)

NEW YORK, NEW YORK – SEPTEMBER 30: Traders work on the floor of the New York Stock Exchange (NYSE) on September 30, 2021 in New York City. In afternoon trading the Dow was down over 250 points as investors continue to worry about inflation, wages and supply chain issues. (Photo by Spencer Platt/Getty Images)

—

Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter

Posted on

Zomedica Announces Third Quarter 2021 Financial Results

Zomedica Announces Third Quarter 2021 Financial Results

ANN ARBOR, MI / ACCESSWIRE / November 12, 2021 / Zomedica Corp. (NYSE American:ZOM) (“Zomedica” or “Company”), a veterinary health company creating point-of-care diagnostics products for dogs and cats, today reported consolidated financial results for the three and nine months ended September 30, 2021. Amounts, unless specified otherwise, are expressed in U.S. dollars and presented under accounting principles generally accepted in the United States of America (“U.S. GAAP”). Third quarter results do not include operations of PulseVet which were acquired on October 1, 2021.

Larry Heaton, Chief Executive Officer of Zomedica, stated that, “During the third quarter the team at Zomedica continued building the installed base of TRUFORMA® instruments through our Customer Appreciation Program (CAP), which provides select customers with an instrument at no charge as long as they agree to purchase assay cartridges. Customer response to this program has been encouraging, with 144 customers enrolled to date, and we plan to continue offering it through the end of the year. We expect revenue from these CAP program customers to build sequentially as they utilize cartridges currently available, and new ones as they are released to market. We continue to work with our partner, Qorvo Biotechnologies, to develop new assays for the TRUFORMA® instrument and expect to release several new assays to market in 2022.

Mr. Heaton continued, “Business development was an important focus of the Zomedica team during the third quarter, which led to the culmination of Zomedica’s first acquisition on October 1, 2021, when Pulse Veterinary Technologies (“PulseVet”) became a Zomedica Company. We’re excited about the opportunities to combine the sales and marketing efforts of the respective companies to broaden the introduction of PulseVet’s market-leading shock-wave therapy to the small animal market and the potential future opportunity to introduce TRUFORMA® technology into the equine market.”

“The third quarter reflected Zomedica’s dual approach to realizing growth – building the installed base of TRUFORMA® technology to produce organic growth, and active business development efforts through strategic investments to expand our product offerings, technologies and product development efforts. During the balance of the year, we’re continuing this strategy as we expand the sales and marketing teams and provide the training needed to effectively sell into the animal health marketplace.”

Summary Third Quarter 2021 Results

Zomedica recorded net loss and comprehensive loss for the three and nine months ended September 30, 2021 of approximately $6.3 million, or $0.01 per share, and approximately $15.1 million, or $0.05 per share, respectively, compared to a net loss and comprehensive loss of approximately $5.0 million, or $0.01 per share, and approximately $12.7 million, or $0.04 per share, for the three and nine months ended September 30, 2020.

Revenue for the three and nine months ended September 30, 2021 was $22,514 and $52,331, respectively, and resulted from the sale of our TRUFORMA® products and associated warranties. We commenced commercialization of TRUFORMA® on March 15, 2021 and accordingly have had only limited sales activity in the first three quarters of 2021.

Cost of revenue for the three and nine months ended September 30, 2021 was $17,899 and $59,433, respectively. As noted above, commercialization of TRUFORMA® commenced on March 15, 2021. We expect that cost of revenue will increase as we sell additional products in subsequent periods, inclusive of costs associated with PulseVet’s operations.

Research and development expense for the three and nine months ended September 30, 2021 was approximately $0.3 million and approximately $1.0 million, respectively, compared to approximately $2.7 million and $7.2 million for the three and nine months ended September 30, 2020, respectively, representing a decrease of approximately $2.4 million, or 89{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, over the prior three-month period and a decrease of approximately $6.2 million, or 86{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, for the prior nine-month period. The decrease in both periods was a result of an overall reduction in research and development costs related to TRUFORMA® as we completed development of the instrument and three of the first five assays and began transitioning to commercialization activities.

Selling, general and administrative expense for the three months ended September 30, 2021 was approximately $6.1 million, compared to approximately $2.3 million for the three months ended September 30, 2020, an increase of approximately $3.8 million, or 166{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. The increase primarily was due to an increase in share-based compensation expense, which was approximately $1.5 million for the three months ended September 30, 2021, compared to approximately $0.2 million for the comparable period in 2020. Other significant increases include professional fees of approximately $2.1 million relating to the PulseVet acquisition and increased fees associated with SEC compliance requirements, and salaries for administrative and sales personnel of approximately $0.4 million.

Selling, general and administrative expense for the nine months ended September 30, 2021 was approximately $14.6 million, compared to approximately $5.4 million for the nine months ended September 30, 2020, an increase of approximately $9.2 million, or 169{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. The increase primarily was due to an increase in share-based compensation expense, which was approximately $4.5 million for the nine months ended September 30, 2021, compared to approximately $0.5 million for the comparable period in 2020, as a result of stock option grants made during the first quarter of 2021. Other significant increases include professional fees of approximately $2.9 million, related primarily to the PulseVet acquisition, and the exchange of our Series 1 preferred stock, as well as increased fees associated with filings compliance requirements, salaries of approximately $1.1 million, regulatory fees incurred for the annual shareholders meeting of approximately $0.8 million largely as a result of administrative costs related to increases in the shareholder base, marketing, travel and office expense of approximately $0.3 million, and contracted expenditures of approximately $0.1 million.

Liquidity and Outstanding Share Capital

Zomedica had cash and cash equivalents of approximately $271.4 million as of September 30, 2021, compared to approximately $52 as of September 30, 2020. The increase in cash is mainly a result of the cash flows from financing activities, partially offset by cash flows used in operating and investing activities as discussed below. After giving effect to the acquisition of PulseVet, Zomedica had pro forma cash and cash equivalents of approximately $199.5 million as of September 30, 2021.As of September 30, 2021, Zomedica had shareholders’ equity of approximately $271.6 million.

Net cash used in operating activities for the nine months ended September 30, 2021 was approximately $9.4 million, compared to approximately $15.6 million for the nine months ended September 30, 2020, a decrease of approximately $4.2 million, or 40{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. The reduction in net cash used in operating activities resulted primarily from a $4.5 million non-cash stock compensation expense in the 2021 period, approximately $0.5 million in gains recognized on extinguishment of debt, a loss on disposal of property of $0.2 million, and an increase in accounts payable in the 2021 period of approximately $3.2 million. These amounts were offset in part by an increase in inventory purchases of approximately $1.9 million. Other non-cash activity in the 2021 period included amortization and depreciation of approximately $0.3 million.

Net cash used in investing activities for the nine months ended September 30, 2021 was approximately $0.3 million, compared to net cash provided of approximately $1.0 million for the nine months ended September 30, 2020, an increase in net cash used of approximately $1.3 million, or 134{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. The increase in net cash used in investing activities resulted from the receipt of cash from the modification of our lease in the first half of 2020, compared to investments of intangible and other property and equipment in the current period.

Net cash from financing activities for the nine months ended September 30, 2021 was approximately $219.1 million, compared to approximately $64.1 million for the nine months ended September 30, 2020, an increase of approximately $155.1 million, or 242{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. The increase resulted primarily from the sale of our equity securities in 2021 for total gross proceeds of approximately $199.5 million, cash received of approximately $32.1 million from warrant exercises, and cash received of approximately $1.4 million from stock option exercises, offset by stock issuance costs of approximately $14.3 million.

As of September 30, 2021, Zomedica had an unlimited number of authorized common shares with 979,738,168 common shares issued and outstanding.

As of November 12, 2021, Zomedica had 979,894,668 common shares issued and outstanding.

For complete financial results, please see Zomedica’s filings on EDGAR and SEDAR or visit the Zomedica website at www.ZOMEDICA.com.

About Zomedica

Based in Ann Arbor, Michigan, Zomedica (NYSE American: ZOM) is a veterinary health company creating products for companion animals by focusing on the unmet needs of clinical veterinarians. Zomedica’s product portfolio will include innovative diagnostics and medical devices that emphasize patient health and practice health. It is Zomedica’s mission to provide veterinarians the opportunity to increase productivity and grow revenue while better serving the animals in their care. For more information, visit www.ZOMEDICA.com.

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Reader Advisory

Except for statements of historical fact, this news release contains certain “forward-looking information” or “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur and include statements relating to our expectations regarding future results. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

Forward-looking information is based on the opinions and estimates of management at the date

the statements are made, including assumptions with respect to American economic growth, demand for the Company’s products, the Company’s ability to produce and sell its products, our ability to successfully integrate and operate the PulseVet business, the sufficiency of our budgeted capital and operating expenditures, the cost, adequacy and availability of supplies required for our operations, the satisfaction by our strategic partners of their obligations under our commercial agreements, our ability to realize upon our business plans and cost control efforts and the impact of COVID-19 on our business, results, and financial condition.

Our forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: uncertainty as to whether our strategies and business plans will yield the expected benefits; uncertainty as to the timing and results of development work and verification and validation studies; uncertainty as to the timing and results of commercialization efforts, as well as the cost of commercialization efforts, including the cost to develop an internal sales force and manage our growth; uncertainty as to our ability to successfully integrate and operate the Pulse Vet business, uncertainty as to our ability to supply equipment and assays in response to customer demand; uncertainty regarding the cost, adequacy and availability of supplies required for our operations; uncertainty as to the likelihood and timing of any required regulatory approvals, and the availability and cost of capital; the ability to identify and develop and achieve commercial success for new products and technologies; veterinary acceptance of our products; competition from related products; the level of expenditures necessary to maintain and improve

the quality of products and services; changes in technology and changes in laws and regulations; our ability to secure and maintain strategic relationships; performance by our strategic partners of their obligations under our commercial agreements, including product manufacturing obligations: risks pertaining to permits and licensing, intellectual property infringement risks, risks relating to any required clinical trials and regulatory approvals, risks relating to the safety and efficacy of our products, the use of our products, intellectual property protection, risks related to the COVID-19 pandemic and its impact upon our business operations generally, including our ability to develop and commercialize our products, and the other risk factors disclosed in our filings with the SEC and under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

Investor Relations Contacts
PCG Advisory Group
Kirin Smith, President ksmith@pcgadvisory.com
+1.646.823.8656

SOURCE: Zomedica Corp.

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