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The Dow Jones Industrial Average scored 200 points on Thursday ahead of a possible second round of ceasefire talks between Russia and Ukraine and additional testimony from Fed chief Jerome Powell to Congress. Government bond yields rose quietly as US oil prices briefly rose above $ 116 a barrel before earnings fell.

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After Wednesday, snowflake (SNOW) and Clean storage (PSTG) were among the companies reporting their quarterly results. Shares of SNOW fell 14% early on Thursday, while shares of Pure Storage jumped 14% in morning trading. in the meantime, Best buy (BBY) rose 5% on results early Thursday while Kroger (KR) jumped more than 7% in morning trading.

Among the leaders of the Dow Jones, Apple (AAPL) increased by 1% and Microsoft (MSFT) traded 0.5% on today’s stock market. UnitedHealth (UNH), a Dow Jones stock you should watch, is approaching a new buying point.

Intel (INTC) fell 1.5% at the start of trading after Morgan Stanley’s rating was downgraded. Leader of electric vehicles Tesla (TSLA) inches lower on Thursday.

Against the backdrop of a volatile market driven by titles, Commercial metals (CMC), Northern oil and gas (NOG), Palo Alto nets (PANW) and Specialty Ryan (RYAN) are among the best promotions to watch on Thursday. Keep in mind that the current conditions of the stock market must keep investors in cash and on the sidelines.

Microsoft and Tesla are shares of IBD Leaderboard. Commercial Metals was introduced in the stock column near the buying area this week. Ryan Specialty is the leader of the IPO.

Dow Jones today: head of the Fed Powell, Russian invasion

Following the opening of the market on Thursday, the Dow Jones traded 0.6%, while the S&P 500 rose 0.55%. Nasdaq rose 0.5% in morning trading. Among the stock traded funds, the Tracker Nasdaq 100 Invesco QQQ Trust (QQQ) rose 0.5% and the SPDR S&P 500 ETF (SPY) added 0.6% after opening on Thursday.

Yields on 10-year government bonds rose to 1.88% on Thursday morning. On Wednesday, the yield on 10-year bonds rose again above 1.86%. On February 15, the yield on 10-year government bonds peaked at over 2.06% – its highest level since August 2019. Meanwhile, US oil prices fell to about 3% on Thursday. West Texas Intermediate crude briefly traded above $ 116 a barrel before cutting profits.

Federal Reserve Chief Jerome Powell will testify before Congress for the second day in a row on Thursday at 10 a.m. ET. Commenting on Wednesday, Powell said: “We will use our political instruments, as appropriate, to prevent higher inflation, while promoting sustainable expansion and a strong labor market. We have gradually discontinued our net asset purchases. With inflation well above 2% and a strong labor market, we expect it to be appropriate to raise the target range for federal interest rates at our meeting later this month. “

In Ukraine, Russian forces overcame the city of Kherson, becoming the first regional capital to come under Russian occupation since the beginning of the invasion. Authorities in Ukraine have agreed to a second round of ceasefire talks scheduled for Thursday. The two sides held an earlier round of talks Monday.

Unemployment claims fell to 215,000 for the first time, better than Econoday’s expectations of 232,000 applications.

Attempt to rally the stock market

The stock market was strong on Wednesday as major stock indexes rose sharply. Thursday will be Day 6 of the ongoing rally experience, which means that the next day – a signal for the start of a new uptrend – is possible at any time. Against the background of the current instability, it is important to read and follow the IBD’s Big Picture column.

The Big Picture on Wednesday commented: “There were strong gains in all indices, with high enough jumps to justify the next day. The fly in the ointment was the volume that was lower both on the Nasdaq and, according to early data, also on The New York Stock Exchange. This missing vital ingredient means it doesn’t qualify as a rally confirmation. “

If you are new to IBD, consider looking at its stock trading system and the basics of CAN SLIM. Recognition of chart patterns is one of the keys to investment guidelines. IBD offers a wide range of lists of growth stocks, such as Leaderboard and SwingTrader.

Investors can also create watch lists, find companies approaching a point of purchase, or develop custom screens at IBD MarketSmith.

Four Dow Jones stocks to watch now

Dow Jones shares to monitor: UnitedHealth

UnitedHealth is building a double-bottom base that offers a 501.03 purchase point. Shares ended Wednesday above their 50-day moving average after rising 1.9%. Shares of UNH traded up 0.8% early Thursday.

The upward line of the relative strength of the shares is just at new highs, which shows a significant superiority in the stock market.

Four stocks with the highest growth to see this yearrent. Stock market adjustment

Watching Shares: Commercial Metals, Northern Oil, Palo Alto, Ryan Specialty

Texas-based Commercial Metals, a manufacturer of metal products for the construction industry, is trying to surpass the buying point of 38.82 in consolidation. The shares are about 1% above the entrance, as the shares regained their entry on Wednesday. The purchase area of ​​5% increases to 40.76. The CMC availability shows 98 of the perfect 99 IBD Composite Rating, to check the IBD Stock. Shares of CMC rose 1.5% on Thursday morning.

Northern Oil & Gas is still in the buying range after buying a cup with a handle of 25.57, according to an analysis of the IBD MarketSmith chart, after an increase of 1.75% on Wednesday. Shares of NOG fell more than 2% on Thursday.

Cybersecurity leader Palo Alto Networks continues to hold more than 572.77 points to buy a consolidation after gaining 0.9% on Wednesday. The buying area of ​​5% reaches 601.41. The RS line reached a new peak on the day of the breakthrough. Last week, the company reported strong profits and sales. Shares of Palo Alto rose nearly 1% in early Thursday.

IPO leader Ryan Specialty is again trying to surpass the buy point of 40.65 with a double bottom with a handle, as IPO shares rose nearly 5% on Wednesday. Shares of RYAN were slightly higher on Thursday morning.

Join IBD experts as they analyze leading stocks in the current IBD Live stock market adjustment

Tesla shares

Shares of Tesla fell on Thursday morning, threatening to return part of the profit of 1.8% on Wednesday. Shares resolutely regained their long-term 200-day moving average during a jump on Monday. Now look for the shares to continue your upward movement on the right side of a new base. The next key test for stocks could be the 50-day line, which is about 8% above its current price. Re-taking this line would be upward for the stock-based building process, while strong resistance could signal a longer period of consolidation.

The shares traded up to 1243.49 on November 4, but ended on Wednesday with about 29% of this highest record of all time.

Leaders of Dow Jones: Apple, Microsoft

Among the shares of Dow Jones, Apple is building a double-bottom base with 176.75 points to buy, according to an analysis of the chart of IBD MarketSmith. The shares are about 6% away from the new point of purchase. Shares of AAPL found support in their long-term 200-day line last week, but remain below their 50-day moving average. Shares of Apple rose 1% on Thursday.

How Dow Jones shares cope with the potential resistance on the 50-day line will be key to the likelihood of a breakout. If stocks find stable stability, then a longer period of consolidation is likely. However, if the shares resolutely regain this level, then the breakthrough may be on the near horizon. So far, Apple shares are about 2.5% below the 50-day line.

The relative strength of the shares remains close to the last peaks in the face of stock market weakness, which means that institutions are hesitant to sell their shares to Apple.

The leader in software Microsoft rose 1.8% on Wednesday, closing just over 200 days. The shares continue to build a base. Shares of MSFT rose 0.5% in early Thursday.

Don’t forget to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more information on the growth stocks and the Dow Jones Industrial Average index.

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Tesla Inc. TSLA 0.31% CEO Elon Musk said he was open to the United Auto Workers union, which voted to organize the company’s work after long opposing the move.

“Our real challenge is that Bay Area has negative unemployment, so if we don’t treat and compensate our (great) people well, they have a lot of other offers and will just leave!” Mr Musk said via Twitter late. on Wednesday. “I would now like to invite the UAW to hold a union vote when it is convenient for them. Tesla will do nothing to stop them, “he said.

UAW has no immediate comment.

Workers at Tesla, America’s largest carmaker, are not currently in unions. Some employees at the company’s plant in Fremont, California, tried to get organized a few years ago with the help of the United Auto Workers union. Tesla has taken steps to thwart these efforts, including “questioning” employees and threatening them with losing stock options, moves that violate U.S. labor laws, the National Labor Council said. The board ordered Mr Musk to delete a tweet that discourages unions, among other remedies. The manufacturer of electric vehicles is appealing the decision on board.

The lack of a Tesla workers’ union has made the electric vehicle maker somewhat of an outcast, as the Biden administration insists on forcing Americans to accept such vehicles. President Biden rejected Tesla during an August meeting at the White House for electric vehicles with UAW employees and executives from Ford, GM and Stellantis, who account for electric vehicles as part of their total sales. In a statement on the state of the Union this week, Mr Biden mentioned Ford Motor Co. and General Motors Co. for their investments in electric vehicles. Tesla, which produces more of these vehicles, was not mentioned.

Mr Musk has sometimes targeted the president. “Biden is a puppet for UAW socks,” the Tesla boss tweeted in October, using emojis to label socks.

The billionaire also opposed the Biden administration’s signed legislative proposal in December, criticizing federal efforts to encourage the adoption of electric vehicles, including a bill that would increase incentives to buy battery-powered cars.

In 2021, billionaire CEO Elon Musk reached several stages in Tesla, SpaceX and Starlink. WSJ reporters Rebecca Elliott and Mika Meidenberg talk about some of his greatest moments in 2021 and what’s ahead in 2022. Illustration: Tom Grillo

The emergence of a generation of electric vehicle startups introduces new challenges to the organized workforce in the United States, which has seen its decline in automotive membership in recent decades.

“Tesla workers’ compensation is the highest in the automotive industry,” said Mr Musk. He has targeted the UAW several times on Twitter.

Tesla also faces other labor problems. A California regulatory agency is suing the company for alleged racial discrimination and harassment, saying the electric vehicle maker has turned a blind eye to years of complaints from black factory workers.

A lawsuit filed last month by the California Department of Fair Employment and Housing focused on alleged workplace problems at Tesla’s main U.S. car plant in the San Francisco Bay Area.

The company criticized the Civil Rights Agency’s investigation in a blog post ahead of the lawsuit. “Tesla strongly opposes all forms of discrimination and harassment and has a dedicated employee relations team that responds and investigates all complaints,” the company said.

Tesla also manufactures cars in Shanghai, where workers are not united in unions.

Write to William Boston at [email protected] and Rebecca Elliott at [email protected]

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A man walks past a sign advertising a job at a fast food restaurant on November 5, 2021 in New York.

Spencer Platt Getty Images

Initial applications for unemployment insurance amounted to 215,000, the lowest total since the beginning of the year and less than Wall Street estimates, the Labor Ministry said on Thursday.

Economists polled by Dow Jones were looking for applications for the first time to a total of 225,000 for the week ended Feb. 26.

A separate report from the Bureau of Labor Statistics showed that the productivity of non-agricultural producers increased by 6.6% in the fourth quarter, slightly less than the estimate of 6.7%. However, unit labor costs increased by 0.9%, much more than the expected 0.3%.

As for unemployment applications, the total number last week was 18,000 compared to the previous week and the lowest since 1 January.

Ongoing claims, one week after the headline, rose to 1.48 million. However, the four-week moving average, which smoothed weekly volatility, fell to 1.54 million, the lowest level since April 4, 1970.

The total number of recipients of benefits under all programs decreased further, falling to 1.97 million, a decrease of 62,625.

Unemployment figures come a day before the closely monitored BLS report on wages in non-agricultural sectors. Wall Street is looking for a profit of 440,000 in February, following a much stronger than expected total of 467,000 in January.

Companies are still trying to fill nearly 11 million jobs at a time when labor shortages have expanded to unprecedented levels. There are about 4.4 million more jobs than there are unemployed jobseekers.

Wages rose in the current environment, with average hourly wages rising 5.7 percent in January, well above anything seen in the middle before the pandemic, according to the Labor Ministry about 15 years ago.

Labor costs per unit of output continued to rise in the last three months of 2021, albeit at a slower pace than in the previous quarter, largely due to the jump in productivity. The 7.5% increase in hourly compensation was largely offset by a 6.6% increase in productivity. For the whole year, unit labor costs increased by 3.6%, a decrease of 4.3% profit in 2020.

Federal Reserve politicians are on track to tackle inflation with an expected series of interest rate hikes.

Fed Chairman Jerome Powell on Wednesday called the labor market “extremely tight” and said he expects the first rate hike to come to a policy meeting later this month.

Here are the most important news, trends and analyzes from which investors should start their trading day:

1. Wall Street looks stable the day after it switched to rally mode

A trader works on the floor of the New York Stock Exchange (NYSE) in New York, USA, February 28, 2022.

Brendan McDermid Reuters

US stock futures rose moderately on Thursday, with a second round of ceasefire talks between Russia and Ukraine scheduled for neighboring Belarus. However, fighting continued on multiple fronts in Ukraine as Russian troops remained outside the capital, Kyiv. Bond yields fell after a big jump on Wednesday, while oil prices showed no signs of cooling on Thursday.

2. Oil reaches nearly 14-year highs; bond yields remain high

3. Day 2 for Powell at the Capitol Hill Fed after more job data

Federal Reserve Chief Jerome Powell testified before the Financial Services Committee of the House of Representatives on Capitol Hill in Washington, DC, March 2, 2022.

Tom Brenner Reuters

The Federal Reserve meeting later this month, when interest rates are expected to begin, will have to weigh the concomitant rise in inflation that comes with soaring oil prices against the threat of economic damage from the aftermath of Russia’s conflict. and Ukraine. Fed Chairman Jerome Powell returns to Capitol Hill on Thursday to present his semi-annual economic assessment to a Senate committee. He told a House committee on Wednesday that he expected interest rates to rise ahead, but noted that the effects on the US economy from the war in Ukraine were “very uncertain”.

• The Labor Ministry on Thursday morning reported less than expected initial unemployment claims of 215,000 for the week ended February 26. The data comes a day before the government’s monthly employment report and a day after ADP’s stronger-than-expected US employment data in February.

4. The UN says more than 1 million have fled Ukraine since the Russian invasion

People are waiting to leave for Lviv by train on the 7th day of the start of large-scale Russian attacks in the country, in the Dnieper, Ukraine on March 2, 2022.

Andrea Caruba Anatolian Agency Getty Images

When Russia’s invasion of Ukraine entered its second week, the UN said on Thursday that more than 1 million people had fled Ukraine, the fastest refugee displacement of the century. Russia has said Kyiv residents will be allowed to evacuate the city in the direction of Vasilkov, southwest of the city.

With a column of tanks and other vehicles that apparently stopped for days outside of Kyiv, explosions shook the Ukrainian capital at night. A video on social media shows a huge fireball rising in the sky. The target of the explosion is still unknown. NBC News worked to check social media posts.

5. After profit, Best Buy jumps 9%, Snowflake tanks almost 20%

Buyers leave the Best Buy store during Black Friday sales in Brooklyn, New York, November 26, 2021.

Brendan McDermid Reuters

Best Buy on Thursday reported fourth-quarter earnings that did not meet expectations and earnings per share that did not meet forecasts. However, stocks rose 9% in upfront markets, even as the consumer electronics retailer also provided weaker-than-expected outlook for fiscal 2022. Best Buy handles challenging comparisons in a year when pandemics and stimulus checks boost sales.

At the Snowflake headquarters in San Mateo on April 30, 2021.

Katie Skulov

Shares of Snowflake sank about 20% in pre-trading on Thursday morning after the cloud software company forecast a slowdown in product revenue growth, which accounts for the majority of total sales. Snowflake’s better-than-expected revenue grew 101% year on year in the fourth fiscal quarter. But this is the slowest sales growth since at least 2019. On Wednesday, Snowflake said it agreed to buy startup Streamlit for $ 800 million.

“The Associated Press and Reuters contributed to this report.” Sign up for the CNBC Investing Club now to follow every move in Jim Cramer’s stock. Follow broader marketing activities as a professional at CNBC Pro.

Even before Russia’s invasion of Ukraine, US gas prices were rising rapidly – and are now moving to a national average of $ 4 a gallon or more in the coming months, with the crisis showing no signs of weakening.

As sanctions isolate Moscow and restrict Russian energy supplies, sharply rising crude oil and gas prices will affect consumers and businesses, which are already facing the highest inflation rates since 1982. Thursday Brent (CL = F) briefly flirting with $ 120 a barrel of US oil (MCL = F) is not far behind at $ 116.

“I wish we had reached the top. I think we are far from that. “Unfortunately, gas prices are rising by an average of 25 to 75 cents a gallon a year between March and Remembrance Day,” Patrick De Haan, head of oil analysis at GasBuddy, told Yahoo Finance Live this week.

On Monday, the national average was $ 3.61 a gallon, according to the AAA. By comparison, the average price of gas in the United States was about $ 2.65 a year ago.

In California, where prices now average $ 4.82 a gallon – 5 cents more than last week – the situation is grim. A year ago, the average price of a pump in Golden State was about $ 1.16 cheaper.

Los Angeles and several other areas in Southland are following a trend above record highs. The average price of ordinary gas has already reached $ 4.89 per gallon in the Los Angeles area. This is the 22nd record in the last 25 days. It is also 10 cents higher than last week and about $ 1.14 more than a year ago.

‘Blown away’

Gas prices in Los Angeles

At a Chevron gas station in Los Angeles County, customers pay $ 6.25 a gallon over the weekend, forcing them to dig deeper into their pockets at the pump.

“I am just overwhelmed, as if I could not imagine that we would arrive so quickly. This is really surprising, “Janine Pibal, a resident of Los Angeles County, told Yahoo Finance in an interview.

However, a defining feature of the current inflationary environment is consumers who complain but ultimately pay for goods and services that have recovered to higher levels. As a result, some drivers in California are reluctant to jump on gasoline, even if only for personal or professional driving needs.

The story continues

“My car pays my bills because if I don’t, I can’t get to work, so it’s kind of like the cost of doing business,” Alejandro Vazquez, a Los Angeles County resident, told Yahoo.

While gas is becoming more expensive across the country, it is significantly more so in California, given the combination of taxes and fees that make fuel costs among the highest in the nation. The state imposes a tax of 51.1 cents on every gallon of gas, second only to the tax in Pennsylvania of 58.7 per gallon.

But California’s driving culture and the demand it creates set it apart from most other states, along with other factors.

“The whole west coast as a whole is much more expensive than much of the rest of the country. You are relatively isolated refineries on the West Coast [and] there aren’t that many when there are problems, “said De Haan of Gas Buddy.

At the same time, Golden State has a containment and trading program that requires large greenhouse gas emissions such as oil and gas refineries to offset emissions by purchasing carbon credits.

The California Air Resources Council also requires gas stations to sell only specific gasoline blends formulated to minimize pollution. This mixture is more expensive to produce, adding another price that is passed on to drivers.

“There is a lot of fragmentation between the types of summer gasoline, which only tighten prices even more. [A] a good reminder of what lies ahead is the transition from growing demand when Americans return abroad and, of course, the refinery maintenance season, ”De Haan said.

Late last year, President Joe Biden announced that the Department of Energy would release 50 million barrels of oil from the country’s strategic oil reserves “to reduce prices for Americans and address the mismatch between pandemic demand and supply.” but with little effect this week, the International Energy Agency announced a similar move, which also failed to reduce spot energy prices.

Lawmakers are calling on the White House to stabilize gas prices by re-releasing SPR stocks, but geopolitical realities are likely to complicate matters.

“You need a nuclear deal with Iran to ease sanctions against Iran. “Then the 2 million barrels they produce can go back to the world market,” De Haan suggested.

The White House is working to reach a deal, but De Haan said “you will need Saudi Arabia and potential help from the UAE to increase production.” especially with Western governments, which are aiming to sanction the country’s energy sector.

It could still become “more messy” in terms of higher oil prices, De Haan said.

Danny Romero is a reporter for Yahoo Finance. Follow her on Twitter: @daniromerotv

Read the latest financial and business news from Yahoo Finance

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Apple CEO Tim Cook delivered the keynote address at Apple’s 2020 World Developers Conference (WWDC) at the Steve Jobs Theater in Cupertino, California.

Brooks Kraft / Apple Inc / Handout via Reuters

BARCELONA – Apple’s decision to stop selling products in Russia is putting pressure on other smartphone makers to do the same, analysts say.

Apple announced its decision on Tuesday, along with a number of other actions in response to Russia’s invasion of Ukraine. All Apple products in the company’s online Russian store are listed as “unavailable” for purchase or delivery in the country. Apple does not operate Apple’s physical stores in Russia.

The move “absolutely” puts pressure on rival companies like Samsung to follow, CCS Insight chief analyst Ben Wood told CNBC on Wednesday. Samsung did not immediately respond to CNBC’s request for comment.

“It’s important that they make a statement,” Wood said of Apple. “They lead the way,” he said, adding that some of Apple’s competitors sell significant volumes in Russia.

Apple also said it had removed Russian state-owned RT News and Sputnik News from its App Store in countries around the world except Russia.

The Cupertino-based tech giant is in a “strong position” to take action, Wood said. “It’s a big player in the technology space and one of the most valuable companies in the world.”

The iPhone accounts for approximately 15% of the Russian smartphone market, according to Counterpoint Research, which said Apple sold about 32 million iPhones in the country last year.

Anschel Sag, chief analyst at Moor Insights and Strategy, told CNBC that Apple’s move “could force others to follow suit.”

Given that Russia is not a major market for Apple, it is unlikely that the company’s actions will have a significant impact on the company, according to Wood. “Their business is so big that it’s very sustainable,” he said. “The loss of this revenue will not have a catastrophic impact on the business.”

Technical analyst and investor Benedict Evans said financial sanctions and currency instability may also have made it difficult for Apple to sell its products in Russia. In fact, Apple halted sales in Turkey in November when the pound collapsed.

“The roll fell by 30% yesterday [on Tuesday]so it’s not clear what price they should charge for the iPhone, and bank sanctions make it difficult or impossible to transfer money from sales there outside the country, “Evans told CNBC.” So no matter what the policy, there are major practical difficulties for anyone who imports goods into Russia at the moment. “

Evans also noted on Twitter that Apple has no problem doing business in China, adding that “it’s always easier to stand up when it’s not 20% of your revenue and most of your production.” .

On Tuesday, Deputy Prime Minister of Ukraine Mikhail Fedorov called on Apple CEO Tim Cook to complete the work and block access to the App Store in Russia. On Wednesday, he called on Microsoft’s Xbox and Sony’s PlayStation to stop supporting Russian markets and “temporarily blocks all Russian and Belarusian accounts.”

Companies around the world are rapidly withdrawing from Russia as governments impose sanctions on the country. As Western countries withdraw their support, Chinese companies such as Huawei and Xiaomi may be able to push deeper into the country.

“The Chinese are well established [in Russia] and trade links seem to remain open, “Wood said.” That could be an opportunity. “

An employee poses for a photo while demonstrating a payment card at a branch of VTB Bank in Moscow, Russia, May 30, 2019. REUTERS / Evgenia Novozhenina / Photo file

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FRANKFURT, March 2 – Regulators are preparing for the possible closure of the European branch of Russia’s second-largest bank, VTB Bank (VTBR.MM), amid growing concerns about the impact of Western sanctions on the bank following Ukraine’s invasion. two familiar sources.

VTB Bank’s European operations could be closed for days by regulators in Germany, where it operates mainly on the continent, said a person directly familiar with the situation.

The second source said BaFin, the German regulator, is on high alert, closely monitoring the situation and ready to act if necessary, although no final decision has been made.

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VTB did not respond to a request for comment.

On its German website, VTB told its customers that their money was safe and the bank’s economic situation was “stable”.

Russia’s finance ministry in Moscow and embassy officials in Berlin did not respond immediately to requests for comment.

BaFin declined to comment.

A spokesman for the Bundesbank, which shares responsibility for banking supervision, declined to comment on a particular bank when asked about Russian banks in Germany, but said it was in close contact with BaFin in that regard. “If necessary, we will take appropriate measures,” the spokesman added.

If regulators decide to close VTB in Europe, it will mark the second bankruptcy of a major Russian bank in the region, as Western sanctions put pressure on the country’s creditors. Most of Sberbank’s European operations, Russia’s largest bank, ended earlier this week. Read more

VTB, which has more than € 4 billion in deposits in Europe, mainly in Germany, will be covered by Berlin’s deposit protection scheme, which protects savers by up to € 100,000.

BaFin said VTB would not accept new customers and that existing account holders had access to their money.

However, supervisors have been monitoring the outflow of deposits since Russia invaded Ukraine, said a source familiar with the situation. The man added that the sanctions make it difficult to recapitalize the bank to meet the demands.

VTB has become one of the main targets of economic sanctions against Moscow in recent days since Russia’s invasion of Ukraine. Read more

On Wednesday, he was excluded from the SWIFT messaging system, which supports global transactions.

This followed US sanctions last week, effectively ousting the bank from the US financial system, banning trade with Americans and freezing US assets.

An EU official who asked not to be named said VTB was in a similar position to Sberbank, as both had been sanctioned and tarnished Europe’s reputation.

According to the latest quarterly reports, VTB had assets of around 8 billion euros in Europe. Its European clients include 600 companies, 150 Russian financial institutions and 160,000 private clients, according to its website.

In recent years, ordinary Germans and local authorities have also parked their money in VTB in part because it was one of the few banks that did not charge negative interest rates.

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Additional reports by Frank Siebelt in Frankfurt and Jan Strupczewski in Brussels; Edited by Paritos Bansal and Edward Tobin

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Best Buy on Thursday did not meet Wall Street sales expectations for the fourth quarter, as some popular holiday items ran out and store hours were reduced due to a shortage of Omicron-related staff.

Shares rose about 6% in pre-market trading, as investors’ forecasts were lower than expected in the short term, but a rosier picture than executives. Best Buy avoids challenging comparisons during the year, when the pandemic and incentive checks boost sales. The company will hold a virtual investor day on Thursday.

CEO Corey Barry said in a press release that the company was facing limited inventories during the three-month period. However, she said the retailer has reached its fastest delivery times over the holidays and has focused on key areas of growth such as its membership program, Totaltech and the healthcare business.

She said company leaders “deliberately invest in our future and encourage our competitive differentiation”, even if it weighs on short-term profits.

Here’s how the company did for its fiscal fourth quarter of 2022, which ended on January 29, compared to what Wall Street expected, based on a survey by analysts at Refinitiv:

• Earnings per share: $ 2.73 adjusted for expected $ 2.73
• income: $ 16.37 billion against the expected $ 16.6 billion

Best Buy’s net profit fell to $ 626 million, or $ 2.62 per share, from $ 816 million, or $ 3.10 per share, a year earlier.

Excluding items, it earned $ 2.73 per share, equivalent to the $ 2.73 expected by analysts polled by Refinitiv.

Net sales fell to $ 16.37 billion from $ 16.94 billion a year earlier, with estimates of $ 16.6 billion missing.

Sales in the same store fell 2.3% during the quarter, which exceeded the expectations of both the company and analysts. Analysts expected sales in the same store to fall by 0.9%, and the company predicts that they will range from a 2% decline to 1% growth.

Best Buy noted a jump in sales and stock prices during the pandemic as it cared for Americans’ needs, such as additional computer monitors and printers for home use, cooking appliances for more dining and home theater systems and game consoles to spend time. Now some investors are betting that the retailer’s sales will fall or fall when people return to the office and choose personal gatherings instead of sitting behind screens.

Shares of the company closed at $ 100.84 on Wednesday, up 3.77%. Its market value is about 24 billion dollars.

Best Buy has dealt with difficulties in recent quarters, including chip shortages, surges in commodity costs and delays in goods shipped from other parts of the globe.

Next year, Best Buy said it expected revenue of between $ 49.3 billion and $ 50.8 billion, below analysts’ expected $ 51.05 billion, according to Refinitiv. He predicts that adjusted earnings per share will be between $ 8.85 and $ 9.15 for the full year, lower than analysts’ expectations of $ 9.16, according to Refinitiv.

The company said it expects sales in the same store to shrink further from 1% to 4% next year. This is compared to analysts’ expected decline of 1.4%, according to StreetAccount.

In a press release, CFO Matt Bilunas said Best Buy had a lower short-term outlook as a period of very high demand followed. However, as it looks over the next few years, he said the company expects demand to return to levels higher than sales before the pandemic.

On Thursday, Best Buy leaders will explain in detail the company’s strategy to overcome the pandemic. He launched an annual membership program that provides recurring revenue for the company and benefits such as technical support for customers. It is pursuing growth in other categories, including related fitness, smart home and healthcare.

The company announced a 26% increase in its quarterly dividend on Thursday. He said he would spend about $ 1.5 billion to buy back shares next year.

Read the company’s earnings announcement here.

This story is evolving. Please check again for updates.