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Dow futures edge up slightly after the three major averages posted a second day of losses

These stocks are poised for a comeback if inflation picks up, says Jefferies

A decline may be on the horizon, and several earnings downgrades are predicted going forward. If inflation also picks up, as some analysts expect, this mix of factors will favor one class of stocks, Jefferies says.

Jefferies produced a screen of such stocks for investors to buy, based on a list of metrics that include high profitability, reasonable valuations and good cash flows. Professional subscribers can read the story here.

— Weizhen Tan

PayPal rises on earnings, shares buyback announcement

PayPal shares rose more than 11% after hours. The payments company beat analysts’ earnings and revenue estimates for the second quarter and issued positive guidance for the full year. PayPal also announced a $15 billion share buyback program.

Share buybacks give companies a way to increase earnings per share and increase the value of the shares, especially while the market across the board is suffering from sharp declines this year. The company started a $10 billion program four years ago.

Elliott Management said it has a $2 billion stake in the payments giant. PayPal announced that it entered into an information sharing agreement on value creation with the activist investor.

– Tanaya Machel

Despite Fedspeak About Fighting Inflation, An ‘Easing Cycle’ Is Emerging, Says Leuthold’s Jim Paulsen

Leuthold Group investment strategist Jim Paulsen said that despite the Federal Reserve’s “ongoing lip service to fighting inflation” by tightening monetary policy, there are several factors that suggest the market may be entering an “emerging cycle of easing.”

Bond yields have achieved a significant rate cut, the dollar is finally rolling over and junk spreads have pulled back, he said in a note to investors late Tuesday.

“The media, political officials and investors are primarily focused on the war on inflation and how aggressively the Fed will need to continue raising interest rates,” Paulsen said. “Yet, with real economic growth already reduced to a crawl and evidence that inflation is slowing, the basis for further Fed tightening at the September meeting is rapidly falling apart.”

“Investors should give due weight to the leading nature of economic policy,” he added. “Tightening today means lower real and nominal growth tomorrow.”

– Tanaya Machel

MatchGroup shares fall after hours

Shares of dating app operator Match Group fell as much as 23% after the company reported revenue of $795 million for the second quarter, compared with FactSet estimates of $803.9 million. Match also gave weak guidance on adjusted operating income and revenue for the current quarter.

– Tanaya Machel

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