Stericycle Inc
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Industrials : Commercial Services & Supplies | Small Cap Blend
Company profile

Stericycle, Inc. is a business-to-business services company. The Company serves customers in the United States and approximately 16 other countries worldwide with solutions for regulated waste and compliance services and secure information destruction services. The Company operates through two segments: Regulated Waste and Compliance Services, and Secure Information Destruction Services. Regulated Waste and Compliance Services segment provides its services to the customers in the United States, Brazil, Canada, Ireland, the Netherlands, Portugal, the Republic of Korea, Romania, Spain and the United Kingdom. Secure Information Destruction Services segment under the Shred-it brand provides its services in the United States, Australia, Belgium, Canada, France, Germany, Ireland, Luxembourg, the Netherlands, Portugal, Spain, Singapore and the United Kingdom. Secure Information Destruction Services are also provided in the United Arab Emirates through a joint venture.

Closing Price
$43.68
Day's Change
0.74 (1.72%)
Bid
--
Ask
--
B/A Size
--
Day's High
43.98
Day's Low
42.80
Volume
(Below Average)
Volume:
358,771

10-day average volume:
405,749
358,771

Dow, S&P 500 score best week in a month despite Friday's losses on jitters about earnings by tech giants

4:40 pm ET July 22, 2022 (MarketWatch)
Print

By Joy Wiltermuth and Joseph Adinolfi

Snap, Twitter earnings miss fail to derail an upbeat week for Wall Street

U.S. stocks ended lower Friday, after Snap Inc. (SNAP) delivered disappointing earnings ahead of next week's deluge of quarterly results from technology giants.

But the Dow and S&P 500 still booked their best weekly gains in a month despite concerns about a slowing U.S. economy and another big interest rate increase from the Federal Reserve next week.

Read: Snap's 'grim outlook' sends stock on near-40% skid, slaps other social names

How did stocks trade?

Major indexes still booked strong weekly gains, with the Dow up 2% and the S&P 500 advancing 2.6%, the best week for both since June 24, according to Dow Jones Market Data. The Nasdaq rose 3.3% for the week.

What drove markets?

Stocks closed lower Friday, after the S&P 500 index briefly broke above 4,000 for the first time since June 9, with shares of technology and communications companies weighing down Wall Street.

"Snap is really weighing hard on technologies, and the like," said Kent Engelke, chief economic strategist at Capitol Securities Management, by phone.

While earnings expectations have been adjusting to inflation pressures, tighter financial conditions and growing recession fears, "If you miss expectations, you get crushed," he said.

Read: It's the end of 'fantasyland' for Big Tech and its workers

Disappointing results from Snapchat parent Snap Inc. weighed on the Nasdaq, while the S&P 500's communications sector slumped 4.3% Friday.

Investors are now focused on next week's earnings reports for some of the biggest tech names on Wall Street report, including Microsoft (MSFT), Meta, Apple (AAPL) and Amazon (AMZN), along with Boeing (BA), McDonald's (MCD) and Caterpillar (CAT).

Economic data also remains in the spotlight as more signs of slowing emerge, particularly with the Federal Reserve widely expected to raise its policy rate another 75 basis points next week as it battles high inflation.

See: The Fed could get lucky or things might go wrong. A guide to where the economy might go from here

The S&P Global Market U.S. Flash Composite Purchasing Managers' Index on Friday showed the biggest contraction in services and manufacturing activity since the start of the pandemic. This comes even as more than two-thirds of the S&P 500 companies who have reported earnings have surpassed Wall Street's expectations.

See: U.S. July flash PMI data show 'worrying deterioration' in economy

"The preliminary PMI data for July point to a worrying deterioration in the economy," said Chris Williamson, chief business economist at S&P Global Market Intelligence. "Excluding pandemic lockdown months, output is falling at a rate not seen since 2009."

But from a purely technical perspective, stocks were likely due for a pullback on Friday anyway, said Kevin Dempter, a technical analyst at Renaissance Macro.

"You've had a 10% rally off the lows for the S&P, and a 15% for the Nasdaq. You're getting to overbought levels, and you're hitting some levels of resistance," Dempter said.

The 10-year Treasury yield fell 12.7 basis points to 2.781%, its lowest yield since May 27, according to Dow Jones Market Data, as investors weigh the odds of a U.S. recession.

Opinion: As Snap melts down, its founders make sure to protect the people who matter: themselves

What companies were in focus?

How are other assets trading?

--Barbara Kollmeyer contributed to this article

- Joy Wiltermuth

	

(END) Dow Jones Newswires

July 22, 2022 16:40 ET (20:40 GMT)

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