Stocks scramble for gains after another report of high inflation

Supermicro stocks continue rough week with big swings on Friday

25 minutes ago

Super Micro Computer (SMCI) continued its eventful week on Friday, with shares soaring in the first few minutes of trading before reversing and plummeting.

Midway through trading on Friday, shares fell 11% to $892, after rising as much as 7% in the early hours of trading. The stock, which has more than tripled since the beginning of the year, rose 14% to more than $1,000 on Thursday on hopes for future profits from growing demand for artificial intelligence (AI).

Barclays analysts this week cited the super micro computer’s position in the AI ​​ecosystem and its “strategic” partnerships with Nvidia (NVDA), Advanced Micro Devices (AMD) and Intel (INTC). raised its price target from $691 to $961.

Bank of America analysts initiated coverage this week with a “buy” rating and also said they expect “this provider of server and storage solutions to benefit from AI-driven demand growth.” Ta.

-Naomi Buchanan

Coinbase stock price soars on huge profits as trading volume increases

56 minutes ago

Coinbase (COIN) stock soared more than 15% to 191 on Friday after the largest U.S. cryptocurrency exchange reported quarterly profit and revenue that significantly exceeded Wall Street expectations due to increased trading volume. It became a dollar.

The cryptocurrency exchange, which allows investors to buy, sell, receive and hold digital assets, posted adjusted earnings of $1.04 per share in the fourth quarter, compared with a loss of $2.46 per share in the year-ago period. Analysts had expected the company to earn just 2 cents a share. Total revenue was nearly $954 million, up 41% from the previous quarter and also beating Wall Street’s consensus estimate of $826 million.

Quarterly results were driven by a 64% year-over-year increase in trading revenue, driven by excitement surrounding the approval of the Spot Bitcoin ETF and expectations for improved macroeconomic conditions in 2024.

Since bottoming in late December 2022, Coinbase stock has traded within an ascending channel, oscillating between the upper and lower limits of the pattern several times and establishing major support and resistance areas. Recently, buyers have become increasingly defensive of the pullback to the 50-day moving average, indicating that the stock’s bullish momentum is building.

Note the upper trendline of the channel, currently near $210, amid an earnings-driven price rally. Investors may see this as an area on the chart where they can lock in profits.

-Timothy Smith

DoorDash stock plummets after disappointing earnings

1 hour 55 minutes ago

DoorDash (DASH) stock fell Friday morning after the company reported a bigger-than-expected fourth-quarter loss despite beating revenue expectations.

DoorDash reported a net loss of $154 million, or 39 cents per share, an improvement from last year’s $640 million loss but still larger than analysts expected. Revenue increased by 27% to $2.3 billion due to a 23% increase in total orders. Revenue grew due to both an increase in user numbers (monthly active users reached a record high of 37 million in December) and an increase in order frequency. Adjusted EBITDA was $363 million, just above the midpoint of the $320 million to $380 million target range.

The company expects total orders for the first quarter to be $18.5 million to $18.9 million, representing 19% growth at the high end of the range. This was a slowdown from the 22% increase in the fourth quarter. Adjusted EBITDA is again expected to be in the range of $320 million to $380 million.

The results were good, but not enough for investors who had seen the stock rise nearly 90% in the 12 months leading up to Thursday’s earnings report. As of Friday morning, the stock was down 10% to $113.65.

Applied Materials stock soars, outpacing profits on advanced chip demand

2 hours 58 minutes ago

Applied Materials (AMAT) shares rose after the semiconductor equipment maker reported better-than-expected quarterly results and gave a better-than-expected outlook for the current quarter, supported by rising demand for advanced chips. , soared Friday morning.

The Santa Clara, California-based company, whose customers include chip pioneer Intel (INTC) and Taiwan Semiconductor Manufacturing Company (TSM), posted adjusted earnings of 2.13 per share in the first quarter of its fiscal year. $6.71 billion, with sales of $6.71 billion. Both headline numbers comfortably beat Wall Street expectations of $1.90 per share and revenue of $6.48 billion.

For its fiscal second quarter ending in April, the company expects adjusted earnings to be between $1.79 and $2.15 per share, with the lower end of that guidance range at the consensus outlook of $1.79 per share. Match. Applied Materials’ expected interim sales of $6.5 billion also beat analysts’ expectations of $6.34 billion.

Applied Materials stock has been trending steadily higher since retracing its 200-day moving average and the lower part of its multi-month upward channel in late October, with the stock closing at rose to its highest value.

Keep an eye on the channel’s top trend line in the coming weeks. This could be an important future support area on the chart during the decline before another possible further rally.

-Timothy Smith

Stocks that move the most before the market

3 hours 41 minutes ago

Profit:

• The Trade Desk Inc. (TTD): The advertising technology company’s stock soared 18% after fourth-quarter revenue beat expectations and the company’s outlook for the current quarter also beat expectations.
• Coinbase Global Inc. (COIN): Shares of the cryptocurrency exchange soared 14% to a nearly two-year high after reporting a surprise profit of $1.04 per share in the fourth quarter.
• Applied Materials, Inc. (AMAT): Shares of the semiconductor manufacturing equipment maker rose more than 8% after its first-quarter results and outlook for the current quarter beat Wall Street expectations.

loss:

• Roku Inc. (ROKU): Shares fell 17% after the company reported a bigger-than-expected loss in the fourth quarter.
• Dropbox Inc. (DBX): The digital storage platform’s stock fell 14% after its first-quarter revenue forecast fell short of analysts’ expectations.
• DoorDash Inc. (DASH): Shares of the meal delivery company fell 8% after it reported a bigger quarterly loss than analysts had expected, strong revenue growth and a $1.1 billion share buyback. Overshadowed approval.

Stock futures fall on better-than-expected PPI

4 hours 3 minutes ago

Futures contracts tied to the Dow Jones Industrial Average fell 0.4% in premarket trading Friday.

S&P 500 futures fell about 0.3%.

Nasdaq 100 futures gave up previous gains to trade at about the same level as Thursday’s closing price.