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Stock index rebound: Semiconductor stocks rise, while tech stocks drag down the index
2 hours 14 minutes ago
Dow
Industrial stocks rose as investors turned off risk. 3M (MMM) rose 1.9% and Caterpillar (CAT) rose 1.4%.
JPMorgan Chase & Co. (JPM) rose 1.4% after the company announced a decline in credit card delinquencies in February.
Dow tech stocks led the index’s decline on Friday. Salesforce (CRM) fell 3%, Amazon (AMZN) fell 2.4% and Microsoft (MSFT) fell 2.1% after closing at an all-time high yesterday.
McDonald’s (MCD) fell 0.9% following reports of widespread technology outages affecting the fast food chain.
Apple (AAPL) fell 0.2% after CEO Tim Cook announced he would pay nearly $500 million to resolve allegations that he misled investors in 2019 with comments about iPhone demand in China. did.
S&P500
Steel Dynamics (STLD) rose 4.3% after the company said its first-quarter profit would beat Wall Street expectations.
Valero (VLO) rose 2.7% after Bank of America upgraded the stock to Buy due to improved outlook for the U.S. refining ecosystem.
Jabil (JBL) fell 16.4% after the electronics manufacturing services company reported lower-than-expected quarterly sales and a weaker-than-expected outlook for the current quarter.
Ulta Beauty (ULTA) fell 5.2% on expectations that higher supply chain costs and increased promotions will hurt profitability this year.
Software companies led the decline with ServiceNow (NOW) down 4.7% and Intuit (INTU) down 3.8%.
Uber fell 2% after announcing it would cease operations in the city on May 1 after the Minneapolis City Council passed a new minimum wage law for rideshare drivers. Lyft (LYFT), which also left the Twin Cities, fell 3.3%.
Nasdaq 100
Coster Group (CSGP) led the index, rising 8.3%.
Semiconductor stocks rebounded from yesterday’s slump. Advanced Micro Devices (AMD) rose 2.1%, Micron (MU) rose 2% and Marvell Technology (MRVL) rose 1.2%.
Tesla (TSLA) rose 0.7% after three consecutive days of declines.
Adobe (ADBE) stock fell 13.8% after the company said it expects revenue to be lower than expected for the current quarter, despite beating expectations for the most recent quarter.
Nvidia (NVDA) fell 0.1% ahead of next week’s annual graphics processing unit technology event, Nvidia GTC.
Steel Dynamics stock hits record high on ‘significantly enhanced’ profitability
2 hours 48 minutes ago
Shares of Steel Dynamics (STLD) rose to a record high after the steelmaker reported stronger-than-expected outlook on strong demand.
The company expects earnings per share (EPS) to be between $3.51 and $3.55 for the quarter, compared to analysts’ expectations of $3.32. Steel Dynamics said it expects profitability in its steel business to be “significantly stronger” than in the fourth quarter.
The company, which will provide more details in its first-quarter financial report on April 23, noted that growth was driven by increased shipments and profits from its flat-rolled steel business.
The company said it repurchased 1.4% of its stock, or $279 million, in the first quarter ended March 11, based on “continued confidence in our earnings outlook and cash flow generation.”
Steel Dynamics shares have increased more than a third of their value over the past year.
-Bill McCall
Madrigal Pharmaceuticals soars after receiving FDA approval for liver scarring treatment drug
3 hours 37 minutes ago
Shares of Madrigal Pharmaceuticals, Inc. (MDGL) soared Friday after the Food and Drug Administration (FDA) granted early approval of the company’s drug. The drug is the first regulatory-approved treatment for scarring caused by fatty liver disease.
The FDA says Madrigal’s treatment, Rezdifla, can be given in conjunction with diet and exercise to patients with non-cirrhotic nonalcoholic steatohepatitis (NASH) who have moderate to progressive liver scarring. Ta.
The biotechnology company said Rezdifla will be available to patients in the United States next month and will be distributed through a limited network of specialty pharmacies.
Madrigal Pharmaceuticals shares rose 14% to about $277 Friday afternoon. So far this year they are almost 30% ahead.
-Bill McCall
Jabiru stock plummets as sales and guidance fall short of expectations due to ‘earnings headwinds’
4 hours 39 minutes ago
Jabil (JBL) was the top performer on the S&P 500 on Friday after the electronics manufacturing services company’s fiscal 2024 second-quarter sales and current quarter outlook were lower than expected as it faced tough economic conditions. It became a bad brand.
Jabir said quarterly revenue fell 16.8% to $6.77 billion, below expectations. Core earnings per share (EPS) came in at $1.68, slightly above expectations.
Jabil expects revenue for the quarter to be between $6.2 billion and $6.8 billion, with core EPS between $1.65 and $2.05. Both numbers were lower than analysts had expected. Additionally, the company lowered its full-year revenue outlook from $30.6 billion to $28.5 billion.
As of Friday afternoon, Jabiru stock was down 16.2% to $123.63. Despite today’s plunge, the stock has risen more than 50% over the past year.
-Bill McCall
Real estate stocks fall due to NAR settlement
5 hours 18 minutes ago
On Friday, Zillow (Z), Redfin (RDFN), and Compass ( The stock prices of real estate companies such as COMP) plummeted.
As part of the settlement, NAR agreed to eliminate a long-standing rule requiring agents to be compensated for listing residential properties. In October, a jury in Kansas City, Missouri, ruled that practices kept U.S. real estate agents’ commissions artificially high.
The agreement also introduces new rules that require multiple listing service (MLS) participants to enter into written agreements with buyers, effectively allowing buyers to negotiate with agents and waive some services. become able to.
The $418 million settlement is subject to court approval and will be paid over four years.
Shares of digital housing information provider Zillow fell more than 13% on Friday, hitting a three-month low. Brokers Compass and Redfin fell 11% and 5%, respectively.
Volatility index rises on first triple witching day of 2024
5 hours 51 minutes ago
The CBOE Volatility Index (VIX) rose more than 4% on Friday, the first of four triple witching days this year.
Triple witching refers to the simultaneous expiration of stock options, stock index options, and stock index futures contracts. It is held on the third Friday of March, June, September and December each year.
A triple witching day is characterized by above-average stock market volatility as traders close out or expand positions.
Approximately $5 trillion worth of derivatives contracts expire today. More than $3 billion worth of index options and futures closed at expiry. That leaves room for more volatility toward the end of the day, when about $2 trillion in single stock options and index derivatives expire.
Ulta Beauty stock falls on expectations of lower profit margins
6 hours 52 minutes ago
Ulta Beauty (ULTA) stock fell on Friday, a day after the beauty retailer reported better-than-expected fourth-quarter profits but lower margin guidance for 2024.
Ulta reported net income of $394.4 million and diluted earnings per share (EPS) of $8.08, both of which beat analyst estimates compiled by Visible Alpha.
Ulta expects fiscal 2024 net sales of $11.7 billion to $11.8 billion and diluted EPS of $26.20 to $27, which beats 2023 numbers and analyst expectations. . But Ulta said it expects profit margins to fall 15% to 14% to 14.3% in 2023, with higher costs and increased promotions putting pressure on margins.
Ulta shares fell 5.5% late Friday morning to $535, but are up more than 9% year-to-date.
-Aaron McDade
Ether falls from highs as investors lock in profits after upgrade
7 hours 39 minutes ago
Ether (ETH), the native coin of the Ethereum blockchain and the second-largest cryptocurrency by market capitalization, fell to around $3,700 early Friday morning, days after the network completed the long-awaited Dencun upgrade, making investment This indicates that the house may have already factored in this news.
This enhancement, which aims to improve the cost-effectiveness of the Ethereum ecosystem, further increases the bullish sentiment surrounding Ether and helped propel the cryptocurrency to the $4,000 level earlier this week.
Investors also expect the U.S. Securities and Exchange Commission (SEC) to approve the Ether ETF application filed by asset manager BlackRock on May 23, while Bloomberg ETF analysts said it will approve the Ether ETF application on May 23. They estimate that the chances of approval by then are only 30%.
Ether began its current bull market in late October last year, and the uptrend gained further momentum just over a month later when the 50-day moving average surpassed the 200-day moving average, forming a bullish golden cross chart pattern. The rally accelerated through February and early March before the price encountered resistance just above the $4,000 level that had been in the spotlight earlier this week.
As selling pressure continues, keep an eye on key Fibonacci retracement levels as potential support areas. Currently, the 38.2% Fib level is near $3,365 and the 50% Fib level is consistent with the $3,135 area.
-Timothy Smith
Adobe Stock falls after announcing record quarterly sales, soft guidance
8 hours 30 minutes ago
Adobe (ADBE) stock fell on Friday morning after the company beat first-quarter profit estimates but issued a soft outlook for the second quarter.
The company reported sales of $5.18 billion for the first quarter of fiscal 2024. This all-time high exceeded analyst expectations compiled by Visible Alpha and represented 11% year-over-year growth.
Adobe’s net income for the quarter was $2.05 billion, beating analyst expectations and increasing from the previous quarter and the same period last year. Diluted earnings per share (EPS) of $4.48 exceeded expectations and increased from the same period last year and the same period last year.
The company said it expects second-quarter sales to be between $5.25 billion and $5.3 billion. However, analysts had expected guidance to be at the higher end of that range, at $5.3 billion.
Adobe stock fell more than 13% to $493 Friday morning. Still, the stock is up about 47% over the past year.
-Naomi Buchanan
Stocks that move the most before the market
9 hours 13 minutes ago
Profit:
- Madrigal Pharmaceuticals, Inc. (MDGL): Shares of this biopharmaceutical company rose more than 20% after the FDA approved a treatment for liver inflammation associated with obesity.
- Vodafone Group Plc (VOD): Shares in the British telco rose more than 5% after it agreed to sell its Italian operations to Swisscom AG.
- Rivian Automotive Inc. (RIVN): The electric truck maker’s stock rose more than 3% after Piper Sandler analysts upgraded the stock to buy, citing an attractive valuation and new vehicle platform.
loss:
- Adobe Inc. (ADBE): The design software maker’s stock fell 11% after the company beat profit estimates but gave a weak revenue outlook for the current quarter.
- Jabil Inc. (JBL): Shares of the electronics manufacturer fell more than 10% after the company said it expects lower-than-expected earnings for the current quarter.
- Ultra Beauty Inc. (ULTA): Shares of the beauty retailer fell 8% after the company forecast lower-than-expected full-year profits as higher costs weighed on margins.
Stock futures little changed
10 hours ago
In premarket trading Friday, futures contracts tied to the Dow Jones Industrial Average rose about 0.2%.
S&P 500 futures rose about 0.1%.
Nasdaq 100 futures fell 0.1% from Thursday’s closing price about an hour before the market opened.
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