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Stock Index Wrap: Amex Jump.Tech and semiconductor stocks fall
6 hours 19 minutes ago
Dow
American Express (AXP) rose 7.1% to a record high after reporting a better-than-expected full-year profit forecast and increasing its dividend.
UnitedHealth Group (UNH) added 2%, recouping some of its losses yesterday after a profit warning from rival Humana.
Boeing (BA) rose 1.8% after Alaska Airlines and United Airlines said they would resume flying the 737-9 Max after weeks of grounding.
Salesforce (CRM) rose 0.3% after announcing another round of layoffs, cutting 700 jobs, or 1% of its workforce.
Intel (INTC) fell 11.9% after the company provided disappointing guidance for the current quarter.
Visa (V) fell 1.7% as declines in payments in the most recent quarter outweighed earnings.
International Business Machines (IBM) fell 1.6%, clawing back some of yesterday’s 9% gain on better earnings guidance.
Big tech stocks fell, with Apple (AAPL) and Microsoft (MSFT) down 0.9% and 0.2%, respectively.
S&P500
Capital One Financial (COF) rose 4.6% despite missing profit expectations due to higher allowances for credit losses.
Medical device stocks and diagnostic stocks outperformed. Bio-Rad Laboratories (BIO) rose 4.1%, Catalent (CTLT) rose 3.6% and Danaher (DHR) rose 2.5%.
L3Harris Technologies (LHX) rose 2.2% after its most recent quarter’s profit and revenue beat analysts’ expectations.
Fair Isaac Corporation (FICO) fell 6.9% despite its quarterly report beating Wall Street expectations on the top and bottom lines.
Western Digital (WDC) fell 3.5% after announcing lower sales for the fourth quarter.
Cruise lines fell, with Carnival Corporation (CCL) down 3.9% and Royal Caribbean (RCL) down 3.3%.
T-Mobile (TMUS) fell 0.2% after fourth-quarter profit fell short of analysts’ expectations.
Nasdaq 100
Airbnb (ABNB) rose 5.3% after the company announced it would start charging a 2% currency exchange fee in April.
KLA Corporation (KLAC) fell 6.6% after the company provided lower-than-expected guidance for the current quarter amid “challenging” market conditions. KLA was followed by Pierce Applied Materials (AMAT) and Lam Research Corporation (LRCX), which fell 3.3% and 3.1%, respectively.
Semiconductor stocks fell after Intel revised down its outlook. Broadcom (AVGO) fell 2%, AMD (AMD) fell 1.5% and Nvidia (NVDA) fell 1%.
American Express stock sets new record on strong 2024 guidance
8 hours 11 minutes ago
American Express Company (AXP) shares soared to an all-time high Friday as the credit card and financial services company provided strong guidance and increased its dividend despite lower-than-expected quarterly results. did.
AmEx said it expects full-year earnings per share (EPS) to be in the range of $12.65 to $13.15, above expectations. The company also expects sales to increase between 9% and 11% in 2024, with Medium exceeding expectations. Chief Executive Officer Stephen Squery said the upward revision to the outlook was based on “the momentum of our business.”
The company’s EPS for the fourth quarter was $2.62, up from $2.07 in the year-ago quarter. Revenue increased 11% to $15.8 billion. However, analysts were expecting EPS of $2.64 and revenue of $16 billion.
AmEx said expenses rose 5% in the latest quarter, primarily due to higher customer engagement costs. The company said operating expenses increased due to factors such as the devaluation of the Argentine peso and an increase in employee salaries.
American Express shares rose about 6.7% Friday afternoon to a record high of $200.70, and are up about 28% over the past year.
-Bill McCall
TradingView
Booz Allen Hamilton stock outperforms profits, soars to record high on guidance hike
8 hours 50 minutes ago
Booz Allen Hamilton (BAH) stock soared on Friday after the defense consultant said its profits more than tripled in its most recent quarter.
Sales increased approximately 13% year on year to $2.6 billion. Net income increased 374% to $146 million. Earnings, adjusted for one-time charges, rose approximately 29% to $184 million, or $1.11 per share.
The company attributed its strong revenue growth to “strong demand for our services and solutions and continued growth in our workforce.”
The company also raised its full-year earnings outlook, raising its expected sales growth rate to a range of 14-15% from its previous estimate of 11-14%. Adjusted earnings per share are expected to be between $5.25 and $5.40, up from between $4.95 and $5.10.
Booz Allen Hamilton shares, already trading near all-time highs before Friday’s news, rose more than 12% to nearly $145, giving the stock a 12-month price-to-earnings ratio of about 49%. Ta.
midday moving company
9 hours 25 minutes ago
American Express (AXP) is the best-performing stock in the Dow and S&P 500 after reporting a full-year earnings forecast that exceeded expectations and increased its dividend.
Shares of defense contractor L3Harris Technologies (LHX) rose after the company beat profit and revenue estimates, boosted by its acquisitions of Aerojet Rocketdyne and Viasat’s Tactical Data Link.
Boeing (BA) stock soared after Alaska Airlines and United Airlines resumed flying 737 Max 9 planes that had been grounded for inspection after a door plug blew out on a flight earlier this month.
Intel (INTC) stock fell sharply after the semiconductor maker warned about this quarter’s profits and sales, citing weakness in some subsidiaries and the company’s programmable chip division.
Semiconductor equipment maker KLA Corporation (KLAC) said it was facing a difficult market environment, with its stock falling due to weaker-than-expected guidance.
Norfolk Southern Railway’s (NSC) stock price fell as the railroad cut 7% of its non-union membership due to macroeconomic conditions and a weak freight market.
-Bill McCall
Levi Strauss plans to cut up to 15% of global workforce
10 hours 14 minutes ago
Levi Strauss & Co. (LEVI) stock gave up early gains Friday after the denim maker announced plans to cut 10% to 15% of its workforce.
The job cuts are expected to take place in the first half of 2024, with first-quarter restructuring costs estimated at $110 million to $120 million. Levi Strauss has approximately 5,000 employees and approximately 20,000 employees worldwide.
Levi Strauss & Co.’s net income in 2023 fell 57% from 2022 to $250 million, and sales stagnated at $6.2 billion, the same as in 2022. The famous jeans maker struggled to recover from a glut in 2023 as cost-conscious consumers were weighed down by inflation. , moved away from traditional wholesale channels and offset profits from its direct-to-consumer (DTC) business.
Levi Strauss shares were down 0.3% at $15.70 by midday Friday, after soaring more than 10% in early trading. It has fallen more than 11% over the past year.
-Fatima Atalwala
Visa beats profit forecasts on strong consumer spending
11 hours 13 minutes ago
Visa stock (V) fell on Friday even though first-quarter results beat analysts’ expectations on the back of strong consumer spending and credit card volume.
Net income was $4.9 billion, or $2.39 per diluted share, beating the Visible Alpha analyst consensus of $4.7 billion, or $2.31 per share. Sales for the three months through December rose 9% to $8.6 billion.
“Our fiscal year 2024 is off to a solid start. Our first quarter saw relatively stable growth in overall payment volumes and processed transactions, as well as strong growth in cross-border transaction volumes. “Net revenue increased 9% and GAAP EPS increased 20%,” Visa CEO Ryan McInerney said in a prepared statement.
Still, payment volume growth slowed in the first quarter and into January, and the stock fell more than 1% in early trading.
– Mrinalini Krishna
Intel stock falls amid bleak first-quarter outlook—key price levels to watch
12 hours 18 minutes ago
Despite reporting better-than-expected fourth-quarter results, Intel (INTC) stock tumbled before the opening bell on Friday after the chipmaker issued a grim outlook for the current quarter. The company expects first-quarter adjusted earnings of 13 cents a share on revenue of $12.2 billion to $13.2 billion, well below Wall Street expectations.
Intel CEO Pat Gelsinger said the company’s core PC and server businesses remain healthy, but sales this quarter were weighed down by weakness at several subsidiaries and the company’s programmable chip division. said that it would be done.
“Our core business is what we consider to be healthy. We have no room to lose market share, and our products are going from strength to strength,” Gelsinger told analysts on an earnings call. Intel’s top executive also noted that the company has orders for $2 billion worth of AI chips and said he expects sales to improve in the second half of this year.
Source: TradingView.com.
Intel stock broke out of a nine-month upward channel in mid-December, but has failed to gain further upward momentum since then. Investors should watch Friday to see where the stock ends in relation to its 50-day moving average. A close below the indicator confirms the head-and-shoulders top pattern and opens the door to a decline to the lower trendline of the channel. Conversely, if the indicator succeeds in holding, the bulls may attempt to move higher.
-Timothy Smith
Stocks that move the most before the market
13 hours 11 minutes ago
Profit:
- Coinbase Global (COIN): Bitcoin price rises as Oppenheimer analysts upgrade the stock to “buy” citing improving fundamentals, a benefit from Bitcoin ETFs, and a 35% drop in share price. The cryptocurrency exchange’s stock price rose more than 3%. Last month’s stock price.
- Snap Inc. (SNAP): Shares of the social media company rose 3% after Deutsche Bank upgraded the stock to “buy,” citing expectations for revenue growth from a new partnership with Amazon and a restructured advertising platform. did.
- American Express (AXP): Shares rose about 1% after the credit card company’s 2024 earnings forecast beat Wall Street expectations.
loss:
- Intel Corp. (INTC): The company’s stock fell 9% after giving a bleak outlook for the current quarter as sales at its subsidiary and its programmable chip business come under pressure.
- Visa Inc. (V): The payments company’s stock fell 3% after it reported lower trading volumes last quarter and the first three weeks of January.
- T-Mobile US Inc. (TMUS): The carrier’s stock fell about 2% after quarterly profit beat analysts’ expectations despite beating the top line.
Stock futures fall ahead of PCE report
14 hours 4 minutes ago
Futures contracts tied to the Dow Jones Industrial Average fell 0.1% in premarket trading.
S&P 500 futures also fell slightly.
The Nasdaq 100 fell about 0.3% in the hour before the market opened.
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