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Intuitive Surgical Stocks Soar After Company Announces Strong Fourth Quarter Results
3 minutes ago
Intuitive Surgical (ISRG) shares soared Wednesday after the maker of the Da Vinci robotic surgical device said it expects better-than-expected results as the number of surgical procedures increases.
In its preliminary fourth-quarter earnings report, the company announced that sales rose 17% to $1.93 billion, exceeding analyst expectations. Full-year sales rose 14% to $7.12 billion, also exceeding expectations.
Global da Vinci surgeries surged 21% in the latest quarter, largely due to the easing of COVID-19 restrictions in China, according to Intuitive Surgical. This is because they are connected.
The company is scheduled to announce its final financial results on January 23rd.
Intuitive Surgical shares rose 6.5% in midday trading to $351.98, the highest since July.
-Bill McCall
Amazon stock rises on streaming distribution and studio layoffs
37 minutes ago
Amazon (AMZN) stock rose more than 1% Wednesday morning after the company announced in an email to employees that it would be laying off hundreds of employees across its streaming and studio businesses.
Amazon also announced that it will lay off 500 employees in its Twitch live streaming division. The cuts will represent 35% of all Twitch staff.
“For some time, the size of the organization has been optimistically projected based on where the business will be three or more years from now, rather than where it is today. Like many other companies in the technology industry, we “We are currently sizing our organization based on our current business size and conservative projections of how we expect it to grow in the future,” the company said in a Twitch blog post.
And Amazon isn’t the only streaming company to pull back on content investments last year. Disney (DIS) cut its content budget by $3 billion last February and another $3 billion in August amid the writers’ and actors’ strike. In May, it was reported that Netflix (NFLX) was aiming to cut production by $300 million in 2023.
At the same time, prices for streaming services have risen dramatically over the past two years as companies come under pressure to make profits after years of capital outflows.
Bitcoin and Coinbase fall ahead of ETF decision
1 hour 52 minutes ago
Bitcoin fell to around $45,000 on Wednesday morning ahead of the Securities and Exchange Commission’s long-awaited decision on the Spot Bitcoin ETF.
Cryptocurrency proponents have been hoping for a spot Bitcoin ETF for years, and their hopes briefly appeared to come true yesterday afternoon when the SEC tweeted that it had approved the product. The post was quickly challenged by regulators and removed from the page.
“The @SECGov Twitter account was compromised and fraudulent tweets were posted. The SEC does not approve the listing and trading of Spot Bitcoin exchange products,” SEC Chairman Gary Gensler tweeted after the incident. did.
Bitcoin soared to nearly $48,000 immediately after the tweet in question, but has since fallen to around $45,500.
Despite the SEC’s assertion that this tweet is false, the market and prospective ETF issuers are all but certain that this is more of a false start than anything else.
said Stephen McClurg, chief investment officer at Valkyrie, which has filed an ETF application with regulators. bloomberg On Tuesday, he said he was “95% sure we will make a deal.” [a spot ETF] on Thursday. “
Wednesday is the deadline for regulators to decide whether to approve or deny ARK Invest and 21Shares’ joint ETF application, and many believe the SEC will approve multiple applications at the same time to avoid playing the role of kingmaker. people are predicting.
Anticipating both approval and intense competition, ETF applicant companies such as BlackRock and VanEck filed numerous updates with the SEC earlier this week outlining their fee structures, with many offering reduced fees at launch, or are proposing a full exemption.
Coinbase (COIN) stock followed Bitcoin’s decline, dropping 4.5% in early trading on Wednesday. Still, the cryptocurrency exchange, which has been named asset manager for several proposed ETFs, has seen its stock price soar more than 200% over the past year.
Stocks that move the most before the market
2 hours 55 minutes ago
Profit:
- Intuitive Surgical (ISRG): Shares rose about 5%, up 12% year-over-year, after the company announced it installed 415 da Vinci robotic surgery systems in the fourth quarter and 1,370 in all of 2023. and increased by 8%.
- Toast Inc. (TOST): Shares of the restaurant payment systems provider rose more than 5% to around 100% after Goldman Sachs upgraded the stock from “neutral” to “buy” and set a price target of $24. It was 20 dollars.
- Lennar Corp. (LEN): The homebuilder’s stock rose 2% after the company increased its annual dividend 33% to $2 a share and approved an additional $5 billion in share buybacks.
loss:
- Aehr Test Systems (AEHR): Shares of the maker of test systems for semiconductors plunged 18% after the company lowered its fiscal year sales forecast due to a slowdown in the electric vehicle market.
- Coinbase Global (COIN): The cryptocurrency exchange’s stock price fell 3% after the SEC announced that a tweet claiming to have approved trading in the Spot Bitcoin ETF was false. Other Bitcoin-exposed stocks also fell, including miners Marathon Digital Holdings (MARA) and Riot Platforms (RIOT).
- Etsy Inc. (ETSY): Wall Street’s expectations are fairly reflective of the company’s near-term growth outlook, the e-commerce company said after analysts at Goldman Sachs downgraded the stock from “buy” to “neutral.” The platform’s stock price fell about 2%.
Stock futures little changed before the bell
3 hours 46 minutes ago
Futures contracts tied to the Dow Jones Industrial Average were effectively flat about an hour before markets opened Wednesday.
The S&P 500 futures index rose less than 0.1%.
Nasdaq 100 futures rose about 0.1%.
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