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Stock index lap: Big tech companies fall as energy rises in Diamondback trading
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Dow
Nike (NKE) led the index, rising 2.6%.
Industrial stocks outperformed, with 3M (MMM) up 1.9%, Dow (DOW) up 1.5% and Caterpillar (CAT) up 1.4%.
Amgen (AMGN) stock rose 1.1%, ending a six-day losing streak.
Coca-Cola (KO) rose 0.3% ahead of tomorrow morning’s earnings release.
Tech stocks underperformed the index. Salesforce (CRM) and Microsoft (MSFT) both fell 1.3%, and Apple (AAPL) fell 0.9%.
S&P500
VF Corporation (VFC) rose 13.9% after the founding family that owns Vans and The North Face backed activist investor Engaged Capital in its fight to shake up its board of directors.
Enphase Energy (ENPH) rose 5.3%, extending its gains after last week’s positive outlook.
Paramount Global (PARA) rose 4% on word that Sunday’s Super Bowl, broadcast on Paramount’s CBS, drew more than 120 million viewers.
Lowe’s (LOW) rose 3.5% after JPMorgan analysts upgraded the stock to “overweight” citing the potential benefit of interest rate cuts this year.
Nvidia (NVDA) rose 0.2%, but relinquished earlier gains that made it more valuable than Amazon, the fourth-largest U.S. company.
Most big tech companies have lost ground. Broadcom (AVGO) fell 1.4%, while Amazon (AMZN) and Alphabet (GOOGL) fell 1%.
AbbVie (ABBV) fell 0.6% after the company lowered its earnings outlook for the quarter due to costs related to its Immunogen acquisition.
Nasdaq 100
Diamondback Energy (FANG) soared 9.4% after announcing it would merge with Endeavor Energy Resources to expand its operations in the Permian Basin.
Airbnb (ABNB) rose 4.2% ahead of its quarterly earnings report after tomorrow’s bell.
PDD Holdings (PDD) made headlines during last night’s Super Bowl broadcast, rising 3.2% after spending millions of dollars to acquire several popular ad slots.
Gilead Sciences (GILD) rose 1.1% after announcing it would acquire CymaBay Therapeutics (CBAY) for $4.3 billion. CymaBay stock soared 25%.
Tesla (TSLA) fell 2.8% after announcing it would temporarily lower prices by $1,000 on several Model Y vehicles, another sign of weak demand for electric vehicles.
What you need to know ahead of Coca-Cola’s earnings report tomorrow
38 minutes ago
The Coca-Cola Company (KO) is expected to maintain momentum from last quarter, when the beverage giant showed consumers continue to buy its drinks even as prices rise due to inflation. ing.
Analysts expect the soft drink maker to see another quarter of growth in both sales and bottom line when it releases results before the market opens on Tuesday.
Analysts expect Coca-Cola’s fourth-quarter 2023 net income to increase by nearly 10% on revenue of $10.76 billion, an increase of nearly 7% from the same period last year, according to data from Visible Alpha. It is expected to be $2.15 billion.
The world’s most valuable drinks company is forecasting improved results after a recent report showed that rising prices are having a major impact on sales. Following last quarter’s better-than-expected sales, Coca-Cola raised its full-year EPS outlook and raised its full-year 2024 sales forecast to 10% to 11%.
-Terry Lane
Monday.com learns Wall Street is getting noisy
1 hour 11 minutes ago
Monday.com (MNDY) shares fell on Monday after the enterprise software maker’s revenue forecast missed Wall Street’s expectations, overshadowing the company’s better-than-expected fourth-quarter results.
Monday.com reported adjusted earnings of $33.7 million, or 65 cents per share. In comparison, he earned $22.2 million, or 44 cents per share, in the same period last year. Sales increased 35% to $202.6 million. Both profit and sales exceeded analysts’ expectations.
Monday.com expects revenue growth to slow slightly to 28% to 30% for the first quarter of fiscal 2024. Additionally, full-year sales growth is expected to fall between 27% and 28%, suggesting a further slowdown in the second half of this year.
The outlook for slower sales growth hurt the stock, which had risen more than 10% in the week leading up to the report. Monday.com stock fell about 11% to $209.76 in late trading Monday. Still, it’s up more than 60% in the past 12 months.
CymaBay Therapeutics stock soars on $4.3 billion acquisition
1 hour 39 minutes ago
Shares of CymaBay Therapeutics (CBAY) soared to an all-time high on Monday after Gilead Sciences (GILD) announced it would acquire the liver and other chronic disease drug developer for $4.3 billion.
Gilead announced Monday that it will pay CymaBay $32.50 per share in cash. This is a 26.5% premium over CymaBay’s closing price on Friday.
CymaBay’s investigational lead product, seladelpar, is a treatment for primary biliary cholangitis (PBC), an autoimmune disease that affects the bile ducts of the liver. The Phase 3 trial achieved statistical significance across primary endpoints.
The transaction is expected to close this quarter.
CymaBay stock rose 25% to $32.10 on Monday after the acquisition was announced. Gilead stock rose 0.9% to $74.36.
-Bill McCall
VF Corp soars as founding family backs activist board shakeup
2 hours 35 minutes ago
VF Corp (VFC) was the best performer on the S&P 500 index on Monday amid reports that activist investor Engaged Capital has won support from the founding families in its efforts to shake up Vans and North Face’s ownership boards. It became a brand that received the following.
Kelly Barbey, a descendant of VF Corp. founder John Barbey, said his family, which owns a cumulative stake of about 15%, will back Engaged Capital in its bid to win a seat on the apparel holding company’s board of directors. Ta.
Barbey also said the family supported the firing of longtime board members Clarence Ortiz and Juliana Chugg, saying they had failed to address challenges that had caused VF’s stock to decline more than 80% in value over the past three years. Stated.
Engaged Capital first disclosed a 1.3% stake in the company in October 2023 and has since forced the company to consider non-core brands and cut costs.
VF Corporation stock rose more than 15% to $17.68 Monday afternoon.
midday moving company
3 hours 5 minutes ago
VF Corporation (VFC) ranks among the S&P 500 following reports that the company’s founding family is backing activist investor Engaged Capital, which aims to transform the ownership of The North Face and Vans brands. It was the brand with the best performance.
Diamondback Energy (FANG) stock soared after the oil producer announced it would acquire Endeavor Energy Partners for $26 billion to expand its footprint in the Permian Basin.
Lowe’s (LOW) shares rose after JPMorgan upgraded its stock rating, suggesting that the Federal Reserve’s interest rate cuts could help the home improvement retailer increase sales.
Hershey’s (HSY) stock fell after Morgan Stanley downgraded the stock, saying weaker consumer demand and higher cocoa prices could hurt the chocolate maker’s margins.
Rivian Automotive (RIVN)’s stock price has fallen following a downgrade by Barclays. The bank cited weak sales of electric vehicles (EVs).
-Bill McCall
Bitcoin soars above $49,000 as ETF inflows accelerate
3 hours 51 minutes ago
Bitcoin’s price soared to nearly $50,000 on Monday morning, its highest level in more than two years.
Bitcoin ETFs last week saw their biggest inflows since their debut last month. According to digital asset management firm CoinShares, funds raised $1.1 billion, bringing total inflows to $2.8 billion.
BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Bitcoin Fund (FBTC) were the biggest winners, with combined inflows of $1.2 billion.
Nvidia stock price rises, market value overtakes Amazon
4 hours 48 minutes ago
Nvidia (NVDA) overtook Amazon (AMZN) in early trading Monday to become the fourth most valuable company in the United States.
Nvidia stock rose as much as 2.6% to a record high of $741 on Monday morning, giving it a market capitalization of $1.83 trillion. Meanwhile, Amazon stock fell 0.6% to $173.36, reducing its market cap to $1.8 trillion.
Since OpenAI’s ChatGPT sparked a market rally in late 2022, NVIDIA stock has risen relentlessly, driven by big tech companies looking to profit from their investments in artificial intelligence. No company has benefited more than Nvidia, a leading supplier of the advanced graphics processing units that AI relies on. The company’s stock price has risen nearly 250% in the last year.
Monday’s profits move Nvidia closer to the $2 trillion mark. This is a feat achieved only by three American companies: Apple (AAPL), Microsoft (MSFT), and Alphabet (GOOGL). It also came close to surpassing Alphabet, which had a market capitalization of about $1.849 trillion as of Monday.
Nvidia is scheduled to release its financial results after the market closes on February 21st.
Diamondback Energy shares rise after agreement to buy Endea
5 hours 51 minutes ago
Diamondback Energy (FANG) shares rose more than 7% on Monday morning after the company announced plans to merge with Endeavor Energy Resources, the latest in a series of big energy deals in recent months. It rose to trade at around $164.
The deal, which values Endeavor at about $26 billion, would see Diamondback shareholders own about 60.5% of the combined company, with Endeavor stockholders owning the remainder, the companies said early Monday. stated in a press release. Based on Diamondback’s current market capitalization, the combined company would be worth about $53 billion.
According to reports, Diamondback has been successful in attracting major companies such as ConocoPhillips (COP). wall street journal, We first reported on Sunday that a deal was in the works. Endeavor, a private energy company founded by wildcat billionaire Autry Stevens, operates over 350,000 acres in the Midland region of the Permian Basin in West Texas.
Source: TradingView.com.
Diamondback stock has been trading within a textbook ascending triangle since early June 2022, indicating the continuation of a long-term uptrend following the breakout. Interestingly, the stock’s trading volume has declined in recent weeks as the stock solidifies toward the top of the triangle. In upcoming trading sessions, keep an eye out for volume breakouts on either side of the pattern for clues as to the stock’s future direction.
-Timothy Smith
Stocks that move the most before the market
7 hours 2 minutes ago
Profit:
- Joby Aviation Ltd. (JOBY) Electric aircraft developer Joby Aviation Ltd. (JOBY) shares rose 6% after announcing it had signed a deal with Dubai to launch air taxi services in Dubai by early 2026.
- Arista Networks Inc. (ANET): The cloud networking company’s stock rose 4% after the bell on expectations for a quarterly earnings report.
- New York Community Bancorp (NYCB): The regional bank whose debt was downgraded to junk status by Moody’s last week after regulatory filings revealed executives were piling into tattered stock. fueled Friday’s rally, rising 3%.
loss:
- Monday.com Ltd. (MNDY): Shares of the enterprise software maker fell 12% after the company beat earnings expectations but provided current-quarter earnings guidance that was broadly in line with expectations.
- Trimble Inc. (TRMB): The positioning technology company’s stock fell nearly 5% after its full-year profit and revenue outlook fell short of Wall Street expectations.
- Citigroup (C): Shares fell more than 1% after federal regulators ordered the bank to change its risk management procedures.
Stock futures little changed ahead of new inflation data
7 hours 34 minutes ago
Futures contracts tied to the Dow Jones Industrial Average fell about 0.1% in premarket trading Monday.
The S&P 500 contract remained unchanged.
About an hour before the market opened, the Nasdaq 100 was up less than 0.1%.
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