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Stock futures fell on Wednesday as global central bankers sought to temper expectations for rate cuts in 2024. Slowing economic growth in China also soured sentiment.
Alibaba’s U.S.-listed shares fell 2.7% and Jingtocom’s fell 4.3% as China’s gross domestic product (GDP) expanded by 5.2% in the fourth quarter and in 2023. , PDD Holdings fell 3.7%. This was the lowest annual rate since 1990. Three years into the COVID-19 pandemic, according to the Wall Street Journal.
Charles Schwab reported fourth-quarter adjusted earnings per share of 68 cents, beating analysts’ expectations of 64 cents. Revenue for the period fell 19% to $4.46 billion, below expectations of about $4.5 billion.Stock price fell 1.3%
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Interactive Brokers reported fourth-quarter adjusted earnings of $1.52 per share, 1 cent less than analysts expected. Revenue rose 17% to $1.14 billion, in line with expectations. The electronic broker’s customer accounts rose 23% over the same period to 2.56 million, and customer capital rose 39% to $426 billion. The stock price fell 3.2%.
Progress Software’s fourth-quarter adjusted profit was down from a year earlier, but beat Wall Street expectations. Sales also exceeded expectations at $177 million. The company’s outlook for fiscal 2024 was also roughly in line with analyst forecasts. The stock price rose 3.2%.
Albemarle fell 0.4% after the lithium miner announced job cuts and some spending cuts “particularly in response to changing end market conditions in the lithium value chain.”
Impini
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The Internet of Things company said it expects fourth-quarter revenue to be more than $70 million, higher than previous expectations of $65.5 million to $68.5 million. The company also said it expects adjusted earnings before interest, taxes, depreciation and amortization to be more than $2.5 million for the current fiscal year, exceeding the previous estimate of $900,000 minus $700,000.Impini
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It rose by 13%.
Plexus lowered its first-quarter sales forecast, saying it now expects sales to be between $980 million and $985 million, lower than its previous forecast of between $990 million and $1.03 billion. The electronic manufacturing services company also said “market-driven destocking continues and demand gradually declines” from the healthcare and industrial markets sectors, preventing it from achieving its previous guidance for operating margins and revenue. he warned. The stock price fell 2.5%.
Ford Motor Co. fell 2.2% to $11.21 after UBS analysts downgraded the automaker from “buy” to “neutral” and kept their price target at $12.
Email Joe Weelfel at joseph.woelfel@barrons.com.
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