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Stock index wrap: Technology leads broad rally. Tesla falls out of the top 10 of the S&P 500.
1 hour 37 minutes ago
Dow
Tech stocks led the index gains, with Intel (INTC) stock up 3.1%, International Business Machines (IBM) up 2.2% and Salesforce (CRM) up 1.7%.
Disney (DIS) led the index’s laggards, falling 2.5%.
Chevron (CVX) fell 0.8% after Exxon Mobil (XOM) announced it would contest oil giant Hess Corporation’s (HESS) purchase of its interest in Guyana’s massive Stabroek field.
S&P500
Albemarle (ALB) rose 9.3%, rebounding from yesterday’s plunge after the lithium miner announced a new stock offering.
Pfizer (PFE) rose 4.3% after an appeals court upheld the dismissal of a lawsuit against the company’s diversity fellowship program.
Campbell Soup Company (CPB) rose 0.5% after its profit narrowly beat expectations.
Brown-Forman (BF.B) fell 7.3% after the company reported lower-than-expected quarterly profits amid what it called a “challenging” operating environment.
Morgan Stanley (MS) fell 3.9% after cutting 9% of headcount in its China funds division.
Nasdaq 100
CrowdStrike Holdings (CRWD) soared 10.8% after the stock reported better-than-expected fourth-quarter profits and full-year guidance. Fortinet (FTNT) in the cybersecurity industry rose 3.3%.
DexCom (DXCM) stock soared 9.8% after the FDA approved the device Stelo, the first over-the-counter glucose sensor in the United States.
Chip stocks also rose, with Qualcomm (QCOM) up 4% and Nvidia (NVDA) up 3.2%.
Palo Alto Networks (PANW) was unable to attend the cybersecurity gathering. Shares fell 4.2% as CrowdStrike’s earnings contrasted sharply with Palo Alto’s lackluster report last month. Zscaler (ZS) also fell 1.9%.
PDD Holdings (PDD) fell 3.9%. Competitor JD.com (JD) reported better-than-expected quarterly sales as it expanded into lower-priced products, but PDD subsidiary Tesla (TSLA) fell 2.3%, with its stock falling among the S&P’s 10 most valuable companies. I fell from the company. 500. Alphabet (GOOGL) fell his 1%.
Palantir stock soars on $178.4 million US military contract focused on AI
1 hour 46 minutes ago
Palantir Technologies (PLTR) stock rose Wednesday after the company announced it had secured a $178.4 million U.S. military contract focused on artificial intelligence (AI) and machine learning (ML) technology for the Army. rose 10% in early trading.
The contract includes the development and delivery of the Tactical Intelligence Targeting Access Node (TITAN) ground station system, the Army’s “next generation deep sensing capability” enabled by AI and ML.
The $178.4 million deal is Palantir’s fourth-largest contract by annual revenue run rate, according to William Blair analysts.
Palantir stock rose 9.8% to $26.14 on Wednesday. The stock is up more than 52% so far this year.
-Naomi Buchanan
NYCB jumps into $1 billion investment led by Steven Mnuchin
2 hours 44 minutes ago
New York Community Bancorp (NYCB) shares rebound after the company announced it had secured a $1 billion investment from a group of companies led by former Treasury Secretary Steven Mnuchin and Liberty Capital. .
As part of the transaction, Mnuchin will join the bank’s board of directors, as will Hudson’s Bay Capital investors Allen Puwalski and Reverence Capital’s Milton Berlinski. They will be joined by former Comptroller of the Currency Joseph Otting, who will take the helm as CEO.
Trading in the company’s stock was suspended on Wednesday afternoon, and the stock price fell more than 40% following a Wall Street Journal report outlining the bank’s capital-raising efforts.
After trading resumed, the stock rebounded and was down just 1% with an hour remaining.
Foot Locker stock plummets as financial targets are delayed, soft guidance provided
3 hours 42 minutes ago
Shares of Foot Locker (Florida) fell sharply on Wednesday after the sneaker retailer postponed the expected date of meeting key financial targets and gave a weak profit outlook. The news offset the company’s better-than-expected holiday season results.
CFO Mike Vaughn said Foot Locker believes it will be able to meet its Lace Up plan goals launched in March 2023, but that will be delayed by two years. He said the company expects to achieve its earnings before interest, tax, and tax (EBIT) margin target of 8.5% to 9% by 2028. Bourne added that the change was made “considering the low starting point at the end of 2023.”
Foot Locker also expects full-year adjusted earnings per share (EPS) to be between $1.50 and $1.70, well below analyst expectations. Sales are expected to range from 1% down to 1% up.
Foot Locker stock fell 32% to $23.14 Wednesday afternoon, and is down about 46% from a year ago.
-Bill McCall
New York Community Bancorp stock plummets amid reports of cash injection scandal
5 hours 8 minutes ago
New York Community Bank (NYCB) stock fell in intraday trading on Wednesday. wall street journal It was reported that regional financial companies that have fallen into financial difficulties are seeking to raise equity capital in order to increase their credibility.
Following the news, the bank’s stock price fell more than 40% to below $2. This is the third time in just over a month that stock prices have fallen on such a large scale. The first occurred in late January, when the company cut its dividend and increased its allowance for credit losses by nearly 800%. Shares fell again on March 1 after the company replaced its longtime CEO and reported “material weaknesses” in its internal loan review management.
The bank’s results and stock price have been hurt by its huge exposure to commercial real estate loans, which has spooked investors and creditors. Moody’s lowered the bank’s rating last week after downgrading it to junk status in early February.
With Wednesday’s decline, NYCB stock has lost more than 80% of its value this year alone.
CrowdStrike earnings lift cybersecurity stocks
6 hours 7 minutes ago
Cybersecurity stocks rose on Wednesday after CrowdStrike Holdings (CRWD) reported quarterly earnings and forecasts that beat Wall Street expectations.
CrowdStrike reported adjusted earnings of 95 cents per share for the quarter ended Jan. 31, well above analysts’ expectations of 82 cents. Sales rose 33% year over year to $845 million, also exceeding expectations.
For the current quarter, CrowdStrike expects adjusted earnings to be 89 cents to 90 cents per share on revenue of $902 million to $906 million. Full-year earnings per share are expected to be in the range of $3.77 to $3.97, with revenue in the range of $3.92 billion to $3.99 billion. All guidance beat Street consensus estimates.
“These guidance targets may ultimately become conservative over the next few quarters as sales cycles normalize and deal sizes continue to improve,” Bank of America analysts said in a research note Wednesday. I think there is,” he said.
CrowdStrike stock soared as much as 20% on Wednesday, before paring its gains and trading about 12% higher as of 11:40 a.m. ET. Several peers have followed CrowdStrike’s lead, including Fortinet (FTNT) and Okta (OKTA). The First Trust Nasdaq Cybersecurity ETF (CIBR) traded up 1.7%.
The exceptions were ZScaler (ZS), which fell 1.3%, and Palo Alto Networks (PANW), which fell 2.7%. The latter warned of “spending fatigue” among its customers two weeks ago, sending cybersecurity stocks into a tailspin.
Nordstrom stock falls as full-year sales outlook disappoints
6 hours 55 minutes ago
Shares of upscale department store chain Nordstrom (JWN) fell sharply on Wednesday after the company issued a weaker-than-expected full-year outlook as customers became more price-sensitive.
The Seattle-based retailer expects full-year 2024 sales to range from a 2% decline to a 1% increase from a year ago, compared to analysts who had expected sales to be flat. He said that The company expects earnings per share (EPS) to be between $1.65 and $2.05 for the current period, with the midpoint of $1.85 well below the consensus mark of $2.01 per share.
Nordstrom CEO Eric Nordstrom told analysts on an earnings call that while store and website traffic remains weak, it has gradually improved throughout fiscal 2023, with average order value increasing for both categories. He added that he is doing so.
Nordstrom stock recently broke above the highest trend line of a two-year downward channel, but volume remained light in the lead-up to the company’s earnings release. If the selling strengthens in the coming days, keep an eye on the $17.52 to $19.09 area. This area is an area on the chart where price may find support between the 50-day moving average and the 200-day moving average. A breakdown below this key level could lead to a retest of the channel’s lower trendline.
-Timothy Smith
JD.com jumps into $3 billion share buyback plan with sales outpacing China’s e-commerce giant
7 hours 44 minutes ago
American depositary receipts (ADRs) of Chinese e-commerce retailer JD.com (JD) soared in early trading on Wednesday after the company reported better-than-expected fourth-quarter sales.
JD.com reported revenue of 306.1 billion Chinese yuan ($43.1 billion), an increase of 3.6% from the fourth quarter of 2022, exceeding analyst expectations. The e-commerce giant said it rolled out a series of low-price measures to boost sales, but incurred several impairment charges that held back profits.
JD.com’s fourth-quarter net profit was 3.4 billion yuan ($500 million), up from 3 billion yuan ($420 million) in the same period last year. Diluted earnings per share (EPS) was below expectations of 2.13 yuan (30 cents).
The company also announced a $3 billion share repurchase program and an annual dividend of 76 cents per U.S.-listed share.
Jingdong’s ADRs rose 15% after the start of trading on Wednesday, but are still down about 8% from early 2024 onwards.
-Aaron McDade
Stocks that move the most before the market
8 hours 19 minutes ago
Profit:
- CrowdStrike Holdings (CRWD): Shares of the cybersecurity company rose 22% after the company beat Wall Street expectations in the fourth quarter and expected current-quarter profit and revenue to beat analysts’ expectations. .
- JD.com Inc. (JD): The Chinese e-commerce company’s stock price rose on the 14th after beating revenue expectations in the fourth quarter and approving a three-year, $3 billion share buyback program. %Rose.
- Palantir Technologies Inc. (PLTR): Shares rose nearly 9% after the Army awarded the data analytics company a $180 million contract for an AI-powered ground station system.
loss:
- Foot Locker Inc. (Florida): The footwear retailer’s stock fell 14% after its full-year profit forecast fell short of analysts’ expectations. The company also said that achieving its key financial goals will take longer than previously expected.
- Nordstrom Inc. (JWN): The clothing retailer’s stock fell 11% after its full-year sales and profit outlook fell short of Wall Street expectations.
- The Estée Lauder Companies (EL): The cosmetics giant’s shares fell more than 2% after a laboratory found that acne products from it and other companies contained high levels of the carcinogen benzene.
Stock futures rise ahead of employment report
9 hours 15 minutes ago
Futures contracts tied to the Dow Jones Industrial Average rose 0.3% in premarket trading Wednesday.
S&P 500 futures rose 0.5%.
Nasdaq 100 futures were trading 0.9% higher about an hour before the market opened.
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