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Oil futures and stock prices fall as Saudi Arabia lowers prices
19 minutes ago
Crude oil futures fell sharply on Monday after Saudi Arabia cut the price of its February crude oil shipments to counter strong global supplies.
West Texas Intermediate futures fell 4% on Monday, trading below $71 a barrel. European benchmark Brent crude fell more than 3% to trade around $76.
State-owned Saudi Aramco has cut the price of Arab light crude oil by $2 a barrel for customers in Asia, its biggest market. It has also reduced shipping fees to Europe and North America. Analysts had expected prices to be cut, but Monday’s cut was larger than expected.
The move comes as oil demand in Asia eases and enough oil is flowing into the market despite a series of production cuts by Saudi Arabia and its OPEC+ allies. In particular, U.S. crude oil, which was being delivered at a record pace at the end of 2023, is helping to maintain a ceiling on oil prices amid rising geopolitical tensions that risk disrupting supply and trade. .
Shares of the world’s largest oil companies fell sharply on Monday. ExxonMobil (XOM) fell about 2% and Chevron (CVX) fell about 1%.
Vision Pro release date set for February 2nd, Apple stock price rises
1 hour 3 minutes ago
Apple Inc. (AAPL) stock rose in intraday trading on Monday after the iPhone maker announced the launch of its Vision Pro virtual reality (VR) headset early next month.
The spatial computer headset will be available in the US on February 2nd and pre-orders will begin on January 19th. Priced at $3,499, the prescription lens add-on is $149.
According to IT market intelligence firm International Data Corp., the introduction of Vision Pro will allow Apple to compete with META’s (META) Quest 3 headset, which holds a 55% market share for VR headsets, in the third quarter of 2023. There is a possibility that this will happen.
Securities analysts at Jefferies Group predict that Apple will capture just 4% of the VR headset market share, with about 400,000 units shipped in 2024. The company notes that the Vision Pro will be sold at a higher price point than other comparable headsets such as the Meta Quest 3. , starting at about $500.
Apple shares rose nearly 2% Monday afternoon.
-Naomi Buchanan
Nvidia stock hits record on AI PC chip announcement
2 hours 16 minutes ago
Nvidia (NVDA) on Monday announced three new graphics processing units (GPUs) designed to power artificial intelligence on personal computers, adding to the company’s market-leading suite of AI chips.
Announced today ahead of the 2024 Consumer Electronics Show in Las Vegas, the GeForce RTX 40 SUPER Series delivers “up to 836 trillion operations per second, bringing game-changing AI to gaming, creating, and everyday productivity. It brings functionality.”
The company also said that major computer manufacturers such as Dell, HP, and Samsung are releasing laptops equipped with AI GPUs, which can “bring a full set of generative AI capabilities to users right out of the box.” .
The announcement comes as Nvidia, a leading supplier of AI chips to data centers, seeks to expand its AI services and fend off competitors seeking a bigger slice of the giant AI pie. Ta.
Advanced Micro Devices (AMD), one of Nvidia’s fiercest competitors, announced its own AI PC chip on Monday. The company said its Ryzen 8000G series chips are the first PC processors to feature a dedicated AI neural processing unit. Intel (INTC) got ahead of both Nvidia and AMD when it launched a set of AI PC chips in December.
The semiconductor maker was one of the S&P 500’s best-performing stocks on Monday. Nvidia stock rose more than 4.5% Monday afternoon, while AMD rose more than 5%. Intel stock rose more than 3.5%.
Boeing stock plummets after FAA grounding of 737 MAX 9 planes
3 hours 26 minutes ago
Boeing (BA) stock fell in early trading Monday after the Federal Aviation Administration (FAA) grounded some Boeing 737 MAX 9 planes for inspection.
The FAA’s directive was issued Friday after an Alaska Airlines (ALK) Max 9 lost a panel during flight and was forced to make an emergency landing. Approximately 171 Boeing planes in the U.S. or operated by U.S. airlines outside the U.S. are affected by the FAA’s investigation to address potential door safety issues before they resume service.
“We agree with and fully support the FAA’s decision to require immediate inspection of 737-9 aircraft with the same configuration as the affected aircraft,” Boeing said in a statement.
Boeing stock was down 6.8% at $232 a share at midday Monday, but remains up about 13% over the past year.
-Fatima Atalwala
Crocs stock significantly exceeds sales forecasts
4 hours 15 minutes ago
Crocs (CROX) stock rose 20% on Monday morning after the casual shoe maker announced full-year sales would beat previous expectations following a strong holiday season.
The company said in a statement that it expects sales to increase 1% in the fourth quarter from a year ago, beating its November forecast for sales to decline 1% to 4%.
The company then estimated full-year sales of about $3.95 billion, an increase of more than 11% year-over-year and a record high. The company had previously expected full-year sales to rise 10-11%.
Despite Monday’s gains, Crocs stock has lost about 8% of its value over the past year and remains well off its all-time high of about $180.
One chart to watch on Monday: Berkshire Hathaway.
5 hours 11 minutes ago
Warren Buffett’s Berkshire Hathaway (BRK.B) will be placed on a watch list on Monday after the multinational conglomerate settled a multibillion-dollar lawsuit with the Haslam family over the truck stop company. there is a possibility.
A trial scheduled to begin today in Delaware will see Berkshire Hathaway use pushdown accounting techniques to pay out the remaining 20% stake held by the Pilot Travel Centers (PTC) family, the largest truck stop operator. The purpose was to determine whether the amount had been significantly reduced. In the US, Berkshire alleged that Jimmy Haslam, the owner of the Cleveland Browns, had induced PTC executives with side payments to inflate the company’s value in order to obtain a more attractive acquisition from the financial conglomerate. .
Berkshire has been increasing its stake in PTC from the Haslam family since 2017, and acquired a majority stake in the company in January of last year.
Source: TradingView.com.
Berkshire Hathaway’s stock price has trended upward for most of 2023, aside from a few retracements to the 200-day moving average. The stock is currently trading between its 15-month uptrend line and its all-time high (ATH). If the price moves higher from current levels, watch how it reacts to the ATH near $373. Conversely, during the retracement, keep an eye on whether buyers can defend the uptrend line and the 200-day moving average, which is currently near $351.
See here for other charts to watch today.
-Timothy Smith
Stocks that move the most before the market
6 hours 1 minute ago
Profit:
- Crocs Inc. (CROX): The company’s stock rose 8% after the company said it expects 2023 sales to reach a record $3.95 billion, exceeding analysts’ expectations.
- DoorDash Inc. (DASH): The meal delivery service’s stock rose more than 3% after Jefferies upgraded the stock from “hold” to “buy,” citing its cost management and strong market position.
- Dell Technologies (DELL): The computer hardware maker’s stock is down 2 after JPMorgan analysts upgraded the stock to “overweight” due to the potential for the company’s server business to benefit from AI investments. %Rose.
loss:
- Boeing Co. (BA): Aircraft suspension after U.S. regulators grounded more than 170 of the company’s 737 Max 9 planes following an accident in which part of the fuselage of an Alaska Airlines jetliner broke off mid-flight. The manufacturer’s stock price fell more than 7%. Shares of supplier Spirit AeroSystems (SPR) fell 14%.
- Regeneron Pharmaceuticals (REGN): The company’s stock price soared after the company announced fourth-quarter sales of its blockbuster eye drop Eylea were $1.34 billion, nearly $200 million below Wall Street expectations. It fell more than 2%.
- Exxon Mobil (XOM): Shares of the oil giant fell more than 1% as oil prices fell in early trading.
Futures are mixed as Boeing drags the Dow
6 hours 46 minutes ago
Futures contracts tied to the Dow Jones Industrial Average weighed on Boeing, which fell more than 0.3% in premarket trading Monday.
S&P 500 futures were little changed about an hour before the market opened.
The Nasdaq 100 rose about 0.2%.
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