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The Nasdaq 100 closed lower by around 0.5% during Wednesday's session. Investors, meanwhile, focused on some notable insider trades.
When insiders sell shares, it could be a preplanned sale, or could indicate their concern in the company's prospects or that they view the stock as being overpriced. Insider sales should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a selling decision.
Below is a look at a few recent notable insider sales. For more, check out Benzinga’s insider transactions platform.
Alphabet
Williams-Sonoma
Ross Stores
McDonald’s
Read Next:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The broad market exchange-traded fund SPDR S&P 500 ETF Trust was up 1.6% and the actively traded Invesco QQQ Trust was 2.1% higher in Thursday's premarket activity, following the Federal Reserve's decision to cut interest rates after four years.
US stock futures were also higher, with S&P 500 Index futures up 1.7%, Dow Jones Industrial Average futures rising 1.2%, and Nasdaq futures gaining 2.1% before the start of regular trading.
The weekly jobless claims bulletin, the Philadelphia Fed's manufacturing index for September, and the Q2 current account deficit report will be released at 8:30 am ET. The existing home sales report and the leading indicators index, both for August, are slated for a 10 am ET release, followed by the weekly EIA domestic natural gas supplies report at 10:30 am ET.
In premarket action, bitcoin was up by 3.9% and the cryptocurrency fund ProShares Bitcoin Strategy ETF was 4.1% higher.
Power Play:
Health Care
The Health Care Select Sector SPDR Fund advanced 0.8%. The Vanguard Health Care Index Fund and the iShares US Healthcare ETF were inactive. The iShares Biotechnology ETF was up 1.7%.
Progyny shares fell 24% in premarket activity Thursday after the company said that a client accounting for 13% of its 2023 revenue had elected to exercise a 90-day option to terminate its services agreement, effective Jan. 1.
Winners and Losers:
Consumer
The Consumer Staples Select Sector SPDR Fund was up 0.5%, while the Vanguard Consumer Staples Fund was inactive. The iShares US Consumer Staples ETF was inactive, and the Consumer Discretionary Select Sector SPDR Fund gained 2.1%. The VanEck Retail ETF was inactive, while the SPDR S&P Retail ETF was nearly 2% higher.
Darden Restaurants stock was up more than 11% pre-bell after the company reported higher fiscal Q1 adjusted net earnings and sales.
Industrial
Industrial Select Sector SPDR Fund advanced 1.3% while the Vanguard Industrials Index Fund was flat and the iShares US Industrials ETF was inactive.
Comstock shares were down 4% before the opening bell after the company said it had secured a $3.5 million convertible debt financing with an option for another $1.5 million to support its commercial expansion in the fuels and metals sectors.
Energy
The iShares US Energy ETF was up 1.3%, while the Energy Select Sector SPDR Fund rose by 1.5%.
TotalEnergies stock was up 2.7% before Thursday's opening bell after the company said it had secured a five-year extension of a liquefied natural gas supply agreement with China's CNOOC.
Financial
Financial Select Sector SPDR Fund gained 1.4%. Direxion Daily Financial Bull 3X Shares was up 4.2%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares was down 4%.
Regions Financial shares were up 2.3% pre-bell Thursday after Citigroup raised its price target to $26 from $25 and maintained a buy rating.
Technology
Technology Select Sector SPDR Fund was up 2.3%, and the iShares US Technology ETF was 1.9% higher, while the iShares Expanded Tech Sector ETF rose 2.6%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF advanced 0.1%, while the iShares Semiconductor ETF rose by 3.2%.
Alphabet shares were up nearly 2% in recent Thursday premarket activity after South Korean newspaper Electronic Times reported late Wednesday, citing industry sources, that Waymo is reportedly in talks with South Korea's Hyundai Motor to outsource the manufacturing of its self-driving vehicles.
Commodities
Front-month US West Texas Intermediate crude oil advanced 0.8% at $71.44 per barrel on the New York Mercantile Exchange. Natural gas was up 0.2% at $2.29 per 1 million British Thermal Units. United States Oil Fund rose 2.2%, while the United States Natural Gas Fund retreated by 1%.
Gold futures for December were up 0.5% at $2,612 an ounce on the Comex, while silver futures rose 2.5% to $31.44 an ounce. SPDR Gold Shares gained 1.5%, and iShares Silver Trust was 4.2% higher.
Reporter Name | Alber Laura |
Relationship | PRESIDENT & CEO |
Type | Sell |
Amount | $5,810,605 |
SEC Filing | Form 4 |
Laura Alber, President & CEO of Williams Sonoma, sold 40,000 shares of common stock on September 16, 2024, for a total sale amount of $5,810,605. The sales were conducted at weighted average prices ranging from $143.92 to $146.59 per share, reflecting multiple transactions at varying prices. Following these transactions, Alber directly owns 1,030,956 shares and indirectly owns 33,094 shares of Williams Sonoma. The indirect ownership is through a managed account related to the company's 401(k) plan.
SEC Filing: WILLIAMS SONOMA INC [ WSM ] - Form 4 - Sep. 18, 2024
Taiwan Semiconductor Manufacturing Co stock lost 4% in the last 30 days. Last month saw volatility as Nvidia Corp released its quarterly print and more.
The VanEck Semiconductor ETF and iShares Semiconductor ETF , representing the semiconductor industry, have lost ~7% in the last 30 days. Now, let’s run down the events for Taiwan Semiconductor since Nvidia released its quarterly print.
On August 28, Nvidia reported second-quarter topline growth of 122% to $30.04 billion, quashing the analyst consensus of $28.68 billion.
Also Read: Intel Looks To Restructure Foundry Business, Bags Major US Deal and Government Grants
The company projected third-quarter revenue of $31.85 billion—$33.15 billion, versus the consensus of $31.77 billion.
Still, the stock dropped by 6% in after-hours trading, sending semiconductor stocks, including Taiwan Semiconductor, Advanced Micro Devices, Inc , and Super Micro Computer, Inc , down as the print failed to impress the Street.
The semiconductor sector selloff continued in September, with U.S.-China geopolitical tensions intensifying due to the Western counterpart’s artificial intelligence technology embargo on the Asian counterpart.
Meanwhile, Taiwan Semiconductor remained invested in solidifying its moat by localizing neon gas production, a key chipmaking material disrupted by the Ukraine war, and fast-tracking the development of silicon photonics to address the energy and data transmission speeds needed by AI computing.
Taiwan Semiconductor projected a 50% growth in AI accelerators at the Semicon Taiwan industry forum in Taipei despite concerns over the sustainability of the AI frenzy, which is sending jitters across the market. Broadcom Inc’s quarterly print and guidance did little to contain the semiconductor selloff.
On the brighter side, reports indicated that the contract chipmaker’s production yield at the Arizona facility is at par with its Taiwan facilities.
Taiwan Semiconductor reported 33% topline growth in August 2024, testimony to the smartphone market recovery and continued demand for Nvidia AI chips. Analysts expect third-quarter revenue growth of 37%.
Some of Taiwan Semiconductors key September wins included a Alphabet Inc Google smartphone deal involving Pixel 10 and Pixel 11 chips and Apple Inc’s A16 chip at its Arizona Fab.
Taiwan Semiconductor is up over 90% in the last 12 months as it led the global foundry market, commanding a 62% share in the second quarter of 2024.
Price Action: TSM stock closed at $167.28 on Wednesday.
Image via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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