Asian Equities Traded in the US as American Depositary Receipts Fall in Wednesday Trading

MT Newswires

Asian equities traded in the US as American depositary receipts were moving lower Wednesday morning, declining 0.9% to 2,031.82 on the S&P Asia 50 ADR Index.

From North Asia, the gainers were led by polysilicon manufacturer Daqo New Energy and computer hardware maker Canaan , which climbed 11% and 9.4% respectively. They were followed by solar panel maker JinkoSolar and used car ecommerce platform Uxin , which rose 8% and 6.1% respectively.

The decliners from North Asia were led by fintech company Jiayin Group , which fell 15%. They were followed by online educational platform 51Talk Online Education Group and automotive ecommerce platform TuanChe , which dropped 3.2% and 3.7% respectively.

From South Asia, the gainers were led by IT firm Sify Technologies , which increased 1.4%, followed by telecommunications operator PLDT and IT firm Infosys , which were up 1.3% and 0.6% respectively.

The decliners from South Asia were led by telecommunications operator Telekomunikasi Indonesia , which dropped 2.9%, followed by tech conglomerate Sea and pharmaceutical company Dr. Reddy's Laboratories , which were down 0.30% and 0.6% respectively.

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Canaan (CAN) Reports Q3 Loss, Tops Revenue Estimates

Zacks

Canaan (CAN) came out with a quarterly loss of $0.27 per share versus the Zacks Consensus Estimate of a loss of $0.15. This compares to loss of $0.41 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -80%. A quarter ago, it was expected that this cryptocurrency-mining computer maker would post a loss of $0.30 per share when it actually produced a loss of $0.15, delivering a surprise of 50%.

Over the last four quarters, the company has surpassed consensus EPS estimates two times.

Canaan, which belongs to the Zacks Computer - Software industry, posted revenues of $73.61 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 1.15%. This compares to year-ago revenues of $33.32 million. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Canaan shares have lost about 31.2% since the beginning of the year versus the S&P 500's gain of 24.1%.

What's Next for Canaan?

While Canaan has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Canaan: favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.12 on $86.47 million in revenues for the coming quarter and -$0.59 on $266.22 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Computer - Software is currently in the top 20% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Oracle (ORCL), has yet to report results for the quarter ended November 2024.

This software maker is expected to post quarterly earnings of $1.48 per share in its upcoming report, which represents a year-over-year change of +10.5%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Oracle's revenues are expected to be $14.12 billion, up 9.1% from the year-ago quarter.

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Telkom Indonesia Could Underperform Industry on Revenue Growth — Market Talk

Dow Jones Newswires

PT Telekomunikasi Indonesia

+0.77%

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Telkom Indonesia (Persero) Cut to Hold From Buy by Bahana Sekuritas >TLKM.JK

Dow Jones Newswires

PT Telekomunikasi Indonesia

+0.77%

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Nyse Order Imbalance 33281.0 Shares On Buy Side

Reuters

PT Telekomunikasi Indonesia

+0.77%

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Walmart, Nvidia lead Tuesday's market cap stock movers

Investing.com

Tuesday's market has seen notable activity among stocks, with significant movements in both the mega-cap and large-cap categories. Companies like Walmart (NYSE:WMT) and Nvidia (NVDA) have experienced positive shifts, while others like Alibaba-exch (BABA) have faced declines. Here's a breakdown of some of the key stock movers across various market cap ranges, reflecting intra-day stock movements.

Mega-Cap Movers:

Walmart (WMT); Walmart reports strong revenue growth of 5.5% with operating income growing faster at 8.2%: +4.01%
Nvidia Corp (NASDAQ:NVDA); Sam Altman Seeking Investors for AI Chipmaker to Challenge Nvidia (NVDA) - NYP: +3.74%
Netflix, inc. (NASDAQ:NFLX): +2.65%
Alibaba-exch (BABA): -2.59%

Large-Cap Stock Movers:

Super Micro Compu (NASDAQ:SMCI); Super Micro appoints BDO as new independent auditor: +31.25%
GS Acquisition A (NYSE:VRT); Vertiv Expands its Global Liquid Cooling Portfolio: +12.61%
MicroStrategy Inc (NASDAQ:MSTR); MicroStrategy Announces Proposed Private Offering of $1.75 Billion of Convertible Senior Notes: +11.6%
Incyte Corp (NASDAQ:INCY); Merck (NS:PROR) (MRK) Linked to a Takeover Bid for Incyte (INCY) - Sky News: -10.06%
Grab Holdings (GRAB): +9.22%
Insmed (NASDAQ:INSM): +9.25%
Coherent (NYSE:COHR); Coherent Launches High-Speed Photodiodes for 1.6T Transceivers: +8.38%
Applovin (APP): +6.03%

Mid-Cap Stock Movers:

SVF Investment 3 (SYM); Symbotic shares surge 10% on strong Q4 results: +26.39%
C3 Ai Inc (NYSE:AI); C3 AI and Microsoft (NASDAQ:MSFT) Forge Strategic Alliance to Accelerate Enterprise AI Adoption: +25.77%
Lemonade Inc (NYSE:LMND): +16.82%
Apellis Pharma (NASDAQ:APLS): +16.42%
GDS Holdings Ltd (NASDAQ:GDS); GDS Holdings reports Q3 revenue miss, shares dip: -12.92%
Marathon Pa (MARA): +11.82%
Energizer Hldgs (NYSE:ENR); Energizer shares inch higher as Q4 results top estimates: +11.58%
Oscar Health (OSCR): +12.05%
Yandex (NASDAQ:NBIS); Nebius Group to open first US GPU cluster in 2025: +10.42%
Oaktree Acquisition Corp (NYSE:HIMS): +10.05%

Small-Cap Stock Movers:

Silence Therapeutics NAS (SLN): -36.39%
MSTU (MSTU): +24.08%
Applied Blockchain (APLD): +17.94%
Alumis (ALMS): +15.8%
Destiny Tech100 (DXYZ): +14.55%
Longview Acquisition (BFLY): +14.39%
Uxin (NASDAQ:UXIN): +11.47%
Archer Aviation (ACHR); Archer Aviation shares initiated at Buy: +13.99%
Eastman Kod (NYSE:KODK): +12.91%
Thunder Bridge Acquisition II Ltd (INDI); indie Semiconductor Extends Automotive Photonics Leadership: +13.81%

For real-time, market-moving news, join Investing Pro.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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Nvidia, Target, TJX lead earnings reports Wednesday, many more to follow

Investing.com

Earnings season continues, and we're here to highlight the companies expected to report earnings on Wednesday, November 20, 2024, so you can prepare for the market action. Leading the pack are tech giant Nvidia (NASDAQ:NVDA), retail powerhouse Target (NYSE:TGT), and off-price retailer TJX Companies (NYSE:TJX), along with several other notable firms across various sectors.

Earnings Before the Open:

• Target (TGT): EPS $2.30, Revenue $25.87B

• TJX Companies (TJX): EPS $1.09, Revenue $13.95B

• Williams-Sonoma (NYSE:WSM): EPS $1.77, Revenue $1.79B

• WIX.COM (WIX): EPS $1.44, Revenue $443.97M

• ZIM Integrated Shipping Services (NYSE:ZIM): EPS $6.95, Revenue $2.39B

• Dycom Industries (NYSE:DY): EPS $2.31, Revenue $1.22B

• GlobalE Online (NASDAQ:GLBE): EPS -$0.1402, Revenue $169.21M

• Laclede Group (SR): EPS -$0.4977, Revenue $365.48M

• Canaan Inc (NASDAQ:CAN): EPS -$0.0867, Revenue $72.83M

• Argo Blockchain (LON:ARB) ADR (ARBK): EPS -$0.71, Revenue $9.4M

• Nano Dimension (NASDAQ:NNDM): EPS and Revenue not available

• Argo Blockchain OTC (ARBKF): EPS -$0.071, Revenue $9.4M

• Baloise ADR (BLHEY): EPS and Revenue not available

• Sage Group (LON:SGE) PLC (SGPYY): EPS and Revenue not available

• Severn Trent (LON:SVT) PLC PK (STRNY): EPS and Revenue not available

Earnings After the Close:

• Nvidia (NVDA): EPS $0.7463, Revenue $33.09B

• Palo Alto Networks (NASDAQ:PANW): EPS $1.48, Revenue $2.12B

• Snowflake (NYSE:SNOW): EPS $0.1521, Revenue $899.3M

• Copa Holdings SA (NYSE:CPA): EPS $3.51, Revenue $861.88M

• Maximus Inc (NYSE:MMS): EPS $1.48, Revenue $1.31B

• Soc Quimica ADR (NYSE:SQM): EPS $0.6298, Revenue $1.08B

• Jack In The Box (NASDAQ:JACK): EPS $1.10, Revenue $356.94M

• Corporacion America Airports (NYSE:CAAP): EPS $0.4181, Revenue $495.08M

• Kindercare Learning Companies (KLC): EPS -$0.019, Revenue $669.42M

• Euroseas (NASDAQ:ESEA): EPS $3.56, Revenue $53.32M

• Waldencast Acquisition (WALD): EPS -$0.05, Revenue $68.88M

• Duos Tech (NASDAQ:DUOT): EPS -$0.25, Revenue $2.8M

• Intchains ADR (ICG): EPS and Revenue not available

• Thunderbird Entertainment (THBRF): EPS and Revenue not available

Be sure to check back daily for updates and insights into the earnings season and real-time results here and here. Do you want to trade the earnings of the biggest companies like a pro? Then get InvestingPro now and access over 1000 metrics that will give you a significant advantage in the shark tank that is Wall Street. Click here.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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Asian Equities Traded in the US as American Depositary Receipts Fall in Wednesday Trading

Canaan (CAN) Reports Q3 Loss, Tops Revenue Estimates

Telkom Indonesia Could Underperform Industry on Revenue Growth — Market Talk

Telkom Indonesia (Persero) Cut to Hold From Buy by Bahana Sekuritas >TLKM.JK

Nyse Order Imbalance 33281.0 Shares On Buy Side

Walmart, Nvidia lead Tuesday's market cap stock movers

Nvidia, Target, TJX lead earnings reports Wednesday, many more to follow

Risk Disclosure