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U.S. stocks were mixed, with the Dow Jones index gaining around 200 points on Monday.
Shares of Compass Minerals International, Inc. rose sharply during Tuesday's session after the company announced preliminary third-quarter revenue above estimates.
Compass Minerals continues to evaluate various alternatives regarding path forward for Fortress North America.
Compass Minerals International shares jumped 24.5% to $11.47 on Tuesday.
Here are some other big stocks recording gains in today's session.
Now Read This:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Investors in Definitive Healthcare Corp. DH need to pay close attention to the stock based on moves in the options market lately. That is because the Dec. 12, 2024 $12.5 Call had some of the highest implied volatility of all equity options today.
What is Implied Volatility?
Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.
What do the Analysts Think?
Clearly, options traders are pricing in a big move for Definitive Healthcare shares, but what is the fundamental picture for the company? Currently, Definitive Healthcare is a Zacks Rank #3 (Hold) in the Medical Info Systems industry that ranks in the Top 25% of our Zacks Industry Rank. Over the last 60 days, no analyst increased their earnings estimates for the current quarter, while six have dropped their estimates. The net effect has taken our Zacks Consensus Estimate for the current quarter from 10 cents per share to 8 cents in that period.
Given the way analysts feel about Definitive Healthcare right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.
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Zacks Investment Research
The S&P 500 Index today is up by +0.43%, the Dow Jones Industrials Index is up by +0.29%, and the Nasdaq 100 Index is up by +0.65%.
Stocks today are moderately higher, with the S&P 500 climbing to a 2-month high, the Dow Jones Industrials posting a new record high, and the Nasdaq 100 rising to a 2-week high. Positive corporate and economic news today is pushing stocks higher. Intel is up more than +2% after the chipmaker won new business from Amazon.com. Also, Microsoft is up more than +1% after it raised its quarterly dividend by 10% and announced a new $60 billion stock repurchase program. Stocks maintained moderate gains after strength in today’s US retail sales and manufacturing production reports support the outlook for a soft landing.
Aug retail sales unexpectedly rose +0.1% m/m, stronger than expectations of a -0.2% m/m decline. However, Aug retail sales ex-autos rose only +0.1% m/m, slightly weaker than expectations of +0.2% m/m.
US Aug manufacturing production rose +0.9% m/m, stronger than expectations of +0.2% m/m and the largest increase in 6 months.
The markets will look to the 2-day FOMC meeting that begins today to see whether policymakers will decide that a -25 bp cut in the fed funds target range would be adequate for a US economy that has shown signs of losing momentum or whether they will decide on a larger -50 bp rate cut instead. Post-meeting comments from Fed Chair Powell on Wednesday will also be scrutinized regarding the Fed’s future policy intentions.
The markets are discounting the chances at 100% for a -25 bp rate cut for the Tue/Wed FOMC meeting and at 69% for a -50 bp rate cut at that meeting.
Overseas stock markets today are mixed. The Euro Stoxx 50 climbed to a 1-1/2 week high and is up +0.85%. China's Shanghai Composite was closed for the Mid-Autumn Festival holiday. Japan's Nikkei Stock 225 closed down -1.03%.
Interest Rates
December 10-year T-notes (ZNZ24) today are down -5 ticks. The 10-year T-note yield is up +1.7 bp at 3.634%. Dec T-notes today gave up early gains and are slightly lower, and the 10-year T-note yield rebounded from a 15-month low of 3.595% and is moderately higher. The stronger-than-expected US retail sales and manufacturing production reports weighed on T-note prices. Also, strength in stocks today has reduced safe-haven demand for T-notes.
T-notes today initially moved higher on heightened speculation the Fed will cut interest rates by -50 bp at this week’s 2-day FOMC meeting. Swap markets showed the chances of a -50 bp rate cut rose to 69% today from 52% last Friday.
European government bond yields today are mixed. The 10-year German bund yield is up +0.5 bp at 2.127%. The 10-year UK gilt yield rebounded from a 7-1/2 month low of 3.729% and is up +0.3 bp at 3.761%.
The German Sep ZEW survey expectations of economic growth index fell -15.6 to an 11-month low of 3.6, weaker than expectations of 17.0.
ECB Governing Council member Simkus said the likelihood of an October interest rate cut by the ECB is "very small."
Swaps are discounting the chances of a -25 bp rate cut by the ECB at 32% for the October 17 meeting.
US Stock Movers
Intel is up more than +2% to lead gainers in the Dow Jones Industrials after the chipmaker landed Amazon.com’s AWS as a customer for its chip manufacturing business.
HP Enterprise is up more than +4% to lead gainers in the S&P 500 after Bank of America Global Research upgraded the stock to buy from neutral with a price target of $24.
GE Vernova is up more than +3% after Bank of America Global Research upgraded the stock to buy from neutral with a price target of $300.
Dell Technologies is up more than +2% after Mizuho Securities initiated coverage on the stock with a recommendation of outperform and a price target of $135.
Microsoft is up more than +1% after it raised its quarterly dividend by 10% and announced a new $60 billion stock repurchase program.
AppLovin is up more than +1% after UBS upgraded the stock to buy from neutral with a price target of $145.
Atlassian is down more than -2% to lead losers in the Nasdaq 100 on signs of insider selling after an SEC filing showed CEO Cannon-Brookes sold $1.31 million shares last Friday.
Defense companies are under pressure today on a Bloomberg report that said some of Ukraine’s allies are contemplating how to negotiate a cease-fire between Russia and Ukraine. As a result, L3Harris Technologies , Lockheed Martin , Northrop Grumman , General Dynamics , and RTX Corp are down more than -1%.
Viasat Inc is down more than -5% after JPMorgan Chase downgraded the stock to neutral from overweight.
Nucor Corp is down more than -1% after it said it sees Q3 adjusted EPS $1.30 t $1.40, weaker than the consensus of $1.89.
Acushnet Holdings is down more than -1% after Jeffries downgraded the stock to hold from buy.
Earnings Reports (9/17/2024)
Ferguson Enterprises Inc (FERG).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.
After generating market-thumping returns to shareholders since its IPO (initial public offering), Tesla stock has grossly underperformed the broader markets in the last three years. That said, while it's down 45.3% from all-time highs, Tesla stock has still returned more than 14,000% to shareholders since going public in 2010.
Today, the electric vehicle (EV) manufacturer is valued at $723.2 billion, making it the largest automobile company globally, despite the ongoing pullback. Let’s see if Tesla stock can stage a comeback in the next 12 months.
Tesla Wrestles With Slower Growth, Falling Margins
While Tesla is the largest EV manufacturer in North America, it has been navigating multiple macro headwinds in recent years, including inflation, elevated interest rates, and slowing consumer demand.
In Q2 of 2024, Tesla reported revenue of $25.5 billion with adjusted earnings per share of $0.52. Comparatively, analysts were expecting sales at $24.77 billion and earnings at $0.62 per share in the June quarter. While sales were up 2%, its automotive revenue was down 7% year over year in Q2. Notably, auto revenue from regulatory credits more than tripled to $890 million in the last 12 months.
Tesla has cut EV prices multiple times in the last two years to offset lower vehicle demand. In Q2, it continued to offer discounts and interest-free financial deals to drive demand, which meant its adjusted earnings margin fell to 14.4% from 18.7% last year.
The EV giant is also focused on lowering its cost base amid a challenging macro environment. The company announced plans to cut its workforce by 10% earlier this year as vehicle deliveries declined for the second consecutive quarter.
Tesla's falling sales and profit margin erosion have reduced its free cash flow to $1.71 billion in the last 12 months, down from a record high of $7.56 billion in 2022.
Tesla Gains Traction in China
China is the world’s largest EV market, and a key driver of Tesla’s top-line growth. However, China’s rapidly expanding addressable market has attracted several players, including homegrown rivals like Nio , Byd , Li Auto , and XPeng .
Tesla has maintained a strong foothold in China, despite rising competition. A report from CnEVPost stated that Tesla’s insurance registrations in China rose by 12% to 16,200 for the week ended Sept. 8, up from 14,400 in the previous week. Moreover, the company is on track to report double-digit vehicle delivery growth in China in Q3 of 2024. However, in the first eight months of 2024, Tesla China has sold 587,437 vehicles, down 6% year over year.
Europe is another region where Tesla can thrive, as the European Union recently hiked tariffs on China-made EVs.
Analysts expect Tesla’s deliveries in Q3 of 2024 to rise by 5% year over year to 458,000 units. If Tesla meets the consensus delivery forecast, it will be the company’s third-best quarter in terms of vehicle deliveries.
Deutsche Bank is Bullish on Tesla
In new coverage, brokerage firm Deutsche Bank rates Tesla a “buy” with a target price of $295, which is among the highest forecasts on the Street. Analyst Edison Yu explained that Tesla should be valued not as an automaker, "but rather a technology platform attempting to reshape multiple industries, deserving of a unique type of valuation framework.”
Yu continued to say that TSLA is “in a league of its own and represents our highest conviction secular leader, poised to reshape multiple industries across auto, energy, mobility, and robotics.” The analyst is particularly bullish on Tesla’s battery storage business, which he projects could generate $13 billion in sales by 2025.
Another potential driver for Tesla’s revenue could be the upcoming launch of its robotaxi. Tesla is scheduled to unveil the robotaxi on Oct. 10, a car CEO Elon Musk has been promising for nearly eight years. According to Musk, the robotaxi will be armed with full self-driving tech, which could disrupt the multi-billion-dollar ride-hailing market. In his assessment of Tesla's valuation, Deutsche Bank's Yu invoked Nvidia as a competitor on robotics.
What's the Analyst Forecast for TSLA Stock?
That bullish note stands in contrast to the majority opinion on TSLA stock, which is still a tepid “hold.” Out of the 36 analysts covering Tesla, 10 recommend “strong buy,” one suggests “moderate buy,” 18 recommend “hold,” and seven call it a “strong sell.”
The average 12-month price target is $201.06, representing a discount of about 13% to current prices. The new price target of $295 from Deutsche Bank suggests that TSLA could rally about 27%.
On the date of publication, Aditya Raghunath did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
Icahn Enterprises L.P. shares continue to trade higher Tuesday after rising more than 14% on Monday after the company announced the dismissal of a class action lawsuit.
What Happened: Icahn Enterprises announced that U.S. District Court Judge K. Michael Moore found on Sept. 13 that the class action lawsuit against Icahn Enterprises failed to show that the company made material misrepresentations or omissions or did so with an intent to defraud. The lawsuit had been related to claims made by short seller Hindenburg Research.
“We are pleased that the spurious claims of various unscrupulous characters, working together in a coordinated and clandestine network, have been debunked,” said Carl Icahn, chairman of Icahn Enterprises.
“We are also happy to have recently settled the investigation initiated by the SEC following the publication of Hindenburg’s false and misleading ‘research’ report. We cooperated fully with the SEC and the SEC found no fraud, inflation of our net asset value or impropriety in our distributions, nor did it validate any of Hindenburg’s other spurious claims. Instead, we settled a technical disclosure violation.”
In August, Icahn and his firm agreed to pay $1.5 million and $500,000 in civil penalties to settle the violation. According to the SEC, Icahn pledged approximately 51% to 82% of Icahn Enterprises' outstanding securities as collateral to secure billions of dollars of personal margin loans under agreements with various lenders, starting in 2018. The billionaire investor allegedly failed to disclose the moves until 2022.
Regulators also alleged that Icahn failed to file amendments to securities filings describing his personal margin loan agreements and amendments dating back to at least 2005.
Icahn Enterprises announced in late August that it may issue and sell up to $400 million worth of its depositary units. The company on Tuesday said that it has sold less than $3.5 million worth of units under the program since it was announced.
See Also: Retail Sales Rise 0.1% In August, More Than Expected, Boosting Odds Of Larger Fed Rate Cut
IEP Price Action: Icahn Enterprises shares were up 7.91% Tuesday after closing Monday up 14.5%. The stock was hovering around $13.40 at the time of publication, per Benzinga Pro.
Photo: 3844328 from Pixabay.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our analyst ratings page.
Considering buying DELL stock? Here’s what analysts think:
Read Next:
Latest Ratings for DELL
Date | Firm | Action | From | To |
---|---|---|---|---|
Mar 2022 | Evercore ISI Group | Upgrades | In-Line | Outperform |
Feb 2022 | Raymond James | Maintains | Outperform | |
Feb 2022 | Morgan Stanley | Maintains | Overweight |
View More Analyst Ratings for DELL
View the Latest Analyst Ratings
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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