Dj Realty Income Corp. Stock Rises Friday, Still Underperforms Market

The S&P 500 Index Friday closed up +0.35%, the Dow Jones Industrials Index closed up +0.97%, and the Nasdaq 100 Index closed up +0.17%.

Stocks on Friday settled moderately higher, with the S&P 500 posting a 1-week high and the Dow Jones Industrials posting a 1-1/2 week high. Stocks continue to garner support on the prospects that the incoming Trump administration’s looser regulations and a business-friendly stance will be favorable for corporate earnings.

Positive corporate news on Friday also boosted stocks. Super Micro Computer closed up more than +11% to lead gainers in the S&P 500 and Nasdaq 100 after it said it believes it can file its delayed 10-K and 10-Q reports in the period available under Nasdaq rules. Also, Copart closed up more than +10% after reporting stronger-than-expected Q1 revenue. However, the weakness in Nvidia and Alphabet weighed on technology stocks and limited gains in the Nasdaq 100 Stock Index.

Friday’s US economic news was mixed for stocks after the Nov S&P manufacturing and service PMIs increased, but the University of Michigan US Nov consumer sentiment index unexpectedly declined.

The US Nov S&P manufacturing PMI rose +0.3 to a 4-month high of 48.8, slightly weaker than expectations of 48.9. The Nov S&P services PMI rose +2.0 to a 2-1/2 year high of 57.0, better than expectations of no change at 55.0.

The University of Michigan US Nov consumer sentiment index unexpectedly fell -1.2 to 71.8, weaker than expectations of an increase to 73.9.

Friday’s rally in global government bond prices supported equity markets after 10-year German bunds climbed to a 1-month high, providing carryover support to T-note prices. T-notes are also climbing after the Wall Street Journal reported that President-elect Trump supports Kevin Warsh as the next Treasury Secretary, who is seen as a bond-friendly pick as Warsh has previously spoken out against high deficits.

Concern about weakness in the Eurozone economy limited gains in stocks after the Eurozone Nov S&P PMI unexpectedly contracted and Germany’s Q3 GDP was revised lower. Also, the recent escalation of the Ukraine-Russia conflict is weighing on stocks.

Bitcoin Friday closed up +4.5 ticks. The 10-year T-note yield fell -1.4 bp to 4.408%. Dec T-notes Friday settled moderately higher on carryover support from a rally in European government bonds. T-notes also gained support from a Wall Street Journal report that said President-elect Trump is seen as supporting Kevin Warsh as the next Treasury Secretary. The appointment of Warsh, a former Fed governor known as a hawk who has warned about surging debt burdens, would be seen as a sign of stability and someone who would push back against some of the most extreme policy scenarios Trump has discussed. However, T-notes fell back from their best levels Friday after the US Nov S&P manufacturing and service PMIs increased, signaling economic strength that is hawkish for Fed policy.

European government bond yields Friday moved lower. The 10-year German bund yield fell to a 1-month low of 2.235% and finished down -7.6 bp to 2.242%. The 10-year UK gilt yield dropped to a 3-week low of 4.363% and finished down -5.7 bp to 4.386%.

The Eurozone Nov S&P manufacturing PMI fell -0.8 to 45.2, weaker than expectations of no change at 46.0. Also, the Eurozone Nov S&P composite PMI fell -1.9 to 48.1, weaker than expectations of no change at 50.0 and the steepest pace of contraction in 10 months.

German Q3 GDP was revised downward to +0.1% q/q and -0.3% y/y from the previously reported +0.2% q/q and -0.2% y/y.

Swaps are discounting the chances at 100% for a -25 bp rate cut by the ECB at its December 12 policy meeting and at 48% for a -50 bp rate cut at the same meeting.

US Stock Movers

Super Micro Computer closed up more than +11% to lead gainers in the S&P 500 and Nasdaq 100 after it said it believes it can file its delayed 10-K and 10-Q reports in the period available under Nasdaq rules.

Copart closed up more than +10% after reporting Q1 revenue of $1.15 billion, stronger than the consensus for $1.10 billion.

The Gap closed up more than +12% after reporting a Q3 operating margin of 9.13%, better than the consensus of 8.17%, and raising its 2025 gross margin estimate to about +220 bps from a previous estimate of about +200 bps.

Elastic NV closed up more than +14% after reporting Q2 adjusted EPS of 59 cents, well above the consensus of 38 cents, and raising its 2025 adjusted EPS forecast to $1.68-$1.72 from a previous estimate of $152.$1.56, stronger than the consensus of $1.53.

Deckers Outdoor closed up more than +6% after Needham & Co. initiated coverage on the stock with a buy recommendation and a price target of $218.

Ross Stores closed up more than +2% after reporting Q3 EPS of $1.48, stronger than the consensus of $1.40, and raising its 2025 EPS forecast to $6.10-$6.17 from a previous forecast of $6.00-$6.13, the midpoint above the consensus of $6.13.

Nike closed up more than +2% after Needham & Co. initiated coverage on the stock with a buy recommendation and a price target of $84.

Viking Therapeutics closed up more than +1% after B Riley Securities initiated coverage of the stock with a recommendation of buy and a price target of $109.

Intuit closed down more than -5% to lead losers in the S&P 500 and Nasdaq 100 after forecasting Q2 adjusted EPS of $2.55-$2.61, well below the consensus of $3.23.

Nvidia closed down more than -3% to lead losers in the Dow Jones Industrials after the company’s forecast for Q4 revenue exceeded estimates by only $400 million, the second consecutive quarter that revenue didn’t exceed estimates by $1 billion or more, suggesting the recent hyper-growth of the stock is fading.

Palo Alto Networks closed down more than -3% after HSBC downgraded the stock to reduce from hold with a price target of $291.

Alphabet closed down more than -1%, adding to Thursday’s -4% loss after the US Justice Department proposed major changes to Google, including a forced sale of its Chrome web browser, saying the browser “fortified” the company’s dominance.

Reddit closed down more than -7% after Downdetector reported that users are having problems connecting to Reddit’s website.

Tenet Healthcare closed down more than -2% after Raymond James downgraded the stock to outperform from a strong buy.

HCA Healthcare closed down more than -2% after Raymond James downgraded the stock to market perform from outperform.

Earnings Reports (11/25/2024)

Agilent Technologies Inc (A), Bath & Body Works Inc (BBWI), Blue Bird Corp (BLBD), Central Garden & Pet Co (CENT), Enanta Pharmaceuticals Inc (ENTA), Fluence Energy Inc (FLNC), Leslie's Inc (LESL), New Jersey Resources Corp (NJR), Semtech Corp (SMTC), Woodward Inc (WWD), Zoom Video Communications Inc (ZM).

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.

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The S&P 500 Index Thursday closed up +0.53%, the Dow Jones Industrials Index closed up +1.06%, and the Nasdaq 100 Index closed up +0.36%.

Stocks on Thursday finished moderately higher. Stocks recovered from mixed trading Thursday and turned higher on the prospects for the Trump administration’s tax policies and deregulation to boost corporate profits. Also, most chip stocks rallied Thursday following a volatile day for Nvidia, which finished only slightly higher despite reporting better-than-expected Q3 earnings after CEO Huang said the production and engineering costs of its new Blackwell AI chips will weigh on profit margins. The strength of software stocks was also positive for the overall market after Snowflake closed up by more than +32% after it reported stronger-than-expected Q3 revenue and raised its full-year product revenue estimate.

Dovish Fed comments Thursday were also supportive of stocks. New York Fed President Williams said US economic growth has been "very good" and "the disinflationary process will continue." He added that the cooling labor market and lower inflation show that monetary policy is restrictive today, and he expects "it will be appropriate over time to bring the fed-funds rate down closer to more normal or neutral levels." Also, Chicago Fed President Goolsbee said he has confidence inflation is easing toward the Fed's objective and "if we look out over the next year or so, it feels to me like rates will end up a fair bit lower than where they are today."

Thursday's US economic news was mixed for stocks, with Oct existing home sales climbing more than -expected but Oct leading indicators and the Nov Philadelphia Fed business outlook survey falling more than expected.

On the negative side, Alphabet closed down more than -4% after antitrust enforcers said in a court filing Wednesday that Google must divest Chrome, citing the browser “fortified” the company’s dominance. Also, fresh signs of escalation in the Ukraine-Russia conflict weighed on stocks after Ukraine said Russia launched long-range missiles into the city of Dnipro.

US weekly initial unemployment claims unexpectedly fell -6,000 to a 6-1/2 month low of 213,000, showing a stronger labor market than expectations of an increase to 220,000. However, continuing claims rose +26,000 to a 3-year high of 1.908 million, higher than expectations of 1.880 million, signaling a cooling labor market.

The US Nov Philadelphia Fed business outlook survey fell -15.8 to -5.5, weaker than expectations of 8.0.

US Oct leading indicators fell -0,4% m/m, weaker than expectations of -0.3% m/m.

US Oct existing home sales rose +3.4% m/m to 3.96 million, stronger than expectations of 3.95 million.

The price of Bitcoin Thursday closed down -6 ticks. The 10-year T-note yield rose +1.2 bp to 4.422%. Dec T-notes Thursday gave up early gains and turned lower after stocks rallied, which reduced safe-haven demand for T-notes. Also, weak demand for the Treasury’s $17 billion auction of 10-year TIPS undercut T-note prices as the auction had a bid-to-cover ratio of 2.35, below the 10-auction average of 2.40.

T-notes Thursday initially moved higher on carryover support from strength in European government bonds. Also, an escalation of the Ukraine-Russia conflict boosted safe-haven demand for T-notes after Russia launched long-range missiles into the city of Dnipro. In addition, dovish comments from New York Fed President Williams and Chicago Fed President Goolsbee boosted T-notes when they said it would be appropriate for the fed-funds rate to come down to a neutral level over time.

European government bond yields Thursday move lower. The 10-year German bund yield fell -3.3 bp to 2.318%. The 10-year UK gilt yield fell -2.6 bp to 4.443%.

Eurozone Oct new car registrations rose +1.1% y/y to 866,000 units, the biggest increase in 4 months.

The Eurozone Nov consumer confidence index unexpectedly fell -1.2 to a 5-month low of -13.7, weaker than expectations of an increase to -12.4.

ECB Governing Council member Stournaras said, "As inflation develops now and as the real economy develops now, I think the ECB should cut rates at each meeting until we get to what we call the neutral rate, which is about 2% according to estimates."

Swaps are discounting the chances at 100% for a -25 bp rate cut by the ECB at its December 12 policy meeting and at 19% for a -50 bp rate cut at the same meeting.

US Stock Movers

Software stocks rallied Thursday, led by a +32% surge in Snowflake after it reported Q3 revenue of $942.1 million, stronger than the consensus of $898.6 million, and raised its full-year product revenue estimate to $3.43 billion from a prior estimate of $3.36 billion. Also, MongoDB closed up more than +11%. In addition, Cloudflare closed up more than +7%, and Datadog closed up more than +6%.

Super Micro Computer closed up more than +15% to lead gainers in the S&P 500 and Nasdaq 100 after it submitted a compliance plan to Nasdaq and stated it could regain compliance within an extension period to file its 2024 annual report.

Salesforce closed up by more than +3% after Stifel raised its price target on the stock to $390 from $350.

Dream Finders Homes closed up more than +9% after S&P Dow Jones Indices said the company will replace Haynes International in the SmallCap 600 before trading on Monday, November 25.

Amentum Holdings A closed up more than +10% after Raymond James initiated coverage on the stock with a recommendation of outperform and a price target of $30.

Deere & Co closed up more than +8% after reporting Q4 net income of $1.25 billion, better than the consensus of $1.06 billion.

ON Holding AG closed up more than +4% after Raymond James upgraded the stock to strong buy from outperform with a price target of $63.

Dell Technologies closed up more than +3% after Evercore ISI added the stock to its tactical outperform list with a price target of $150.

Alphabet closed down more than -4% to lead losers in the S&P 500 after antitrust enforcers said in a court filing Wednesday that Google must divest Chrome, citing the browser “fortified” the company’s dominance.

PDD Holdings closed down more than -10% to lead losers in the Nasdaq 100 after reporting Q3 revenue of 99.35 billion yuan, weaker than the consensus of 102.83 billion yuan.

Amazon.com closed down more than -2% to lead losers in the Dow Jones Industrials after Reuters reported the company is likely to be investigated under the European Union’s Digital Markets Act.

Warner Music Group closed down more than -7% after reporting a Q4 operating margin of 8.8%, well below the consensus of 14.3%.

ZIM Integrated Shipping Services Ltd closed down more than -10% after Fearnley Securities downgraded the stock to sell from hold with a price target of $20.

Ulta Beauty closed down more than -1% after William Blair & Co downgraded the stock to market perform from outperform.

Earnings Reports (11/22/2024)

AMMO Inc (POWW), B Riley Financial Inc (RILY), Buckle Inc/The (BKE), Destination XL Group Inc (DXLG), Evolv Technologies Holdings Inc (EVLV), IES Holdings Inc (IESC), Spire Global Inc (SPIR).

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.

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The S&P 500 Index today is up +0.24%, the Dow Jones Industrials Index is up +0.77%, and the Nasdaq 100 Index is down -0.15%.

Stocks today are mixed. The strength of software stocks is positive for the overall market. Snowflake rallied sharply by more than +29% after it reported stronger-than-expected Q3 revenue and raised its full-year product revenue estimate. Also, cryptocurrency-related stocks are rallying today after the price of Bitcoin climbed to a new record high. Today's US economic news was mixed for stocks, with Oct existing home sales climbing more than -expected but Oct leading indicators and the Nov Philadelphia Fed business outlook survey falling more than expected.

On the negative side, Alphabet is down more than -6% after antitrust enforcers said in a court filing Wednesday that Google must divest Chrome, citing the browser “fortified” the company’s dominance. Also, Nvidia is down more than -1% despite reporting better-than-expected Q3 earnings after CEO Huang said the production and engineering costs of its new Blackwell AI chips will weigh on profit margins. In addition, fresh signs of escalation in the Ukraine-Russia conflict are weighing on stocks after Ukraine said Russia launched an intercontinental ballistic missile at the city of Dnipro.

US weekly initial unemployment claims unexpectedly fell -6,000 to a 6-1/2 month low of 213,000, showing a stronger labor market than expectations of an increase to 220,000. However, continuing claims rose +26,000 to a 3-year high of 1.908 million, higher than expectations of 1.880 million, signaling a cooling labor market.

The US Nov Philadelphia Fed business outlook survey fell -15.8 to -5.5, weaker than expectations of 8.0.

US Oct leading indicators fell -0,4% m/m, weaker than expectations of -0.3% m/m.

US Oct existing home sales rose +3.4% m/m to 3.96 million, stronger than expectations of 3.95 million.

Comments today from New York Fed President Williams were supportive of stocks when he said US economic growth has been "very good" and "the disinflationary process will continue." He added that the cooling labor market and lower inflation show that monetary policy is restrictive today, and he expects "it will be appropriate over time to bring the fed-funds rate down closer to more normal or neutral levels."

The price of Bitcoin today are up +3 ticks. The 10-year T-note yield is down -1.6 bp to 4.394%. Dec T-notes today are slightly higher on positive carryover from strength in European government bonds. Also, the escalation of the Ukraine-Russia conflict has boosted safe-haven demand for T-notes after Ukraine said Russia launched an intercontinental ballistic missile against the city of Dnipro. In addition, dovish comments from New York Fed President Williams gave T-notes a boost when he said it would be appropriate for the fed-funds rate to come down to a neutral level over time. Gains in T-notes were limited after weekly US jobless claims unexpectedly fell to a 6-1/2 month low, a sign of labor market strength that is hawkish for Fed policy.

European government bond yields today are moving lower. The 10-year German bund yield is down -4.6 bp to 2.305%. The 10-year UK gilt yield is down -4.2 bp to 4.428%.

Eurozone Oct new car registrations rose +1.1% y/y to 866,000 units, the biggest increase in 4 months.

The Eurozone Nov consumer confidence index unexpectedly fell -1.2 to a 5-month low of -13.7, weaker than expectations of an increase to -12.4.

ECB Governing Council member Stournaras said, "As inflation develops now and as the real economy develops now, I think the ECB should cut rates at each meeting until we get to what we call the neutral rate, which is about 2% according to estimates."

Swaps are discounting the chances at 100% for a -25 bp rate cut by the ECB at its December 12 policy meeting and at 19% for a -50 bp rate cut at the same meeting.

US Stock Movers

Software stocks are climbing today, led by a +29% surge in Snowflake after it reported Q3 revenue of $942.1 million, stronger than the consensus of $898.6 million, and raised its full-year product revenue estimate to $3.43 billion from a prior estimate of $3.36 billion. Also, MongoDB is up more than +11% to lead gainers in the Nasdaq 100. In addition, Datadog and Cloudflare are up more than +4%.

Salesforce is up by more than +4% to lead gainers in the Dow Joen Industrials after Stifel raised its price target on the stock to $390 from $350.

Dream Finders Homes is up more than +11% after S&P Dow Jones Indices said the company will replace Haynes International in the SmallCap 600 before trading on Monday, November 25.

Amentum Holdings A is up more than +9% to lead gainers in the S&P 500 after Raymond James initiated coverage on the stock with a recommendation of outperform and a price target of $30.

Deere & Co is up more than +7% after reporting Q4 net income of $1.25 billion, better than the consensus of $1.06 billion.

ON Holding AG is up more than +3% after Raymond James upgraded the stock to strong buy from outperform with a price target of $63.

GE Vernova is up more than +2% after Wells Fargo Securities initiated coverage on the stock with a recommendation of overweight and a price target of $385.

Alphabet is down more than -6% to lead losers in the S&P 500 after antitrust enforcers said in a court filing Wednesday that Google must divest Chrome, citing the browser “fortified” the company’s dominance.

PDD Holdings is down more than -9% to lead losers in the Nasdaq 100 after reporting Q3 revenue of 99.35 billion yuan, weaker than the consensus of 102.83 billion yuan.

Nvidia is down more than -1% despite reporting better-than-expected Q3 earnings after CEO Huang said the production and engineering costs of its new Blackwell AI chips will weigh on profit margins.

Warner Music Group is down more than -9% after reporting a Q4 operating margin of 8.8%, well below the consensus of 14.3%.

Ulta Beauty is down more than -2% after Wiliam Blair & Co downgraded the stock to market perform from outperform.

ZIM Integrated Shipping Services Ltd is down more than -12% after Fearnley Securities downgraded the stock to sell from hold with a price target of $20.

Earnings Reports (11/21/2024)

BJ's Wholesale Club Holdings Inc (BJ), Copart Inc (CPRT), Deere & Co (DE), Elastic NV (ESTC), Gap Inc/The (GAP), Intuit Inc (INTU), NetApp Inc (NTAP), Ross Stores Inc (ROST), UGI Corp (UGI), Vestis Corp (VSTS).

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.

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The S&P 500 Index today is down -0.27%, the Dow Jones Industrials Index is up +0.19%, and the Nasdaq 100 Index is down -0.66%.

Stocks today are mostly lower. A -4% slump in Alphabet is weighing on the broader market after antitrust enforcers said in a court filing Wednesday that Google must divest Chrome, citing the browser “fortified” the company’s dominance. Also, Nvidia is down more than -1% despite reporting better-than-expected Q3 earnings after CEO Huang said the production and engineering costs of its new Blackwell AI chips will weigh on profit margins. In addition, fresh signs of escalation in the Ukraine-Russia conflict are weighing on stocks after Ukraine said Russia launched an intercontinental ballistic missile at the city of Dnipro.

On the positive side is strength in software stocks, with Snowflake up sharply by more than +30% after it reported stronger-than-expected Q3 revenue and raised its full-year product revenue estimate. Also, cryptocurrency-related stocks are rallying today after the price of Bitcoin climbed to a new record high.

Comments today from New York Fed President Williams were supportive of stocks when he said US economic growth has been "very good" and "the disinflationary process will continue." He added that the cooling labor market and lower inflation show that monetary policy is restrictive today, and he expects "it will be appropriate over time to bring the fed-funds rate down closer to more normal or neutral levels."

The price of Bitcoin today are up +3 ticks. The 10-year T-note yield is down -2.2 bp to 4.388%. Dec T-notes today are slightly higher on positive carryover from strength in European government bonds. Also, the escalation of the Ukraine-Russia conflict has boosted safe-haven demand for T-notes after Ukraine said Russia launched an intercontinental ballistic missile against the city of Dnipro. In addition, dovish comments from New York Fed President Williams gave T-notes a boost when he said it would be appropriate for the fed-funds rate to come down to a neutral level over time. Gains in T-notes were limited after weekly US jobless claims unexpectedly fell to a 6-1/2 month low, a sign of labor market strength that is hawkish for Fed policy

European government bond yields today moving lower. The 10-year German bund yield is down -2.2 bp to 2.329%. The 10-year UK gilt yield is down -1.9 bp to 4.450%.

Eurozone Oct new car registrations rose +1.1% y/y to 866,000 units, the biggest increase in 4 months.

ECB Governing Council member Stournaras said, "As inflation develops now and as the real economy develops now, I think the ECB should cut rates at each meeting until we get to what we call the neutral rate, which is about 2% according to estimates."

Swaps are discounting the chances at 100% for a -25 bp rate cut by the ECB at its December 12 policy meeting and at 19% for a -50 bp rate cut at the same meeting.

US Stock Movers

Software stocks are climbing today, led by a +30% surge in Snowflake after it reported Q3 revenue of $942.1 million, stronger than the consensus of $898.6 million, and raised its full-year product revenue estimate to $3.43 billion from a prior estimate of $3.36 billion. Also, MongoDB is up more than +11% to lead gainers in the Nasdaq 100. In addition, Datadog and Cloudflare are up more than +4%.

MicroStrategy , the largest publicly traded corporate holder of Bitcoin, is up more than +10% after it announced an almost 50% increase in planned sales of convertible senior notes to $2.6 billion to fund purchases of more Bitcoin.

Dream Finders Homes is up more than +15% after S&P Dow Jones Indices said the company will replace Haynes International in the SmallCap 600 before trading on Monday, November 25.

Amentum Holdings A is up more than +5% to lead gainers in the S&P 500 after Raymond James initiated coverage on the stock with a recommendation of outperform and a price target of $30.

Deere & Co is up more than +5% after reporting Q4 net income of $1.25 billion, better than the consensus of $1.06 billion.

ON Holding AG is up more than +1% after Raymond James upgraded the stock to strong buy from outperform with a price target of $63.

GE Vernova is up more than +1% after Wells Fargo Securities initiated coverage on the stock with a recommendation of overweight and a price target of $385.

Alphabet is down more than -4% to lead losers in the S&P 500 after antitrust enforcers said in a court filing Wednesday that Google must divest Chrome, citing the browser “fortified” the company’s dominance.

Warner Music Group is down more than -8% after reporting a Q4 operating margin of 8.8%, well below the consensus of 14.3%.

Palo Alto Networks is down more than -1% after reporting Q1 revenue of $2.10 billion, below the consensus of $2.12 billion.

ZIM Integrated Shipping Services Ltd is down more than -12% after Fearnley Securities downgraded the stock to sell from hold with a price target of $20.

Earnings Reports (11/21/2024)

BJ's Wholesale Club Holdings Inc (BJ), Copart Inc (CPRT), Deere & Co (DE), Elastic NV (ESTC), Gap Inc/The (GAP), Intuit Inc (INTU), NetApp Inc (NTAP), Ross Stores Inc (ROST), UGI Corp (UGI), Vestis Corp (VSTS).

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.

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