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Lower interest rates can do wonders for financial technology companies (Fintech) which strive to improve and automate financial services.
In an ever-evolving technological landscape and business environment, several popular fintech stocks are standing out and should benefit as the Fed decided to cut the central bank's benchmark rate by 50 basis points today.
PayPal’s Resurgence: Payment Solutions Leader
Sporting a Zacks Rank #1 (Strong Buy), PayPal’s PYPL steady growth trajectory has become more believable thanks to the company’s relevancy as one the largest transaction facilitators for customers and merchants.
Posting a sharp rebound this year, PYPL is up nearly +20% in 2024. Analysts have become more bullish on PayPal’s expanding partnerships and innovation with a few collaborations listed below.
1. Fiserv FI partnership- Aimed at streamlining checkout experiences for merchant clients in the U.S.
2. Uber UBER partnership- Multi-year collaboration to capitalize on the ride-sharing giant’s global expansion and scale PayPal into worldwide markets.
3. PayPal has also expanded its partnership with Apple AAPL, creating an integrated payment ecosystem with Apple Pay and its subsidiary Venmo VMEO. Notably, PayPal has enhanced its features for Venmo in regard to services for small business owners.
IBKR & HOOD Stock: Investment Bank Growth
Expanding as electronic market brokers, International Brokers IBKR and Robinhood Markets' HOOD stock both sport a Zacks Rank #2 (Buy).
Increasing in popularity since going public in 2021, Robinhood is expected to post its first profit this year with EPS now expected at $0.76 versus an adjusted loss of -$0.61 a share in 2023. The Fed’s decision to cut rates is perfect timing for Robinhood as the renowned cryptocurrency trading company is expected to be profitable in fiscal 2025 as well.
Pivoting to Interactive Brokers, its bottom line expansion is very enticing with EPS projected to pop 18% in FY24 to $6.81 compared to earnings of $5.75 per share last year. Plus, FY25 EPS is projected to rise another 2%.
More intriguing is that IBKR and HOOD have soared over +50% year to date but still trade at fairly reasonable forward P/E multiples of 19.3X and 29.7X respectively.
Bottom Line
Suggesting more upside in these top fintech stocks is that earnings estimate revisions have remained higher. This trend should continue with the Fed’s much-anticipated decision to cut rates finally upon us.
Zacks Investment Research
Paypal (PYPL) closed the most recent trading day at $73.12, moving +1.88% from the previous trading session. This change outpaced the S&P 500's 0.29% loss on the day. Elsewhere, the Dow saw a downswing of 0.25%, while the tech-heavy Nasdaq depreciated by 0.31%.
The technology platform and digital payments company's stock has dropped by 0.17% in the past month, exceeding the Computer and Technology sector's loss of 1.17% and lagging the S&P 500's gain of 1.57%.
The investment community will be paying close attention to the earnings performance of Paypal in its upcoming release. The company's upcoming EPS is projected at $1.06, signifying a 18.46% drop compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $7.85 billion, indicating a 5.8% growth compared to the corresponding quarter of the prior year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $4.42 per share and a revenue of $31.94 billion, signifying shifts of -13.33% and +7.29%, respectively, from the last year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Paypal. These revisions typically reflect the latest short-term business trends, which can change frequently. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. Paypal presently features a Zacks Rank of #1 (Strong Buy).
Investors should also note Paypal's current valuation metrics, including its Forward P/E ratio of 16.25. This denotes a discount relative to the industry's average Forward P/E of 31.23.
We can additionally observe that PYPL currently boasts a PEG ratio of 1.02. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Internet - Software industry had an average PEG ratio of 2.01 as trading concluded yesterday.
The Internet - Software industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 74, placing it within the top 30% of over 250 industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
Zacks Investment Research
Apple Inc. shares are moving higher Wednesday. Here’s what you need to know.
What To Know: In significant economic development, the Federal Reserve instituted a 50 basis points cut, bringing the federal funds rate to 4.75%–5%. This unexpected move, marking the first rate reduction in more than four years, reflects the Fed’s greater confidence in managing inflation.
The Fed also revised its economic growth forecast for 2024 down to 2%. Inflation projections for the same year were also lowered, while unemployment rates were revised upward through 2026.
Future Rate Path: The updated Dot Plot suggests another 50 basis points in cuts in 2024 and an additional 100 basis points by the end of 2025, highlighting a more aggressive easing approach compared to previous projections. This outlook signals a significant shift from the Fed's earlier stance and impacts projections for economic metrics over the next few years.
What Else: The company formerly abandoned its electric vehicle (EV) project after significant investments. In contrast, its key supplier Hon Hai Precision Industry Co Ltd – ADR, also known as Foxconn, is advancing in the EV market. Foxconn, collaborating with Sharp, recently unveiled the LDK+ electric vehicle prototype. Designed with a room-like interior, the LDK+ aims to serve as a personal space, highlighting the evolving role of vehicles in the autonomous driving era.
Foxconn demonstrated strategic acumen by focusing on modular EV platforms that allow for cost-efficient, unique model creation. The company has also approved a $246 million investment in Northern Vietnam for manufacturing EV parts, with operations expected to start in January 2025. This investment underscores Foxconn's commitment to enhancing its production capabilities and positioning itself as a notable player in the EV industry.
AAPL Price Action: Apple shares closed Wednesday up 1.80% at $220.69, according to Benzinga Pro.
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Photo: Courtesy Apple Inc.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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.
The S&P 500 Index Wednesday closed down by -0.29%, the Dow Jones Industrials Index closed down by -0.25%, and the Nasdaq 100 Index closed down by -0.45%.
Stocks on Wednesday gave up mid-session gains and turned lower as hawkish comments from Fed Chair Powell pushed bond yields higher and sparked the selling of chip stocks when he said the Fed was in no rush to ease monetary policy.
Stocks initially rallied Wednesday afternoon, with the S&P 500 and Dow Jones Industrials climbing to new record highs and the Nasdaq 100 climbing to a 3-week high. The FOMC’s decision Wednesday to cut the fed funds target range by -50 bp and project another -50 bp worth of rate cuts by year-end pushed stock prices higher. Also, Wednesday’s US housing starts and building permits reports were better than expected, bolstering the prospects for a soft landing and supporting stocks.
The FOMC voted 11-1 to cut the federal funds target range by -50 bp to 4.75%-5.00% and said the committee is "strongly committed to supporting maximum employment" and returning inflation to its 2% goal.
The FOMC cut its federal funds forecast for the end of 2024 to 4.375% from 5.125% in June, implying another 50 bp of rate cuts by the end of the year.
The FOMC cut its 2024 US GDP forecast to +2.0% from +2.1% in June and cut its 2024 core PCE estimate to +2.6% from +2.8% in June. The FOMC also raised its 2024 unemployment forecast to 4.4% from 4.0% in June.
Fed Chair Powell said, "We made a good, strong start" by cutting rates by 50 bp Wednesday, and the Fed is "squarely focused" on its dual mandate of inflation and employment. He added that the Fed is not in a rush to ease policy and "we will move as fast or as slow" as policymakers consider appropriate based on the data.
US MBA mortgage applications rose +14.2% in the week ended September 13, with the purchase mortgage sub-index rising +5.4% and the refinancing mortgage sub-index rising +24.2%. The average 30-year fixed rate mortgage fell -14 bp to a 2-year low of 6.15% from 6.29% in the prior week.
US Aug housing starts rose +9.6% m/m to a 4-month high of 1.356 million, stronger than expectations of 1.318 million. Aug building permits, a proxy for future construction, rose +4.9% m/m to a 5-month high of 1.475 million, stronger than expectations of 1.410 million.
The markets are discounting the chances at 100% for a -25 bp rate cut at the November 6-7 FOMC meeting and at 36% for a -50 bp rate cut at that meeting.
Overseas stock markets Wednesday settled mixed. The Euro Stoxx 50 closed down -0.52%. China's Shanghai Composite recovered from a 7-1/4 month low and closed up +0.49%. Japan's Nikkei Stock 225 closed up +0.49%.
Interest Rates
December 10-year T-notes (ZNZ24) Wednesday closed down -9.5 ticks. The 10-year T-note yield rose +4.1 bp to 3.687%. Dec T-notes Wednesday fell to a 1-week low, and the 10-year T-note yield rose to a 1-week high of 3.173%. T-notes were under pressure Wednesday on negative carryover from a slide in European government bonds to 1-week lows. T-notes also fell on Wednesday’s stronger-than-expected US Aug housing starts and building permits reports. In addition, rising inflation expectations are bearish for T-notes after the 10-year breakeven inflation rate Wednesday rose to a 2-week high of 2.166%.
T-notes erased their losses and briefly moved higher Wednesday afternoon after the FOMC cut the federal funds target range by -50 bp and projected another -50 bp of rate cuts this year. Also, the action by the FOMC to cut its US 2024 GDP forecast and its core PCE price estimate were bullish for T-notes. However, T-notes gave up their gains and fell to their lows Wednesday afternoon after Fed Chair Powell said the Fed is in no rush to ease monetary policy.
European government bond yields on Wednesday moved higher. The 10-year German bund yield climbed to a 1-week high of 2.195% and finished up +4.7 bp to 2.190%. The 10-year UK gilt yield rose to a 1-week high of 3.854% and finished up +7.9 bp to 3.847%.
ECB Governing Council member Villeroy de Galhau said, "The ECB has cut interest rates twice and should continue to cut them," as victory over inflation is "within sight."
Swaps are discounting the chances of a -25 bp rate cut by the ECB at 32% for the October 17 meeting.
US Stock Movers
Weakness in chip stocks weighed on the overall market. Intel closed down more than -3% to lead losers in the Dow Jones Industrials and the Nasdaq 100. Also, Nvidia , Advanced Micro Devices , Marvell Technology , Micron Technology , KLA Corp , Lam Research , Analog Devices , Applied Materials , and ON Semiconductor closed down more than-1%.
ResMed closed down more than -5% to lead losers in the S&P 500 after Wolfe Research downgraded the stock to underperform from peer perform with a price target of $180.
Sysco closed down more than -4% after CEO Hourican said restaurant traffic industrywide had softened a bit in the current quarter.
Cencora closed down more than -2% after Bank of America Global Research downgraded the stock to neutral from buy.
Incyte Corp closed down more than -1% after Truist Securities downgraded the stock to hold from buy.
Hilton Grand Vacations closed down nearly -1% after Goldman Sachs initiated coverage on the stock with a sell recommendation and a price target of $31.
General Motors closed up more than +2% as its customers with electric vehicles (EVs) now have access to 17,800 Tesla Superchargers starting this month, which may boost EV sales for GM as customer concerns ease about charging infrastructure with the expanded charger access.
PayPal Holdings rose more than +1% after announcing a new partnership with Amazon Buy with Prime.
VF Corp closed up more than +3% after Barclays upgraded the stock to overweight from equal weight with a price target of $22.
Victoria’s Secret & Co closed up more than +3% after Barclays upgraded the stock to equal weight from underweight.
GE Healthcare closed up nearly +2% after BTIG upgraded the stock to buy from neutral with a price target of $100.
United States Steel closed up more than +1% after a US security panel granted Nippon Steel permission to refile its plans to purchase the company for $14.1 billion.
Extra Space Storage closed up more than +1% after Jeffries upgraded the stock to buy from hold with a price target of $204.
Earnings Reports (9/19/2024)
Darden Restaurants Inc (DRI), FactSet Research Systems Inc (FDS), FedEx Corp (FDX), Lennar Corp (LEN).
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.
Apple Inc. is doubling down on its “China+1” strategy, and the tech giant’s supply chain shake-up is more than just a whisper in the wind.
Apple’s India Ramp-Up Is Crucial
JPMorgan analyst Samik Chatterjee reveals that Apple's production in India is gearing up to hit 20-25% of total iPhone units by 2027. While iPhone assembly margins in India are currently lower, they are "expected to improve over time as the scale of operations increase."
The ramp-up in India is crucial, as it reflects Apple's effort to diversify production away from China amid rising geopolitical tensions.
50% Of AirPods, Apple Watch Production To Move Outside China
Chatterjee’s analysis highlights that "AirPods and Apple Watch production outside China is increasing rapidly," with projections showing non-Mainland China production exceeding 50% by 2024 for AirPods, and by 2027 for the Apple Watch.
This shift is part of Apple's broader strategy to bolster production in Southeast Asia, notably in Vietnam, where lower-volume products like AirPods and the Apple Watch are finding a new home.
Yet, the supply chain transition is not without its hurdles. Component supply chains remain "largely in Mainland China," and the overall relocation of components is "happening quite slowly."
Key Beneficiaries Of The Supply Chain Shift
The shift is more pronounced in assembly, where Hon Hai Precision Industry Co Ltd and Luxshare Precision Industry Co Ltd are poised to benefit significantly from Apple's diversification strategy. “We have seen strong growth for Hon Hai's component revenue YTD, driven by increasing component supply in Apple products,” noted Chatterjee. Luxshare, in particular, is gaining ground and consolidating market share amid the ongoing shift in production.
Pegatron Corp, on the other hand, “should see muted revenue momentum, given the market share shift in the iPhone assembly business.”
Segmentation In iPhone EMS Landscape
The move to Southeast Asia and India is expected to create segmentation in the iPhone EMS landscape, with India's contribution to iPhone assembly ramping up but facing initial challenges in margins due to lower scale.
The tech giant is also managing "a mild ramp-up in southeastern Asia" for MacBook assembly and a slower pace for iPad diversification, the analyst notes.
As Apple continues to reshape its supply chain, the benefits of this strategy are clear, though the transition involves navigating some bumpy roads. Investors should keep an eye on the evolving production dynamics and the impact on margins as Apple's “China+1” strategy unfolds.
Read Next:
Photo: PradeepGaurs/Shutterstock.com
Latest Ratings for AAPL
Date | Firm | Action | From | To |
---|---|---|---|---|
Mar 2022 | Barclays | Maintains | Equal-Weight | |
Feb 2022 | Tigress Financial | Maintains | Strong Buy | |
Jan 2022 | Credit Suisse | Maintains | Neutral |
View More Analyst Ratings for AAPL
View the Latest Analyst Ratings
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