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U.S. stocks traded higher toward the end of trading, after the Federal Reserve slashed interest rates.
The Dow traded up 0.33% to 41,744.18 while the NASDAQ rose 0.71% to 17,752.73. The S&P 500 also rose, gaining, 0.43% to 5,659.04.
Check This Out: How To Earn $500 A Month From Darden Restaurants Stock Ahead Of Q1 Earnings
Leading and Lagging Sectors
Consumer discretionary shares rose by 0.9% on Wednesday.
In trading on Wednesday, utilities shares fell by 0.7%.
Top Headline
The Federal Reserve slashed interest rates by 50 basis points Wednesday at its September Federal Open Market Committee meeting, lowering the federal funds rate to a range of 4.75% to 5%. This marks the first rate cut in over four years and breaks a streak of 12 consecutive months with rates held steady.
Equities Trading UP
Equities Trading DOWN
Commodities
In commodity news, oil traded down 0.1% to $71.12 while gold traded up 1% at $2,618.80.
Silver traded down 1.2% to $31.34 on Wednesday, while copper rose 1.3% to $4.3275.
Euro zone
European shares closed lower today. The eurozone's STOXX 600 fell 0.50%, Germany's DAX fell 0.08% and France's CAC 40 fell 0.57%. Spain's IBEX 35 Index fell 0.16%, while London's FTSE 100 fell 0.68%.
Annual inflation rate in the Eurozone fell to 2.2% in August, recording the lowest level since July 2021, compared to 2.6% in the prior month. Construction output in the Eurozone fell by 2.2% year-over-year in July compared to a revised 1.3% decline in the previous month.
Annual inflation rate in the UK came in unchanged at 2.2% in August, in line with estimates, while producer prices increased 0.2% year-over-year in August.
Asia Pacific Markets
Asian markets closed mostly higher on Wednesday, with Japan's Nikkei 225 gaining 0.49%, China's Shanghai Composite Index gaining 0.49% and India's BSE Sensex falling 0.16%.
Japanese trade deficit shrank to JPY 695.30 billion in August from JPY 940.10 billion in the year-earlier month, and versus market expectations of a JPY 1,380 billion gap.
Economics
Now Read This:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Technology and innovation are the backbone of the global economy and the U.S. stock market. While there are times when commodity stocks, old economy companies, and value-oriented stocks can outperform, history teaches us that the most robust gains come from disruptive companies within the technology sector. For example, Meta Platforms (META) unique social media platforms caught fire in the 2000s and led to breathtaking profits for investors. Though Alphabet (GOOGL) was not first in the search engine arena, the company mastered search and later video with its YouTube platform. Jeff Bezos proved that e-commerce could be scaled through Amazon (AMZN).
It would take years for me to list even a portion of America’s success stories. The good news for investors who missed these moves is that the wheels of America’s top tech innovators are constantly turning. As investors, our job is to identify megatrends, uncover the top innovators, and ride the trends as long as possible. Below are my top two megatrends to watch over the next decade:
Space Stocks
Technological advancements (such as rocket reusability), efficiency gains, and the evolution of public-private partnerships are rapidly transforming the space industry from pipedream to reality. Though getting to this level has been a long and frustrating road, the “final frontier” promises fruitful rewards for successful space companies. McKinsey estimates that “the global space economy will be worth $1.8 trillion by 2035, up from $630 billion in 2023.”
Space Industry: Satellites and Defense
While accessibility to space has increased dramatically, profitability is still mainly prevalent in two areas: satellites and defense.
· Satellites: Intuitive Machines (LUNR) rocketed more than 50% today after NASA awarded the company a deal valued up to $4.82 billion to provide satellites to NASA’s Artemis program. Meanwhile, AST SpaceMobile (ASTS), a company building a space-based cellular broadband network, is up nearly 500% year-to-date.
· Defense: U.S. defense spending jumped from $320 billion in 2000 to over $800 billion in 2024.The trend of higher defense spending is highly unlikely to subside, especially as the world’s superpowers jockey for dominance in space. As a result, defense contractors like Lockheed Martin (LMT) should continue to benefit.
AI Stocks
Artificial intelligence has been discussed by technologists for decades. However, like the space industry, until recently, the AI industry was a pipedream. However, monumental breakthroughs in the semiconductor industry, mainly from Nvidia (NVDA), have led to new possibilities and a burgeoning mega trend. Below are three AI areas to watch:
· Chatbots: OpenAI made headlines recently as news fundraising talks could value the ChatGPT operator at a mind-boggling $150 billion. Though OpenAI and its largest investor Microsoft (MSFT), have to make strides in profitability, investors should not ignore the area industry that brought industry that brought AI to the public conscience.
· Data Center & Utilities: Large, energy-sucking data centers are required to build AI models that run large language models (LLMs). Names like Vertiv (VRT), which is a leader in AI infrastructure, and utilities likeVistra (VST) are “picks and shovels” to the upcoming AI gold rush.
· Robotaxis and Robots: Autonomous driving has already proven safer than today’s distracted human drivers. Tesla (TSLA) and other autonomous vehicle makers will make the roads safer and generate revenue by cutting out the need for human drivers in ridesharing services like Uber (UBER). Meanwhile, Tesla’s visionary CEO Elon Musk promises to unveil the Tesla Bot” robot in the coming years (the robot is already completing tasks for Tesla). With labor costs increasing, robots could be a way for companies to cut costs.
Bottom Line
Technological advances are at the heart of the most significant stock market advances. As the wheels of innovation continue to turn, investors should focus their research on burgeoning megatrends in AI and space over the next decade.
Zacks Investment Research
NEW YORK, Sept. 18, 2024 (GLOBE NEWSWIRE) -- The Gross Law Firm issues the following notice to shareholders of NANO Nuclear Energy Inc. (NASDAQ: NNE).
Shareholders who purchased shares of NNE during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery.
CONTACT US HERE:
CLASS PERIOD: May 8, 2024 to July 18, 2024
ALLEGATIONS: The complaint alleges that during the class period, Defendants issued materially false and/or misleading statements and/or failed to disclose that: a) NNE’s purported progress toward regulatory approval for the design of its planned micro reactors and fuel fabrication plant was nonexistent; b) NNE’s timelines for commercialization were wildly optimistic, at best, and most likely impossible; c) the foregoing issues were likely to have a material negative impact on the Company’s projected revenues and growth; d) as a result, the Company's financial position and/or prospects were overstated; and e) as a result, defendants’ public statements were materially false and misleading at all relevant times.
DEADLINE: October 8, 2024 Shareholders should not delay in registering for this class action. Register your information here: https://securitiesclasslaw.com/securities/nano-nuclear-energy-inc-loss-submission-form/?id=103188&from=3
NEXT STEPS FOR SHAREHOLDERS: Once you register as a shareholder who purchased shares of NNE during the timeframe listed above, you will be enrolled in a portfolio monitoring software to provide you with status updates throughout the lifecycle of the case. The deadline to seek to be a lead plaintiff is October 8, 2024. There is no cost or obligation to you to participate in this case.
WHY GROSS LAW FIRM? The Gross Law Firm is a nationally recognized class action law firm, and our mission is to protect the rights of all investors who have suffered as a result of deceit, fraud, and illegal business practices. The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a company lead to artificial inflation of the company's stock. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:The Gross Law Firm15 West 38th Street, 12th floorNew York, NY, 10018Email: dg@securitiesclasslaw.comPhone: (646) 453-8903
Intuitive Machines (LUNR) received a massive NASA contract worth billions yesterday. As a result, LUNR stock is up over 50% today. That has spurred huge, unusual options activity in near-term calls and puts today.
LUNR stock is at $8.14 per share in midday trading, up over 51% from yesterday's close. That gives the stock a market capitalization of over $521 million today.
This was after the company announced on Sept. 17 that it had received a massive new contract from NASA to put satellites in orbit around the moon over the next five years. The company said it could have a maximum potential value of $4.82 billion throughout the contract, including a five-year extension.
As a result, options activity in LUNR stock has skyrocketed as well. The thinking may be that the market could revalue the stock even higher and speculators are gambling on the short-term moves in the stock.
Unusual Options Activity in LUNR Stock
This can be seen in Barchart's Unusual Stock Options Activity Report today. The table below shows that 5 major tranches of calls and put options in various strike prices and calendar expiration periods have had unusual activity.
For example, the largest traded tranche has been the $8.50 call options that expire in 2 days on Sept. 20. These calls are roughly at-the-money and have a 70 cents midprice. There are over 14,500 contracts traded at this strike price, over 127 times the prior outstanding contracts before the NASA announcements.
In effect, speculators believe that LUNR stock will rise to over $9.20 (i.e., $8.50 +$0.70) by the close of trading on Friday, Sept. 20. Moreover, some call buyers may be looking to flip the calls. They could be betting that the price of the calls will rise over 70 cents sometime in the next two days. For example, even if the stock rises to $9.20 before Friday, the price of the calls might reach $1.00 (i.e., 30 cents of extrinsic value over the 70 cents of intrinsic value at $9.20).
Other traders are betting that put options may have some value. For example, the Sept. 27 expiration put options with a strike price of $7.00, well below today's spot price, have traded with over 3,500 put contracts. That is over 23 times the prior number of put options contracts outstanding prior to the announcement.
Put Options Are Attractive - Especially to Short Sellers
Speculators buying these puts may be gambling that the stock will recede in the next 9 days. Since the midprice is 40 cents, they are betting that LUNR stock will fall to at least $6.60 by Sept. 27, a drop of over 22% from today's rough price.
On the other hand, short-sellers of these out-of-the-money (OTM) puts are making a yield of 30 cents divided by the $7.00 strike price, or 4.28% over the next 9 days. That is a very high yield and may reflect a desire by these short-sellers to find a cheaper buy-in target price. Meanwhile, they are getting paid quite well while waiting.
Intuitive Machines - a Gamble Here?
So far the company has not indicated how profitable this NASA contract will be for the company. But given that its market cap is only 10% of the full value of the NASA contract, there may be room to speculate here.
For example, let's assume that Intuitive Machines has built in an average 33.3% profit margin in the NASA contract over the next five years. That implies that the average gross profit could be $1.59 billion, or $318 million per year for five years. After taking out 50% for overhead and 20% for taxes, net income could average $127 million.
That implies that the stock is on an average multiple of just 4 times earnings (i.e., $521/$127 million). That implies there could be good upside in the stock. For example, at 8 times earnings the stock could be worth $1 billion or just less than twice today's stock price.
On the other hand, there could be a great deal of volatility in this contract. The above calculation assumes a maximum payout. There could be losses and teething issues. Moreover, the contract is fixed-price, so there is no room for error.
Price Targets Are Higher
Nevertheless, there seems to be some upside left in LUNR stock's valuation. For example, the average price target of 5 analysts reviewed by Yahoo! Finance is $9.80 per share. That is 15% over today's elevated price.
Moreover, over the next few days, analysts may revise their projections higher. This could be why speculators are piling into near-term call and put options in LUNR stock today.
On the date of publication, Mark R. Hake, CFA 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.
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