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On CNBC's “Halftime Report Final Trades,” Jim Lebenthal said General Motors Company benefits from rate cuts.
General Motors, last week, agreed to explore collaboration with Hyundai Motor and expand its partnership with EVgo by installing 400 fast-charging stalls at key locations in major U.S. metropolitan areas. Additionally, the company is reportedly in talks to buy Chinese batteries made in the U.S. through its partnership with Japan's TDK.
Bryn Talkington of Requisite Capital Management named Energy Transfer LP , an energy play, which is up 16% year-to-date. The company also has a dividend yield of 8%, she added.
On Wednesday, UBS analyst Shneur Gershuni maintained Energy Transfer with a Buy rating and raised the price target from $22 to $23.
Don't forget to check out our premarket coverage here
Joseph M. Terranova of Virtus Investment Partners said The Trade Desk, Inc. , is pushing back to its Nov. 2021 all-time high level.
On Sept. 13, Wedbush analyst Scott Devitt maintained Trade Desk with an Outperform rating and raised the price target from $110 to $115.
Stephen Weiss of Short Hills Capital Partners said Alphabet Inc. is still undervalued.
Alphabet Google won its appeal against the European Commission’s €1.49 billion ($1.66 billion) antitrust fine for anticompetitive practices involving its online search advertising business. Luxembourg-based General Court delivered a reprieve to Google, nullifying the line about the $1.66 billion penalty in the European Commission’s five-year-old order against the search giant, reported Reuters.
Price Action:
Check This Out:
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Oracle Corp's CloudWorld in Las Vegas had no shortage of artificial intelligence (AI) buzz, but investors hoping for a quick windfall might need to temper expectations.
JPMorgan analyst Tien-tsin Huang, who attended the event, noted that while Oracle's multi-cloud advancements are laying the groundwork for the future, the immediate impact on revenues is still uncertain.
"We saw numerous examples of high-value AI-driven tech services," Huang stated, highlighting the long-term potential of AI in transforming enterprise workflows.
However, he remains cautious about the near-term outlook, adding, "Near-term demand improvement remains elusive," despite growing client interest in AI.
Oracle Makes A Big Move
Oracle's big move at CloudWorld was its announcement of Oracle Database (ODB) on AWS, building on similar launches with Microsoft Corp‘s Azure and Alphabet Inc‘s Google Cloud.
This multi-cloud push, Huang believes, is a critical strategy for companies looking to "maximize the value of GenAI" by optimizing data across different platforms.
Yet To See Material Revenue Momentum
Yet, the short-term demand for tech services in AI remains lukewarm. "We did not sense that any have achieved material revenue momentum in the category," Huang observed, signaling that while enterprise clients are interested in AI, the financial payoff might still be a few quarters away.
Accenture: A Secular Winner
Long-term, Huang is optimistic about Oracle and its tech services partners, particularly Accenture PLC , which he sees "as a secular winner" in helping companies customize and optimize generative AI solutions for business processes.
As companies transition to a more interoperable, multi-cloud environment, the opportunities for AI and tech services will grow, but patience is key.
For now, investors should keep their eyes on the big picture, as the immediate AI windfall for Oracle might take some time to materialize.
Read Next:
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The Nasdaq 100 closed lower by around 0.5% during Wednesday's session. Investors, meanwhile, focused on some notable insider trades.
When insiders sell shares, it could be a preplanned sale, or could indicate their concern in the company's prospects or that they view the stock as being overpriced. Insider sales should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a selling decision.
Below is a look at a few recent notable insider sales. For more, check out Benzinga’s insider transactions platform.
Alphabet
Williams-Sonoma
Ross Stores
McDonald’s
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The broad market exchange-traded fund SPDR S&P 500 ETF Trust was up 1.6% and the actively traded Invesco QQQ Trust was 2.1% higher in Thursday's premarket activity, following the Federal Reserve's decision to cut interest rates after four years.
US stock futures were also higher, with S&P 500 Index futures up 1.7%, Dow Jones Industrial Average futures rising 1.2%, and Nasdaq futures gaining 2.1% before the start of regular trading.
The weekly jobless claims bulletin, the Philadelphia Fed's manufacturing index for September, and the Q2 current account deficit report will be released at 8:30 am ET. The existing home sales report and the leading indicators index, both for August, are slated for a 10 am ET release, followed by the weekly EIA domestic natural gas supplies report at 10:30 am ET.
In premarket action, bitcoin was up by 3.9% and the cryptocurrency fund ProShares Bitcoin Strategy ETF was 4.1% higher.
Power Play:
Health Care
The Health Care Select Sector SPDR Fund advanced 0.8%. The Vanguard Health Care Index Fund and the iShares US Healthcare ETF were inactive. The iShares Biotechnology ETF was up 1.7%.
Progyny shares fell 24% in premarket activity Thursday after the company said that a client accounting for 13% of its 2023 revenue had elected to exercise a 90-day option to terminate its services agreement, effective Jan. 1.
Winners and Losers:
Consumer
The Consumer Staples Select Sector SPDR Fund was up 0.5%, while the Vanguard Consumer Staples Fund was inactive. The iShares US Consumer Staples ETF was inactive, and the Consumer Discretionary Select Sector SPDR Fund gained 2.1%. The VanEck Retail ETF was inactive, while the SPDR S&P Retail ETF was nearly 2% higher.
Darden Restaurants stock was up more than 11% pre-bell after the company reported higher fiscal Q1 adjusted net earnings and sales.
Industrial
Industrial Select Sector SPDR Fund advanced 1.3% while the Vanguard Industrials Index Fund was flat and the iShares US Industrials ETF was inactive.
Comstock shares were down 4% before the opening bell after the company said it had secured a $3.5 million convertible debt financing with an option for another $1.5 million to support its commercial expansion in the fuels and metals sectors.
Energy
The iShares US Energy ETF was up 1.3%, while the Energy Select Sector SPDR Fund rose by 1.5%.
TotalEnergies stock was up 2.7% before Thursday's opening bell after the company said it had secured a five-year extension of a liquefied natural gas supply agreement with China's CNOOC.
Financial
Financial Select Sector SPDR Fund gained 1.4%. Direxion Daily Financial Bull 3X Shares was up 4.2%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares was down 4%.
Regions Financial shares were up 2.3% pre-bell Thursday after Citigroup raised its price target to $26 from $25 and maintained a buy rating.
Technology
Technology Select Sector SPDR Fund was up 2.3%, and the iShares US Technology ETF was 1.9% higher, while the iShares Expanded Tech Sector ETF rose 2.6%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF advanced 0.1%, while the iShares Semiconductor ETF rose by 3.2%.
Alphabet shares were up nearly 2% in recent Thursday premarket activity after South Korean newspaper Electronic Times reported late Wednesday, citing industry sources, that Waymo is reportedly in talks with South Korea's Hyundai Motor to outsource the manufacturing of its self-driving vehicles.
Commodities
Front-month US West Texas Intermediate crude oil advanced 0.8% at $71.44 per barrel on the New York Mercantile Exchange. Natural gas was up 0.2% at $2.29 per 1 million British Thermal Units. United States Oil Fund rose 2.2%, while the United States Natural Gas Fund retreated by 1%.
Gold futures for December were up 0.5% at $2,612 an ounce on the Comex, while silver futures rose 2.5% to $31.44 an ounce. SPDR Gold Shares gained 1.5%, and iShares Silver Trust was 4.2% higher.
Adds CEO comments in paragraphs 5-7, 12-13, analyst reaction in paragraph 8
By Paul Sandle
LONDON, Sept 19 (Reuters) - Shares in Martin Sorrell's ad group S4 Capital SFOR.Lfell to a six-month low on Thursday after it downgraded its revenue forecast on weakness in demand from its tech clients, with one in particular cutting spending on digital transformation.
S4, which derives almost half of its business from the tech sector, said like-for-like net revenue for the year would decline by more than expected when it updated in May.
Net revenue fell 13.5% to 376.1 million pounds ($499.4 million) in the six months to end-June, it said.
Sorrell, who founded S4 after leaving rival WPP in 2018, said the pull-back by tech clients was not uniform, but the sector was underperforming others.
"One Tech Services client reduced its spending significantly," he said.
However, he said S4 was cutting its cost base to meet demand, and as a result operational earnings would be broadly flat.
"We've taken a good look at the business across the board, both geographically and by practice, and we're focusing on the cost side as well," he said.
Analysts at Citi said the results were "underwhelming", noting that the group's Technology Services segment was suffering much more than anticipated.
Technology Services is the smallest of S4's three divisions, which also include Content and Data & Digital Media.
Sorrell said the deployment of AI in creating personalised ads at scale, and in areas such as media planning and buying, would underpin growth in the medium term.
He said General Motors was one client that had shifted its approach.
"They have four strategic agencies, each of them working on their key brands, Chevrolet, Buick, GMC and Cadillac, and we underpin that, working as the foundational agency across all four brands," he said.
"So creating, producing, distributing mainly digital but offline as well, which is personalisation at scale and speeding up the process of visualisation and copy writing."
($1 = 0.7531 pounds)
(Reporting by Paul Sandle; Editing by Kate Holton and Sharon Singleton)
(( paul.sandle@thomsonreuters.com ; +44 20 7542 6843; Reuters Messaging: paul.sandle.thomsonreuters.com@reuters.net ))
Keywords: S4 CAPITAL-RESULTS/ (UPDATE 1,PIX)
Adds details from Tudor, Pickering, Holt note after paragraph 2
Sept 18 (Reuters) - Energy Transfer ET.N said a fire at its natural gas liquid (NGL) pipeline in La Porte, Texas, which started on Monday, continued to safely burn itself out on Wednesday with the flame having diminished overnight.
The pipeline was isolated for residual product to burn off, after a massive fire knocked out power to thousands of homes and businesses and prompted an evacuation of the area.
"When isolation equipment is installed, we will purge a short section with nitrogen, which will extinguish the fire, and begin repairs," the company said.
The fire started after a car crashed into an above-ground pipeline valve, and it is suspected to involve the Justice pipeline, a 20-inch Y-grade line that connects with Energy Transfer’s Liberty and West Texas Gateway pipelines, researchers for investment firm Tudor, Pickering, Holt & Co said in a note.
Energy Transfer has not confirmed the name or capacity of the pipeline that ruptured and was not available immediately to confirm the details.
Y-grade refers to a mix of NGLs, including ethane, propane, butane, isobutane, and natural gasoline, which are extracted from the raw natural gas stream. Propane, butane, and isobutane are also called liquefied petroleum gas (LPG) and are mainly used as fuel for cars, cooking, heating and to produce other petrochemicals.
The Justice pipeline, which entered service in 2012 with a capacity of 375,000 barrels per day, carries Y-grade from the Permian and Eagle Ford shale fields to Energy Transfer's Mont Belvieu fractionators.
"ET will likely be able to utilize its vast network, including its storage assets and Lone Star NGL line, to absorb the service disruption. News of the event sent LPG prices higher, with propane and butane up 7% and 10% since Friday’s close" the research note added.
(Reporting by Anushree Mukherjee and Anmol Choubey in BengaluruEditing by Marguerita Choy)
(( anushree.ashishMukherjee@thomsonreuters.com ;))
Keywords: PIPELINE-FIRE/TEXAS (UPDATE 1, TV)
Energy Transfer LP (ET) closed the latest trading day at $16.11, indicating a +0.56% change from the previous session's end. The stock outperformed the S&P 500, which registered a daily loss of 0.29%. Meanwhile, the Dow experienced a drop of 0.25%, and the technology-dominated Nasdaq saw a decrease of 0.31%.
The energy-related services provider's stock has dropped by 0.25% in the past month, exceeding the Oils-Energy sector's loss of 2.45% and lagging the S&P 500's gain of 1.57%.
Market participants will be closely following the financial results of Energy Transfer LP in its upcoming release. In that report, analysts expect Energy Transfer LP to post earnings of $0.32 per share. This would mark year-over-year growth of 3.23%. Our most recent consensus estimate is calling for quarterly revenue of $24.27 billion, up 17.02% from the year-ago period.
ET's full-year Zacks Consensus Estimates are calling for earnings of $1.35 per share and revenue of $91.4 billion. These results would represent year-over-year changes of +23.85% and +16.31%, respectively.
It's also important for investors to be aware of any recent modifications to analyst estimates for Energy Transfer LP. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 4.2% decrease. Energy Transfer LP currently has a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Energy Transfer LP has a Forward P/E ratio of 11.91 right now. This denotes a discount relative to the industry's average Forward P/E of 12.83.
We can also see that ET currently has a PEG ratio of 0.49. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Oil and Gas - Production Pipeline - MLB industry had an average PEG ratio of 1.51 as trading concluded yesterday.
The Oil and Gas - Production Pipeline - MLB industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 30, putting it in the top 12% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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