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The U.S. stock market had a mixed close on Tuesday. The Dow Jones slipped slightly by 0.4%, finishing at 41,606.18. Meanwhile, the S&P 500 edged up 0.03% to 5,634.58, and the Nasdaq gained 0.2%, closing at 17,628.06.
Investors are now keenly awaiting the Federal Reserve’s meeting scheduled for Wednesday, where a cut in interest rates is widely expected.
These are the top stocks that gained the attention of retail traders and investors throughout the day:
Intuitive Machines’ stock plummeted by 5.59%, closing at $5.40 after hitting an intraday high and low of $5.87 and $5.34 respectively. The company’s shares surged 55.6% to $8.40 in extended trading after it secured a NASA contract for communication and navigation services in the near space region.
Netflix’s stock rose by 1.49% to close at $706.91. The streaming giant’s shares reached an intraday high of $707.63 and a low of $698.37. Co-CEO Ted Sarandos stated that there’s no such thing as too much content in the ever-changing streaming sector.
See Also: Elon Musk Reacts After Trump Campaign Releases Over 50 Examples of Democrats’ Rhetoric That ‘Inspired Assassination Attempt’
Li Auto’s stock soared by 12.28% to close at $21.39. The Chinese electric vehicle manufacturer’s shares hit an intraday high and low of $21.4 and $20.21 respectively. The company’s stock traded higher following a report indicating that the People's Bank of China plans to cut the bank reserve requirement ratio.
Trump Media & Technology Group Corp
Trump Media & Technology Group stock fell by 6.60% to close at $16.14. The company’s shares hit an intraday high of $17.09 and a low of $16.10. Former President Donald Trump launched a new decentralized finance platform centered around a crypto token.
Tesla’s stock increased by 0.48% to close at $227.87. The electric vehicle maker’s shares reached an intraday high of $234.57 and a low of $226.55. Tesla switched to ‘Full Self-Driving Supervised’ for new cars, sparking a flurry of conspiracy theories.
Photo by WHYFRAME on Shutterstock
Prepare for the day’s trading with top premarket movers and news by Benzinga.
Read Next:
Chuck Schumer Says If Government Shutdown Happens It Will Be Because Of ‘Republican Poison Pills’ — ‘The American People Are Going To Hold Them Responsible’
This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
By Connor Hart
Intuitive Machines on Tuesday said it was awarded a NASA contract worth up to $4.82 billion.
The contract is for communication and navigation services for missions in the near space region, which extends from Earth's surface to beyond the Moon, the Houston space exploration company said.
Shares of the company surged 37% to $7.41 in after-hours trading.
The contract — described as a firm-fixed-price, multiple award, indefinite-delivery/indefinite-quantity task order contract — has a base period of five years, ending Sept. 30, 2029, but includes an additional five-year option period, which would extend its end to Sept. 30, 2034.
The award includes incrementally funded task orders totaling $150 million, with a maximum potential value of $4.82 billion.
As part of this contract, Intuitive will deploy lunar relay satellites and provide communication and navigation services that help NASA's Artemis campaign to establish a long-term presence on the Moon.
"This contract marks an inflection point in Intuitive Machines' leadership in space communications and navigation," Chief Executive Steve Altemus said.
Write to Connor Hart at connor.hart@wsj.com
The most recent trading session ended with Tesla (TSLA) standing at $227.87, reflecting a +0.48% shift from the previouse trading day's closing. The stock's change was more than the S&P 500's daily gain of 0.03%. Meanwhile, the Dow lost 0.04%, and the Nasdaq, a tech-heavy index, added 0.2%.
Prior to today's trading, shares of the electric car maker had gained 1.82% over the past month. This has lagged the Auto-Tires-Trucks sector's gain of 1.96% and outpaced the S&P 500's gain of 1.54% in that time.
Analysts and investors alike will be keeping a close eye on the performance of Tesla in its upcoming earnings disclosure. In that report, analysts expect Tesla to post earnings of $0.58 per share. This would mark a year-over-year decline of 12.12%. At the same time, our most recent consensus estimate is projecting a revenue of $25.73 billion, reflecting a 10.18% rise from the equivalent quarter last year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $2.27 per share and revenue of $98.9 billion, indicating changes of -27.24% and +2.19%, respectively, compared to the previous year.
Investors might also notice recent changes to analyst estimates for Tesla. 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.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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, the Zacks Consensus EPS estimate has remained steady. Tesla currently has a Zacks Rank of #3 (Hold).
Looking at valuation, Tesla is presently trading at a Forward P/E ratio of 99.9. This signifies a premium in comparison to the average Forward P/E of 13.36 for its industry.
It is also worth noting that TSLA currently has a PEG ratio of 4.62. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The average PEG ratio for the Automotive - Domestic industry stood at 1.43 at the close of the market yesterday.
The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. Currently, this industry holds a Zacks Industry Rank of 167, positioning it in the bottom 34% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Zacks Investment Research
September Market Volatility is Likely
In my recent commentary, I discussed how investors will likely have to deal with increased volatility. To summarize, the back half of September is historically the weakest part of the year and produces negative returns on average. Meanwhile, uncertainty looms ahead of Wednesday’s FOMC decision. Jerome Powell and the Federal Reserve will cut rates for the first since 2020. However, the market’s expectations are relatively split between whether Powell will cut interest rates by 25 or 50 bps.
'Triple Witching' Day is Upon Us Friday
Further, after waiting several months for a change to a “dovish” Fed policy, typical market psychology might mean that the Fed rate cuts are a classic “Sell the news event.” Finally, triple-witching, the phenomenon where stock options, stock index futures, and stock index options expire on the same day occurs Friday.
Triple witching often induces short-term volatility because traders and investors are forced to make decisions about expiring positions.
How to Handle Known Market Volatility Events
Most investors and traders’ profit when stocks are steadily trending higher with low volatility. However, how each individual handles volatility separates the professionals from the amateurs on Wall Street is. Below are five ways to prepare for market volatility:
1. Raise Cash
The old Wall Street adage “Cash is king” is paramount during volatile markets. Investors don’t need to be fully in cash, but it makes sense to get off margin ahead of volatile events. A perfect metaphor for cash and markets is hamburgers and the degree of cooking. If you undercook a burger, you can always throw it back on the grill and cook it longer. Conversely, if you overcook a burger, there’s no saving it.
Cash and portfolio management are the same. If you have cash on hand during volatile market environments, you give yourself flexibility and are empowered to take advantage of new opportunities with your cash on hand. The degree of cash will vary based on each individual’s investing framework, but it’s important for aggressive, short-term traders to remember that they can always buy positions back when the dust settles.
2. Position Size is Critical
Savvy investors have a “risk-first” mindset. In other words, instead of thinking, “How much can I make on this trade?” investors should instead think, “How much will I lose if this trade goes against me?” Position sizing is akin to a volume dial on a trader’s emotions. Smaller position sizing allows investors to think clearer and avoid knee-jerk decisions. It’s also important to remember that if the S&P 500 Index ETF (SPY) or Nasdaq 100 ETF (QQQ) moves 1% in a day, individual high beta stocks like Nvidia (NVDA), Palantir (PLTR), and Tesla (TSLA) will likely move 3-4x that.
3. Let the Dust Settle
Unlike poker there is no ante (mandatory bet) that investors must place to watch the market. Patience and the ability to let the smoke clear are superpowers.
4. Plot Key Price Levels
Rather than reacting in real-time, prepare ahead of time by plotting important support and resistance levels. It’s critical that investors conduct this exercise outside of market hours so that they are not swayed by the intraday price noise.
5. Know your Time Frame / Implications
A long-term investor is likely to do less during volatile markets, while a short-term trader may be more active. In either case, knowing your time frame in advance stops you from making emotional decisions.
Bottom Line
With FOMC, seasonality, and triple-witching ahead, the second half of September is likely to be volatile. Understanding how to navigate volatile markets is integral to investing success.
Zacks Investment Research
Intuitive Machines, Inc. shares are blasting higher in extended trading Tuesday after the company announced it was awarded a NASA contract for communication and navigation services in the near space region, which extends from Earth’s surface to beyond the Moon.
The Details: The contract is a new firm-fixed-price, multiple award, indefinite-delivery/indefinite-quantity (IDIQ) task order contract with a base period of five years and an additional five-year option period, with a maximum potential value of $4.82 billion.
The incrementally funded base ordering period begins Oct. 1, 2024 and goes through Sept. 30, 2029, with the option period potentially extending the contract through Sept. 30, 2034.
Intuitive Machines highlighted the debut of its lunar satellite constellation in connection with the contract. The company said the satellite constellation will deploy lunar relay satellites and provide communication and navigation services that play an essential role in NASA’s Artemis campaign to establish a long-term presence on the Moon.
Read Next: What Happened With MicroStrategy Stock Today?
“This contract marks an inflection point in Intuitive Machines’ leadership in space communications and navigation,” said Intuitive Machines CEO Steve Altemus. “We’re pleased to partner with NASA, as one team, to support the Artemis campaign and endeavors to expand the lunar economy.”
LUNR Price Action: According to Benzinga Pro, Intuitive Machines shares are up 37.04% after-hours at $7.40 at the time of publication Tuesday.
Read Also:
Photo: Courtesy of Intuitive Machines, Inc.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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