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Reporter Name | Waechter Thomas H |
Relationship | Director |
Type | Sell |
Amount | $50,000 |
SEC Filing | Form 4 |
NETGEAR Director, Thomas H Waechter, sold 2,500 shares of Common Stock on September 12, 2024, at a price of $20.0 per share, totaling $50,000. Following this transaction, Waechter directly owns 65,318 shares of NETGEAR. The sale was conducted under a Rule 10b5-1 trading plan adopted on February 29, 2024.
SEC Filing: NETGEAR, INC. [ NTGR ] - Form 4 - Sep. 13, 2024
A month has gone by since the last earnings report for Cisco Systems (CSCO). Shares have added about 2.2% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Cisco due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.
Cisco Systems reported fourth-quarter fiscal 2024 non-GAAP earnings of 87 cents per share, which beat the Zacks Consensus Estimate by 2.35%. The bottom line fell 23.7% year over year.
Revenues decreased 10.3% year over year to $13.64 billion but beat the consensus mark by 0.9%. Product revenues (72.3% of total revenues) decreased 15.4% on a year-over-year basis to $9.86 billion.
Splunk contributed $960 million of total revenues in the reported quarter.
Networking revenues declined 28% year over year to $6.80 billion.
Security revenues were $1.79 billion, up 81% year over year. Collaboration revenues were unchanged at $1.02 billion. Observability revenues increased 41% to $248 million.
Service revenues (27.7% of total revenues) increased 6.5% year over year to $3.78 billion.
Quarter in Detail
Region-wise, America’s revenues decreased 11% year over year to $8.07 billion and missed the consensus mark by 0.7%.
EMEA revenues declined 11% year over year to $3.51 billion but beat the consensus mark by 5.08%.
APJC revenues decreased 6% year over year to $2.06 billion and missed the consensus mark by 1.79%
Annualized recurring revenues came in at $29.6 billion, up 22% year over year. Product ARR surged 44% year over year.
Non-GAAP gross margin expanded 200 basis points (bps) from the year-ago quarter’s level to 67.9%.
On a non-GAAP basis, the product gross margin expanded 160 bps to 67%. Service gross margin increased 280 bps to 70.3%.
Non-GAAP operating expenses were $4.83 billion, up 3.9% year over year. As a percentage of revenues, operating expenses increased 480 bps year over year to 35.4%.
Non-GAAP operating margin contracted 280 bps year over year to 32.5%.
Balance Sheet and Cash Flow
As of Jul 27, 2024, Cisco’s cash & cash equivalents and investments balance were $17.9 billion compared with $18.8 billion as of Apr 27, 2024.
Total debt (short-term plus long-term), as of Jul 27, 2024, was $30.96 billion, lower than $32 billion as of Apr 27, 2024.
Cash flow from operating activities was $3.7 billion, lower than $4 billion reported in the previous quarter.
The remaining performance obligations (“RPO”) at the end of the fiscal fourth quarter were $41 billion, up 18%, with 51% of this amount to be recognized as revenues over the next 12 months. Product RPO increased 27% year over year, while service RPO increased 10%.
In the reported quarter, Cisco returned $3.6 billion through share repurchases and dividends. It bought approximately 43 million shares for $2 billion. The share repurchase program has $5.2 billion remaining under authorization.
Guidance
For first-quarter fiscal 2025, revenues are expected to be between $13.65 billion and $13.85 billion.
Non-GAAP gross margin is anticipated between 67% and 68% for the quarter.
Non-GAAP operating margin is expected between 32% and 33% for the quarter.
Non-GAAP earnings are anticipated between 86 cents and 88 cents per share.
For fiscal 2025, revenues are expected between $55 billion and $56.2 billion. Non-GAAP earnings are anticipated between $3.52 and $3.58 per share.
How Have Estimates Been Moving Since Then?
It turns out, estimates revision have trended upward during the past month.
VGM Scores
At this time, Cisco has a subpar Growth Score of D, a grade with the same score on the momentum front. Charting a somewhat similar path, the stock was allocated a grade of C on the value side, putting it in the middle 20% for this investment strategy.
Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Cisco has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
Cisco belongs to the Zacks Computer - Networking industry. Another stock from the same industry, NETGEAR, Inc. (NTGR), has gained 34.5% over the past month. More than a month has passed since the company reported results for the quarter ended June 2024.
NETGEAR reported revenues of $143.9 million in the last reported quarter, representing a year-over-year change of -17%. EPS of -$0.74 for the same period compares with -$0.16 a year ago.
NETGEAR is expected to post a loss of $0.41 per share for the current quarter, representing a year-over-year change of -278.3%. Over the last 30 days, the Zacks Consensus Estimate has changed -21.1%.
NETGEAR has a Zacks Rank #4 (Sell) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of C.
Zacks Investment Research
NETGEAR, Inc. NTGR stock surged 30.8% yesterday and closed the session at $20.84. The stock rallied after the company announced an agreement with TP-Link Systems Inc., settling the companies’ pending U.S. International Trade Commission and patent infringement litigation and TP-Link’s breach of contract claims and patent challenges.
NTGR has received a $135 million payment as consideration for resolving the litigation. As a result, all the legal disputes between the two parties will be dismissed per the terms of the settlement agreement.
NTGR Raises Q3 Outlook
NETGEAR also raised its third quarter of 2024 revenue guidance owing to the litigation settlement and early launch of the company’s next-generation 5G mobile hotspot. The hotspot was previously expected to launch in the fourth quarter of 2024.
Revenues for the third quarter are now expected to be between $170 million and $180 million compared with the earlier projected range of $160-$175 million. Of the total settlement amount, NETGEAR expects to report a net benefit (before taxes) of $103.6 million. NTGR will also reverse the $8.2 million contingent fee, which was recorded in the second quarter of 2024, as all associated fees are included in the net benefit of $103.6 million.
NETGEAR, Inc. Price, Consensus and EPS Surprise
NETGEAR, Inc. price-consensus-eps-surprise-chart | NETGEAR, Inc. Quote
Out of this $103.6 million, $10.9 million will be recorded as a reduction in GAAP G&A expenses, which will offset actual fees incurred to date. The remaining $92.7 million will be recorded as a contra-expense in litigation reserves (net within operating expenses). This contra-expense will offset NTGR’s total operating expenses for the current quarter and result in growth in GAAP operating profit.
Consequently, NETGEAR now projects the GAAP operating margin for the third quarter between 48% and 51% and the non-GAAP operating margin is anticipated to be between (4)% and (1)%. Previously, the GAAP operating margin was forecasted to be between (15.3)% and (12.3)%, while the non-GAAP operating margin was estimated in the band of (11)-(8)%.
However, the GAAP tax expense is now projected to be between $19 million and $20 million. Earlier, the GAAP tax expense was anticipated to be in the range of $1-$2 million. Non-GAAP tax expense is expected to be in the range of range of zero to $1 million compared with previous guidance of a tax benefit of $1.5 million to $2.5 million.
NTGR also has repurchased 99,000 shares for $1.5 million and does not expect any further repurchases in the current quarter owing to trading window restrictions.
What Lies Ahead for NTGR?
The early launch of the new 5G hotspot and several new product introductions position NTGR well to benefit from the Wi-Fi 7 upgrade cycle. In August 2024, NETGEAR unveiled the WBE710 Insight Manageable Tri-band WiFi 7 Access Point solution. This solution is designed to boost data throughput across multiple bands to lower network congestion.
Earlier in the year, the company launched two new Wi-Fi 7 products at mainstream prices. Management noted that the state-of-the-art Orbi 770 Tri-band Mesh System and Nighthawk RS300 Router are its “most affordable” Wi-Fi 7 products to date. Going ahead, the company plans to further expand its WiFi 7 mesh and mobile hotspots product line to gain from the WI-FI 7 upgrade cycle.
Also, with the completion of inventory destocking, NETGEAR expects its performance to be more aligned with the market. It also expects less volatility from shifting channel inventory levels. Strength in ProAV managed switch business and efforts to expand Wi-Fi LAN business are other tailwinds. For the CHP business, it expects headwinds to subside as the new Wi-Fi 7 upgrade cycle begins.
NTGR’s Zacks Rank & Stock Price Performance
NTGR currently carries a Zacks Rank #4 (Sell). Shares of the company have gained 61.9% in the past year against the sub-industry’s decline of 12.6%.
Stocks to Consider
Some better-ranked stocks worth consideration in the broader technology space are Manhattan Associates MANH, Adobe ADBE and ANSYS ANSS. While Manhattan Associates sports a Zacks Rank #1 (Strong Buy), Adobe and ANSYS carry a Zacks Rank #2 (Buy) each at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for MANH’s 2024 EPS is pegged at $4.26, unchanged in the past 30 days. MANH’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with the average surprise being 26.6%. The stock has surged 30.1% in the past year.
The Zacks Consensus Estimate for Adobe’s fiscal 2024 EPS is pegged at $18.16, unchanged in the past 30 days. ADBE’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 2.6%. The long-term earnings growth rate is 13%. Its shares have gained 6.2% in the past year.
The Zacks Consensus Estimate for ANSS’ 2024 earnings is pegged at $9.96, unchanged in the past 30 days. ANSS’ earnings beat the Zacks Consensus Estimate in three of the last four quarters while missing the mark once, with the average surprise being 4.8%. Its shares have gained 0.3% in the past year.
Zacks Investment Research
The S&P 500 Index Thursday closed up by +0.75%, the Dow Jones Industrials Index closed up by +0.58%, and the Nasdaq 100 Index closed up by +0.97%.
Stocks on Thursday recovered from early losses and moved higher the rest of the session, with the S&P 500 and Dow Jones Industrials posting 1-week highs and the Nasdaq 100 posting a 1-1/2 week high. Positive corporate news lifted the overall market Thursday, as Warner Bos Discovery closed up more than +10% after it said its multiyear distribution partnership with Charter Communications was renewed early. Also, Kroger closed up more than +7% after raising guidance on the lower end of its full-year sales forecast. In addition, Nvidia closed up more than +1% after CEO Huang said his company is experiencing strong demand for its latest generation of AI chips, called Blackwell.
US stocks garnered some carryover support from the rally in European stocks, as the Euro Stoxx 50 climbed +1.06% after the ECB cut its deposit facility rate by -25 bp to 3.50% from 3.75%.
Thursday’s as-expected US Aug PPI report was negative for stocks as it dampened speculation that the Fed will be able to cut interest rates by -50 bp at next week’s FOMC meeting. Also, an unexpected increase in US initial unemployment claims signaled weakness in the labor market that is negative for economic growth. In addition, most chip stocks saw pressure Thursday after Micron Technology was downgraded to underperform at BNP Paribas Exane.
US weekly initial unemployment claims unexpectedly rose +2,000 to 230,000, showing a slightly weaker labor market than expectations of a decline to 226,000.
US Aug PPI final demand eased to +1.7% y/y from +2.1% y/y in July, right on expectations and the smallest increase in 6 months. Aug PPI ex-food and energy rose +2.4% y/y, up from +2.3% y/y in July and right on expectations.
The markets are discounting the chances at 100% for a -25 bp rate cut for the September 17-18 FOMC meeting and at 33% for a -50 bp rate cut at that meeting.
Overseas stock markets Thursday settled mixed. The Euro Stoxx 50 closed up +1.06%. China's Shanghai Composite closed down -0.17%. Japan's Nikkei Stock 225 closed up sharply by +3.41%.
Interest Rates
December 10-year T-notes (ZNZ24) Thursday closed down by -4.5 ticks. The 10-year T-note yield rose +2.5 bp to 3.678%. Dec T-notes were under pressure Thursday on negative carryover from a slide in European government bonds. Also, Thursday's rally in stocks curbed safe-haven demand for T-notes. Losses in T-notes were limited after weekly US jobless claims unexpectedly increased, a dovish factor for Fed policy. Also, short covering emerged in T-notes following decent demand for the Treasury’s $22 billion auction of 30-year T-bonds with a bid-to-cover ratio of 2.38, right on the average of the past ten auctions.
European government bond yields on Thursday moved higher. The 10-year German bund yield rose +3.9 bp to 2.150%. The 10-year UK gilt rose +2.0 bp to 3.781%.
As expected, the ECB cut its deposit facility rate by -25 bp to 3.50% from 3.75% and said it would continue to follow a data-dependent and meeting-by-meeting approach to determining the appropriate level and duration of interest rates.
The ECB cut its Eurozone 2024 GDP forecast to +0.8% from a previous forecast of +0.9% and raised its 2024 core inflation forecast to +2.9% from +2.8%.
ECB President Lagarde said Eurozone growth risks are tilted to the downside and, "according to survey indicators, the recovery in the Eurozone is continuing to face some headwinds."
Swaps are discounting the chances of a -25 bp rate cut by the ECB at 56% for the October 17 meeting.
US Stock Movers
Micron Technology closed down more than -3% to lead chip stocks lower after BNP Paribas Exane downgraded the stock to underperform from outperform with a price target of $67. Also, Texas Instruments closed down more than -3% and Intel closed down more than -1% to lead losers in the Dow Jones Industrials. In addition, GlobalFoundries , NXP Semiconductors NV , ON Semiconductor , KLA Corp , Microchip Technology , and Lam Research closed down more than -2%.
Warner Bos Discovery closed up more than +10% to lead gainers in the S&P 500 and Nasdaq 100 after it said its multiyear distribution partnership with Charter Communications was renewed early.
Kroger closed up more than +7% after raising the lower end of its full-year sales guidance to +0.75% to +1.75% from a previous forecast of +0.25% to +1.75%
Axon Enterprise closed up more than +6% after JMP Securities raised its price target on the stock to $430 from $375.
Nvidia closed up more than +1% after CEO Huang said his company is experiencing strong demand for its latest generation of AI chips, called Blackwell.
Gilead Sciences closed up more than +2% after it stopped the blinded phase of its trial of the HIV drug lenacapavir after the drug reduced infections by 96%
Signet Jewelers Ltd closed up more than +11% after reporting Q2 adjusted EPS of $1.25, stronger than the consensus of $1.12, and forecast 2025 adjusted EPS of $9.90-$11.52, with the midpoint above the consensus of $10.24.
Netgear closed up more than +31% after raising its Q3 revenue guidance to $170 million-$180 million from a previous estimate of $160 million-$175 million.
Roku closed up more than +5% after Wolfe Research upgraded the stock to outperform from peer perform with a price target of $93.
Moderna closed down more than -12% to lead losers in the S&P 500 and Nasdaq 100 after it said it will cut its research and development budget by about 20% over the next three years to achieve a $1.1 billion cut from its R&D budget by 2027.
Wells Fargo & Co closed down more than -4% after reaching a deal with the Office of the Comptroller of the Currency, requiring it to beef up systems for detecting money laundering and complying with international sanctions.
Caleres closed down more than -18% after reporting Q2 net sales of $683.3 million, weaker than the consensus of $723.8 million, and cutting its 2025 operating margin forecast to 7.0% to 7.1% from a previous view of 7.3% to 7.5%.
Fortinet closed down more than -2% on a data breach after it said someone had broken into a “limited” number of files that contained information related to some of its customers.
Interpublic Group of Cos closed down more than -1% after UBS downgraded the stock to sell from neutral with a price target of $29.
Earnings Reports (9/13/2024)
Dakota Gold Corp (DC), Selectquote Inc (SLQT), 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.
U.S. stocks traded higher toward the end of trading, with the Dow Jones index surging more than 200 points on Thursday.
The Dow traded up 0.53% to 41,076.41 while the NASDAQ rose 1.15% to 17,596.13. The S&P 500 also rose, gaining, 0.82% to 5,599.94.
Check This Out: Wall Street’s Most Accurate Analysts Give Their Take On 3 Materials Stocks Delivering High-Dividend Yields
Leading and Lagging Sectors
Communication services shares rose by 1.2% on Thursday.
In trading on Thursday, real estate shares dipped by 0.8%.
Top Headline
Signet Jewelers Limited posted better-than-expected second-quarter earnings and stronger than anticipated third-quarter revenue outlook.
Signet reported a second-quarter sales decline of 7.6% year-on-year to $1.49 billion, missing the analyst consensus estimate of $1.50 billion. Adjusted EPS of $1.25 beat the analyst consensus estimate of $1.14.
Equities Trading UP
Equities Trading DOWN
Commodities
In commodity news, oil traded up 3.3% to $69.53 while gold traded up 1.3% at $2,576.20.
Silver traded up 3.9% to $30.05 on Thursday, while copper rose 1.1% to $4.1880.
Euro zone
European shares closed higher today. The eurozone's STOXX 600 rose 0.80%, Germany's DAX gained 1.03% and France's CAC 40 rose 0.52%. Spain's IBEX 35 Index rose 1.08%, while London's FTSE 100 rose 0.57%.
The annual inflation rate in Spain eased to 2.3% in August from 2.8% in July, while German wholesale prices fell by 1.1% year-over-year in August.
Asia Pacific Markets
Asian markets closed mostly higher on Thursday, with Japan's Nikkei 225 jumping 3.41%, Hong Kong's Hang Seng Index gaining 0.77%, China's Shanghai Composite Index falling 0.17% and India's BSE Sensex surging 1.77%.
Manufacturing production in Hong Kong increased 0.7% year-over-year during the second quarter. Producer prices in Japan rose by 2.5% year-over-year in August versus a 3.0% growth in the previous month.
Economics
Now Read This:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
U.S. stocks traded mixed midway through trading, with the Nasdaq Composite gaining more than 50 points on Thursday.
The Dow traded down 0.11% to 40,814.73 while the NASDAQ rose 0.33% to 17,453.69. The S&P 500 also rose, gaining, 0.13% to 5,561.28.
Check This Out: Wall Street’s Most Accurate Analysts Give Their Take On 3 Materials Stocks Delivering High-Dividend Yields
Leading and Lagging Sectors
Communication services shares rose by 1.2% on Thursday.
In trading on Thursday, real estate shares dipped by 0.6%.
Top Headline
Kroger Company reported second-quarter adjusted earnings per share of 93 cents, beating the analyst consensus estimate of 91 cents.
Quarterly sales of $33.912 billion (nearly flat year over year) missed the street view of $34.090 billion. Excluding fuel, sales increased 1.3% compared to the same period last year.
Equities Trading UP
Equities Trading DOWN
Commodities
In commodity news, oil traded up 3.1% to $69.36 while gold traded up 1.5% at $2,581.40.
Silver traded up 3.5% to $29.935 on Thursday, while copper rose 1.4% to $4.1995.
Euro zone
European shares were higher today. The eurozone's STOXX 600 rose 0.74%, Germany's DAX gained 0.89% and France's CAC 40 rose 0.42%. Spain's IBEX 35 Index rose 1.04%, while London's FTSE 100 rose 0.45%.
The annual inflation rate in Spain eased to 2.3% in August from 2.8% in July, while German wholesale prices fell by 1.1% year-over-year in August.
Asia Pacific Markets
Asian markets closed mostly higher on Thursday, with Japan's Nikkei 225 jumping 3.41%, Hong Kong's Hang Seng Index gaining 0.77%, China's Shanghai Composite Index falling 0.17% and India's BSE Sensex surging 1.77%.
Manufacturing production in Hong Kong increased 0.7% year-over-year during the second quarter. Producer prices in Japan rose by 2.5% year-over-year in August versus a 3.0% growth in the previous month.
Economics
Now Read This:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The S&P 500 Index today is up by +0.20%, the Dow Jones Industrials Index is down by -0.08%, and the Nasdaq 100 Index is up by +0.42%.
Stocks today recovered from early losses and are trading mostly higher, with the S&P 500 and Nasdaq 100 posting 1-week highs. Positive corporate news is lifting the overall market today, with Warner Bos Discovery up more than +9% after it said its multiyear distribution partnership with Charter Communications was renewed early. Also, Kroger is up more than +6% after raising guidance on the lower end of its full-year sales forecast. In addition, Nvidia is up more than +1% after CEO Huang said his company is experiencing strong demand for its latest generation of AI chips, called Blackwell.
US stocks garnered some carryover support from the rally in European stocks today, as the Euro Stoxx 50 climbed +1.06% after the ECB cut its deposit facility rate by -25 bp to 3.50% from 3.75%.
Today’s as-expected US Aug PPI report was negative for stocks as it dampened speculation that the Fed will be able to cut interest rates by -50 bp at next week’s FOMC meeting. Also, an unexpected increase in US initial unemployment claims signaled weakness in the labor market that is negative for economic growth. In addition, most chip stocks saw pressure today after Micron Technology was downgraded to underperform at BNP Paribas Exane.
US weekly initial unemployment claims unexpectedly rose +2,000 to 230,000, showing a slightly weaker labor market than expectations of a decline to 226,000.
US Aug PPI final demand eased to +1.7% y/y from +2.1% y/y in July, right on expectations and the smallest increase in 6 months. Aug PPI ex-food and energy rose +2.4% y/y, up from +2.3% y/y in July and right on expectations.
The markets are discounting the chances at 100% for a -25 bp rate cut for the September 17-18 FOMC meeting and at 14% for a -50 bp rate cut at that meeting.
Overseas stock markets today are mixed. The Euro Stoxx 50 is up +1.06%. China's Shanghai Composite closed down -0.17%. Japan's Nikkei Stock 225 closed up sharply by +3.41%.
Interest Rates
December 10-year T-notes (ZNZ24) today are down by -8 ticks. The 10-year T-note yield is up +3.5 bp at 3.687%. Dec T-notes today are under pressure on negative carryover from a slide in European government bonds. Also, supply pressures are negative for T-notes as the Treasury will auction $22 billion of reopened 30-year T-bonds later today to conclude this week’s auction slate of $119 billion of T-notes and T-bonds. Losses in T-notes are limited after weekly US jobless claims unexpectedly increased, a dovish factor for Fed policy.
European government bond yields today are moving higher. The 10-year German bund yield is up +4.1 bp at 2.152%. The 10-year UK gilt is up +1.8 bp at 3.780%.
As expected, the ECB cut its deposit facility rate by -25 bp to 3.50% from 3.75% and said it would continue to follow a data-dependent and meeting-by-meeting approach to determining the appropriate level and duration of interest rates.
The ECB cut its Eurozone 2024 GDP forecast to +0.8% from a previous forecast of +0.9% and raised its 2024 core inflation forecast to +2.9% from +2.8%.
ECB President Lagarde said Eurozone growth risks are tilted to the downside and, "according to survey indicators, the recovery in the Eurozone is continuing to face some headwinds."
Swaps are discounting the chances of a -25 bp rate cut by the ECB at 52% for the October 17 meeting.
US Stock Movers
Micron Technology is down more than -4% to lead chip stocks lower after BNP Paribas Exane downgraded the stock to underperform from outperform with a price target of $67. Also, NXP Semiconductors NV , Texas Instruments , Applied Materials , ON Semiconductor , KLA Corp , Microchip Technology , and Lam Research are down more than -1%. Finally, Intel is down more than -1% to lead losers in the Dow Jones Industrials.
Warner Bos Discovery is up more than +9% to lead gainers in the S&P 500 and Nasdaq 100 after it said its multiyear distribution partnership with Charter Communications was renewed early.
Axon Enterprise is up more than +4% after JMP Securities raised its price target on the stock to $430 from $375.
Nvidia is up more than +1% after CEO Huang said his company is experiencing strong demand for its latest generation of AI chips, called Blackwell.
Gilead Sciences is up more than +2% after it stopped the blinded phase of its trial of the HIV drug lenacapavir after the drug reduced infections by 96%
Kroger is up more than +6% after raising the lower end of its full-year sales guidance to +0.75% to +1.75% from a previous forecast of +0.25% to +1.75%
Signet Jewelers Ltd is up more than +17% after reporting Q2 adjusted EPS of $1.25, stronger than the consensus of $1.12, and forecast 2025 adjusted EPS of $9.90-$11.52, with the midpoint above the consensus of $10.24.
Netgear is up more than +33% after raising its Q3 revenue guidance to $170 million-$180 million from a previous estimate of $160 million-$175 million.
Alaska Air Group is up more than +1% after raising its outlook for Q3 EPS to $2.15-$2.25 from a previous forecast of $1.40-$1.60.
Roku is up more than +4% after Wolfe Research upgraded the stock to outperform from peer perform with a price target of $93.
Moderna is down more than -16% to lead losers in the S&P 500 and Nasdaq 100 after it said it will cut its research and development budget by about 20% over the next three years to achieve a $1.1 billion cut from its R&D budget by 2027.
Caleres is down more than -20% after reporting Q2 net sales of $683.3 million, weaker than the consensus of $723.8 million, and cutting its 2025 operating margin forecast to 7.0% to 7.1% from a previous view of 7.3% to 7.5%.
Interpublic Group of Cos is down more than -2% after UBS downgraded the stock to sell from neutral with a price target of $29.
Oxford Industries is down more than -1% after reporting Q2 adjusted EPS of $2.77, weaker than the consensus of $3.04, and cutting its 2025 adjusted EPS forecast to $7.00-$7.30 from a previous forecast of $8.60-$9.00, well below the consensus of $8.79.
Earnings Reports (9/12/2024)
Adobe Inc (ADBE), Caleres Inc (CAL), IBEX Holdings Ltd (IBEX), Ispire Technology Inc (ISPR), Kroger Co/The (KR), Lovesac Co/The (LOVE), NexPoint Diversified Real Esta (NXDT), Radiant Logistics Inc (RLGT), RH (RH), Signet Jewelers Ltd (SIG), Value Line Inc (VALU).
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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