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SAP SE SAP has acquired WalkMe Ltd. for approximately $1.5 billion. This deal represents an approximate 45% premium to WalkMe's closing share price on June 4, 2024, the day when SAP and WalkMe agreed to the binding terms of the acquisition.
Following the acquisition, each ordinary and outstanding share of WalkMe has been converted into the right for shareholders to receive $14.00 per share in cash, subject to adjustments. The completion of the acquisition has been officially reported to the Nasdaq stock market, and WalkMe's ordinary shares are expected to be suspended from trading at the close of the market today in anticipation of delisting.
Headquartered in Tel Aviv, Israel, WalkMe is known for its innovations in digital adoption platforms. The company enhances and speeds up the effectiveness of digital transformation strategies by promoting user adoption of digital assets. WalkMe’s Digital Adoption Platform continuously identifies gaps and issues, guiding users to success without requiring code changes or alterations to existing platforms.
WalkMe’s cutting-edge technology improves workflow execution across business software applications, enhancing user experience and adoption while supporting business transformation. This acquisition will complement SAP’s Business Transformation Management portfolio, including SAP LeanIX and SAP Signavio, and will aid clients in accelerating their digital transformations.
SAP SE Price and Consensus
SAP SE price-consensus-chart | SAP SE Quote
Embedding WalkMe’s adoption capabilities with SAP’s copilot Joule will strengthen artificial intelligence (AI) assistance and productivity for SAP customers. Additionally, combining WalkMe’s e-learning features with SAP Enable Now will create a central component of SAP’s people-centric transformation approach.
Booming Cloud Business and Focus on GenAI Bode Well for SAP
Headquartered in Walldorf, Germany, SAP is one of the largest independent software vendors in the world and the leading provider of enterprise resource planning software.
SAP’s performance is gaining from strengthening cloud business, especially robust demand for the Rise with SAP and Grow with SAP solutions. In the second quarter of 2024, SAP’s cloud revenues were €4.15 billion, up 25% year over year on a non-IFRS basis (nominal and cc). The uptick resulted from a 33% surge in Cloud ERP Suite revenues, highlighting the effectiveness of SAP’s Software-as-a-Service and Platform-as-a-Service solutions.
SAP remains optimistic about the generative AI trend and expects it to positively impact revenues going forward. In April 2024, SAP announced significant advancements in AI for supply chain solutions, aiming to redefine productivity and efficiency in manufacturing sectors. During the second quarter of 2024, SAP announced a collaboration with IBM and Amazon Web Services to make strides in GenAI capabilities and unlock potential opportunities for businesses.
It will also be taking up a restructuring program in 2024 (which is likely to conclude in 2025), whereby it plans to eliminate 8,000 positions across its operations to ensure the company’s skill set and resources are well-poised to meet future business requirements.
SAP’s Zacks Rank & Stock Price Performance
SAP currently carries a Zacks Rank #2 (Buy). Shares of the company have gained 62.5% in the past year compared with the sub-industry's growth of 24.1%.
Other Stocks to Consider
Some other top-ranked stocks from the broader technology space are Manhattan Associates, Inc. MANH, ANSYS, Inc. ANSS and Adobe Inc. ADBE. MANH presently sports a Zacks Rank #1 (Strong Buy), whereas ANSS & ADBE carry a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Manhattan Associates delivered an earnings surprise of 26.6%, on average, in the trailing four quarters. In the last reported quarter, MANH pulled off an earnings surprise of 22.9%. The Zacks Consensus Estimate for MANH has increased 9.2% in the past 60 days to $4.26.
ANSYS delivered an earnings surprise of 4.8%, on average, in three of the trailing four quarters. In the last reported quarter, ANSS pulled off an earnings surprise of 28.9%. It has a long-term earnings growth expectation of 6.4%.
Adobe delivered an earnings surprise of 2.7%, on average, in the trailing four quarters. In the last reported quarter, ADBE pulled off an earnings surprise of 2.1%. It has a long-term earnings growth expectation of 13%.
Zacks Investment Research
Wix.com Ltd. WIX has launched its latest artificial intelligence (AI) Theme Assistant that provides users with personalized recommendations and real-time advice, allowing them to easily customize their website’s theme. This tool is part of a broader suite of innovations from Wix aimed at supporting users throughout every phase of their online journey, from initial ideas to final execution.
As website designing becomes more complicated day by day, users frequently encounter difficulties aligning their choices with their vision. The AI Theme Assistant addresses this by offering conversational guidance throughout the design process, assisting with color palettes, fonts and themes, and even extracting colors from logos, added WIX.
AI Theme Assistant is integrated directly into the Wix Editor and it provides real-time suggestions and directs users to relevant areas in the Wix dashboard. By recommending features and advising on theme elements, the assistant simplifies design decisions, giving users control while enhancing their site's aesthetic.
Wix highlighted that integrating AI into web design adds significant value for its users. The theme assistant helps users achieve a cohesive and unified look for their websites, ensuring a consistent appearance throughout.
WIX to Gain From Product Line-Up Expansion
Wix’s performance is being cushioned by higher adoption of the product portfolio, especially various AI products. WIX is also embedding AI assistants across its platform and has released 17 AI business assistants so far.
It continues to add new products to gain on the AI boom. In July 2024, Wix unveiled a new suite of AI-powered tools aimed at streamlining content creation. These tools are designed to suggest relevant blog topics, generate content and create images tailored to the target audience. This new feature allows users to quickly transform ideas into almost-ready articles, cutting down on the time and effort needed to produce engaging content.
In June 2024, the company launched advanced AI creation capabilities for its mobile app builder. The initiative is set to empower users to effortlessly craft professional and fully customizable applications. In the same month, the company also extended the availability of its AI Website Builder in different languages. Apart from English, AI Website Builder is now available to global users in French, German, Portuguese, Spanish, Italian, Japanese, Turkish and Korean languages. The initiative aids users in building websites in their preferred language.
Additionally, It launched the AI Portfolio Creator, a groundbreaking tool that leverages the power of AI to aid users in crafting and showcasing an online professional portfolio in May 2024. The AI Portfolio Creator effectively streamlines the portfolio creation experience by allowing users to smoothly upload and organize large-scale image collections with just a few clicks.
Wix.com Ltd. Price and Consensus
Wix.com Ltd. price-consensus-chart | Wix.com Ltd. Quote
WIX is focusing on generative AI as it represents a significant business growth driver. In the second quarter of 2024, bookings revenues came at $458.4 million. This 15% year-over-year improvement was driven by solid uptake of WIX Studio, AI product suite and expanding commerce platform in this quarter. The expansion of the AI product portfolio is expected to drive the top line for WIX and further boost the stock.
WIX’s Zacks Rank & Stock Price Performance
WIX currently carries a Zacks Rank #3 (Hold). Shares of the company have gained 64.1% in the past year compared with the sub-industry's growth of 20.6%.
Stocks to Consider
Some better-ranked stocks from the broader technology space are Unisys Corporation UIS, ANSYS, Inc. ANSS and Adobe Inc. ADBE. UIS presently sports a Zacks Rank #1 (Strong Buy), whereas ANSS & ADBE carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Unisys Corporation delivered an earnings surprise of 87.7%, on average, in the trailing four quarters. In the last reported quarter, UIS pulled off an earnings surprise of 143.2%. It has a long-term earnings growth expectation of 15%.
ANSYS delivered an earnings surprise of 4.8%, on average, in three of the trailing four quarters. In the last reported quarter, ANSS pulled off an earnings surprise of 28.9%. It has a long-term earnings growth expectation of 6.4%.
Adobe delivered an earnings surprise of 2.7%, on average, in the trailing four quarters. In the last reported quarter, ADBE pulled off an earnings surprise of 2.1%. It has a long-term earnings growth expectation of 13%.
Zacks Investment Research
The broad market exchange-traded fund SPDR S&P 500 ETF Trust was up 0.2% and the actively traded Invesco QQQ Trust was 0.1% higher in Friday's premarket activity, as investors await August import and export prices bulletin followed by September consumer sentiment report for clues on interest rate cut.
US stock futures were also higher, with S&P 500 Index futures up 0.2%, Dow Jones Industrial Average futures advancing 0.2%, and Nasdaq futures gaining 0.1% before the start of regular trading.
The August import and export prices bulletin will be released at 8:30 am ET, while the University of Michigan consumer sentiment report for September will be posted at 10 am ET followed by the weekly Baker Hughes domestic oil-and-gas rig count release at 1 pm ET.
In premarket activity, bitcoin was down by 0.4% and the cryptocurrency fund ProShares Bitcoin Strategy ETF was 0.9% lower.
Power Play:
Health Care
The Health Care Select Sector SPDR Fund advanced 0.2%. The Vanguard Health Care Index Fund and the iShares US Healthcare ETF were inactive, while the iShares Biotechnology ETF was marginally up.
Immuneering stock rose more than 48% before the bell Friday, a day after it said complete or partial response was observed in the first two patients with first-line pancreatic cancer getting IMM-1-104 in combination with modified gemcitabine/nab-paclitaxel in a phase 2a study.
Winners and Losers:
Consumer
The Consumer Staples Select Sector SPDR Fund was up 0.2%, while the Vanguard Consumer Staples Fund was inactive. The iShares US Consumer Staples ETF was inactive, and the Consumer Discretionary Select Sector SPDR Fund advanced 0.1%. The VanEck Retail ETF and the SPDR S&P Retail ETF were inactive.
RH shares climbed 22% in recent Friday premarket activity, a day after it reported higher fiscal Q2 net revenue from a year earlier.
Energy
The iShares US Energy ETF was inactive, while the Energy Select Sector SPDR Fund was up by 0.4%.
FirstEnergy stock was slightly down in premarket Friday, after saying overnight it reached a settlement deal with the US Securities and Exchange Commission, which required the firm to pay a $100 million civil penalty.
Technology
Technology Select Sector SPDR Fund advanced 0.2%, while the iShares US Technology ETF and the iShares Expanded Tech Sector ETF were inactive. Among semiconductor ETFs, SPDR S&P Semiconductor ETF was inactive, while the iShares Semiconductor ETF was 0.6% higher.
Adobe stock fell over 8% before Friday's opening bell after Fubon Securities downgraded it to neutral with a $610 price target.
Industrial
Industrial Select Sector SPDR Fund advanced 0.3% while the Vanguard Industrials Index Fund and the iShares US Industrials ETF were inactive.
Boeing's shares dropped 4.4% before Friday's opening bell after the International Association of Machinists and Aerospace Workers said Thursday it rejected a tentative contract proposal negotiated by the company and the union leadership and opted to go on strike.
Financial
Financial Select Sector SPDR Fund advanced 0.3%. Direxion Daily Financial Bull 3X Shares was up 1%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares was 0.7% lower.
HSBC Holdings shares rose almost 1% before Friday's bell after Bloomberg reported that the bank is in discussions to sell its South African corporate banking unit to Rand Merchant Bank.
Commodities
Front-month US West Texas Intermediate crude oil rose 1.1% to $69.74 per barrel on the New York Mercantile Exchange. Natural gas was up 0.2% at $2.36 per 1 million British Thermal Units. United States Oil Fund was 0.9% higher, while the United States Natural Gas Fund advanced 0.3%.
Gold futures for December were up by 0.6% at $2,594.90 an ounce on the Comex, while silver futures were up 0.7% at $30.33 an ounce. SPDR Gold Shares advanced 0.4%, and iShares Silver Trust was 0.3% higher.
Now that the twin inflation reports are in the rearview mirror, U.S. stocks are hanging onto the slender optimism as traders look ahead to the Federal Reserve’s rate-setting meeting. The numbers did little to belie expectations of a cut at next week’s meeting, although they did pour cold water on a bigger cut. The major index futures are little changed in early trading. Tidings from the tech sector has been mixed, potentially triggering caution amid the week’s runup.
A consumer sentiment report with a few forward inflation expectations readings could be on traders’ radar. Some profit-taking can not be ruled out as traders digest the week’s big gains.
Looking ahead to the Fed meeting, fund manager Louis Navellier said, “The Fed cut on Wednesday is the big news of the month.” “There may be some repositioning going in, but most of the action will come afterward, especially if there is a surprise 50bps cut,” he added.
Futures | Performance (+/-) |
Nasdaq 100 | +0.08% |
S&P 500 | +0.21% |
Dow | +0.18% |
R2K | +0.87% |
In premarket trading on Friday, the SPDR S&P 500 ETF Trust (NYSE: SPY gained 0.25% to $560.48 and the Invesco QQQ ETF rose 0.15% to $473.95, according to Benzinga Pro data.
Cues From Last Session:
Wall Street advanced on Thursday, thanks to a second-half recovery after stocks initially showed muted reaction to the fairly in-line August producer price inflation report and the weekly jobless claims data. After opening slightly higher, the major indices moved back and forth across the unchanged line in a narrow range in the morning session.
Sustained buying in technology stocks, especially those from the communications sector, and the rebound by energy stocks lifted the indices higher in the afternoon. The S&P 500 and the Nasdaq Composite indices closed higher for a fourth straight session, both ending at their highest level since Aug. 27.
The 30-stock, blue-chip Dow Industrials Average has advanced for a second straight day, ending at its best level in September.
Small-caps outperformed, potentially getting ahead of the curve, as the market awaits a Fed rate cut.
All 11 S&P 500 sectors finished in the green, with communication services, consumer discretionary and energy stocks pacing the gains.
Index | Performance (+/) | Value |
Nasdaq Composite | +1.00% | 17,569.68 |
S&P 500 Index | +0.75% | 5,595.76 |
Dow Industrials | +0.58% | 41,096.77 |
Russell 2000 | +1.22% | 2,129.43 |
With a session to go, the S&P 500 is up about 3.5% for the week, and the Nasdaq Composite a steeper 5.3%. The indices remain on track to rebound from the sharp pullback seen in the week ended Sept. 6.
Insights From Analysts:
Morgan Stanley Chief Investment Officer Lisa Shalett warns against investors hoping for steeper and more rapid rate cuts. The strategist said the Fed will likely be able to achieve the widely hoped-for “soft landing” of not-too-fast and not-too-slow economic growth and subdued inflation. “This scenario likely calls for slow and shallow rate reductions, in quarter-point increments toward 3.5% by the end of 2025,” she said, adding that this could disappoint investors hoping for deeper and faster cuts that could take the Fed funds rate below 3% by the end of the year.
Shalett said the recent labor, economic and financial-market signals have been mixed, warranting cautious optimism from investors. She recommended investors consider owning the equal-weighted version of the index as a better risk-adjusted exposure than the cap-weighted version, and also find compelling trends in financials, industrials, energy, materials and healthcare, plus certain parts of technology like software, and more defensive ideas in residential real-estate investment trusts and utilities.
See also: Best Futures Trading Software
Upcoming Economic Data:
Stocks In Focus:
Commodities, Bonds And Global Equity Markets:
Crude oil futures saw additional strength in the early U.S. session, positioning the commodity to record gains for a fourth straight session. Black gold is inching toward the psychological barrier of $70 a barrel. It remains on track to snap a streak of third straight weekly declines, as Hurricane Francine disrupted oil production in the U.S. Gulf Coast.
After scaling the $2,600 intraday Thursday and settling off the highs, gold futures headed higher yet again Friday.
Bitcoin traded flattish but held above the $58K level as traders looked ahead to next week’s Fed meeting.
The yield on the 10-year Treasury note slid 3.4 basis points to 3.646%.
Most major Asian markets, save the Japanese, Chinese and Indian markets, closed higher on Friday, tracking the buoyancy on Wall Street overnight. The Japanese market continued to suffer from the yen’s strength, given the key Nikkei 225 average is heavily weighted with export stocks.
European stocks extended their gains, with most major averages in the region firmer in early trading. The European Central Bank on Thursday cut rates, in line with expectations, as growth sags. The central bank also reduced its growth forecast for the region.
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