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Technology stocks were flat to higher premarket Wednesday as the SPDR S&P Semiconductor ETF was inactive and the Technology Select Sector SPDR Fund was up 0.4% recently.
PowerFleet shares advanced by over 5% after the company said it has agreed to acquire Fleet Complete, a vehicle technology and fleet management firm, in a deal valued at $200 million.
Salesforce shares were up more than 1% after the company and Nvidia said they are developing advanced AI capabilities for enterprises, focusing on autonomous agents and interactive avatars.
Clarivate shares were 1% higher after the company said it has launched its Primo Research Assistant, a generative AI-powered academic research tool.
The broad market exchange-traded fund SPDR S&P 500 ETF Trust was up 0.1% and the actively traded Invesco QQQ Trust was 0.2% higher in Wednesday's premarket activity, as investors weighed the size of the Federal Reserve's potential interest rate cut later in the day.
US stock futures were also higher, with S&P 500 Index futures up 0.1%, Dow Jones Industrial Average futures advancing 0.2%, and Nasdaq futures gaining 0.2% before the start of regular trading.
US mortgage applications rose 14.2% for the week ended Sept. 13, driven by declining mortgage rates, with refinancing up 24% and new home applications rising 5%, according to Mortgage Bankers Association data released Wednesday. The average rate for 30-year fixed mortgages dropped to 6.15%, the lowest since September 2022.
The housing starts and permits data for August will be released at 8:30 am ET. This month's Atlanta Fed Business Inflation Expectations report releases at 10 am ET, followed by the weekly domestic petroleum inventories report at 10:30 am ET.
The US Federal Reserve is slated to announce its rate decision at 2 pm ET, with Chair Jerome Powell to hold a press conference at 2:30 pm ET.
In premarket action, bitcoin was down by 0.1% and the cryptocurrency fund ProShares Bitcoin Strategy ETF was 0.4% lower.
Power Play:
Industrial
Industrial Select Sector SPDR Fund was 0.3% higher while the Vanguard Industrials Index Fund and the iShares US Industrials ETF were inactive.
Intuitive Machines shares were up more than 49% before the opening bell after the company said late Tuesday that the US National Aeronautics and Space Administration has awarded the firm a Near Space Network contract with a maximum potential value of $4.82 billion.
Winners and Losers:
Health Care
The Health Care Select Sector SPDR Fund was flat. The Vanguard Health Care Index Fund , the iShares US Healthcare ETF , and the iShares Biotechnology ETF were inactive.
MannKind shares were up 2.1% premarket after the company said it received clearance from Japan's Pharmaceuticals and Medical Devices Agency to begin the phase 3 trial of its Clofazimine Inhalation Suspension treatment for lung disease.
Consumer
The Consumer Staples Select Sector SPDR Fund was flat, 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 0.1%. The VanEck Retail ETF was inactive, while the SPDR S&P Retail ETF was up 0.1%.
General Mills was down 1.4% pre-bell after the company reported lower fiscal Q1 adjusted earnings and net sales.
Energy
The iShares US Energy ETF was up nearly 1.5%, while the Energy Select Sector SPDR Fund was down by 0.3%.
Crown LNG Holdings shares were 1% higher before Wednesday's opening bell. The company said it received a Nasdaq notification for failing to meet the minimum bid price requirement for continued listing, with its shares closing below $1 for 30 consecutive business days.
Technology
Technology Select Sector SPDR Fund was flat, and the iShares US Technology ETF was 0.9% higher, while the iShares Expanded Tech Sector ETF was up 0.5%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF was inactive, while the iShares Semiconductor ETF rose by 0.1%.
Clarivate was up 1% in recent Wednesday premarket activity after the company said it had launched a generative AI-powered academic research tool dubbed Primo Research Assistant.
Financial
Financial Select Sector SPDR Fund gained 0.1%. Direxion Daily Financial Bull 3X Shares was up 0.4%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares was 0.1% lower.
Commodities
Front-month US West Texas Intermediate crude oil retreated 0.9% to $70.57 per barrel on the New York Mercantile Exchange. Natural gas was up nearly 1% at $2.35 per 1 million British Thermal Units. United States Oil Fund fell by 1%, while the United States Natural Gas Fund advanced by 1.1%.
Gold futures for December were up 0.5% at $2,606.20 an ounce on the Comex, while silver futures slipped 0.1% at $31.02 an ounce. SPDR Gold Shares gained 0.4%, and iShares Silver Trust was 0.1% lower.
Sept 18 (Reuters) - Salesforce Inc CRM.N:
INVESTS OVER $50 MILLION IN AI TRAINING, TO OFFER FREE AI COURSES & CERTIFICATIONS THROUGH 2025
TO OPEN POP-UP AI CENTER AT ITS SAN FRANCISCO HEADQUARTERS
Clarivate Plc shares are trading higher premarket on Wednesday. The company launched Primo Research Assistant, which is a new generative AI-powered library discovery solution.
Developed with input from the library community, the company delivers a seamless experience for students and researchers by providing instant answers to natural language queries and broad visibility into sources and references.
Primo Research Assistant, part of the Primo Discovery solution, uses a Retrieval Augmented Generation (RAG) architecture and the Ex Libris Central Discovery Index (CDI), which holds over 5 billion records from numerous sources.
Yariv Kursh, Senior Vice President at Ex Libris, part of Clarivate said, “Primo Research Assistant harnesses responsible academic AI to ensure that students and researchers have access to reliable and trustworthy sources, helping to nurture their curiosity and confidence to push the boundaries of knowledge.”
“By partnering with the community, Clarivate is committed to responsibly applying AI, identifying where AI brings most value and developing best practices.”
This month, Clarivate introduced the Web of Science Research Assistant, an AI-powered tool that helps researchers quickly locate key papers, manage complex tasks, and visualize connections using 120 years of data from the Web of Science Core Collection.
Price Action: CLVT shares are up 1.05% at $6.71 premarket at the last check Wednesday.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
For Immediate Releases
Chicago, IL – September 18, 2024 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Micron Technology, Inc. MU, Morgan Stanley MS and NVIDIA Corporation NVDA.
Here are highlights from Wednesday’s Analyst Blog:
Death Cross for MU Stock: Time to Buy Micron Based on Fundamentals?
One of the leading providers of semiconductor memory solutions, Micron Technology, Inc., recently flashed a bearish chart pattern after an eminent investment bank cut off its price target. So, what’s next for Micron investors? Shall they sell the stock or have faith in Micron’s fundamentals and hang on to it? Let’s see –
Micron Stock Is Falling; Death Cross Pattern Appears
Micron’s shares and an array of other semiconductor stocks took a beating on Monday. The Micron stock slumped 4.4% and a death cross chart pattern appeared. The short-term 50-day moving average (DMA) went below the long-term 200-DMA, indicating an imminent downtrend.
Micron’s stock closed at $87.18 yesterday, while the 50-DMA was $104 below the 200-DMA at $104.75. For the Micron stock, such a death cross pattern happened for the first time since April 28, 2022.
Bearish bets have increased on the Micron stock, with analysts at Morgan Stanley slashing the price target as they remain pessimistic about the computer memory maker’s earnings growth in the coming quarters. Morgan Stanley said the Micron stock was $140 a share. But now they expect the shares to be as little as $100.
Will Micron Stock Turn Around?
Micron is known to be a cyclical stock, so naturally, the stock would face volatility along with the economy. However, the long term bodes well for the Micron stock mostly because of the boom in artificial intelligence (AI). After all, AI needs data centers that require a lot of memory, and Micron is a memory specialist.
In AI graphic cards, Micron’s high-bandwidth memory chips (HBM) are used by tech behemoths like NVIDIA Corporation. The AI industry is expected to grow beyond $184 billion in the current year and surpass $826 billion by 2030, according to Statista.
Management is optimistic about Micron’s HBM chips, and they are expecting the HBM market to notch $86 billion in revenues by 2030 from a meager $1.8 billion last year, a CAGR of 68%.
Management also confirmed that the company has already utilized its full production capacity to fulfill the ever-growing demand for HBM chips. Interestingly, Morgan Stanley analysts still believe that strong demand by AI companies for HBM chips will boost Micron’s bottom line.
What Fundamentals Say About MU Stock?
Micron is a cash-rich company. This helps the company get involved in tactical acquisitions and other growth initiatives that enhance shareholders’ wealth. The company’s cash and investments came in at a solid $9.2 billion in the fiscal third quarter of 2024.
Micron’s revenues are also expected to improve since the demand for DRAM memory is widely projected to be soon at an all-time high. As a result, the $1.20 Zacks Consensus Estimate for MU’s earnings per share is up 160.3% yearly.
Buy, Hold or Sell MU Stock?
Based on a strong cash balance, and an increase in demand for HBM chips, it’s just a matter of time before the Micron stock would bounce back. Moreover, the Micron stock is less pricey than its peers, encouraging one to buy the dip without burning a hole in the pocket. Per the price/earnings ratio, MU trades at 9.3X forward earnings, while the Semiconductor Memory industry’s forward earnings multiple is 10.4X.
However, if a death cross is playing on your mind, and has apprehensions about Micron stock’s present performance, it’s prudent to wait for an opportune moment to buy the stock. Those who have already bought it, don’t panic, investment in Micron would be beneficial in the long run. Micron has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
Zacks Investment Research
** The BlackRock BLK.N-Microsoft MSFT.O$30 bln AI-focused fund can "meaningfully grow" BLK's private markets business, Morgan Stanley says
** Brokerage maintains PT of $1,036, implying an upside of ~14.5% on its last close
** Fund comes on the heels of BLK's recent $12.5 bln purchase of Global Infrastructure Partners (GIP) - its biggest bet ever on private markets
** MS says BLK's ability to bring industry leaders together and partner on new opportunities in the AI/infrastructure space enhances its confidence in the worlds largest asset manager and supports its 'overweight' rating
** BLK will also partner with the Abu Dhabi government-backed investment company MGX; AI chip industry leader Nvidia NVDA.O to provide expertise
** "Financial accretion modest, but strategic accretion significant. We view the new fund as potentially 1%-2% accretive to EPS once raised and fees activated and potentially higher over time inclusive of performance fees" - MS
** Average rating of 18 brokerages for BLK is equivalent of "buy" or higher; median PT is $940 - LSEG
** Up to Tuesday's close, BLK up 11.4% YTD, compared with a ~18% increase in the S&P 500 index .SPX
(Reporting by Manya Saini in Bengaluru)
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