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The S&P 500 Index today is up +0.10%, the Dow Jones Industrials Index is up +0.03%, and the Nasdaq 100 Index is up by +0.25%.
Stocks today have erased knee-jerk gains after the initial 2:00 PM Eastern announcement and are trading close to the flat line again after the FOMC opted to cut interest rates by 50 basis points. The markets will now look to today’s post-meeting comments from Fed Chair Powell to see why policymakers bypassed a more typical -25 bps cut in the fed funds target range and opted for a larger -50 bps rate cut instead. Also, fresh quarterly projections in the form of the Fed’s “dot plot” will offer further insight into the path of interest rates and the economy.
Today’s reports showed that US housing starts and building permits for August were better than expected, bolstering the prospects for a soft landing and supporting stocks. US MBA mortgage applications rose +14.2% in the week ended September 13, with the purchase mortgage sub-index rising +5.4% and the refinancing mortgage sub-index rising +24.2%. The average 30-year fixed rate mortgage fell -14 bp to a 2-year low of 6.15% from 6.29% in the prior week.
US Aug housing starts rose +9.6% m/m to a 4-month high of 1.356 million, stronger than expectations of 1.318 million. Aug building permits, a proxy for future construction, rose +4.9% m/m to a 5-month high of 1.475 million, stronger than expectations of 1.410 million.
Hawkish comments earlier today from former St. Louis Fed President Bullard weighed on bonds and stocks when he said the Fed should cut interest rates by -25 bp today as the case for a -50 bp rate cut is "overblown."
The markets are discounting the chances at 100% for a -25 bp rate cut at the conclusion of today’s FOMC meeting and at 64% for a -50 bp rate cut at that meeting.
Overseas stock markets today are mixed. The Euro Stoxx 50 is down -0.36%. China's Shanghai Composite recovered from a 7-1/4 month low and closed up +0.49%. Japan's Nikkei Stock 225 closed up +0.49%.
Interest Rates
December 10-year T-notes (ZNZ24) today are down -11 ticks. The 10-year T-note yield is up +4.7 bp at 3.693%. Dec T-notes today are moderately lower on negative carryover from a slide in European government bonds to 1-week lows. T-notes also fell on today’s stronger-than-expected US Aug housing starts and building permits reports. In addition, rising inflation expectations are bearish for T-notes after the 10-year breakeven inflation rate today rose to a 2-week high of 2.133%.
European government bond yields today are moving higher. The 10-year German bund yield climbed to a 1-week high of 2.195% and is up +4.9 bp at 2.192%. The 10-year UK gilt yield rose to a 1-week high of 3.854% and is up +8.5 bp at 3.852%.
ECB Governing Council member Villeroy de Galhau said, "The ECB has cut interest rates twice and should continue to cut them," as victory over inflation is "within sight."
Swaps are discounting the chances of a -25 bp rate cut by the ECB at 32% for the October 17 meeting.
US Stock Movers
Super Micro Computer is up more than +2% after Needham & Co. initiated coverage on the stock with a recommendation of buy with a price target of $600.
VF Corp is up more than +3% after Barclays upgraded the stock to overweight from equal weight with a price target of $22.
Victoria’s Secret & Co is up more than +3% after Barclays upgraded the stock to equal weight from underweight.
GE Healthcare is up more than +2% after BTIG upgraded the stock to buy from neutral with a price target of $100.
United States Steel is up more than +1% after a US security panel granted Nippon Steel permission to refile its plans to purchase the company for $14.1 billion.
Extra Space Storage is up more than +1% after Jeffries upgraded the stock to buy from hold with a price target of $204.
ResMed is down more than -4% to lead losers in the S&P 500 after Wolfe Research downgraded the stock to underperform from peer perform with a price target of $180.
Cencora is down more than -2% after Bank of America Global Research downgraded the stock to neutral from buy.
DaVita is down more than -1% on signs of insider selling after an SEC filing showed CEO Rodriguez sold $9.86 million of shares on Monday.
Workday is down more than -1% to lead losers in the Nasdaq 100 after Needham & Co. cut their price target on the stock to $300 from $350.
Hilton Grand Vacations is down more than -2% after Goldman Sachs initiated coverage on the stock with a sell recommendation and a price target of $31.
Incyte Corp is down more than -1% after Truist Securities downgraded the stock to hold from buy.
Earnings Reports (9/18/2024)
Ennis Inc (EBF), General Mills Inc (GIS), Steelcase Inc (SCS).
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.
The S&P 500 Index today is down by -0.04%, the Dow Jones Industrials Index is down by -0.18%, and the Nasdaq 100 Index is up by +0.07%.
Stocks today are little changed on uncertainty ahead of the FOMC’s decision on interest rates this afternoon. Today’s reports showed that US housing starts and building permits for August were better than expected, bolstering the prospects for a soft landing and supporting stocks.
The markets will look to the 2-day FOMC meeting that concludes this afternoon to see whether policymakers will decide that a -25 bp cut in the fed funds target range would be adequate for a US economy that has shown signs of losing momentum or whether they will decide on a larger -50 bp rate cut instead. Also, fresh quarterly projections in the form of the Fed’s “dot plot” will offer further insight into the path of interest rates and the economy. In addition, today’s post-meeting comments from Fed Chair Powell will be scrutinized regarding the Fed’s future policy intentions.
US MBA mortgage applications rose +14.2% in the week ended September 13, with the purchase mortgage sub-index rising +5.4% and the refinancing mortgage sub-index rising +24.2%. The average 30-year fixed rate mortgage fell -14 bp to a 2-year low of 6.15% from 6.29% in the prior week.
US Aug housing starts rose +9.6% m/m to a 4-month high of 1.356 million, stronger than expectations of 1.318 million. Aug building permits, a proxy for future construction, rose +4.9% m/m to a 5-month high of 1.475 million, stronger than expectations of 1.410 million.
Hawkish comments today from former St. Louis Fed President Bullard weighed on bonds and stocks when he said the Fed should cut interest rates by -25 bp today as the case for a -50 bp rate cut is "overblown."
The markets are discounting the chances at 100% for a -25 bp rate cut at the conclusion of today’s FOMC meeting and at 64% for a -50 bp rate cut at that meeting.
Overseas stock markets today are mixed. The Euro Stoxx 50 is down -0.36%. China's Shanghai Composite recovered from a 7-1/4 month low and closed up +0.49%. Japan's Nikkei Stock 225 closed up +0.49%.
Interest Rates
December 10-year T-notes (ZNZ24) today are down -11 ticks. The 10-year T-note yield is up +4.7 bp at 3.693%. Dec T-notes today are moderately lower on negative carryover from a slide in European government bonds to 1-week lows. T-notes also fell on today’s stronger-than-expected US Aug housing starts and building permits reports. In addition, rising inflation expectations are bearish for T-notes after the 10-year breakeven inflation rate today rose to a 2-week high of 2.133%. T-notes extended their losses after former St. Louis Fed President Bullard said the FOMC should cut interest rates by only -25 bp today.
European government bond yields today are moving higher. The 10-year German bund yield climbed to a 1-week high of 2.195% and is up +4.9 bp at 2.192%. The 10-year UK gilt yield rose to a 1-week high of 3.854% and is up +8.5 bp at 3.852%.
ECB Governing Council member Villeroy de Galhau said, "The ECB has cut interest rates twice and should continue to cut them," as victory over inflation is "within sight."
Swaps are discounting the chances of a -25 bp rate cut by the ECB at 32% for the October 17 meeting.
US Stock Movers
Super Micro Computer is up more than +2% after Needham & Co. initiated coverage on the stock with a recommendation of buy with a price target of $600.
VF Corp is up more than +3% after Barclays upgraded the stock to overweight from equal weight with a price target of $22.
Victoria’s Secret & Co is up more than +3% after Barclays upgraded the stock to equal weight from underweight.
GE Healthcare is up more than +2% after BTIG upgraded the stock to buy from neutral with a price target of $100.
United States Steel is up more than +1% after a US security panel granted Nippon Steel permission to refile its plans to purchase the company for $14.1 billion.
Extra Space Storage is up more than +1% after Jeffries upgraded the stock to buy from hold with a price target of $204.
ResMed is down more than -4% to lead losers in the S&P 500 after Wolfe Research downgraded the stock to underperform from peer perform with a price target of $180.
Cencora is down more than -2% after Bank of America Global Research downgraded the stock to neutral from buy.
DaVita is down more than -1% on signs of insider selling after an SEC filing showed CEO Rodriguez sold $9.86 million of shares on Monday.
Workday is down more than -1% to lead losers in the Nasdaq 100 after Needham & Co. cut their price target on the stock to $300 from $350.
Hilton Grand Vacations is down more than -2% after Goldman Sachs initiated coverage on the stock with a sell recommendation and a price target of $31.
Incyte Corp is down more than -1% after Truist Securities downgraded the stock to hold from buy.
Earnings Reports (9/18/2024)
Ennis Inc (EBF), General Mills Inc (GIS), Steelcase Inc (SCS).
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.
Viavi Solutions Inc. VIAV recently launched a new optical connector inspection solution designed specifically for its next-generation transceivers. Dubbed FVAM-2000, this latest addition to its benchtop microscopy line, along with other optical and Ethernet testing solutions, will be showcased at Europe's largest exhibition in the optical communication technology sector, ECOC 2024, in Germany later this month.
The FVAM-2000 will likely cater to the growing demand for advanced inspection test methods for parallel optic connectors, particularly multi-fiber push-on connectors and other new bulkhead connectors designed into 800G formats such as the octal small form factor pluggable and quad small form factor pluggable.
The cutting-edge solution features a user-friendly connector interface that promises to enhance operational efficiency by ensuring seamless integration into existing manufacturing workflows. Additionally, it will leverage Viavi's next-generation panoptic microscope engine to deliver brighter images with higher contrast and improved panning speed.
At the exhibition, Viavi will also demonstrate its recently announced ONE-1600, a 1.6Tb/s Ethernet test module to meet the testing and validation requirements of the emerging 1.6Tb/s ecosystem. This comprehensive testing system, part of its state-of-the-art ONE LabPro platform, is expected to support advancements in AI, machine learning, quantum computing and high-performance computing applications. Moreover, the ONT-800 Optical Network Testing platform will be featured, showcasing its ZR and ZR+ capable ONT 800G Flex XPM Module.
Will the Innovative Solutions Drive VIAV’s Stock Performance?
Viavi’s strategy of expansion in various markets such as wireless & fiber, 3D sensing products, optical transport, Ethernet, broadband access, video test and storage network testing is likely to bring long-term benefits. By participating in this exhibition, Viavi aims to showcase its ongoing investment and improvement in industry-standard platforms.
In addition to the above-mentioned solutions, the company will also demonstrate INX 760, the industry’s first fully automated probe microscope, for efficient inspection of fiber connectors. Viavi customers, including Coherent and InnoLight, will likely utilize the ONT in their respective displays to demonstrate the performance of their latest technologies.
This move underscores Viavi’s continued dedication toward boosting its offerings, which, in turn, will likely generate incremental demands for its testing solutions, leading to higher revenues. Improving financial performance is likely to propel the stock upward.
VIAV’s Stock Price Performance
Shares of Viavi have lost 13.4% over the past year against the industry’s growth of 70.6%.
VIAV’s Zacks Rank and Key Picks
Viavi currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the broader industry have been discussed below.
Ubiquiti Inc. UI carries a Zacks Rank #2 (Buy) at present. The company offers a comprehensive suite of networking products and solutions for service providers and enterprises. Its highly flexible global business model remains apt to adapt to the changing market dynamics to overcome challenges while maximizing growth. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Its excellent global business model, which is flexible and adaptable to evolving changes in markets, helps it to beat challenges and maximize growth. The company’s effective management of its strong global network of more than 100 distributors and master resellers improved UI’s visibility for future demand and inventory management techniques. In the last reported quarter, Ubiquiti delivered an earnings surprise of 4.19%.
Workday Inc. WDAY carries a Zacks Rank #2 at present. In the last reported quarter, it delivered an earnings surprise of 7.36%. WDAY is a leading provider of enterprise-level software solutions for financial management and human resource domains.
Airgain, Inc. AIRG currently carries a Zacks Rank #2. It has a long-term earnings growth expectation of 35%.
Based in San Diego, CA, Airgain provides antenna products as integrated wireless solutions. These devices are designed to address vital connectivity requirements during product development and throughout the entire lifecycle of other industries, such as automotive and consumer, in addition to various sectors within an enterprise.
Zacks Investment Research
Workday Inc. WDAY recently inked a definitive agreement to acquire the leading AI-based Document Intelligence Platform Evisort for an undisclosed amount. The transaction is expected to be completed by October 2024, subject to customary closing conditions.
Enterprises across industries are generating a vast pool of data, which includes contracts, invoices and policy documents from daily operations. However, a significant portion of this information is unstructured, making it really difficult to categorize them for further analysis. Organizing this large volume of data manually is complex, time-consuming and prone to human errors. Evisort’s AI native documents intelligence technology allows businesses to process this information and generate actionable insights.
With this buyout, WDAY is aiming to integrate Evisort’s AI native solution across its finance and human resource solution suite. This will enhance information accessibility and speed up the process of data extraction, enabling WDAY clients to transfer accurate financial or operational details to the Workday platform directly in a matter of seconds. Evisort tech can also help employees gain a better understanding of the contracts, simplify document creation and keep stakeholders updated about necessary developments. These features will empower enterprises to better evaluate terms and conditions in business documents, leading to improved decision-making.
The solution can bring impressive benefits across a wide range of applications. For instance, supporting supplier contract negotiations, contract risk management activities, compliance issues, and various accounting tasks such as revenue contracts, supplier invoices and asset agreements. Leveraging the capabilities, organizations can unlock the full potential of data, enhance operational efficiency and drive overall business growth.
Will This Acquisition Boost WDAY’s Share Performance?
Organizations are increasingly looking for a solution that can help manage the exponential growth of data that is overwhelming the processing capabilities. The growing proliferation of IoT, online transactions and social media are further propelling the issue. By incorporating Evisort AI native document intelligence technology, WDAY is set to capitalize on this evolving market trend.
Earlier this year, the company completed the acquisition of AI-powered talent orchestration solutions provider HiredScore. WDAY’s acquisitions and product innovation strategies reflect a broader policy of making AI a core element of its product offerings. This strong focus on AI prowess will enhance its market differentiation, increase upselling and cross-selling opportunities and solidify Workday’s position in the finance and human resource management market.
WDAY’s Stock Price Movement
The stock has gained 2.1% in the past year compared with the industry's growth of 33%.
Zacks Rank & Other Stocks to Consider
Workday carries a Zacks Rank #2 (Buy) at present.
Arista Networks, Inc. ANET sports a Zacks Rank #1 (Strong Buy) at present. In the last reported quarter, it delivered an earnings surprise of 8.25%. You can see the complete list of today’s Zacks #1 Rank stocks here.
It is engaged in providing cloud networking solutions for data centers and cloud computing environments. The company offers 10/25/40/50/100 Gigabit Ethernet switches and routers optimized for next-generation data center networks.
Ubiquiti Inc. UI carries a Zacks Rank #2 at present. The company offers a comprehensive portfolio of networking products and solutions for service providers and enterprises.
Its excellent global business model, which is flexible and adaptable to evolving changes in markets, helps it to beat challenges and maximize growth. The company’s effective management of its strong global network of more than 100 distributors and master resellers improved its visibility for future demand and inventory management techniques.
Zillow Group, Inc. ZG, carrying a Zacks Rank #2 at present. In the last reported quarter, it delivered an earnings surprise of 25.81%.
It delivered an earnings surprise of 37.41%, on average, in the trailing four quarters. The company is witnessing solid momentum in rental revenues, driven by growth in both multi and single-family listings.
Zacks Investment Research
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