US Index Futures are posting gains on Tuesday, the last day of
the month, as Wall Street seeks to sustain the momentum observed in
the previous session.
At 06:55 AM, Dow Jones futures (DOWI:DJI) rose 105 points, or
0.32%. S&P 500 futures gained 0.22%, and Nasdaq-100 futures
rose 0.03%. The yield on 10-year Treasury bonds stood at
4.827%.
In the commodities market, West Texas Intermediate crude oil for
December increased by 0.90% to $83.05 per barrel. Brent crude oil
for December rose 1.10% to nearly $88.41 per barrel. Iron ore with
a 62% concentration traded on the Dalian Exchange increased by
0.34%, priced at $122.49 per ton.
On Tuesday’s economic calendar, investors await the release of
third-quarter unit labor costs at 08:30 AM, with a projected
increase of 1%. At 09:00 AM, S&P Case will release August home
prices, expected to show a 1.60% annual increase. At 09:45 AM, the
Chicago Purchasing Managers’ Index (PMI) will be published, with a
consensus of 45 points for October. The Conference Board will
release the consumer confidence for October at 10:00 AM, with an
expected reading of 100 points. To conclude the schedule, the
Dallas Fed will release the services index at 10:30 AM, and the API
will disclose last week’s oil inventory at 4:30 PM.
In the Middle East, Israel launched attacks in Lebanon and
Syria, intensifying its ground operations in Gaza, while Prime
Minister Benjamin Netanyahu rejected a ceasefire.
In Asia, markets had mixed performance. The Bank of Japan kept
interest rates at -0.1% but adjusted its approach to Japanese
government bonds. The yen weakened, reaching 150 per dollar.
China’s PMI fell to 49.5 in October, indicating contraction.
In Europe, retail sales in Germany exceeded both annual and
monthly expectations. Eurozone GDP declined 0.1% in the third
quarter, below estimates. Inflation slowed to 2.9% in October,
while core inflation rose to 4.2%.
The US stock markets rose sharply on Monday’s session, while oil
prices fell more than 3% in the commodities market. Israel’s ground
invasion of Gaza was on a smaller scale than what the market had
feared, causing prices to readjust to a less pessimistic scenario.
The Dow Jones rose 511.37 points or 1.58% to 32,928.96 points. The
S&P 500 rose 49.45 points or 1.20% to 4,166.82 points. The
Nasdaq Composite jumped 146.47 points or 1.16% to 12,789.48
points.
Furthermore, in the corporate focus, Amazon’s stocks were still
reacting to the quarterly earnings report. On the other hand,
Treasury yields rose again, ending the day close to 4.9%. The US
Treasury released its quarterly debt issuance plan, with a cut in
the borrowing forecast compared to July. The current expectation is
to borrow $776 billion in net debt over the next three months.
Although lower than the previously forecasted volume, the amount is
still a record.
On the corporate earnings front for Monday, investors will be
paying attention to reports from Pfizer (NYSE:PFE), Caterpillar
(NYSE:CAT), JetBlue (NASDAQ:JBLU), Amgen (NASDAQ:AMGN), Eaton
(NYSE:ETN), BP (NYSE:BP), ABInBev (NYSE:BUD), before the market
opens. After the closing, reports from AMD (NASDAQ:AMD), First
Solar (NASDAQ:FSLR), Caesars Entertainment (NASDAQ:CZR), Match
Group (NASDAQ:MTCH), Oneok (NYSE:OKE), Livent (NYSE:LTHM), Paycom
(NYSE:PAYC), and others will be awaited.
Wall Street Corporate Highlights for Today
Apple (NASDAQ:AAPL) – Apple has launched new
MacBook Pro and iMac models with redesigned M3 chips to compete
with Nvidia (NASDAQ:NVDA). Prices in the US start at $1,599 and
$2,499, respectively. Apple’s custom chips, based on Arm technology
(NASDAQ:ARM), offer improved battery life and performance. Apple
has also introduced a secure screen sharing feature for corporate
users.
Microsoft (NASDAQ:MSFT), Siemens (USOTC:SIEGY)
– Siemens and Microsoft have announced a joint project, Siemens
Industrial Copilot, which uses generative artificial intelligence
(AI) to improve productivity and human-machine collaboration in the
manufacturing, transportation, and healthcare sectors.
Meta Platforms (NASDAQ:META) – Meta Platforms
will launch subscription plans for users in Europe, allowing them
to use Facebook and Instagram without ads, in compliance with
European Union regulations. Monthly plans will cost 9.99 euros for
web users and 12.99 euros for iOS and Android.
On Semiconductor (NASDAQ:ON) – On
Semiconductor, a chip manufacturer, expects a weak fourth quarter
and has announced the dismissal of around 900 employees due to
possible reduced demand for automotive chips due to high interest
rates and accumulated inventory.
Western Digital (NASDAQ:WDC) – Western Digital
will spin off its flash memory business after merger talks with
Kioxia were terminated. The company plans to raise capital through
the sale of convertible bonds to refinance part of its debt.
Logitech (NASDAQ:LOGI) – Hanneke Faber has been
appointed CEO of Logitech International, taking over on December
1st following the departure of Bracken Darrell in June. Guy Getch
will continue as interim CEO until the transition. The company
recently raised its profit and sales outlook after a challenging
period.
Broadcom (NASDAQ:AVGO) – Broadcom expects to
complete its acquisition of VMware (NYSE:VMW) for $69 billion
before the November deadline. Investor concerns relate to Chinese
approval, with the State Administration for Market Regulation
(SAMR) not yet signing the agreement.
SolarWinds (NYSE:SWI) – The Securities and
Exchange Commission (SEC) has charged SolarWinds and its Chief
Information Security Officer, Timothy Brown, with fraud and failing
to fully disclose cybersecurity weaknesses following a 2020
cyberattack. The SEC alleges that the company overstated its
cybersecurity practices and underestimated known risks, seeking
civil penalties and an order against Brown. SolarWinds has denied
the allegations, calling them “unfounded.”
Vodafone (NASDAQ:VOD) – Vodafone will sell its
business in Spain for $5.30 billion to Zegona Communications (LSE:
ZEG), as part of CEO Margherita Della Valle’s strategy to focus on
more promising markets. Zegona will finance the deal with debt and
funding from Vodafone, while Vodafone seeks to reverse its
challenging performance in Spain.
BlackBerry (NYSE:BB) – BlackBerry CEO John Chen
will retire after a decade at the helm. Richard Lynch, a board
director, will take over as interim CEO.
BP (NYSE:BP) – BP is exploring joint ventures
to expand production and reduce costs in its natural gas fields in
the US, focusing on the Haynesville and Eagle Ford basins. The goal
is to increase production and share costs. However, asset value and
joint ownership issues are challenges to overcome. BP plans to
invest about $2.5 billion annually in the shale business, aiming to
double production by 2030. The company is also committed to
emissions reduction and the development of renewable and low-carbon
energies.
BHP Group (NYSE:BHP) – The world’s largest
mining company, BHP, will invest $4.9 billion to expand the Jansen
potash project, making it one of the world’s largest potash mines.
Potash is essential for fertilizers and is expected to see high
demand due to population growth and sustainable agriculture. BHP is
diversifying its commodity investments due to the transition to a
low-carbon economy.
Exxon Mobil (NYSE:XOM) – Bart Cahir, former
head of Exxon Mobil’s shale oil and gas business, is returning as
Senior Vice President of Upstream Unconventional, replacing his
successor after his arrest. Exxon is looking to expand its shale
business in the US.
General Motors (NYSE:GM) – GM and the UAW have
ended a six-week strike with a tentative agreement, securing record
wage increases and significant costs for the automakers. The UAW
has gained more influence in investment decisions and the right to
strike in future factory closures. Biden praised the agreement.
Stellantis (NYSE:STLA) – Stellantis revealed
that strikes in North America for wage increases would cost less
than $795 million in profitability, following a revenue hit of
about $3.2 billion. CFO Natalie Knight mentioned mitigation
measures.
Ford Motor (NYSE:F) – Ford plans to add over
15,000 Tesla Superchargers to its electric vehicle charging
network, surpassing its previous estimate of 12,000. It will also
expand its BlueOval network by 25% in North America, totaling over
106,000 chargers.
Tesla (NASDAQ:TSLA) – Tesla’s stock fell on
Monday due to Panasonic’s announcement of reduced production of
automotive batteries due to slowing electric vehicle adoption.
Concerns about a global slowdown in electric vehicle sales are
worrying investors.
CVS Health (NYSE:CVS), Walgreens Boots Alliance
(NASDAQ:WBA) – Employees of CVS Health and Walgreens are conducting
a three-day strike to pressure the companies to improve working
conditions and hire more employees in their stores. The strike,
dubbed “Pharmageddon,” began in New York and involves around 5,000
pharmacy workers. Organizers are also seeking better wages and more
consistent schedules for pharmacy technicians.
Pfizer (NYSE:PFE), GSK (NYSE:GSK) – Pfizer, the
leader in Covid-19 vaccine sales, faces strong competition from
GSK, whose new RSV vaccine has gained a foothold in the US. GSK
exclusively supplies CVS Health and offers competitive prices,
potentially impacting the sales of both companies. Third-quarter
financial results will reveal the full impact.
Unilever (NYSE:UL) – Unilever will freeze the
fixed salary of its CEO, Hein Schumacher, for two years after his
initial compensation package was rejected by shareholders. The
board proposed a base salary of $1.96 million, a 20% increase from
his predecessor, Alan Jope. The decision was made after 37 meetings
with 24 of the company’s top shareholders.
Anheuser-Busch InBev (NYSE:BUD) –
Anheuser-Busch InBev’s shares rose 3.6% in pre-market trading on
Tuesday after announcing a $1 billion stock buyback, addressing
investors’ desires for financial returns and debt reduction. The
company focuses on organic growth and debt reduction after
acquiring SABMiller in 2016.
Alibaba (NYSE:BABA) – Alibaba is pressuring
merchants to offer low prices on Singles’ Day to boost sales and
counter declining market share. Additionally, Alibaba has launched
the Tongyi Qianwen 2.0 update of its AI model, with “hundreds of
billions of” parameters, making it one of the world’s most powerful
models. It has also introduced eight AI models for specific
industries.
Amazon (NASDAQ:AMZN) – Amazon.com’s shares rose
3.9% on Monday, marking its best two-day performance in nearly a
year, with a total increase of 11.0% over the last two sessions.
This increase is driven by an optimistic earnings report and
positive outlook for cloud computing. In other news, the European
Union’s antitrust regulators have until February 14th next year to
decide on the approval of Amazon’s $1.4 billion acquisition of
iRobot (NASDAQ:IRBT). The investigation was temporarily suspended
in August for more information, and the previous deadline was
December 13th. Amazon reduced the deal price to $1.42 billion in
July.
Walmart (NYSE:WMT) – Walmart is investing over
$9 billion over two years to modernize stores in the US, with
improvements in layouts, product selections, technology, and
services, aiming to enhance the customer experience and compete in
new markets.
FedEx (NYSE:FDX) – FedEx’s Master Executive
Council has selected Billy Wilson as the interim president of the
Air Line Pilots Association (ALPA) after the rejection in July of a
tentative agreement between ALPA and FedEx. Wilson replaces Chris
Norman and seeks to improve negotiations with FedEx, seeking wage
increases and better working conditions for pilots.
Goldman Sachs (NYSE:GS) – Gregory Weiss, a
former BlackRock (NYSE:BLK) executive, has been hired by Goldman
Sachs’ asset management arm to lead the “custom wealth solutions”
business. He will bring his expertise in managed accounts and
portfolio consulting to the company. Goldman is looking to expand
its offering of personalized portfolios. In other news, Goldman
Sachs has withdrawn its forecast of a US government shutdown for
this year due to geopolitical risks and the election of the Speaker
of the House. However, it warned of risks in 2024 due to underlying
political differences.
Morgan Stanley (NYSE:MS) – The granting of $20
million in bonuses to Morgan Stanley executives as part of its
succession plan raises questions about governance and commitment to
the company, according to Wells Fargo (NYSE:WFC) analyst Mike Mayo.
This suggests that succession depends more on compensation than
organizational culture, he says.
Earnings
BP (NYSE:BP) – BP reported a profit of $3.3
billion in the third quarter, below expectations, due to strong
trading and refining margins offset by weak gas results. The
company maintained dividends and a share buyback program, but its
shares fell 4.72% in Tuesday’s pre-market trading. BP also recorded
a $540 million impairment on wind projects in New York. Weakness in
gas earnings was attributed to a lack of volatility in the market.
BP expects capital expenditures of $16 billion this year and
anticipates lower refining margins in the fourth quarter.
Pinterest (NYSE:PINS) – Social media company
Pinterest saw a roughly 16.53% increase in pre-market trading on
Tuesday after beating analysts’ expectations for the third quarter.
The company reported adjusted earnings of 28 cents per share on
revenue of $763 million, surpassing analysts’ expectations for
earnings of 20 cents per share and revenue of $744 million,
according to LSEG, previously known as Refinitiv.
Amkor Technology (NASDAQ:AMKR) – Amkor
Technology experienced a 12% drop in pre-market trading after
reporting third-quarter results with declining earnings and
revenues compared to the previous year and predicting a reduction
in profits in the fourth quarter.
VF Corp (NYSE:VFC) – The clothing and footwear
manufacturer, owner of The North Face brand, saw a 7.3% decline in
pre-market trading. The company decided to withdraw its previous
forecasts for earnings and revenues for 2024. Additionally, it
noted that it does not expect an improvement in the performance of
the Vans footwear brand during the second half of fiscal year 2024
due to a more challenging wholesale market environment in the
United States.
Wolfspeed (NYSE:WOLF) – The chip manufacturer’s
stock saw an approximately 12.9% increase after reporting
first-quarter fiscal results. The company posted a loss of 53 cents
per share, beating analysts’ expectations of a loss of 67 cents per
share, according to information from LSEG, previously known as
Refinitiv. However, revenue fell short of projections, totaling
$197 million, while analysts expected $208 million.
Arista Networks (NYSE:ANET) – In pre-market
trading, the cloud networking solutions company saw a 9.8% increase
in its market value. Arista Networks reported earnings per share of
$1.83, excluding extraordinary items, with revenue of $1.51
billion. Analysts polled by FactSet had expected earnings per share
of $1.58 and revenue of $1.48 billion.
Monolithic Power Systems (NASDAQ:MPWR) – The
semiconductor company’s shares rose up to 4% in pre-market trading
after Monolithic announced adjusted earnings of $3.08 per share in
the third quarter, slightly above analysts’ expectations of $3.06
per share, according to FactSet. Additionally, the company provided
revenue guidance for the fourth quarter in the range of $442
million to $462 million, while analysts were expecting revenue of
$451.7 million.
Lattice Semiconductor (NASDAQ:LSCC) – The
low-power programmable chip producer experienced a roughly 17.2%
drop in pre-market trading. Lattice’s revenue projection for the
fourth quarter, ranging from $166 million to $186 million, fell
below the average analyst estimate of $195.7 million, according to
StreetAccount.
Stellantis (NYSE:STLA) – In the third quarter,
Stellantis exceeded revenue estimates with a 7% increase, totaling
45.1 billion euros, surpassing analysts’ expectations of 43.2
billion euros. This growth was attributed to higher volumes and a
solid pricing strategy, according to the company.
Pfizer (NYSE:PFE) – Pfizer announced a
quarterly loss that was lower than expected, due to challenges with
the Paxlovid treatment and the Covid vaccine. The loss per share
was 17 cents, lower than the expected 34 cents. Revenue totaled
$13.23 billion, slightly below the expected $13.34 billion. The
company recorded a $5.6 billion inventory write-down, with a focus
on boosting growth and exploring merger and acquisition
opportunities.
Tenet Healthcare (NYSE:THC) – During the third
quarter, Tenet reported adjusted earnings of $1.44 per share and
revenue of $5.07 billion. This beat analysts’ forecasts of earnings
of $1.20 per share and revenue of $5.02 billion, according to
FactSet.
Chegg (NYSE:CHGG) – Chegg reported a loss in
the third quarter, with a loss of $18.3 million. Revenue also
decreased by 4%, reaching $157.9 million. The company forecasted
revenues between $185 million and $187 million for the fourth
quarter. Chief Financial Officer Andy Brown plans to retire in
early 2024.
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