U.S. index futures are down this Tuesday during the pre-market
period, reflecting investor caution. They eagerly await the release
of quarterly results from major U.S. companies, as well as the
publication of the minutes from the most recent meeting of the
Federal Open Market Committee (FOMC), scheduled for 2 PM.
At 6:05 AM, Dow Jones futures (DOWI:DJI) fell 64 points, or
0.18%. S&P 500 futures dropped 0.13% and Nasdaq-100 futures
fell 0.04%. The yield on 10-year Treasury bonds was at 4.408%.
In the commodities market, West Texas Intermediate crude oil for
January fell 0.42% to $77.50 per barrel. Brent crude oil for
January fell 0.45% to around $81.95 per barrel. Iron ore with a 62%
concentration, traded on the Dalian exchange, rose 1.34% to $132.85
a ton, the highest value since March 15.
There is also an expectation for the release of economic data
throughout the day, the October economic activity index at 08:30
AM. At 10 AM, it will be the turn of existing home sales, projected
at 3.9 million in October, while at 4:30 PM, the API will release
the weekly oil stock.
European markets showed mixed performances, amidst anticipation
for the FOMC minutes and news of the UK public sector net borrowing
reaching £14.9 billion in October, the second highest since 1993.
The British Finance Minister, Jeremy Hunt, may
announce tax cuts soon, seeking economic growth.
In Asia, stock markets displayed mixed trends on Tuesday. While
China’s Shanghai SE index and Japan’s
Nikkei experienced slight declines of 0.01% and
0.10%, respectively, South Korea’s Kospi rose by
0.77%, boosted by electronics stocks. Hong Kong’s Hang
Seng fell by 0.25%, affected by the technology sector, and
Australia’s ASX 200 saw an increase of 0.28%.
Market movements were influenced by a variety of factors, from
signs of support for the real estate sector to the strength of the
yen and demand for semiconductors.
U.S. stocks rebounded on Monday, with the
Nasdaq climbing 1.1% and reaching its best close
since July. The Dow Jones and the S&P
500 also saw significant gains. This advance reflected
investor optimism over stabilizing interest rates and signs of
slowing inflation, with expectations that the Fed will keep rates
stable until 2024. Bond yields fell after a bond auction, while
sectors like tobacco, software, airlines, and semiconductors
performed notably.
In Tuesday’s corporate earnings front, investors will be keen on
reports from Kohl’s (NYSE:KSS), Best
Buy (NYSE:BBY), Lowe’s (NYSE:LOW),
Medtronic (NYSE:MDT), Baidu
(NASDAQ:BIDU), Burlington (NYSE:BURL),
American Eagle (NYSE:AEO), Dick’s Sporting
Goods (NYSE:DKS), before the market opening. After the
close, the reports from Nvidia (NASDAQ:NVDA),
Hewlett-Packard (NYSE:HPQ), among others will be
observed.
Wall Street Corporate Highlights for Today
Microsoft (NASDAQ:MSFT) – Microsoft secured its
leadership in AI by hiring Sam Altman and other
top employees from OpenAI. This prevents a
possible departure to competitors and strengthens its position in
the AI race. Microsoft might also attract about 500 employees from
OpenAI, despite concerns over the startup’s stock
valuation. The team led by Altman at Microsoft will have access to
more computational resources, owing to Microsoft’s position as a
major cloud player.
Amazon (NASDAQ:AMZN) – The Spanish union
CCOO called for a one-hour strike per shift at
Amazon on November 27, “Cyber Monday,” seeking better wages and
working conditions. The strike will also occur the next day.
Moreover, three female employees of Amazon filed a lawsuit alleging
gender discrimination and pay inequality on Monday.
Alibaba (NYSE:BABA) – Alibaba Group canceled
its cloud services listing citing U.S. restrictions on
semiconductors, highlighting a global chip shortage. This creates a
divide between companies with access to necessary GPUs for AI and
those without. Alibaba, despite substantial resources, faces
competitive challenges in AI.
Nvidia (NASDAQ:NVDA) – Nvidia’s shares closed
at a record of $504.20 on Monday before the third-quarter fiscal
results, which will be released today, with expectations of a
significant increase in revenue. The earnings call may provide
valuable insights into the generative AI market.
Taiwan Semiconductor Manufacturing (NYSE:TSM) –
TSMC is considering building a third factory in Japan, producing
3-nanometer chips, potentially making the country a global hub for
chip manufacturing. TSMC is already building a factory in Japan for
less advanced chips and is investing in factories in the U.S. and
Germany.
Petrobras (NYSE:PBR) – The Brazilian government
is considering replacing Petrobras CEO Jean Paul
Prates, due to concerns about the company. President
Lula expressed dissatisfaction with Prates’
management and called for adjustments in the investment plan to
prioritize local jobs. Tensions regarding fuel prices have also
emerged. No immediate replacement has been announced.
Uber Technologies (NYSE:UBER) – Uber
Technologies increased its convertible bond offering to $1.5
billion, reflecting strong investor demand. The offering was priced
with a coupon of 0.875% and a conversion premium of 32.5%,
indicating strong market optimism for the company.
Tesla (NASDAQ:TSLA) – Tesla Inc. announced a
price increase for the Model Y long-range in China, raising it to
$42,212.70 as of Tuesday.
Fisker (NYSE:FSR) – Florus
Beuting, Fisker’s chief accounting officer, resigned just
two weeks after his appointment. He took up the role on November 6
to succeed John Finnucan, who left the company
amid issues related to internal controls over financial
reporting.
Rivian Automotive (NASDAQ:RIVN) – Rivian
Automotive announced that its CEO RJ Scaringe will
directly oversee product development, preparing to unveil a new
line of vehicles. The head of product development, Nick
Kalayjian, will assume an executive role before
transitioning to a consulting role in 2024.
Nio (NYSE:NIO) – Nio and Changan
Automobile have entered into an agreement to collaborate
on electric vehicle battery swapping, representing another
partnership between EV startups and traditional manufacturers,
aiming for expansion and joint technological development.
Toyota Motor (NYSE:TM) – Toyota agreed to pay
$60 million to settle charges by the U.S. regulator, the
Consumer Financial Protection Bureau (CFPB), that
it prevented car buyers from canceling unwanted product bundles.
This includes a civil fine of $12 million and $48 million to
compensate affected buyers since 2016. Toyota also agreed to make
it easier to cancel these products and to closely monitor dealer
activities.
Stellantis (NYSE:STLA) – Stellantis and
CATL signed a preliminary agreement to supply
battery cells and modules for electric vehicles in Europe,
including the possibility of a joint venture. Stellantis is also
building gigafactories in Europe to meet EV battery demands.
Additionally, Stellantis will start negotiations in December with
the Italian government to increase annual vehicle production to one
million in Italy. The talks will address investments in innovation,
supplier support, and will depend on government measures, such as
emission regulations and incentives for electric vehicles.
General Motors (NYSE:GM) – GM does not plan to
advertise in the 2024 Super Bowl, marking the first time since 2019
that it will not participate in the NFL game, as the company cuts
marketing costs as part of a broader strategy to reduce fixed
expenses.
Stellantis, General Motors
(NYSE:GM), Ford Motor (NYSE:F),
Tesla (NASDAQ:TSLA) – The United Auto
Workers (UAW) announced that 64% of Detroit automakers’
workers ratified new contracts that include a 25% increase in base
wages and improvements in benefits until April 2028. The union also
plans to organize foreign automobile factories and Tesla.
Caesars Entertainment (NASDAQ:CZR) – The
Culinary Workers and Bartenders Unions announced
that 10,000 Caesars Entertainment workers in Las Vegas ratified a
five-year contract. The landmark agreement includes reduced
cleaning quotas, daily room cleaning, and expanded recall rights.
Similar agreements with Wynn Resorts (NASDAQ:WYNN)
and MGM Resorts International (NYSE:MGM) are up
for vote. After seven months of negotiations, the planned November
10 strike in Las Vegas was averted.
Southwest Airlines (NYSE:LUV) – Andrew
Watterson, Southwest Airlines’ chief operating officer,
faces challenges to avoid travel disruptions during the holiday
season following an operational breakdown last year. The company
has invested in technology and training to cope with adverse
weather conditions and increased traffic.
Citigroup (NYSE:C) – Citigroup continues its
simplification strategy, eliminating over 300 senior management
roles, part of a restructuring led by CEO Jane
Fraser to speed up decision-making and align the structure
with the strategy. The company plans further cuts globally over the
next year. Additionally, Nacho Gutiérrez-Orrantia,
a senior banker, will lead Citigroup’s banking and cluster sector
in Europe as part of its restructuring. Citigroup also appointed
Carmen Haddad, a Middle East veteran, as
vice-chair to deepen operations in the region, focusing on senior
dialogue and expansion in Saudi Arabia. Moreover, Citigroup is
facing a sexual harassment lawsuit by a managing director who
alleges death threats from a former stock market head. The bank
denies and vows to defend itself.
Morgan Stanley (NYSE:MS) – Morgan Stanley
recommends that investors focus on higher-quality corporate bonds,
as the wave of maturities poses a risk for “junk” rated companies.
Morgan Stanley anticipates a resumption in loan issuances next year
for mergers and acquisitions.
Wells Fargo (NYSE:WFC) – Employees at two Wells
Fargo branches filed for union elections, marking a rare effort in
the U.S. financial sector. They seek unionization through the
Wells Fargo Workers United (WFWU) of the
Communications Workers of America. Wells Fargo has
reinforced its commitment to improving wages and benefits for its
employees.
Bank of America (NYSE:BAC) – Bank of America
plans to move its Japanese headquarters to an eco-friendly tower
under construction in Tokyo, aiming for a more modern space aligned
with its 2050 sustainability goals.
UBS (NYSE:UBS) – The team of financial advisors
led by Maureen Keating, Michael DeCorleto, Matthew Marques, and
Matthew Mardirosian, who manage about $700 million in
high-net-worth client assets, has joined UBS Wealth Management USA
at the Hartford office, One State Street.
Blackstone (NYSE:BX) – Blackstone plans to
close the Blackstone Diversified Multi-Strategy fund due to a
nearly 90% drop in assets over four years. The closure is expected
by the end of the year, according to Blackstone. Blackstone is
discussing capital reallocation options with investors.
Bain Capital (NYSE:BCSF) – Bain Capital has
closed its fifth pan-Asian private equity fund at $7.1 billion,
exceeding its initial target of $5 billion despite geopolitical
uncertainties. The fund’s focus is on Asia, with an emphasis on
Japan, and in sectors like healthcare, information technology,
entertainment, and consumer. Bain Capital manages about $180
billion in assets globally.
McDonald’s (NYSE:MCD) – McDonald’s will expand
its stake in China, acquiring Carlyle’s share, confident in its
growth. The deal, valued at about $6 billion, reflects the
company’s ongoing momentum in the rapidly growing Chinese
market.
Live Nation (NYSE:LYV) – Live Nation and its
subsidiary Ticketmaster have received a subpoena related to ticket
pricing, fees, and secondary sales from a U.S. Senate panel. The
subpoena was due to Live Nation’s lack of cooperation in a previous
investigation. The company claims to have provided extensive
information and seeks confidentiality assurances before providing
more.
Paramount Global (NASDAQ:PARA) – Paramount
Global’s shares rose 1.5% in Tuesday’s pre-market amid speculation
about a potential sale of the media company, following the
disclosure of new employment deals with executives, which include
change-of-control clauses. Paramount faces challenges in the
streaming landscape and high debt.
Earnings
Baidu (NASDAQ:BIDU) – Baidu has exceeded
financial expectations by diversifying into new fields like
Artificial Intelligence, shielding itself from economic challenges.
With a 6% increase in sales to $4.8 billion and a net profit of
approximately $940.72 million for the quarter, the company stands
out in a period of economic uncertainties. This progress, driven by
its chatbot Ernie and expansion into essential products, challenges
concerns about deflation in the Chinese economy and limited growth
in the tech sector.
Zoom Video Communication (NASDAQ:ZM) – Zoom
Video Communications’ shares are up 0.4% in Tuesday’s pre-market
following impressive quarterly results, driven by growth in
corporate clients and a reduction in individual user losses. Zoom
reported an adjusted earnings of $1.29 per share, significantly
exceeding expectations of $1.08 per share. Its revenue of $1.137
billion surpassed expectations, with the company projecting solid
results for the next quarter and revising its annual forecasts
upwards.
Keysight Technologies (NYSE:KEYS) – Keysight
Technologies announced quarterly earnings above expectations,
despite a challenging economic environment. The company recorded
earnings of $1.99 per share, with revenue of $1.31 billion,
predicting solid results for the next quarter. FactSet’s consensus
called for adjusted earnings of $1.87 per share on sales of $1.3
billion.
Symbotic (NASDAQ:SYM) – Symbotic’s shares rose
23% in Tuesday’s pre-market after reporting a 25% increase in
fourth-quarter revenue and exceeding adjusted profit expectations.
The company projected first-quarter revenue between $350 million
and $370 million, surpassing analyst forecasts and exceeding the
previous year’s $206.3 million.
Agilent Technologies (NYSE:A) – Agilent
Technologies’ shares rose 6.2% in Tuesday’s pre-market after
announcing a net profit of $475 million last quarter, with adjusted
earnings of $1.38 per share, beating estimates. However, revenue
fell to $1.69 billion, with a notable 17% decline in the
biosciences and applied markets group.
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