U.S. index futures are showing a slight uptick in pre-market
trading this Thursday, following four consecutive days of decline
in the Nasdaq Composite.
At 04:02 AM, Dow Jones futures (DOWI:DJI) rose 42 points, or
0.11%. S&P 500 futures rose 0.08%, and Nasdaq-100 futures rose
0.09%. The yield on 10-year Treasury bonds stood at 3.931%.
In the commodities market, the February West Texas Intermediate
crude oil rose 1.43% to $73.74 per barrel. Brent crude oil for
March rose 1.15%, nearing $79.15 per barrel. 62% concentration iron
ore, traded on the Dalian Exchange, increased by 0.3% to $142.09
per ton.
On Thursday’s economic agenda, investors await the private
sector job creation data for December to be released by ADP at
08:15 AM. The unemployment claims for the week ending last Saturday
will be published at 08:30 AM by the Department of Labor. At 09:45
AM, S&P Global will release the revised Purchasing Managers’
Index (PMI) reading for December’s service sector activity. At
11:00 AM, the Department of Energy (DoE) will disclose the oil
stock position as of last Friday.
European stock markets opened higher on Thursday, recovering
from two consecutive sessions of losses. In the Stoxx 600 index,
all sectors are up, with a notable performance in the oil and gas
sector. French inflation ticked up slightly in December, driven by
energy and services.
In Asian markets, the Japanese stock market reopened after an
extended holiday, with the Nikkei 225 falling and the Topix
gaining. In China, the CSI 300 index declined, while Hong Kong
experienced a slight increase. Meanwhile, service activity in China
expanded in December, reaching its fastest growth since July. The
markets in South Korea and Australia also declined due to
uncertainty regarding Fed rate cuts.
On Wednesday’s closing, the Dow Jones lost 284.85 points (0.76%)
to 37,430.19 points, the S&P 500 fell 38.02 points (0.80%) to
4,704.81, and the Nasdaq dropped 173.73 points (1.18%) to 14,592.21
points. This weakness reflected concerns that interest rates will
not be cut in the short term, despite Fed projections suggesting
three cuts by the end of 2024. The next meeting is scheduled for
January, with a 64.8% chance of a cut in March. US manufacturing
activity contracted in December, and job openings fell in November.
Airline and gold stocks declined, while oil producers and
pharmaceuticals performed well.
Wall Street Corporate Highlights for Today
Apple (NASDAQ:AAPL) – The start of 2024 has
brought a less optimistic tone for major technology stocks, known
as the “Magnificent Seven.” The group has experienced a significant
decline, led by Apple, erasing $383 billion in market value. The
tech rebound of 2023 cools off, facing economic uncertainties and
company-specific challenges.
Microsoft (NASDAQ:MSFT) – Microsoft is
introducing a Copilot button on Windows keyboards, marking the
first layout change since 1994. This button facilitates creating
images, emails, and summaries with AI. Available on Windows 11
devices, Microsoft is banking on integrating AI into systems and
hardware, reflecting the trend of “AI-powered PCs.” The focus is to
enhance products like Windows, Office, and Bing with OpenAI’s GPT-4
technology and urge consumers to upgrade to new devices.
Amazon (NASDAQ:AMZN) – BofA Securities’ Justin
Post predicts a solid year for Amazon, especially with Prime Video
ads generating significant revenue potential, along with social
media partnerships. Amazon, known for e-commerce and cloud
computing, could see its advertising business shine in 2024,
according to Post, who has a buy rating on the stock with a target
price of $168. Amazon aims to increase its annual revenue by up to
$5 billion through video advertising, primarily with ads on Prime
Video. Ads will start in North America on January 29, with an
option for ad-free subscription for an extra fee. This move aims to
capitalize on content, including movies and NFL games.
Meta Platforms (NASDAQ:META) – Meta CEO Mark
Zuckerberg profited from the rise in Meta Platforms’ shares,
selling nearly $428 million worth of shares in the last two months
of 2023. He transferred approximately 1.8 million shares daily
since November, capitalizing on Meta’s 194.1% share price increase
in the past year.
Alphabet (NASDAQ:GOOGL), Meta
Platforms (NASDAQ:META) – Russian fines imposed on Google,
Meta, TikTok, and Telegram appear to have been resolved, as they
are no longer listed as debtors in the database. The database still
lists fines for X (formerly Twitter) and Twitch. Disputes with
foreign tech companies involve illegal content and local storage of
user data, intensified after Russia’s invasion of Ukraine in 2022.
In late 2023, Google faced a fine of $50.4 million, proportionate
to its annual turnover in Russia.
Intel (NASDAQ:INTC) – Intel is forming a new
independent company called Articul8 AI, focused on artificial
intelligence efforts, with support from investors including
DigitalBridge Group. Intel did not disclose financial details but
will retain an equity stake. The new company aims to address
generative AI and corporate data security challenges. Other
investors include Fin Capital, Mindset Ventures, and more.
SoFi Technologies (NASDAQ:SOFI) – SoFi
Technologies’ shares fell 14% in the previous session, closing at
$8.31, after Keefe Bruyette downgraded them from Equal Weight to
Underweight. The price target was adjusted from $7.50 to $6.50.
GSI Technology (NASDAQ:GSIT) – GSI Technology
received a $1.1 million contract from the US Air Force to develop
an AI chip for search and rescue, object detection, and other uses.
The Air Force will use SSIM (Structural Similarity Index Measure)
technology and proprietary algorithms in its Gemini processor.
Xerox (NASDAQ:XRX) – Xerox announced on
Wednesday its plan to reduce its workforce by 15% in this quarter
as part of a new operational model, focusing on improving the core
printing business, increasing productivity, and diversifying
revenue.
Toyota Motor (NYSE:TM) – Toyota Motor North
America announced a 6.6% increase in vehicle sales in the US in
2023, totaling 2.25 million units. Sales of electrified vehicles
increased by 31%, representing 29.2% of total sales, compared to
24% the previous year.
General Motors (NYSE:GM) – General Motors
surpassed Toyota (NYSE:TM) as the top-selling automaker in the US
in 2023, with sales of approximately 2.6 million vehicles, a 14.1%
increase from 2022. Total new vehicle sales in the US reached 15.5
million in 2023, with electrified vehicles accounting for nearly
17%. Additionally, GM is offering a $7,500 incentive on its
electric vehicles after the loss of US tax credits, while Ford
(NYSE:F) increased prices of F-150 EVs by up to $10,000. This is
due to new battery guidelines aimed at reducing reliance on China.
Some models retain the credits, while others do not. Now, the rules
require assembly in North America to qualify for tax credits.
Ford Motor (NYSE:F) – Ford announced the recall
of 112,965 F-150 vehicles due to an issue with the rear axle hub
bolt that can break, as reported by the National Highway Traffic
Safety Administration (NHTSA) on Wednesday.
Tesla (NASDAQ:TSLA) – Ark Investment
Management’s Cathie Wood has resumed buying Tesla shares after
selling them during the past year. Ark bought approximately 216,000
shares between December and January, despite negative analyst
outlooks for Tesla and increasing competition from BYD Co. Wood
expects a significant increase in Tesla’s stock value by 2027.
Equinor (NYSE:EQNR), BP
(NYSE:BP) – Equinor and BP have canceled an agreement to sell
energy from the Empire Wind 2 offshore wind farm in New York,
citing rising inflation, high borrowing costs, and supply chain
issues. New York has launched a new request for offshore wind
energy, allowing companies to terminate old contracts and reoffer
projects at higher prices.
Goldman Sachs (NYSE:GS) – Goldman Sachs is in
negotiations to become an authorized participant in the Bitcoin
exchange-traded funds (ETFs) that BlackRock
(NYSE:BLK) and Grayscale plan to launch. The US SEC is expected to
make a decision by January 10 on the approval of spot Bitcoin ETFs.
So far, only ETFs linked to Bitcoin and Ethereum futures contracts
have been approved. Additionally, Goldman Sachs Asset Management
has raised $650 million for a new fund called West Street Life
Sciences I, intended to invest in early- to mid-stage life sciences
startups, including therapeutic and diagnostic companies.
Apollo Global Management (NYSE:APO),
Capital One (NYSE:COF) – Apollo and Capital One
lead KBW’s recommendations for 2024, with Apollo projecting a total
return of 20% and Capital One at 23%. Both stand out among a select
group of financial companies, including Sr. Cooper
Group (NASDAQ:COOP), Corebridge Financial
(NYSE:CRBG), and Fidelity National Information
Services (NYSE:FNF), all with high performance
expectations.
Disney (NYSE:DIS) – Disney received support
from hedge funds ValueAct Capital and Blackwells Capital in its
battle against Trian Fund Management’s board challenge. Disney
reached an agreement with ValueAct, and Blackwells named three
directors who support the company’s strategy. This highlights the
challenges faced by Disney under CEO Bob Iger, with investors
seeking to boost the company. Trian Fund Management nominated
itself and James Rasulo to the board, while Blackwells disagreed
with the nomination.
AMC Entertainment (NYSE:AMC) – AMC
Entertainment’s shares fell 8.7% to $5.58 in the previous session,
hitting a new record low, surpassing the low seen on December 21,
2023. Far from the meme stock days when it reached $339.05, AMC now
faces challenges after capitalizing on the meme trend.
Roku (NASDAQ:ROKU) – Roku is launching high-end
Pro Series TVs (55, 65, 75 inches) for up to $1,500, entering
competition with Samsung and LG. This marks an expansion beyond
Roku’s current Select and Plus TVs. The new TVs offer a slim
design, improved picture and audio quality, and an AI-based system
for image adjustment.
Verizon (NYSE:VZ) – Verizon customers may
qualify for a share of a $100 million class-action settlement due
to improperly charged fees. Since 2005, Verizon’s line fees have
increased from 40 cents to $3.30 in 2022. Verizon stated it will
continue charging but promised greater contract transparency
following a legal settlement. Customers must claim by April 15. The
action may affect up to 50 million customers, with variable
refunds.
AST SpaceMobile (NASDAQ:ASTS) – AST
SpaceMobile, committed to creating a space-based broadband network,
announced efforts to finalize and fund a strategic investment with
multiple entities. The company also confirmed receiving initial
orders for ground infrastructure from two customers.
Smith Douglas Homes – Homebuilder Smith Douglas
Homes plans a US initial public offering (IPO), seeking a valuation
of approximately $1.08 billion. The company intends to offer about
7.7 million shares at an estimated price range of $18 to $21 per
share, potentially raising up to $161.5 million at the top of the
price range. JPMorgan and Bank of America are the lead underwriters
of the offering, and the company plans to list its shares on the
New York Stock Exchange under the symbol “SDHC.”
Cal-Maine (NASDAQ:CALM) – In the second fiscal
quarter, Cal-Maine Foods reported a net profit of $16.6 million (35
cents per share), significantly down from the $198.3 million ($4.07
per share) in the previous year. Revenue fell to $523.2 million,
compared to $801.7 million. This is attributed to falling egg
prices and facing a lawsuit for price-fixing and an outbreak of
avian flu.
AMC Entertainment (NYSE:AMC)
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