In Tuesday’s pre-market, U.S. index futures showed a slight
negative trend. This movement follows a historic milestone where
the Dow Jones surpassed the 38,000-point barrier for the first
time.
At 05:09 AM, the Dow Jones futures (DOWI:DJI) fell 29 points, or
0.08%. S&P 500 futures retreated 0.05% and Nasdaq-100 futures
fell 0.10%. The yield on 10-year Treasury bonds was at 4.128%. West
Texas Intermediate crude for March fell 0.66%, to $74.27 per
barrel. Brent crude for March retreated 0.61%, near $79.57 per
barrel.
In the Asian market, Hong Kong stocks led the gains, boosted by
a potential Chinese stimulus package. Meanwhile, Japan’s Nikkei 225
saw a slight decline after the Bank of Japan maintained its
monetary policy. The Hang Seng Index rose nearly 3%, with
technology stocks standing out. China’s CSI 300 also recovered,
while Hong Kong’s video game stock market was positively affected
by the removal of proposed regulations. Elsewhere in Asia,
Australia’s S&P/ASX 200 and South Korea’s Kospi gained, but the
small-cap Kosdaq index remained stable. In Singapore, inflation
exceeded expectations, but monetary policy is expected to remain
unchanged.
European markets are down, led by losses in the utilities
sector. A negative highlight for Logitech (CHIX:LOGNZ), due to a
reduction in sales. On the other hand, HelloFresh (TG:HFG) saw an
increase after being fined for sending spam to customers with texts
and emails.
On Monday, the US stock market closed higher, with major indexes
reaching new records, driven by optimism about profit prospects.
The Dow Jones reached a new high of 38,109.20, closing at
38,001.81, up 0.36%. The S&P 500 rose to 4,868.41, closing with
a gain of 0.22% at 4,850.43. The Nasdaq reached 15,438.85, ending
at 15,360.29, an increase of 0.32%. Highlights include Walt
Disney (NYSE:DIS), United Health
(NYSE:UNH), among others, with gains of up to 2.2%.
Macy’s (NYSE:M) saw a jump of more than 3.5% after
rejecting a takeover offer, while Home Depot
(NYSE:HD) and Nike (NYSE:NKE) recorded
declines.
For the quarterly earnings front this Monday, financial reports
are scheduled to be presented by Verizon
(NYSE:VZ), 3M (NYSE:MMM), General
Electric (NYSE:GE), RTX (NYSE:RTX),
Halliburton (NYSE:HAL), J&J
(NYSE:JNJ), Lockheed Martin (NYSE:LMT),
P&G (NYSE:PG), DR Horton
(NYSE:DHI), among others, before market opening. After the close,
balance sheets from Netflix (NASDAQ:NFLX),
Intuitive Surgical (NASDAQ:ISRG), Texas
Instruments (NASDAQ:TXN), Baker Hughes
(NASDAQ:BKR), and more are awaited.
Wall Street Corporate Highlights for Today
Apple (NASDAQ:AAPL) – Apple paid a fine of
$13.65 million for alleged abuse of its position in the app payment
market, according to the Russian antitrust agency FAS. The company
had previously disagreed with the FAS decision but made the payment
in January 2024. Russia has maintained disagreements with foreign
technology companies, especially after the conflict in Ukraine in
2022, leading Apple to halt sales and limit its Apple Pay service
in the country.
Meta Platforms (NASDAQ:META) – Meta Platforms,
owner of Instagram and Facebook, will offer users in Europe more
options for sharing information between its services to comply with
the European Union’s Digital Markets Act. This includes the choice
to link or separate accounts on Facebook Messenger and manage
information between Facebook, Instagram, and Gaming and Marketplace
services. These changes aim to meet the new rules of the EU by
March 7, following in the footsteps of Google.
Alphabet (NASDAQ:GOOGL) – Alphabet’s Moonshot X
Lab is laying off employees and seeking external funding for its
projects. X is restructuring to allow its projects to operate as
independent startups with support from Alphabet and external
investors, while facing pressure to turn bold projects into
profitable businesses.
Amazon (NASDAQ:AMZN) – Amazon was fined $34.9
million by the French data protection authority (CNIL) for
implementing an intrusive employee monitoring system, which
includes activity and performance scanners. The CNIL claimed the
system was overly intrusive and lacked adequate security in video
surveillance. Amazon contested the findings and reserved the right
to appeal.
Netflix (NASDAQ:NFLX) – Netflix’s head of
movies, Scott Stuber, will leave the company in March to start his
own media company. There is no named replacement. Stuber was
instrumental in expanding Netflix’s original films and established
relationships with notable filmmakers, contributing to the studio’s
success at the Oscars. His new venture will also produce projects
for Netflix.
Ericsson (NASDAQ:ERIC) – Ericsson faces
challenges with declining demand for 5G equipment from mobile
carriers, despite beating profit expectations in the fourth
quarter, driven by software sales. In the October-December quarter,
Ericsson’s operating profit excluding restructuring fell to 7.37
billion crowns, exceeding expectations. The EBIT margin excluding
restructuring rose from 9.4% to 10.3%, while net sales fell 16% to
71.9 billion Swedish crowns, below estimates. Ericsson predicts
that its market outside China will continue to decline in 2024, due
to low investments by carriers. Additionally, Ericsson appointed
Lars Sandstrom as its new CFO, replacing Carl Mellander. Sandstrom
will take up the position on April 1, based in Sweden.
Salesforce (NYSE:CRM) – Salesforce’s shares
have risen 85% in the past 12 months, but Morgan Stanley analyst
Keith Weiss believes there is still more upside potential. He rated
the shares as his top pick, predicting a 25% increase. The rise in
profitability profile and long-term revenue growth prospects are
expected to drive the stock’s valuation. Salesforce shares are
currently trading at about a 57% discount compared to other
large-cap companies, reinforcing the view of a good risk-reward.
The target price set is $350 per share.
Intuit (NASDAQ:INTU) – The FTC banned Intuit,
maker of TurboTax, from labeling its services as “free” when many
consumers were not eligible, citing deceptive practices. Intuit
will appeal the decision, stating it does not expect a significant
impact on the business. In May 2022, Intuit agreed to pay $141
million in restitution to settle deception claims across all 50
U.S. states and Washington, DC. The settlement required Intuit to
suspend misleading advertisements about “free” products.
Tesla (NASDAQ:TSLA) – Tesla is set to report
quarterly results on Wednesday, while facing challenges with lower
prices and production disruptions at the Berlin factory. A marginal
increase in profit margins is expected due to lower battery
material prices, but cost pressures increase with the Cybertruck.
Investors are also awaiting delivery targets and are concerned
about Elon Musk’s control over the company. According to The Paper,
a comprehensive tour across China, highlighting the Cybertruck,
Tesla’s flagship vehicle, is scheduled to start at the end of
January.
Vroom (NASDAQ:VRM) – Vroom, which once had a
valuation of $2.5 billion, announced it is ending its online used
car sales business to preserve liquidity, as its market value fell
to less than $100 million. The company will now focus on its auto
finance and digital analytics for auto retail businesses. Its
shares fell about 55% in pre-market trading on Tuesday following
the announcement.
Boeing (NYSE:BA) – Boeing and its Seattle
machinists union postponed contract negotiations to March due to
the grounding of the 737 MAX 9. Formal negotiations scheduled for
February were postponed at Boeing’s request, which is under
investigation following the explosion of a cabin panel on an Alaska
Airlines MAX 9 plane.
Ryanair (NASDAQ:RYAAY) – Ryanair plans to open
five new bases in Spain and increase its passenger traffic in the
country by 40% by 2030, aiming to reach 77 million passengers, but
depends on competitive airport tariffs. The company is investing
due to the prospect of an increase in fees until 2026-2027. Group
CEO Michael O’Leary pledged to invest $5.44 billion in Spain over
the next seven years after a meeting with Prime Minister Pedro
Sanchez.
United Airlines (NASDAQ:UAL) – United Airlines
reported an adjusted profit of $2 per share for the fourth quarter,
beating Wall Street estimates, while forecasting an adjusted profit
of $9 to $11 per share in 2024, exceeding analysts’ expectations.
However, it warned of an adjusted loss in the first quarter due to
the grounding of Boeing 737 MAX 9 planes, which represents about 3
percentage points in non-fuel operating costs during that
period.
Intuitive Machines (NASDAQ:LUNR) – Space
exploration company Intuitive Machines announced its next launch of
the United States’ first commercial lunar module, scheduled for
next month. The goal is to become the first private U.S. probe to
land on the Moon and conduct reconnaissance missions. The launch
will take place on a SpaceX Falcon 9 rocket, and the probe will
carry NASA payloads and conduct scientific studies on the Moon.
This is part of NASA’s Artemis program, aiming to return American
astronauts to the Moon.
Sanofi (NASDAQ:SNY) – Sanofi agreed to buy the
drug development project INBRX-101 from Inhibrx Inc (NASDAQ:INBX)
for about $2.2 billion to strengthen its rare disease business.
Inhibrx shareholders will receive cash, a contingent value right,
and shares of New Inhibrx. The acquisition aims to expand Sanofi’s
research and development and follows a strategic shift by its CEO.
New Inhibrx will continue to operate under the name “Inhibrx,” with
Sanofi maintaining an 8% stake.
Choice Hotels (NYSE:CHH) – Choice Hotels
proceeded with a hostile $8 billion offer for Wyndham Hotels &
Resorts, naming a slate of directors to replace Wyndham’s board.
The dispute involves Wyndham’s earlier rejection of the offer,
citing antitrust concerns and excessive debt. Choice is confident
in obtaining antitrust approval, while Wyndham maintains that the
deal could trigger prolonged scrutiny and loss of franchisees.
Marriott International (NASDAQ:MAR),
Hilton (NYSE:HLT), Hyatt Hotels
(NYSE:H) – Marriott International reported that the company
increased its hotel room presence in 2023, with a growth of 4.7%,
reaching almost 1.6 million rooms, and a record development
pipeline of 573,000 rooms. Hilton opened 132 hotels and 24,000
rooms in the fourth quarter, marking its strongest development
quarter in its 99-year history. Hilton reiterated its net unit
growth estimate of 5.5% to 6% in 2024. Hyatt Hotels also announced
a record in hiring and development pipeline, with 127,000
rooms.
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