In the pre-market on Wednesday, U.S. index futures are showing
positive performance, boosted by favorable results presented by
Netflix (NASDAQ:NFLX). This optimism also anticipates the financial
announcements expected from IBM (NYSE:IBM) and Tesla
(NASDAQ:TSLA).
At 05:38 AM, the futures of the Dow Jones (DOWI:DJI) rose 49
points, or 0.13%. S&P 500 futures rose 0.41% and Nasdaq-100
futures rose 0.69%. The yield rate of the 10-year Treasury bonds
was at 4.111%.
In the commodities market, West Texas Intermediate crude oil for
March rose 0.42% to $74.68 per barrel. Brent crude oil for March
rose 0.21%, near $79.72 per barrel. Iron ore with a concentration
grade of 62%, traded on the Dalian exchange, rose 1.77% to $138.17
per metric ton.
On Wednesday’s economic agenda, investors await, at 09:45 AM,
the U.S. industry and services indicators for January. At 10:00 AM,
the oil inventories of the week until 01/19.
In the Asian market, Hong Kong’s Hang Seng index recorded a
significant rise of 3.56% this Wednesday, led by technology sector
stocks. Notably, Alibaba’s shares rose up to 6.57% after Jack Ma
acquired $50 million in shares. The Chinese Shanghai SE and the
Australian ASX 200 gained 1.80% and 0.06%, respectively. In
contrast, Japan’s Nikkei fell 0.80% and South Korea’s Kospi dropped
0.36%.
European stock markets are on the rise, focused on the initial
indicators of the Purchasing Managers’ Index (PMI) of the Eurozone,
France, and Germany. These data are crucial for a more accurate
understanding of the regional economic scenario before the European
Central Bank (ECB) meeting on Thursday. There are expectations that
the ECB will keep interest rates unchanged at tomorrow’s meeting.
However, market operators are already considering possible cuts of
approximately 130 basis points over the year, with almost a 97%
chance of a first decrease as early as June.
The U.S. stock market closed Tuesday with mixed results. The Dow
Jones fell 0.25%, influenced by losses from 3M
(NYSE:MMM) and Johnson & Johnson (NYSE:JNJ),
despite better-than-expected outcomes. In contrast, the S&P 500
hit a new record, rising 0.29%, while the Nasdaq advanced 0.43%.
The mixed corporate results and anticipation of significant
economic reports contributed to the volatile trading. Sector-wise,
airline and gold mining company stocks stood out positively, while
the real estate sector suffered notable losses.
For the quarterly results front this Wednesday, scheduled to
present financial reports are AT&T (NYSE:T),
ASML (NASDAQ:ASML), Abbott
(NYSE:ABT), Progressive (NYSE:PGR),
Amphenol (NYSE:APH),
Kimberly-Clark (NYSE:KMB), SAP
(NYSE:SAP), Textron (NYSE:TXT), among others,
before the market opens. After the close, the results of
Tesla (NASDAQ:TSLA), IBM
(NYSE:IBM), ServiceNow (NYSE:NOW), Las
Vegas Sands (NYSE:LVS), Lam Research
(NASDAQ:LRCX), Seagate (NASDAQ:STX), Crown
Castle (NYSE:CCI), and more are awaited.
Wall Street corporate highlights for today
Apple (NASDAQ:AAPL) – Apple is seeking to
dismiss a lawsuit of about $1 billion brought by over 1,500 app
developers in the UK over App Store fees. The developers claim
unfair commissions, while Apple argues that 85% of developers pay
no commission and that the case is “unsustainable.” The dispute
focuses on applying UK law to the case. Apple already faces other
lawsuits related to App Store commissions and defective iPhone
batteries.
Netflix (NASDAQ:NFLX) – Netflix exceeded
subscriber estimates in the fourth quarter, with 13.1 million new
subscribers, bringing the total to 260 million. The company
reported a lower earnings per share due to currency losses, but
revenue exceeded expectations. Investors were optimistic, and the
shares rose 9.3% in Wednesday’s pre-market. Netflix plans to invest
in content, advertising, gaming, and live programming to continue
growing. Additionally, it announced a deal worth over $5 billion
with WWE to bring exclusive content to the platform in January
2025.
eBay (NASDAQ:EBAY) – eBay will cut about 1,000
jobs, equivalent to about 9% of its workforce, due to increasing
expenses relative to business growth. Additionally, the company
plans to reduce the number of contracts with its alternative
workforce in the coming months.
Alibaba (NYSE:BABA) – Jack Ma and Joe Tsai
acquired millions of shares of Alibaba in the fourth quarter,
boosting the company’s shares. Ma bought $50 million in shares in
Hong Kong, while Tsai acquired about $151 million in U.S.-traded
shares through his family investment. The move comes amid Alibaba’s
ongoing reshaping. Additionally, Southeast Asian online retailer
Daraz Group, part of Alibaba, appointed James Dong, CEO of Lazada
Group SA, as its new interim CEO, replacing founder Bjarke
Mikkelsen. Mikkelsen is the latest executive to leave Alibaba,
which faces competition challenges and post-Covid impacts. Dong
will work on integrating Daraz with other companies of Alibaba’s
international online shopping unit.
SAP (NYSE:SAP) – German software company SAP SE
announced a $2.2 billion restructuring program through 2024,
affecting 8,000 positions, focusing on artificial intelligence, and
committed to supporting AI startups with over $1 billion.
Additionally, the company expects double-digit growth in cloud
revenue and operating profit in 2024, maintaining a strong
outlook.
ASML (NASDAQ:ASML) – ASML Holding, a leader in
chip manufacturing equipment, announced fourth-quarter earnings
that exceeded expectations, with record quarterly orders. However,
they maintained a cautious outlook for 2024 due to export
restrictions to China, despite strong demand for AI chips. Net
profit increased 9% to 2.0 billion euros on sales of 7.2 billion
euros in the fourth quarter. Orders exceeded 9 billion euros in the
quarter.
BlackBerry (NYSE:BB) – BlackBerry’s shares fell
11% in Wednesday’s pre-market following the announcement that the
company plans to conduct a private offering of $160 million in
convertible notes due in 2029, as part of its financing
strategy.
Nokia (NYSE:NOK) – Oppo and Nokia settled a
patent dispute with a cross-licensing agreement, allowing Oppo to
freely sell its devices in European markets, including Germany. The
agreement covers essential patents for 5G and other cellular
communication technologies, benefiting Nokia’s IP licensing
revenue. Oppo sold over 100 million smartphones in 2023, becoming
the fourth largest global manufacturer.
Tesla (NASDAQ:TSLA) – Tesla plans to launch a
mass electric vehicle called “Redwood” around 2025. The model aims
to compete with more affordable gasoline cars and challenge rivals
like BYD. Large-scale production may not start before 2026 due to
production challenges. Tesla is committed to making electric
vehicles more affordable, exploring different manufacturing
locations, such as Texas, Berlin, and potentially India.
Fisker (NYSE:FSR) – Fisker plans to sell all of
the nearly 5,000 vehicles manufactured last year by the end of the
first quarter, with over 100 dealers in the U.S., Canada, and
Europe interested in partnerships. The company seeks to generate
cash and reduced its debt by $185.5 million.
Stellantis (NYSE:STLA) – Stellantis CEO Carlos
Tavares said the lack of incentives for electric vehicles in Italy
resulted in months of reduced automotive production, urging the
Italian government to implement support measures to protect its
factories and boost electric vehicle sales. Stellantis aims to
become a global leader in commercial vehicles by 2030.
Plug Power (NASDAQ:PLUG) – Plug Power announced
a $1.6 billion government loan from the Department of Energy to
support the construction of hydrogen production facilities. This is
good news following an 80% drop in shares and stock sale agreements
that concerned investors. The company focuses on managing financial
challenges and announced the inauguration of a hydrogen plant in
Georgia.
Boeing (NYSE:BA) – Boeing will conduct a
quality stop at its Renton plant in the Seattle area, halting
production and deliveries for one day. Employees will participate
in quality workshops to assess and recommend improvements following
recent incidents with the 737 MAX 9. Other facilities will also
have stoppages in the coming weeks. Boeing also issued guidelines
to suppliers to ensure the correct fastening of screws following
incidents with the 737 MAX 9. Additionally, Boeing CEO Dave Calhoun
will meet with U.S. senators to discuss issues related to the 737
MAX 9 and MAX 10 orders.
Alaska Airlines (NYSE:ALK) – During inspections
following an incident on January 5, Alaska Airlines identified
“some loose bolts on many” of the Boeing 737 MAX 9 planes, revealed
CEO Ben Minicucci.
United Airlines (NASDAQ:UAL) – United Airlines
is reevaluating its commitment to the Boeing 737 Max 10 due to the
suspension of dozens of Max 9s by the government, raising concerns
about Boeing’s ability to meet delivery deadlines. United maintains
its orders but removes the Max 10 from its internal plans and seeks
alternatives.
Southwest Airlines (NYSE:LUV) – Southwest
Airlines flight attendants voted overwhelmingly in favor of a
strike, with over 98% of members supporting the measure. They seek
higher wages and better working conditions, contrasting with a new
labor agreement offering a significant salary increase for
pilots.
Lockheed Martin (NYSE:LMT) – Lockheed Martin
lowered its profit forecast for 2024, with estimates ranging from
$25.65 to $26.35 per share, below Wall Street’s expectation of
$26.62. In the fourth quarter, net profit was $1.87 billion, while
the company’s total sales reached $18.87 billion.
BP (NYSE:BP) – BP anticipates that the
deep-water natural gas field, Calypso, in Trinidad and Tobago,
shared with Woodside Energy, will receive investment approval
earlier than expected, possibly by the end of next year. Initially,
the FID (Final Investment Decision) was expected in 2026. Woodside
continues to progress with the project, while the government of
Trinidad pressures to increase gas production due to shortages. BP
and Shell (NYSE:SHEL) also have potential to find
hydrocarbons in areas explored by Exxon Mobil
(NYSE:XOM).
General Electric (NYSE:GE) – General Electric
exceeded expectations with a quarterly profit of $1.03 per share,
compared to estimates of $0.91 per share. Its total revenue
increased 15% to $19.42 billion. However, the company forecasts
next quarter’s profits below expectations, with an adjusted profit
range of 60 to 65 cents per share, compared to analyst estimates of
72 cents per share. GE also announced the separation of its
renewable energy unit, GE Vernova, and provided separate estimates
for its energy and aerospace units in 2024.
Baker Hughes (NASDAQ:BKR) – In the fourth
quarter, Baker Hughes exceeded Wall Street’s expectations with an
adjusted net income of 51 cents per share. International growth,
especially in demand for oilfield services and LNG equipment, drove
its positive results, offsetting a slowdown in the U.S.
International revenue grew by 15%, while revenue from the
industrial and energy technology segment increased by 24%. Future
LNG projects also contributed to the company’s success.
3M (NYSE:MMM) – 3M forecasted earnings per
share of $9.35 to $9.75 for the fiscal year 2024, below analysts’
estimates of $9.81. In the fourth quarter of 2023, the company
reported an adjusted earnings of $2.42 per share, surpassing the
$2.31 estimate. Adjusted revenue in the same period was $7.69
billion, slightly below the $7.70 billion estimate. The company is
facing challenges due to a weak macroeconomic environment and
lawsuits related to chemicals.
Texas Instruments (NASDAQ:TXN) – Texas
Instruments projected revenues for the first quarter between $3.45
billion and $3.75 billion, below the average analyst estimate of
$4.06 billion. The earnings per share forecast for the current
quarter also fell short of estimates. TI earned $1.49 per share on
sales of $4.08 billion in the December quarter. Analysts surveyed
by FactSet expected TI’s earnings to be $1.47 per share on sales of
$4.12 billion. Year-over-year, TI’s profits fell 30%, while sales
dropped 13%.
Unilever (NYSE:UL) – Unilever struggled to
maintain market share in supermarkets in the U.S. and Europe in the
fourth quarter due to price increases and growth of private labels.
The company lost market share in various categories, including ice
cream and mayonnaise, but is reducing product variety to focus on
innovating its 14 “key billion-euro brands.” Analysts and investors
expressed concerns about the market share drop and the need to
recover it in the long term.
Procter & Gamble (NYSE:PG) – Procter &
Gamble (P&G) revised its annual profit forecast downward after
a $1.3 billion charge related to the Gillette business. Net sales
reached $21.44 billion for the quarter, with a 3.2% increase. The
company’s core profit was $1.84 per share, exceeding estimates of
$1.70.
Walgreens Boots Alliance (NASDAQ:WBA) –
Walgreens Boots Alliance is considering the sale of the specialty
pharmacy company Shields Health Solutions, potentially valued at
over $4 billion. Advisors are assessing interest from private
equity and healthcare companies, but no final decision has been
made. Walgreens previously acquired stakes in Shields in 2022 and
2021.
Johnson & Johnson (NYSE:JNJ) – Johnson
& Johnson reached a provisional agreement to resolve
investigations in 42 U.S. states and Washington, DC, about the
safety of its talc products, agreeing to pay about $700 million.
The settlement does not cover ongoing lawsuits from private
plaintiffs. In the fourth quarter, Johnson & Johnson announced
a quarterly profit of $2.29 per share, beating expectations by a
cent. Quarterly revenue reached $21.40 billion, slightly above the
$21.01 billion estimate. The company reaffirmed its adjusted
operational profit forecast for 2024 between $10.55 and $10.75 per
share.
Intuitive Surgical (NASDAQ:ISRG) – Intuitive
Surgical exceeded predictions with a 21% increase in procedures in
the 4th quarter, leading to a 17% growth in sales to $1.93 billion.
Adjusted earnings were $1.60 per share, 30% more than the previous
year. The shares rose over 8% in Wednesday’s pre-market
trading.
Wayfair (NYSE:W) – Wayfair, an online furniture
retailer, favored on-site work over remote in its latest round of
layoffs, affecting 13% of the global workforce. Executives claimed
remote workers were more likely to be laid off. The company also
encouraged more effort from employees before the layoffs due to a
period of crisis and overhiring during the pandemic.
UBS (NYSE:UBS) – UBS launched its biggest
branding campaign since 2016, investing tens of millions of dollars
to revamp its image following the acquisition of Credit Suisse. The
Swiss bank will use the slogan “Banking is our craft” to attract
new clients to its wealth management, asset management, and
investment banking franchises. The campaign will include online and
print ads, sponsorships, events, social media, and billboards.
Additionally, UBS announced changes to its executive board, with
Aleksandar Ivanovic leading the $1.6 trillion asset management
business and Beatriz Martin Jimenez taking the role of Global
Leader of Sustainability and Impact. These changes aim to support
the integration with Credit Suisse, acquired last year. The changes
will take effect on March 1st.
Bank of America (NYSE:BAC) – Bank of America
announced cuts of about 20 bankers in Asia due to declining markets
in China and Hong Kong, mainly affecting those involved in
China-related businesses. The reduction reflects geopolitical
uncertainties and economic slowdown in the region.
Santander (NYSE:SAN) – Santander Mexico plans
to launch its digital banking service, Openbank, in the coming
months. The institution aims to compete with the growth of digital
banks in a market where competition is rapidly increasing.
Nasdaq (NASDAQ:NDAQ) – Adena Friedman, CEO of
Nasdaq, seeks to transform it into a tech giant, focusing on
combating financial crime. Recent acquisitions have raised
concerns, but the opportunity to solve a trillion-dollar problem is
significant. Analysts have a positive view and believe Nasdaq can
achieve significant valuation if it convinces the market of its
transformation into a fintech.
BlackBerry (NYSE:BB)
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