In the pre-market on Thursday, U.S. index futures are showing
positive performance, with investors keeping an eye on the
fourth-quarter GDP.
At 05:45 AM, Dow Jones futures (DOWI:DJI) rose by 102 points, or
0.27%. S&P 500 futures increased by 0.07%, and Nasdaq-100
futures remained stable. The yield on 10-year Treasury bonds stood
at 4.157%.
In the commodity market, West Texas Intermediate crude oil for
March rose by 1.54% to $76.25 per barrel. Brent crude oil for March
increased by 1.39%, nearing $81.15 per barrel. Iron ore with a 62%
concentration, traded on the Dalian exchange, rose by 1.60% to
$139.24 per metric ton.
Thursday’s economic agenda will be busy with important
indicators. At 08:30 AM, the Chicago Fed will release the December
national activity index, followed by the fourth-quarter GDP reading
and December durable goods orders from the Department of Commerce.
It is expected that the fourth-quarter GDP will reveal a seasonally
adjusted annual expansion of 2%, marking a decrease compared to the
4.9% growth observed in the previous quarter. These numbers could
significantly influence the stock market as investors seek a better
understanding of the economic condition at the beginning of the
year.
At the same time, the Department of Labor will report on last
week’s jobless claims. Ending the day at 10 AM, December new home
sales will be announced by the Department of Commerce, providing a
comprehensive overview of the US economic health.
Asian markets closed higher, led by significant gains in China
(+3.03%) and Hong Kong (+1.96%), following the People’s Bank of
China’s announcement of a reduction in reserve requirements,
especially boosting the real estate sector and promoting greater
liquidity as a strategy to revitalize the economy.
European markets are declining, with investors keeping an eye on
the imminent ECB decision on monetary policy. There is a 60%
expectation of a possible rate cut in April, according to Reuters
analysis based on LSEG data.
On Wednesday, U.S. stocks opened higher but retreated throughout
the day, with the Dow Jones closing in the negative and both the
S&P 500 and Nasdaq posting modest gains. Technology stocks led
the initial gains, driven by positive results from
Netflix (NASDAQ:NFLX) and ASML
(NASDAQ:ASML). The Dow Jones fell by 0.26% to 37,806.39 points. The
S&P 500 rose by 0.08% to 4,868.55 points. The Nasdaq increased
by 0.36% to 15,481.92 points. The enthusiasm waned due to concerns
over interest rates and a turnaround in treasury yields. While the
oil services and semiconductor sectors showed strength, the shares
of gold and telecommunications fell, as did those sensitive to
interest rates.
For the quarterly earnings front on Thursday, financial reports
are scheduled to be presented by American Airlines
(NASDAQ:AAL), Southwest Airlines (NYSE:LUV),
Alaska Airlines (NYSE:ALK), NextEra
Energy (NYSE:NEE), The Blackstone Group
(NYSE:BX), Humana (NYSE:HUM), Dow
Inc (NYSE:DOW), Sherwin Williams
(NYSE:SHW), Valero (NYSE:VLO), and others before
the market opens. After the close, numbers from
Intel (NASDAQ:INTC), Visa
(NYSE:V), T-Mobile (NASDAQ:TMUS), L3
Harris (NYSE:LHX), Levi’s (NYSE:LEVI),
CapitalOne (NYSE:COF), and more are awaited.
Wall Street corporate highlights for today
Alphabet (NASDAQ:GOOGL) – Google, part of
Alphabet, will invest $8 million in Israeli and Palestinian tech
companies to assist during the Israel-Hamas conflict. $4 million
will support AI startups in Israel, while $4 million will go to
early-stage Palestinian startups and companies, in addition to
providing grants and loans to 1,000 small Palestinian businesses
and early support for 50 tech startups in the region. The
initiative aims to preserve jobs and create new ones. Moreover,
Google reached a settlement in a patent infringement lawsuit
involving chips used in its artificial intelligence technology. The
settlement was reached on the same day that closing arguments were
scheduled to begin in the trial of the lawsuit filed by Singular
Computing, which sought $1.67 billion in damages for allegations of
Google’s improper use of its computing processing innovations. The
details of the settlement were not disclosed. Google denied
Singular’s patent violations and expressed satisfaction in
resolving the matter.
Apple (NASDAQ:AAPL) – Smartphone shipments in
China fell 2.1% in the last quarter of 2023 due to local
competition led by Huawei. Apple faces challenges in its
third-largest market, with some companies and government agencies
restricting the use of Apple devices. Huawei saw its shipments
increase by 36.2% in the last quarter of the year. Although Apple
led smartphone sales in China in 2023, analysts predict sales
pressure this year due to competition and limited product upgrades.
In other news, Apple is adjusting its strategy to launch an
electric car after a decade of efforts. Previously aiming for a
fully autonomous vehicle, the company is now focusing on a Level 2+
driver assistance model. The launch, planned for 2028, is a crucial
step in a tumultuous project aimed at revitalizing Apple’s growth.
Uncertainty hangs over the project, but the company continues to
invest significant resources. Additionally, Apple plans to impose
new fees and restrictions on allowing third-party software
downloads outside the App Store, only in Europe, in compliance with
the European Union’s Digital Markets Act (DMA), targeting the
influence of big tech companies.
Microsoft (NASDAQ:MSFT) – Microsoft briefly
surpassed the $3 trillion market value mark on Wednesday, remaining
the world’s second most valuable company, behind Apple
(NASDAQ:AAPL). Both companies compete for the title of Wall
Street’s most capitalized stocks.
Nvidia (NASDAQ:NVDA), Equinix
(NASDAQ:EQIX) – Equinix and Nvidia have partnered to offer Nvidia’s
supercomputing systems to corporate customers. This will allow
companies to have artificial intelligence systems and more control
over their data, rather than relying on cloud providers like
Amazon (NASDAQ:AMZN) or Microsoft
(NASDAQ:MSFT). The partnership aims to meet companies’ privacy and
security needs, with Equinix handling the construction and
operation of Nvidia’s systems.
IBM (NYSE:IBM) – IBM exceeded expectations in
the fourth quarter with adjusted earnings of $3.87 per share and
revenue of $17.4 billion. Shares rose 7.8% in Thursday’s pre-market
to $187.49. The company projected continued growth for 2024,
forecasting single-digit revenue growth and generating about $12
billion in free cash flow. In 2023, total revenue was $61.9
billion, surpassing the free cash flow target of $10.5 billion with
$11.2 billion.
Spotify (NYSE:SPOT) – Spotify will allow
European users to purchase audiobooks and subscriptions within the
music streaming app, complying with the EU’s Digital Markets Act.
This bypasses Apple’s 30% App Store fee, which has previously
generated disputes.
Seagate Technology (NASDAQ:STX) – Seagate
Technology forecasted revenue of approximately $1.65 billion for
the third quarter, in line with analysts’ estimates, driven by
continued recovery in PC and cloud markets. In the second quarter,
the company reported revenue of $1.56 billion, exceeding estimates,
and adjusted earnings of 12 cents per share, reversing three
quarters of losses.
Lam Research (NASDAQ:LRCX) – Lam Research, a
chip equipment manufacturer, reported a significant drop in
second-quarter profits, but its adjusted earnings per share of
$7.52 beat analysts’ projections. Additionally, the company
announced an adjusted earnings forecast for the third quarter
between $6.50 and $8, surpassing Wall Street’s estimate of
$6.63.
ServiceNow (NYSE:NOW) – ServiceNow raised its
annual subscription revenue forecasts, expecting to reach between
$10.56 billion and $10.58 billion in 2024, up from a previous
projection of $10.4 billion. In the fourth quarter, the company
reported revenue of $2.44 billion and subscription revenue of $2.37
billion, exceeding analysts’ expectations. Adjusted earnings were
$3.11 per share, compared to the forecast of $2.79 per share.
Hewlett Packard Enterprise (NYSE:HPE) – Last
Wednesday, Hewlett Packard Enterprise announced that on December
12, it discovered that the “Midnight Blizzard” hacker group had
breached its cloud email system since May 2023. According to HP,
the group extracted emails related to cybersecurity, market
strategies, business operations, and other areas of the company.
The Midnight Blizzard group, associated with the 2020 SolarWinds
attack on Microsoft (NASDAQ:MSFT), did not
significantly impact HP’s operations.
Nokia (NYSE:NOK) – Nokia’s shares rose 8% in
Thursday’s pre-market after reporting better-than-expected margins,
despite sales falling short of estimates. The company posted a loss
of 33 million euros, with revenues of 5.71 billion euros, while
analysts expected adjusted earnings of 659 million euros on sales
of 6.27 billion euros. Nokia cited economic uncertainty as a reason
for the pressure on carrier spending, but investors were impressed
with its gross margin of 43.1%, which fell by only 0.4 percentage
points, due to improvements in mobile networks and cloud
services.
Paramount Global (NASDAQ:PARA) – Paramount
Global’s shares rose 3.1% in the pre-market due to interest from
Skydance Media in leading an acquisition, along with RedBird
Capital Partners and KKR (NYSE:KKR), which would also include
purchasing Shari Redstone’s National Amusements.
United Airlines (NASDAQ:UAL) – United Airlines
embarked on a new phase on Wednesday, after receiving final
approval from the Federal Aviation Administration (FAA) to
reintegrate its Boeing (NYSE:BA) aircraft fleet, including the
Boeing 737 MAX 9, into scheduled service beginning on Sunday.
Boeing (NYSE:BA) – Boeing resumed deliveries of
the 737 MAX to a Chinese airline after a four-year freeze, marking
the first delivery since March 2019 for the U.S. airplane
manufacturer’s profitable jet. Additionally, Boeing’s CEO, Dave
Calhoun, met with U.S. lawmakers to discuss the explosion of a 737
MAX 9’s cabin panel. Senators Maria Cantwell and Jerry Moran called
for Congressional oversight and will hold hearings to investigate
the incident. Boeing has not disclosed the cause but stated it is
committed to finding out. The U.S. Federal Aviation Administration
also intervened, freezing production increases and causing market
uncertainties.
Tesla (NASDAQ:TSLA) – Tesla plans to start
production of its next electric vehicle in Texas in the second half
of 2025, according to Elon Musk, although it faces significant
technological challenges. Musk also warned that Chinese automakers,
without trade barriers, will dominate the global electric vehicle
market, mentioning the success of BYD. The company warned of slower
sales growth and reported a fourth-quarter gross margin of 17.6%,
below estimates. Tesla’s fourth-quarter revenue increased to $25.17
billion, while net profit was $7.9 billion, boosted by non-cash
gains. Shares fell 8% in Thursday’s pre-market.
Ford Motor (NYSE:F) – Ford Motor announced a
remeasurement loss of about $1.7 billion before taxes, related to
pensions and post-retirement benefits for its employees in the
fourth quarter, reducing its net income by about $1.3 billion after
taxes. This loss was influenced by lower discount rates compared to
the previous year. Additionally, Ford Motor announced a global
recall of 2.24 million older Explorer SUVs due to issues with the
A-pillar trim retention clips, affecting 1.89 million SUVs in the
U.S.
Aurora Innovations (NASDAQ:AUR) – The
autonomous vehicle company restructured, reducing its workforce by
3% (1,700 employees as of the end of 2022) to optimize operations
as it prepares to launch autonomous trucks in partnership with
Continental AG and Volvo later this year. Additionally, the company
completed the design of the Aurora Driver autonomous driving
system, planning production in 2027 and large-scale deployment
following the initial driverless launch in 2024.
General Motors (NYSE:GM) – General Motors plans
to invest 7 billion reais ($1.42 billion) in Brazil by 2028 to
boost sustainable mobility, renew its portfolio, develop
technologies, and possibly produce electric vehicles, supporting
the national industry. President Lula praised the investment, part
of a new cycle of strengthening GM’s competitiveness in Brazil. GM
also plans to launch six new vehicle models in the country this
year.
Cleveland-Cliffs (NYSE:CLF) – Cleveland-Cliffs
made a takeover bid higher than US Steel Corp (NYSE:X) by $1.4
billion compared to Nippon Steel’s cash offer, according to a
regulatory filing. Nippon Steel won with a $14.1 billion offer, at
a significant premium. US Steel reported an entity referred to as
“Company D”, possibly Cleveland-Cliffs, raising the offer to $54
per share, predicting synergies of $6.50 per share. Concerns
included regulations and material costs, leading Cleveland-Cliffs
to agree to pay a $1.5 billion termination fee and divest assets up
to $2 billion in revenues to secure antitrust approval.
Kinder Morgan (NYSE:KMI) – Kinder Morgan
remains optimistic about natural gas demand, driven by LNG exports
and shipments to Mexico. The U.S. led LNG exports in 2023, with
forecasts for increased export capacity in North America by 2027.
The company is investing in natural gas-related projects, despite
weaknesses in pipeline operations in the fourth quarter. Owning the
largest natural gas transmission network in the U.S., it also works
on projects to address shortages in the southeast market.
DuPont De Nemours (NYSE:DD) – DuPont De Nemours
signaled a loss in the fourth quarter and forecasted first-quarter
sales below Wall Street expectations. The company estimates a loss
between $220 million and $370 million, compared to a profit of $105
million in the previous year. Inventory reductions by customers
will continue to affect first-quarter sales. Estimated sales for
the first quarter are about $2.8 billion, below the average analyst
estimate of $3.04 billion.
UBS (NYSE:UBS) – UBS appointed Aleksandar
Ivanovic as the new head of its $1.6 trillion asset management
unit, part of the integration of Credit Suisse. Wealth management
remains the main source of revenue. The search for a successor to
CEO Sergio Ermotti will also begin. Beatriz Martin Jimenez will
become Leader of Sustainability and Impact on the global executive
board. Changes will take effect on March 1.
Citigroup (NYSE:C) – Laid-off Citigroup
employees in New York, part of a major job cut, will receive
salaries until April. The 90-day notice period begins on February
1. Access to bank systems will be cut off, but salaries and
benefits will be maintained until March and April, and 2023 bonuses
will be incorporated into severance packages.
Goldman Sachs (NYSE:GS) – Goldman Sachs and the
World Bank’s International Finance Corporation are expanding their
“10,000 Women” program to offer free online business training in
French to over 60 million women in Francophone Africa starting in
April. The program aims to bridge the financing gap for female
entrepreneurs and has already benefited over 164,000 businesses.
The partnership seeks to boost women’s entrepreneurship and
economic growth in the region.
Haleon Plc (NYSE:HLN) – Haleon Plc agreed to
sell its ChapStick lip balm line to Suave Brands for about $510
million, streamlining its portfolio and seeking to pay off debt.
The CEO stated that ChapStick is not the company’s main focus.
Haleon’s shares remained stable in Thursday’s pre-market.
Tyson Foods (NYSE:TSN) – Tyson Foods replaced
CVS Health (NYSE:CVS) with Rightway as the pharmacy benefits
manager for its 175,000 employees, seeking more transparency and
cost savings. CVS will continue to serve Tyson for specialty
medications. Rightway promises to cut employers’ spending by an
average of 18%.
Abbott Laboratories (NYSE:ABT) – Abbott
reported sales from its medical devices unit in the fourth quarter
of $4.44 billion, exceeding estimates of $4.33 billion. Sales of
the FreeStyle Libre glucose monitoring device totaled $1.4 billion
in the quarter, an increase of 25.5% from the previous year. The
company forecast adjusted earnings for 2024 in the range of $4.50
to $4.70 per share, with the midpoint below analysts’ estimate of
$4.64 per share. The adjusted quarterly profit was in line with
analysts’ estimates, at $1.19 per share.
Las Vegas Sands (NYSE:LVS) – Las Vegas Sands
announced a 161% increase in fourth-quarter revenue, reaching $2.92
billion, surpassing analysts’ expectations of $2.89 billion. The
casino company attributed this performance to continuous
improvements in its operations in Macau and Singapore. Casino
revenue in the same period rose to $2.11 billion, compared to $654
million in the previous year, resulting in a 2.9% increase in the
company’s shares.
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