In the pre-market on Wednesday, U.S. index futures show a
positive trend. Investors are anticipating the quarterly earnings
of Deere & Co (NYSE:DE), while analyzing the
recent results of Nvidia (NASDAQ:NVDA) and the
minutes from the last FOMC meeting, released the day before.
At 06:04 AM, Dow Jones futures (DOWI:DJI) rose 49 points, or
0.14%. S&P 500 futures rose 0.15% and Nasdaq-100 futures rose
0.20%. The yield on 10-year Treasury bonds was at 4.371%.
In the commodities market, West Texas Intermediate crude oil for
January fell 0.90%, to $77.07 per barrel. Brent crude oil for
January fell 0.80% to around $81.79 per barrel. Iron ore with a
concentration of 62%, traded on the Dalian exchange, rose 1.04%, to
$134.65 per ton, the highest value since February 21.
On Wednesday’s economic agenda, investors await the October
durable goods orders and weekly unemployment insurance claims at
08:30 am. At 10:00 am, data on final consumer sentiment for
November will be awaited.
European markets are operating higher, with a focus on media and
real estate stocks. Sage Group (LSE:SGE) hit a
record after an 18% increase in annual operating profit, boosting
sector shares with margin expansion to 20.9%.
Asian markets closed variably after the release of the Fed’s
minutes, indicating restrictive monetary policy. The Japanese
government foresees a moderate economic recovery, while Singapore’s
GDP grew 1.1% in the third quarter, exceeding expectations. Market
indices varied: Shanghai SE fell 0.79%, while Nikkei rose
0.29%.
Israel and Hamas agreed on a four-day pause in fighting for the
release of 50 hostages in Gaza, in exchange for 150 Palestinian
prisoners and humanitarian aid. The agreement, mediated by Qatari
and U.S. officials, may be extended with the further release of
hostages.
U.S. stocks fell on Tuesday, with the Dow Jones retreating
0.18%, the S&P 500 dropping 0.20%, and the Nasdaq yielding
0.59%. The pullback occurred as some traders sought to realize
profits after recent gains, and as the Federal Reserve minutes
indicated the maintenance of restrictive interest rates. Shares of
American Eagle Outfitters (NYSE:AEO) fell 15.8%,
despite better-than-expected results. Kohl’s
(NYSE:KSS), Lowe’s (NYSE:LOW), and Best
Buy (NYSE:BBY) also saw declines due to
lower-than-expected results. Airline and semiconductor sectors
fell, while gold stocks rose with the price of the metal.
On Tuesday’s corporate earnings front, investors will be
watching the reports from Deere (NYSE:DE),
Tremor International (NASDAQ:TRMR),
BaoZun (NASDAQ:BZUN).
Wall Street Corporate Highlights for Today
Microsoft (NASDAQ:MSFT) – OpenAI has agreed on
the return of Sam Altman as CEO, ending uncertainties. The
restructuring included appointments, praised by Microsoft. The
threat of a mass employee exit pressured the board, resulting in
Altman’s reinstatement. The outcome was celebrated by the team,
highlighting unity.
Apple (NASDAQ:AAPL) – Apple faces accusations
from the National Labor Relations Board for not granting enhanced
benefits to unionized workers at an Apple store in Towson,
Maryland, allegedly violating federal labor laws. The union alleges
discrimination and the use of benefits to discourage unionization
at other locations. The complaint arises after the unionization of
the Towson store and allegations of lack of good-faith negotiations
by Apple.
Amazon (NASDAQ:AMZN) – Jeff Bezos, founder of
Amazon, plans to sell a significant part of his shares, estimated
at over $1 billion, after having sold about $240 million last week.
He has been liquidating shares to fund Blue Origin, his space
company, since stepping down as Amazon’s CEO.
Broadcom (NASDAQ:AVGO) – Broadcom plans to
complete the acquisition of VMWare (NYSE:VMW) for
$69 billion, after China approved the deal with restrictive
conditions. The Chinese regulator stated that VMWare software could
operate with local hardware without restrictions on purchasing
Broadcom products. The deal’s closure was expected for November
26.
Alibaba (NYSE:BABA) – Jack Ma, founder of
Alibaba, canceled his plans to sell 10 million shares of the
company due to the recent fall in value. He believes in Alibaba’s
growth potential and will not sell his shares, despite concerns
about competition and the U.S.-China rivalry.
Foxconn (USOTC:FXCOF) – A subsidiary of
Foxconn, Foxconn Industrial Internet Co., was fined $2,800 by
Chinese tax authorities for inflating research and development
expenses in 2021 and 2022. This comes amid a broader investigation
into the company’s operations and suppliers of
Apple (NASDAQ:AAPL) in China. Foxconn founder
Terry Gou, running for the presidency of Taiwan, stated that the
Chinese government would not harm his business empire.
Walt Disney (NYSE:DIS) – On Tuesday, Walt
Disney revealed that new collective bargaining agreements with the
Directors Guild of America, WGA, and SAG-AFTRA will result in
increased content creation costs. The company anticipates capital
expenditures of approximately $6 billion in fiscal 2024, with
spending on produced and licensed content reaching about $25
billion.
Starbucks (NASDAQ:SBUX) – The Strategic
Organizing Center nominated three candidates for the Starbucks
board, using a shareholder tactic. The annual meeting, on March 13,
2024, will decide on the candidates. Starbucks stated it has
invested over $3 billion in the past three years in wage
improvements, training, and technology, and has created a board
committee to enhance stakeholder engagement, including
employees.
Airbnb (NASDAQ:ABNB) – Canada introduced fiscal
measures to alleviate housing shortages, limiting tax deductions
for short-term rentals, including Airbnb, starting in January. The
change aims to control the housing crisis, while Airbnb argues that
restrictions harm additional income and do not solve the structural
problem.
Luminar Technologies (NASDAQ:LAZR) – Luminar
Technologies canceled the acquisition of Forbes by CEO Austin
Russell, as he failed to secure the necessary funding. Russell
previously agreed to acquire 82% of Forbes in a deal valued at
nearly $800 million. The cancellation will not affect Forbes’
day-to-day operations.
Berkshire Hathaway (NYSE:BRK.B) – Warren
Buffett donated approximately $866 million in Berkshire Hathaway
shares to four family charities. In a letter to shareholders, he
reaffirmed his commitment to donating over 99% of his fortune and
indicated that Greg Abel will succeed as CEO. At 93, he highlighted
his satisfaction with his health and peculiar eating habits. Since
2006, Buffett has donated more than half of his shares to
charity.
Blackstone (NYSE:BX), Adevinta
(USOTC:ADEVY) – The private equity consortium, led by Permira and
Blackstone, plans to acquire eBay’s online classifieds group for
$13.1 billion. The offer of 115 crowns per share, with a premium of
52.6%, is supported by shareholders, including Schibsted and
eBay (NASDAQ:EBAY). The deal involves selling half
of eBay’s shares for $2.2 billion and exchanging the remainder for
a 20% stake in the new private entity. Completion is expected in
the second quarter of 2024, subject to regulatory approvals.
Barclays (NYSE:BCS) – Barclays no longer
expects the U.S. Federal Reserve to raise interest rates in
January, reversing a previous forecast of a 25 basis point
increase. The brokerage now projects stable rates until December
2023, with possible cuts in 2024, depending on progress in
disinflation.
Citigroup (NYSE:C) – Citigroup implemented
appointments in Asia-Pacific as part of a global reorganization.
Jan Metzger will lead the investment bank for the North Asia,
Australia, and South Asia cluster. Kaleem Rizvi and K
Balasubramanian were appointed heads of corporate banking for
specific regions. Citi plans to reduce layers of management as part
of a significant reform announced on Monday.
Morgan Stanley (NYSE:MS) – Morgan Stanley
Co-President Andy Saperstein revealed in an internal memo that he
has been diagnosed with cancer. Saperstein, who leads wealth and
investment management, assured employees that he will limit travel
but plans to continue working during treatment.
Rio Tinto (NYSE:RIO) – Rio Tinto agreed to pay
a $28 million fine to end a six-year SEC investigation into its
problematic acquisition of a coal mining company in 2011. Rio Tinto
also hired an independent consultant to guide its compliance
policies. The SEC had accused the company of inflating the value of
Mozambique coal assets and hiding significant losses from
investors.
Ford Motor (NYSE:F) – Ford Motor will reduce
investments, capacity, and jobs at its electric vehicle battery
plant in Michigan, following criticism for using CATL technology.
Ford plans to resume construction, producing iron-lithium batteries
starting in 2026. The original investment of $3.5 billion will be
reduced to about $2 billion.
General Motors (NYSE:GM) – General Motors plans
to provide a business update on November 29 following the
ratification of labor agreements in the U.S. and Canada. With
rising costs due to new union agreements and challenges in the
autonomous unit Cruise, GM is cutting fixed costs and adjusting its
electric vehicle launch strategy.
Boeing (NYSE:BA) – Hackers exploited a flaw in
Citrix Systems software called Citrix Bleed to attack Boeing and
other companies. The LockBit 3.0 ransomware group was responsible
for the attack, which held systems hostage and demanded payment to
unlock files. Boeing shared information with affected third
parties.
Palantir Technologies (NYSE:PLTR) – Palantir
Technologies led a group that secured a contract from the National
Health Service of England, though the contract value was lower than
expected and involved more partners than previously thought.
Ryanair (NASDAQ:RYAAY) – Ryanair CEO Michael
O’Leary criticized Italy’s antitrust investigation into the
airline’s flight prices, calling it a “joke” and attributing it to
Italian populist leadership. He claimed the investigation
overlooked the fact that most bookings occur on desktop
computers.
Virgin Galactic (NYSE:SPCE) – Virgin Galactic
was downgraded from “Equal Weight” to “Underweight” by Morgan
Stanley, and the price target was revised from $4 to $1.75,
according to Fly. This resulted in a 5.63% drop in Wednesday’s
pre-market, with shares now trading at $2.01.
Earnings
Nvidia (NASDAQ:NVDA) – Nvidia is down 0.8% in
Wednesday’s pre-market after reporting third-quarter results with
an adjusted profit of $4.02 per share and revenue of $18.12
billion. Market estimates were a profit of $3.37 per share on
revenue of $16.18 billion. For the fourth quarter, Nvidia forecasts
fiscal revenue of $20.00 billion, above the consensus estimate of
$17.86 billion.
HP Inc (NYSE:HPQ) – HP shares fell 2.7% in
Wednesday’s pre-market due to below-estimate fourth-quarter revenue
performance. HP reported revenue of $13.82 billion, below the LSEG
consensus estimate of $13.85 billion. However, earnings were in
line with projections.
Analog Devices (NASDAQ:ADI) – Analog Devices
projected first-quarter revenue and profit below market estimates
due to semiconductor industry oversupply. The company expects
first-quarter revenue of $2.50 billion compared to LSEG estimates
of $2.68 billion. The company anticipates normalizing growth in the
second half, reducing inventories and slowing capacity expansion.
Revenue fell 16% to $2.72 billion but beat estimates. Adjusted
earnings were $2.01 per share, largely in line with
expectations.
Autodesk (NASDAQ:ADSK) – Autodesk is down -4.7%
in the pre-market despite the software company beating analysts’
expectations for third-quarter revenues and earnings. Adjusted
earnings of $2.07 per share were higher than analysts’ estimate of
$1.99 per share, according to LSEG. Revenue was $1.41 billion,
surpassing the consensus estimate of $1.39 billion.
dLocal (NASDAQ:DLO) – dLocal shares fell 13%
due to the CFO’s departure and below-expectation third-quarter
revenue results. Although earnings were in line with estimates,
revenue of $163.9 million fell short of the $165.5 million
predicted by analysts. The company adjusted its earnings outlook
and maintained its revenue forecast for the year.
Jack in the Box (NASDAQ:JACK) – Jack in the Box
reported fourth-quarter operating earnings that did not meet
expectations and issued a full-year operating earnings forecast
below expected, according to FactSet consensus estimates.
Urban Outfitters (NASDAQ:URBN) – Urban
Outfitters exceeded third-quarter expectations with a net profit of
$83 million and revenue of $1.28 billion. Same-store sales
increased by 5.6%.
Guess (NYSE:GES) – Shares fell 14.8% in
Wednesday’s pre-market after the clothing company reported
disappointing adjusted third-quarter earnings and revenues,
according to FactSet consensus estimates. Excluding unusual events,
the company announced an earnings per share projection between
$2.67 and $2.74, a decrease from the previous estimate of $2.88 to
$3.08 per share.
Nordstrom (NYSE:JWN) – The department store
chain reported third-quarter revenue of $3.32 billion, below
analysts’ expectations of $3.40 billion, according to LSEG. The
retailer announced an adjusted third-quarter earnings of 25 cents
per share, surpassing analysts’ forecasts of 13 cents per
share.
Burlington Stores (NYSE:BURL) – Burlington
Stores shares jumped on Tuesday after the company reported a
third-quarter net profit of $48.6 million, nearly tripling from the
previous year, with adjusted earnings per share of 98 cents. Total
revenue was $2.29 billion, with same-store sales growing 6.0%. The
company expects adjusted earnings per share between $3.04 and $3.19
in the fourth quarter and projects 5% to 7% sales growth.
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