S&P 500 biggest gains and losses today
2 hours 48 minutes ago
Here are today’s biggest gainers and losers in the S&P 500:
Friday’s modest rally won’t push the Dow green this week
3 hours 10 minutes ago
The Dow Jones Industrial Average rose 0.2%, or about 70 points, spurred by a rally in tech stocks after the week’s sharp sell-off. A second consecutive session of modest gains was not enough to lift the index this week, with the Dow Jones Industrial Average ending the holiday-shortened week down about 0.8%.
Amgen (AMGN) led the Dow rally, gaining about 2%. Shares in Walt Disney (DIS), which battled Charter Communications over broadcast fees, surged 1.3%, ending a six-session losing streak.
Shares of Microsoft (MSFT) also rose 1.3% after one of its executives said the company’s artificial intelligence (AI) business would reach $10 billion in revenue faster than any other division to date.
Salesforce (CRM) rose 1% and Apple (AAPL) rose 0.3% after two straight days of declines on concerns about its Chinese business.
Goldman Sachs (GS) said 1.5% of its workforce could be laid off after investment banks said they would resume annual performance reviews of underperforming workers. increased by 1%.
Chevron (CVX) rose 0.3% despite the start of a partial strike at Australia’s liquefied natural gas (LNG) facilities.
Spirit Aerosystems (SPR), one of Boeing (BA)’s top suppliers, said inflation had made its contracts with aircraft makers “unsustainable” and asked Boeing to shoulder more costs. , Boeing (BA) shares fell 2.2%. Shares of Spirit Aerosystems fell 1.3%.
Verizon (VZ) shares were down 1.1%, while the Dow (DOW) was down 0.7%. Intel (INTC) shares fell 0.5%, ending a nine-game winning streak.
-Terry Lane
China’s Apple iPhone ban hits these stocks too
3 hours 57 minutes ago
Apple lost about $200 billion in market capitalization on Wednesday and Thursday after reports that China had banned iPhones in the workplace for government employees. Apple shares are down about 6% for the week as of 3:30 p.m. ET.
But its suppliers have also suffered. In Taiwan, shares of Largan Precision, an Apple supplier that makes smartphone camera lenses, fell about 3.6% over the week. Chip maker Taiwan Semiconductor Manufacturing Co. (TSM) is a big cog in Apple’s supply chain, and its shares have fallen about 5% over the same period, while the Chinese company that owns the manufacturing plant, Luckshare Precision Industry Co., has fallen 11%.
Domestic tech companies have also hurt share prices, with Qualcomm (QCOM) down about 8% this week.
China’s ban could accelerate Apple’s ongoing efforts to diversify its supply chain. The company’s closest partner, Foxconn, last year moved production of the iPhone 14 to a factory in India. Foxconn still has a large presence in China, but has since moved more assembly to neighboring Vietnam.
-Kevin George
RH warns high mortgage rates will weigh on luxury home market, hurt furniture sales
4 hours 53 minutes ago
Shares of RH (RH) fell more than 14% in midday trading as higher-end mortgage rates hit sales of luxury homes and a lower-than-expected outlook from a luxury furniture retailer.
RH on Thursday forecast revenue of $740 million to $760 million for the current quarter, down 14% from a year ago and below analyst expectations. The company expects fourth-quarter sales to beat the midpoint of $760 million to $800 million, and raised the lower end of its full-year forecast to $3.04 billion from $3 billion previously.
In the second quarter of fiscal 2023, RH reported earnings of $3.93 per share. Sales fell 19% to $805 million. However, both were more than expected.
RH shares fell to a two-month low on Friday, but are still up 20% this year.
-Bill McCall
Y-chart.
Stellantis Offers Workers 14.5% Salary Increase On 4-Year Contracts As Contract Expires Near
5 hours 37 minutes ago
In its first offer to the United Auto Workers Union (UAW), automaker Stellantis NV (STLA) offered most union employees nearly 15% pay increases over four-year contracts.
The company’s proposal also included a one-time $6,000 “inflation protection payment” in the first year of the contract, and an additional $4,500 payment over the last three years of the contract.
Stellantis’ proposal is slightly less generous than the one General Motors (GM) put forward yesterday, recommending a 10% pay raise, two 3% lump sum payments, and an inflation relief payment of $11,000. . GM and Ford (F) also offered the union a $5,500 ratification bonus, which was not in the Stellantis proposal.
The three automakers have until Sept. 14 to reach an agreement with the UAW to avoid a strike that could cost the economy more than $5 billion.
Those who move the midday market
6 hours 16 minutes ago
Guidewire Software Inc. (GWRE): The insurance software provider turned profitable in the fourth quarter of the fiscal year, rising 11% as it beat analyst expectations on revenue and bottom line.
Valero Energy Corporation (VLO): The company’s shares rose 4%, making it the best-performing stock in the S&P 500 after oil prices recovered from yesterday’s decline. Wells Fargo and Goldman Sachs also raised their price targets this week.
Eli Lilly & Company (LLY): The company’s shares rose 2% after Britain’s National Institute for Health Care Excellence recommended its drug Munjaro as a treatment for type 2 diabetes in certain circumstances.
Rent the Runway Inc. (RENT): Shares of the apparel-rental service fell 27% to a record low of 99 cents after the company’s second-quarter sales fell short of Wall Street expectations.
Block Co., Ltd. (SQ): The company’s payment network went down Thursday afternoon and was down until Friday morning, sending its shares down 5%.
DocuSign beat quarterly expectations.Warning about macroeconomic pressures
7 hours 26 minutes ago
DocuSign (DOCU) posted better-than-expected results and raised its guidance, but the e-signature company’s shares fell as it warned of continued economic challenges.
DocuSign reported earnings per share (EPS) of 72 cents in the second quarter of fiscal 2024, and revenue increased 11% to $687.7 million. Both exceeded analyst expectations. Claims increased 10% to $711.2 million. Both net cash provided by operating activities and free cash flow were higher than in the prior-year period.
DocuSign is pleased with the results, but “like many other companies, we are seeing continued macro pressures constraining the rate of expansion,” Tigesen said on the company’s earnings call. Ta.
Still, DocuSign has raised its full-year revenue forecast to $2.73 billion to $2.74 billion, up from its previous estimate of $2.71 billion to $2.73 billion. The company will also increase its share buyback program by $300 million to a total of up to $500 million.
DocuSign’s stock fell nearly 3% early Friday and is set to drop further in 2023.
-Bill McCall
Y-chart.
Friday’s Biggest Analyst Calls
8 hours 4 minutes ago
Adobe Inc. (ADBE): Mizuho analysts said Adobe is “very well positioned to benefit from digital transformation with a very comprehensive end-to-end offering,” and upgraded the software maker to a buyout target, with a price target. was raised by $110 to $630.
Gilead Sciences, Inc. (GILD): Bank of America Securities has upgraded the pharmaceutical company to an acquisition target and raised its price target from $88 to $95. “We believe Gilead’s accelerated growth and expanding pipeline are undervalued by investors,” the analysts wrote.
First Solar Co., Ltd. (FSLR): Deutsche Bank upgraded the solar energy company to a buyout target, raising its price target by $15 to $235. Analysts said First Solar’s analyst day gave investors what they were looking for: “a strong three-year roadmap with improved numbers and core margins.”
Summit Materials Co., Ltd. (SUM): Wolf Research has downgraded the construction materials company to pending acquisition after it announced it would merge with Colombia-based Cementos Argos’ North American business.
Australian workers go on strike, petrol prices rise
8 hours 34 minutes ago
Workers at Chevron’s (CVX) Australian liquefied natural gas (LNG) facility launched a partial strike Friday after talks broke down between the company and workers, disrupting global supplies. , gas prices may rise.
Under the current partial strike terms, workers will not work up to 11 hours a day until next Thursday, after which they will go on full strike until Sept. 29 if their grievances persist.
Australia is one of the world’s leading LNG exporters and Chevron’s Australian facility accounts for more than 5% of global supply.
Natural gas futures rose more than 2% to $2.63 on Friday, while Chevron shares rose 1%.
– Fatima Atharwala
Kroger & Albertsons to sell 400 stores to secure merger approval
9 hours 35 minutes ago
Grocery chains Kroger (KR) and Albertsons (ACI) on Friday announced plans to sell 413 stores to C&S Wholesale Grocers in an attempt to allay regulatory concerns over a $25 billion merger.
C&S will pay $1.9 billion for its stores, mostly in the western and central United States, and could buy up to 237 more stores if the Federal Trade Commission mandates further sales.
The country’s two largest traditional supermarkets, Kroger and Albertsons, have announced plans to merge in October 2022, with the deal expected to close in early 2024.
The Federal Trade Commission is currently investigating the deal to determine whether it harms small grocery stores.
Shares of Albertsons rose 2.8% early Friday. Kroger, which reported mixed quarterly earnings and announced a $1.2 billion opioid settlement before markets opened, was up 5%.
Stocks that moved the most before the market
10 hours 24 minutes ago
Gainer:
- First Solar (FSLR): Shares rose 3% after Deutsche Bank upgraded the solar panel maker to buy target and raised its target price to $235 from $220.
- Snowflake (SNOW): The cloud data warehousing firm climbed 2% to 25 from Thursday’s close after analysts at DA Davidson began covering the stock with a buy and $200 price target. % rise.
- 3D Systems Corp. (DDD): A partnership with Align Technology (ALGN), maker of Invisalign orthodontic appliances, after the company announced that it would not be affected by its acquisition of 3D printer Cubicure, a 3D printing company. Shares rose 1%. Shares of 3D Systems fell more than 7% yesterday following the acquisition announcement.
loser:
- Kroger (KR): Shares of the grocery chain fell about 2% after second-quarter sales fell short of expectations. It also said it would pay up to $1.2 billion to settle the majority of opioid-related claims.
- GameStop Corp. (GME): The video game retailer’s shares fell 3% after a modest gain yesterday on reports of better-than-expected earnings from a surge in digital sales.
- ASML Holding NV. (ASML): Semiconductor equipment system makers fell 1.5% yesterday, following semiconductor stocks such as Broadcom (AVGO) and Qualcomm (QCOM) that plunged yesterday on China’s efforts to curb the use of foreign technology.
5 things to know before the market opens
10 hours 44 minutes ago
Here’s what investors need to know to start their day.
- Workers at Australia’s Chevron (CVX) LNG project could go on strike after a breakdown in talks between the two companies could disrupt production at the facility, which accounts for more than 5% of global supply.
- Luxury furniture retailer RH (RH), formerly known as Restoration Hardware, shares 740-700 million below analyst forecasts of $778.6 million for third-quarter sales It fell 7% before the market after a downward revision to $60 million.
- DocuSign (DOCU) shares rose 3% in pre-market trading, up from $0.44 per share in the same period last year, after the company announced adjusted quarterly earnings of $0.72 per share.
- Goldman Sachs (GS), which has paused layoffs due to the pandemic, is reportedly planning to start reviewing employees that could lay off underperforming workers as early as next month.
- Consumer credit levels are expected to fall to $16 billion in July, from $17.9 billion the previous month, when the data is released at 3:00 p.m. ET.
-Terry Lane
Stock futures fall for 4th straight day
11 hours 8 minutes ago
Futures trading related to the Dow Jones Industrial Average fell 0.1% in premarket trading on Friday.
S&P 500 futures also fell 0.1%.
The Nasdaq 100 fell 0.15%.
