Equity Indexes Wrap: Big Tech Slips as Diamondback Deal Lifts Energy
February 12, 2024 04:13 PM EST
The Dow
Nike (NKE) led the index, rising 2.6%.
Industrials outperformed, with 3M (MMM) rising 1.9%, Dow (DOW) gaining 1.5%, and Caterpillar (CAT) adding 1.4%.
Amgen (AMGN) shares rose 1.1%, snapping a six-day losing streak.
Coca-Cola (KO) inched up 0.3% ahead of its earnings report tomorrow morning.
Tech trailed the index. Salesforce (CRM) and Microsoft (MSFT) both fell 1.3%, and Apple (AAPL) slid 0.9%.
The S&P 500
VF Corp. (VFC) rose 13.9% after the Vans and North Face owner’s founding family threw its weight behind activist investor Engaged Capital in its fight for a board shake-up.
Enphase Energy (ENPH) added 5.3%, extending gains following last week’s upbeat outlook.
Paramount Global (PARA) rose 4% as rumors swirled that Sunday’s Super Bowl, which aired on Paramount-owned CBS, attracted more than 120 million viewers.
Lowe’s (LOW) gained 3.5% after being upgraded to “overweight” by analysts at JPMorgan, who cited the potential benefits of this year’s rate cuts.
Nvidia (NVDA) rose 0.2% but gave up earlier gains that made it more valuable than Amazon, America’s fourth-most largest company.
Most big tech names lost ground. Broadcom (AVGO) fell 1.4%, while Amazon (AMZN) and Alphabet (GOOGL) lost 1%.
AbbVie (ABBV) slipped 0.6% after lowering its current-quarter earnings outlook due to costs related to its acquisition of ImmunoGen.
The Nasdaq 100
Diamondback Energy (FANG) soared 9.4% after announcing it would merge with Endeavor Energy Resources to expand its operations in the Permian Basin.
Airbnb (ABNB) gained 4.2% ahead of its quarterly earnings report after the bell tomorrow.
PDD Holdings (PDD) rose 3.2% after making a splash during last night’s Super Bowl broadcast, for which it dished out millions of dollars to buy multiple coveted ad spots.
Gilead Sciences (GILD) ticked up 1.1% after announcing it would buy CymaBay Therapeutics (CBAY) for $4.3 billion. CymaBay shares soared 25%.
Tesla (TSLA) fell 2.8% after announcing a temporary $1,000 price cut to several Model Y vehicles, in yet another sign of sluggish electric vehicle demand.
What You Need to Know Ahead of Coca-Cola’s Earnings Report Tomorrow
February 12, 2024 03:34 PM EST
Coca-Cola Co. (KO) is expected to keep up the momentum from the past quarter, when the beverage giant showed that consumers continue to buy its drinks despite inflation pushing prices higher.
Analysts project another quarter of growth for the soft drinks maker, both in the top and bottom lines, when it reports earnings before Tuesday’s market open.
According to data from Visible Alpha, analysts anticipate Coca-Cola’s 2023 fourth-quarter net income will increase by nearly 10% to $2.15 billion on revenue of $10.76 billion, a nearly 7% jump from the year-ago quarter.
The world’s most valuable beverage company has been forecasting improved results after recent reports showed that higher prices were meaningfully affecting its sales. After stronger-than-expected sales in the prior quarter, Coca-Cola raised its full-year guidance for EPS and lifted its full-year revenue forecast to 10% to 11% for 2024.
Monday.com Learns Wall Street Is Getting Picky
February 12, 2024 03:02 PM EST
Shares of Monday.com (MNDY) sank Monday after the enterprise software maker’s sales forecast disappointed Wall Street and overshadowed its better-than-expected fourth-quarter results.
Monday.com reported adjusted earnings of $33.7 million, or 65 cents per share, compared with $22.2 million, or 44 cents per share, in the year-ago quarter. Revenue grew 35% to $202.6 million. Both profit and sales were higher than analysts had expected.
For the first quarter of its 2024 fiscal year, Monday.com forecast revenue growth would decelerate slightly to between 28% and 30%. And full year-revenue growth is expected to fall somewhere between 27% and 28%, implying a further deceleration later in the year.
The prospect of slowing sales growth hit the stock, which had risen more than 10% in the week leading up to the report. Monday.com shares were down about 11% at $209.76 late in the session on Monday. Still, they have gained more than 60% in the past twelve months.
CymaBay Therapeutics Stock Jumps on $4.3 Billion Acquisition
February 12, 2024 02:33 PM EST
Shares of CymaBay Therapeutics (CBAY)…
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