Global Markets
US Markets
In the US stock market, trading remained mixed within a narrow range as investors awaited key economic indicators to gauge the overall health of the economy and to glean insights into the Federal Reserve’s future policy direction. The atmosphere was relatively subdued, particularly with a long weekend on the horizon. Meanwhile, European markets experienced a slight uptick, buoyed by advances in energy stocks.
Asian Markets
Across Asia, the Nikkei closed lower as investors engaged in selling stocks to secure dividend rights ahead of the fiscal year-end. Concerns also loomed over potential interventions to strengthen the yen, prompting caution among traders. Conversely, Chinese stocks rallied on the back of optimism surrounding potential aggressive economic stimulus measures from Beijing.
European Markets
In Europe, the stock market experienced a slight increase, with shares edging up. This upward movement was primarily supported by gains observed in energy stocks. Energy stocks encompass companies operating in various sectors of the energy industry, including oil, natural gas, renewable energy, and utilities.
Canadian Market
Canada’s primary stock index witnessed gains, mirroring the positive performance in commodity prices. The surge in oil prices, driven by favorable inventory data for U.S. crude and gasoline, renewed investor interest in energy markets. Additionally, gold prices experienced an uptick amid market uncertainty.
Looking ahead, market participants are eagerly anticipating the release of domestic GDP figures, which are expected to provide further insights into the trajectory of economic recovery.
Stock News
- Barclays: The former Global Head of Race at Work faced scrutiny over her decision not to delve deeper into an employee’s complaint alleging discrimination at the bank.
- SIX Group: The company decided against pursuing a bid for Allfunds, opting to explore other avenues to expand its data business or gain access to new asset classes.
- Stellantis: The automaker inked further agreements with Italian unions for voluntary layoffs, potentially reducing its workforce by over 3,000 positions in the country.
- Chemours Co: Reported a smaller loss for the fourth quarter but identified “material weaknesses” in its internal control over financial reporting, resulting in revisions to certain past financial results.
- Jefferies Financial Group Inc: Missed analyst expectations for first-quarter profit due to losses on an investment in Weiss Multi-Strategy Advisers.
- Walgreen Boots Alliance Inc: Narrowed its profit forecast for fiscal 2024, citing economic challenges for its retail business, and took a $5.8 billion impairment related to its VillageMD business.
- Amazon.com Inc: Announced that senior employees, whose compensation includes more stock-related awards than cash, may not receive a cash pay raise this year.
- Atlas Lithium Corp: Mitsui & Co revealed plans to invest $30 million to acquire a 12% stake in Atlas Lithium, tapping into Brazil’s lithium mines to meet the growing demand for the battery mineral.
- Fisker Inc: Slashed prices for its 2023 electric Ocean SUV models, including the entry-level version, in a bid to stimulate demand.
- Fox Corp: Restructured its entertainment studio into three key business segments – entertainment, television and streaming platforms, and worldwide sales and licensing.
- GE Vernova Inc & Solventum Corp: S&P Dow Jones Indices announced the addition of GE Vernova Inc and Solventum Corp to the benchmark S&P 500 index.
- Mosaic Co: Faced production disruptions at its Riverview phosphate fertilizer production facility following brushfires, potentially impacting production for four to six weeks.
- Paramount Global: Saw its credit rating downgraded by S&P due to stiff competition in the streaming landscape affecting its free operating cash flow generation.
- Schlumberger N.V.: Announced a deal to combine its carbon capture business with Norway’s Aker Carbon Capture to accelerate the deployment of carbon capture technologies.
- T-Mobile US Inc: Won the right to appeal a judge’s ruling allowing a potential class-action lawsuit challenging its acquisition of Sprint in 2020.
- UnitedHealth Group Inc: Advanced over $3.3 billion in loans to care providers impacted by a cyberattack on its tech unit, with a significant portion allocated to safety net hospitals and federally qualified health centers.
- Vizio Holding Corp & Walmart Inc: Walmart withdrew and plans to refile its review application for the acquisition of Vizio, allowing regulators more time to review the deal.
Top Analyst Ratings:
- B2Gold Corp: RBC lowered the target price to $3.5 from $4, expecting a quarter of relative neutrality for the company with slightly reduced output.
- Lundin Mining Corp: Morgan Stanley increased the target price to C$16.3 from C$12.6, citing the potential for gold miners to experience additional gains as interest rate reductions materialize.
- Bank of Hawaii Corp: Piper Sandler decreased the target price to $65 from $69 due to concerns over weakness in Hawaii’s real estate markets and reduced tourism, which could impact the company.
- Carnival Corp: JPMorgan raised the target price to $23 from $22, noting the company’s potential to enhance brand clarity and pricing power through increased investment in advertising.
- Goosehead Insurance Inc: Piper Sandler increased the target price to $88 from $85, anticipating accelerated top-line growth for the company in 2025 and 2026.
- Kimberly-Clark Corp: Piper Sandler raised the target price to $152 from $145, following the company’s announcement of a new operating model and better-than-expected growth targets.
- Verint Systems Inc: Evercore ISI raised the target price to $34 from $28, driven by the company’s strong fourth-quarter results.
