Stock Market Update for May 23rd, 2024

Top Analyst Ratings for June 11th, 2024

Global Stock Markets

  1. Nasdaq and S&P 500 Gain: Both the Nasdaq and S&P 500 indexes saw gains, largely attributed to the positive second-quarter earnings report from Nvidia, a leading technology company. Investors responded favorably to the company’s strong performance, driving up the value of these indices.
  2. Dow Sinks: In contrast to the Nasdaq and S&P 500, the Dow Jones Industrial Average experienced a decline. The reasons for this downturn could be multifaceted and might include specific stock performances within the index or broader economic concerns.
  3. European and Japanese Markets Rise: European stock markets and Japan’s Nikkei index posted gains during the trading day. The positive sentiment in these regions may have been influenced by various factors, including positive economic data, corporate earnings reports, or geopolitical developments.
  4. Chinese and Hong Kong Stocks Decline: Chinese and Hong Kong stocks closed lower, driven by concerns over potential delays in global interest rate cuts. Uncertainty regarding monetary policy decisions and their potential impact on economic growth likely contributed to this downturn.
  5. Canada’s Main Stock Index Flat: Canada’s primary stock index traded flat, stabilizing after initial declines earlier in the trading session. This suggests a degree of resilience in the face of broader market fluctuations.
  6. US Dollar Strengthens; Gold Falls: The US dollar strengthened against other major currencies, reflecting optimism about the US economy. Concurrently, the price of gold declined as minutes from the Federal Reserve meeting indicated a willingness among some officials to consider raising interest rates. Gold often serves as a safe-haven asset during times of economic uncertainty, so its decline suggests increased confidence in the economic outlook.
  7. Oil Prices Little Changed: Oil prices remained relatively stable, with minimal changes observed during the trading day. Concerns about reduced demand may have tempered gains, offsetting any potential bullish sentiment stemming from geopolitical tensions or supply disruptions.

Corporate Stock News

  • Elf Beauty Inc:
    • Projected annual sales and profit below Wall Street expectations due to sticky inflation impacting consumer spending on affordable luxuries like cosmetics.
    • Topped estimates for fourth-quarter revenue and profit.
    • Expects 2025 sales to be between $1.23 billion and $1.25 billion, with adjusted profit between $3.20 and $3.25 per share.
    • Reported fourth-quarter net sales rose 71.4% to $321.1 million, with adjusted profit of 53 cents per share.
  • Medtronic Plc:
    • Beat Wall Street estimates for quarterly profit and revenue, boosted by a post-pandemic increase in surgical volumes at hospitals.
    • Quarterly revenue rose 0.5% to $8.59 billion, with adjusted profit of $1.46 per share, exceeding analysts’ expectations.
  • Nvidia Corp:
    • Forecasted quarterly revenue above estimates and announced a ten-for-one stock split, lifting shares.
    • Raised quarterly dividend by 150% to 1 cent per share.
    • Predicts fiscal second-quarter revenue of $28 billion, beating analyst expectations.
    • Reported first-quarter revenue surged 262% year-over-year to $26.04 billion, with net income soaring 628% to $14.88 billion.
  • Snowflake Inc:
    • Forecasted second-quarter product revenue above estimates and raised yearly expectations due to strong demand for cloud-based services.
    • Predicts second-quarter product revenue in the range of $805 million to $810 million, with 2025 product revenue at $3.30 billion.
    • Reported a 34% rise in first-quarter product revenue to $789.6 million.
  • Synopsys Inc:
    • Raised annual revenue and profit forecast, anticipating robust demand for its software to design advanced chips.
    • Raised annual revenue forecast to $6.09 billion to $6.15 billion, with adjusted earnings per share between $12.90 and $12.98.
  • VF Corp:
    • Posted a fourth-quarter loss and reported revenue below analysts’ estimates due to declining sales across brands.
    • Vans brand sales fell 26%, with revenues in the Americas dropping 22%.
  • Alibaba Group Holding Ltd:
    • Reportedly considering selling convertible bonds to raise about $5 billion.
    • Its Hong Kong-listed shares fell following the report.
  • Amazon.com Inc:
    • Partnered with AI startup Hugging Face to run thousands of AI models on Amazon’s custom computing chips.
  • Apple Inc:
    • Facing legal battles over claims of violating an order to allow more competition in its App Store.
  • Boeing Co:
    • Facing delays in plane deliveries to China due to a regulatory review of batteries.
  • Cencora Inc & Walgreens Boots Alliance Inc:
    • Walgreens sold $400 million worth of shares in drug distributor Cencora back to the company, lowering its stake.
  • Citigroup Inc:
    • Former managing director sued the bank and its COO, alleging she was fired for opposing attempts to give regulators false information.
  • DuPont De Nemours Inc:
    • Announced it will split into three publicly traded companies.
  • Goldman Sachs Group Inc:
    • Appointed new co-heads for its Germany and Austria investment banking business.
  • Live Nation Entertainment Inc:
    • Facing a potential lawsuit from the DOJ and states, potentially seeking a breakup, over Ticketmaster’s dominance of concert ticket sales.
  • Microsoft Corp:
    • Deal with United Arab Emirates-backed AI firm G42 could involve the transfer of sophisticated chips and tools, raising national security concerns.
  • Mondelez International Inc:
    • Fined 337.5 million euros by EU antitrust regulators for impeding cross-border trade.
  • News Corp:
    • Signed a deal with OpenAI for access to content from its major news publications.
  • Polestar Automotive Holding UK plc:
    • Delaying reporting its first-quarter results due to accounting misstatements.
  • Walmart Inc:
    • Plans to invest $700 million in Guatemala over the next five years.
  • Walt Disney Co & Warner Bros Discovery Inc:
    • Warner Bros Discovery’s TNT network signed a five-year deal with ESPN to broadcast select College Football Playoff games.

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