{"id":45645,"date":"2024-02-01T18:44:07","date_gmt":"2024-02-01T18:44:07","guid":{"rendered":"https:\/?p=45645"},"modified":"2024-02-01T18:48:30","modified_gmt":"2024-02-01T18:48:30","slug":"stock-market-update-for-thursday-february-1st-2024","status":"publish","type":"post","link":"https:\/\/www.stocktargetadvisor.com\/blog\/stock-market-update-for-thursday-february-1st-2024\/","title":{"rendered":"Stock Market Update for Thursday February 1st, 2024"},"content":{"rendered":"<h3><strong>Global Economic Overview:<\/strong><\/h3>\n<ul>\n<li><strong>China&#8217;s Property Market:<\/strong> Higher oil prices are observed, partly due to new support measures for China&#8217;s struggling property market.<\/li>\n<li><strong>U.S. Federal Reserve:<\/strong> U.S. stock indexes recover after the Federal Reserve dispels expectations of early interest-rate cuts. Economic data and big-tech earnings remain closely monitored.<\/li>\n<li><strong>European Shares:<\/strong> Mixed performance in European shares following disappointing earnings updates.<\/li>\n<li><strong>Asia-Pacific Markets:<\/strong> Japan&#8217;s Nikkei ends lower, Chinese stocks remain relatively unchanged. Private-sector survey suggests modest expansion in China&#8217;s factory activity in January.<\/li>\n<li><strong>Currency and Commodities:<\/strong> The U.S. dollar gains post-Fed&#8217;s stance on interest rates. Gold prices fall.<\/li>\n<\/ul>\n<h3><strong>Canadian Stock News:<\/strong><\/h3>\n<ul>\n<li><strong>Rogers Communications:<\/strong> Exceeds expectations for quarterly wireless subscriber additions, driven by population growth and increased demand for wireless and internet services.<\/li>\n<li><strong>Canada&#8217;s Small Businesses:<\/strong> Thousands face bankruptcy risks as pandemic-era support ends, coupled with economic slowdown and high interest rates.<\/li>\n<li><strong>Canada Goose Holdings:<\/strong> Misses revenue expectations but anticipates a rebound in China to offset a U.S. slowdown. Revenue rises to C$609.9 million, missing analyst estimates.<\/li>\n<li><strong>City National Bank (RBC unit):<\/strong> Fined $65 million by the U.S. banking regulator for gaps in risk management and internal controls.<\/li>\n<li><strong>Trans Mountain Pipeline:<\/strong> Canada Energy Regulator reports no environmental or safety concerns despite construction challenges.<\/li>\n<\/ul>\n<h3>European Stock News:<\/h3>\n<p><strong>Bank of England&#8217;s Interest Rates:<\/strong><\/p>\n<ol>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Britain&#8217;s central bank is expected to maintain interest rates at their highest level in nearly 16 years.<\/li>\n<li>Investors are closely watching for hints of potential rate cuts amid the prospect of inflation returning to the Bank of England&#8217;s 2% target.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Qualcomm&#8217;s Forecast:<\/strong>\n<ul>\n<li>Qualcomm forecasts fiscal second-quarter profit slightly above Wall Street estimates.<\/li>\n<li>Concerns arise among investors regarding the chip maker&#8217;s Android sales in China.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Adidas&#8217; Operating Profit Outlook:<\/strong>\n<ul>\n<li>German sportswear maker Adidas anticipates its operating profit to nearly double, reaching around 500 million euros this year.<\/li>\n<li>The projection follows Adidas&#8217; separation from Kanye West and the discontinuation of its Yeezy business.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Julius Baer CEO Departure:<\/strong>\n<ul>\n<li>Julius Baer CEO Philipp Rickenbacher is set to leave, according to a source, as the Swiss bank grapples with the consequences of its exposure to the collapsed property group Signa.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Vodafone&#8217;s Rejection of Merger Offer:<\/strong>\n<ul>\n<li>Vodafone announces the rejection of a sweetened offer from French telecom operator Iliad to merge their Italian businesses.<\/li>\n<li>Vodafone is exploring alternative deals in a challenging market where it faces revenue losses and generates no return on capital.<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<h3><strong>American Stock News:<\/strong><\/h3>\n<ul>\n<li><strong>Align Technology:<\/strong> Beats Q4 estimates, forecasts higher Q1 revenue due to increased demand for clear teeth aligners.<\/li>\n<li><strong>AvalonBay Communities:<\/strong> Forecasts lower full-year 2024 funds from operation (FFO) per share, impacted by rental market weaknesses in Northern California.<\/li>\n<li><strong>Ball Corp:<\/strong> Misses Q4 revenue estimates but reports profit due to cost-cutting initiatives.<\/li>\n<li><strong>C.H. Robinson Worldwide:<\/strong> Misses Q4 estimates due to lower freight demand and a competitive market.<\/li>\n<li><strong>Deutsche Bank:<\/strong> Announces job cuts, share buybacks, and dividends. Reports a 30% drop in Q4 profit but beats analyst expectations.<\/li>\n<li><strong>Eaton Corporation:<\/strong> Beats Q4 profit and revenue expectations, forecasts full-year profit above estimates.<\/li>\n<li><strong>ING Groep:<\/strong> Reports lower net interest income in Q4, forecasts lower total income for 2024.<\/li>\n<li><strong>Honeywell International:<\/strong> Misses sales estimates for Q4, forecasts a weak first quarter due to lower demand in building technologies and warehouses.<\/li>\n<li><strong>Merck &amp; Co:<\/strong> Reports better-than-expected Q4 results on strong Keytruda sales. Forecasts 2024 sales growth of up to 6.8%.<\/li>\n<li><strong>MetLife:<\/strong> Reports a rise in Q4 adjusted profit, boosted by higher premiums and investment returns.<\/li>\n<li><strong>PTC Inc:<\/strong> Forecasts lower Q2 revenue and profit due to elevated interest rates impacting software budgets.<\/li>\n<li><strong>Qualcomm Inc:<\/strong> Forecasts fiscal Q2 profit slightly above estimates, announces chip supply deal with Samsung.<\/li>\n<li><strong>Qorvo Inc:<\/strong> Forecasts Q4 revenue and profit above estimates, anticipates a rebound in the smartphone market.<\/li>\n<li><strong>Royal Caribbean Group:<\/strong> Projects annual profit above expectations on strong demand for cruises.<\/li>\n<li><strong>Sanofi SA:<\/strong> Reports a 5% decline in Q4 operating income, citing a weaker U.S. dollar and competition for Aubagio.<\/li>\n<li><strong>Shell Plc:<\/strong> Reports a 30% drop in 2023 profit but increases dividends and share repurchases.<\/li>\n<li><strong>Sumitomo Mitsui Financial Group:<\/strong> Reports a 10.7% increase in Q3 net profit, driven by growing corporate activity.<\/li>\n<li><strong>Wolfspeed Inc:<\/strong> Forecasts Q3 revenue below estimates due to slower sales growth for electric vehicles.<\/li>\n<li><strong>Amer Sports Inc:<\/strong> Maker of Wilson tennis rackets returns to public markets with a U.S. IPO, selling shares at a discounted price.<\/li>\n<\/ul>\n<p><strong>Alphabet Inc&#8217;s Offshore Wind Power Purchase Agreement (PPA):<\/strong><\/p>\n<ul>\n<li>Alphabet Inc secures its largest-ever Power Purchase Agreement (PPA) for offshore wind projects off the Netherlands&#8217; coast, aiming to green its power supply and achieve climate targets.<\/li>\n<li>The agreement involves taking 478 MW of power from two new wind farms developed by Crosswind &amp; Ecowende Consortia, joint ventures between Shell and Dutch utility Eneco.<\/li>\n<li>Part of Alphabet&#8217;s commitment to operate on carbon-free energy around the clock by 2030, it also announces smaller renewable PPAs in Italy, Poland, and Belgium.<\/li>\n<\/ul>\n<p><strong>Archer-Daniels-Midland Co&#8217;s Acquisition of Fuerst Day Lawson Ltd:<\/strong><\/p>\n<ul>\n<li>ADM completes the acquisition of Fuerst Day Lawson Ltd, a U.K.-based company specializing in flavors and specialty ingredients for food-service customers in Europe.<\/li>\n<li>The acquisition is part of ADM&#8217;s strategy to expand its Nutrition segment, which is currently under scrutiny due to a government inquiry and internal investigation.<\/li>\n<\/ul>\n<p><strong>Boeing Co &amp; Spirit AeroSystems Holdings Inc&#8217;s FAA Audit:<\/strong><\/p>\n<ul>\n<li>The FAA announces an audit of 737 MAX manufacturing, covering all elements of production at Boeing and fuselage production at Spirit AeroSystems.<\/li>\n<li>The audit aims to examine production processes at Boeing&#8217;s facility in Renton, Washington, and at Spirit in Wichita, Kansas, ensuring enhanced oversight following the 737 MAX crashes.<\/li>\n<\/ul>\n<p><strong>Cadence Design Systems Inc&#8217;s AI Supercomputer for Simulations:<\/strong><\/p>\n<ul>\n<li>Cadence Design Systems introduces the Millennium M1, an AI supercomputer designed for simulating airflow over jets and other equipment.<\/li>\n<li>The system accelerates tests, allowing engineers to run more simulations and uses AI to analyze data for identifying design improvements.<\/li>\n<\/ul>\n<p><strong>Globalink Investment Inc&#8217;s Merger with Alps Global Holding Berhad:<\/strong><\/p>\n<ul>\n<li>Alps Global Holding Berhad agrees to go public in the U.S. through a merger with a blank-check company, Globalink Investment, valuing the biotechnology company at $1.6 billion.<\/li>\n<li>The merged company will be named &#8220;Alps Life Science Inc&#8221; and is expected to be listed on the Nasdaq.<\/li>\n<\/ul>\n<p><strong>GSK Plc&#8217;s Settlement and Lawsuit:<\/strong><\/p>\n<ul>\n<li>GSK agrees to settle another lawsuit in California alleging that its discontinued heartburn drug Zantac caused cancer. The terms are confidential, and GSK does not admit liability.<\/li>\n<li>Separately, a lawsuit accusing a former GSK unit and Pfizer of misleading consumers about ChapStick products will proceed as a class action.<\/li>\n<\/ul>\n<p><strong>Hesai Group&#8217;s Inclusion in U.S. Defense Department List:<\/strong><\/p>\n<ul>\n<li>The United States adds Hesai Group and other Chinese companies to a list highlighting firms allegedly working with Beijing&#8217;s military. Hesai Group denies ties with any military.<\/li>\n<\/ul>\n<p><strong>Humana Inc &amp; UnitedHealth Group Inc:<\/strong><\/p>\n<ul>\n<li>The U.S. government proposes a 2025 reimbursement rate for Medicare Advantage plans run by private insurers, reflecting an effective growth rate of 2.44% and a total increase of 3.7%.<\/li>\n<\/ul>\n<p><strong>JPMorgan Chase &amp; Co&#8217;s China Chief Executive&#8217;s Retirement:<\/strong><\/p>\n<ul>\n<li>JPMorgan Chase&#8217;s China Chief Executive, Mark Leung, announces retirement at the end of 2024 after 25 years with the bank.<\/li>\n<\/ul>\n<p><strong>KKR &amp; Co Inc&#8217;s Infrastructure Fund for Asia Pacific:<\/strong><\/p>\n<ul>\n<li>KKR &amp; Co Inc raises $6.4 billion for its fund focused on infrastructure and energy-related investments in the Asia Pacific region.<\/li>\n<\/ul>\n<p><strong>Kyverna Therapeutics&#8217; U.S. IPO:<\/strong><\/p>\n<ul>\n<li>Kyverna Therapeutics aims for a market valuation of up to $711 million in its U.S. IPO. The company plans to raise up to $211.3 million.<\/li>\n<\/ul>\n<p><strong>New York Community Bancorp Inc&#8217;s Moody&#8217;s Review:<\/strong><\/p>\n<ul>\n<li>Moody&#8217;s places New York Community Bancorp on review for a possible downgrade following the bank&#8217;s decision to cut its dividend by 70% to strengthen its balance sheet.<\/li>\n<\/ul>\n<p><strong>Norfolk Southern Corp&#8217;s Stake Acquisition and Board Challenge:<\/strong><\/p>\n<ul>\n<li>Ancora Holdings-led investor group, with a $1 billion stake, challenges Norfolk Southern CEO Alan Shaw, expressing concerns about a train derailment and operating targets.<\/li>\n<\/ul>\n<p><strong>Nvidia Corp&#8217;s China-Specific AI Chip and Competition with Huawei:<\/strong><\/p>\n<ul>\n<li>Nvidia takes pre-orders for a new China-specific AI chip, the H20, competing with Huawei&#8217;s Ascend 910B in the Chinese market.<\/li>\n<\/ul>\n<p><strong>Paramount Global&#8217;s Potential Acquisition by Byron Allen:<\/strong><\/p>\n<ul>\n<li>Byron Allen focuses on acquiring Paramount Global&#8217;s television networks and stations in a $14 billion offer, intending to sell key assets while retaining Paramount&#8217;s CBS broadcast network.<\/li>\n<\/ul>\n<p><strong>Tesla Inc&#8217;s Shareholder Vote on State of Incorporation and Battery Facility Expansion:<\/strong><\/p>\n<ul>\n<li>Tesla to hold a shareholder vote to transfer its state of incorporation to Texas from Delaware. Simultaneously, expanding its battery facility in Nevada for cheaper lithium iron phosphate batteries (LFP).<\/li>\n<\/ul>\n<p><strong>Walt Disney Co&#8217;s India Media Business Merger and Trian Fund Management&#8217;s Proxy Filing:<\/strong><\/p>\n<ul>\n<li>Reliance reportedly close to merging its India media business with Walt Disney, with Trian Fund Management urging shareholders not to re-elect two board directors.<\/li>\n<\/ul>\n<p><strong>Woodside Energy Group Ltd&#8217;s Merger with Santos and Allan Gray Australia&#8217;s Opposition:<\/strong><\/p>\n<ul>\n<li>Woodside Energy Group faces opposition from Allan Gray Australia against its proposed $57 billion merger with Santos, citing concerns over dilution of value for Woodside shareholders.<\/li>\n<\/ul>\n<h3><a href=\"https:\/\/www.stocktargetadvisor.com\/analyst-ratings\"><strong>Analyst Recommendations Summary:<\/strong><\/a><\/h3>\n<ol>\n<li><strong>CGI Inc (Target Price: C$170):<\/strong> RBC raises the target price from C$155 to C$170, citing first-quarter results that met expectations.<\/li>\n<li><strong>Lightspeed Commerce Inc (Target Price: C$27):<\/strong> CIBC increases the target price from C$24 to C$27, anticipating accelerated subscription growth and improved free cash flow in the third-quarter earnings.<\/li>\n<li><strong>AT&amp;T Inc (Target Price: $21):<\/strong> JPMorgan raises the target price from $18 to $21, recognizing consistent execution in wireless and broadband businesses.<\/li>\n<li><strong>Boeing Co (Target Price: $215):<\/strong> Wells Fargo reduces the target price from $225 to $215, expressing concerns about potential impacts from the FAA&#8217;s safety audit after the fourth-quarter earnings call.<\/li>\n<li><strong>Mastercard Inc (Target Price: $530):<\/strong> Evercore ISI raises the target price from $520 to $530, based on better-than-expected fourth-quarter earnings.<\/li>\n<li><strong>Thermo Fisher Scientific Inc (Target Price: $612):<\/strong> TD Cowen raises the target price from $590 to $612, noting the company&#8217;s favorable position for long-term earnings growth within its peer group.<\/li>\n<li><strong>Qualcomm Inc (Target Price: $165):<\/strong> Piper Sandler increases the target price from $140 to $165, expressing confidence in the company&#8217;s consistent revenue and earnings growth.<\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Global Economic Overview: China&#8217;s Property Market: Higher oil prices are observed, partly due to new support measures for China&#8217;s struggling property market. U.S. Federal Reserve:&#8230;<\/p>\n","protected":false},"author":3,"featured_media":10087,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"image","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-45645","post","type-post","status-publish","format-image","has-post-thumbnail","hentry","category-blog","post_format-post-format-image"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.4 (Yoast SEO v21.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Stock Market Update for Thursday February 1st, 2024 | Stock Target Advisor<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.stocktargetadvisor.com\/blog\/stock-market-update-for-thursday-february-1st-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Stock Market Update for Thursday February 1st, 2024\" \/>\n<meta property=\"og:description\" content=\"Global Economic Overview: China&#8217;s Property Market: Higher oil prices are observed, partly due to new support measures for China&#8217;s struggling property market. 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