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Tech stocks rose late Thursday afternoon with the Technology Select Sector SPDR Fund (XLK) increasing 1.1% and the SPDR S&P Semiconductor ETF (XSD) jumping 3.2%.
The Philadelphia Semiconductor index advanced 2.8%.
In corporate news, JFrog (FROG) shares jumped 9.6% after Morgan Stanley upgraded the stock to overweight from equalweight and raised its price target to $42 from $32.
Micron (MU) shares climbed 9% after the company reported better-than-expected fiscal Q1 results and analysts boosted their price targets on the stock.
Amesite (AMST) shares surged 25% after Chief Executive Officer Ann Marie Sastry reported an additional purchase of company stock.
Luna Innovations (LUNA) gained 6.6% after the company received a $50 million investment from White Hat Capital Partners, which was used partially to fund Luna's $21.5 million acquisition of closely held fiber-optic sensing firm Silixa.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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Consumer stocks advanced late Thursday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) up 0.7% and the Consumer Discretionary Select Sector SPDR Fund (XLY) gaining 1.4%.
In corporate news, Lottery.com (LTRY) shares doubled. Prosperity Investment Management committed to invest $18 million in the company.
Carnival (CCL) shares jumped 5.8% after the cruise line operator posted better-than-expected improvements in fiscal Q4 results backed by strong demand and a robust pricing environment.
CarMax (KMX) gained 4.5% after the company reported fiscal Q3 earnings that topped estimates by analysts.
Honda (HMC) said it's recalling 2.6 million 2017-2020 Acura and Honda vehicles in the US due to the risk of a crash or injury because of a fuel pump defect that could cause the engine to not start or stall while driving. Honda shares climbed 0.6%.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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ARTLW
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Financial stocks were advancing in late Thursday afternoon trading, with the NYSE Financial Index adding 0.6% and the Financial Select Sector SPDR Fund (XLF) up 0.4%.
The Philadelphia Housing Index was up 0.3%, and the Real Estate Select Sector SPDR Fund (XLRE) was 0.1% higher.
Bitcoin (BTC-USD) was easing 0.1% to $43,627, and the yield for 10-year US Treasuries was up nearly 2 basis points at 3.89%.
In economic news, US gross domestic product growth was revised to 4.9% in Q3 from 5.2% in the prior estimate, below expectations for no revision in a survey compiled by Bloomberg. GDP rose 2.1% in Q2.
In corporate news, Blackstone (BX) is buying an 80% stake in a Sony (SONY) unit specializing in payment services for $280 million, Bloomberg reported Thursday. Blackstone shares rose 2.1% and Sony was up 2.4%.
Paychex (PAYX) shares tumbled 6.4% after the company reported mixed fiscal Q2 results with revenue trailing estimates by analysts.
First American Financial (FAF) dropped 0.8% after it said Thursday it has temporarily taken some systems offline after a "cybersecurity incident."
Coinbase (COIN) received approval from French financial watchdog AMF as a virtual asset service provider This will allow the company to offer digital currency services in the country, CNBC reported, citing the company. Coinbase shares gained 5%.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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ARTLW
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Energy stocks rose late Thursday afternoon with the NYSE Energy Sector Index adding 0.4% and the Energy Select Sector SPDR Fund (XLE) gaining 0.1%.
The Philadelphia Oil Service Sector index rose 0.5%, and the Dow Jones US Utilities index fell 0.2%.
West Texas Intermediate crude oil declined 0.6% to $73.80 a barrel, while the global benchmark Brent crude contract dropped 0.6% to $79.26 a barrel.
US natural gas stocks fell 87 billion cubic feet in the week ended Dec. 15, a larger decline than the 82 billion decrease expected in a survey compiled by Bloomberg and following a decrease of 55 billion cubic feet in the previous week.
Henry Hub natural gas futures jumped 5.7% to $2.587 per 1 million BTU.
In corporate news, TotalEnergies (TTE) shares rose 1.5%. The company agreed to sell a 25.5% stake in the Seagreen offshore wind farm in Scotland to Thailand's PTT Exploration and Production for 522 million pounds ($689 million).
Crescent Point Energy (CPG) rose 2.1% after the company completed the acquisition of Hammerhead Energy and boosted its 2024 production guidance.
Eni (E) gained 1.8% after the company said Thursday that Energy Infrastructure Partners will invest in Eni's Plenitude renewables unit via a capital increase of up to 700 million euros ($769 million).
Valaris (VAL) said Thursday it exercised its options and acquired two newbuild drillships for $337 million. Its shares added 1.6%.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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ARTLW
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Dec 21 (Reuters) - Apple AAPL.O customer service teams were informed in a company memo this week that it will no longer replace out-of-warranty models going back to Apple Watch Series 6, Bloomberg News reported on Thursday.
The iPhone maker is in the midst of a patent dispute related to a technology used in newer models of its watch.
Apple said on Monday it would pause sales of its Series 9 and Ultra 2 smartwatches in the U.S. from this week, in relation to the patent dispute over the technology that enables the blood oxygen feature on the devices.
If a customer has a broken screen, for instance, they won't be able to get the issue fixed by Apple, Bloomberg News said, adding that the company will still offer help that can be done via software, such as reinstalling the operating system.
Company representatives were told to inform affected customers that they will be contacted when hardware replacements are allowed again, according to the report.
Apple did not immediately respond to a Reuters request for comment.
(Reporting by Arsheeya Bajwa in Bengaluru)
((ArsheeyaSingh.Bajwa@thomsonreuters.com; +91 8510015800))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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ARTLW
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In trading on Thursday, shares of Federal Realty Investment Trust's 5.000% Series C Cumulative Redeemable Preferred Share (Symbol: FRT.PRC) were yielding above the 5.5% mark based on its quarterly dividend (annualized to $1.25), with shares changing hands as low as $22.71 on the day. This compares to an average yield of 7.98% in the "Real Estate" preferred stock category, according to Preferred Stock Channel. As of last close, FRT.PRC was trading at a 8.40% discount to its liquidation preference amount, versus the average discount of 14.42% in the "Real Estate" category.
The chart below shows the one year performance of FRT.PRC shares, versus FRT:
Below is a dividend history chart for FRT.PRC, showing historical dividend payments on Federal Realty Investment Trust's 5.000% Series C Cumulative Redeemable Preferred Share :
In Thursday trading, Federal Realty Investment Trust's 5.000% Series C Cumulative Redeemable Preferred Share (Symbol: FRT.PRC) is currently off about 0.2% on the day, while the common shares (Symbol: FRT) are up about 0.3%.
Also see:
Cheap Growth Stocks
Funds Holding USOD
WOW market cap history
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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ARTLW
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By David Shepardson
WASHINGTON, Dec 21 (Reuters) - General Motors GM.N said Thursday it expects its Cadillac Lyriq and Chevrolet Blazer EV will temporarily lose eligibility for a U.S. electric vehicle tax credit starting Jan. 1.
GM said on Jan. 1 only its Chevrolet Bolt EV will be eligible for the consumer EV tax credit.
Ford Motor said its E-Transit will lose the $3,750 tax credit on Jan. 1, as will the Mach-E and Lincoln Aviator Grand Touring plug-in hybrid, but its F-150 EV Lighting will keep the $7,500 credit and the Lincoln Corsair Grand Touring will retain a $3,750 credit.
GM said the two vehicles are losing the credit because of two minor components, and added it has pulled ahead sourcing plans for qualifying components in early 2024. GM said it expects the Lyriq and Blazer EV will regain eligibility in early 2024.
GM said it also expects EVs Chevrolet Equinox EV, Chevrolet Silverado EV, GMC Sierra EV and Cadillac OPTIQ produced "after the sourcing change will be eligible for the full incentive."
The U.S. Treasury issued guidelines this month detailing new battery sourcing restrictions that take effect Jan. 1 and aimed at weaning the U.S. electric vehicle supply chain away from China.
GM said, "Treasury proposed strict rules disqualifying all EVs with certain foreign battery content including low-value components, which effectively means most EVs will not be eligible beginning on January 1."
Tesla's TSLA.O Model 3 Rear-Wheel Drive and Long Range vehicles will also lose federal tax credits starting Jan. 1, the automaker said last week.
(Reporting by David Shepardson; editing by Jonathan Oatis)
((David.Shepardson@thomsonreuters.com; 2028988324;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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ARTLW
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Among the underlying components of the Russell 3000 index, we saw noteworthy options trading volume today in Humana Inc. (Symbol: HUM), where a total of 11,360 contracts have traded so far, representing approximately 1.1 million underlying shares. That amounts to about 61.9% of HUM's average daily trading volume over the past month of 1.8 million shares. Especially high volume was seen for the $490 strike put option expiring December 22, 2023, with 1,020 contracts trading so far today, representing approximately 102,000 underlying shares of HUM. Below is a chart showing HUM's trailing twelve month trading history, with the $490 strike highlighted in orange:
Veradigm Inc (Symbol: MDRX) options are showing a volume of 12,065 contracts thus far today. That number of contracts represents approximately 1.2 million underlying shares, working out to a sizeable 57.1% of MDRX's average daily trading volume over the past month, of 2.1 million shares. Particularly high volume was seen for the $10 strike put option expiring February 16, 2024, with 3,873 contracts trading so far today, representing approximately 387,300 underlying shares of MDRX. Below is a chart showing MDRX's trailing twelve month trading history, with the $10 strike highlighted in orange:
And PayPal Holdings Inc (Symbol: PYPL) options are showing a volume of 101,167 contracts thus far today. That number of contracts represents approximately 10.1 million underlying shares, working out to a sizeable 56.8% of PYPL's average daily trading volume over the past month, of 17.8 million shares. Especially high volume was seen for the $66 strike call option expiring January 05, 2024, with 4,415 contracts trading so far today, representing approximately 441,500 underlying shares of PYPL. Below is a chart showing PYPL's trailing twelve month trading history, with the $66 strike highlighted in orange:
For the various different available expirations for HUM options, MDRX options, or PYPL options, visit StockOptionsChannel.com.
Today's Most Active Call & Put Options of the S&P 500 »
Also see:
AACI Average Annual Return
Top Ten Hedge Funds Holding DEPO
Institutional Holders of BVSN
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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ARTLW
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Among the underlying components of the Russell 3000 index, we saw noteworthy options trading volume today in 3M Co (Symbol: MMM), where a total of 17,676 contracts have traded so far, representing approximately 1.8 million underlying shares. That amounts to about 44.3% of MMM's average daily trading volume over the past month of 4.0 million shares. Particularly high volume was seen for the $106 strike call option expiring December 22, 2023, with 6,311 contracts trading so far today, representing approximately 631,100 underlying shares of MMM. Below is a chart showing MMM's trailing twelve month trading history, with the $106 strike highlighted in orange:
Chefs' Warehouse Inc (Symbol: CHEF) saw options trading volume of 2,155 contracts, representing approximately 215,500 underlying shares or approximately 44% of CHEF's average daily trading volume over the past month, of 489,450 shares. Particularly high volume was seen for the $35 strike call option expiring April 19, 2024, with 1,000 contracts trading so far today, representing approximately 100,000 underlying shares of CHEF. Below is a chart showing CHEF's trailing twelve month trading history, with the $35 strike highlighted in orange:
And Allstate Corp (Symbol: ALL) options are showing a volume of 6,488 contracts thus far today. That number of contracts represents approximately 648,800 underlying shares, working out to a sizeable 42.4% of ALL's average daily trading volume over the past month, of 1.5 million shares. Especially high volume was seen for the $160 strike call option expiring April 19, 2024, with 2,712 contracts trading so far today, representing approximately 271,200 underlying shares of ALL. Below is a chart showing ALL's trailing twelve month trading history, with the $160 strike highlighted in orange:
For the various different available expirations for MMM options, CHEF options, or ALL options, visit StockOptionsChannel.com.
Today's Most Active Call & Put Options of the S&P 500 »
Also see:
Energy Stock Dividends
TIGR shares outstanding history
BMXC Options Chain
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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ARTLW
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Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in Blackstone Inc (Symbol: BX), where a total volume of 22,516 contracts has been traded thus far today, a contract volume which is representative of approximately 2.3 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 55% of BX's average daily trading volume over the past month, of 4.1 million shares. Especially high volume was seen for the $120 strike put option expiring January 19, 2024, with 1,948 contracts trading so far today, representing approximately 194,800 underlying shares of BX. Below is a chart showing BX's trailing twelve month trading history, with the $120 strike highlighted in orange:
AerSale Corp (Symbol: ASLE) saw options trading volume of 2,652 contracts, representing approximately 265,200 underlying shares or approximately 54.6% of ASLE's average daily trading volume over the past month, of 486,105 shares. Especially high volume was seen for the $12.50 strike call option expiring February 16, 2024, with 1,160 contracts trading so far today, representing approximately 116,000 underlying shares of ASLE. Below is a chart showing ASLE's trailing twelve month trading history, with the $12.50 strike highlighted in orange:
And Block Inc (Symbol: SQ) options are showing a volume of 61,035 contracts thus far today. That number of contracts represents approximately 6.1 million underlying shares, working out to a sizeable 52.9% of SQ's average daily trading volume over the past month, of 11.5 million shares. Especially high volume was seen for the $85 strike call option expiring December 22, 2023, with 3,323 contracts trading so far today, representing approximately 332,300 underlying shares of SQ. Below is a chart showing SQ's trailing twelve month trading history, with the $85 strike highlighted in orange:
For the various different available expirations for BX options, ASLE options, or SQ options, visit StockOptionsChannel.com.
Today's Most Active Call & Put Options of the S&P 500 »
Also see:
Top Ten Hedge Funds Holding GMM
SAIA Average Annual Return
Top Ten Hedge Funds Holding ACH
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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ARTLW
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Among the underlying components of the Russell 3000 index, we saw noteworthy options trading volume today in NextDecade Corp (Symbol: NEXT), where a total of 11,854 contracts have traded so far, representing approximately 1.2 million underlying shares. That amounts to about 77.7% of NEXT's average daily trading volume over the past month of 1.5 million shares. Especially high volume was seen for the $6 strike call option expiring April 19, 2024, with 5,375 contracts trading so far today, representing approximately 537,500 underlying shares of NEXT. Below is a chart showing NEXT's trailing twelve month trading history, with the $6 strike highlighted in orange:
Roku Inc (Symbol: ROKU) saw options trading volume of 48,822 contracts, representing approximately 4.9 million underlying shares or approximately 77% of ROKU's average daily trading volume over the past month, of 6.3 million shares. Particularly high volume was seen for the $90 strike call option expiring December 22, 2023, with 3,907 contracts trading so far today, representing approximately 390,700 underlying shares of ROKU. Below is a chart showing ROKU's trailing twelve month trading history, with the $90 strike highlighted in orange:
And lululemon athletica inc (Symbol: LULU) options are showing a volume of 14,701 contracts thus far today. That number of contracts represents approximately 1.5 million underlying shares, working out to a sizeable 71.1% of LULU's average daily trading volume over the past month, of 2.1 million shares. Particularly high volume was seen for the $500 strike put option expiring December 22, 2023, with 687 contracts trading so far today, representing approximately 68,700 underlying shares of LULU. Below is a chart showing LULU's trailing twelve month trading history, with the $500 strike highlighted in orange:
For the various different available expirations for NEXT options, ROKU options, or LULU options, visit StockOptionsChannel.com.
Today's Most Active Call & Put Options of the S&P 500 »
Also see:
MXE market cap history
TYME market cap history
PHM DMA
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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ARTLW
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Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in Scorpio Tankers Inc (Symbol: STNG), where a total volume of 12,886 contracts has been traded thus far today, a contract volume which is representative of approximately 1.3 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 138.8% of STNG's average daily trading volume over the past month, of 928,145 shares. Particularly high volume was seen for the $65 strike call option expiring January 19, 2024, with 1,276 contracts trading so far today, representing approximately 127,600 underlying shares of STNG. Below is a chart showing STNG's trailing twelve month trading history, with the $65 strike highlighted in orange:
Entegris Inc (Symbol: ENTG) saw options trading volume of 13,911 contracts, representing approximately 1.4 million underlying shares or approximately 106% of ENTG's average daily trading volume over the past month, of 1.3 million shares. Particularly high volume was seen for the $85 strike put option expiring February 16, 2024, with 6,700 contracts trading so far today, representing approximately 670,000 underlying shares of ENTG. Below is a chart showing ENTG's trailing twelve month trading history, with the $85 strike highlighted in orange:
And Bloomin' Brands Inc (Symbol: BLMN) saw options trading volume of 13,180 contracts, representing approximately 1.3 million underlying shares or approximately 102.6% of BLMN's average daily trading volume over the past month, of 1.3 million shares. Particularly high volume was seen for the $25 strike put option expiring January 19, 2024, with 5,026 contracts trading so far today, representing approximately 502,600 underlying shares of BLMN. Below is a chart showing BLMN's trailing twelve month trading history, with the $25 strike highlighted in orange:
For the various different available expirations for STNG options, ENTG options, or BLMN options, visit StockOptionsChannel.com.
Today's Most Active Call & Put Options of the S&P 500 »
Also see:
Top Ten Hedge Funds Holding AAA
ANGH shares outstanding history
Funds Holding GMGI
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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ARTLW
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Among the underlying components of the Russell 3000 index, we saw noteworthy options trading volume today in Bank OZK (Symbol: OZK), where a total of 19,410 contracts have traded so far, representing approximately 1.9 million underlying shares. That amounts to about 154.5% of OZK's average daily trading volume over the past month of 1.3 million shares. Particularly high volume was seen for the $45 strike put option expiring February 16, 2024, with 5,006 contracts trading so far today, representing approximately 500,600 underlying shares of OZK. Below is a chart showing OZK's trailing twelve month trading history, with the $45 strike highlighted in orange:
Carmax Inc. (Symbol: KMX) saw options trading volume of 32,703 contracts, representing approximately 3.3 million underlying shares or approximately 151.6% of KMX's average daily trading volume over the past month, of 2.2 million shares. Especially high volume was seen for the $83 strike call option expiring December 22, 2023, with 1,506 contracts trading so far today, representing approximately 150,600 underlying shares of KMX. Below is a chart showing KMX's trailing twelve month trading history, with the $83 strike highlighted in orange:
And Coinbase Global Inc (Symbol: COIN) options are showing a volume of 194,958 contracts thus far today. That number of contracts represents approximately 19.5 million underlying shares, working out to a sizeable 146.3% of COIN's average daily trading volume over the past month, of 13.3 million shares. Especially high volume was seen for the $140 strike call option expiring January 19, 2024, with 11,797 contracts trading so far today, representing approximately 1.2 million underlying shares of COIN. Below is a chart showing COIN's trailing twelve month trading history, with the $140 strike highlighted in orange:
For the various different available expirations for OZK options, KMX options, or COIN options, visit StockOptionsChannel.com.
Today's Most Active Call & Put Options of the S&P 500 »
Also see:
UPW Split History
AUGX Stock Predictions
GEK Historical Stock Prices
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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ARTLW
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Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in MP Materials Corp (Symbol: MP), where a total volume of 27,728 contracts has been traded thus far today, a contract volume which is representative of approximately 2.8 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 99.5% of MP's average daily trading volume over the past month, of 2.8 million shares. Particularly high volume was seen for the $20 strike call option expiring January 19, 2024, with 15,633 contracts trading so far today, representing approximately 1.6 million underlying shares of MP. Below is a chart showing MP's trailing twelve month trading history, with the $20 strike highlighted in orange:
Smith & Wesson Brands Inc (Symbol: SWBI) options are showing a volume of 6,313 contracts thus far today. That number of contracts represents approximately 631,300 underlying shares, working out to a sizeable 92.9% of SWBI's average daily trading volume over the past month, of 679,680 shares. Particularly high volume was seen for the $15 strike call option expiring June 21, 2024, with 1,250 contracts trading so far today, representing approximately 125,000 underlying shares of SWBI. Below is a chart showing SWBI's trailing twelve month trading history, with the $15 strike highlighted in orange:
And Spotify Technology SA (Symbol: SPOT) saw options trading volume of 14,966 contracts, representing approximately 1.5 million underlying shares or approximately 80% of SPOT's average daily trading volume over the past month, of 1.9 million shares. Especially high volume was seen for the $200 strike call option expiring February 02, 2024, with 1,978 contracts trading so far today, representing approximately 197,800 underlying shares of SPOT. Below is a chart showing SPOT's trailing twelve month trading history, with the $200 strike highlighted in orange:
For the various different available expirations for MP options, SWBI options, or SPOT options, visit StockOptionsChannel.com.
Today's Most Active Call & Put Options of the S&P 500 »
Also see:
ACEL Stock Predictions
SWET Insider Buying
Institutional Holders of WWR
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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ARTLW
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Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in Bank of America Corp (Symbol: BAC), where a total volume of 221,962 contracts has been traded thus far today, a contract volume which is representative of approximately 22.2 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 47.5% of BAC's average daily trading volume over the past month, of 46.7 million shares. Particularly high volume was seen for the $23 strike put option expiring January 19, 2024, with 30,213 contracts trading so far today, representing approximately 3.0 million underlying shares of BAC. Below is a chart showing BAC's trailing twelve month trading history, with the $23 strike highlighted in orange:
MongoDB Inc (Symbol: MDB) options are showing a volume of 11,013 contracts thus far today. That number of contracts represents approximately 1.1 million underlying shares, working out to a sizeable 45.9% of MDB's average daily trading volume over the past month, of 2.4 million shares. Particularly high volume was seen for the $450 strike call option expiring December 22, 2023, with 393 contracts trading so far today, representing approximately 39,300 underlying shares of MDB. Below is a chart showing MDB's trailing twelve month trading history, with the $450 strike highlighted in orange:
And Walmart Inc (Symbol: WMT) options are showing a volume of 42,905 contracts thus far today. That number of contracts represents approximately 4.3 million underlying shares, working out to a sizeable 44.3% of WMT's average daily trading volume over the past month, of 9.7 million shares. Especially high volume was seen for the $155 strike call option expiring December 22, 2023, with 4,550 contracts trading so far today, representing approximately 455,000 underlying shares of WMT. Below is a chart showing WMT's trailing twelve month trading history, with the $155 strike highlighted in orange:
For the various different available expirations for BAC options, MDB options, or WMT options, visit StockOptionsChannel.com.
Today's Most Active Call & Put Options of the S&P 500 »
Also see:
Stocks Being Sold By Hedge Funds
VRAY Options Chain
BW Average Annual Return
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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ARTLW
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By Sinéad Carew
NEW YORK, Dec 21 (Reuters) - MSCI's global stock index rose on Thursday, recouping some losses from the previous session's late-session sell-off, while oil prices fell and the dollar was lower on the eve of a key U.S. inflation reading.
Oil prices, which rallied earlier in the week due to concerns about shipping disruption in the Red Sea, fell after Angola announced it is leaving the Organization of the Petroleum Exporting Countries (OPEC).
On Wednesday, Wall Street suffered its biggest drop since September, and analysts cited hedging activity associated with trading in short-dated options.
"Today's market is trying to recover. This has been the hallmark of the latest phase in the market," said Quincy Krosby, chief global strategist, LPL Financial in Charlotte, NC.
"We've seen the fear of missing out has been powerful. We've institutional money managers who have to catch up if they've been behind competitors."
If expectations are that "this report could suggest a faster decline in core and super core inflation perhaps you'd want to come in today rather than wait until tomorrow," Krosby said.
But Wednesday's sell-off was weighing on traders as they waited for Friday's data.
"The markets could be pulling back a little bit and consolidating while they're waiting for more news," said Joe Mazzola, Director of Trading Services Education at Schwab who attributed Wednesday's pull-back in part to the fact that the market had rallied so strongly.
"If we can kind of stay within this range where we're at right now, then that bodes well for the end of the week, heading into next week. If we give up yesterday's lows then I'd be really concerned," Mazzola added.
On Wall Street, the Dow Jones Industrial Average .DJI rose 162.37 points, or 0.44%, to 37,244.37, the S&P 500 .SPX gained 27.29 points, or 0.58%, to 4,725.64 and the Nasdaq Composite .IXIC added 121.00 points, or 0.82%, to 14,898.95.
The pan-European STOXX 600 index .STOXX lost 0.21% and MSCI's gauge of stocks across the globe .MIWD00000PUS gained 0.42%.
The U.S. dollar eased to a three-day low against a basket of currencies as the previous session's lift for the U.S. currency faded and traders braced for U.S. inflation figures for clues to future Fed policy.
The dollar index =USD fell 0.537%, with the euro EUR= up 0.53% to $1.0996.
The Japanese yen strengthened 0.92% to 142.27 per dollar, while Sterling GBP= was last trading at $1.2685, up 0.38%.
In U.S. Treasuries, benchmark 10-year notes US10YT=RR were up 1.7 basis points to 3.894%, from 3.877% late on Wednesday. The 30-year bond US30YT=RR was last up 2.8 basis points to yield 4.0328%, from 4.005%. The 2-year note US2YT=RR was last was down 2.2 basis points to yield 4.3473%, from 4.369%.
Oil futures settled lower as Angola's move raised questions about OPEC's efforts to support prices by limiting global supplies.
U.S. crude CLc1 settled down 0.44% at $73.89 per barrel and Brent LCOc1 finished at $79.39, down 0.39% on the day.
Gold prices gained after U.S. economic data fueled expectations for the Federal Reserve to cut interest rates in March next year.
Spot gold XAU= added 0.7% to $2,043.89 an ounce. U.S. gold futures GCc1 gained 0.20% to $2,039.10 an ounce.
(Additional reporting by Saqiq Iqbal Ahmed in New York, Marc Jones in London Editing by Jane Merriman, Mark Potter and David Gregorio)
((sinead.carew@thomsonreuters.com; +13322191897;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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ARTLW
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The global economy stands at a unique crossroads at the end of 2023. The coronavirus health crisis is no longer an active pandemic, but its aftershocks will continue to reshape the world for years to come. At the same time, decades of unstoppable innovations are bearing fruit right now, with game-changing consequences across many business sectors.
The stock market is adjusting to these structural changes, driving the S&P 500 index a dividend-adjusted 26% higher in 2023 after an 18% drop in 2022.
Let me be clear. Investors should take a fresh look at macroeconomic trends every year. December is a good time to rebalance your investment portfolio, make tax-management moves, and generally ensure you're in good shape for the next year. But the tail end of 2023 magnifies the typical need for adjustment. There is so much going on, with a mix of problems and opportunities around every corner.
I'm not alone in this assessment.
In its year-end market review, Swiss investing firm Julius Bär notes that the world "might be on the cusp of an innovation super cycle driven by the convergence of multiple technologies." Financial giant BlackRock agrees in its own annual market report: This moment is "not the typical business cycle" but a unique opportunity to find market-beating stocks through active financial analysis. And JPMorgan sees "a world in transition" to more traditional fiscal policy but downright revolutionary trends in energy consumption and new technologies.
It doesn't take much money to invest in these massive trends. If you can afford to set aside $100 today, you could follow up with another $100 in January and so on. Over time, your commitment should result in serious wealth-building investments. So, let me show you three of the most disruptive megatrends in today's market and how your investing strategy can take advantage of these long-term sea changes.
Artificial intelligence (AI)
I'm not trying to surprise you here, dear reader. You saw the AI juggernaut coming from a mile away, and there's no stopping it now.
When OpenAI released the ChatGPT tool a year ago, that move sparked a worldwide fascination with AI systems. As it turns out, ChatGPT is just the tip of a much larger AI iceberg. Computers have dominated logic-based domains, such as simple math and world-class chess, for years, but now they can take on more creative jobs.
Generative AI comes in many flavors. ChatGPT can write text and carry on conversations with a nearly human feel. Platforms like Midjourney and DALL-E generate images based on simple text descriptions. Google parent Alphabet provides several ways to make AI-powered music without ever touching an instrument. However, AI-based chatbots arguably offer the greatest business benefits in this diverse collection.
That's why Microsoft is building ChatGPT into the classic MS Office Suite and the Bing search engine. Google may have a plethora of generative AI tools in its bag, but the simple Bard chatbot inspires more headlines than its digital cousins.
If you want to focus on the lasting value of business-to-business services, you should take a closer look at International Business Machines (NYSE: IBM) and C3.ai. And, of course, Nvidia is an early leader in AI accelerator hardware, though Advanced Micro Devices and Intel are introducing AI chips of comparable power.
These AI experts are turning entire industries upside down, and there's no going back. The companies mentioned are all innovators and leaders in this emerging field. Seven of these eight stocks have posted price jumps of 55% or more, and Nvidia's shares have more than tripled. Finding the right balance between lofty valuations and stellar long-term growth prospects is the opportunity BlackRock was talking about.
IBM stands out as an affordable AI play with a year-to-date gain of just 14%. Market makers appear to have forgotten Big Blue's long history of high-performance computing. This stock is a good place to start if you're excited about the AI market but worried about buying into a bubble.
Renewable energy
One of the core "transitions" in JPMorgan's sights is the move from fossil fuels to alternative energy sources. The ball is already rolling, and there's no end in sight to this disruptive shift.
Investors can tap into this megatrend from several angles. For example, NextEra Energy (NYSE: NEE) has a world-class portfolio of solar and wind power assets, with an even stronger pipeline of firm orders for future projects. Electric vehicles are everywhere, going far beyond the market shift that Tesla started years ago. Elon Musk's company is also a major player in alternative energy, with market-leading solutions in solar power and energy storage.
And you can't forget about the classical energy giants, either. ExxonMobil (NYSE: XOM), for instance, is developing carbon capture technologies and lower-carbon biofuels to ensure a solid future in the post-oil era of global energy.
Many alternative energy stocks took dramatic haircuts recently as rising interest rates reduced the demand for expensive solar or wind energy projects. Solar panel giant First Solar's (NASDAQ: FSLR) stock is down by 10% in the last six months, and micro-inverter expert Enphase Energy (NASDAQ: ENPH) took a 23% hit over the same period.
Some next-generation energy innovators will surely soar in the long run, making a buying opportunity out of this deep dip, but others will just as surely fail. I'm no authority on energy stocks, but fellow Fool (and actual energy expert) Travis Hoium highlights First Solar and Enphase as potential turnaround plays right now. His analysis is just about the best place to start investigating traditional and forward-looking energy ideas.
Cryptocurrency
So, let's turn to another area where I do wield some expertise. The crypto winter that started in 2021 is thawing out, 2024 looks like a year of pivotal progress for crypto investments, and the concept of long-term value in newfangled digital currencies is catching on.
The next year or so should deliver the goods on several long-awaited crypto catalysts. For instance:
The work required to mint a new Bitcoin (CRYPTO: BTC) token will double in April, with game-changing effects on the economics of Bitcoin mining. The mining effort makes sense only if the expected output is worth more than the energy costs, and the Bitcoin blockchain can't process transactions if the mining stops. Therefore, token prices should at least double in response to the fourth so-called "halvening," as they did in the first three instances. The effect isn't immediate but should develop over several months. So, it's double or bust every time this supply-side event takes place, and I don't expect this digital asset (currently worth $855 billion) to go away this quickly.
There's more Bitcoin news on the way. Several financial giants have filed the paperwork to create Bitcoin-based exchange-traded funds (ETFs). The Securities and Exchange Commission (SEC) is dragging its feet on approving (or even considering) any of these filings, but the agency is now under a legal requirement to do something by January 10, 2024. Approving one request should result in a plethora of Bitcoin ETFs all at once because the alternative would give an unfair advantage to the recipient of the first approval. The resulting influx of dollar-based capital in the Bitcoin world could bring monumental price increases.
The long-running Securities and Exchange Commission v. Ripple Labs lawsuit is only partially completed. The regulator's complaints regarding Ripple's (CRYPTO: XRP) sales to private persons have ended, but there will be a jury trial regarding Ripple's launch among institutional investors. Trial dates are currently up in the air, but the proceedings should play out in the second half of 2024. Whatever happens in that New York courtroom will give crypto investors greater clarity on the legal and regulatory rule book for digital currencies.
Of course, the volatile crypto sector is always prone to surprises. Apart from the hard-coded Bitcoin halvening, these catalysts are subject to human whims, potential delays, and maybe even cancellations. That said, crypto investors are looking forward to several promising events next year, and the sector's long-term future still looks bright.
I don't recommend moving all your money into Bitcoin (or any other single asset, from gold to single-name stock tickers). Still, some exposure to the crypto market is starting to look necessary.
If you're uncomfortable opening a cryptocurrency brokerage account and don't want to wait for a proper Bitcoin ETF, you could always lean on the Grayscale Bitcoin Trust (OTC: GBTC). This Bitcoin-owning mutual fund currently trades at an 8% discount to the market value of its assets and is under consideration for conversion into an ETF.
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JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Anders Bylund has positions in Alphabet, Bitcoin, Grayscale Bitcoin Trust (BTC), Intel, International Business Machines, Nvidia, and XRP. The Motley Fool has positions in and recommends Advanced Micro Devices, Alphabet, Bitcoin, Enphase Energy, JPMorgan Chase, Microsoft, NextEra Energy, Nvidia, Tesla, and XRP. The Motley Fool recommends C3.ai, First Solar, Intel, and International Business Machines and recommends the following options: long January 2023 $57.50 calls on Intel, long January 2025 $45 calls on Intel, and short February 2024 $47 calls on Intel. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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ARTLW
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Among the hottest tech stocks in 2023, Coinbase (COIN) has surged over 387% year-to-date, valuing the company at $38.72 billion by market cap. Despite these outsized gains - including a 1% pop on today's news of clearance from French crypto regulators - COIN stock is down 55% from all-time highs.
Coinbase is one of the largest cryptocurrency exchanges globally, and its share price is largely tied to the performance of digital assets such as Bitcoin (BTCUSD) and Ethereum (ETHUSD). These two cryptocurrencies account for the majority of trading volumes on Coinbase, and rising crypto prices have pushed COIN higher in recent months, too.
www.barchart.com
Coinbase stock is a well-known favorite of Cathie Wood, a popular investor on Wall Street - but Wood has been taking profits amid COIN's recent run higher, with her flagship funds unloading shares worth $181 million over the past 30 days. However, at 10.89%, COIN is still the top holding in Wood's ARK Innovation ETF (ARKK) by a comfortable margin.
Let’s see if Coinbase stock can continue to move higher in 2024.
The Bull Case for Coinbase Stock
Coinbase benefits from higher trading volumes during bull runs, allowing it to generate significant revenue from commissions and fees. However, Coinbase is diversifying its revenue base to generate cash flows across market cycles.
Last year, it announced a partnership with the world’s largest asset manager, BlackRock (BLK), where it will offer crypto trading services to institutional investors. Coinbase is also the primary custodian for several institutional investors, including BlackRock, for their upcoming spot Bitcoin ETF (exchange-traded fund). The launch of a spot Bitcoin ETF appears almost inevitable at this point, which should drive institutional adoption of BTC at an accelerated pace - pushing crypto prices higher in the process.
In August 2023, Coinbase launched Base, a proprietary blockchain that should allow it to gain traction in the rapidly expanding asset tokenization market.
According to BlackRock, asset tokenization is among the most exciting trends globally and could be a key revenue growth driver for Coinbase in the upcoming decade. The process of asset tokenization converts traditional assets, such as stocks and bonds, into digital assets that can be traded on a blockchain, such as Base, reducing costs for traders while improving settlement times and ownership transparency.
Coinbase ended 2021 with more than $7 billion in sales. Around 90% of its revenue came from trading fees, but this number was reduced to just 53% as of Q3 of 2023. The company's other revenue streams include staking rewards, custodian fees, and a partnership with the issuer of USDC, one of the most popular stablecoins among crypto players.
This dynamic revenue model, along with a focus on cost-cutting, has enabled Coinbase to navigate a turbulent environment over the last two years.
What's Next for Coinbase Stock?
In addition to the potential Bitcoin ETF, the upcoming BTC halving could act as a tailwind for Coinbase. Historically, Bitcoin prices have surged higher after the halving cycle, where mining rewards are reduced by 50% every four years. The next halving cycle is expected to take place in the first half of 2024, and the event should boost trading volumes for Coinbase.
That said, cryptocurrency players, including Coinbase, are under intense scrutiny by U.S. regulators, which might stifle growth and innovation for these companies until there is further clarity on a range of issues.
What Is the Target Price for COIN Stock?
Analysts tracking Coinbase stock expect the company's adjusted loss per share to widen from $0.46 in 2023 to $0.66 per share in 2024. If Coinbase misses these low expectations, its stock price could move significantly lower in the next 12 months. However, Wall Street is already predicting some downside from the stock's currently lofty levels.
Analysts have an average target price of $92.33 for COIN stock, which is a discount of nearly 44% to today's price. Even the Street-high price target of $160 implies expected downside from current levels.
Out of the 22 analysts tracking COIN, six recommend “strong buy,” one recommends “moderate buy,” eight recommend “hold,” two recommend “moderate sell,” and five recommend “strong sell.”
www.barchart.com
On the date of publication, Aditya Raghunath did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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ARTLW
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Tyler TYL recently deployed the State Firearm POC Background Check solution to the New York State Police, which functions in compliance with the 2022 legislation on gun safety laws in New York.
The recent collaboration with the New York State Police followed governor Kathy Hochul’s enforcement of legislation that mandated strict background checks for ammunition and antique firearm purchases in the city.
The entire background verification system functions on the charged fee for the background verification. The collaboration also includes two other departments – the New York Office of Information Technology Services and the FBI.
Tyler Technologies, Inc. Price and Consensus
Tyler Technologies, Inc. price-consensus-chart | Tyler Technologies, Inc. Quote
With this deployment, New York has become the second state that has selected Tyler’s State Firearm POC Background Check solution after New Jersey. As one of the major players in the information management solution sphere for the public sector, the company has experience in working with multiple police departments. It is rapidly increasing its footprint in the public safety market.
This year, it struck multiple deals, including the deployment of an integrated public safety suite like CAD, records management and e-citations for the Naperville Illinois Police Department, on-prem deployment for the State Highway Patrol Department of Missouri, cloud deployment for the State Police of Oregon and Mobile Solution for Harris County. The company leverages its expertise in IT solutions and cloud adaptation, migration and optimization to serve these clients.
Strong Prospects in the Public Sector for Tyler
The public sector market in which Tyler operates is one of the largest in the United States, spanning approximately 3,000 counties, various public departments across 36,000 towns and cities, and more than a thousand dozen schools across the country.
Within these diverse prospects lie numerous opportunities, including the deployment of IT services and solutions for property assessment, judicial functions, record-keeping, finance, road maintenance, law enforcement, public safety, healthcare, election administration and more. Government departments grapple with the challenge of retaining IT professionals who often seek more lucrative prospects elsewhere.
Tyler is benefiting from the ongoing transition within the public sector ranging from on-premise and outdated systems to scalable cloud-based systems. This multi-year transition is anticipated to significantly enhance TYL’s recurring revenues, which currently constitute a major portion of its top line. The firm benefits from having clients in both the public and federal sectors, providing a stable and consistent revenue stream.
Zacks Rank and Stocks to Consider
Tyler currently carries a Zacks Rank #3 (Hold). Shares of the company have climbed 26.9% year to date.
Some better-ranked stocks from the broader technology sector are AvidXchange AVDX, Belfuse BELFB and Pegasystems PEGA, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for AvidXchange’s fourth-quarter 2023 earnings has moved north 3 cents to 0 cents per share in the past 30 days. For fiscal 2023, earnings estimates have been revised by 4 cents northward to 2 cents per share in the past 30 days.
AVDX’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average surprise of 277.91%. Shares of AVDX have climbed 20.6% year to date.
The Zacks Consensus Estimate for Bel Fuse’s fourth-quarter fiscal 2023 earnings has moved north 38 cents to $1.44 per share in the past 60 days. For fiscal 2023, the bottom-line estimate has moved north 72 cents to $6.28 in the past 60 days.
Bel Fuse’s earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 56.92%. Shares of Bel Fuse have surged 89% year to date.
The Zacks Consensus Estimate for Pegasystems’ fourth-quarter 2023 earnings has moved south 13 cents to $1.07 in the past 60 days. For fiscal 2023, the bottom-line estimate has moved north 31 cents to $1.77 in the past 60 days.
PEGA’s earnings beat the Zacks Consensus Estimate in two of the trailing four quarters and missed the same in the other two, delivering an average surprise of 1250.20%. Shares of PEGA have climbed 43.5% year to date.
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2023. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Bel Fuse Inc. (BELFB) : Free Stock Analysis Report
Pegasystems Inc. (PEGA) : Free Stock Analysis Report
Tyler Technologies, Inc. (TYL) : Free Stock Analysis Report
AvidXchange Holdings, Inc. (AVDX) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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ARTLW
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By Stephen Culp
NEW YORK, Dec 21 (Reuters) - U.S. stocks rose on Thursday, paring the previous day's losses, as economic data fueled optimism that the Federal Reserve would ease monetary policy and revived investor risk appetite.
All three major U.S. stock indexes were higher, with surging chip stocks led by Micron Technology MU.O after its better-than-expected quarterly forecast, putting the tech-heavy Nasdaq <.IXIC> out front.
Data on Thursday showed third-quarter U.S. economic growth was not as robust as originally stated, and cracks are appearing in the tight labor market, which the Fed considers an obstacle to cooling inflation.
U.S. stocks abruptly sank late Wednesday afternoon, snapping a multi-session rally, possibly accelerated by hedging activity associated with short-dated option trades.
"After a breather yesterday, the economic data further underscored investor confidence that the Fed is now on a rate cut track," said Greg Bassuk, chief executive officer at AXS Investments in New York. "The investor narrative yesterday was about profit taking on the heels of a very long consistent holiday rally."
"Investors would be prudent to buy on these dips," Bassuk said, adding that he believes stocks "will end the year strongly."
Financial markets are pricing in a 71.3% likelihood that the U.S. central bank with reduce the Fed funds target rate by 25 basis points as soon as March, according to CME's FedWatch tool.
The market is awaiting the Commerce Department's personal consumption expenditures (PCE) report due on Friday, which will cover income growth, consumer spending and inflation.
At 2:25 p.m., the Dow Jones Industrial Average .DJI rose 152.83 points, or 0.41%, to 37,234.83, the S&P 500 .SPX gained 24.66 points, or 0.52%, at 4,723.01 and the Nasdaq Composite .IXIC added 109.88 points, or 0.74%, at 14,887.82.
Of the 11 major sectors of the S&P 500, consumer discretionary stocks .SPLRCD enjoyed the biggest percentage gains.
Micron Technology MU.Oforecast quarterly revenue above market estimates, and its shares jumped 7.3% on signs of a memory chip recovery in 2024 after one of the most significant downturns in years.
The Philadelphia SE semiconductor index .SOX housing chip stocks advanced 2.0%.
U.S. electric vehicle makers Tesla TSLA.O, Lucid Group LCID.O and Rivian Automotive RIVN.Orose between 2.1% and 2.4% after a report said the United States was considering tariff hikes on Chinese EV manufacturers.
Triumph Group TGI.N soared 32.1% after the aerospace supplier said it would sell its components aftermarket business to AAR Corp AIR.N for $725 million.
U.S.-listed shares of Blackberry BB.Ntumbled 13.8% after its fourth-quarter revenue estimates landed below expectations.
Advancing issues outnumbered decliners on the NYSE by a 2.54-to-1 ratio; on Nasdaq, a 2.17-to-1 ratio favored advancers.
The S&P 500 posted 13 new 52-week highs and one new low; the Nasdaq Composite recorded 57 new highs and 54 new lows.
Jobless claims https://tmsnrt.rs/3GT60FK
(Reporting by Stephen Culp; Additional reporting by Johann M Cherian and Shristi Achar A in Bengaluru; Editing by Richard Chang)
((stephen.culp@thomsonreuters.com; 646-223-6076;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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ARTLW
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Looking at the sectors faring worst as of midday Thursday, shares of Utilities companies are underperforming other sectors, not showing much of a gain. Within that group, Dominion Energy Inc (Symbol: D) and Southern Company (Symbol: SO) are two large stocks that are lagging, showing a loss of 1.4% and 1.0%, respectively. Among utilities ETFs, one ETF following the sector is the Utilities Select Sector SPDR ETF (Symbol: XLU), which is down 0.2% on the day, and down 8.73% year-to-date. Dominion Energy Inc, meanwhile, is down 21.84% year-to-date, and Southern Company, is down 0.14% year-to-date. Combined, D and SO make up approximately 12.5% of the underlying holdings of XLU.
The next worst performing sector is the Energy sector, up 0.1%. Among large Energy stocks, Valero Energy Corp (Symbol: VLO) and Marathon Petroleum Corp. (Symbol: MPC) are the most notable, showing a loss of 1.4% and 1.0%, respectively. One ETF closely tracking Energy stocks is the Energy Select Sector SPDR ETF (XLE), which is down 0.1% in midday trading, and up 3.39% on a year-to-date basis. Valero Energy Corp, meanwhile, is up 12.28% year-to-date, and Marathon Petroleum Corp. is up 39.84% year-to-date. Combined, VLO and MPC make up approximately 6.9% of the underlying holdings of XLE.
Comparing these stocks and ETFs on a trailing twelve month basis, below is a relative stock price performance chart, with each of the symbols shown in a different color as labeled in the legend at the bottom:
Here's a snapshot of how the S&P 500 components within the various sectors are faring in afternoon trading on Thursday. As you can see, eight sectors are up on the day, while none of the sectors are down.
SECTOR % CHANGE
Healthcare +1.3%
Technology & Communications +1.1%
Services +0.8%
Industrial +0.8%
Consumer Products +0.7%
Materials +0.7%
Financial +0.4%
Energy +0.1%
Utilities -0.0%
10 ETFs With Stocks That Insiders Are Buying »
Also see:
Top Stocks Held By Louis Bacon
Institutional Holders of SPXC
VWOB Historical Stock Prices
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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ARTLW
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The best performing sector as of midday Thursday is the Healthcare sector, up 1.3%. Within the sector, Moderna Inc (Symbol: MRNA) and DexCom Inc (Symbol: DXCM) are two of the day's stand-outs, showing a gain of 5.8% and 4.8%, respectively. Among healthcare ETFs, one ETF following the sector is the Health Care Select Sector SPDR ETF (Symbol: XLV), which is up 0.8% on the day, and up 0.41% year-to-date. Moderna Inc, meanwhile, is down 49.07% year-to-date, and DexCom Inc is up 6.50% year-to-date. Combined, MRNA and DXCM make up approximately 1.5% of the underlying holdings of XLV.
The next best performing sector is the Technology & Communications sector, up 1.1%. Among large Technology & Communications stocks, Micron Technology Inc. (Symbol: MU) and Western Digital Corp (Symbol: WDC) are the most notable, showing a gain of 7.2% and 5.7%, respectively. One ETF closely tracking Technology & Communications stocks is the Technology Select Sector SPDR ETF (XLK), which is up 0.6% in midday trading, and up 55.99% on a year-to-date basis. Micron Technology Inc., meanwhile, is up 68.11% year-to-date, and Western Digital Corp is up 66.24% year-to-date. Combined, MU and WDC make up approximately 1.2% of the underlying holdings of XLK.
Comparing these stocks and ETFs on a trailing twelve month basis, below is a relative stock price performance chart, with each of the symbols shown in a different color as labeled in the legend at the bottom:
Here's a snapshot of how the S&P 500 components within the various sectors are faring in afternoon trading on Thursday. As you can see, eight sectors are up on the day, while none of the sectors are down.
SECTOR % CHANGE
Healthcare +1.3%
Technology & Communications +1.1%
Services +0.8%
Industrial +0.8%
Consumer Products +0.7%
Materials +0.7%
Financial +0.4%
Energy +0.1%
Utilities -0.0%
10 ETFs With Stocks That Insiders Are Buying »
Also see:
VIRI Options Chain
ALL Split History
MRLN Insider Buying
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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ARTLW
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Southwest Airlines LUV received encouraging tidings on the labor front when it reached provisional agreement with its pilots’ union (Southwest Airlines Pilots Association or SWAPA). We remind investors that earlier this month, SWAPA had reached an Agreement in Principle or AIP with the Dallas-based carrier on a new contract, after three and a half years of negotiations for higher pay and better working conditions. The agreement was evaluated by the pilots’ union. AIP became a tentative deal following the approval of SWAPA’s board.
After that, the provisional deal will be voted upon by LUV’s 11,000-plus pilots. The deal will materialize only if the voting outcome is favorable and will run through December 2028.
The deal, on becoming effective, will make the pilots eligible for significant gains in compensation, with pay rate hikes over the next four years. The agreement also includes provisions pertaining to improvements to work rules and flying schedules, better disability coverage and increases to retirement benefits. The value of the deal is reportedly $12 billion.
Per Captain Casey Murray, SWAPA’s president, “Our membership has fought for almost four years to reach an agreement with Southwest Airlines. They now have the opportunity to evaluate this deal and cast their vote accordingly.” LUV’s pilots will be voting on the tentative agreement till Jan 22, 2024.
With U.S. airlines grappling with pilot shortage as air-travel demand bounced back strongly from the pandemic lows, we have witnessed quite a few deals with this labor group in the airline space this year.
In August, American Airlines' AAL four-year pact with pilots was ratified. The approval has made AAL’s pilots eligible for an immediate pay raise in excess of 21% on average. Also, the deal included provisions aimed at improving pilots’ quality of life. In fact, improvements pertaining to the quality of life represent nearly 20% of the increased value of the new contract.
In March, Delta Air Lines’ DAL pilots ratified a four-year deal, which made DAL’s 15,0000 pilots eligible for a 34% pay hike over the next four years.
Zacks Rank & Key Picks
LUV, AAL and DAL currently carry a Zacks Rank #3 (Hold) each. Investors interested in the Zacks Airline industry may consider some better-ranked stocks like Air Canada ACDVF and SkyWest SKYW.
Air Canada currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
An uptick in passenger traffic is aiding ACDVF. Recently, management announced plans to launch a year-round route between Montreal and Madrid.
The service will commence in May 2024, as part of its expanded international summer 2024 flying schedule to cater to the increased demand. The Zacks Consensus Estimate for Air Canada’s 2023 and 2024 earnings has witnessed an increase of 32.6% and 41.3%, respectively, in the past 60 days.
SkyWest currently carries a Zacks Rank #2 (Buy). SKYW's fleet modernization efforts are commendable. The company’s initiatives to reward shareholders also bode well.
The Zacks Consensus Estimate for SKYW’s 2023 earnings has risen 38.9% in the past 60 days. The Zacks Consensus Estimate for 2024 earnings has jumped 33.2% in the past 60 days.
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2023. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Delta Air Lines, Inc. (DAL) : Free Stock Analysis Report
Southwest Airlines Co. (LUV) : Free Stock Analysis Report
American Airlines Group Inc. (AAL) : Free Stock Analysis Report
SkyWest, Inc. (SKYW) : Free Stock Analysis Report
Air Canada (ACDVF) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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ARTLW
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As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy -- they expect to make money. So let's look at two noteworthy recent insider buys.
On Wednesday, LQR House's Chief Executive Officer, Sean Dollinger, made a $106,357 buy of LQR, purchasing 23,100 shares at a cost of $4.60 each. LQR House is trading off about 0.8% on the day Thursday. Before this latest buy, Dollinger purchased LQR on 2 other occasions during the past twelve months, for a total cost of $158,870 at an average of $0.19 per share.
And at Mativ, there was insider buying on Monday, by Jeffrey Keenan who bought 6,000 shares at a cost of $13.99 each, for a total investment of $83,940. Before this latest buy, Keenan made one other purchase in the past year, buying $36,640 shares for a cost of $12.21 a piece. Mativ is trading up about 2% on the day Thursday. So far Keenan is in the green, up about 7.9% on their buy based on today's trading high of $15.10.
VIDEO: Thursday 12/21 Insider Buying Report: LQR, MATV
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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ARTLW
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Among the underlying components of the S&P 500 index, we saw noteworthy options trading volume today in Meta Platforms Inc (Symbol: META), where a total of 224,369 contracts have traded so far, representing approximately 22.4 million underlying shares. That amounts to about 131.5% of META's average daily trading volume over the past month of 17.1 million shares. Especially high volume was seen for the $360 strike call option expiring December 22, 2023, with 17,650 contracts trading so far today, representing approximately 1.8 million underlying shares of META. Below is a chart showing META's trailing twelve month trading history, with the $360 strike highlighted in orange:
NVIDIA Corp (Symbol: NVDA) saw options trading volume of 550,345 contracts, representing approximately 55.0 million underlying shares or approximately 127.4% of NVDA's average daily trading volume over the past month, of 43.2 million shares. Particularly high volume was seen for the $490 strike call option expiring December 22, 2023, with 38,118 contracts trading so far today, representing approximately 3.8 million underlying shares of NVDA. Below is a chart showing NVDA's trailing twelve month trading history, with the $490 strike highlighted in orange:
And Ulta Beauty Inc (Symbol: ULTA) saw options trading volume of 10,326 contracts, representing approximately 1.0 million underlying shares or approximately 108.9% of ULTA's average daily trading volume over the past month, of 948,135 shares. Particularly high volume was seen for the $510 strike call option expiring December 29, 2023, with 3,734 contracts trading so far today, representing approximately 373,400 underlying shares of ULTA. Below is a chart showing ULTA's trailing twelve month trading history, with the $510 strike highlighted in orange:
For the various different available expirations for META options, NVDA options, or ULTA options, visit StockOptionsChannel.com.
Today's Most Active Call & Put Options of the S&P 500 »
Also see:
CLAS shares outstanding history
MFC Historical Stock Prices
Funds Holding UMBF
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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ARTLW
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Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in Johnson & Johnson (Symbol: JNJ), where a total volume of 36,537 contracts has been traded thus far today, a contract volume which is representative of approximately 3.7 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 46.3% of JNJ's average daily trading volume over the past month, of 7.9 million shares. Particularly high volume was seen for the $175 strike put option expiring January 19, 2024, with 12,340 contracts trading so far today, representing approximately 1.2 million underlying shares of JNJ. Below is a chart showing JNJ's trailing twelve month trading history, with the $175 strike highlighted in orange:
Cintas Corporation (Symbol: CTAS) saw options trading volume of 1,783 contracts, representing approximately 178,300 underlying shares or approximately 45.9% of CTAS's average daily trading volume over the past month, of 388,230 shares. Particularly high volume was seen for the $560 strike put option expiring January 19, 2024, with 252 contracts trading so far today, representing approximately 25,200 underlying shares of CTAS. Below is a chart showing CTAS's trailing twelve month trading history, with the $560 strike highlighted in orange:
And Aon plc (Symbol: AON) options are showing a volume of 5,257 contracts thus far today. That number of contracts represents approximately 525,700 underlying shares, working out to a sizeable 45.8% of AON's average daily trading volume over the past month, of 1.1 million shares. Particularly high volume was seen for the $330 strike put option expiring January 19, 2024, with 1,274 contracts trading so far today, representing approximately 127,400 underlying shares of AON. Below is a chart showing AON's trailing twelve month trading history, with the $330 strike highlighted in orange:
For the various different available expirations for JNJ options, CTAS options, or AON options, visit StockOptionsChannel.com.
Today's Most Active Call & Put Options of the S&P 500 »
Also see:
Mortgage REITs Hedge Funds Are Buying
INHX Videos
ZEST Historical Stock Prices
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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ARTLW
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The following companies are expected to report earnings after hours on 12/21/2023. Visit our Earnings Calendar for a full list of expected earnings releases.
Nike, Inc. (NKE)is reporting for the quarter ending November 30, 2023. The shoes & retail apparel company's consensus earnings per share forecast from the 16 analysts that follow the stock is $0.84. This value represents a 1.18% decrease compared to the same quarter last year. NKE missed the consensus earnings per share in the 2nd calendar quarter of 2023 by -1.49%. Zacks Investment Research reports that the 2024 Price to Earnings ratio for NKE is 32.38 vs. an industry ratio of -30.60, implying that they will have a higher earnings growth than their competitors in the same industry.
AAR Corp. (AIR)is reporting for the quarter ending November 30, 2023. The aerospace and defense company's consensus earnings per share forecast from the 2 analysts that follow the stock is $0.81. This value represents a 17.39% increase compared to the same quarter last year. In the past year AIR has met analyst expectations once and beat the expectations the other three quarters. Zacks Investment Research reports that the 2024 Price to Earnings ratio for AIR is 20.57 vs. an industry ratio of 26.20.
Mission Produce, Inc. (AVO)is reporting for the quarter ending October 31, 2023. The agriculture company's consensus earnings per share forecast from the 1 analyst that follows the stock is $0.08. This value represents a 33.33% decrease compared to the same quarter last year. Zacks Investment Research reports that the 2023 Price to Earnings ratio for AVO is 66.00 vs. an industry ratio of 4.60, implying that they will have a higher earnings growth than their competitors in the same industry.
Limoneira Co (LMNR)is reporting for the quarter ending October 31, 2023. The agriculture company's consensus earnings per share forecast from the 2 analysts that follow the stock is $-0.15. This value represents a 53.13% increase compared to the same quarter last year. The "days to cover" for this stock exceeds 11 days. Zacks Investment Research reports that the 2023 Price to Earnings ratio for LMNR is -40.30 vs. an industry ratio of 4.60.
Cemtrex Inc. (CETX)is reporting for the quarter ending September 30, 2023. The electrical instrument company's consensus earnings per share forecast from the 1 analyst that follows the stock is $-3.59. This value represents a 6.75% increase compared to the same quarter last year. Zacks Investment Research reports that the 2023 Price to Earnings ratio for CETX is -0.62 vs. an industry ratio of 15.40.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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ARTLW
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Triumph Group (NYSE: TGI) has agreed to sell its product support business for $725 million, cash that will immediately boost the struggling aerospace company's balance sheet. Investors are excited about the development, sending Triumph shares up more than 30% as of 1 pm ET Thursday.
The portfolio reshaping picks up pace
Triumph is a collection of aerospace businesses that has struggled in recent years. The shares have lost about 80% of their value over the past decade due to poorly timed deals that saddled the company with money-losing businesses and a high debt load.
The company has been slowly trying to reshape its portfolio, selling off unprofitable businesses and restructuring those it wants to keep. On Thursday, Triumph announced plans to sell its product support business to AAR (NYSE: AIR) for $725 million.
The deal values the business to be sold at about 15.5 times earnings before interest, taxes, depreciation, and amortization (EBITDA) and should help Triumph bring down its debt balance. Triumph is setting itself up to retire its notes due in 2025 and pay a portion of the debt due in 2028.
That would be a boost to earnings because interest expense would fall. It also avoids the risk of refinancing debt in the quarters ahead when rates might still be at an elevated level.
Is Triumph a buy after its big divestiture deal?
Triumph remains a work in progress, but for the first time in years, the focus is clear, and the company appears to be heading in the right direction. There is still work to be done, though. Even after the sale, Triumph's total debt would be about 4 times adjusted EBITDA, which provides relatively little flexibility. The company is also trying to right-size key businesses and work through whatever additional portfolio reshaping is necessary.
The goal is for Triumph to shift away from commoditized businesses and toward more priority assets with better pricing power, following the model of more successful aerospace stocks, like TransDigm Group and Heico. Triumph isn't there yet, but this latest divestiture is a solid step forward for patient investors.
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Lou Whiteman has positions in TransDigm Group. The Motley Fool recommends Heico and TransDigm Group. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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ARTLW
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Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in Archer Daniels Midland Co. (Symbol: ADM), where a total volume of 36,476 contracts has been traded thus far today, a contract volume which is representative of approximately 3.6 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 94.6% of ADM's average daily trading volume over the past month, of 3.9 million shares. Particularly high volume was seen for the $87.50 strike put option expiring January 19, 2024, with 12,400 contracts trading so far today, representing approximately 1.2 million underlying shares of ADM. Below is a chart showing ADM's trailing twelve month trading history, with the $87.50 strike highlighted in orange:
NextEra Energy Inc (Symbol: NEE) saw options trading volume of 91,901 contracts, representing approximately 9.2 million underlying shares or approximately 74.7% of NEE's average daily trading volume over the past month, of 12.3 million shares. Especially high volume was seen for the $77.50 strike put option expiring January 19, 2024, with 32,040 contracts trading so far today, representing approximately 3.2 million underlying shares of NEE. Below is a chart showing NEE's trailing twelve month trading history, with the $77.50 strike highlighted in orange:
And Microsoft Corporation (Symbol: MSFT) options are showing a volume of 200,045 contracts thus far today. That number of contracts represents approximately 20.0 million underlying shares, working out to a sizeable 71.2% of MSFT's average daily trading volume over the past month, of 28.1 million shares. Particularly high volume was seen for the $375 strike call option expiring December 22, 2023, with 24,486 contracts trading so far today, representing approximately 2.4 million underlying shares of MSFT. Below is a chart showing MSFT's trailing twelve month trading history, with the $375 strike highlighted in orange:
For the various different available expirations for ADM options, NEE options, or MSFT options, visit StockOptionsChannel.com.
Today's Most Active Call & Put Options of the S&P 500 »
Also see:
Top Ten Hedge Funds Holding BKSY
GETY Videos
CAL Dividend History
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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ARTLW
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Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in Booking Holdings Inc (Symbol: BKNG), where a total volume of 4,366 contracts has been traded thus far today, a contract volume which is representative of approximately 436,600 underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 167.9% of BKNG's average daily trading volume over the past month, of 260,000 shares. Particularly high volume was seen for the $3400 strike put option expiring January 19, 2024, with 120 contracts trading so far today, representing approximately 12,000 underlying shares of BKNG. Below is a chart showing BKNG's trailing twelve month trading history, with the $3400 strike highlighted in orange:
Costco Wholesale Corp (Symbol: COST) options are showing a volume of 42,420 contracts thus far today. That number of contracts represents approximately 4.2 million underlying shares, working out to a sizeable 165.9% of COST's average daily trading volume over the past month, of 2.6 million shares. Especially high volume was seen for the $680 strike call option expiring December 22, 2023, with 4,516 contracts trading so far today, representing approximately 451,600 underlying shares of COST. Below is a chart showing COST's trailing twelve month trading history, with the $680 strike highlighted in orange:
And Netflix Inc (Symbol: NFLX) saw options trading volume of 67,430 contracts, representing approximately 6.7 million underlying shares or approximately 161% of NFLX's average daily trading volume over the past month, of 4.2 million shares. Particularly high volume was seen for the $500 strike call option expiring December 22, 2023, with 6,545 contracts trading so far today, representing approximately 654,500 underlying shares of NFLX. Below is a chart showing NFLX's trailing twelve month trading history, with the $500 strike highlighted in orange:
For the various different available expirations for BKNG options, COST options, or NFLX options, visit StockOptionsChannel.com.
Today's Most Active Call & Put Options of the S&P 500 »
Also see:
DOO Videos
COR YTD Return
JWEL shares outstanding history
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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ARTLW
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Tech stocks rose Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) climbing 0.5% and the SPDR S&P Semiconductor ETF (XSD) adding 2%.
The Philadelphia Semiconductor index advanced 2.1%.
In corporate news, Micron (MU) shares jumped 7% after the company reported better-than-expected fiscal Q1 results and analysts boosted their price targets on the stock.
Amesite (AMST) shares surged 20% after Chief Executive Ann Marie Sastry reported an additional purchase of company stock.
Luna Innovations (LUNA) gained 5.5% after it received a $50 million investment from White Hat Capital Partners, which was partially used to fund the company's $21.5 million acquisition of privately held fiber-optic sensing firm Silixa.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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ARTLW
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Financial stocks were advancing in Thursday afternoon trading, with the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) both up 0.4%.
The Philadelphia Housing Index was up 0.3% and the Real Estate Select Sector SPDR Fund (XLRE) was 0.2% higher.
Bitcoin (BTC-USD) was easing 0.2% to $43,549, and the yield for 10-year US Treasuries was 2.6 basis points up at 3.90%.
In economic news, US gross domestic product growth was revised to 4.9% in Q3 from 5.2% in the prior estimate, below expectations for no revision in a survey compiled by Bloomberg. GDP rose 2.1% in Q2.
In corporate news, Paychex (PAYX) shares tumbled 6.5% after the company reported mixed fiscal Q2 results with revenue trailing estimates by analysts.
First American Financial (FAF) dropped 2.5% after it said Thursday it has temporarily taken some systems offline after a "cybersecurity incident."
Coinbase (COIN) received a virtual asset service provider approval from French financial watchdog AMF. This will allow the company to offer digital currency services in the country, CNBC reported, citing the company. Coinbase shares gained 2.8%.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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ARTLW
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Health care stocks rose Thursday afternoon with the NYSE Health Care Index up 0.6% and the Health Care Select Sector SPDR Fund (XLV) adding 0.7%.
The iShares Biotechnology ETF (IBB) rose 1.2%.
In corporate news, Annexon (ANNX) shares surged nearly 21% after the company priced a $125 million securities offering, while BofA Securities upgraded the stock to buy from neutral.
MeiraGTx (MGTX) shares soared 30% after the company agreed to sell the remaining interests in botaretigene sparoparvovec to Johnson & Johnson's (JNJ) Janssen Pharmaceuticals unit for up to $415 million.
BioAtla (BCAB) jumped almost 10% after a regulatory filing showed Chief Executive Jay Short this week increased direct stake in the biopharmaceuticals company, acquiring 50,000 shares at an average price of $2.13 each.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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ARTLW
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Among the underlying components of the S&P 500 index, we saw noteworthy options trading volume today in Chipotle Mexican Grill Inc (Symbol: CMG), where a total of 4,684 contracts have traded so far, representing approximately 468,400 underlying shares. That amounts to about 258.8% of CMG's average daily trading volume over the past month of 180,960 shares. Especially high volume was seen for the $2250 strike call option expiring January 05, 2024, with 140 contracts trading so far today, representing approximately 14,000 underlying shares of CMG. Below is a chart showing CMG's trailing twelve month trading history, with the $2250 strike highlighted in orange:
CF Industries Holdings Inc (Symbol: CF) saw options trading volume of 52,072 contracts, representing approximately 5.2 million underlying shares or approximately 208.4% of CF's average daily trading volume over the past month, of 2.5 million shares. Especially high volume was seen for the $90 strike call option expiring May 17, 2024, with 15,431 contracts trading so far today, representing approximately 1.5 million underlying shares of CF. Below is a chart showing CF's trailing twelve month trading history, with the $90 strike highlighted in orange:
And Boeing Co. (Symbol: BA) saw options trading volume of 114,520 contracts, representing approximately 11.5 million underlying shares or approximately 181.1% of BA's average daily trading volume over the past month, of 6.3 million shares. Particularly high volume was seen for the $270 strike call option expiring December 22, 2023, with 11,156 contracts trading so far today, representing approximately 1.1 million underlying shares of BA. Below is a chart showing BA's trailing twelve month trading history, with the $270 strike highlighted in orange:
For the various different available expirations for CMG options, CF options, or BA options, visit StockOptionsChannel.com.
Today's Most Active Call & Put Options of the S&P 500 »
Also see:
Top Ten Hedge Funds Holding DDT
EZGO Average Annual Return
Otis Worldwide market cap history
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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ARTLW
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Per Pebblebrook Hotel Trust’s PEB recently released operating update, the operating results for November outpaced expectations, underpinning solid performance in the urban portfolio.
Shares of the company witnessed a marginal gain in the regular trading session on the NYSE on Dec 20, following the announcement.
The company noted that for the overall portfolio, same-property Hotel revenue per available room (”RevPAR”) exhibited year-over-year growth of 6.4%, mainly driven by an increase in occupancy and average daily rate (”ADR”). This was, in turn, led by a strong performance in the urban portfolio, moderate declines in resort rates from normalizing trends and significant share gains throughout the portfolio from redevelopment investments over the last few years.
Total revenues increased around 7% year over year, while same-property Hotel EBITDA rose more than 10% due to normalization in operating expense growth.
For PEB’s urban portfolio, robust business transient and group business, as well as gains in RevPAR share from properties redeveloped in the last few years, resulted in same-property urban total revenues growth of 10% on a year-over-year basis. An increase in occupancy and rate led to a 9.4% rise in RevPAR. Non-room revenues climbed 11.6% from the year-ago period.
Market-wise, PEB’s properties in San Francisco reported 31% year-over-year RevPAR growth on the back of solid business transient and group travel and a favorable convention calendar. Properties in Washington DC and Boston witnessed RevPAR growth of 23% and 16%, respectively, while Los Angeles and Chicago experienced positive single-digit year-over-year improvements.
For the resort portfolio, same-property occupancy rose 5.5% in November from the same period in 2022. ADR declined 6.6% year-over-year as the increase in group demand was partially offset by normalization in leisure trends. From the beginning of the year through Dec 19, 2023, same-property resort occupancy fell 12% compared with 2019 levels, while ADR grew at a solid 40%.
The resorts are also benefiting from significant repositioning and transformational investments throughout the portfolio.
Per the operating update, Pebblebrook is on schedule to complete a substantial part of the restoration of the 79-room LaPlaya Beach Resort & Club, in Naples, FL. It projects to complete and reopen the resort by the first quarter of 2024.
The company is on track to complete the $12.5 million redevelopment of four guest houses, consisting of 50 guestrooms and suites at Southernmost Beach Resort. Of the 50 rooms, 11 are completed and in service. The remaining guestrooms are expected to be operational before the end of this year.
PEB is actively carrying out the redevelopments at the Newport Harbor Island Resort for $48 million and Estancia La Jolla Hotel & Spa for $25 million. The Estancia La Jolla is in the second and final phase of the transformation. Both projects are anticipated to complete the targets by the second quarter of 2024.
Amid the favorable lodging industry fundamentals, the real estate investment trust (REIT) expects fourth-quarter 2023 adjusted funds from operations per share in the range of 9-14 cents. The Zacks Consensus Estimate is currently pegged at 12 cents.
Same-property RevPAR is projected between $183 million and $188 million, indicating year-over-year growth of 1-4%. Same-property Hotel EBITDA is estimated between $57 million and $63 million.
Nonetheless, the company’s ability to maintain rates in its resort markets in the near term is likely to be affected by persistent macroeconomic uncertainty and a high interest rate environment.
PEB currently carries a Zacks Rank #3 (Hold). Its shares have gained 13.6% in the quarter-to-date period compared with the industry’s growth of 17.8%.
Image Source: Zacks Investment Research
Stocks to Consider
Some better-ranked stocks from the REIT sector are Lamar Advertising LAMR, EastGroup Properties EGP and Stag Industrial STAG each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Lamar Advertising’s current-year funds from operations (”FFO”) per share has been raised by 1.7% over the past two months to $7.31.
The Zacks Consensus Estimate for EastGroup Properties’ 2023 FFO per share has moved marginally north in the past two months to $7.70.
The Zacks Consensus Estimate for Stag Industrial’s ongoing year’s FFO per share has been raised 1.3% upward over the past two months to $2.28.
Note: Anything related to earnings presented in this write-up represents FFO — a widely used metric to gauge the performance of REITs.
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2023. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Lamar Advertising Company (LAMR) : Free Stock Analysis Report
Pebblebrook Hotel Trust (PEB) : Free Stock Analysis Report
Stag Industrial, Inc. (STAG) : Free Stock Analysis Report
EastGroup Properties, Inc. (EGP) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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ARTLW
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Consumer stocks were edging up Thursday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) up 0.1% and the Consumer Discretionary Select Sector SPDR Fund (XLY) rising 0.8%.
In corporate news, Carnival (CCL) shares jumped 6% after the cruise line operator posted better-than-expected improvements in fiscal Q4 results backed by strong demand and a robust pricing environment.
CarMax (KMX) gained 4% after the company reported fiscal Q3 earnings that topped estimates by analysts.
Honda (HMC) said it's recalling 2.6 million 2017-2020 Acura and Honda vehicles in the US due to the risk of a crash or injury because of a fuel pump defect that could cause the engine to not start or stall while driving. Honda shares were little changed.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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ARTLW
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Paychex, Inc. PAYX reported mixed second-quarter fiscal 2024 results, wherein earnings beat the Zacks Consensus Estimate but revenues missed the same.
Adjusted earnings of $1.08 per share beat the Zacks Consensus Estimate and increased 9.1% on a year-over-year basis. Total revenues of $1.26 billion missed the consensus estimate but increased 5.7% year over year.
Service revenues of $1.2 billion were up 5% year over year but missed our estimate of $1.23 billion.
Paychex, Inc. Price, Consensus and EPS Surprise
Paychex, Inc. price-consensus-eps-surprise-chart | Paychex, Inc. Quote
Quarter Details
Revenues from the Management Solutions segment increased 4% year over year to $930.7 million but missed our estimate by a slight margin. The growth can be attributed to an increase in the clientele utilizing the company’s range of human capital management solutions, augmented revenue per client through enhanced price realization and greater product penetration, including HR Solutions and retirement offerings, as well as an expansion in ancillary services.
Professional employer organization (“PEO”) and Insurance Solutions’ revenues totaled $295.7 million, up 8% from the year-ago quarter’s level. The figure also beat our estimate by 1.8%. The expansion in the average number of employees at PEO worksites, the rise in PEO insurance revenues and the increased income generated from ancillary services serve as driving factors for the growth.
Interest on funds held for clients increased 44% year over year to $31.5 million, lower than our estimate of $32.8 million.
EBITDA of $551 million increased 6% year over year but lagged our estimate of $554.4 million. Operating income increased 7% year over year to $506.2 million but lagged our estimate by 1%. Operating margin was 40.2%, up 50 basis points from the year-ago reported figure.
Paychex exited the quarter with cash and cash equivalents of $1.36 billion compared with $1.65 billion reported at the end of the prior quarter. Long-term debt totaled $798.4 million compared with $798.3 million in the prior quarter.
Cash generated from operating activities amounted to $348.5 million while capital expenditures totaled $40.7 million.
Updated Fiscal 2024 Outlook
Paychex provided its fiscal 2024 outlook, wherein adjusted EPS is expected to register 10-11% growth from the previously estimated 9-11%. PAYX reaffirmed its projection of total revenues to register 6-7% growth.
Management Solutions’ revenues are expected to grow around 5-6%. PEO and Insurance Solutions’ revenues are anticipated to grow 7-9%, up from the previously guided 6-9%. Interest on funds held for clients is anticipated to be in the range of $140-$150 million. The company expects operating margin in the range of 41-42%.
Currently, Paychex carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stocks to Consider
Here are a few other stocks from the broader Business Services sector that have performed well in their recent earnings release.
ABM Industries Inc. ABM reported impressive fourth-quarter fiscal 2023 results, wherein both earnings and revenues beat their respective Zacks Consensus Estimate.
Adjusted earnings (considering 5 cents from non-recurring items) were $1.01 per share, which beat the consensus estimate by 8.6% and increased 13.5% from the previous year's quarterly figure.
Total revenues of $2.09 billion beat the consensus mark by 2.8% and improved 4.1% from the previous year’s reported actual. The upside was backed by solid segmental performance, strength from new accounts that came online late last year and the acquisition of RavenVolt. Quarterly revenue growth included 3.8% organic growth and a 0.3% upside from acquisitions.
S&P Global Inc. SPGI reported impressive third-quarter results, wherein both earnings and revenues beat their respective Zacks Consensus Estimate.
SPGI’s adjusted earnings per share (excluding 88 cents from non-recurring items) of $3.21 rose 9.6% year over year and beat the consensus estimate by 5.3%. Revenues of $3.08 billion surpassed the consensus mark by 2% and improved 8% year over year, backed by strong performance in each of its divisions.
Verisk Analytics Inc.VRSK reported impressive third-quarter 2023 results, wherein both earnings and revenues beat their respective Zacks Consensus Estimate.
VRSK’s adjusted earnings (excluding 23 cents from non-recurring items) were $1.52 per share, which beat the consensus estimate and increased 4.1% from the year-ago reported figure. This outperformance was due to strong growth in Underwriting Data Solutions, Life Insurance and Extreme Event Solutions.
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2023. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Paychex, Inc. (PAYX) : Free Stock Analysis Report
ABM Industries Incorporated (ABM) : Free Stock Analysis Report
Verisk Analytics, Inc. (VRSK) : Free Stock Analysis Report
S&P Global Inc. (SPGI) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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ARTLW
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Allegiant Travel Company ALGT is enhancing domestic leisure travel space with the opening of its hotel resort, Sunseeker Resort Charlotte Harbor, located on the Gulf Coast in Southwest Florida. Sunseeker Resort joins Allegiant's wide portfolio of ancillary products, including rental cars, professional sports packages, and more. ALGT has been selling hotel rooms to customers on behalf of third parties for more than 18 years.
The resort was first announced in 2017, with Charlotte County, FL region, being chosen as the prime location for the resort owing to ALGT’s air travel demand in the area. As of September 2023, ALGT has flown almost 1.8 million passengers in and out of Punta Gorda Airport, an airline base of operations located a few minutes away from Sunseeker Resort.
The resort is spread over 22 waterfront acres with 785 premier guestrooms. Additionally, Sunseeker Resort provides 60,000 square feet of meeting and event space, two pool experiences, seven retail outlets, and a guest-exclusive Aileron Golf Club. A fitness center and spa are also located in the main tower.
How Will the Resort Benefit Allegiant?
A combination of airline and hotel stays has always been a lucrative offer. Considering that more than 85% of ALGT’s airline customers prefer buying lodging, followed by events such as dining, spa visits and golf outings, the latest move is expected to strengthen Allegiant's competitive position as an integrated travel company in the industry.
Sunseeker Resort provides a variety of leisure activities that will help Allegiant attract more customers in Southwest Florida.
Maurice J. Gallagher, CEO and founder of Allegiant, stated, "This is a transformational project for Allegiant. It's a catalyst for our continued growth as an integrated travel company and an example of how the industry can adapt to continue providing customers with the products and services they want."
Gregory Anderson, Allegiant president, stated, "We have helped pioneer selling ancillary products both inside and outside of an airplane, in turn, diversifying our revenue streams. Over the past five years, we have sold on average about 300,000 'third-party' hotel room nights per year to our customers. The opening of Sunseeker Resort is a key milestone in providing more customer offerings through our 'first-party' integrated resort."
Additionally, ALGT provides almost 21,000 jobs in Florida. Sunseeker Resort is expected to generate more than 1,000 permanent jobs in the Charlotte County area alone and is likely to attract 300,000 more visitors annually to the area.
So far this year, shares of Allegiant have gained 22.2%, outperforming the industry’s rise of 14%.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Currently, Allegiant carries a Zacks Rank #5 (Strong Sell).
Some better-ranked stocks from the Zacks Transportation sector are Westinghouse Air Brake Technologies Corporation, operating as Wabtec Corporation WAB and SkyWest, Inc. SKYW. Each stock presently carries a Zacks Rank of 2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Wabtec has an expected earnings growth rate of 22.43% for the current year. WAB delivered a trailing four-quarter earnings surprise of 7.11%, on average.
The Zacks Consensus Estimate for WAB’s current-year earnings has improved 4.9% over the past 90 days. Shares of WAB have gained 26.1% year to date.
SkyWest's fleet-modernization efforts are commendable. The Zacks Consensus Estimate for SKYW’s current-year earnings has improved 38.9% over the past 90 days. Shares of SKYW have surged 209.7% year to date.
SKYW delivered a trailing four-quarter earnings surprise of 32.57%, on average.
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2023. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Allegiant Travel Company (ALGT) : Free Stock Analysis Report
SkyWest, Inc. (SKYW) : Free Stock Analysis Report
Westinghouse Air Brake Technologies Corporation (WAB) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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By Johann M Cherian and Shristi Achar A
Dec 21 (Reuters) - Wall Street advanced on Thursday after recovering from a broad sell-off in the prior session, with latest data adding to expectations that borrowing costs could ease next year, while chipmaker Micron advanced after giving an upbeat forecast.
"We have entered back into what we call a Goldilocks scenario, a situation of rising earnings and falling inflation," said Steve Chappell, global head of trading systems development for VectorVest.
"So there is a reason to be cautiously optimistic. The fear of missing out has certainly been a part of this rally at this point."
The yield on the benchmark 10-year U.S. treasury note US10YT=RR moved lower to 3.8806%, further from multi-year highs it scaled in October. US/
The benchmark index is nearing its record closing high hit in early 2022 which would confirm the index had been in a bull market since closing at the bear market floor in October 2022.
Despite some push back from Federal Reserve officials, traders still expect an 82.9% chance of at least a 25 basis points rate cut in as early as March next year, and a 100% chance of a rate cut in May, according to the CME FedWatch Tool.
Meanwhile, Micron TechnologyMU.O forecast quarterly revenue above market estimates, and its shares jumped 7.2% on signs of a memory chip recovery in 2024 after one of the most significant downturns in years.
The Philadelphia SE semiconductor index .SOX housing chip stocks advanced 2.3%.
Nine of the 11 S&P 500's sectors were in the green, with the health sector .SPXHC leading with a 0.8% rise, while the small-caps Russell 2000 index .RUT rose 1.2%.
"As people become less fearful about the stock market, these are segments of the market that have been beaten up the most. So that amounts to investors minds as opportunity," Chappell added on small-cap stocks.
At 12:02 p.m. ET, the Dow Jones Industrial Average .DJI was up 139.63 points, or 0.38%, at 37,221.63, the S&P 500 .SPX was up 24.91 points, or 0.53%, at 4,723.26, and the Nasdaq Composite .IXIC was up 107.50 points, or 0.73%, at 14,885.44.
BoeingBA.Nedged up 0.3% as the planemaker is set to restart deliveries of its 787 Dreamliner to China within days, a source told Reuters.
U.S. electric vehicle makers like Tesla TSLA.O and Lucid Group <LCID.O> rose 2.0% and 2.8%, respectively, after a report said the United States was considering tariff hikes on Chinese EV manufacturers.
Advancing issues outnumbered decliners by a 3.19-to-1 ratio on the NYSE and a 2.32-to-1 ratio on the Nasdaq.
The S&P index recorded 12 new 52-week highs and no new lows, while the Nasdaq recorded 47 new highs and 46 new lows.
Jobless claims https://tmsnrt.rs/3GT60FK
(Reporting by Johann M Cherian and Shristi Achar A in Bengaluru; Editing by Maju Samuel)
((johann.mcherian@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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Under Armour, Inc.’s UAA focus on strengthening its brands through enhanced customer connections, effective innovations, better price points and a loyalty program should help it to stand firmly in the challenging operating market. The company has been progressing smoothly on its multi-year transformation plan.
We note that shares of this athletic footwear, apparel and accessories dealer have increased 34.4% over the past three months compared with the industry’s 25.7% rise. Analysts seem optimistic about the company. The Zacks Consensus Estimate for fiscal 2025 sales and earnings per share (EPS) is currently pegged at $6 billion and 59 cents, respectively. These estimates show corresponding increases of 3.8% and 20.8% year over year.
Strategies in Detail
Under Armour’s focus on reinforcing brands and strict go-to-market processes appears encouraging. Additionally, the company strives to boost its operating model as well as return greater profitability and value to shareholders. Its growth strategy is focused on improving sales through product innovation, building long-term relationships with key wholesale partners, investments in its stores and digitization to directly reach customers, and selling more inventory at full price.
UAA is focusing on digitization by converting real-time data and analytics to drive brand interest and consideration within its largest categories. Restructuring initiatives, cost management, inventory balance and emphasis on productivity should position the company well for growth.
Image Source: Zacks Investment Research
To aid overall growth, management highlighted priorities to drive clarity and business alignment across the company. The initiative, which is named Protect This House 3 or PTH3, is focused on driving global brand heat, staying relentlessly focused on elevating design and building better products and driving growth in the United States. With this plan, management is optimistic about creating a more advantageous position to unlock consistent and sustainable growth.
In addition, Under Armour has been trying to boost its direct-to-consumer business through store expansion initiatives and the enhancement of its e-commerce platform. Management has been investing in boosting digital capabilities to drive growth in the direct-to-consumer (DTC) channel. This includes buy online and pick-up in store facilities and flexible payment capabilities. In the second quarter of fiscal 2024, the company’s DTC revenues increased 3% to $596 million due to a 2% rise in e-commerce revenues, which represented 35% of the total DTC business in the quarter.
To wrap up, Under Armour is well-poised for growth based on the aforementioned strengths. A Value Score of B for this current Zacks Rank #3 (Hold) company further demonstrates strength.
Eye These Solid Picks
Some better-ranked companies are Royal Caribbean RCL, lululemon athletica LULU and Ralph Lauren RL.
Royal Caribbean sports a Zacks Rank #1 (Strong Buy), at present. RCL has a trailing four-quarter earnings surprise of 28.3%, on average. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for RCL’s 2023 sales and EPS indicates increases of 57.7% and 187.9%, respectively, from the year-ago period’s reported levels.
lululemon athletica is a yoga-inspired athletic apparel company. LULU carries a Zacks Rank #2 (Buy), at present.
The Zacks Consensus Estimate for lululemon athletica’s current financial-year sales and EPS suggests growth of 18.2% and 22.9%, respectively, from the year-ago corresponding figures. LULU has a trailing four-quarter earnings surprise of 9.2%, on average.
Ralph Lauren, a footwear and accessories dealer, has a Zacks Rank of 2 at present. RL has a trailing four-quarter earnings surprise of 18%, on average.
The Zacks Consensus Estimate for Ralph Lauren’s current financial-year sales and EPS suggests growth of 1.4% and 13.1%, respectively, from the year-ago corresponding figures.
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2023. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Royal Caribbean Cruises Ltd. (RCL) : Free Stock Analysis Report
Ralph Lauren Corporation (RL) : Free Stock Analysis Report
lululemon athletica inc. (LULU) : Free Stock Analysis Report
Under Armour, Inc. (UAA) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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Euronet Worldwide, Inc. EEFT is currently aided by strong segmental contribution, an enhanced payment solutions suite, acquisitions and a notable financial stand.
Zacks Rank & Price Rally
Euronet currently carries a Zacks Rank #3 (Hold).
The stock has gained 23.7% in the past three months compared with the industry’s 12.4% growth. The Zacks Finance sector and S&P 500 composite gained 10.7% and 9.8%, respectively, in the said time frame.
Image Source: Zacks Investment Research
Favorable Style Score
EEFT is well-poised for progress, as evidenced by its impressive VGM Score of A. Here V stands for Value, G for Growth and M for Momentum, and the score is a weighted combination of all three factors.
Robust Growth Prospects
The Zacks Consensus Estimate for Euronet’s 2023 earnings is pegged at $7.35 per share, indicating a 12.9% increase from the year-ago reported figure. The consensus mark for revenues is $3.7 billion, implying 9.2% growth from the year-ago number.
The Zacks Consensus Estimate for 2024 earnings is pegged at $8.28 per share, suggesting 12.7% growth from the 2023 estimate. The consensus mark for revenues is $4 billion, which indicates a rise of 7.8% from the 2023 estimate.
Impressive Earnings Surprise History
The bottom line of EEFT outpaced estimates in each of the trailing four quarters, the average surprise being 4.74%.
Solid Return on Equity
Euronet’s efficiency in utilizing shareholders’ funds can be substantiated by its return on equity of 27.8% as of Sep 30, 2023, which remains higher than the industry’s average of 19.9%.
Business Tailwinds
The top line of Euronet gained on the back of strong contributions from the EFT Processing, epay and Money Transfer segments. It improved 9.5% year over year in the first nine months of 2023. Management anticipates adjusted earnings per share to witness 10-15% year-over-year growth in 2024.
The EFT Processing segment is aided by higher domestic and international cash withdrawal transactions, improved low-value point-of-sale transactions in Europe and increase in low-value payment processing transactions in the Asia Pacific. The unit processed total transactions of 6.1 million in the first nine months of 2023, which climbed 32% year over year.
Consistent expansion of digital branded payments and mobile growth aids the performance of the epay segment while higher U.S.-outbound transactions, direct-to-consumer digital transactions and international-originated money transfers drive the Money Transfer segment’s performance.
Euronet resorts to acquisitions, which have meaningfully contributed to the growth of its business in the form of developing new products and services as well as expanding its geographical presence. The widespread adoption of contactless payments provides EEFT an opportunity to capitalize on through its innovative payment solutions.
An enhanced payment, transaction processing and distribution solutions suite make it a favorite choice for partnerships with financial service providers, agents, retailers, merchants, content providers and individual consumers. In this regard, EEFT’s REN platform, which delivers an array of services comprising payment processing, card issuing, loyalty services, inventory management, fraud management and many more, deserves a special mention.
In November 2023, Euronet entered into a multi-year collaboration with the leading private bank of Ecuador, Banco Pichincha, to offer prepaid and debit card issuing and processing services to the bank. The delivery of these services will be made possible through software as a service installation of the REN platform.
A sound cash balance and solid cash-generating abilities bear testament to EEFT’s financial strength based on which it can undertake business investments. It generated operating cash flows of $507.4 million in the first nine months of 2023, which improved 13.1% year over year from the prior-year comparable period.
Stocks to Consider
Some better-ranked stocks in the Finance space are BrightSpire Capital, Inc. BRSP, EastGroup Properties, Inc. EGP and BlackRock Capital Investment Corporation BKCC. While BrightSpire Capital currently sports a Zacks Rank #1 (Strong Buy), EastGroup Properties and BlackRock Capital carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
BrightSpire Capital’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 11.60%. The Zacks Consensus Estimate for BRSP’s 2023 earnings suggests an improvement of 6.1% from the year-ago reported figure. The consensus mark for BRSP’s 2023 earnings has moved 2% north in the past 30 days.
The bottom line of EastGroup Properties beat estimates in three of the trailing four quarters and matched the mark once, the average surprise being 1.10%. The Zacks Consensus Estimate for EGP’s 2023 earnings suggests an improvement of 10% from the year-ago reported figure. The consensus mark for revenues suggests growth of 16.7% from the year-ago reported figure. The consensus mark for EGP’s 2023 earnings has moved 0.7% north in the past 60 days.
BlackRock Capital’s earnings outpaced estimates in each of the last four quarters, the average surprise being 12.18%. The Zacks Consensus Estimate for BKCC’s 2023 earnings suggests an improvement of 22.5% from the year-ago reported figure. The consensus mark for revenues suggests growth of 38.7% from the year-ago reported figure. The consensus mark for BKCC’s 2023 earnings has moved 2.1% north in the past 60 days.
Shares of BrightSpire Capital, EastGroup Properties and BlackRock Capital have gained 17%, 9% and 1.8%, respectively, in the past three months.
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2023. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Euronet Worldwide, Inc. (EEFT) : Free Stock Analysis Report
EastGroup Properties, Inc. (EGP) : Free Stock Analysis Report
BlackRock Capital Investment Corporation (BKCC) : Free Stock Analysis Report
BrightSpire Capital, Inc. (BRSP) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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The market finally took a much-deserved breather on Wednesday following a scorching rally. There was little doubt that plenty of stocks were getting overheated after the run that began at the end of October got sent into overdrive following the Fed’s recent dovish turn.
Stocks then ripped higher through early morning trading Thursday as buyers stepped in and bought the first big dip heading into the official Santa Claus rally period. Wall Street could, no doubt, experience more selling in the days and weeks ahead since markets never go straight up.
Thankfully, lower interest rates and the expectations of Fed rate cuts change the math on cash and bonds. More investors are also positioning themselves to be on the right side of a possible extended rally in 2024—especially if they missed out this year. Plus, the recent run featured nearly every corner of the market and not just large-cap tech.
Investors might want to consider buying stocks outside of technology heading into 2024. Some might also want to focus on stocks that are trading at solid valuations at a time when much of the market is rather overheated.
Molson Coors (TAP)
Molson Coors is a beer titan that competes alongside AnheuserBusch InBev (BUD), Constellation Brands (STZ), and others in the U.S. and around the world. Molson Coors’ growing portfolio includes Coors Light, Miller Lite, Molson Canadian, Vizzy Hard Seltzer, and much more. Molson Coors said in early October that it achieved the goals it set in 2019 under its “Revitalization Plan” to post consistent sales and revenue growth, and it laid out plans for more growth in the years ahead.
Image Source: Zacks Investment Research
The firm’s core brands have gained traction and it has found success in its expansion outside of beer into whiskeys, energy drinks, and other non-beer areas. Molson Coors topped our Q3 EPS estimate and boosted its guidance.
TAP’s adjusted earnings are projected to climb by 29% this year on 9% higher revenue and then post additional growth next year. TAP’s recent upward earnings revisions extend its year-long run of improving earnings outlooks that helps it land a Zacks Rank #1 (Strong Buy) right now.
The company’s improving business helped TAP’s board authorize a new $2 billion share repurchase program earlier this year. TAP’s dividend yields 2.7% at the moment. And CEO Gavin Hattersley stressed last quarter that Molson Coors was upbeat that it will hold onto its market-share gains following the Bud Light boycott.
Image Source: Zacks Investment Research
TAP stock has climbed nearly 40% over the last three years to blow away Constellation’s 10%, AnheuserBusch InBev’s -10% decline, and the wider Zacks Consumer Staples sector’s -6% dip. Molson Coors stock has climbed 19% in 2023. Yet it currently trades over 13% below its summer highs and 45% below its all-time highs.
On the valuation side, TAP trades at a 60% discount to its peaks, 15% under its 10-year median, 35% below BUD, and at a 33% discount to the Consumer Staples Sector at 11.5X forward 12-month earnings.
Vistra Corp. (VST)
Vistra is one of the leading integrated retail electricity and power generation companies in the U.S. The Irving, Texas-based firm currently serves approximately 4 million residential, commercial, and industrial retail customers across 20 states, including six of the seven competitive wholesale markets in the country.
Vistra is one of the largest competitive electricity providers in the country, with a wide-ranging portfolio that features nuclear, solar, battery energy storage facilities, and natural gas.
Image Source: Zacks Investment Research
All four of the brokerage recommendations that Zacks has for Vistra are “Strong Buys.” And its dividend yields 2.3%. VST is also attempting to close its planned acquisition of Energy Harbor. Vistra announced back in March its plans to boost its zero-carbon generation portfolio via the purchase of Energy Harbor, including its 4,000-megawatt nuclear generation fleet and retail business of roughly 1 million customers.
Vistra shares have climbed by 114% in the past three years vs. the Zacks Utilities sector’s 5% drop. This run includes a 62% surge in 2023 that’s seen it post fresh highs along the way. Despite the climb, it still trades below its average Zacks price target. On top of that, Vistra trades at a 40% discount to the Zacks Utilities sector at 8.1X forward 12-month earnings despite its huge outperformance. Plus, its PEG ratio, which factors in long-term EPS growth, sits at 0.13 vs. its industry’s 1.9.
Image Source: Zacks Investment Research
VST’s revenue is projected to soar 47% this year and another 11% next year. Better yet, Vistra is projected to swing from an adjusted loss of -$2.94 a share to +$3.79 per share this year and then surge another 23% next year. Vistra’s upbeat earnings outlook helps it grab a Zacks Rank #2 (Buy) right now.
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2023. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Molson Coors Beverage Company (TAP) : Free Stock Analysis Report
Constellation Brands Inc (STZ) : Free Stock Analysis Report
Anheuser-Busch InBev SA/NV (BUD) : Free Stock Analysis Report
Vistra Corp. (VST) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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ARTLW
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By Sam Tobin
LONDON, Dec 21 (Reuters) - A teenage member of the Lapsus$ hacking group was on Thursday sentenced to indefinite detention in hospital for hacking Uber UBER.N and fintech firm Revolut, and for blackmailing the developers of best-selling video game "Grand Theft Auto".
Arion Kurtaj, 18, embarked on a solo cybercrime spree in September 2022 while on police bail for earlier offences.
He targeted Revolut, accessing around 5,000 Revolut customers' information, and then Uber two days later, causing nearly $3 million of damage to Uber, prosecutors said.
Kurtaj then hacked Rockstar Games and threatened to release the source code for the company's planned "Grand Theft Auto" sequel in a Slack message to all Rockstar staff.
Jurors at London's Southwark Crown Court were played clips of the latest upcoming installment of "Grand Theft Auto", which Kurtaj had hacked and uploaded to an online gaming forum.
Kurtaj, who has autism, was assessed by psychiatrists as not fit to stand trial, so the jury was asked to find whether he had committed the acts rather than deliver a verdict of guilty.
He had previously hacked and blackmailed Britain's biggest broadband provider BT Group BT.L and mobile operator EE in 2021, demanding a $4 million ransom.
Kurtaj also hacked chipmaker Nvidia NVDA.O in February 2022, taking around one terabyte of data, releasing about 80 gigabytes and threatening to publish the rest.
'DETERMINED'
Kurtaj and a 17-year-old, who cannot be named for legal reasons and whose case was heard alongside Kurtaj's, were "key players" in Lapsus$, prosecutors said.
A jury in August found Kurtaj committed 12 offences, including three counts of blackmail, two counts of fraud and six charges under the Computer Misuse Act.
The 17-year-old was found guilty in August of one count of fraud, one count of blackmail and one count under the Computer Misuse Act relating to Nvidia.
He previously pleaded guilty to one count under the Computer Misuse Act and one count of fraud in relation to the BT hack. He had also admitted an offence relating to the hacking of the City of London Police's cloud storage, weeks after his 2022 arrest.
Judge Patricia Lees said on Thursday that Kurtaj remained "determined to commit further serious offences if the opportunity arose" and sentenced him to indefinite detention.
The 17-year-old was sentenced to a youth rehabilitation order with 18 months supervision.
Detective Chief Superintendent Amanda Horsburgh, from City of London Police, said the case "serves as an example of the dangers that young people can be drawn towards whilst online".
(Reporting by Sam Tobin; editing by Jonathan Oatis)
((Sam.Tobin@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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Shares of Universal Health Services, Inc. UHS have gained 16.6% in the past three months compared with the industry’s 7.5% growth. The Medical sector and the S&P 500 composite index have gained 1.1% and 9.9%, respectively, in the same time frame. With a market capitalization of $10.1 billion, the average volume of shares traded in the last three months was 0.5 million.
Improved patient volumes, an expansive care network and a commendable financial position continue to drive Universal Health.
The leading U.S. healthcare services provider with a current Zacks Rank #3 (Hold) boasts an impressive track record of beating estimates in each of the trailing four quarters, the average surprise being 5.47%.
Image Source: Zacks Investment Research
Can UHS Retain the Momentum?
The Zacks Consensus Estimate for Universal Health’s 2023 earnings is pegged at $10.34 per share, indicating a 4.7% increase from the year-ago reported figure. The consensus mark for revenues is $14.2 billion, suggesting 6.2% growth from the year-ago number.
The Zacks Consensus Estimate for 2024 earnings is pegged at $11.74 per share, which implies a 13.5% improvement from the 2023 estimate. The consensus mark for revenues is $14.9 billion, suggesting 4.4% growth from the 2023 estimate.
Growing patient volumes and higher patient days continue to aid the performance of Acute Care Hospital Services and Behavioral Health Care Services segments, which in turn, contributes to the overall revenue growth of Universal Health. Management anticipates net revenues to be between $14.130-$14.330 billion in 2023, the midpoint of which indicates a 6.2% rise from the 2022 reported figure.
The continued incidence of mental health issues among Americans is expected to sustain the solid demand for UHS’s behavioral health hospitals in the days ahead. The resumption of elective procedures, which had been earlier delayed to treat a humongous COVID-patient base, may fetch higher revenues for the surgery centers of Universal Health.
As a means to boost the operating revenues and profitability of its owned hospitals, Universal Health launches services, upgrades existing ones, recruits able physicians as well as exerts financial and operational controls.
The healthcare services provider pursues a strategy of purchasing, constructing or leasing hospital facilities, which in turn, enables it to foray into new markets, enhance healthcare delivery capabilities and diversify its treatment network. In the first nine months of 2023, UHS spent $3.7 million on the acquisition of businesses and property.
Universal Health’s healthcare portfolio comprised 358 inpatient facilities and 43 outpatient and other facilities stretched throughout 39 states, Washington, D.C., the UK and Puerto Rico as of Sep 30, 2023.
A solid financial standing is of dire need to pursue business investments and that’s exactly the case with Universal Health. A sound cash balance and robust cash-generating abilities are a testament to UHS’s financial strength. It generated operating cash flows of $815.4 million in the first nine months of 2023, which improved 16.7% year over year. It also distributes capital to shareholders through share repurchases and dividend payments.
Stocks to Consider
Some better-ranked stocks in the Medical space are Insulet Corporation PODD, DexCom, Inc. DXCM and Novo Nordisk A/S NVO. While Insulet currently sports a Zacks Rank #1 (Strong Buy), DexCom and Novo Nordisk carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Insulet’s earnings surpassed the Zacks Consensus Estimate in each of the last four quarters, the average beat being 105.14%. The Zacks Consensus Estimate for PODD’s 2023 earnings is pegged at $1.91 per share, which indicates a more than 27-fold increase from the year-ago reported figure. The consensus mark for revenues indicates growth of 25.9% from the year-ago reported figure.
The Zacks Consensus Estimate for PODD’s 2023 earnings has moved 0.5% north in the past 30 days. Shares of Insulet have gained 33.6% in the past three months.
The bottom line of DexCom outpaced the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 36.43%. The Zacks Consensus Estimate for DXCM’s 2023 earnings implies a rise of 65.5% from the year-ago figure. The consensus mark for revenues indicates growth of 23.5% from the year-ago reported figure.
The Zacks Consensus Estimate for DXCM’s 2023 earnings has moved 5.5% north in the past 60 days. Shares of DexCom have gained 33.3% in the past three months.
Novo Nordisk’s earnings beat the Zacks Consensus Estimate in two of the trailing four quarters, matched the mark once and missed the same in the remaining one occassion, the average surprise being 0.58%. The consensus estimate for NVO’s 2023 earnings indicates a rise of 51.5% from the year-ago figure. The consensus mark for revenues suggests an improvement of 31.5% from the year-ago reported figure.
The Zacks Consensus Estimate for NVO’s 2023 earnings has moved 0.4% north in the past seven days. Shares of Novo Nordisk have gained 10.9% in the past three months.
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2023. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Novo Nordisk A/S (NVO) : Free Stock Analysis Report
Universal Health Services, Inc. (UHS) : Free Stock Analysis Report
DexCom, Inc. (DXCM) : Free Stock Analysis Report
Insulet Corporation (PODD) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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ARTLW
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Adobe ADBE frees up its resources after shelving the $20 billion acquisition of Figma, which was announced in September 2022.
Mounting pressure from regulators in the United Kingdom and the European Union, leaving no surety for antitrust approvals, convinced Adobe and Figma to terminate the merger mutually.
Regulators were concerned about Adobe’s monopoly. They were also of the view that Figma, a provider of a web-first collaborative design platform, will be able to add to the innovation of its fast-growing platform if it is allowed to flourish independently.
Per the regulators, Adobe was asked to make a significant divestment of assets, source code and engineers to sustain the competitive nature of the market.
Adobe Inc. Price and Consensus
Adobe Inc. price-consensus-chart | Adobe Inc. Quote
Adobe to Prosper
The latest move is expected to be beneficial for Adobe.
Thanks to the termination of the Figma merger, Adobe now has $6 billion in cash, which gives the tech giant room for more buybacks. Increasing share repurchases will drive growth in the company’s bottom line. This, in turn, is making the investors optimistic about the stock.
ADBE will be able to inject more resources into its AI innovations, which in turn will likely strengthen its Creative Cloud platform.
Figma’s annual recurring revenue of $600 million accounted for a tiny portion of Adobe’s $12.4 billion of recurring revenue from Creative Cloud.
We note that Adobe’s growing investments in AI and generative AI innovations are expected to enhance its Creative offerings, which will likely expand its customer base in the future. This, in turn, has been aiding the company in winning investors’ confidence.
Adobe’s shares have gained 74.6% over a year, outperforming the Zacks Computer and Technology sector’s rally of 49.3% as well as the S&P 500 index’s gain of 25.6%.
The company is witnessing solid momentum with Adobe Firefly, a family of generative AI models, integrating natively across Adobe Creative Cloud, Adobe Express and Adobe Experience Cloud.
It recently unveiled the Adobe Firefly Image 2 Model, Adobe Firefly Vector Model and Adobe Firefly Design Model at Adobe MAX, offering new generative AI models for imaging, vector graphics and template design.
The factors above are likely to aid the financial performance of the company in the coming days.
For first-quarter fiscal 2024, Adobe projects total revenues between $5.10 billion and $5.15 billion. The Zacks Consensus Estimate for the same is pegged at $5.08 billion, indicating growth of 9.1% year over year.
Management expects non-GAAP earnings between $4.35 and $4.40 per share. The consensus mark for the same is pinned at $4.36 per share, reflecting growth of 14.7% from the year-ago actual. The figure was revised upward 2.8% in the past seven days.
For fiscal 2024, Adobe projects total revenues between $21.30 billion and $21.50 billion. The Zacks Consensus Estimate for the same is pegged at $21.41 billion, indicating growth of 10.3% from the fiscal year-ago reported figure.
Management expects non-GAAP earnings between $17.60 and $18.00 per share. The consensus mark for the same is pinned at $18.03 per share, indicating growth of 12.2% year over year. The figure was revised upward 0.95% in the past seven days.
Zacks Rank & Stocks to Consider
Currently, Adobe carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader technology sector are Badger Meter BMI, Arista Networks ANET and NVIDIA NVDA. All three stocks carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Shares of Badger Meter have gained 37.8% in the year-to-date period. BMI’s long-term earnings growth rate is currently projected at 20.39%.
Shares of Arista Networks have surged 75.9% in the year-to-date period. The long-term earnings growth rate for ANET is currently projected at 19.77%.
Shares of NVIDIA have gained 167.4% in the year-to-date period. NVDA’s long-term earnings growth rate is currently projected at 13.5%.
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2023. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Badger Meter, Inc. (BMI) : Free Stock Analysis Report
NVIDIA Corporation (NVDA) : Free Stock Analysis Report
Adobe Inc. (ADBE) : Free Stock Analysis Report
Arista Networks, Inc. (ANET) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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Carnival Corporation & plc CCL reported impressive fourth-quarter fiscal 2023 results, with earnings and revenues beating the Zacks Consensus Estimate. The top and the bottom line increased on a year-over-year basis. The upside was backed by a solid demand environment courtesy of its ongoing advertising investments and lead generation efforts. Following the results, the company’s shares moved up 1% in the pre-market trading session.
Earnings & Revenues
In the quarter under review, the company reported an adjusted loss per share of 7 cents, narrower than the Zacks Consensus Estimate of a loss of 12 cents. In the year-ago quarter, the company reported an adjusted loss per share of 85 cents.
Revenues in the quarter totaled $5.4 million, beating the consensus mark of $5.3 billion. In the prior-year quarter, CCL reported revenues of $3.8 billion. Passenger ticket and onboard and other revenues were $3.5 billion and $1.9 billion, respectively.
Carnival Corporation Price, Consensus and EPS Surprise
Carnival Corporation price-consensus-eps-surprise-chart | Carnival Corporation Quote
Q4 Financials
During the fiscal fourth quarter, the company reported a GAAP net loss of $48 million compared with a loss of $1.6 billion reported in the prior-year quarter. Adjusted net loss in the quarter amounted to $90 million compared with $1.1 billion reported in the year-ago quarter.
Balance Sheet
As of Nov 30, 2023, cash and cash equivalents were $2.4 billion compared with $4 billion as of Nov 30, 2022. Carnival ended the quarter with liquidity of $5.4 billion. Total debt (current and long-term) as of Nov 30, 2023, was $30.6 billion compared with $34.5 billion as of Nov 30, 2022.
Adjusted EBITDA, as of Nov 30, 2023, came in at $946 million against $(96) million reported in the prior-year quarter.
Bookings Update
During the fiscal fourth quarter, the company reported solid bookings for the Europe segments. The company stated booking to be elevated above 2019 levels. The company stated that its fiscal 2024 cumulative advanced booked position exceeds the upper bound of the historical range and at higher pricing.
Total customer deposits as of Nov 30, 2023 were $6.4 billion compared with $6.3 billion reported in the previous quarter. The amount was higher than $5.1 billion reported on Nov 30, 2022.
2023 Highlights
Total revenues in fiscal 2023 came in at $21.6 billion compared with $12.2 billion reported in fiscal 2022.
Adjusted EBITDA in fiscal 2023 came in at $4.2 billion against $(1.7) billion reported in fiscal 2022.
In fiscal 2023, adjusted earnings per share (EPS) came in at breakeven against $(4.67) reported in the previous year.
2024 Outlook
For the first quarter of fiscal 2024, the company expects adjusted EBITDA to be approximately $0.8 billion. The company expects fiscal first-quarter adjusted net income to be nearly ($0.28) billion. The company expects a fiscal first-quarter adjusted loss per share to be 22 cents.
For fiscal 2024, the company anticipates adjusted EBITDA to be approximately $5.6 billion. Adjusted net income during the year is anticipated to be nearly $1.2 billion. In the fiscal 2024, the company expects adjusted EPS to be nearly 93 cents.
Zacks Rank and Stocks to Consider
Currently, Carnival carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Zacks Consumer Discretionary sector include:
Royal Caribbean Cruises Ltd. RCL sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
RCL has a trailing four-quarter earnings surprise of 28.3%, on average. Shares of RCL have surged 132.3% in the past year.
The Zacks Consensus Estimate for RCL’s 2024 sales and EPS indicates a rise of 13.7% and 38.1%, respectively, from the year-ago period’s levels.
Live Nation Entertainment, Inc. LYV flaunts a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 37.5%, on average. Shares of LYV have increased 28.2% in the past year.
The Zacks Consensus Estimate for LYV’s 2024 sales and EPS indicates a rise of 8.2% and 61.1%, respectively, from the year-ago period’s levels.
JAKKS Pacific, Inc. JAKK sports a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 61.8%, on average. Shares of JAKK have increased 115% in the past year.
The Zacks Consensus Estimate for JAKK’s 2024 sales indicates a rise of 3.6% from the year-ago period’s levels.
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2023. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Carnival Corporation (CCL) : Free Stock Analysis Report
Royal Caribbean Cruises Ltd. (RCL) : Free Stock Analysis Report
JAKKS Pacific, Inc. (JAKK) : Free Stock Analysis Report
Live Nation Entertainment, Inc. (LYV) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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Updates with details, background in paragraphs 3-6
AMSTERDAM, Dec 21 (Reuters) - Dutch semiconductor equipment maker ASML ASML.AS said on Thursday it is shipping the first of its new "High NA" extreme ultraviolet lithography systems to Intel INTC.O Corp.
The new machines, which will cost more than $300 million each, are expected to help computer chip makers produce smaller, faster semiconductors.
ASML published an image of one segment of the machine departing from its headquarters in Veldhoven, Netherlands, in a protective case with a red ribbon tied around it, on the X social media platform.
"We're excited and proud to ship our first High NA EUV system to Intel," the statement said.
ASML dominates the market for lithography systems - machines that use lasers to help create the circuitry of chips. The High NA machines, which when assembled will be larger than a truck, are being shipped in 250 separate crates, including 13 large containers. They are expected to be used in commercial chip manufacturing starting in 2026 or 2027.
Intel ordered the first of the High NA pilot machines in 2022. Other chip manufacturers that have ordered the machines include TSMC 2330.TW, Samsung 005930.KS, SK Hynix 000660.KS and Micron MU.O.
ASML told reporters on Nov. 30 the company expected to ship the first of the pilot tools before the end of the year.
(Reporting by Toby Sterling; Editing by Kirsten Donovan)
((toby.sterling@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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Physicians Realty Trust announced today that the Company's Board of Trustees has authorized, and the Company has declared, a quarterly cash dividend of $0.23 per common share and unit for the quarter ending December 31, 2023. "We are proud to declare and pay our 42nd consecutive quarterly dividend. Our outpatient medical facilities continue to perform as expected, and we look forward to continued focus on operational excellence and cash flow growth. We are excited about our pending merger to join Healthpeak Properties and look forward to continued growth, success, and the creation of sustainable value as a combined company," said John T. Thomas, the Company's President and Chief Executive Officer. The dividend will be payable on January 18, 2024, to common shareholders and unit holders of record on January 3, 2024.
VSEC, a leading provider of aftermarket distribution and repair services, announced that the Company's Board of Directors has declared a regular quarterly cash dividend of $0.10 per share of VSEC common stock. The dividend is payable on February 8, 2024, to stockholders of record at the close of business on January 25, 2024.
The Board of Directors of FirstEnergy today declared a quarterly dividend of $0.41 per share of outstanding common stock payable March 1, 2024, to shareholders of record at the close of business on February 7, 2024.
DENTSPLY SIRONA announced that its Board of Directors declared a quarterly cash dividend of $0.14 per share of common stock, an indicated annual rate of $0.56 per share. The dividend is payable on January 12, 2024, to holders of record as of December 29, 2023.
CVB Financial announced a twenty cent per share cash dividend with respect to the fourth quarter of 2023. This dividend was approved at the Company's regularly scheduled Board of Directors meeting held on December 20, 2023. The quarterly dividend will be payable on or about January 22, 2024 to shareholders of record as of January 5, 2024. "We are pleased to announce our 137th consecutive quarterly cash dividend paid to our shareholders," said David A. Brager, President and Chief Executive Officer.
VIDEO: Daily Dividend Report: DOC,VSEC,FE,XRAY,CVBF
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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The iShares MSCI Emerging Markets Asia ETF is seeing unusually high volume in afternoon trading Thursday, with over 423,000 shares traded versus three month average volume of about 48,000. Shares of EEMA were up about 1.9% on the day.
Components of that ETF with the highest volume on Thursday were NIO, trading up about 2.3% with over 30.1 million shares changing hands so far this session, and Pdd Holdings, off about 0.5% on volume of over 3.1 million shares. Daqo New Energy is the component faring the best Thursday, higher by about 7.9% on the day, while Kanzhun is lagging other components of the iShares MSCI Emerging Markets Asia ETF, trading lower by about 0.7%.
VIDEO: Thursday's ETF with Unusual Volume: EEMA
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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By Savyata Mishra and Deborah Mary Sophia
Dec 21 (Reuters) - Global retailers selling apparel, household staples and white goods face bigger risks from disruptions in freight movement through the key Suez Canal trade route as Iran-backed Yemeni militants attack ships sailing through the lower Red Sea.
Some shipping companies are already considering longer voyages, including around the Horn of Africa, due to the attacks by the Houthi militant group, potentially leading to longer wait times as well as higher prices for goods.
S&P Global identified sectors such as consumer goods, apparel and chemicals to bear the biggest brunt from the disruptions in shipping routes between Europe, the Middle East and Asia.
The Suez Canal is one of the most important conduits for world trade, accounting for about 12% of the world's maritime traffic. The biggest names in the retail world, including Walmart WMT.N, H&M Hennes & Mauritz HMb.ST and Target TGT.N, extensively use the canal to move goods from major manufacturing markets in Asia.
If there are extended disruptions, the consumer goods sector will face the biggest impact, S&P Global said in a report.
ImportGenius, a global trade database, said goods including clothing and accessories such as handbags, men's t-shirts and girls' dresses along with furniture, home decor and everyday items like toothbrushes, made up a majority of the goods transported via the key route so far in December.
William George, director of research at ImportGenius, said fast-fashion companies such as H&M and Zara-owner Inditex ITX.MC that import goods from Indian and other east Asian textile mills are also at a bigger risk.
Some companies already are trying to switch to so-called intermodal transport, said Jan Kleine-Lasthues, chief operating officer of airfreight at German freight forwarder Hellmann Worldwide Logistics.
Key retailers using the Suez route to import to U.S. https://tmsnrt.rs/3RRS9Wq
Type of goods shipped via the Suez route https://tmsnrt.rs/3NBsrTC
Countries of origin for US retail imports via the Suez Route https://tmsnrt.rs/48vKpyZ
(Reporting by Savyata Mishra, Deborah Sophia, Bhanvi Satija and Kate Masters; additional reporting by Arpan Varghese; Editing by Anil D'Silva)
((Savyata.Mishra@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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In trading on Thursday, cigarettes & tobacco shares were relative laggards, down on the day by about 1.7%. Helping drag down the group were shares of Ispire Technology, down about 13.9% and shares of Turning Point Brands down about 0.2% on the day.
Also lagging the market Thursday are insurance brokers shares, up on the day by about 0.1% as a group, led down by James River Group Holdings, trading lower by about 2.4% and United Fire Group, trading lower by about 1.4%.
VIDEO: Thursday Sector Laggards: Cigarettes & Tobacco, Insurance Brokers
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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ARTLW
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In trading on Thursday, aerospace & defense shares were relative leaders, up on the day by about 3.2%. Leading the group were shares of Triumph Group, up about 29.3% and shares of Terran Orbital up about 16.2% on the day.
Also showing relative strength are diagnostics shares, up on the day by about 2.7% as a group, led by GeneDx Holdings, trading up by about 16.9% and Natera, trading up by about 5.5% on Thursday.
VIDEO: Thursday Sector Leaders: Aerospace & Defense, Diagnostics
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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The Zacks Mortgage & Related Services industry continues to be impeded by the cooling market, fears of a looming recession and high mortgage rates. Purchase market tightening and declining refinancing volumes have cast a shadow over the industry’s speedy recovery. Housing price appreciation and affordability issues are other near-term headwinds.
Amid the ongoing economic headwinds, mortgage service providers will need to be more agile. To navigate the deterioration in the mortgage market and improve operational efficiencies, companies have resorted to headcount reduction and technology adoption. Also, diversified business operations and encouraging scenarios for the servicing segment will help industry players like Federal Agricultural Mortgage AGM, LendingTree, Inc. TREE and Ocwen Financial OCN tide over choppy waters.
Industry Description
The Zacks Mortgage & Related Services industry comprises providers of mortgage-related loans, refinancing and other loan-servicing facilities. Numerous banks have been retreating from the mortgage business due to higher compliance and capital requirements. This allowed non-banks to increase their capacity to gain market share in the mortgage loans business, which accounts for the largest class of U.S. consumer debt. Players in the industry are dependent on the interest rates determined by the Federal Reserve, as prevailing rates influence customers' decisions to apply for mortgages. The companies also generate investment income from several financial assets, such as residential or commercial mortgage-backed securities and asset-backed securities. The firms make equity investments in mortgage-related entities, among others.
3 Mortgage & Related Services Industry Trends to Watch
High Mortgage Rates Keep Homebuyers on the Sidelines: The mortgage market dynamics have been challenged with the central bank having raised interest rates 11 times since March 2022, bringing it to a 22-year high of 5.25-5.50%. With this, the average rate on a 30-year mortgage climbed to 7.79% in late October to its highest level since late 2000. Nonetheless, with expectations of rate cuts in the next year, mortgage rates have eased in recent weeks but remain high. High rates and low home inventory have resulted in higher borrowing costs for home loans and a spike in home prices. This is affecting mortgage demand, both purchase and refinance. The downward trend will negatively impact top-line growth for industry participants.
Industry Players to Resort to Cost Controls: The mortgage industry continues to be labor-intensive while servicing operations have been a significant cost driver. With high mortgage rates, homeowners will be less keen on home purchases and refinancings. This will likely compel companies to reduce excess headcount capacity to cut costs and navigate a gloomy market. Moreover, the industry has lagged other sectors in adopting automation technology. Amid a tight labor market, technology adoption can be a competitive moat by offering notable efficiency improvements and cost savings.
Servicing Segment to Offer Support: With significant declines in gain-on-sale margins and lower loan origination volume, industry players are likely to increase their reliance on the service segment for profitability. In a high-rate environment, the servicing segment offers a natural operational hedge to the origination business. We expect slow prepayment speed to offer mortgage service rights (MSR) tailwinds. Hence, MSR investments are poised to deliver significant value appreciation and offer attractive unleveraged yields. Such MSR appreciation can drive the book value. With the U.S. single-family mortgage debt outstanding to reach $13.9 trillion by 2024 end, there are massive growth opportunities in the servicing portfolios.
Zacks Industry Rank Reflects Bleak Prospects
The Zacks Mortgage & Related Services industry, housed within the broader Zacks Finance sector, currently carries a Zacks Industry Rank #152, which places it in the bottom 40% of more than 250 Zacks industries.
The group’s Zacks Industry Rank, which is basically the average of the Zacks Rank of all the member stocks, indicates drab near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
The industry’s positioning in the bottom 50% of the Zacks-ranked industries is a result of a negative earnings outlook for the constituent companies in aggregate. Looking at the aggregate earnings estimate revisions, it appears that analysts are losing confidence in this group’s earnings growth potential. The industry’s bottom-line estimate has declined 31.6% from that reported in December 2022.
Before we present a few stocks that you may want to consider for your portfolio, let’s look at the industry’s recent stock-market performance and valuation picture.
Industry Underperforms Sector and the S&P 500
The Zacks Mortgage & Related Services industry has underperformed the broader Zacks Finance sector and the S&P 500 composite over the past year.
The industry has declined 17.5% in this period against the broader sector's growth of 16.2% and the S&P 500 composite’s rise of 25.4%.
One-Year Price Performance
Image Source: Zacks Investment Research
Industry's Current Valuation
On the basis of the price-to-book ratio (P/B), which is commonly used for valuing mortgage and related services companies, the industry currently trades at 5.32X compared with the S&P 500's 6.05X.
Over the last five years, the industry has traded as high as 5.32X, as low as 0.78X and at the median of 1.72X, as the chart below shows.
Price-to-Book Ratio (TTM)
Image Source: Zacks Investment Research
As finance stocks typically have a lower P/B ratio, comparing mortgage and related services companies with the S&P 500 may not make sense to many investors. However, comparing the group's P/B ratio with that of its broader sector ensures that the group is trading at a premium. The Zacks Finance sector's trailing 12-month P/B of 3.36X for the same period is below the Zacks Mortgage & Related Services industry's ratio, as the chart shows below.
Price-to-Book Ratio (TTM)
Image Source: Zacks Investment Research
3 Mortgage & Related Services Stocks to Watch
Federal Agricultural Mortgage: The company, also known as Farmer Mac, is a federally chartered corporation that combines private capital and public sponsorship to create a secondary market for various loans made to rural borrowers.
The company’s business lines include agriculture finance (consisting of farm and ranch, and corporate AgFinance), rural infrastructure finance (consisting of rural utilities and renewable energy) and treasury (funding and investment).
The company is expected to enjoy strong pipelines and volumes in the upcoming years, given the expected rise in agricultural productivity to meet the global demand, a growing U.S. agriculture mortgage market and a significant scope of improvement in renewable electricity capacity. Moreover, the expanding corporate AgFinance and renewable energy business lines carry higher margins than other operations.
The Zacks Consensus Estimate for AGM’s 2023 and 2024 earnings has been unchanged over the past month. The Zacks Rank #1 (Strong Buy) company’s earnings for the ongoing year and 2024 are expected to rise 33.5% and 7.8% year over year, respectively. Revenues for 2023 and 2024 are expected to grow 11.5% and 8.2%, respectively.
You can see the complete list of today’s Zacks #1 Rank stocks here.
Price and Consensus: AGM
Image Source: Zacks Investment Research
Ocwen Financial: The company is a preeminent non-bank mortgage servicer and originator that provides solutions through its primary brands — PHH Mortgage and Liberty Reverse Mortgage. Its balanced and diversified business model — diversified originations sources and servicing business — provides a competitive advantage against peers.
The company’s servicing financial performance is poised to benefit from high interest rates. Ocwen Financial has been driving expense reduction and taking right-sizing actions. Also, favorable demographics and home price appreciation are expected to drive continued growth in the reverse mortgage market.
The Zacks Consensus Estimate for OCN is pegged at $6.28 and $6.54 for 2023 and 2024 earnings. Earnings estimates have been unchanged over the past month. Also, for the ongoing and the next years, its revenues are expected to increase 10% and 4.5%, respectively. The company sports a Zacks Rank of 1 at present.
Price and Consensus: OCN
Image Source: Zacks Investment Research
LendingTree: The parent company of LendingTree, LLC, is headquartered in Charlotte, NC, and has been operating solely in the United States since July 1998. Its online marketplace provides clients with product offerings from more than 600 partners.
LendingTree is committed to boosting revenues by diversifying its non-mortgage product offerings, particularly in the Consumer segment. With the launch of the LendingTree WinCard in partnership with Upgrade in February 2023, the company provided its first branded consumer credit offering. Over the past years, TREE has increased its services, such as credit cards and widened loan offerings to personal, auto, small business and student loans.
Also, LendingTree’s market-leading position and flexible business model, which provides more diversified solutions for a wider array of lenders, will enable its Home segment operations to navigate through the fluctuating macroeconomic situations and high-interest-rate environment.
The Zacks Consensus Estimate for TREE’s 2023 and 2024 earnings has been unrevised over the past month. For the ongoing year, earnings are expected to surge 99% year over year. For 2024, earnings are projected to grow 10.6% on 6.7% revenue growth. The company carries a Zacks Rank of 3 (Hold) at present.
Price and Consensus: TREE
Image Source: Zacks Investment Research
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2023. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Federal Agricultural Mortgage Corporation (AGM) : Free Stock Analysis Report
Ocwen Financial Corporation (OCN) : Free Stock Analysis Report
LendingTree, Inc. (TREE) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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ARTLW
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As is often the case, high interest weighed on the real estate sector this year. The S&P Select Real Estate Index is higher by 7.61% year to date, but that trails the S&P 500 by a wide margin.
Additionally, that gauge is higher by 10.48% over the past month -- a period in which chatter has escalated that the Federal Reserve could potentially pare interest rates multiple times next year. That scrutiny is warranted. But it doesn’t imply investors should ignore REITs and ETFs such as the WisdomTree New Economy Real Estate Fund (WTRE).
In fact, due to its unique approach to the real estate sector, WTRE could be one of the more attractive avenues for REIT access in 2024. The ETF follows the CenterSquare New Economy Real Estate Index. The fund is a refresh of a previous WisdomTree ETF and will turn two years old in February in current form.
Why Real Estate ETF WTRE Matters Today
As its name implies, WTRE focuses on REITs with exposure to new economy themes. Those include cell towers, data centers, healthcare REITs, industrial warehouses for e-commerce use and other tech-related properties.
That construction is relevant to investors for multiple reasons. First, it implies that WTRE offers exposure to the REIT segments with the strongest long-term growth prospects. Second, WTRE’s reduced dependence on traditional office REITs is advantageous at a time when some office buildings in select cities are struggling with subpar occupancy rates, thus weighing on shares of the REITs that own those properties.
Additionally, WTRE is levered to some favorable demographic trends by way of its exposure to healthcare REITs and investors don’t have to pay up on valuation to take advantage of those trends.
Take the case of Ventas (VTR), WTRE’s largest holding.
“We remain optimistic about the sector’s longer-term prospects, given that the industry has steadily recovered over the past two years, supply will likely remain below the historical average in the coming years, and the demographic boon will create a massive spike in demand for senior housing,” noted Morningstar analyst Kevin Brown. “We also like Ventas’ acquisition of New Senior Investment Group to expand its exposure to the sector ahead of what we believe will be a decade of strong growth.”
Another WTRE holding that Morningstar is bullish on is Healthpeak Properties (PEAK), which accounts for 3.17% of the ETF’s roster.
“Healthpeak has high-quality assets in top markets that attract credit-grade tenants in both segments, so we believe it makes sense to strategically focus the company on the segments where it has an advantage,” added Brown.
For more news, information, and analysis, visit the Modern Alpha Channel.
Read more on ETFTrends.com.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
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Urban Edge Properties (UE) could be a solid choice for investors given its recent upgrade to a Zacks Rank #1 (Strong Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.
The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system.
Since a changing earnings picture is a powerful factor influencing near-term stock price movements, the Zacks rating system is very useful for individual investors. They may find it difficult to make decisions based on rating upgrades by Wall Street analysts, as these are mostly driven by subjective factors that are hard to see and measure in real time.
Therefore, the Zacks rating upgrade for Urban Edge Properties basically reflects positivity about its earnings outlook that could translate into buying pressure and an increase in its stock price.
Most Powerful Force Impacting Stock Prices
The change in a company's future earnings potential, as reflected in earnings estimate revisions, and the near-term price movement of its stock are proven to be strongly correlated. That's partly because of the influence of institutional investors that use earnings and earnings estimates for calculating the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their bulk investment action then leads to price movement for the stock.
For Urban Edge Properties, rising earnings estimates and the consequent rating upgrade fundamentally mean an improvement in the company's underlying business. And investors' appreciation of this improving business trend should push the stock higher.
Harnessing the Power of Earnings Estimate Revisions
As empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, tracking such revisions for making an investment decision could be truly rewarding. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.
The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>>.
Earnings Estimate Revisions for Urban Edge Properties
For the fiscal year ending December 2023, this real estate investment trust that owns and manages shopping centers is expected to earn $1.25 per share, which is a change of 3.3% from the year-ago reported number.
Analysts have been steadily raising their estimates for Urban Edge Properties. Over the past three months, the Zacks Consensus Estimate for the company has increased 6.8%.
Bottom Line
Unlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of 'buy' and 'sell' ratings for its entire universe of more than 4000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a 'Strong Buy' rating and the next 15% get a 'Buy' rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.
You can learn more about the Zacks Rank here >>>
The upgrade of Urban Edge Properties to a Zacks Rank #1 positions it in the top 5% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2023. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Urban Edge Properties (UE) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
|
ARTLW
|
Investors might want to bet on BrightSpire (BRSP), as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.
The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system.
The power of a changing earnings picture in determining near-term stock price movements makes the Zacks rating system highly useful for individual investors, since it can be difficult to make decisions based on rating upgrades by Wall Street analysts. These are mostly driven by subjective factors that are hard to see and measure in real time.
As such, the Zacks rating upgrade for Colony Credit is essentially a positive comment on its earnings outlook that could have a favorable impact on its stock price.
Most Powerful Force Impacting Stock Prices
The change in a company's future earnings potential, as reflected in earnings estimate revisions, has proven to be strongly correlated with the near-term price movement of its stock. That's partly because of the influence of institutional investors that use earnings and earnings estimates for calculating the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their transaction of large amounts of shares then leads to price movement for the stock.
Fundamentally speaking, rising earnings estimates and the consequent rating upgrade for Colony Credit imply an improvement in the company's underlying business. Investors should show their appreciation for this improving business trend by pushing the stock higher.
Harnessing the Power of Earnings Estimate Revisions
As empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, tracking such revisions for making an investment decision could be truly rewarding. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.
The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>>.
Earnings Estimate Revisions for Colony Credit
For the fiscal year ending December 2023, this real estate investment trust is expected to earn $1.04 per share, which is a change of 6.1% from the year-ago reported number.
Analysts have been steadily raising their estimates for Colony Credit. Over the past three months, the Zacks Consensus Estimate for the company has increased 6.9%.
Bottom Line
Unlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of 'buy' and 'sell' ratings for its entire universe of more than 4000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a 'Strong Buy' rating and the next 15% get a 'Buy' rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.
You can learn more about the Zacks Rank here >>>
The upgrade of Colony Credit to a Zacks Rank #1 positions it in the top 5% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2023. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
BrightSpire Capital, Inc. (BRSP) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2023-12-16
|
ARTLW
|
Akili, Inc. (AKLI) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #2 (Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.
The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system.
Individual investors often find it hard to make decisions based on rating upgrades by Wall Street analysts, since these are mostly driven by subjective factors that are hard to see and measure in real time. In these situations, the Zacks rating system comes in handy because of the power of a changing earnings picture in determining near-term stock price movements.
As such, the Zacks rating upgrade for Akili, Inc. is essentially a positive comment on its earnings outlook that could have a favorable impact on its stock price.
Most Powerful Force Impacting Stock Prices
The change in a company's future earnings potential, as reflected in earnings estimate revisions, has proven to be strongly correlated with the near-term price movement of its stock. That's partly because of the influence of institutional investors that use earnings and earnings estimates for calculating the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their bulk investment action then leads to price movement for the stock.
For Akili, Inc. rising earnings estimates and the consequent rating upgrade fundamentally mean an improvement in the company's underlying business. And investors' appreciation of this improving business trend should push the stock higher.
Harnessing the Power of Earnings Estimate Revisions
Empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, so it could be truly rewarding if such revisions are tracked for making an investment decision. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.
The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>>.
Earnings Estimate Revisions for Akili, Inc.
This company is expected to earn -$0.73 per share for the fiscal year ending December 2023, which represents a year-over-year change of 75.7%.
Analysts have been steadily raising their estimates for Akili, Inc. Over the past three months, the Zacks Consensus Estimate for the company has increased 18%.
Bottom Line
Unlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of 'buy' and 'sell' ratings for its entire universe of more than 4000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a 'Strong Buy' rating and the next 15% get a 'Buy' rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.
You can learn more about the Zacks Rank here >>>
The upgrade of Akili, Inc. to a Zacks Rank #2 positions it in the top 20% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2023. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Akili, Inc. (AKLI) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
|
2023-12-16
|
ARTLW
|
Nerdy Inc. (NRDY) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #2 (Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change.
The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.
Since a changing earnings picture is a powerful factor influencing near-term stock price movements, the Zacks rating system is very useful for individual investors. They may find it difficult to make decisions based on rating upgrades by Wall Street analysts, as these are mostly driven by subjective factors that are hard to see and measure in real time.
Therefore, the Zacks rating upgrade for Nerdy Inc. basically reflects positivity about its earnings outlook that could translate into buying pressure and an increase in its stock price.
Most Powerful Force Impacting Stock Prices
The change in a company's future earnings potential, as reflected in earnings estimate revisions, and the near-term price movement of its stock are proven to be strongly correlated. That's partly because of the influence of institutional investors that use earnings and earnings estimates for calculating the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their bulk investment action then leads to price movement for the stock.
Fundamentally speaking, rising earnings estimates and the consequent rating upgrade for Nerdy Inc. imply an improvement in the company's underlying business. Investors should show their appreciation for this improving business trend by pushing the stock higher.
Harnessing the Power of Earnings Estimate Revisions
As empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, tracking such revisions for making an investment decision could be truly rewarding. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.
The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>>.
Earnings Estimate Revisions for Nerdy Inc.
For the fiscal year ending December 2023, this company is expected to earn -$0.48 per share, which is a change of -220% from the year-ago reported number.
Analysts have been steadily raising their estimates for Nerdy Inc. Over the past three months, the Zacks Consensus Estimate for the company has increased 5.8%.
Bottom Line
Unlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of 'buy' and 'sell' ratings for its entire universe of more than 4000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a 'Strong Buy' rating and the next 15% get a 'Buy' rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.
You can learn more about the Zacks Rank here >>>
The upgrade of Nerdy Inc. to a Zacks Rank #2 positions it in the top 20% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2023. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Nerdy Inc. (NRDY) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
|
2023-12-16
|
ARTLW
|
It has been about a month since the last earnings report for Kohl's (KSS). Shares have added about 17.4% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Kohl's due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.
Kohl's Beats Q3 Earnings Estimate, Sales Down
Kohl's posted third-quarter fiscal 2023 results, wherein the top and bottom lines declined year over year. However, earnings beat the Zacks Consensus Estimate.
Results reflect the strength of the company’s expense and gross margin management, together with the progress of its strategic plans. Solid growth in Sephora and newness in gifting and home aided the performance. Kohl’s also lowered its inventory during the quarter.
Management raised the lower end of its bottom-line guidance for fiscal 2023 despite pulling down the lower end of its net sales growth guidance.
Quarter in Detail
Kohl's posted earnings of 53 cents per share compared with 82 cents reported in the year-ago period. The bottom line came much ahead of the Zacks Consensus Estimate of 34 cents.
Total revenues came in at $4,054 million, down from the prior-year quarter’s level of $4,277 million. Net sales declined 5.2% year over year to $3,843 million. The Zacks Consensus Estimate for the top line was pegged at $4,103 million. Comparable sales decreased 5.5%. We had expected a comparable sales decline of 5%.
Kohl's gross margin expanded 158 basis points (bps) to 38.9% in the reported quarter. We had expected the gross margin to expand 50 bps to 37.8% in the quarter under review.
SG&A expenses escalated by 1.9% to $1,360 million. As a percentage of total revenues, SG&A expenses rose 235 bps to 33.5%. Our model suggested an SG&A expense increase of 3.1%, with the rate expanding 260 bps to 33.8%.
The company posted an operating income of $157 million, down from $200 million in the year-ago period. The operating income margin shriveled 82 bps to 3.9%.
Other Financial Details
Kohl’s ended the quarter with cash and cash equivalents of $190 million, long-term debt of $1,638 million and shareholders’ equity of $3,751 million. The company generated operating cash flow of $379 million in the first nine months of fiscal 2023. Management expects capital expenditures toward the lower end of the $600-$650 million band for the full year 2023 (including the expansion of its Sephora collaboration and store refresh actions).
On Nov 7, 2023, Kohl’s declared a quarterly cash dividend of 50 cents per share, payable on Dec 20, 2023, to shareholders of record as of Dec 6.
Guidance
Kohl’s expects net sales to decline 2.8-4% in fiscal 2023, which includes the impact of a 53rd week (of nearly 1%). Earlier, management projected a net sales decline of 2-4%. The operating margin is still likely to be about 4%. Earnings per share (EPS), excluding non-recurring charges, are envisioned in the band of $2.30-$2.70 compared with the $2.10-$2.70 band projected earlier. The company delivered an adjusted loss of 15 cents in fiscal 2022.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed a downward trend in estimates review.
The consensus estimate has shifted -12.12% due to these changes.
VGM Scores
Currently, Kohl's has a poor Growth Score of F, however its Momentum Score is doing a lot better with a B. Charting a somewhat similar path, the stock was allocated a grade of A on the value side, putting it in the top 20% for this investment strategy.
Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Kohl's has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
Kohl's belongs to the Zacks Retail - Regional Department Stores industry. Another stock from the same industry, Macy's (M), has gained 33.6% over the past month. More than a month has passed since the company reported results for the quarter ended October 2023.
Macy's reported revenues of $4.86 billion in the last reported quarter, representing a year-over-year change of -7.1%. EPS of $0.21 for the same period compares with $0.52 a year ago.
Macy's is expected to post earnings of $1.97 per share for the current quarter, representing a year-over-year change of +4.8%. Over the last 30 days, the Zacks Consensus Estimate has changed -0.1%.
Macy's has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of C.
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2023. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Kohl's Corporation (KSS) : Free Stock Analysis Report
Macy's, Inc. (M) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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