Trade overview: current reports, trends, indices, stock prices, bonds, foreign exchange and commodities and analyst recommendations
19:22
The slight declines on Wall Street continue.
stock Air BNB It rises slightly after the investment bank Mizuho upgraded their recommendation on the stock to buy from neutral. At the same time, the bank raised the target price of the stock to $200, a price that represents an upside of 24% from today’s stock price.
At the same time, the pharmaceutical manufacturer’s stock Biogen jumps sharply after presenting a profit of $3.67 per share in its financial results for the quarter, compared to the corresponding forecasts of $3.45 per share. The company cited its cost-cutting efforts alongside higher-than-expected sales of its Alzheimer’s drug Lecanumab.
also visa presented a strong quarterly report. The company’s profit per share was 2.51 dollars (expected: 2.44 dollars per share) and the company’s revenues amounted to 8.78 billion dollars (expected: 8.63).
US Macro: Earlier, orders for sustainable products were published which increased in March by 2.6% at a monthly rate (expected: 2.5%).
18:56
Trading on Wall Street is currently in slight declines, the Nasdaq is down 0.1%, the S&P 500 is down 0.3% and the Dow Jones is down 0.4%.
In Europe, the main indices were also locked in lower rates. The KKK shed 0.2%, the Dax fell 0.3% and the FTSE fell 0.1%.
17:27
The technology giant Meta (formerly Facebook) is expected to publish tonight (Wed) its financial results for the first quarter of 2024, according to its fiscal division.
According to FactSet’s forecasts, Meta is expected to present revenues of around $36.1 billion this evening, a 26% increase compared to the corresponding quarter. If Meta does meet analysts’ expectations, this will be the fifth quarter in a row in which it will show good revenue growth. Along with this, the profit per share is expected to be 4.3 dollars according to the forecasts, an increase of 95% compared to the corresponding period. At the same time, according to estimates, advertising revenues for the entire year are expected to increase by 17%.
16:30
The main indices on Wall Street are trading in a mixed trend. The Nasdaq rises 0.6%, the S&P 500 adds 0.1% and the Dow Jones sheds 0.2%.
The manufacturer of electric cars Tesla jumps sharply after yesterday (Tuesday) published its results for the first quarter of the year.
The company reported revenues of $21.3 billion, thus missing analysts’ forecasts of $22.22 billion, compared to the corresponding period. This is the sharpest drop the company has shown in the revenue line since 2012. In the line of earnings per share, the company reported a profit of 45 cents per share and missed the early expectation of a profit of 51 cents per share, according to FactSet.
Despite the weak results, the company’s stock is soaring after the company reported that it intends to accelerate the production of electric cars at more accessible prices.
15:19
The solar sector continues to suffer from a slowdown, and reports Anphase Energy published yesterday reinforce the position that recovery in the sector is still far off. The company reported revenues of $263 million compared to expectations of $278 million and a profit of $0.35 per share, compared to expectations of $0.41 per share.
Revenues reflect a 63.7% decrease compared to the same period last year, as the company continues to note the weak seasonality and weak demand in the US. At the same time, profitability eroded as the gross margin fell below 44%, which deepened the operating loss compared to the previous quarter.
Looking ahead, it seems that the next quarter will not be encouraging either, when the company lowered the forecasts (again) and expects revenues in the range between 290-330 million dollars, while the analysts expected revenues of 348 million dollars, with a slightly lower gross margin than it presented in the current quarter.
While the company does expect a recovery in the second half of the year, investors were disappointed by the further decline in revenues and the outlook for the coming quarter, when it is possible that the high inventory levels will take longer to break even, so that it will reach the end of the year (perhaps in the last quarter). Enphase (ENPH) stock is falling About 7% in early trading.
15:06
The aircraft manufacturer Boeing Reported a little while ago on the results of the first quarter – the company exceeded analysts’ expectations. The company lost $355 million or 56 cents per share, a smaller loss compared to the corresponding quarter last year, $415 million. The company’s revenues were 16.6 billion dollars compared to an expectation of 16.2 billion dollars.
Dave Calhoun, the company’s outgoing CEO, sounded optimistic when he said that the disruptions in the supply chain were beginning to be resolved.
13:33
Cesar Perez-Ruiz, the chief investment officer at the Swiss wealth management bank Piquet claims that the US stock market depends on the profits of large companies, in his review he writes that “weak forecasts from several technology companies last week exacerbated sales in the ‘mega-cap’ stocks, which put the The “responsibility” for the continuation of this report season is on the big names reporting this week to update their forecast upwards so that the stock markets can move forward, in light of the high valuations.”
Regarding the macro, Perez-Ruiz writes that “with the Fed’s shift to a ‘long-term high interest rate’ position, while moving away from the previous shift to a more relaxed position as far as the Fed is concerned, a policy gap is emerging between leading central banks – which encourages volatility in the foreign exchange and fixed income markets. This week, the key data (to be released this Friday) on the core index of personal consumption expenditures (PCE) – the Fed’s preferred inflation measure – will be significant for assessing the timing and pace of the Fed’s interest rate cuts. Purchasing Managers’ Index (PMI) data in developed markets will show whether the recovery in production is taking place.”
“On the geopolitical front, Iran and Israel appear to be seeking a de-escalation of tensions between them. However, a positive correlation between gold, oil and copper is unusual and indicates that the markets are sending conflicting messages, indicating uncertainty and volatility going forward. We recommend an overweight of gold. The United States House of Representatives approved a $95 billion aid package for Ukraine, Israel, and Taiwan. Voting has begun in a process that is expected to last until the end of April.
12:08
Chairman of the Swiss Bank U.B.S. group Colm Keller said today that the bank “is not too big to fail”, thereby criticizing the government that wants to strengthen the stability of the banks by increasing the capital that the bank is supposed to hold as collateral.
“The bank is not too big to fail. UBS is one of the financially strongest banks in Europe, with a sustainable business model and a low-risk balance sheet,” he said.
11:08
The French luxury brand giant Kring Plunges in trading after a profit warning it issued today. The company reported that the profit will drop in the first half of the year mainly at Gucci, the company’s strongest brand. Recurring operating revenues decreased by about 40%, the main reason for this being the decrease in demand in East Asia.
Kring is a luxury goods company that owns brands such as Balenciaga, Gucci, Saint Laurent, Bottega Veneta and more. The owner and CEO of the company is François-Henri Pinot, one of the richest people in the world.
10:24
With the headwind on Wall Street in the last two days, trading in Europe opened this morning mostly with price increases, Dax is up 0.3% and the British FTSE index is up 0.5%, KAC is trading around the base levels.
08:42
The stock markets in Asia are trading higher this morning – the Nikkei index rises by 2.2%, the Shanghai by 0.3%, the Hang Seng by 2% and the South Korean Kospi by 1.9%.
The futures are also trading this morning with increases of about 0.4%.
Last night, led by chip stocks, Wall Street closed in the green – the Nasdaq jumped 1.6%, the Dow Jones rose 0.7%, and the S&P 500 added about 1.2% to its value.
Spotify Technology the music streaming company beat Wall Street expectations for the first quarter and jumped about 14% despite slower-than-expected user growth. Jet Blue Airways Dropped by 19% following a more negative forecast than expected.
stock Tesla Jumped in late trading by about 12% after reporting its first quarter results, the company did miss forecasts and recorded the sharpest drop in revenue since 2012, but reported that it intends to accelerate the production of electric cars at more accessible prices.
Investors will be waiting vigilantly today for the closing of trading when you announce meta (facebook) the first quarter results. Analysts expected a profit of $4.32 per share and $36 billion in revenue, compared to $2.2 per share and $28.6 billion in the corresponding quarter last year. Views tomorrow too Alphabetical (Google) andMicrosoft Report.
In the US debt market, government bond yields rose across the curve last week. The 10-year yield rose to a level of 4.62% mainly due to the expectations of further interest rate cuts.
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The price of oil traded unchanged this morning at $83 for American oil and $88 per barrel for Brent oil.
Last Saturday, Bitcoin passed the fourth milestone since its launch. An event that occurs once every four years in which the mining reward for the miner is crossed. The current halving has cut the reward to 3.125 bitcoins per miner. The event happened when the price of the coin was at $63,977, and since then it has completed an increase of about 1.75% and currently stands at about $66,600. In addition to the crossing event, a new protocol called “Runes” was launched that is expected to add a lot of functionality and value to the Bitcoin network.
The investment house for digital currencies, Proxibit, claims that the fourth crossing of Bitcoin is an important crossroads for all those involved in the crypto and blockchain world, with effects that may go far and change the face of the market for years to come. “Historically, during the months after the crossing, Bitcoin rises significantly, among other things, as a result of the fact that the amount of Bitcoin that the miners are able to sell is reduced. In the previous crossing event, in May 2020, Bitcoin rose within about three months since the crossing event by about 40% from a level of $8,250 per Bitcoin in May 2020, to the level of approximately $12,000 per bitcoin in August 2020.”
“But the speculations about the effects of the crossing on the price of bitcoin are varied: some estimate that the effects are already calculated in the price and therefore there will be no significant immediate effect, while others anticipate a decrease or even a rally in the price. All of these reflect the inherent uncertainty in the crypto market and the bitcoin system in particular.”
Macro – In the US, the purchasing managers’ index in the manufacturing sector fell to 49.9 points in April. The early expectation was 52 points. At the same time, the purchasing managers’ index in the services sector fell to 50.9 points in April from 51.7 points the previous month (expected: 52 points).
Later this week, a number of important economic indicators are expected to be published in the US, including a first estimate for growth in the first quarter of 2024. Leader Capital Markets emphasizes that market expectations are for a 2.5% expansion in GDP, but according to their assessment, a slightly stronger growth of 3% is expected. “All in all, the economic data in the US reinforces the assessment that there is no economic reason to lower interest rates soon,” the Leader wrote. “Both private consumption and industry surveys point to strength, despite the weakness in the real estate market. In the background, inflation continues to be too high.”
On Friday, the Federal Reserve’s favorite PCE inflation index will be published, which is expected to shed additional light on the path of interest rates in the US.
In recent days, Bank of America has recommended two technology giants.
The first is Apple which, despite the retreat in the share price, is the bank’s first choice for 2024. Dark Down about 13% since the beginning of the year – the company suffered both from the general correction in the markets, the falling demand for iPhones and the increasing competition. Despite all of the above, Bank of America sees the potential in the long term – where they believe that the return on the company’s capital will soar thanks to the recent announcements about the creative artificial intelligence products, the upcoming launch of new iPhones and the growth in gross profit each and every quarter.
The second is Microsoft Regarding it, the bank believes that it is on its way to a jump of 20%. Despite the negative sentiment in the market that led to sharp declines in the shares of all the technology giants, Bank of America also marks Microsoft. The computing giant’s reports are expected to be published on Thursday, and according to Bank of America they will reveal high revenue growth and a series of positive data. The bank raised the target price of the stock to $480 with a buy rating, which reflects a 20% increase in the stock price, thanks to the improvement in the company’s cloud services and its AI activity, including the investment in Open AI.