S&P 500 gains and losses for the day
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Hologic (HOLX) saw a 7.3% rise in its share value following the medical technology firm’s better-than-expected quarterly results announcement of a $500 million accelerated stock repurchase plan.
broadcom (AVGO) experienced a 5.1% increase in share value amidst the optimism surrounding the semiconductor company’s $61 billion acquisition plans for vmware (VMW), which is expected to receive regulatory approval. VMWare shares increased by 0.4%.
meta platform (META) saw a 2.6% rise following reports on the company’s intentions to reenter the Chinese market by selling lower-priced virtual reality headsets.
Illumina (ILMN) experienced an 8.1% decline, marking the biggest drop in the S&P 500. The biotech company missed revenue estimates, leading to a cut in its outlook due to reduced demand for its genetic research tools. The company stated that its customers are becoming more cautious about spending.
Wynn Resorts (WYNN) witnessed a 5.7% drop as the business recovery from the COVID-19 lockdown at the casino operator’s Macau locations proved to be slower than expected. Jefferies downgraded the stock and reduced its price target.
Arista Networks (ANET) experienced a 2.3% decline amid concerns about the cloud networking products maker’s long-term guidance.
,bill mccall
Dow increases by 400 points, records second consecutive weekly gain
November 10, 2023 04:47 PM EST
The Dow Jones Industrial Average rebounded from yesterday’s decline to register a 391-point increase, equivalent to a 1.16% rise, as investors considered the latest statements from Federal Reserve officials. The Dow closed the week with about 0.7% gains, marking a second consecutive week in positive territory following last week’s impressive performance.
intel (INTC) saw a 2.8% surge to close at $38.86, reaching its highest share price since June 2022.
Microsoft (MSFT) rose by 2.5% to close at $369.67, marking its third consecutive record-high in the past four sessions. This was part of a 2.6% increase in the technology sector, with Apple (AAPL) rising by 2.3%, sales force (CRM) by 1.7%, and IBM (IBM) by 1.6%.
Kamla (CAT) witnessed a 2.4% rise, breaking a four-session losing streak. dow inc, (DOW) gained 2.3%.
walt disney company (DIS) fell by 2.5%, giving back some of its gains from this week’s earnings results, in which the media giant reported 13% growth in its parks and experiences business unit. Merck & Company (MRK), Nike (NKE) and johnson and johnson (JNJ) were the only other decliners in the session.
,terry lane
Illumina witnesses the largest decline in the S&P 500, with shares hitting a 10-year low
November 10, 2023 03:57 PM EST
Illumina (ILMN) shares reached a decade-low point after the genetic research equipment maker failed to meet revenue estimates and revised its guidance downwards due to decreased customer spending.
Illumina now anticipates a 2% to 3% decline in full-year revenue, down from its prior estimate of a 1% gain. It expects earnings per share (EPS) to range between $0.60 to $0.70, compared to its earlier projection of $0.75 to $0.90.
CEO Jacob Thyssen, who assumed the position in September, acknowledged the “challenging” macroeconomic environment for the industry and its customers. He noted that customers have become increasingly cautious and restricted in their purchasing decisions.
Illumina witnessed an 8% decline in late Friday trading and emerged as the worst-performing stock in the S&P 500.
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Producer of Johnnie Walker and Smirnoff warns about profits, shares plummet
November 10, 2023 02:47 PM EST
Diageo (DEO) shares fell following the announcement by the world’s largest spirits producer regarding the negative impact of declining demand in Latin America and the Caribbean on its profit and revenue.
The owner of brands such as Johnnie Walker whiskey, Smirnoff vodka, and Guinness beer highlighted an expectation of slower growth in the first half of fiscal 2024 compared to the second half of fiscal 2023. This was attributed to a “materially weak performance outlook” in Latin America and the Caribbean, which accounted for approximately 11% of the company’s net sales in 2023.
Diageo reported a year-on-year organic net sales decline of over 20% in Latin America and the Caribbean. The company pointed to “broad economic pressures in the region” resulting in reduced consumption and consumer down-trading, which has slowed progress in reducing channel inventory levels suitable for the current environment.
Diageo’s outlook for its other four regions – North America, Africa, Europe, and Asia Pacific – signals revenue growth during the first half. However, it expects overall organic operating profit growth over this period to be lower than profits in 2023.
U.S.-traded Diageo American Depositary Receipts witnessed an 11% decline in afternoon trading on Friday, marking a three-year low.
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,bill mccall
Michigan consumer sentiment index experiences a fourth consecutive monthly decline
November 10, 2023 01:35 PM EST
Continued apprehension about higher borrowing costs and inflation is starting to exert more pressure on consumers’ confidence in the economy, resulting in a fourth consecutive monthly decline in the consumer sentiment index, as indicated by survey results.
The preliminary November reading of the Michigan consumer sentiment index stood at 60.4, falling below the surveyed expectancy of 63.7 and posting a significant drop from the 63.8 reading for October.
Sentiment has diminished sharply due to escalating concerns about the adverse effects of higher interest rates. “Overall, low-income consumers and younger consumers witnessed the most notable declines in sentiment,” reported Joan Su, director of consumer surveys at the University of Michigan.
The closely watched survey arrives as Federal Reserve Chairman Jerome Powell has voiced the possibility of further interest rate increases to combat inflation. The current federal funds interest rate is at a 22-year peak of 5.25% to 5.5%, leading to elevated rates for other loans such as mortgage rates, currently hovering around 7.9%, marking a 30-year high in October. Rates are experiencing a decrease.
The monthly survey also revealed that consumers’ outlook on current economic conditions dropped by nearly 7% to 65.7 in November, down from 70.6 in October, while the index of consumer expectations fell 4% to 56.9 from 59.3.
,terry lane
Market movers at midday
November 10, 2023 01:10 PM EST
Hologic (HOLX): The medical technology company’s shares rose by 6% following the announcement of better-than-expected results and a $500 million accelerated share repurchase program.
meta platform (Meta): Shares witnessed a 2.1% rise following reports of the social media giant’s intention to re-enter the Chinese market by selling low-cost virtual reality headsets.
broadcom (AVGO): The company’s shares experienced a 4% rise amid expectations that its $61 billion acquisition of VMware (VMW) will secure regulatory approval.
Illumina (ILMN): Shares of the biotech company dropped by 12% after it revised its guidance due to slowing demand for its genetic research tools.
Wynn Resorts (WYNN): The casino operator’s shares witnessed a 5.3% decline after its Macau location’s revenue fell below estimates.
business desk (TTD): Shares of the ad technology provider fell by 18% following its lower-than-expected guidance due to a decline in ad spending.
,bill mccall
5 insights before the market opens
November 10, 2023 09:15 am EST
Here’s what investors need to know to start their day:
- Meta Platform (META) has allegedly reached an agreement with Tencent Holdings to introduce a new, lower-priced version of its virtual-reality headset in China, marking the end of a 14-year ban for the social media giant in the country.
- The Trade Desk (TTD) shares witnessed a 24% decline in pre-market trading following the company’s fourth-quarter revenue guidance of $580 million, falling short of analysts’ $610 million expectations.
- Chinese media reports suggest that US chipmaker Nvidia (NVDA) has developed three new high-end chips that it can sell to Chinese companies while complying with US restrictions on chip sales to China.
- Plug Power (PLUG) shares fell by 34% in pre-market trading amidst supply issues and inflationary cost pressures. The company stated its potential need for additional capital to support its operations.
- At 10 a.m. ET, the preliminary reading of the Michigan Consumer Sentiment Index for November is projected to decrease to 63.7 from October’s figure of 63.8.
Futures related to the S&P 500 were up approximately 0.3%.
November 10, 2023 08:54 am EST
Source: www.investopedia.com
