U.S. Movers: Bath & Body Works, Macy's

Scott Peters
25 Nov, 2024
New York City

Bath & Body Works jumped 14.5% to $34.65 after the specialty retailer reported better-than-expected results in the third quarter. 

Revenue in the fiscal third quarter, with 13 weeks ending on November 2, increased 3% to $1.61 billion from $1.56 billion, net income declined to $106 million from $119 million, and diluted earnings per share dropped to 49 cents from 52 cents a year ago. 

The company estimated the fourth quarter 2024 net sales to decline between 4.5% and 6.5% from $2.91 billion a year ago, largely because of a shift in calendar. 

Fourth quarter net sales are likely to be negatively impacted by 500 basis points because of the extra one week in the quarter a year ago. 

Fourth quarter earnings per diluted share are expected to be between $1.94 and $2.07, compared to $2.55 in the fourth quarter 2023 and adjusted earnings per diluted share of $2.06 in the fourth quarter 2023. 

Macy's declined 1.6% to $16.10 after the department store retailer delayed the release of its third quarter results by December 11. 

Macy’s, Inc. net sales decreased 2.4% to $4.74 billion, with comparable sales down 2.4% on an owned basis and down 1.3% on an owned-plus-licensed-plus-marketplace basis. 

Macy's net sales were down 3.1% and comparable sales fell 3.0%; Bloomingdale's net sales rose 1.4% and comparable sales up 1.0%; and Blue Mercury net sales were up 3.2% and comparable sales advanced 3.3%. 

The company said it identified a single employee with responsibility for small package delivery expense accounting intentionally made erroneous accounting accrual entries. This accounted to approximately $132 to $154 million of cumulative delivery expenses from the fourth quarter of 2021 through fiscal third quarter ended November 2, 2024. 

During this same time period, the company recognized approximately $4.36 billion of delivery expenses. 

There is no indication that the erroneous accounting accrual entries had any impact on the company’s cash management activities or vendor payments, and the employee is no longer with the company. 

Nordstrom and Dell Technologies are among the leading companies scheduled to release earnings this week. 

U.S. Movers: Bath & Body Works, Macy's

Scott Peters
25 Nov, 2024
New York City

Bath & Body Works jumped 14.5% to $34.65 after the specialty retailer reported better-than-expected results in the third quarter. 

Revenue in the fiscal third quarter, with 13 weeks ending on November 2, increased 3% to $1.61 billion from $1.56 billion, net income declined to $106 million from $119 million, and diluted earnings per share dropped to 49 cents from 52 cents a year ago. 

The company estimated the fourth quarter 2024 net sales to decline between 4.5% and 6.5% from $2.91 billion a year ago, largely because of a shift in calendar. 

Fourth quarter net sales are likely to be negatively impacted by 500 basis points because of the extra one week in the quarter a year ago. 

Fourth quarter earnings per diluted share are expected to be between $1.94 and $2.07, compared to $2.55 in the fourth quarter 2023 and adjusted earnings per diluted share of $2.06 in the fourth quarter 2023. 

Macy's declined 1.6% to $16.10 after the department store retailer delayed the release of its third quarter results by December 11. 

Macy’s, Inc. net sales decreased 2.4% to $4.74 billion, with comparable sales down 2.4% on an owned basis and down 1.3% on an owned-plus-licensed-plus-marketplace basis. 

Macy's net sales were down 3.1% and comparable sales fell 3.0%; Bloomingdale's net sales rose 1.4% and comparable sales up 1.0%; and Blue Mercury net sales were up 3.2% and comparable sales advanced 3.3%. 

The company said it identified a single employee with responsibility for small package delivery expense accounting intentionally made erroneous accounting accrual entries. This accounted to approximately $132 to $154 million of cumulative delivery expenses from the fourth quarter of 2021 through fiscal third quarter ended November 2, 2024. 

During this same time period, the company recognized approximately $4.36 billion of delivery expenses. 

There is no indication that the erroneous accounting accrual entries had any impact on the company’s cash management activities or vendor payments, and the employee is no longer with the company. 

Nordstrom and Dell Technologies are among the leading companies scheduled to release earnings this week. 

U.S. Major Averages Attempt to Rebound In Holiday-Shortened Week

Barry Adams
25 Nov, 2024
New York City

Stocks on Wall Street attempted to extend previous week's gains after market sentiment reversed sharply in Friday's trading. 

The S&P 500 index and the Nasdaq Composite advanced 0.5% in early trading, and president-elect Trump announced his plans to nominate Scot Bessent as Treasury secretary. 

Investors hoped that the appointment of Bessent, founder of the hedge fund manager, Key Square Group, could mitigate some of President-elect Trump's extreme economic agenda and trade protectionist policies. 

Trading volumes on Wall Street are expected to be light this week, as financial markets are closed on Thursday to observe the Thanksgiving holiday and close early on Friday. 

In the holiday-shortened week in the U.S., FOMC meeting minutes, PCE inflation data, personal income and outlay figures, and a second estimate on the third quarter GDP will dominate economic headlines.

U.S. Indexes and Treasury Yields

The S&P 500 index increased 0.5% to 6,016.50, the Nasdaq Composite rose 0.5% to 19,083.09, and the Russell 2000 index inched higher 0.3% to 2,426.36. 

The yield on 2-year Treasury notes edged higher to 4.37%, 10-year Treasury notes inched lower to 4.37%, and 30-year Treasury bonds decreased to 4.54%.

WTI crude oil decreased $0.04 to $71.96 a barrel, and natural gas prices edged up 6 cents to $3.29 a thermal unit.

Gold decreased by $26.85 to $2,683.20 an ounce, and silver declined by $0.59 to $30.74.

The dollar index, which weighs the US currency against a basket of foreign currencies, edged lower to 107.05.

U.S. Stock Movers 

Bath & Body Works jumped 14.5% to $34.65 after the specialty retailer reported better-than-expected results in the third quarter. 

Revenue in the fiscal third quarter, with 13 weeks ending on November 2, increased 3% to $1.61 billion from $1.56 billion, net income declined to $106 million from $119 million, and diluted earnings per share dropped to 49 cents from 52 cents a year ago. 

The company estimated the fourth quarter 2024 net sales to decline between 4.5% and 6.5% from $2.91 billion a year ago, largely because of a shift in calendar. 

Fourth quarter net sales are likely to be negatively impacted by 500 basis points because of the extra one week in the quarter a year ago. 

Fourth quarter earnings per diluted share are expected to be between $1.94 and $2.07, compared to $2.55 in the fourth quarter 2023 and adjusted earnings per diluted share of $2.06 in the fourth quarter 2023. 

Macy's Nordstrom and Dell Technologies are among the leading companies scheduled to release earnings this week. 

U.S. Major Averages Attempt to Rebound On Monday In Holiday-Shortened Week

Barry Adams
25 Nov, 2024
New York City

Stocks on Wall Street attempted to extend previous week's gains after market sentiment reversed sharply in Friday's trading. 

The S&P 500 index and the Nasdaq Composite advanced 0.5% in early trading, and president-elect Trump announced his plans to nominate Scot Bessent as Treasury secretary. 

Investors hoped that the appointment of Bessent, founder of the hedge fund manager, Key Square Group, could mitigate some of President-elect Trump's extreme economic agenda and trade protectionist policies. 

Trading volumes on Wall Street are expected to be light this week, as financial markets are closed on Thursday to observe the Thanksgiving holiday and close early on Friday. 

In the holiday-shortened week in the U.S., FOMC meeting minutes, PCE inflation data, personal income and outlay figures, and a second estimate on the third quarter GDP will dominate economic headlines.

U.S. Indexes and Treasury Yields

The S&P 500 index increased 0.5% to $6,016.50, the Nasdaq Composite rose 0.5% to 19,083.09, and the Russell 2000 index inched higher 0.3% to 2,426.36. 

The yield on 2-year Treasury notes edged higher to 4.37%, 10-year Treasury notes inched lower to 4.37%, and 30-year Treasury bonds decreased to 4.54%.

WTI crude oil decreased $0.04 to $71.96 a barrel, and natural gas prices edged up 6 cents to $3.29 a thermal unit.

Gold decreased by $26.85 to $2,683.20 an ounce, and silver declined by $0.59 to $30.74.

The dollar index, which weighs the US currency against a basket of foreign currencies, edged lower to 107.05.

U.S. Stock Movers 

Bath & Body Works jumped 14.5% to $34.65 after the specialty retailer reported better-than-expected results in the third quarter. 

Revenue in the fiscal third quarter, with 13 weeks ending on November 2, increased 3% to $1.61 billion from $1.56 billion, net income declined to $106 million from $119 million, and diluted earnings per share dropped to 49 cents from 52 cents a year ago. 

The company estimated the fourth quarter 2024 net sales to decline between 4.5% and 6.5% from $2.91 billion a year ago, largely because of a shift in calendar. 

Fourth quarter net sales are likely to be negatively impacted by 500 basis points because of the extra one week in the quarter a year ago. 

Fourth quarter earnings per diluted share are expected to be between $1.94 and $2.07, compared to $2.55 in the fourth quarter 2023 and adjusted earnings per diluted share of $2.06 in the fourth quarter 2023. 

Macy's Nordstrom and Dell Technologies are among the leading companies scheduled to release earnings this week. 

Europe Movers: Anglo American, Airbus, Atos, Commerzbank, Kingfisher

Inga Muller
25 Nov, 2024
Frankfurt

Stock market indexes in Europe advanced, the euro hovered near a three-year low, and bond yields edged lower amid rate path worries and a weakening economic backdrop. 

The DAX index increased by 0.4% to 19,407.29; the CAC-40 index rose by 0.2% to 7,269.86; and the FTSE 100 index advanced by 0.2% to 8,276.55.

The yield on 10-year German bonds edged higher to 2.26%, French bonds inched up to 3.06%, the UK gilts edged higher to 4.38%, and Italian bonds increased to 3.52%.

Anglo American plc increased 1.9% to 2,403.0 pence after Peabody Energy agreed to acquire the company's coal mines in Australia for $3.78 billion. 

Atos SE soared 115.7% to €0.34 after the French government proposed to acquire advanced computing activities included in its BDS unit for €500 million. 

Airbus SE increased 0.7% to €138.94 after the company launched its second tranche of stock buyback program totaling about 2.1 million shares between November 25 and January 24, 2025. 

Kingfisher plc plunged 14% to 253.53 pence after the home improvement retailer lowered its profit outlook. 

Commerzbank declined 5.4% to €14.52 after German finance minister Joerg Kukies said Italy-based UniCredit is not likely to go ahead with its plans to acquire the bank because of objections raised by the German government. 

Automakers advanced following reports that China and the European Union are nearing a solution to avoid tariffs on electric vehicles imported from China. 

Mercedes-Benz Group advanced 0.1% to €52.30, BMW gained 0.6% to €68.22, Volkswagen AG fell 0.2% to €81.64, and Renault SA decreased 2.7% to €39.22.

Europe Movers: Anglo American, Airbus, Atos, Commerzbank, Kingfisher

Inga Muller
25 Nov, 2024
Frankfurt

Stock market indexes in Europe advanced, the euro hovered near a three-year low, and bond yields edged lower amid rate path worries and a weakening economic backdrop. 

The DAX index increased by 0.4% to 19,407.29; the CAC-40 index rose by 0.2% to 7,269.86; and the FTSE 100 index advanced by 0.2% to 8,276.55.

The yield on 10-year German bonds edged higher to 2.26%, French bonds inched up to 3.06%, the UK gilts edged higher to 4.38%, and Italian bonds increased to 3.52%.

Anglo American plc increased 1.9% to 2,403.0 pence after Peabody Energy agreed to acquire the company's coal mines in Australia for $3.78 billion. 

Atos SE soared 115.7% to €0.34 after the French government proposed to acquire advanced computing activities included in its BDS unit for €500 million. 

Airbus SE increased 0.7% to €138.94 after the company launched its second tranche of stock buyback program totaling about 2.1 million shares between November 25 and January 24, 2025. 

Kingfisher plc plunged 14% to 253.53 pence after the home improvement retailer lowered its profit outlook. 

Commerzbank declined 5.4% to €14.52 after German finance minister Joerg Kukies said Italy-based UniCredit is not likely to go ahead with its plans to acquire the bank because of objections raised by the German government. 

Automakers advanced following reports that China and the European Union are nearing a solution to avoid tariffs on electric vehicles imported from China. 

Mercedes-Benz Group advanced 0.1% to €52.30, BMW gained 0.6% to €68.22, Volkswagen AG fell 0.2% to €81.64, and Renault SA decreased 2.7% to €39.22.

European Market Indexes Advance, Spain's Producer Price Deflation Extends to 20th Month

Bridgette Randall
25 Nov, 2024
London

Stock market indexes in Europe advanced and extended previous week's gains as investors debated future rate paths amid a weakening economic backdrop.

Benchmark indexes in Paris, Frankfurt, Milan, and London edged higher, and the euro struggled near a three-year low as private sector activities remain depressed and consumer spending growth muted. 

Global markets have been volatile over the last three weeks as investors worry about the U.S. trade policy uncertainty under the next administration, rising trade tensions with China, and deepening Russia-NATO war in Ukraine. 

This week, investors are looking forward to the release of preliminary inflation reports in the eurozone, Spain, France, and the Netherlands.

In Germany, investors are looking forward to the release of retail sales, unemployment, and the consumer confidence index. 

Spain's PPI Deflation Extends to 20th Month In October 

Spain's producer price deflation extended to the 20th month in a row in October, the National Statistics Institute reported Monday. 

The annual producer price inflation declined to 3.9% in October, following a 5.2% fall in the previous month, driven by a decline in energy prices of 13.9% compared to a fall of 16.9% in the previous month. 

Excluding energy, producer prices rose 0.4% in October, matching the rate in the previous month. 

Europe Indexes and Yields

The DAX index increased by 0.4% to 19,407.29; the CAC-40 index rose by 0.2% to 7,269.86; and the FTSE 100 index advanced by 0.2% to 8,276.55.

The yield on 10-year German bonds edged higher to 2.26%, French bonds inched up to 3.06%, the UK gilts edged higher to 4.38%, and Italian bonds increased to 3.52%.

The euro edged lower to $1.04; the British pound inched down to $1.24; and the U.S. dollar strengthened to 88.95 Swiss cents.

Brent crude decreased $0.21 to $74.96 a barrel, and the Dutch TTF natural gas rose by €1.05 to €47.94 per MWh. 

Europe Stock Movers

Anglo American plc increased 1.9% to 2,403.0 pence after Peabody Energy agreed to acquire the company's coal mines in Australia for $3.78 billion. 

Atos SE soared 115.7% to €0.34 after the French government proposed to acquire advanced computing activities included in its BDS unit for €500 million. 

Airbus SE increased 0.7% to €138.94 after the company launched its second tranche of stock buyback program totaling about 2.1 million shares between November 25 and January 24, 2025. 

Kingfisher plc plunged 14% to 253.53 pence after the home improvement retailer lowered its profit outlook. 

Commerzbank declined 5.4% to €14.52 after German finance minister Joerg Kukies said Italy-based UniCredit is not likely to go ahead with its plans to acquire the bank because of objections raised by the German government. 

Automakers advanced following reports that China and the European Union are nearing a solution to avoid tariffs on electric vehicles imported from China. 

Mercedes-Benz Group advanced 0.1% to €52.30, BMW gained 0.6% to €68.22, Volkswagen AG fell 0.2% to €81.64, and Renault SA decreased 2.7% to €39.22.

European Market Indexes Advance, Spain's Producer Price Deflation Extends to 20th Month

Bridgette Randall
25 Nov, 2024
London

Stock market indexes in Europe advanced and extended previous week's gains as investors debated future rate paths amid a weakening economic backdrop.

Benchmark indexes in Paris, Frankfurt, Milan, and London edged higher, and the euro struggled near a three-year low as private sector activities remain depressed and consumer spending growth muted. 

Global markets have been volatile over the last three weeks as investors worry about the U.S. trade policy uncertainty under the next administration, rising trade tensions with China, and deepening Russia-NATO war in Ukraine. 

This week, investors are looking forward to the release of preliminary inflation reports in the eurozone, Spain, France, and the Netherlands.

In Germany, investors are looking forward to the release of retail sales, unemployment, and the consumer confidence index. 

Spain's PPI Deflation Extends to 20th Month In October 

Spain's producer price deflation extended to the 20th month in a row in October, the National Statistics Institute reported Monday. 

The annual producer price inflation declined to 3.9% in October, following a 5.2% fall in the previous month, driven by a decline in energy prices of 13.9% compared to a fall of 16.9% in the previous month. 

Excluding energy, producer prices rose 0.4% in October, matching the rate in the previous month. 

Europe Indexes and Yields

The DAX index increased by 0.4% to 19,407.29; the CAC-40 index rose by 0.2% to 7,269.86; and the FTSE 100 index advanced by 0.2% to 8,276.55.

The yield on 10-year German bonds edged higher to 2.26%, French bonds inched up to 3.06%, the UK gilts edged higher to 4.38%, and Italian bonds increased to 3.52%.

The euro edged lower to $1.04; the British pound inched down to $1.24; and the U.S. dollar strengthened to 88.95 Swiss cents.

Brent crude decreased $0.21 to $74.96 a barrel, and the Dutch TTF natural gas rose by €1.05 to €47.94 per MWh. 

Europe Stock Movers

Anglo American plc increased 1.9% to 2,403.0 pence after Peabody Energy agreed to acquire the company's coal mines in Australia for $3.78 billion. 

Atos SE soared 115.7% to €0.34 after the French government proposed to acquire advanced computing activities included in its BDS unit for €500 million. 

Airbus SE increased 0.7% to €138.94 after the company launched its second tranche of stock buyback program totaling about 2.1 million shares between November 25 and January 24, 2025. 

Kingfisher plc plunged 14% to 253.53 pence after the home improvement retailer lowered its profit outlook. 

Commerzbank declined 5.4% to €14.52 after German finance minister Joerg Kukies said Italy-based UniCredit is not likely to go ahead with its plans to acquire the bank because of objections raised by the German government. 

Automakers advanced following reports that China and the European Union are nearing a solution to avoid tariffs on electric vehicles imported from China. 

Mercedes-Benz Group advanced 0.1% to €52.30, BMW gained 0.6% to €68.22, Volkswagen AG fell 0.2% to €81.64, and Renault SA decreased 2.7% to €39.22.

Japan Indexes Rebounded 1.5% as Politicians Negotiated Policy Outlines Ahead of Diet Session

Akira Ito
25 Nov, 2024
Tokyo

Stock market indexes in Monday's trading advanced for the second session in a row, mirroring gains in New York. 

The Nikkei 225 stock average gained 1.7%, and the broader Topix index increased 1.1% following strong U.S. economic data and continued optimism about the U.S. election results. 

Investors also reviewed the announcements from the ruling LDP-led coalition supporting additional stimulus supporting low-income populations and raised the income tax threshold from 1.03 million yen, or about $6,600, ahead of the start of the next Diet session on November 28. 

The Japanese yen traded at 154.74 against the U.S. dollar amid growing speculation that the finance ministry and the Bank of Japan may be forced to conduct a second market intervention this year. 

Japan Stock Movers 

The Nikkei 225 index soared 1.7% to 38,933.83, and the broader Topix index advanced 1.1% to 2,725.96. 

Tech stocks were among the leading gainers in Tokyo following a rise in the tech sector in Friday's trading in New York. 

Tokyo Electron increased 4% to ¥23,130.0, Advantest Corp fell 2.4% to ¥9,221.0, Disco Corp. inched higher 0.6% to ¥42,860.0, and Lasertec Corporation gained 2% to ¥17,660.0. 

Toyota Motor gained 1.4% to ¥2,702.50, Honda Motor inched higher 0.5% to ¥1,369.50, and Nissan Motor fell 0.1% to ¥406.20. 

Bank stocks hovered near record highs amid expectations of higher interest rates over the next year. 

Sumitomo Mitsui Financial increased 1.6% to ¥3,721.0, Mitsubishi UFJ advanced 0.01% to ¥1,825.50, and Mizuho Financial edged down 0.3% to ¥3,828.0. 

Keisei Electric Railway jumped 14% to ¥4,381.0, and Keikyu Corp advanced 10.5% to ¥1,351.50 following the news that the activist investor Yoshiaki Murakami has taken stakes in both railroad operators. 

Oriental Land jumped 3% to ¥3,483.0 in the hopes that the activist investor Murakami will convince Keisei to sell its stake in the struggling Tokyo Disneyland operator. 

Japan Indexes Rebounded 1.5% as Politicians Negotiate Policy Outlines Ahead of Diet Session

Akira Ito
25 Nov, 2024
Tokyo

Stock market indexes in Monday's trading advanced for the second session in a row, mirroring gains in New York. 

The Nikkei 225 stock average gained 1.7%, and the broader Topix index increased 1.1% following strong U.S. economic data and continued optimism about the U.S. election results. 

Investors also reviewed the announcements from the ruling LDP-led coalition supporting additional stimulus supporting low-income populations and raised the income tax threshold from 1.03 million yen, or about $6,600, ahead of the start of the next Diet session on November 28. 

The Japanese yen traded at 154.74 against the U.S. dollar amid growing speculation that the finance ministry and the Bank of Japan may be forced to conduct a second market intervention this year. 

Japan Stock Movers 

The Nikkei 225 index soared 1.7% to 38,933.83, and the broader Topix index advanced 1.1% to 2,725.96. 

Tech stocks were among the leading gainers in Tokyo following a rise in the tech sector in Friday's trading in New York. 

Tokyo Electron increased 4% to ¥23,130.0, Advantest Corp fell 2.4% to ¥9,221.0, Disco Corp. inched higher 0.6% to ¥42,860.0, and Lasertec Corporation gained 2% to ¥17,660.0. 

Toyota Motor gained 1.4% to ¥2,702.50, Honda Motor inched higher 0.5% to ¥1,369.50, and Nissan Motor fell 0.1% to ¥406.20. 

Bank stocks hovered near record highs amid expectations of higher interest rates over the next year. 

Sumitomo Mitsui Financial increased 1.6% to ¥3,721.0, Mitsubishi UFJ advanced 0.01% to ¥1,825.50, and Mizuho Financial edged down 0.3% to ¥3,828.0. 

Keisei Electric Railway jumped 14% to ¥4,381.0, and Keikyu Corp advanced 10.5% to ¥1,351.50 following the news that the activist investor Yoshiaki Murakami has taken stakes in both railroad operators. 

Oriental Land jumped 3% to ¥3,483.0 in the hopes that the activist investor Murakami will convince Keisei to sell its stake in the struggling Tokyo Disneyland operator. 

Hang Seng and CSI 300 Indexes Hover Near 2-Month Lows In Weak Turnover, China Holds 1-Year MLF Rate at 2%

Li Chen
25 Nov, 2024
Hong Kong

Stock market indexes in China and Hong Kong struggled to stay above the flatline as investors stayed on the sidelines. 

The Hang Seng index fell 0.5%, and the CSI 300 index dropped 0.6% amid a lack of catalysts as investors awaited more corporate results. 

Investors were cautious following disappointing fiscal stimulus measures and a lack of support from policymakers in reviving consumer sentiment. 

Stock trading turnover in Hong Kong continued to drift lower over the last five weeks and fell to nearly 82% of the last one month of trading.  

The latest corporate earnings confirmed a lack of new domestic demand, and possible escalation of trade tensions with the United States and the European Union also contributed to the market weakness. 

The People’s Bank of China held its one-year medium term-term lending rate at 2% for the second month in a row, following a record 30 basis points reduction in September, 

In recent months, the central bank has been using other short term tools to inject liquidity into the financial system and announced a series of measures to support the economic growth and revive property  market activities. 

In the latest move, the central bank injected a total of 900 billion yuan into financial institutions through a one-year medium-term lending facility at an unchanged rate of 2.0%. 

That compared with a total of 1.45 trillion yuan of MLF loans due this month, marking a net cash withdrawal of 550 billion yuan. 

In addition, the central bank injected 249.3 billion yen through the seven-day reverse repo operation and held its rate at 1.5%.

China Stock Movers 

The Hang Seng index declined 0.5% to 19,131.82, and the CSI 300 index fell 0.6% to 3,842.45. 

Hang Seng Indexes, the manager of the benchmark index, announced changes to its widely followed Hang Seng Index. 

New World Development dropped HK$6.3% to HK$6.51 after the real estate developer was dropped from the Hang Seng Index as of December 9. 

New Oriental Education declined 0.6% to HK $57.36, and Kuaishou Technology increased 2.8% to HK $45.60 after the two companies were selected to be added to the city's benchmark index. 

Tech companies were in focus after China launched its three-month regulatory overhaul program targeting online algorithms used in content recommendation, e-commerce platform lists, and work assignments on delivery platforms.

JD.com declined 3% to HK $133.40, Meituan eased 3.4% to $161.40, and Alibaba Group rose 1.6% to HK $82.0. 

Hang Seng and CSI 300 Indexes Hover Near 2-Month Lows In Weak Turnover

Li Chen
25 Nov, 2024
Hong Kong

Stock market indexes in China and Hong Kong struggled to stay above the flatline as investors stayed on the sidelines. 

The Hang Seng index fell 0.5%, and the CSI 300 index dropped 0.6% amid a lack of catalysts as investors awaited more corporate results. 

Investors were cautious following disappointing fiscal stimulus measures and a lack of support from policymakers in reviving consumer sentiment. 

Stock trading turnover in Hong Kong continued to drift lower over the last five weeks and fell to nearly 82% of the last one month of trading.  

The latest corporate earnings confirmed a lack of new domestic demand, and possible escalation of trade tensions with the United States and the European Union also contributed to the market weakness. 

China Stock Movers 

The Hang Seng index declined 0.5% to 19,131.82, and the CSI 300 index fell 0.6% to 3,842.45. 

Hang Seng Indexes, the manager of the benchmark index, announced changes to its widely followed Hang Seng Index. 

New World Development dropped HK$6.3% to HK$6.51 after the real estate developer was dropped from the Hang Seng Index as of December 9. 

New Oriental Education declined 0.6% to HK $57.36, and Kuaishou Technology increased 2.8% to HK $45.60 after the two companies were selected to be added to the city's benchmark index. 

Tech companies were in focus after China launched its three-month regulatory overhaul program targeting online algorithms used in content recommendation, e-commerce platform lists, and work assignments on delivery platforms.

JD.com declined 3% to HK $133.40, Meituan eased 3.4% to $161.40, and Alibaba Group rose 1.6% to HK $82.0. 

Sensex and Nifty Indexes Advance 1% After BJP-led Alliance Scored Strong Victory In Maharashtra State Polls

Arun Goswami
25 Nov, 2024
Mumbai

Stock market indexes in Mumbai opened sharply higher after the BJP-led alliance scored a strong victory in Maharashtra assembly polls. 

The Sensex index gained 1.4%, and the Nifty indexes advanced 1.6% following the decisive victory of the BJP-led alliance, winning 235 of the 288 seats in Maharashtra state elections. 

The strong performance of the BJP alliance sets aside the worries of the party taking a back seat in the central government and possibly reviving infrastructure development plans in the financial capital, Mumbai. 

BJP's strong victory in Maharashtra following the improving performance in Haryana is likely to increase Prime Minister Narendra Modi's and his party's influence in the central government. 

However, the BJP-led alliance suffered a defeat in Jharkhand with only 24 of the 88 seats in the assembly polls. 

In international trading, market indexes in Asia advanced, tracking market gains in New York and Europe in Friday's trading. 

India Stock Movers 

The Sensex index advanced 1.4% to 80,250.93, and the Nifty index gained 1.6% to 24,266.40. 

Zomato decreased 0.7% to ₹264.89, and the company is set to join the widely followed Sensex index, replacing JSW Steel as of December 23. 

The index manager, Asia Indexes, the subsidiary of the Bombay Stock Exchange, announced the index change. 

PVR INOX jumped 3% to ₹1,490.0 after the movie theater chain operator said it plans to invest ₹200 crore to add 100 more movie screens by the end of 2026. 

The company currently operates 1,747 screens in 356 movie theaters in 111 cities across India and Sri Lanka. 

Solar energy stocks were in focus after the U.S. Securities Exchange Commission and the Department of Justice levied charges of a bribery scheme and fraud against several executives of Adani Group, including its chairman, Gautam Adani. 

JSW Energy increased 2% to ₹702.30, KP Energy gained 4% to ₹606.0, Urja Gas advanced 2.3% to ₹17.48, and the Indian Renewable Energy Development Agency jumped 4.7% to ₹193.93. 

Bank of India gained 2.8% to ₹105.95, and this week the company is set to raise as much as ₹5,000 crore through the sale of infrastructure bonds. 

Signature Global India advanced 2.2% to ₹1,327.50, and the company said it plans to launch several new residential projects worth ₹50,000 crore over the next three years in the Delhi-NCR region. 

Patanjali Ayurved increased 0.2% to ₹1,795.0 after the consumer goods company reported a strong rise in sales and earnings in the September quarter. 

Revenue in the fiscal third quarter increased 23% to ₹9,335 crore, and net income soared five-fold to ₹2,901 crore, driven by a rise in other income. 

Sensex and Nifty Indexes Advance 1% After BJP-led Alliance Scored Strong Victory In Maharashtra State Polls

Arun Goswami
25 Nov, 2024
Mumbai

Stock market indexes in Mumbai opened sharply higher after the BJP-led alliance scored a strong victory in Maharashtra assembly polls. 

The Sensex index gained 1.4%, and the Nifty indexes advanced 1.6% following the decisive victory of the BJP-led alliance, winning 235 of the 288 seats in Maharashtra state elections. 

The strong performance of the BJP alliance sets aside the worries of the party taking a back seat in the central government and possibly reviving infrastructure development plans in the financial capital, Mumbai. 

BJP's strong victory in Maharashtra following the improving performance in Haryana is likely to increase Prime Minister Narendra Modi's and his party's influence in the central government. 

However, the BJP-led alliance suffered a defeat in Jharkhand with only 24 of the 88 seats in the assembly polls. 

In international trading, market indexes in Asia advanced, tracking market gains in New York and Europe in Friday's trading. 

India Stock Movers 

The Sensex index advanced 1.4% to 80,250.93, and the Nifty index gained 1.6% to 24,266.40. 

Zomato decreased 0.7% to ₹264.89, and the company is set to join the widely followed Sensex index, replacing JSW Steel as of December 23. 

The index manager, Asia Indexes, the subsidiary of the Bombay Stock Exchange, announced the index change. 

PVR INOX jumped 3% to ₹1,490.0 after the movie theater chain operator said it plans to invest ₹200 crore to add 100 more movie screens by the end of 2026. 

The company currently operates 1,747 screens in 356 movie theaters in 111 cities across India and Sri Lanka. 

Solar energy stocks were in focus after the U.S. Securities Exchange Commission and the Department of Justice levied charges of a bribery scheme and fraud against several executives of Adani Group, including its chairman, Gautam Adani. 

JSW Energy increased 2% to ₹702.30, KP Energy gained 4% to ₹606.0, Urja Gas advanced 2.3% to ₹17.48, and the Indian Renewable Energy Development Agency jumped 4.7% to ₹193.93. 

Bank of India gained 2.8% to ₹105.95, and this week the company is set to raise as much as ₹5,000 crore through the sale of infrastructure bonds. 

Signature Global India advanced 2.2% to ₹1,327.50, and the company said it plans to launch several new residential projects worth ₹50,000 crore over the next three years in the Delhi-NCR region. 

Patanjali Ayurved increased 0.2% to ₹1,795.0 after the consumer goods company reported a strong rise in sales and earnings in the September quarter. 

Revenue in the fiscal third quarter increased 23% to ₹9,335 crore, and net income soared five-fold to ₹2,901 crore, driven by a rise in other income. 

U.S. Movers: CNH, Gap, Inuit, Ross Stores, Texas Pacific Land

Scott Peters
22 Nov, 2024
New York City

Intuit Inc. declined 5.4% to $642.0 despite the financial software developer reporting better-than-expected quarterly results. 

Revenue in the fiscal first quarter ending in October increased 10% to $3.3 billion from $3.0 billion, net income declined 12% to $271 million from $307 million, and diluted earnings per share fell to 70 cents from 85 cents a year ago. 

Ross Stores rose 7.1% to $153.05 after the discount retailer reported better-than-expected quarterly results. 

Revenue in the third quarter ending on November 2 increased to $5.07 billion from $4.92 billion, net income advanced to $488 million from $447 million, and diluted earnings per share rose to $1.48 from $1.33 a year earlier. 

The company estimated comparable store sales in the fiscal fourth quarter to  increase between 2% and 3%, and earnings per share in the range of $1.57 and $1.64, a decrease from $1.82 a year ago. 

Gap Inc. rose 15.2% to $25.38 after the specialty apparel retailer reported better-than-expected revenue and earnings in the latest quarter, and the company revised its full-year sales outlook. 

Net sales in the fiscal third quarter ending on November 2 rose 2% to $3.82 billion from $3.67 billion, net income increased to $274 million from $214 million, and diluted earnings per share rose to 72 cents from 58 cents a year ago. 

Company tightened its fiscal year 2024 sales growth outlook to an increase between 1.5% and 2.0%, compared to the previous estimate of "slight increase."

Texas Pacific Land increased 3.4% to $1,562.50, and the company was selected to join the S&P 500 index, replacing Marathon Oil, which is being acquired by ConocoPhillips. 

CNH Industries declined 3.8% to $11.47, reflecting the market weakness in the eurozone after business activities contracted in the currency union in November. 

Earlier in the month, the construction and agriculture equipment maker said third quarter revenue declined to $4.6 billion from $5.98 billion, net income attributable to shareholders fell to $310 million from $540 million, and diluted earnings per share decreased to 24 cents from 40 cents a year earlier.