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. 

Trump Tariffs and Policy Uncertainties Keep Wall Street Indexes In Check

Barry Adams
22 Nov, 2024
New York City

Stock market indexes struggled to stay above the flatline in early trading amid rising geopolitical, global trade barriers, and U.S. policy uncertainties. 

The S&P 500 index decreased 0.1% and the Nasdaq Composite dropped 0.2% as investors unwound tech trades following Nvidia's strong quarterly results. 

Market sentiment has been cautious this week as the reality of election results began to set in, the Ukraine-Russia war shows no signs of easing, and business activities contracted in the eurozone at the sharpest pace in the year. 

Investors are hoping that the next U.S. government will provide clearer plans to lower federal government debt, trim the annual budget deficit, and sustain labor market expansion and economic growth. 

Moreover, Trump administration cabinet appointees inspire little confidence, as top and second-tier candidates refuse to join the administration. 

Investors are worried that the sharp escalation of tariffs on imported goods from the European Union and China would contribute to another bout of inflation, forcing the Federal Reserve to keep higher interest rates for longer, which could drag the economy into a recession. 

U.S. Indexes and Treasury Yields

The S&P 500 index decreased 0.1% to $5,962.25, the Nasdaq Composite declined 0.2% to 18,937.14, and the Russell 2000 index inched lower 0.1% to 2,354.92. 

The yield on 2-year Treasury notes edged higher to 4.33%, 10-year Treasury notes inched up to 4.40%, and 30-year Treasury bonds decreased to 4.58%.

WTI crude oil increased $0.28 to $69.81 a barrel, and natural gas prices edged up 2 cents to $3.31 a thermal unit.

Gold increased by $28.04 to $2,697.38 an ounce, and silver increased by $0.50 to $31.24.

The dollar index, which weighs the US currency against a basket of foreign currencies, edged lower to 107.46.

U.S. Stock Movers 

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

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

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. 

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. 

Trump Tariffs and Policy Uncertainties Keep Wall Street Indexes In Check

Barry Adams
22 Nov, 2024
New York City

Stock market indexes struggled to stay above the flatline in early trading amid rising geopolitical, global trade barriers, and U.S. policy uncertainties. 

The S&P 500 index decreased 0.1% and the Nasdaq Composite dropped 0.2% as investors unwound tech trades following Nvidia's strong quarterly results. 

Market sentiment has been cautious this week as the reality of election results began to set in, the Ukraine-Russia war shows no signs of easing, and business activities contracted in the eurozone at the sharpest pace in the year. 

Investors are hoping that the next U.S. government will provide clearer plans to lower federal government debt, trim the annual budget deficit, and sustain labor market expansion and economic growth. 

Moreover, Trump administration cabinet appointees inspire little confidence, as top and second-tier candidates refuse to join the administration. 

Investors are worried that the sharp escalation of tariffs on imported goods from the European Union and China would contribute to another bout of inflation, forcing the Federal Reserve to keep higher interest rates for longer, which could drag the economy into a recession. 

U.S. Indexes and Treasury Yields

The S&P 500 index decreased 0.1% to $5,962.25, the Nasdaq Composite declined 0.2% to 18,937.14, and the Russell 2000 index inched lower 0.1% to 2,354.92. 

The yield on 2-year Treasury notes edged higher to 4.33%, 10-year Treasury notes inched up to 4.40%, and 30-year Treasury bonds decreased to 4.58%.

WTI crude oil increased $0.28 to $69.81 a barrel, and natural gas prices edged up 2 cents to $3.31 a thermal unit.

Gold increased by $28.04 to $2,697.38 an ounce, and silver increased by $0.50 to $31.24.

The dollar index, which weighs the US currency against a basket of foreign currencies, edged lower to 107.46.

U.S. Stock Movers 

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

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

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. 

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. 

Eurozone Business Activities Unexpectedly Contracts, Euro Hovers at 2-Year Low

Bridgette Randall
22 Nov, 2024
London

European market indexes traded down, the euro dropped to a two-year low, and bond yields edged to five-week lows in the eurozone. 

Benchmark indexes in Paris, Frankfurt, Milan, and London struggled to advance after the latest eurozone business activities update in the manufacturing and services sector confirmed ongoing weaknesses. 

The HCOB Flash Eurozone Composite PMI fell to 48.1 in November from 50 in October, S&P Global reported Friday. 

The latest business survey showed contraction in service sector activities for the first time in ten months, aligning with the ongoing downturn in the manufacturing sector. 

The manufacturing sector contraction deepened to 45.2 from 46.0, and the previously resilient service sector swung to a contraction and fell to 49.2 from 51.6 in October. 

Poor business momentum in France and Germany dominated the overall business activity weakness in the eurozone. 

Germany's third quarter GDP growth was revised downward to an increase of 0.1% from the preliminary estimate of 0.2% increase, the Federal Statistical Office reported Friday. 

For the week, the DAX 30 index is down 0.8%, the CAC-40 index has fallen 1.2%, but the FTSE 100 index advanced 1.8% as of midday in Germany. 

UK Retail Sales Declined in October

UK retail sales declined in October amid broad weakness across all sectors, according to the Office for National Statistics.

Retail sales declined 0.7% from the previous month in October and fell at the fastest pace in four months, as improved weather and an end-of-season discount pulled sales in the previous three months. 

On an annual basis, sales rose at a slower pace of 2.4% following a downwardly revised 3.2% rise in September. 

Europe Indexes and Yields

The DAX index decreased by 0.1% to 19,119.69; the CAC-40 index fell by 0.2% to 7,200.95; and the FTSE 100 index rose by 0.6% to 8,202.87.

The yield on 10-year German bonds edged lower to 2.24%, French bonds inched up to 3.03%, the UK gilts edged lower to 4.37%, and Italian bonds decreased to 3.50%.

The euro edged lower to $1.04; the British pound inched down to $1.24; and the U.S. dollar strengthened to 88.92 Swiss cents.

Brent crude increased $0.37 to $74.60 a barrel, and the Dutch TTF natural gas rose by €0.30 to €48.97 per MWh. 

Europe Stock Movers

Banks and vehicle makers traded down and were among the leading decliners in Friday's trading. 

Mercedes-Benz Group AG declined 0.8% to €51.43, Volkswagen Group AG fell 0.7% to €83.20, and BMW dropped 1% to €67.20. 

BMW dropped to a three-year low as investors worry about the impending U.S. tariffs on passenger cars and vehicles exported from Europe. 

Deutsche Bank decreased 3% to €15.53, Commerzbank dropped 2.4% to €15.21, BNP Paribas fell 2.9% to €56.55, Societe Generale eased 2.6% to €25.95, UniCredit declined 3.3% to €37.64, Banco Santander dived 4.4% to €4.33, and Barclays PLC inched down 2.5% to 253.70 pence. 

Barclays traded around a nine-year high after the British bank delivered better-than-expected profit earlier in the month. 

Eurozone Business Activities Unexpectedly Contracts, Euro Hovers at 2-Year Low

Bridgette Randall
22 Nov, 2024
London

European market indexes traded down, the euro dropped to a two-year low, and bond yields edged to five-week lows in the eurozone. 

Benchmark indexes in Paris, Frankfurt, Milan, and London struggled to advance after the latest eurozone business activities update in the manufacturing and services sector confirmed ongoing weaknesses. 

The HCOB Flash Eurozone Composite PMI fell to 48.1 in November from 50 in October, S&P Global reported Friday. 

The latest business survey showed contraction in service sector activities for the first time in ten months, aligning with the ongoing downturn in the manufacturing sector. 

The manufacturing sector contraction deepened to 45.2 from 46.0, and the previously resilient service sector swung to a contraction and fell to 49.2 from 51.6 in October. 

Poor business momentum in France and Germany dominated the overall business activity weakness in the eurozone. 

Germany's third quarter GDP growth was revised downward to an increase of 0.1% from the preliminary estimate of 0.2% increase, the Federal Statistical Office reported Friday. 

For the week, the DAX 30 index is down 0.8%, the CAC-40 index has fallen 1.2%, but the FTSE 100 index advanced 1.8% as of midday in Germany. 

UK Retail Sales Declined in October

UK retail sales declined in October amid broad weakness across all sectors, according to the Office for National Statistics.

Retail sales declined 0.7% from the previous month in October and fell at the fastest pace in four months, as improved weather and an end-of-season discount pulled sales in the previous three months. 

On an annual basis, sales rose at a slower pace of 2.4% following a downwardly revised 3.2% rise in September. 

Europe Indexes and Yields

The DAX index decreased by 0.1% to 19,119.69; the CAC-40 index fell by 0.2% to 7,200.95; and the FTSE 100 index rose by 0.6% to 8,202.87.

The yield on 10-year German bonds edged lower to 2.24%, French bonds inched up to 3.03%, the UK gilts edged lower to 4.37%, and Italian bonds decreased to 3.50%.

The euro edged lower to $1.04; the British pound inched down to $1.24; and the U.S. dollar strengthened to 88.92 Swiss cents.

Brent crude increased $0.37 to $74.60 a barrel, and the Dutch TTF natural gas rose by €0.30 to €48.97 per MWh. 

Europe Stock Movers

Banks and vehicle makers traded down and were among the leading decliners in Friday's trading. 

Mercedes-Benz Group AG declined 0.8% to €51.43, Volkswagen Group AG fell 0.7% to €83.20, and BMW dropped 1% to €67.20. 

BMW dropped to a three-year low as investors worry about the impending U.S. tariffs on passenger cars and vehicles exported from Europe. 

Deutsche Bank decreased 3% to €15.53, Commerzbank dropped 2.4% to €15.21, BNP Paribas fell 2.9% to €56.55, Societe Generale eased 2.6% to €25.95, UniCredit declined 3.3% to €37.64, Banco Santander dived 4.4% to €4.33, and Barclays PLC inched down 2.5% to 253.70 pence. 

Barclays traded around a nine-year high after the British bank delivered better-than-expected profit earlier in the month. 

Japan's Inflation Eased to 9-Month Low, Manufacturing Activities Contracted for 5th Consecutive Month

Akira Ito
22 Nov, 2024
Tokyo

Japan's stock market indexes rebounded from the previous session's losses as investors reviewed updates on inflation and activities in the manufacturing and service sectors. 

The Nikkei 225 index gained 0.9% and the broader Topix index advanced 1%, but both indexes are set to close nearly unchanged after a week of trading. 

The annual rate of consumer price inflation in Japan eased to 2.3% in October from 2.5% in September, according to the latest data released by the Ministry of Internal Affairs & Communications. 

The overall inflation dropped to a nine-month low, and core inflation fell to a six-month low of 2.3%, down from 2.4% in September. 

The overall inflation eased after the effect of the ending of subsidies for electricity prices waned, and prices rose at 4% compared to 15.2% in the previous month. 

Still, overall and core inflation may support the case for the Bank of Japan to increase rates at a slower pace as consumers battle higher prices amid weak wage growth. 

Japan's manufacturing sector contracted for the fifth month in a row in November, but the service sector activities slightly expanded, according to two separate surveys published by S&P Global. 

The au Jibun Bank Japan Manufacturing PMI unexpectedly eased to 49.0 in November from 49.2 in October, the lowest level since March as both output and new orders decreased. 

The au Jibun Bank Japan Services PMI rose to 50.2 in November from 49.7 in the previous month, after the decline in foreign orders slowed and overall new orders rose at the modest pace and matched the rate in the previous month. 

The yen traded at 154.88 against the U.S. dollar in Tokyo trading near the close as investors reaffirmed the bets for the currency to cross the 160 level before the close of the year. 

Japan Stock Movers 

The Nikkei 225 Stock Average increased 0.9% to 38,369.81, and the broader Topix index advanced 0.7% to 2,701.42. 

Semiconductor equipment stocks rebounded tracking gains in New York after investors overcame initial concerns about the company's revenue growth outlook in the current quarter. 

Tokyo Electron increased 2.2% to ¥22,250.0, Advantest Corp. gained 0.6% to ¥9,443.0, and Lasertec jumped 0.3% to ¥17,335.0. 

Banks traded higher, and financial services stocks generally retained the upward bias. 

Mitsubishi UFJ Financial gained 1% to ¥1,825.0, Sumitomo Mitsui Financial Group advanced 1.9% to ¥3,667.0, and Mizuho Financial Group fell 0.3% to ¥3,838.0. 

Among the most actively traded stocks in Tokyo, Mitsui Chemicals jumped 5.6% to ¥3,593.0, Credit Saison advanced 6.6% to ¥3,694.0, and Yokogawa Electric added 4.9% to ¥3,572.0. 

Marubeni gained 0.5% to ¥2,401.50, Itochu Corp increased 0.3% to ¥7,610.0, Sumitomo Corp. advanced 1.7% to ¥3,291.0, and Mitsui & Co. Ltd. inched higher 1.5% to ¥3,320.0. 

Japan's Inflation Eased to 9-Month Low, Manufacturing Activities Contracted for 5th Consecutive Month

Akira Ito
22 Nov, 2024
Tokyo

Japan's stock market indexes rebounded from the previous session's losses as investors reviewed updates on inflation and activities in the manufacturing and service sectors. 

The Nikkei 225 index gained 0.9% and the broader Topix index advanced 1%, but both indexes are set to close nearly unchanged after a week of trading. 

The annual rate of consumer price inflation in Japan eased to 2.3% in October from 2.5% in September, according to the latest data released by the Ministry of Internal Affairs & Communications. 

The overall inflation dropped to a nine-month low, and core inflation fell to a six-month low of 2.3%, down from 2.4% in September. 

The overall inflation eased after the effect of the ending of subsidies for electricity prices waned, and prices rose at 4% compared to 15.2% in the previous month. 

Still, overall and core inflation may support the case for the Bank of Japan to increase rates at a slower pace as consumers battle higher prices amid weak wage growth. 

Japan's manufacturing sector contracted for the fifth month in a row in November, but the service sector activities slightly expanded, according to two separate surveys published by S&P Global. 

The au Jibun Bank Japan Manufacturing PMI unexpectedly eased to 49.0 in November from 49.2 in October, the lowest level since March as both output and new orders decreased. 

The au Jibun Bank Japan Services PMI rose to 50.2 in November from 49.7 in the previous month, after the decline in foreign orders slowed and overall new orders rose at the modest pace and matched the rate in the previous month. 

The yen traded at 154.88 against the U.S. dollar in Tokyo trading near the close as investors reaffirmed the bets for the currency to cross the 160 level before the close of the year. 

Japan Stock Movers 

The Nikkei 225 Stock Average increased 0.9% to 38,369.81, and the broader Topix index advanced 0.7% to 2,701.42. 

Semiconductor equipment stocks rebounded tracking gains in New York after investors overcame initial concerns about the company's revenue growth outlook in the current quarter. 

Tokyo Electron increased 2.2% to ¥22,250.0, Advantest Corp. gained 0.6% to ¥9,443.0, and Lasertec jumped 0.3% to ¥17,335.0. 

Banks traded higher, and financial services stocks generally retained the upward bias. 

Mitsubishi UFJ Financial gained 1% to ¥1,825.0, Sumitomo Mitsui Financial Group advanced 1.9% to ¥3,667.0, and Mizuho Financial Group fell 0.3% to ¥3,838.0. 

Among the most actively traded stocks in Tokyo, Mitsui Chemicals jumped 5.6% to ¥3,593.0, Credit Saison advanced 6.6% to ¥3,694.0, and Yokogawa Electric added 4.9% to ¥3,572.0. 

Marubeni gained 0.5% to ¥2,401.50, Itochu Corp increased 0.3% to ¥7,610.0, Sumitomo Corp. advanced 1.7% to ¥3,291.0, and Mitsui & Co. Ltd. inched higher 1.5% to ¥3,320.0. 

China and Hong Kong Indexes Extended Weekly Losses, PDD and Baidu In Focus After Earnings

Li Chen
22 Nov, 2024
Hong Kong

 Stock market indexes in China and Hong Kong declined following corporate results and a lack of visible improvement in economic activities and the property market. 

The Hang Seng and CSI 300 indexes declined more than 1% and extended weekly losses of 1.2% and 0.4%, respectively. 

PDD Holding and Baidu declined after reporting weaker-than-expected quarterly results, but BYD Electronics and Sunny Optical advanced. 

Market indexes in China and Hong Kong lacked direction, and investor mood soured after the government's measures to support the property market and revive consumer confidence fell short of expectations. 

In late September, Chinese policymakers and lawmakers approved a raft of measures to support the 2024 target GDP growth rate of 5%. However, those measures have yet to revive consumer confidence and support a rebound in corporate earnings. 

Moreover, China is battling structural impediments amid falling birth rates, foreign fund outflows, and rising trade barriers in the European Union and the United States. 

Industrial, retail, and technology companies are struggling under lack of demand growth, brutal competition, and intense price pressure, keeping stocks under pressure for the fourth year in a row. 

Chinese banks have yet to book mounting losses linked to property loans issued to the top 20 large developers, all controlled by the central government. 

China Stock Movers 

The Hang Seng index declined 1.3% to 19,343.91 and the mainland-focused CSI 300 index dropped 1.% to 3,948.52. 

Baidu declined 7.6% to HK$76.25, and the search engine operator said revenue declined as advertising demand remained subdued for the third consecutive year. 

Revenue in the third quarter declined 3% to 33.55 billion yuan from 34.4 billion yuan, but net income increased 14% to 7.6 billion yuan from 6.7 billion yuan, and diluted earnings per share rose to 21.60 yuan from 18.22 yuan a year ago. 

PDD Holdings declined 10.4% to $104.09 in New York trading after the budget shopping app operator said third-quarter earnings fell 22% from the previous quarter. 

Total revenue in the quarter soared 44% to 99.3 billion yuan from 68.8 billion yuan, net income attributable to shareholders increased 61% to 24.98 billion yuan from 15.5 billion yuan, and diluted earnings per share rose to 4.23 yuan from 2.65 yuan a year earlier. 

BYD Electronic International jumped 5.4% to HK $34.55 and Sunny Optical Technology Group advanced 5% to HK $59.75. 

At the end of October, BYD reported sharply higher revenue and flat earnings in the nine-month period ending in September. 

Revenue in the nine-month period ending in September soared 32% to 122.1 billion yuan from 92.2 billion yuan, net income attributable to shareholders inched up 0.6% to 3.06 billion yuan from 3.04 billion yuan, and diluted earnings per share increased to 1.36 yuan from 1.35 yuan a year earlier. 

China and Hong Kong Indexes Extended Weekly Losses, PDD and Baidu In Focus After Earnings

Li Chen
22 Nov, 2024
Hong Kong

 Stock market indexes in China and Hong Kong declined following corporate results and a lack of visible improvement in economic activities and the property market. 

The Hang Seng and CSI 300 indexes declined more than 1% and extended weekly losses of 1.2% and 0.4%, respectively. 

PDD Holding and Baidu declined after reporting weaker-than-expected quarterly results, but BYD Electronics and Sunny Optical advanced. 

Market indexes in China and Hong Kong lacked direction, and investor mood soured after the government's measures to support the property market and revive consumer confidence fell short of expectations. 

In late September, Chinese policymakers and lawmakers approved a raft of measures to support the 2024 target GDP growth rate of 5%. However, those measures have yet to revive consumer confidence and support a rebound in corporate earnings. 

Moreover, China is battling structural impediments amid falling birth rates, foreign fund outflows, and rising trade barriers in the European Union and the United States. 

Industrial, retail, and technology companies are struggling under lack of demand growth, brutal competition, and intense price pressure, keeping stocks under pressure for the fourth year in a row. 

Chinese banks have yet to book mounting losses linked to property loans issued to the top 20 large developers, all controlled by the central government. 

China Stock Movers 

The Hang Seng index declined 1.3% to 19,343.91 and the mainland-focused CSI 300 index dropped 1.% to 3,948.52. 

Baidu declined 7.6% to HK$76.25, and the search engine operator said revenue declined as advertising demand remained subdued for the third consecutive year. 

Revenue in the third quarter declined 3% to 33.55 billion yuan from 34.4 billion yuan, but net income increased 14% to 7.6 billion yuan from 6.7 billion yuan, and diluted earnings per share rose to 21.60 yuan from 18.22 yuan a year ago. 

PDD Holdings declined 10.4% to $104.09 in New York trading after the budget shopping app operator said third-quarter earnings fell 22% from the previous quarter. 

Total revenue in the quarter soared 44% to 99.3 billion yuan from 68.8 billion yuan, net income attributable to shareholders increased 61% to 24.98 billion yuan from 15.5 billion yuan, and diluted earnings per share rose to 4.23 yuan from 2.65 yuan a year earlier. 

BYD Electronic International jumped 5.4% to HK $34.55 and Sunny Optical Technology Group advanced 5% to HK $59.75. 

At the end of October, BYD reported sharply higher revenue and flat earnings in the nine-month period ending in September. 

Revenue in the nine-month period ending in September soared 32% to 122.1 billion yuan from 92.2 billion yuan, net income attributable to shareholders inched up 0.6% to 3.06 billion yuan from 3.04 billion yuan, and diluted earnings per share increased to 1.36 yuan from 1.35 yuan a year earlier. 

India Indexes Attempt to Rebound, Adani Group Stocks Extend Losses

Arun Goswami
22 Nov, 2024
Mumbai

Stock market indexes extended weekly losses, and Adani Group stocks remained in focus for the second day in a row. 

The Sensex index gained 0.3% and the Nifty index fell 0.2% as investors awaited more information on Adani Group's plan to defend the U.S. allegations. 

The U.S. Department of Justice charged Gautam Adani and several executives for their alleged role in the bribery scandal surrounding solar panel contracts and failing to disclose the scheme to U.S. investors while raising funds through the sale of loans and bonds in New York between 2021 and 2024. 

The U.S. Securities and Exchange Commission leveled its charges for the bribery scheme of about $265 million. 

Adani Green Energy canceled its $600 million (about ₹5,000 crore) bond offering in New York following the charges, as the sprawling conglomerate looks for alternative ways to finance its solar energy projects. 

The U.S. Department of Justice has a history of investigating foreign companies and individuals with mixed success, and in the past many of these charges have proven to be politically motivated. 

The DOJ has so far failed to prosecute and convict president-elect Donald Trump, who is widely known for his illegal and aggressive business practices, but the federal agency has resources to investigate foreign business practices. 

The federal agency has yet to bring charges against president-elect Trump, Trump campaign, and Trump organization executives for using campaign funds to support his private businesses and playing a key role in the January 6th, 2021 violent riots and insurrection that killed several people, including a law enforcement official. 

Moreover, Saudi investment of $2 billion in Affinity Partners, a fund controlled by Jared Kushner, Donald Trump's son-in-law, is widely seen as a payback to Trump. 

Kushner has collected more than $110 million in fees and so far failed to deliver any returns to its investors. 

Egypt's president Abdel Al Fatah Al-Sisi's $10 million payment of Donald Trump's 2016 campaign for the alleged bribes is consistent with Trump’s record of selling out the White House to corrupt foreign autocrats. 

The Sensex index increased 0.3% to 77,349.80, and the Nifty index raised 0.3% to 23,4911.80. 

For the week as of Thursday's closing, the Sensex index declined 1.5% and the Nifty index fell 0.3%. 

India Stock Movers

Adani Enterprises declined 4.3% to ₹2,090.65, Adani Energy Solutions dropped 6% to ₹655.25, Adani Green Energy plunged 9.9% to ₹1,032.10, and Adani Ports and Special Economic Zone eased 4% to ₹1,068.25. 

Afcons Infrastructure increased 1.8% to ₹496.0 after the company won a civil works contract worth ₹1,274 crore from Uttarakhand Project Development and Construction Corporation. 

Raymond Ltd. increased 1.6% to ₹1,449.90, and the company received approvals from the BSE and the NSE for its plans to separate Raymond Realty. 

LTIMindtree Inc. increased 1.1% to ₹5,998.0 after Life Insurance Corporation of India raised its stake in the company to 7.03% from 5.03%. 

India Indexes Attempt to Rebound, Adani Group Stocks Extend Losses

Arun Goswami
22 Nov, 2024
Mumbai

Stock market indexes extended weekly losses, and Adani Group stocks remained in focus for the second day in a row. 

The Sensex index gained 0.3% and the Nifty index fell 0.2% as investors awaited more information on Adani Group's plan to defend the U.S. allegations. 

The U.S. Department of Justice charged Gautam Adani and several executives for their alleged role in the bribery scandal surrounding solar panel contracts and failing to disclose the scheme to U.S. investors while raising funds through the sale of loans and bonds in New York between 2021 and 2024. 

The U.S. Securities and Exchange Commission leveled its charges for the bribery scheme of about $265 million. 

Adani Green Energy canceled its $600 million (about ₹5,000 crore) bond offering in New York following the charges, as the sprawling conglomerate looks for alternative ways to finance its solar energy projects. 

The U.S. Department of Justice has a history of investigating foreign companies and individuals with mixed success, and in the past many of these charges have been politically motivated. 

The DOJ has so far failed to prosecute and convict president-elect Donald Trump, who is widely known for his illegal and aggressive business practices, but the federal agency has resources to investigate foreign business practices. 

The federal agency has yet to bring charges against president-elect Trump, Trump campaign, and Trump organization executives for using campaign funds to support his private businesses and playing a key role in the January 6th, 2021 violent riots and insurrection that killed several people, including a law enforcement official. 

The Sensex index increased 0.3% to 77,349.80, and the Nifty index raised 0.3% to 23,4911.80. 

For the week as of Thursday's closing, the Sensex index declined 1.5% and the Nifty index fell 0.3%. 

India Stock Movers

Adani Enterprises declined 4.3% to ₹2,090.65, Adani Energy Solutions dropped 6% to ₹655.25, Adani Green Energy plunged 9.9% to ₹1,032.10, and Adani Ports and Special Economic Zone eased 4% to ₹1,068.25. 

Afcons Infrastructure increased 1.8% to ₹496.0 after the company won a civil works contract worth ₹1,274 crore from Uttarakhand Project Development and Construction Corporation. 

Raymond Ltd. increased 1.6% to ₹1,449.90, and the company received approvals from the BSE and the NSE for its plans to separate Raymond Realty. 

LTIMindtree Inc. increased 1.1% to ₹5,998.0 after Life Insurance Corporation of India raised its stake in the company to 7.03% from 5.03%. 

Wall Street Indexes Swing Higher, Global Markets Follow

Alexander Garcia
21 Nov, 2024
Miami

Wall Street indexes rebounded from morning doldrums after investors overcame initial hesitations about the widely anticipated quarterly results from Nvidia Corp. 

The S&P 500 index edged up 0.6% and the Nasdaq Composite advanced 0.1% after Nvidia reported a sharp jump in revenue and earnings driven by a strong demand for its artificial intelligence chips. 

Revenue and earnings in the third quarter doubled as demand from large customers for data center chips remained elevated for the third year in a row. 

The company offered a strong revenue outlook for the current quarter, but growth is expected to slow in the next year. 

Seasonally adjusted initial weekly jobless claims in the week ending November 16 were 213,000, a decrease of 6,000 from the previous week's revised level of 219,000, the U.S. Department of Labor reported Thursday. 

Continuing jobless claims, which lag by one week, increased by 36,000 to 1.908 million, the highest in three years. 

Existing Home Sales Slightly Rebounded In October 

Existing home sales in October increased 2.9% from a year ago to a seasonally adjusted 3.96 million, the National Association of Realtors said in its monthly update Thursday. 

Existing-home sales rebounded from a 14-year low of 3.83 million, and median home price increased 4% to $407,000, halting three consecutive months of decline.   

"The worst of the downturn in home sales could be over, with increasing inventory leading to more transactions,” said NAR Chief Economist Lawrence Yun. 

U.S. Indexes and Treasury Yields

The S&P 500 index increased 0.6% to $5,951.45, the Nasdaq Composite rose 0.1% to 18,974.06, and the Russell 2000 index inched higher 1.7% to 2,367.19. 

The yield on 2-year Treasury notes edged higher to 4.32%, 10-year Treasury notes inched up to 4.40%, and 30-year Treasury bonds decreased to 4.59%.

WTI crude oil increased $0.91 to $69.66 a barrel, and natural gas prices edged up 12 cents to $3.31 a thermal unit.

Gold increased by $19.87 to $2,672.52 an ounce, and silver decreased by $0.06 to $30.87.

The dollar index, which weighs the US currency against a basket of foreign currencies, edged lower to 106.61.

U.S. Stock Movers 

Nvidia declined 0.9% to $144.62 after the advanced chip maker reported strong quarterly results but fell short of the highest revenue expectations.

Revenue in the fiscal third quarter increased 94% to $35.1 billion from $18.1 billion, net income soared 109% to $19.3 billion from $9.2 billion, and diluted earnings per share jumped 111% to 78 cents from 37 cents a year earlier. 

Nvidia forecast fiscal fourth quarter revenue of $37.5 billion, with a band of 2%, and GAAP gross margin of 73% and non-GAAP gross margin of 73.5%. 

Data center revenue increased to $30.8 billion, a jump of 17% from the previous quarter and a rise of 112% from a year ago. 

Snowflake soared 23.2% to $159.30 after the data analytics company beat earnings expectations for the third quarter. 

Revenue in the quarter increased 28% to $942.1 million from $734.1 million, net loss attributable to shareholders expanded to $324.2 million from $214.2 million, and diluted net loss per share expanded to 98 cents from 65 cents a year ago. 

The company guided product revenue in the fiscal fourth quarter to increase 23% to between $906 million and $911 million, and for the full year to increase 29% to $3.4 billion. 

Investors are awaiting the release of quarterly results from Intuit and Gap Inc. after the market closes. 

European Market Indexes Rebounded, Passenger Car Registration Jumped  

European markets rebounded for the fifth day in a row as investors reviewed the latest corporate results and new passenger car registration. 

Benchmark indexes in Paris, Frankfurt, Milan, and London edged slightly higher, but lacked momentum amid worries about the future rate path and looming tariff war with the U.S. 

New passenger car registration increased in October after falling for two months in a row, driven by robust sales increase in Spain and Germany, according to the latest released by the European Automobile Manufacturers' Association. 

Car registration increased 1.1% after falling 6.1% in September and 18.1% in August, driven by 7.2% increase in Spain and 6% rise in Germany. 

For ten months to October, new car registration increased 0.7% to 8.9 million vehicles. 

The UK budget deficit surpassed expectations in October and reached the second highest level for the October, driven by increase in interest payments. 

Public sector net borrowing increased to £17.4 billion from £15.8 billion in the previous year, the Office for National Statistics reported Thursday. 

Europe Indexes and Yields

The DAX index increased by 0.7% to 19,141.27; the CAC-40 index advanced by 0.3% to 7,218.01; and the FTSE 100 index rose by 0.5% to 8,150.23.

The yield on 10-year German bonds edged lower to 2.31%, French bonds inched down to 3.09%, the UK gilts edged lower to 4.44%, and Italian bonds increased to 3.59%.

The euro edged lower to $1.04; the British pound inched down to $1.25; and the U.S. dollar weakened to 88.59 Swiss cents.

Brent crude increased $0.76 to $73.75 a barrel, and the Dutch TTF natural gas rose by €1.61 to €48.20 per MWh. 

JD Sports Fashion plunged 14.5% to 96.10 pence after the specialty retailer reported a decline in comparable store sales in the third quarter, and the company lowered is adjusted earnings outlook. 

The retailer estimated annual adjusted pre-tax earnings to be at the lower end of its previous range between £955 million and £1.035 billion.  

Japan's Indexes Closed Down Following Volatile Semiconductor Equipment Stocks and Persistent Weakness In Yen 

Stock market indexes in Tokyo traded down and reversed gains of the previous session amid weakness in semiconductor equipment stocks. 

The Nikkei 225 fell 0.7% and the broader Topix decreased 0.5% after intraday traders dumped semiconductor equipment makers following quarterly results from Nvidia. 

The artificial intelligence application enabling chipmaker reported fiscal third quarter revenue soared 94% and net income jumped 109%, meeting the lofty expectations set by many analysts. 

Investors decided to sell Nvidia stock in the after-hours trading, despite the company offering a strong forward-looking revenue outlook of $37.5 billion. 

The weakness in semiconductor equipment stocks overshadowed market sentiment as investors shifted their focus to upcoming inflation data on Friday. 

The yen hovered near 154.66 against the U.S. dollar amid speculation that the Bank of Japan is preparing for another market intervention and arrest its persistent decline. 

Japan Stock Movers 

The Nikkei 225 Stock Average declined 0.7% to 38,072.68, and the broader Topix index fell 0.5% to 2,686.05.

Tokyo Electron decreased 0.5% to ¥21,760.0, Advantest fell 2.2% to ¥9,337.0, Disco Corp. eased 0.1% to ¥42,290.0, and SoftBank Group declined 0.4% to ¥192.90. 

Fujikura declined 0.9% to ¥5,592.0, Furukawa Electric jumped 3% to ¥6,239.0, Kyowa Kirin increased 0.8% to ¥2,547.0, and UBE Corp jumped 3.4% to ¥2,412.50.   

Tokyo Gas Co. Ltd. jumped 5% to ¥4,530.0 and extended the two-day increase to over 15% after activist investor Elliott Management acquired a 5% stake in the company. 

The activist investor is in negotiations with the company to scale back its real estate holding and share more capital with stockholders, according to several executives at the company contacted by Ticker.com. 

Tokyo Gas Urban Company, a wholly-owned subsidiary of the company, provides real estate leasing, management, and brokerage services, generated revenue of 31.9 billion yen and operating income of 5.9 billion yen. 

Elliott is seeking the company to sell several of its real estate projects, including the Park Hyatt hotel in Tokyo, with net annual revenue of 10.2 billion yen and operating income of 185 million yen. 

The company's stock, before the recent surge, traded at a price-to-book ratio of 1, and the company's assets do not reflect the current market price of its several real estate holdings. 

China Indexes Resume Downward Slide, Kuaishou Technology Plunged 10% 

China and Hong Kong stock market indexes halted a three-day rally as investors looked for fresh catalysts. 

The Hang Seng index declined 0.1% and the CSI 300 index eased 0.2% as investors turned cautious following a weak earnings growth outlook. 

Baidu and Chow Tai Fook were in focus ahead of quarterly results later today. 

Benchmark indexes in mainland China and Hong Kong are down about 15% from their peaks in late September, after fiscal and monetary stimulus measures failed to revive consumer confidence. 

Moreover, investors are also concerned about rising trade barriers in the European Union and higher tariffs in the U.S. on goods made by China. 

The latest monetary and fiscal measures to revive property markets did not go far enough, and property developers continue to struggle with insufficient capital. 

China's stimulus measures focus on easing the debt burden on local governments but do not provide any support to property developers and home buyers who have paid for unfinished projects. 

Moreover, leading 35 companies in Hong Kong reported flat earnings in the latest quarter and forecast weak earnings growth in the remainder of the year. 

China Stock Movers 

The Hang Seng index decreased 0.1% to 19,680.23, and the mainland-focused CSI 300 index edged lower 0.2% to 3,976.90. 

Semiconductor equipment-related stocks were in focus after Nvidia Corp. reported strong quarterly results but fell short of the highest revenue expectations.

Baidu edged down 0.06% to HK$83.95, and Chow Tai Fook Jewellery Group decreased 3% to HK$7.14. 

Residential property developers fell as investors worried that Beijing policymakers may encourage struggling companies to consolidate. 

Longfor Group declined 1% to HK $11.24; China Vanke decreased 2.2% to HK $6.40; and China Resources Land dropped 1% to HK $23.60.

Kuaishou Technology dropped 10.5% to HK $47.05 after the short-video app developer's revenue increase fell short of market expectations. 

Revenue in the third quarter increased 11.4% to 31.1 billion yuan from 27.9 billion yuan, net income jumped 50% to 3.3 billion yuan from 2.2 billion yuan, and diluted earnings per share rose to 0.75 yuan from 0.49 yuan a year earlier. 

Average daily users increased 5.4% to 407.5 million from 386.6 million, and average monthly users rose 4.3% to 714.1 million from 684.7 million a year ago. 

Wall Street Indexes Swing Higher, Global Markets Follow

Alexander Garcia
21 Nov, 2024
Miami

Wall Street indexes rebounded from morning doldrums after investors overcame initial hesitations about the widely anticipated quarterly results from Nvidia Corp. 

The S&P 500 index edged up 0.6% and the Nasdaq Composite advanced 0.1% after Nvidia reported a sharp jump in revenue and earnings driven by a strong demand for its artificial intelligence chips. 

Revenue and earnings in the third quarter doubled as demand from large customers for data center chips remained elevated for the third year in a row. 

The company offered a strong revenue outlook for the current quarter, but growth is expected to slow in the next year. 

Seasonally adjusted initial weekly jobless claims in the week ending November 16 were 213,000, a decrease of 6,000 from the previous week's revised level of 219,000, the U.S. Department of Labor reported Thursday. 

Continuing jobless claims, which lag by one week, increased by 36,000 to 1.908 million, the highest in three years. 

Existing home sales in October increased 2.9% from a year ago to a seasonally adjusted 3.96 million, the National Association of Realtors said in its monthly update Thursday. 

Existing-home sales rebounded from a 14-year low of 3.83 million, and median home price increased 4% to $407,000, halting three consecutive months of decline.   

"The worst of the downturn in home sales could be over, with increasing inventory leading to more transactions,” said NAR Chief Economist Lawrence Yun. 

U.S. Indexes and Treasury Yields

The S&P 500 index increased 0.6% to $5,951.45, the Nasdaq Composite rose 0.1% to 18,974.06, and the Russell 2000 index inched higher 1.7% to 2,367.19. 

The yield on 2-year Treasury notes edged higher to 4.32%, 10-year Treasury notes inched up to 4.40%, and 30-year Treasury bonds decreased to 4.59%.

WTI crude oil increased $0.91 to $69.66 a barrel, and natural gas prices edged up 12 cents to $3.31 a thermal unit.

Gold increased by $19.87 to $2,672.52 an ounce, and silver decreased by $0.06 to $30.87.

The dollar index, which weighs the US currency against a basket of foreign currencies, edged lower to 106.61.

U.S. Stock Movers 

Nvidia declined 0.9% to $144.62 after the advanced chip maker reported strong quarterly results but fell short of the highest revenue expectations.

Revenue in the fiscal third quarter increased 94% to $35.1 billion from $18.1 billion, net income soared 109% to $19.3 billion from $9.2 billion, and diluted earnings per share jumped 111% to 78 cents from 37 cents a year earlier. 

Nvidia forecast fiscal fourth quarter revenue of $37.5 billion, with a band of 2%, and GAAP gross margin of 73% and non-GAAP gross margin of 73.5%. 

Data center revenue increased to $30.8 billion, a jump of 17% from the previous quarter and a rise of 112% from a year ago. 

Snowflake soared 23.2% to $159.30 after the data analytics company beat earnings expectations for the third quarter. 

Revenue in the quarter increased 28% to $942.1 million from $734.1 million, net loss attributable to shareholders expanded to $324.2 million from $214.2 million, and diluted net loss per share expanded to 98 cents from 65 cents a year ago. 

The company guided product revenue in the fiscal fourth quarter to increase 23% to between $906 million and $911 million, and for the full year to increase 29% to $3.4 billion. 

Investors are awaiting the release of quarterly results from Intuit and Gap Inc. after the market closes. 

European Market Indexes Rebounded, Passenger Car Registration Jumped  

European markets rebounded for the fifth day in a row as investors reviewed the latest corporate results and new passenger car registration. 

Benchmark indexes in Paris, Frankfurt, Milan, and London edged slightly higher, but lacked momentum amid worries about the future rate path and looming tariff war with the U.S. 

New passenger car registration increased in October after falling for two months in a row, driven by robust sales increase in Spain and Germany, according to the latest released by the European Automobile Manufacturers' Association. 

Car registration increased 1.1% after falling 6.1% in September and 18.1% in August, driven by 7.2% increase in Spain and 6% rise in Germany. 

For ten months to October, new car registration increased 0.7% to 8.9 million vehicles. 

The UK budget deficit surpassed expectations in October and reached the second highest level for the October, driven by increase in interest payments. 

Public sector net borrowing increased to £17.4 billion from £15.8 billion in the previous year, the Office for National Statistics reported Thursday. 

Europe Indexes and Yields

The DAX index increased by 0.7% to 19,141.27; the CAC-40 index advanced by 0.3% to 7,218.01; and the FTSE 100 index rose by 0.5% to 8,150.23.

The yield on 10-year German bonds edged lower to 2.31%, French bonds inched down to 3.09%, the UK gilts edged lower to 4.44%, and Italian bonds increased to 3.59%.

The euro edged lower to $1.04; the British pound inched down to $1.25; and the U.S. dollar weakened to 88.59 Swiss cents.

Brent crude increased $0.76 to $73.75 a barrel, and the Dutch TTF natural gas rose by €1.61 to €48.20 per MWh. 

JD Sports Fashion plunged 14.5% to 96.10 pence after the specialty retailer reported a decline in comparable store sales in the third quarter, and the company lowered is adjusted earnings outlook. 

The retailer estimated annual adjusted pre-tax earnings to be at the lower end of its previous range between £955 million and £1.035 billion.  

Japan's Indexes Closed Down Following Volatile Semiconductor Equipment Stocks and Persistent Weakness In Yen 

Stock market indexes in Tokyo traded down and reversed gains of the previous session amid weakness in semiconductor equipment stocks. 

The Nikkei 225 fell 0.7% and the broader Topix decreased 0.5% after intraday traders dumped semiconductor equipment makers following quarterly results from Nvidia. 

The artificial intelligence application enabling chipmaker reported fiscal third quarter revenue soared 94% and net income jumped 109%, meeting the lofty expectations set by many analysts. 

Investors decided to sell Nvidia stock in the after-hours trading, despite the company offering a strong forward-looking revenue outlook of $37.5 billion. 

The weakness in semiconductor equipment stocks overshadowed market sentiment as investors shifted their focus to upcoming inflation data on Friday. 

The yen hovered near 154.66 against the U.S. dollar amid speculation that the Bank of Japan is preparing for another market intervention and arrest its persistent decline. 

Japan Stock Movers 

The Nikkei 225 Stock Average declined 0.7% to 38,072.68, and the broader Topix index fell 0.5% to 2,686.05.

Tokyo Electron decreased 0.5% to ¥21,760.0, Advantest fell 2.2% to ¥9,337.0, Disco Corp. eased 0.1% to ¥42,290.0, and SoftBank Group declined 0.4% to ¥192.90. 

Fujikura declined 0.9% to ¥5,592.0, Furukawa Electric jumped 3% to ¥6,239.0, Kyowa Kirin increased 0.8% to ¥2,547.0, and UBE Corp jumped 3.4% to ¥2,412.50.   

Tokyo Gas Co. Ltd. jumped 5% to ¥4,530.0 and extended the two-day increase to over 15% after activist investor Elliott Management acquired a 5% stake in the company. 

The activist investor is in negotiations with the company to scale back its real estate holding and share more capital with stockholders, according to several executives at the company contacted by Ticker.com. 

Tokyo Gas Urban Company, a wholly-owned subsidiary of the company, provides real estate leasing, management, and brokerage services, generated revenue of 31.9 billion yen and operating income of 5.9 billion yen. 

Elliott is seeking the company to sell several of its real estate projects, including the Park Hyatt hotel in Tokyo, with net annual revenue of 10.2 billion yen and operating income of 185 million yen. 

The company's stock, before the recent surge, traded at a price-to-book ratio of 1, and the company's assets do not reflect the current market price of its several real estate holdings. 

China Indexes Resume Downward Slide, Kuaishou Technology Plunged 10% 

China and Hong Kong stock market indexes halted a three-day rally as investors looked for fresh catalysts. 

The Hang Seng index declined 0.1% and the CSI 300 index eased 0.2% as investors turned cautious following a weak earnings growth outlook. 

Baidu and Chow Tai Fook were in focus ahead of quarterly results later today. 

Benchmark indexes in mainland China and Hong Kong are down about 15% from their peaks in late September, after fiscal and monetary stimulus measures failed to revive consumer confidence. 

Moreover, investors are also concerned about rising trade barriers in the European Union and higher tariffs in the U.S. on goods made by China. 

The latest monetary and fiscal measures to revive property markets did not go far enough, and property developers continue to struggle with insufficient capital. 

China's stimulus measures focus on easing the debt burden on local governments but do not provide any support to property developers and home buyers who have paid for unfinished projects. 

Moreover, leading 35 companies in Hong Kong reported flat earnings in the latest quarter and forecast weak earnings growth in the remainder of the year. 

China Stock Movers 

The Hang Seng index decreased 0.1% to 19,680.23, and the mainland-focused CSI 300 index edged lower 0.2% to 3,976.90. 

Semiconductor equipment-related stocks were in focus after Nvidia Corp. reported strong quarterly results but fell short of the highest revenue expectations.

Baidu edged down 0.06% to HK$83.95, and Chow Tai Fook Jewellery Group decreased 3% to HK$7.14. 

Residential property developers fell as investors worried that Beijing policymakers may encourage struggling companies to consolidate. 

Longfor Group declined 1% to HK $11.24; China Vanke decreased 2.2% to HK $6.40; and China Resources Land dropped 1% to HK $23.60.

Kuaishou Technology dropped 10.5% to HK $47.05 after the short-video app developer's revenue increase fell short of market expectations. 

Revenue in the third quarter increased 11.4% to 31.1 billion yuan from 27.9 billion yuan, net income jumped 50% to 3.3 billion yuan from 2.2 billion yuan, and diluted earnings per share rose to 0.75 yuan from 0.49 yuan a year earlier. 

Average daily users increased 5.4% to 407.5 million from 386.6 million, and average monthly users rose 4.3% to 714.1 million from 684.7 million a year ago. 

U.S. Movers: Gap Inc, Intuit, Nvidia, Snowflake

Scott Peters
21 Nov, 2024
New York City

Nvidia declined 0.9% to $144.62 after the advanced chip maker reported strong quarterly results but fell short of the highest revenue expectations.

Revenue in the fiscal third quarter increased 94% to $35.1 billion from $18.1 billion, net income soared 109% to $19.3 billion from $9.2 billion, and diluted earnings per share jumped 111% to 78 cents from 37 cents a year earlier. 

Nvidia forecast fiscal fourth quarter revenue of $37.5 billion, with a band of 2%, and GAAP gross margin of 73% and non-GAAP gross margin of 73.5%. 

Data center revenue increased to $30.8 billion, a jump of 17% from the previous quarter and a rise of 112% from a year ago. 

Snowflake soared 23.2% to $159.30 after the data analytics company beat earnings expectations for the third quarter. 

Revenue in the quarter increased 28% to $942.1 million from $734.1 million, net loss attributable to shareholders expanded to $324.2 million from $214.2 million, and diluted net loss per share expanded to 98 cents from 65 cents a year ago. 

The company guided product revenue in the fiscal fourth quarter to increase 23% to between $906 million and $911 million, and for the full year to increase 29% to $3.4 billion. 

Investors are awaiting the release of quarterly results from Intuit and Gap Inc. after the market closes. 

U.S. Movers: Gap Inc, Intuit, Nvidia, Snowflake

Scott Peters
21 Nov, 2024
New York City

Nvidia declined 0.9% to $144.62 after the advanced chip maker reported strong quarterly results but fell short of the highest revenue expectations.

Revenue in the fiscal third quarter increased 94% to $35.1 billion from $18.1 billion, net income soared 109% to $19.3 billion from $9.2 billion, and diluted earnings per share jumped 111% to 78 cents from 37 cents a year earlier. 

Nvidia forecast fiscal fourth quarter revenue of $37.5 billion, with a band of 2%, and GAAP gross margin of 73% and non-GAAP gross margin of 73.5%. 

Data center revenue increased to $30.8 billion, a jump of 17% from the previous quarter and a rise of 112% from a year ago. 

Snowflake soared 23.2% to $159.30 after the data analytics company beat earnings expectations for the third quarter. 

Revenue in the quarter increased 28% to $942.1 million from $734.1 million, net loss attributable to shareholders expanded to $324.2 million from $214.2 million, and diluted net loss per share expanded to 98 cents from 65 cents a year ago. 

The company guided product revenue in the fiscal fourth quarter to increase 23% to between $906 million and $911 million, and for the full year to increase 29% to $3.4 billion. 

Investors are awaiting the release of quarterly results from Intuit and Gap Inc. after the market closes.