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benzinga:d5f98ac36094b:0 | QQQ | Wall Street Set To Rally On Mild Producer Inflation Data As Traders Boost Bets On Bigger Fed Rate Cut: 5 ETFs To Watch Tuesday | benzinga | https://benzinga.com/ | 2024-08-13T13:30:15+00:00 | https://www.tradingview.com/news/benzinga:d5f98ac36094b:0-wall-street-set-to-rally-on-mild-producer-inflation-data-as-traders-boost-bets-on-bigger-fed-rate-cut-5-etfs-to-watch-tuesday/ | null | [{'symbol': 'AMEX:SPY', 'base_logoid': 'spdr-sandp500-etf-tr'}, {'symbol': 'NASDAQ:QQQ', 'base_logoid': 'invesco'}, {'symbol': 'AMEX:IWM', 'base_logoid': 'ishares'}, {'symbol': 'NASDAQ:TLT', 'base_logoid': 'ishares'}, {'symbol': 'AMEX:GLD', 'base_logoid': 'spdr-sandp500-etf-tr'}] | /news/benzinga:d5f98ac36094b:0-wall-street-set-to-rally-on-mild-producer-inflation-data-as-traders-boost-bets-on-bigger-fed-rate-cut-5-etfs-to-watch-tuesday/ | EN | A lower-than-expected producer inflation report sparked bullish sentiment in Tuesday’s premarket trading, as traders increased their bets on a larger Federal Reserve interest rate cut next month.In July, the headline Producer Price Index (PPI) for final demand edged up by 0.1% month-over-month, slo… | A lower-than-expected producer inflation report sparked bullish sentiment in Tuesday’s premarket trading, as traders increased their bets on a larger Federal Reserve interest
In July, the headline Producer Price Index (PPI) for final demand edged up by 0.1% month-over-month, slowing from June’s 0.2% increase and missing economists’ expectations of a 0.2% rise, according to TradingEconomics.
On an annual basis, the PPI climbed by 2.2% compared to July 2023, down sharply from 2.7% in the previous month and below the anticipated 2.3%.
The core PPI, which excludes food, energy, and trade services, remained flat month-over-month, falling short of the expected 0.2% increase and decelerating from June’s revised 0.3% growth. Annually, the core PPI increased by 2.4%, down from the previous 3% and below the forecasted 2.7%.
Before the release of the PPI report, investors had assigned a 52% probability of a 50-basis-point rate cut in September, slightly outweighing the 48% chance of a smaller reduction, according to the CME Group’s FedWatch tool.
Market Reactions To July PPI Report: Dollar Dips, Stocks Rally
Following the PPI release, traders slightly increased their bets on a larger rate cut, with market-implied probabilities rising to 55%.
During Tuesday’s premarket trading, the following moves were observed across major asset classes:
Futures on the S&P 500, as tracked by SPDR S&P 500 ETF Trust AMEX:SPY, were up 0.6%. Nasdaq 100 futures, as closely followed by the Invesco QQQ Trust NASDAQ:QQQ, rallied 0.9%. Russell 2000 futures, tracked by the iShares Russell 2000 ETF AMEX:IWM, were 0.8% higher.U.S. Treasury bonds, as monitored through the iShares 20+ Year Treasury Bond ETF NASDAQ:TLT, were up about 0.5%. Gold prices, as replicated by the SPDR Gold Trust AMEX:GLD, were 0.1% lower. All Eyes On July CPI
Attention now shifts to July’s Consumer Price Index (CPI) report, scheduled for release on Wednesday at 8:30 a.m. ET.
Economists expect the CPI to rise by 2.9% year-over-year in July, down slightly from June’s 3% increase. The Core CPI, which excludes volatile food and energy prices, is anticipated to rise by 3.2%, also a minor decrease from the previous 3.3%.
If the consumer inflation data comes in below expectations, it could further strengthen the case for a more substantial Fed rate cut. Conversely, if inflation shows signs of persistence, traders may shift back toward betting on a smaller cut or even the possibility of no cut in September.
Read Next:
Image created using artificial intelligence via Midjourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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benzinga:24cad8018094b:0 | QQQ | Producer Prices Slow More Than Expected In July, Bolster Fed Rate Cut Wagers | benzinga | https://benzinga.com/ | 2024-08-13T12:40:42+00:00 | https://www.tradingview.com/news/benzinga:24cad8018094b:0-producer-prices-slow-more-than-expected-in-july-bolster-fed-rate-cut-wagers/ | null | [{'symbol': 'AMEX:SPY', 'base_logoid': 'spdr-sandp500-etf-tr'}, {'symbol': 'NASDAQ:QQQ', 'base_logoid': 'invesco'}] | /news/benzinga:24cad8018094b:0-producer-prices-slow-more-than-expected-in-july-bolster-fed-rate-cut-wagers/ | EN | After an unexpected uptick in June, July’s Producer Price Index (PPI) posted a welcome decline Tuesday, reinforcing the broader disinflationary momentum in the U.S. economy and adding weight to the case for imminent rate cuts.On an annual basis compared to July 2023, the overall producer basket ros… | After an unexpected uptick in June, July’s Producer Price Index (PPI) posted a welcome decline Tuesday, reinforcing the broader disinflationary momentum in the U.S. economy and adding weight to the case for imminent .
On an annual basis compared to July 2023, the overall producer basket rose by 2.2%, marking a steep reduction from the previous 2.7% and coming in below the expected 2.3%.
July PPI Report: Key Highlights
In July, the headline PPI for final demand rose by 0.1% month-over-month, decelerating from June’s 0.2% and falling short of economist expectations – as tracked by TradingEconomics – of a 0.2% increase.The 2.2% annual surge in the headline number represented a 0.5 percentage point increase from the June print, and came in below estimates of 2.3%.Nearly 60% of the increase in the PPI can be attributed to a 1.9% rise in the final demand energy index.In contrast, prices for final demand services dropped by 0.2% in July, marking the largest decrease since March 2023, when they also fell by 0.2%. The decline was primarily driven by a 1.3% drop in the index for final demand trade services.The core PPI – which tracks prices for final demand less foods, energy, and trade services – posted an unchanged monthly pace, below estimates of 0.2% and decelerating from June’s upwardly revised 0.3% growth. On an annual basis, the core PPI came in at 2.4%, down from the previous 3% and below the forecasted 2.7%. Market Reactions
Prior to the PPI report, Investors assigned a 52% probability of a 50-basis-point rate cut in September, slightly edging out the 48% chance of a smaller reduction, according to the CME Group‘s FedWatch tool.
The lower-than-expected PPI reading strengthens the argument for a larger rate cut, though investors will likely assign a higher weight to the crucial set to be released Wednesday.
Futures on major U.S. equity averages traded higher during Tuesday’s premarket trading. Treasury yields inched slightly lower across the board.
On Monday, the broader stock market, as tracked by the SPDR S&P 500 ETF Trust AMEX:SPY, closed flat, while the tech-heavy Nasdaq index, monitored by the Invesco QQQ Trust NASDAQ:QQQ inched up slightly by 0.2%.
Read Next:
Photo via Shutterstock.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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benzinga:693f635cb094b:0 | QQQ | Nasdaq, S&P 500 Futures Waver As Home Depot Sags And PPI Report Awaited: Analyst Says 'Insufficient Technical Evidence' That Bottom Has Been Set | benzinga | https://benzinga.com/ | 2024-08-13T11:41:20+00:00 | https://www.tradingview.com/news/benzinga:693f635cb094b:0-nasdaq-s-p-500-futures-waver-as-home-depot-sags-and-ppi-report-awaited-analyst-says-insufficient-technical-evidence-that-bottom-has-been-set/ | null | [{'symbol': 'NYSE:HD', 'base_logoid': 'home-depot'}, {'symbol': 'NASDAQ:NVDA', 'base_logoid': 'nvidia'}, {'symbol': 'NYSE:TME', 'base_logoid': 'tencent-music-entertainment'}, {'symbol': 'NYSE:SE', 'base_logoid': 'sea-limited'}, {'symbol': 'NYSE:PSFE', 'base_logoid': 'paysafe'}, {'symbol': 'NASDAQ:VSAT', 'base_logoid': 'viasat'}, {'symbol': 'NASDAQ:QQQ', 'base_logoid': 'invesco'}] | /news/benzinga:693f635cb094b:0-nasdaq-s-p-500-futures-waver-as-home-depot-sags-and-ppi-report-awaited-analyst-says-insufficient-technical-evidence-that-bottom-has-been-set/ | EN | Wall Street is priming for a positive start on Tuesday, as the market resiliently holds onto optimism regarding receiving benign inflation data, which will likely seal the fate of a rate cut. The producer price inflation data due ahead of the market opening is likely to show further easing in prici… | Wall Street is priming for a positive start on Tuesday, as the market resiliently holds onto optimism regarding receiving benign inflation data, which will likely seal the fate of a rate cut. The due ahead of the market opening is likely to show further easing in pricing pressure at the wholesale level, potentially serving as a harbinger of tame consumer price inflation data.
Home Depot, Inc.’s NYSE:HD weak guidance is likely to weigh down on the retail space as most of these companies are lined up to release their earnings over the next couple of weeks. Volatility is in check, as evidenced by the CBOE Volatility Index, aka VIX, which traded below the 22 level. The yen was weaker against the dollar, potentially keeping at bay fears concerning additional unwinding of carry trades.
FuturesPerformance (+/-)Nasdaq 100+0.10%S&P 500+0.04%Dow-0.22%R2K-0.42%Cues From Last Session:
U.S. stocks ended Monday’s session on a mixed note as trading was characterized by listlessness following the strong gains recorded in the latter-half of last week. Traders also chose to exercise restraint ahead of key retail earnings and the twin inflation report. Nvidia Corp. NASDAQ:NVDA rallied amid positive commentary by sell-side analysts, providing a lift to semiconductor stocks.
Among the S&P 500 sectors, IT, energy, and utility stocks gained ground, while all the other eight sectors closed in the red.
IndexPerformance (+/)ValueNasdaq Composite+0.21%16,780.61S&P 500 Index+0.00%5,344.39Dow Industrials-0.36%39,357.01Russell 2000-0.91%2,062.08Insights From Analysts:
Even as the market bounced back nicely after catering early last week, it is too early to call a bottom, according to LPL Financial Chief Technical Strategist Adam Turnquist. In a note to clients, the strategist said bottoming is historically a process. “Although we welcome the recent bounce, there is insufficient technical evidence supporting the case that a durable low has been set,” he said.
Among the potential catalysts for a stock market turnaround are a signal from the Federal Reserve that they will be more aggressive with rate cuts, evidence that the economy is holding up okay, especially the labor market, and increased stability in currency markets, he said.
From a technical analysis perspective, Turnquist sees downside risk to key support near the 200-dma (5,032) or the April lows (4,954) under an adverse scenario.
“Overall, we expect volatility to remain elevated in the coming months as the market waits for more clarity on the economy and a better seasonal setup,” he said, adding that September is the worst month for stocks.
Wharton professor and WisdomTree Chief Economist Jeremy Siegel said in his weekly commentary that he expects to see resilience in dividend-paying stocks if the Fed lowers rates and the economy slows. “I am closely monitoring the real data, and fully expect Jay Powell to tee-up a rate cut in his speech at the Jackson Hole Economic Symposium later this month,” he said.
“The upcoming weeks, especially with the inflation data release and the Fed's meeting at Jackson Hole, will be crucial to see if the Fed understands the moment at hand.”
Upcoming Economic Data:
The Bureau of Labor Statistics will release the producer price inflation report for July at 8:30 a.m. EDT. Economists, on average, expect both producer prices and core readings to show 0.2% month-over-month growth. This compares to June readings of 0.2% and 0.4% increases, respectively. The annual producer price inflation and core inflation rate are expected at 2.3% and 2.7%, respectively, down from 2.6% and 3%.Federal Open Market Committee member and Atlanta Fed President Raphael Bostic is scheduled to speak at 1:15 p.m. EDT.See also:
Stocks In Focus:
Home Depot fell over 4.5% in following the home improvement retailer’s guidance cut, citing the economy.Tencent Music Entertainment Group NYSE:TME fell over 7% following the company’s earnings announcement and Sea Limited NYSE:SE pulled back over 3.5%, while Paysafe Limited NYSE:PSFE rose about 6%.Viasat, Inc. NASDAQ:VSAT slumped about 10% after the company announced an offering.Commodities, Bonds And Global Equity Markets:
Crude oil futures pulled back after Monday’s 4%+ advance and gold futures are little changed just above the $2,500 mark. The 10-year Treasury noted yield remained unchanged at 3.909%. Bitcoin traded up over 0.50% above the $58.5K mark.
The Asian markets were led higher by Japan, with the Nikkei 225 average ending up 3.45% on Tuesday, thereby returning to levels seen before last Monday’s crash. On the other hand, European stocks are showing apprehension as traders react to weak German data and an unexpected fall in U.K. jobless claims.
Read Next:
Airbnb A Pleasant Stay For Investors? Here’s How Much You Would Have Now if You Had Invested $1,000 In Vacation Rental Company’s IPOPhoto courtesy: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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tag:reuters.com,2024:newsml_L1N3JZ0X8:0 | MSFT | FBI investigating after Trump campaign says it was hacked by Iran | reuters | https://www.tradingview.com/news/providers/reuters/ | 2024-08-12T21:32:19+00:00 | https://www.tradingview.com/news/reuters.com,2024:newsml_L1N3JZ0X8:0-fbi-investigating-after-trump-campaign-says-it-was-hacked-by-iran/ | Copyright Thomson Reuters 2024. Click For Restrictions - https://agency.reuters.com/en/copyright.html | [{'symbol': 'NASDAQ:MSFT', 'base_logoid': 'microsoft'}] | /news/reuters.com,2024:newsml_L1N3JZ0X8:0-fbi-investigating-after-trump-campaign-says-it-was-hacked-by-iran/ | EN | The U.S. FBI said on Monday it was investigating after Donald Trump's presidential campaign said its internal communications were hacked and the campaign blamed the Iranian government.The former president said on Saturday that Microsoft NASDAQ:MSFT had informed his campaign that Iran had hacked one… | The U.S. FBI said on Monday it was investigating after Donald Trump's presidential campaign said its internal communications were hacked and the campaign blamed the Iranian government.
The former president said on Saturday that Microsoft NASDAQ:MSFT had informed his campaign that Iran had hacked one of its websites. Trump said Iran was "only able to get publicly available information."
The FBI is also investigating an alleged hack targeting advisers to the campaign of President Joe Biden and Vice President Kamala Harris, the Washington Post reported on Monday.
The FBI began the investigation in June, when Biden was still running for president, suspecting that Iran was behind the attempts to steal data from two U.S. presidential campaigns, the newspaper said, citing sources.
The Harris campaign did not immediately respond to a request for comment. Harris became the Democratic presidential nominee after Biden withdrew his bid last month.
The Iranian government has denied that it hacked the Trump campaign.
Trump's campaign has pointed to a report on Friday by Microsoft researchers that indicated that Iranian government-linked hackers tried breaking into the account of a "high-ranking official" on a U.S. presidential campaign in June.
The report added that the hackers took over an account belonging to a former political adviser and then used it to target the official. It did not provide further details on the targets' identities.
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benzinga:0a9272619094b:0 | QQQ | Fed's Interest Rate Decision: Will Incoming July Inflation Data Tip The Scale? | benzinga | https://benzinga.com/ | 2024-08-12T19:51:14+00:00 | https://www.tradingview.com/news/benzinga:0a9272619094b:0-fed-s-interest-rate-decision-will-incoming-july-inflation-data-tip-the-scale/ | null | [{'symbol': 'AMEX:SPY', 'base_logoid': 'spdr-sandp500-etf-tr'}, {'symbol': 'NASDAQ:QQQ', 'base_logoid': 'invesco'}, {'symbol': 'NASDAQ:TLT', 'base_logoid': 'ishares'}, {'symbol': 'AMEX:GLD', 'base_logoid': 'spdr-sandp500-etf-tr'}, {'symbol': 'AMEX:UUP', 'base_logoid': 'invesco'}] | /news/benzinga:0a9272619094b:0-fed-s-interest-rate-decision-will-incoming-july-inflation-data-tip-the-scale/ | EN | The July Consumer Price Index (CPI) inflation report, scheduled for release Wednesday, could play a crucial role in shaping investor expectations ahead of the Federal Reserve's September meeting. Depending on the inflation data, markets may gain clarity on whether to expect a modest or substantial… | The July Consumer Price Index (CPI) inflation report, scheduled for release Wednesday, could play a crucial role in shaping investor expectations ahead of the
Depending on the inflation data, markets may gain clarity on whether to expect a modest or substantial interest rate cut next month.
If inflation slows more than anticipated, it would reinforce the view that inflation is nearing the Fed’s 2% target. This scenario would likely push traders to increase bets on a larger rate cut by 50 basis points in September. Conversely, if inflation comes in as expected or higher than expected, it could signal a setback in the disinflationary trend, increasing the likelihood of a more modest 0.25% rate cut.
At present, the market is nearly evenly split, assigning a 50-50 chance between a 25-basis-point rate cut and a more substantial 50-basis-point cut.
July’s CPI Preview: What Do Economists Expect?
Economist consensus as tracked by TradingEconomics predicts the CPI index to rise by 2.9% year-over-year in July 2024, slightly down from the 3% increase recorded in June. On a monthly basis, the CPI is projected to edge up by 0.2%, rebounding from the previous month’s decline of 0.1%.When excluding volatile categories like energy and food, the core CPI is forecasted to rise by 3.2% year-over-year, a slight decrease from June’s 3.3% increase. On a monthly basis, the core CPI is anticipated to advance by 0.2%, up from the 0.1% rise reported in June.The Cleveland Fed's Inflation Nowcasting model predicts that the headline CPI and core CPI will both increase by 3% and 3.3% year-over-year, respectively, or 0.24% and 0.27% month-over-month, in July.Bank Of America’s Take On July Inflation Data
“We expect some of the June’s downside inflation surprise to reverse in July,” wrote Bank of America’s economist Michael Gapen.
The investment bank acknowledges that while the risks to economic activity are tilted to the downside, concerns about a hard landing are overstated. They also believe there is a low probability that the Fed will need to implement large or inter-meeting rate cuts.
Bank of America expects both headline and core CPI inflation to rise by 0.25% and 0.22% month-over-month, translating to 3.0% and 3.3% year-over-year, respectively.
They also indicated that if shelter inflation posts another 0.3% monthly increase, the Fed’s confidence in the disinflationary trend could strengthen further. The bank continues to project 25-basis-point rate cuts from the Fed in both September and December.
How The Market Reacts To Inflation Reports
, released on July 11, delivered a downside surprise in the consumer price index. Headline CPI inflation slowed from 3.3% in May 2024 to 3% in June 2024 on a year-over-year basis, below the 3.1% economists had expected. The monthly reading notably declined by 0.1%, marking the first month-over-month contraction in the CPI since May 2020.
Core inflation also decelerated, coming in at 3.3% year-over-year, below the 3.4% consensus estimate and down from the previous 3.4% reading.
Despite the cooler-than-expected inflation data, markets responded bearishly.
The report heightened expectations for Fed rate cuts but prompted traders to move away from growth-linked assets like stocks, seeking refuge in recession hedges such as bonds and gold.
The S&P 500, tracked by the SPDR S&P 500 ETF Trust AMEX:SPY, fell 0.9%.The Nasdaq 100, tracked by the Invesco QQQ Trust NASDAQ:QQQ, tumbled 2.2%.U.S. Treasury bonds, followed by the iShares 20+ Year Treasury Bond ETF NASDAQ:TLT, rallied 1%.Gold, tracked by the SPDR Gold Trust AMEX:GLD, soared 1.8%.The U.S. Dollar Index (DXY), as tracked by the Invesco DB USD Index Bullish Fund ETF AMEX:UUP, fell 0.5%.Read Next:
Image created using artificial intelligence via Midjourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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benzinga:df38b7171094b:0 | MSFT | Krafton Saves Tango Gameworks: Acquires Hi-Fi Rush IP From Xbox | benzinga | https://benzinga.com/ | 2024-08-12T17:48:04+00:00 | https://www.tradingview.com/news/benzinga:df38b7171094b:0-krafton-saves-tango-gameworks-acquires-hi-fi-rush-ip-from-xbox/ | null | [{'symbol': 'NASDAQ:MSFT', 'base_logoid': 'microsoft'}] | /news/benzinga:df38b7171094b:0-krafton-saves-tango-gameworks-acquires-hi-fi-rush-ip-from-xbox/ | EN | Krafton, the publisher behind the popular battle royale game PUBG, has officially acquired Tango Gameworks and the Hi-Fi Rush intellectual property (IP) from Xbox, ensuring the continued development and future of the game studio. This acquisition comes as a relief to both developers and fans, as it… | Krafton, the publisher behind the popular battle royale game PUBG, has officially acquired Tango Gameworks and the Hi-Fi Rush intellectual property (IP) from Xbox, ensuring the continued development and
This acquisition comes as a relief to both developers and fans, as it was previously announced in May 2024 that Microsoft Corp. NASDAQ:MSFT had decided to close several Bethesda studios, including Tango Gameworks.
See Also:
The deal was confirmed in a press release where Krafton stated: "As part of this strategic agreement, Krafton intends to collaborate with Xbox and ZeniMax to ensure a smooth transition and maintain continuity at Tango Gameworks, allowing the talented team to continue developing the Hi-Fi Rush IP and explore future projects."
The acquisition not only saves the studio from closure but also breathes new life into its projects, particularly the Hi-Fi Rush IP, which has garnered a strong following since its release.
"Krafton intends to support the Tango Gameworks team to continue its commitment to innovation and delivering fresh and exciting experiences for fans," the press release said.
Moreover, Krafton assured that there would be no impact on the existing game catalog of The Evil Within, The Evil Within 2, Ghostwire: Tokyo, and the original Hi-Fi Rush game, all of which remain significant to the studio’s legacy.
Read Next:
Photo: Courtesy of Tango Gameworks via Steam.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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tag:reuters.com,2024-08-12:newsml_NFCbvK2CC:0 | 7203 | SHAREHOLDER ALERT: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of Toyota | reuters | https://www.tradingview.com/news/providers/reuters/ | 2024-08-12T17:46:00+00:00 | https://www.tradingview.com/news/reuters.com,2024-08-12:newsml_NFCbvK2CC:0-shareholder-alert-faruqi-faruqi-llp-investigates-claims-on-behalf-of-investors-of-toyota/ | null | [{'symbol': 'NYSE:TM', 'base_logoid': 'toyota'}] | /news/reuters.com,2024-08-12:newsml_NFCbvK2CC:0-shareholder-alert-faruqi-faruqi-llp-investigates-claims-on-behalf-of-investors-of-toyota/ | EN | Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Toyota To Contact Him Directly To Discuss Their OptionsIf you purchased or acquired securities in Toyota between June 25, 2022 and June 2, 2024 and would like to dis… | Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Toyota To Contact Him Directly To Discuss Their Options
If you purchased or acquired securities in Toyota between June 25, 2022 and June 2, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/TM.
New York, New York--(Newsfile Corp. - August 12, 2024) - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Toyota Motor Corporation ("Toyota" or the "Company") NYSE:TM and reminds investors of the August 23, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, this Complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts, about the Company's business and operations. Specifically, Defendants misrepresented and/or failed to disclose that: (1) Toyota understated its malfeasance relating to certification of its cars and issues relating to overall legal compliance; and (2) as a result, defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On June 3, 2024, The New York Times published an article entitled "Toyota and Other Japanese Carmakers Say They Mishandled Safety Tests." This article stated, in pertinent part, that "Toyota [. . .] and other top Japanese automakers said on Monday that internal investigations found they had mishandled vehicle testing on dozens of models over the past decade." Further, "Toyota said it had failed to gather proper data when doing pedestrian and occupant safety tests for three models, including its popular Yaris Cross sport utility vehicle."
On this news, Toyota's American Depositary Shares ("ADSs") fell $5.34 per ADS, or 2.45%, to close at $212.17 per ADS on June 3, 2024.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Toyota's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the Toyota class action, go to www.faruqilaw.com/TM or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
Follow us for updates on LinkedIn, on X, or on Facebook.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/219631
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tag:reuters.com,2024:newsml_L4N3JZ10S:0 | MSFT | AI定着でデータセンター需要が急増する米電力会社 | reuters | https://www.tradingview.com/news/providers/reuters/ | 2024-08-12T17:05:54+00:00 | https://ja.tradingview.com/news/reuters.com,2024:newsml_L4N3JZ10S:0/ | Copyright Thomson Reuters 2024. Click For Restrictions - https://agency.reuters.com/en/copyright.html | [{'symbol': 'NYSE:AEE', 'base_logoid': 'ameren'}, {'symbol': 'NASDAQ:LNT', 'base_logoid': 'alliant-energy'}, {'symbol': 'NASDAQ:EXC', 'base_logoid': 'exelon'}, {'symbol': 'NASDAQ:AEP', 'base_logoid': 'american-electric-power'}, {'symbol': 'NASDAQ:XEL', 'base_logoid': 'xcel-energy'}, {'symbol': 'NASDAQ:META', 'base_logoid': 'meta-platforms'}, {'symbol': 'NYSE:ETR', 'base_logoid': 'entergy'}, {'symbol': 'NASDAQ:AMZN', 'base_logoid': 'amazon'}, {'symbol': 'NYSE:PNW', 'base_logoid': 'pinnacle-west-capital'}, {'symbol': 'NYSE:AES', 'base_logoid': 'aes'}, {'symbol': 'NASDAQ:GOOG', 'base_logoid': 'alphabet'}, {'symbol': 'NASDAQ:TLN', 'base_logoid': 'talen-energy'}, {'symbol': 'NASDAQ:MSFT', 'base_logoid': 'microsoft'}, {'symbol': 'TWSE:2330', 'base_logoid': 'taiwan-semiconductor'}] | /news/reuters.com,2024:newsml_L4N3JZ10S:0/ | JA | 米国の電力会社は、人工知能のブームの中、より多くの電力を必要とするデータセンター事業者とようやく具体的な供給契約を結び、今後数四半期の売上と利益の増加への道を開きつつある。 ゴールドマン・サックスが5月に発表したレポートによると、2022年には3％であったデータセンターが、2030年には米国で発電される電力の8％を占めるようになると予想されている。 以下は、2024年に電力会社が発表した取引である：アメレン (link) NYSE:AEE は電力容量250メガワット(MW) のデータセンターと供給契約を結んだ。また、ミズーリ州とイリノイ州全域の小規模なデータセンターやその他の産業向けに、85… | 米国の電力会社は、人工知能のブームの中、より多くの電力を必要とするデータセンター事業者とようやく具体的な供給契約を結び、今後数四半期の売上と利益の増加への道を開きつつある。
ゴールドマン・サックスが5月に発表したレポートによると、2022年には3％であったデータセンターが、2030年には米国で発電される電力の8％を占めるようになると予想されている。
以下は、2024年に電力会社が発表した取引である：
アメレン (link) NYSE:AEE は電力容量250メガワット(MW) のデータセンターと供給契約を結んだ。また、ミズーリ州とイリノイ州全域の小規模なデータセンターやその他の産業向けに、85メガワット以上の追加負荷の拡大コミットメントを受け、新規契約を締結した。
アライアント・エナジー (link) NASDAQ:LNT は、データセンターと複数の電力供給契約を締結したと述べたが、詳細は明らかにしていない。
エクセロン (link) NASDAQ:EXC は、5GW以上のデータセンター容量のエンジニアリング段階にあると述べた。また、一部のデータセンター顧客は、エクセロンの子会社であるコムエドに送電とブレーカーを発注するために入金したと、同社は決算後の電話会見で述べた。
American Electric Power (link) NASDAQ:AEP は、10年後までにさらに15GWのデータセンターに電力を供給する意向書を交わした。
Xcel Energy NASDAQ:XEL はミネソタ州にあるMeta Platforms NASDAQ:META のデータセンターに電力を供給する。
エンタージー NYSE:ETR は、ミシシッピ州に建設予定のアマゾンウェブサービス NASDAQ:AMZN の(AWS) 施設に電力を供給するための送電と発電への投資について、議会の承認を得た。
ピナクル・ウェスト・キャピタル NYSE:PNWは、4,000MW以上のデータセンター顧客を有しており、10,000件以上のデータセンター建設依頼のバックログは含まれていない。
AES NYSE:AESはグーグル NASDAQ:GOOGとオハイオ州のデータセンターをサポートする310メガワットの契約を結んだ。
また、以前発表したグーグルとの提携をさらに拡大し、テキサス州で727メガワットの15年間の電力購入契約を締結した。
タレン・エナジー NASDAQ:TLNは、ペンシルベニア州にあるアマゾンのAWSに電力と960メガワットのデータセンター・キャンパスを供給する契約を発表した。
NextEra (link) 'の再生可能エネルギー部門では、第2四半期に3ギガワット(GW) 相当の再生可能エネルギーとストレージ・プロジェクトが増加し、これにはグーグルの860メガワット(MW) のデータセンター電力需要が含まれる。
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tag:reuters.com,2024:newsml_L4N3JU2SR:0 | MSFT | US utilities signal booming demand from data centers as AI takes root | reuters | https://www.tradingview.com/news/providers/reuters/ | 2024-08-12T17:05:46+00:00 | https://www.tradingview.com/news/reuters.com,2024:newsml_L4N3JU2SR:0-us-utilities-signal-booming-demand-from-data-centers-as-ai-takes-root/ | Copyright Thomson Reuters 2024. Click For Restrictions - https://agency.reuters.com/en/copyright.html | [{'symbol': 'NYSE:AEE', 'base_logoid': 'ameren'}, {'symbol': 'NASDAQ:LNT', 'base_logoid': 'alliant-energy'}, {'symbol': 'NASDAQ:EXC', 'base_logoid': 'exelon'}, {'symbol': 'NASDAQ:AEP', 'base_logoid': 'american-electric-power'}, {'symbol': 'NASDAQ:XEL', 'base_logoid': 'xcel-energy'}, {'symbol': 'NASDAQ:META', 'base_logoid': 'meta-platforms'}, {'symbol': 'NYSE:ETR', 'base_logoid': 'entergy'}, {'symbol': 'NASDAQ:AMZN', 'base_logoid': 'amazon'}, {'symbol': 'NYSE:PNW', 'base_logoid': 'pinnacle-west-capital'}, {'symbol': 'NYSE:AES', 'base_logoid': 'aes'}, {'symbol': 'NASDAQ:GOOG', 'base_logoid': 'alphabet'}, {'symbol': 'NASDAQ:TLN', 'base_logoid': 'talen-energy'}, {'symbol': 'TWSE:2330', 'base_logoid': 'taiwan-semiconductor'}, {'symbol': 'NASDAQ:MSFT', 'base_logoid': 'microsoft'}] | /news/reuters.com,2024:newsml_L4N3JU2SR:0-us-utilities-signal-booming-demand-from-data-centers-as-ai-takes-root/ | EN | U.S. utilities are finally inking concrete supply deals with data-center operators hungry for more power amid a boom in artificial intelligence, paving the way for higher sales and profit in the coming quarters.Data centers are expected to account for 8% of the power generated in the U.S. by 2030… | U.S. utilities are finally inking concrete supply deals with data-center operators hungry for more power amid a boom in artificial intelligence, paving the way for higher sales and profit in the coming quarters.
Data centers are expected to account for 8% of the power generated in the U.S. by 2030, compared with 3% in 2022, according to a Goldman Sachs report in May.
Here are some deals announced by utilities in 2024:
Ameren NYSE:AEE signed a supply deal with a data center with a power capacity of 250 megawatt (MW). It has also received expansion commitments and executed new contracts for more 85 MW of additional load for smaller data centers and other industries across Missouri and Illinois.
Alliant Energy NASDAQ:LNT said it has executed multiple power supply deals with data centers, but did not disclose details.
Exelon NASDAQ:EXC said it is in the engineering phase for more than 5 GW of data center capacity. Some data-center customers have also made deposits for ComEd - Exelon's subsidiary - to order transmission and breakers, the firm said during a post-earnings call.
American Electric Power NASDAQ:AEP signed letters of intent to power an additional 15 GW of data centers by the end of the decade.
Xcel Energy NASDAQ:XEL will supply power to Meta Platforms' NASDAQ:META data center in Minnesota, expected to come online in late summer 2025.
Entergy NYSE:ETR has received legislative approval for investment in transmission and generation to serve Amazon's NASDAQ:AMZN upcoming Amazon Web Services (AWS) facility in Mississippi.
Pinnacle West Capital NYSE:PNW has more than 4,000 MW of committed data center customers, not including the backlog of more than 10,000 data center requests it has received.
AES NYSE:AES signed an agreement with Google NASDAQ:GOOG for 310 megawatts to support its Ohio data centers.
It further expanded a previously announced partnership with Google and signed a 15-year power purchase agreement for 727 megawatts in Texas.
Talen Energy NASDAQ:TLN announced a deal to supply electricity and its 960-megawatt data center campus to Amazon's AWS in Pennsylvania.
NextEra's renewables segment saw a rise of 3 gigawatts (GW) worth of renewables and storage projects in second quarter, including Google's 860 megawatts (MW) demand for its data center power.
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benzinga:d2d9bb445094b:0 | QQQ | US Stocks Trim Gains As Iran Mulls Attack On Israel; Gold, Oil Rally: What's Driving Markets Monday? | benzinga | https://benzinga.com/ | 2024-08-12T17:00:48+00:00 | https://www.tradingview.com/news/benzinga:d2d9bb445094b:0-us-stocks-trim-gains-as-iran-mulls-attack-on-israel-gold-oil-rally-what-s-driving-markets-monday/ | null | [{'symbol': 'AMEX:USO', 'base_logoid': 'uscf-fund'}, {'symbol': 'NASDAQ:TLT', 'base_logoid': 'ishares'}, {'symbol': 'AMEX:SPY', 'base_logoid': 'spdr-sandp500-etf-tr'}, {'symbol': 'AMEX:DIA', 'base_logoid': 'spdr-sandp500-etf-tr'}, {'symbol': 'NASDAQ:QQQ', 'base_logoid': 'invesco'}, {'symbol': 'AMEX:IWM', 'base_logoid': 'ishares'}, {'symbol': 'AMEX:XLK', 'base_logoid': 'sector/technology'}, {'symbol': 'AMEX:XLRE', 'base_logoid': 'sector/real-estate'}, {'symbol': 'NYSE:KEY', 'base_logoid': 'keycorp'}, {'symbol': 'NASDAQ:BLDP', 'base_logoid': 'ballard-power-systems'}, {'symbol': 'NYSE:GOLD', 'base_logoid': 'barrick-gold'}, {'symbol': 'NASDAQ:MNDY', 'base_logoid': 'monday-com'}, {'symbol': 'NASDAQ:NVDA', 'base_logoid': 'nvidia'}, {'symbol': 'SIX:ALC', 'base_logoid': 'alcon'}] | /news/benzinga:d2d9bb445094b:0-us-stocks-trim-gains-as-iran-mulls-attack-on-israel-gold-oil-rally-what-s-driving-markets-monday/ | EN | Market sentiment on Wall Street turned negative on Monday morning as traders grapple with escalating global geopolitical risks.In a joint statement issued Monday, the United Kingdom, France and Germany urged Iran and its allies to avoid actions that could further escalate tensions and jeopardize pr… | Market sentiment on Wall Street turned negative on Monday morning as traders grapple with escalating global geopolitical risks.
In a joint statement issued Monday, the United Kingdom, France and Germany urged Iran and its allies to avoid actions that could further escalate tensions and jeopardize prospects for a cease-fire and the release of hostages. The statement comes amid rising concern that Iran and its proxies could launch an attack on Israel in retaliation for the killing of Hamas political leader Ismail Haniyeh in Tehran late last month.
On the macroeconomic front, the New York Fed’s consumer expectations survey indicated a decline in mid-term inflation expectations but rising concerns
In response to the heightened geopolitical risks, West Texas Intermediate (WTI) crude, as tracked by the United States Oil Fund AMEX:USO, surged 2.3% to $78 per barrel, marking its fourth .
Gold also attracted safe-haven demand, rising 1.5% and nearing all-time highs, now just 0.6% away.
The S&P 500 edged up 0.2%, paring earlier gains in the morning session, while bonds, as tracked by the iShares 20+ Year Treasury Bond ETF NASDAQ:TLT, gained 0.3%.
Monday’s Performance In Major US Indices, ETFs
Major IndicesPrice1-day %chgNasdaq 10018,567.580.3%S&P 5005,354.360.2%Dow Jones39,386.45-0.3%Russell 20002,062.46-1.0%According to Benzinga Pro data:
The SPDR S&P 500 ETF Trust AMEX:SPY rose 0.2% to $534.24.The SPDR Dow Jones Industrial Average AMEX:DIA was 0.2% lower to $394.30.The tech-heavy Invesco QQQ Trust Series NASDAQ:QQQ inched 0.5% higher to $452.74.The iShares Russell 2000 ETF AMEX:IWM tumbled 0.9% to $204.43.The Technology Select Sector SPDR Fund AMEX:XLK outperformed, up by 1.1%. The Real Estate Select Sector SPDR Fund AMEX:XLRE lagged, down by 1.1%.Monday’s Stock Movers
Shares of regional lender KeyCorp NYSE:KEY rose about 10% after Canada’s Scotiabank announced the purchase of a minority stake in the U.S. bank in an all-stock deal worth $2.8 billion. Stocks reacting to earnings were Ballard Power Systems Inc. NASDAQ:BLDP, down 3.6%, Barrick Gold Corporation NYSE:GOLD, up 7.9%, and Monday.com Ltd. NASDAQ:MNDY, up over 11%.Nvidia Corp. NASDAQ:NVDA rallied over 4% following bullish notes from Bank of America and UBS. Read Next:
Photo via Shutterstock.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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benzinga:65b4a5869094b:0 | QQQ | Medium-Term Inflation Expectations Drop To Record Low, While Debt Concerns Rise: Stocks Fall, Gold Rise | benzinga | https://benzinga.com/ | 2024-08-12T16:10:19+00:00 | https://www.tradingview.com/news/benzinga:65b4a5869094b:0-medium-term-inflation-expectations-drop-to-record-low-while-debt-concerns-rise-stocks-fall-gold-rise/ | null | [{'symbol': 'AMEX:SPY', 'base_logoid': 'spdr-sandp500-etf-tr'}, {'symbol': 'NASDAQ:QQQ', 'base_logoid': 'invesco'}, {'symbol': 'AMEX:IWM', 'base_logoid': 'ishares'}, {'symbol': 'AMEX:GLD', 'base_logoid': 'spdr-sandp500-etf-tr'}, {'symbol': 'NASDAQ:TLT', 'base_logoid': 'ishares'}] | /news/benzinga:65b4a5869094b:0-medium-term-inflation-expectations-drop-to-record-low-while-debt-concerns-rise-stocks-fall-gold-rise/ | EN | The Federal Reserve Bank of New York's July Survey of Consumer Expectations (SCE) revealed a sharp decline in medium-term inflation expectations, while short- and long-term expectations remained stable. However, the survey also underscored mounting concerns about household finances, particularly th… | The Federal Reserve Bank of New York's July Survey of Consumer Expectations (SCE) revealed a sharp decline in medium-term inflation expectations, while short- and
However, the survey also underscored mounting concerns about household finances, particularly the rising risk of delinquency, as well as mixed labor market expectations, with respondents anticipating lower earnings growth and a reduced likelihood of finding a new job within three months if they were laid off.
Key Findings From The Latest New York Fed’s Survey Of Consumer Expectations
Inflation Expectations Trends:
Short- and Long-Term Inflation Expectations: Median inflation expectations remained stable at 3% over a one-year horizon and 2.8% over a five-year horizon, showing no change from the previous month.Medium-Term Inflation Outlook: The standout finding was a sharp decline in the three-year-ahead inflation expectations, which dropped by 0.6 percentage points to 2.3%, the lowest since the survey began in June 2013.Expectations for gas prices fell by 0.8 percentage points to 3.5%, and food prices edged down by 0.1 percentage point to 4.7%. However, expectations for other costs rose, including medical care (up 0.2 percentage points to 7.6%), college education (up 1.9 percentage points to 7.2%), and rent (up 0.6 percentage points to 7.1%).Read Also:
Labor Market Insights:
Expected Earnings Growth: Median expected earnings growth for the coming year decreased by 0.3 percentage points to 2.7%, continuing a trend of modest fluctuations within a narrow range since January 2024.Unemployment Rate Expectations: The mean probability that the unemployment rate will increase in the next year fell by 1.0 percentage point to 36.6%, remaining below its 12-month trailing average.Job Security and Mobility: The likelihood of voluntarily leaving a job increased to 20.7%, the highest since February 2023. However, the perceived probability of finding a new job after losing one dropped by 0.9 percentage points to 52.5%.Household Financial Prospects:
Income and Spending: Median expected growth in household income remained unchanged at 3.0%, consistent with trends since early 2023. However, expectations for household spending growth declined by 0.2 percentage points to 4.9%, the lowest since April 2021.Credit Access and Debt Payment: Perceptions of credit access deteriorated, with more households reporting difficulties compared to a year ago. Conversely, expectations for future credit conditions improved slightly. The probability of missing a minimum debt payment increased by 1 percentage point to 13.3%, the highest since April 2020, particularly among lower-income and less-educated respondents.Interest Rates and Stock Market Outlook: The mean perceived probability that interest rates on savings accounts will be higher in a year's time slightly decreased by 0.2 percentage points to 25.1%. The outlook for the stock market saw a marginal increase, with 39.3% of respondents expecting higher U.S. stock prices in the next 12 months.Financial Situation Compared to Last Year: More households reported an improvement in their financial situation compared to a year ago. However, expectations for the future were less optimistic, with an increasing share of households anticipating a worse financial situation in the coming year.Market Reactions
U.S. stocks reversed earlier gains, with the S&P 500, tracked by the SPDR S&P 500 ETF Trust AMEX:SPY, dipping 0.1% into negative territory by 11:25 a.m. ET.
The tech-heavy Nasdaq 100, represented by the Invesco QQQ Trust NASDAQ:QQQ, remained flat, while small caps, reflected in the iShares Russell 2000 ETF AMEX:IWM, dropped over 1%.
Gold, as tracked by the SPDR Gold Trust AMEX:GLD, saw increased demand, with prices rising 1.1% to $2,458 per ounce,
Treasury bonds also gained ground, with the iShares 20+ Year Treasury Bond ETF NASDAQ:TLT up 0.3%.
Read now:
Image created using artificial intelligence via Midjourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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benzinga:9e45c5d09094b:0 | QQQ | Producer Inflation Could Tee Up Traders For Crucial Consumer Price Index Release | benzinga | https://benzinga.com/ | 2024-08-12T15:13:23+00:00 | https://www.tradingview.com/news/benzinga:9e45c5d09094b:0-producer-inflation-could-tee-up-traders-for-crucial-consumer-price-index-release/ | null | [{'symbol': 'AMEX:SPY', 'base_logoid': 'spdr-sandp500-etf-tr'}, {'symbol': 'NASDAQ:QQQ', 'base_logoid': 'invesco'}, {'symbol': 'NASDAQ:TLT', 'base_logoid': 'ishares'}, {'symbol': 'AMEX:GLD', 'base_logoid': 'spdr-sandp500-etf-tr'}, {'symbol': 'AMEX:USO', 'base_logoid': 'uscf-fund'}] | /news/benzinga:9e45c5d09094b:0-producer-inflation-could-tee-up-traders-for-crucial-consumer-price-index-release/ | EN | This week is packed with inflation data for investors to digest, starting with the U.S. government’s release of the Producer Price Index (PPI) report for July on Tuesday, followed by the highly anticipated Consumer Price Index (CPI) on Wednesday.As economists expect producer prices cooling in July… | This week is packed with inflation data for investors to digest, starting with the U.S. government’s release of the Producer Price Index (PPI) report for July on Tuesday, followed by the highly anticipated (CPI) on Wednesday.
As economists expect producer prices cooling in July, the PPI could provide early signs of easing price pressures in the economy, offering potential optimism to markets ahead
Currently, investors assign a 48% chance of a 50-basis-point rate cut in September, slightly lower than the 52% probabilities assigned to a smaller interest rate reduction by the Federal Reserve, as CME Group FedWatch tool shows Monday.
Producer Price Index Report: What Economists Expect
Economist consensus tracked by TradingEconomics expects the headline PPI for final demand to edge up by 0.1% month-over-month in July, a slowdown from the 0.2% increase in June.On a yearly basis, the headline PPI is anticipated to be 2.3% higher than in July 2023, down from the previous 2.6% gain.Excluding energy, food and trade services, the core PPI is expected to rise by 0.2% monthly in July 2024, cooling from the 0.4% increase seen in June.Compared to July 2023, the core PPI is forecasted to increase by 2.7%, down from the 3% rise recorded in June.Also Read:
Insights From Recent Business Survey Data
Recent data from the Institute for Supply Management (ISM) Prices Index for the manufacturing sector showed a reading of 52.9% in July, up from 52.1% in June. This indicates that raw material prices increased in July for the seventh consecutive month after eight months of declines.
Timothy Fiore, chair of the ISM Manufacturing Business Survey Committee, noted that 23% of companies reported higher prices in July, compared to 20% in June.
Chris Williamson, chief business economist at S&P Global Market Intelligence, highlighted that in the manufacturing sector, “input cost inflation cooled for a second month after having risen to a 13-month high in May.” However, he also indicated that service providers saw a further sharp rise in input costs, driven by higher wage and transportation expenses.
How Markets Reacted To Previous PPI Report
The latest PPI report for June, published on July 12, showed a slightly hotter-than-expected outcome. The headline PPI for final demand increased by 0.2% month-over-month, up from the flat reading in May and exceeding economists' expectations of a 0.1% increase.
The core PPI rose at a 0.4% monthly pace, up from May's 0.3% growth and outpacing estimates of 0.2%.
The June PPI report was released after a sharper-than-expected drop in the June CPI inflation gauge, leading to the following market reactions on July 12:
The S&P 500, tracked by the SPDR S&P 500 ETF Trust AMEX:SPY, rose 0.6%.The tech-heavy Nasdaq 100, tracked by the Invesco QQQ Trust NASDAQ:QQQ, also gained 0.6%.U.S. Treasury bonds, followed by the iShares 20+ Year Treasury Bond ETF NASDAQ:TLT, closed 0.4% higher.Gold, tracked by the SPDR Gold Trust AMEX:GLD, ended 0.2% lower.Oil prices, monitored through the United States Oil Fund AMEX:USO, declined by 0.9%.Read Next:
Mortgage Rates Fall To Lowest Level In Over A Year, Ease Pressure On Homebuyers: ‘Good News For Home Price Appreciation’Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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benzinga:621acad84094b:0 | QQQ | Pay Attention To Change In Stock Market Reaction – Heavy Momo Losses – Hopium For A Rally | benzinga | https://benzinga.com/ | 2024-08-12T14:27:11+00:00 | https://www.tradingview.com/news/benzinga:621acad84094b:0-pay-attention-to-change-in-stock-market-reaction-heavy-momo-losses-hopium-for-a-rally/ | null | [{'symbol': 'AMEX:SPY', 'base_logoid': 'spdr-sandp500-etf-tr'}, {'symbol': 'NYSE:HD', 'base_logoid': 'home-depot'}, {'symbol': 'NYSE:WMT', 'base_logoid': 'walmart'}, {'symbol': 'NASDAQ:NVDA', 'base_logoid': 'nvidia'}, {'symbol': 'NASDAQ:MSFT', 'base_logoid': 'microsoft'}, {'symbol': 'NASDAQ:AAPL', 'base_logoid': 'apple'}, {'symbol': 'NASDAQ:AMZN', 'base_logoid': 'amazon'}, {'symbol': 'NASDAQ:GOOG', 'base_logoid': 'alphabet'}, {'symbol': 'NASDAQ:META', 'base_logoid': 'meta-platforms'}, {'symbol': 'NASDAQ:TSLA', 'base_logoid': 'tesla'}, {'symbol': 'NASDAQ:QQQ', 'base_logoid': 'invesco'}, {'symbol': 'AMEX:GLD', 'base_logoid': 'spdr-sandp500-etf-tr'}, {'symbol': 'AMEX:SLV', 'base_logoid': 'ishares'}, {'symbol': 'AMEX:USO', 'base_logoid': 'uscf-fund'}] | /news/benzinga:621acad84094b:0-pay-attention-to-change-in-stock-market-reaction-heavy-momo-losses-hopium-for-a-rally/ | EN | To gain an edge, this is what you need to know today.Change In Market ReactionPlease click here for an enlarged chart of SPDR S&P 500 ETF Trust AMEX:SPY which represents the benchmark stock market index S&P 500 (SPX).Note the following:Magnificent Seven Money FlowsIn the early trade, money flows ar… | To gain an edge, this is what you need to know today.
Change In Market Reaction
Please click here for an enlarged chart of SPDR S&P 500 ETF Trust AMEX:SPY which represents the benchmark stock market index S&P 500 (SPX).
Note the following:
The chart shows the stock market has moved above the top band of the support zone.RSI on the chart shows the stock market is poised for a rally.Even though technically the stock market is poised for a rally, in The Arora Report analysis, the determining factor will be the economic data and earnings that are ahead. This is a data heavy week. All of the following has the potential to significantly move the market: Producer Price Index (PPI) will be released tomorrow.Consumer Price Index (CPI) will be released on August 14.Retail sales will be released on August 15.Jobless claims will be released on August 15. There are important earnings ahead from Home Depot Inc NYSE:HD and Walmart Inc NYSE:WMT. These earnings will give a glimpse of consumer behavior. As full disclosure, WMT is in the ZYX Buy Model Portfolio from The Arora Report. The position is long from $19.25 post split.In The Arora Report analysis, the market reaction to the news has changed. In November 2022, Powell triggered the stock market reaction function of bad news is good news and good news is bad news. This reaction function persisted until mid-July 2024. Starting in mid-July 2024, the market reaction function has changed – good news is good news and bad news is bad news. As a reader of The Arora Report, you knew in advance that this change was coming. We have repeatedly written that the prior market reaction function was highly flawed as it counted on bad news leading to rate cuts but did not consider that bad news also negatively impacts earnings. Now, the stock market is understanding the reality and has stopped ignoring the fact that bad news leads to bad earnings. Risk and reward are two sides of the same coin in investing. Smart money takes into account both risk and reward. In contrast, the momo crowd takes into account only the reward and ignores the risk. At present, the hopium among the momo crowd is that the upcoming economic data will start a rip roaring rally. However, prudent investors need to keep in mind that there is no guarantee the upcoming data will turn out as the momo crowd is envisioning.Another factor prudent investors need to take into account is that the momo crowd does not have the same fire power it had only a week ago. The reason is that the momo crowd suffered heavy losses last week even though the stock market has recovered. Due to margin calls, many momo crowd positions were liquidated with heavy losses near the lows last week.The momo crowd had heavily bought weekly call options going into last week. Those call options expired worthless on Friday. Magnificent Seven Money Flows
In the early trade, money flows are positive in NVIDIA Corp NASDAQ:NVDA and Microsoft Corp NASDAQ:MSFT.
In the early trade, money flows are neutral in Apple Inc NASDAQ:AAPL, Amazon.com, Inc. NASDAQ:AMZN, Alphabet Inc Class C NASDAQ:GOOG, Meta Platforms Inc NASDAQ:META and Tesla Inc NASDAQ:TSLA.
In the early trade, money flows are positive in SPY and Invesco QQQ Trust Series 1 NASDAQ:QQQ.
Momo Crowd And Smart Money In Stocks
Investors can gain an edge by knowing money flows in SPY and QQQ. Investors can get a bigger edge by knowing when smart money is buying stocks, gold, and oil. The most popular ETF for gold is SPDR Gold Trust AMEX:GLD. The most popular ETF for silver is iShares Silver Trust AMEX:SLV. The most popular ETF for oil is United States Oil ETF AMEX:USO.
Bitcoin
There is disappointment that whales did not run up Bitcoin over the weekend. As a result, bitcoin has dropped below $60,000 as of this writing.
Protection Band And What To Do Now
It is important for investors to look ahead and not in the rearview mirror.
Consider continuing to hold good, very long term, existing positions. Based on individual risk preference, consider a protection band consisting of cash or Treasury bills or short-term tactical trades as well as short to medium term hedges and short term hedges. This is a good way to protect yourself and participate in the upside at the same time.
You can determine your protection bands by adding cash to hedges. The high band of the protection is appropriate for those who are older or conservative. The low band of the protection is appropriate for those who are younger or aggressive. If you do not hedge, the total cash level should be more than stated above but significantly less than cash plus hedges.
A protection band of 0% would be very bullish and would indicate full investment with 0% in cash. A protection band of 100% would be very bearish and would indicate a need for aggressive protection with cash and hedges or aggressive short selling.
It is worth reminding that you cannot take advantage of new upcoming opportunities if you are not holding enough cash. When adjusting hedge levels, consider adjusting partial stop quantities for stock positions (non ETF); consider using wider stops on remaining quantities and also allowing more room for high beta stocks. High beta stocks are the ones that move more than the market.
Traditional 60/40 Portfolio
Probability based risk reward adjusted for inflation does not favor long duration strategic bond allocation at this time.
Those who want to stick to traditional 60% allocation to stocks and 40% to bonds may consider focusing on only high quality bonds and bonds of five year duration or less. Those willing to bring sophistication to their investing may consider using bond ETFs as tactical positions and not strategic positions at this time.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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benzinga:9fccdb6dc094b:0 | QQQ | Markets Experience Best And Worst Days Since 2022: What's Next In Wall Street's Rollercoaster Ride? | benzinga | https://benzinga.com/ | 2024-08-12T14:17:34+00:00 | https://www.tradingview.com/news/benzinga:9fccdb6dc094b:0-markets-experience-best-and-worst-days-since-2022-what-s-next-in-wall-street-s-rollercoaster-ride/ | null | [{'symbol': 'AMEX:SPY', 'base_logoid': 'spdr-sandp500-etf-tr'}, {'symbol': 'NASDAQ:QQQ', 'base_logoid': 'invesco'}] | /news/benzinga:9fccdb6dc094b:0-markets-experience-best-and-worst-days-since-2022-what-s-next-in-wall-street-s-rollercoaster-ride/ | EN | Last week, investors faced a rollercoaster with dramatic market swings. What can we expect next for the financial markets?The Recap: The SPDR S&P 500 ETF Trust AMEX:SPY started 2024 up as much as 19.5% through the middle of July, a historic pace. In the second half of the month, the index retracted… | Last week, investors faced a rollercoaster with . What can we expect next for the financial markets?
The Recap: The SPDR S&P 500 ETF Trust AMEX:SPY started 2024 up as much as 19.5% through the middle of July, a historic pace. In the second half of the month, the index retracted slightly as investors called a top on the Big Tech trade.
Then on Aug. 2, the Bureau of Labor Statistics released an especially weak , renewing recession fears. The S&P 500 fell 1.86% that Friday.
On Monday, the index plunged 2.91%. The fall, the S&P 500’s largest since September 2022, accompanied the collapse of the and the intensification of recession anxieties.
On Tuesday, the index rose 0.92%, then on Wednesday it fell 0.67%. Thursday’s trading session was marked by a gain of 2.31%, the S&P 500’s best day since November 2022.
The NASDAQ Invesco QQQ Trust NASDAQ:QQQ saw even bigger swings.
Historical Precedent: Wild periods of gains and losses are not unusual in the markets, though they usually go along with macroeconomic uncertainty, according to data from Yahoo Finance. The market’s sustained period of stability from late 2022 onward makes the recent price action especially noteworthy.
The most striking example of frenzied buying and selling was COVID-19’s onset in 2020. The S&P 500 first faced a 10% correction in the week of Feb. 24-28. Investors bought the dip; the S&P 500 bounced 4.3% on March 2, lost 2.86% on March 3 and gained 4.2% on March 4.
From there, chaos ensued. The S&P 500 dipped further on March 5 and 6 before falling nearly 8% on March 9. The next day, it appreciated 5.1%. Then it shed 4.8% and 9.6% on successive days. On March 13, the S&P 500 added 8.5%. On the next trading day, the index fell a historic 10.9%.
Investors were treated to a period of sustained volatility through April.
Similar price action, albeit to a lesser magnitude, could be observed from April to December 2022. The market’s behavior was accompanied by rapid hikes in the federal funds rate and the inversion of the yield curve.
The 2008 financial crisis is another comparable example. The market sustained daily losses of as much as 9.84% and gains as high as 14.52% shortly after the collapse of Lehman Brothers in September. Volatility fizzled out in mid-to-late 2009.
What’s Next?: The lesson learned is that volatility generally follows volatility.
The same behavior could follow in the coming weeks — investors will closely watch macroeconomic indicators, company earnings, a Federal Reserve interest rate decision and geopolitical conflicts. Any aberrations, positive or negative, could result in a dramatic price action.
It is also worth noting that 2024 is an election year, which typically leads to additional volatility in the markets. The news cycle has been particularly fast this summer and will likely intensify leading up to the November elections.
Also Read:
Wall Street Shifts To ‘Bossing The Fed Into Big Rate Cuts’ After Bank Of Japan’s Policy U-Turn, Analyst SaysImage created using artificial intelligence via Midjourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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benzinga:d41ae3140094b:0 | MSFT | Microsoft AI-Driven Alliance With Palantir Could Propel Their Stock To New Record Highs And Set New Standards In Data Analytics | benzinga | https://benzinga.com/ | 2024-08-12T14:05:11+00:00 | https://www.tradingview.com/news/benzinga:d41ae3140094b:0-microsoft-ai-driven-alliance-with-palantir-could-propel-their-stock-to-new-record-highs-and-set-new-standards-in-data-analytics/ | null | [{'symbol': 'NASDAQ:MSFT', 'base_logoid': 'microsoft'}, {'symbol': 'NYSE:PLTR', 'base_logoid': 'palantir'}] | /news/benzinga:d41ae3140094b:0-microsoft-ai-driven-alliance-with-palantir-could-propel-their-stock-to-new-record-highs-and-set-new-standards-in-data-analytics/ | EN | Microsoft Corp NASDAQ:MSFT and Palantir Technologies Inc NYSE:PLTR have teamed up to leverage AI in data analytics. Their partnership focuses on integrating Palantir's advanced AI analytics into Microsoft's Azure cloud platform, aiming to improve services for U.S. defense and intelligence agencies… | Microsoft Corp NASDAQ:MSFT and Palantir Technologies Inc NYSE:PLTR have teamed up to leverage AI in data analytics. Their partnership focuses on integrating Palantir's advanced AI analytics into Microsoft's Azure cloud platform, aiming to improve services for U.S. defense and intelligence agencies.
This integration will use large language models developed by OpenAI, hosted on Azure. These models represent a major advancement in AI's ability to handle complex, human-like prompts, which is increasingly important for national security.
By utilizing these advanced AI tools, the partnership enhances defense agencies' analytical capabilities and sets a new benchmark for operational efficiency and strategic insight in critical situations.
After experiencing a tough period with a 17% drop in stock value between July and early August, hitting the high of 2023 at $384 before finding support, the collaboration with Palantir seems to mark a turning point.
With the stock now back above the psychological level of $400 and a strong support level, there is new optimism about Microsoft's financial future.
Despite year-to-date gains of 7%, down from a peak of 24% in July when the stock hit an all-time high of $468, Microsoft’s strategic alliance with Palantir could give the company the boost it needs to counter recent market weaknesses.
The stock's performance in August remains cautious, mirroring the broader volatility seen in July.
However, considering Microsoft's long history of growth, occasionally interrupted by sharp corrections, this partnership might be crucial for a solid recovery and sustained growth.
After the closing bell on Thursday, August 8, the stock closed at $402.69, trading down by 1.04%.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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benzinga:0e117a492094b:0 | QQQ | Nasdaq, S&P 500 Futures Climb After Volatile Week As Traders Eye Inflation Data and Retail Earnings: Strategist Says Not CPI But This Data Can Give People Lot Of Conviction | benzinga | https://benzinga.com/ | 2024-08-12T11:31:35+00:00 | https://www.tradingview.com/news/benzinga:0e117a492094b:0-nasdaq-s-p-500-futures-climb-after-volatile-week-as-traders-eye-inflation-data-and-retail-earnings-strategist-says-not-cpi-but-this-data-can-give-people-lot-of-conviction/ | null | [{'symbol': 'NYSE:HD', 'base_logoid': 'home-depot'}, {'symbol': 'NYSE:WMT', 'base_logoid': 'walmart'}, {'symbol': 'NYSE:KEY', 'base_logoid': 'keycorp'}, {'symbol': 'NYSE:HE', 'base_logoid': 'hawaiian-electric-industries'}, {'symbol': 'NASDAQ:BLDP', 'base_logoid': 'ballard-power-systems'}, {'symbol': 'NYSE:GOLD', 'base_logoid': 'barrick-gold'}, {'symbol': 'NASDAQ:MNDY', 'base_logoid': 'monday-com'}, {'symbol': 'NYSE:ALC', 'base_logoid': 'alcon'}, {'symbol': 'NASDAQ:QQQ', 'base_logoid': 'invesco'}] | /news/benzinga:0e117a492094b:0-nasdaq-s-p-500-futures-climb-after-volatile-week-as-traders-eye-inflation-data-and-retail-earnings-strategist-says-not-cpi-but-this-data-can-give-people-lot-of-conviction/ | EN | The resilience of the market was in full display on Monday after last week’s “historical comeback” by the market. The major index futures traded higher, albeit by a modest magnitude. The yen weakened amid a stock market holiday in Japan and this should serve to keep the carry trade unwinding fears… | The resilience of the market was in full display on Monday after The major index futures traded higher, albeit by a modest magnitude. The yen weakened amid a stock market holiday in Japan and this should serve to keep the carry trade unwinding fears in check. That said, geopolitical tensions perked up after Iran-backed Lebanese paramilitary group Hezbollah launched rocket attacks on Israel amid an Iranian threat to take on the Jewish nation.
Domestically, traders may look to exercise restraint ahead of two inflation reports, due Tuesday and Wednesday, and key retail earnings reports from companies such as Home Depot, Inc. NYSE:HD and Walmart, Inc. NYSE:WMT. The CBOE Volatility Index, widely called as VIX, rose slightly but held below the 21 level.
FuturesPerformance (+/-)Nasdaq 100+0.25%S&P 500+0.17%Dow+0.06%R2K-0.43%Cues From Last Week:
The major U.S. averages extended their weekly losses, despite a fairly-tale comeback from Monday’s plunge, they ended marginally lower. The S&P 500 Index, the broader market gauge, gyrated between a low and high of 5,119.26 and 5.358.67, respectively, during the week, underlining the volatility the market experienced in the week ended Aug. 9.
The VIX spiked to a high of 65.73 – a level not seen since March 2020 in the aftermath of the COVID-19 pandemic, before retracing all of that upward move and ending lower for the week.
A sharp plunge in Japanese stocks last Monday due to the unwinding of the yen carry trades amid the Japanese currency’s strengthening proved contagious and plunged the global markets into a sea of red, and Wall Street was no exception. The U.S. stocks see-sawed through the first half of the week as they reacted to earnings news and economic data before coming back up strongly on Thursday and Friday. A report showing a sharp fall in weekly jobless claims helped bring some sanity back to the market.
IndexWeek’sPerformance (+/)ValueNasdaq Composite-0.18%16,745.30S&P 500 Index0.05%5,344.16Dow Industrials-0.06%39,497.54Russell 2000-1.35%2,080.92Insights From Analysts:
Citing VIX’s plunge to 20, Tom Lee, Head of Research, Fund Strat, said the worst of the panic is now behind. But he cautioned that there could be ripple effects, given there is some nervousness around Iran and how much of this yen carry trade has to unwind, he said while appearing on CNBC’s Last Call. If the upcoming week’s jobless claims come in benign, then that would quell the growth scare and give people a lot of conviction, he said.
If the yen carry trades unwind in an orderly fashion, Lee said it may not hurt the market much.
Upcoming Economic Data:
The unfolding week’s economic calendar is more back-end loaded, with the July consumer and producer inflation reports, the July retail sales data, two August regional manufacturing activity data, the July industrial production report, and the University of Michigan’s preliminary consumer sentiment reading for August, all likely to be on investors’ radar.
On Monday at 11 a.m. EDT, the New York Federal Reserve will release its inflation expectations readings for July. In June, the one-year inflation expectation was at 3%.The Treasury will auction three- and six-month bills at 11:30 a.m. EDT.The Treasury will release the monthly federal budget at 2 p.m. EDT. The budgetary balance for July is expected to show a deficit of $254.3 billion, wider than the deficit of $66 billion in June.See Also:
Stocks In Focus:
Shares of regional lender KeyCorp NYSE:KEY rose about 15% after Canada’s Scotiabank announced the purchase of a minority stake in the U.S. bank in an all-stock deal worth $2.8 billion. Hawaiian Electric Industries, Inc. NYSE:HE fell over 10% after raising a going concern warning, citing the impact of the Maui wildfire settlement financing.Ballard Power Systems Inc. NASDAQ:BLDP, Barrick Gold Corporation NYSE:GOLD, and Monday.com Ltd. NASDAQ:MNDY are among the Alcon Inc. NYSE:ALC is due to report after the close.Commodities, Bonds And Global Equity Markets:
WTI-grade crude futures climbed over 1% to $77.5+ a barrel on Monday, and gold futures rose modestly as they approached the $2,500 level. The 10-year Treasury note yielded 3.955%, up 1.3 basis points. Bitcoin traded under $59K as it pulled back more than 3% over the past 24 hours amid geopolitical tensions.
Most Asian markets advanced on Monday, led by the South Korean and Taiwanese markets, while the Chinese, Indian, and Singaporean markets settled lower. The Japanese market remained closed on account of a public holiday.
European stocks traded mixed in early trading at the start of the week.
Read Next:
Economist Pours Cold Water On September Rate Cut: ‘We Need To See Some Sustained Weakness’Photo courtesy: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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tag:reuters.com,2024-08-12:newsml_NFC7W6bWR:0 | 7203 | INVESTOR ALERT: Berger Montague Advises Toyota (TM) Investors to Inquire About a Securities Fraud Class Action by August 23, 2024 | reuters | https://www.tradingview.com/news/providers/reuters/ | 2024-08-12T10:06:00+00:00 | https://www.tradingview.com/news/reuters.com,2024-08-12:newsml_NFC7W6bWR:0-investor-alert-berger-montague-advises-toyota-tm-investors-to-inquire-about-a-securities-fraud-class-action-by-august-23-2024/ | null | [{'symbol': 'NYSE:TM', 'base_logoid': 'toyota'}] | /news/reuters.com,2024-08-12:newsml_NFC7W6bWR:0-investor-alert-berger-montague-advises-toyota-tm-investors-to-inquire-about-a-securities-fraud-class-action-by-august-23-2024/ | EN | Philadelphia, Pennsylvania--(Newsfile Corp. - August 12, 2024) - Berger Montague PC announces that a class action lawsuit was filed in the U.S. District Court for the Central District of California on behalf of those who acquired Toyota Motor Corp. ("Toyota" or the "Company") NYSE:TM securities.If… | Philadelphia, Pennsylvania--(Newsfile Corp. - August 12, 2024) - Berger Montague PC announces that a class action lawsuit was filed in the U.S. District Court for the Central District of California on behalf of those who acquired Toyota Motor Corp. ("Toyota" or the "Company") NYSE:TM securities.
If you suffered losses as a result of your investment in Toyota NYSE:TM and would like to learn about a potential recovery, CLICK HERE.
The lawsuit has been filed against Toyota on behalf of purchasers of Toyota securities between June 23, 2022 and June 2, 2024, inclusive (the "Class Period").
The deadline for investors who purchased or acquired Toyota securities during the Class Period to seek to be appointed as a lead plaintiff representative of the class, is August 23, 2024.
Toyota is a Japanese car manufacturer.
According to the lawsuit, on June 3, 2024, the New York Times published an article entitled "Toyota and Other Japanese Carmakers Say They Mishandled Safety Tests." This article stated that "Toyota [. . .] and other top Japanese automakers said on Monday that internal investigations found they had mishandled vehicle testing on dozens of models over the past decade." Further, "Toyota said it had failed to gather proper data when doing pedestrian and occupant safety tests for three models, including its popular Yaris Cross sport utility vehicle."
On this news, Toyota's American Depositary Shares ("ADSs") fell $5.34 per ADS, or 2.45%, to close at $212.17 per ADS on June 3, 2024.
For additional information or to learn how to participate in this litigation, please contact Berger Montague: Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015 or Peter Hamner at phamner@bm.net or (215) 875-3048 or CLICK HERE.
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
Berger Montague, with offices in Philadelphia, Minneapolis, Delaware, Washington, D.C., San Diego, San Francisco and Chicago, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Contacts:
Andrew Abramowitz, Senior Counsel
Berger Montague PC
(215) 875-3015
aabramowitz@bm.net
Peter Hamner
Berger Montague PC
(215) 875-3048
phamner@bm.net
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/219560
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benzinga:2f63695e8094b:0 | QQQ | Bear Market 'Is Probably Coming' In 2025, Veteran Investor Warns Of AI Bubble And Fed's Insufficient Rate Cuts Amid Sluggish Economy | benzinga | https://benzinga.com/ | 2024-08-12T07:28:03+00:00 | https://www.tradingview.com/news/benzinga:2f63695e8094b:0-bear-market-is-probably-coming-in-2025-veteran-investor-warns-of-ai-bubble-and-fed-s-insufficient-rate-cuts-amid-sluggish-economy/ | null | [{'symbol': 'AMEX:SPY', 'base_logoid': 'spdr-sandp500-etf-tr'}, {'symbol': 'NASDAQ:QQQ', 'base_logoid': 'invesco'}] | /news/benzinga:2f63695e8094b:0-bear-market-is-probably-coming-in-2025-veteran-investor-warns-of-ai-bubble-and-fed-s-insufficient-rate-cuts-amid-sluggish-economy/ | EN | David Roche, a seasoned investor, has warned of an impending bear market in 2025, citing reasons such as a sluggish U.S. economy, an artificial intelligence bubble, and insufficient rate cuts.What Happened: Roche, a strategist at Quantum Strategy, anticipates a bear market in 2025 due to a combinat… | David Roche, a seasoned investor, has warned of an impending bear market in 2025, citing reasons such as a sluggish U.S. economy, an artificial intelligence bubble, and insufficient rate cuts.
What Happened: Roche, a strategist at Quantum Strategy, anticipates a bear market in 2025 due to a combination of factors, reported CNBC on Monday.
"I think [a bear market] is probably coming, but probably in 2025. We now know what will cause it," Roche said.
He foresees the Federal Reserve’s reluctance to reduce rates to the market’s desired 3.50%, a slowing economy, and an AI bubble that has “entered bubble terrain decisively.”
Roche believes these factors will lead to a bear market, possibly starting at the end of this year. He also mentioned that the prediction does not account for the outcome of the U.S. Presidential election in November.
Despite the , Roche expects the Fed to proceed with interest rate cuts, which will gradually impact profit margins throughout 2025. He also noted that the Fed, consumers, and politicians have a low pain threshold, leaving the Fed with room to address the bear market if it occurs.
See Also:
Why It Matters: The prediction by Roche aligns with recent sentiments expressed by other financial experts. On Sunday, Brad Case, chief economist at Middleburg Communities, indicated that the Federal Reserve until November, citing strong consumer spending and income growth.
Furthermore, Brian Moynihan, CEO of Bank of America, has voiced concerns over the Fed’s rate policy and its impact on consumer confidence. Moynihan warned that a lack of rate cuts could diminish consumer sentiment, which is crucial for economic stability.
Adding to the complexity, the AI sector has been a topic of debate. In July, Wall Street veteran Ed Yardeni warned that AI shows signs of an inflating bubble. Conversely, Jeffrey Roach, chief economist at LPL Financial, dismissed bubble fears, emphasizing the productivity gains from AI.
The prediction by Roche comes amid a series of economic warnings and market fluctuations. Recently, Jim Cramer highlighted the artificial factors driving stock prices, pointing out that the recent uptick isn’t based on strong fundamentals but rather the actions of the Japanese central bank.
Moreover, top economists and money managers have been weighing in on the possibility of a recession. While some, like Ryan Detrick of Carson Group, suggest a soft landing is still possible, others warn of more severe outcomes. The market has already experienced significant volatility, with a notable single-day plunge earlier this month.
After a volatile week that initially seemed bearish, the SPDR S&P 500 ETF Trust AMEX:SPY rose 0.4% on Friday to close at 5,344 points, securing its second consecutive day of gains and completely erasing the week’s earlier losses. Similarly, the Nasdaq 100, tracked by the Invesco QQQ Trust NASDAQ:QQQ, gained 0.6% on Friday, closing at 18,513 points, which allowed it to end the week up 0.4% and break a four-week losing streak, according to data from Benzinga Pro.
Read Next:
Meta CEO Mark Zuckerberg Owns Two Of The Biggest Social Media Platforms In The World. He Now Thinks This Experience On Phones Is ‘Anti-Social,’ And Why He’s Focused On Ray-Ban Smart GlassesImage Via Shutterstock
This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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tag:reuters.com,2024-08-10:newsml_NFCRSBmF:0 | 7203 | ONGOING DEADLINE ALERT: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of Toyota | reuters | https://www.tradingview.com/news/providers/reuters/ | 2024-08-10T14:02:00+00:00 | https://www.tradingview.com/news/reuters.com,2024-08-10:newsml_NFCRSBmF:0-ongoing-deadline-alert-faruqi-faruqi-llp-investigates-claims-on-behalf-of-investors-of-toyota/ | null | [{'symbol': 'NYSE:TM', 'base_logoid': 'toyota'}] | /news/reuters.com,2024-08-10:newsml_NFCRSBmF:0-ongoing-deadline-alert-faruqi-faruqi-llp-investigates-claims-on-behalf-of-investors-of-toyota/ | EN | Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Toyota To Contact Him Directly To Discuss Their OptionsIf you purchased or acquired securities in Toyota between June 25, 2022 and June 2, 2024 and would like to dis… | Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Toyota To Contact Him Directly To Discuss Their Options
If you purchased or acquired securities in Toyota between June 25, 2022 and June 2, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/TM.
New York, New York--(Newsfile Corp. - August 10, 2024) - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Toyota Motor Corporation ("Toyota" or the "Company") NYSE:TM and reminds investors of the August 23, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, this Complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts, about the Company's business and operations. Specifically, Defendants misrepresented and/or failed to disclose that: (1) Toyota understated its malfeasance relating to certification of its cars and issues relating to overall legal compliance; and (2) as a result, defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On June 3, 2024, The New York Times published an article entitled "Toyota and Other Japanese Carmakers Say They Mishandled Safety Tests." This article stated, in pertinent part, that "Toyota [. . .] and other top Japanese automakers said on Monday that internal investigations found they had mishandled vehicle testing on dozens of models over the past decade." Further, "Toyota said it had failed to gather proper data when doing pedestrian and occupant safety tests for three models, including its popular Yaris Cross sport utility vehicle."
On this news, Toyota's American Depositary Shares ("ADSs") fell $5.34 per ADS, or 2.45%, to close at $212.17 per ADS on June 3, 2024.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Toyota's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the Toyota class action, go to www.faruqilaw.com/TM or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
Follow us for updates on LinkedIn, on X, or on Facebook.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/219466
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DJN_SN20240806013063:0 | 7203 | Bond investors are coping with recession anxiety, extreme volatility | market-watch | https://www.tradingview.com/news/providers/market-watch/ | 2024-08-10T11:41:00+00:00 | https://www.tradingview.com/news/DJN_SN20240806013063:0/ | 2024 Dow Jones & Company, Inc. All rights reserved. | [{'symbol': 'TSE:7203', 'base_logoid': 'toyota'}] | /news/DJN_SN20240806013063:0/ | EN | By Joy WiltermuthIt took only about a week for riskier U.S. corporate bonds with 'junk' credit ratings to erase all of their gains this yearInvestors in the U.S. bond market have been facing extreme volatility sparked by an uproar in the currency markets and growing anxiety over the state of the U… | By Joy Wiltermuth
It took only about a week for riskier U.S. corporate bonds with 'junk' credit ratings to erase all of their gains this year
Investors in the U.S. bond market have been facing extreme volatility sparked by an uproar in the currency markets and growing anxiety over the state of the U.S. economy.
In just one example of the tumult, it took only about a week for riskier U.S. corporate bonds with "junk" credit ratings to erase all of their earlier gains this year.
Spreads on high-yield corporate bonds jumped by about 80 basis points to more than 370 basis points above risk-free Treasurys. The move intensified following Friday's surprisingly weak U.S. jobs report, which saw the unemployment rate climb to 4.3%, a three-year high. That also triggered the Sahm rule, a closely watched recession gauge.
Monday saw a violent selloff in global equity markets as the popular Japanese yen (USDJPY) "carry trade" started to unravel, an explosion of volatility VIX hit financial markets and a temporary pause was placed on new corporate borrowing.
But on Tuesday, several major U.S. companies were back looking to borrow some $5 billion in the corporate bond market, seizing on a rebound in equities SPX DJIA COMP and recent easing in Treasury yields.
Toyota Motor Corp. (TM) and six other fairly defensive companies on Tuesday were slated to price 10 tranches of bonds, according to Informa Global Markets. Informa pegged Monday's pause as one of only 14 similar sessions this year to see no new debt issuance.
'Dipping their toes back in'
"High-quality companies are dipping their toes back in" the bond market, said George Catrambone, head of fixed-income, Americas at DWS - adding that the investment-grade markets "are back open for business."
Yet it looks to be a careful reopening with strings attached. Catrambone expects borrowers to pay slightly higher new-issue concessions than earlier this year to tap the market for financing, and for volatility and recession fears to be taken more seriously by investors.
"There are plenty of things to be nervous about," he said, pointing to the U.S. election in November and tensions in the Middle East, but also concerns about global growth and how well the labor market will hold up relative to the past few years.
On the flip side, the recent sharp repricing of the $27 trillion Treasury market has real implications for borrowers and the economy. The benchmark 10-year Treasury yield BX:TMUBMUSD10Y was at 3.88% on Tuesday, a day after it fell a dramatic 50 basis points over only eight trading days, according to Dow Jones Market Data.
"Once volatility steadies out, you see issuers run to lock in lower all-in borrowing costs, because on the investment-grade side of the puzzle you are seeing inside of 5% yields for the first time really since the spring of 2022," said Blair Shwedo, head of fixed income and trading at U.S. Bank.
A careful path ahead
Like U.S. households, both high-yield and investment-grade companies were busy in recent years terming out as much debt as possible at low pandemic-era rates. That provided a buffer while the Federal Reserve dramatically raised interest rates, as well as the ability to bide their time until rate cuts emerge.
"With the moves you had, the worry is always that if a tech correction continues, it could become an actual problem for the economy," said Adam Farstrup, head of multiasset, Americas at Schroders. The most obvious way that could happen would be through a freezing of credit markets on Wall Street, he noted.
"The tone of trading we are seeing today is in line with a technical correction," Farstrup said. "But the market is going to have to watch things carefully in the coming days and weeks."
While many investors have been anticipating rate cuts to start potentially in September, other outcomes beyond the Fed achieving an economic soft landing have also emerged on the radar as possible outcomes.
"I don't think a recession is imminent yet," said Tracy Chen, a portfolio manager on the global fixed-income team at Brandywine Global. But she added that if the economy slows down more than anticipated, she thinks the Fed would respond with rate cuts that could benefit bonds - especially high-quality segments of the market, like agency mortgage-backed securities.
Part of Chen's thinking is that Fed rate cuts may tempt more people out of money-market funds that have been paying roughly 5% and back into bank deposits. That, in turn, could bolster the ability of banks to return as buyers to agency MBS.
But even riskier high-yield bonds may be poised to hold up better than in the past if the economy slows, according to Mike Mullaney, director of global markets research at Boston Partners. He pointed to higher cash and recovery levels in the sector, but also lower default rates and leverage.
"All in, there may be less risk in the high-yield bond market than in recent years," Mullaney said.
-Joy Wiltermuth
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
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benzinga:f38a9e6fd094b:0 | QQQ | S&P 500 Erases Weekly Losses, Nasdaq 100 Ends 4-Week Slide As Bulls Regain Momentum: Friday's Stock Movers At The Close | benzinga | https://benzinga.com/ | 2024-08-09T20:13:55+00:00 | https://www.tradingview.com/news/benzinga:f38a9e6fd094b:0-s-p-500-erases-weekly-losses-nasdaq-100-ends-4-week-slide-as-bulls-regain-momentum-friday-s-stock-movers-at-the-close/ | null | [{'symbol': 'NASDAQ:QQQ', 'base_logoid': 'invesco'}, {'symbol': 'AMEX:SPY', 'base_logoid': 'spdr-sandp500-etf-tr'}, {'symbol': 'NASDAQ:AKAM', 'base_logoid': 'akamai'}, {'symbol': 'NASDAQ:EXPE', 'base_logoid': 'expedia'}, {'symbol': 'NYSE:LLY', 'base_logoid': 'eli-lilly'}, {'symbol': 'NASDAQ:PANW', 'base_logoid': 'palo-alto-networks'}, {'symbol': 'NASDAQ:TTWO', 'base_logoid': 'take-two-interactive-software'}, {'symbol': 'NASDAQ:TTD', 'base_logoid': 'the-trade-desk'}, {'symbol': 'NASDAQ:MNST', 'base_logoid': 'monster-beverage'}, {'symbol': 'NASDAQ:SNPS', 'base_logoid': 'synopsys'}] | /news/benzinga:f38a9e6fd094b:0-s-p-500-erases-weekly-losses-nasdaq-100-ends-4-week-slide-as-bulls-regain-momentum-friday-s-stock-movers-at-the-close/ | EN | The S&P 500 index rose 0.4% to close at 5,344 points on Friday, notching its second consecutive day of gains and fully wiping out the weekly losses in what initially appeared to be a sharply bearish and volatile week. On Monday, the S&P 500 opened more than 5% lower than the previous Friday’s close… | The S&P 500 index rose 0.4% to close at 5,344 points on Friday, notching its second consecutive day of gains and fully wiping out the weekly losses in what initially appeared to be a sharply
On Monday, the S&P 500 opened more than 5% lower than the previous Friday’s close as recession fears reverberated through the markets. Bulls then regained momentum in the aftermath of a panicked Monday, bolstered by a series of positive catalysts that calmed volatility and alleviated economic fears.
On Wednesday, the dovish stance of the Bank of Japan curbed short-covering flows into the yen, halting the unwinding of the carry trade that was dangerously draining liquidity from riskier assets.
On Thursday, lower-than-expected weekly jobless claims reassured investors that concerns over a rising unemployment rate in July might have been overblown, as temporary factors likely played a role.
The Nasdaq 100, as tracked by the Invesco QQQ Trust NASDAQ:QQQ, rose 0.6% to 18,513 points on Friday, ending the week up 0.4% and snapping a four-week losing streak.
On Thursday, Richmond Fed President Tom Barkin confirmed that fears of labor market layoffs might be exaggerated, noting that his business contacts report neither significant hiring nor firing activity.
Boston Fed President Susan Collins suggested that it may soon be appropriate to start easing monetary policy if economic data continues as she expects.
Interest rate markets now assign a 50-50 probability to either a 25-basis-point or 50-basis-point rate cut in September, according to the CME Group‘s FedWatch tool. This marks a sharp reassessment, as traders had fully priced in the larger rate cut at the beginning of the week amid recession fears.
Friday’s major gainers in the SPDR S&P 500 ETF Trust AMEX:SPY were:
Name1-day %chgAkamai Technologies, Inc. NASDAQ:AKAM10.8%Expedia Group, Inc. NASDAQ:EXPE10.2%Eli Lilly and Company NYSE:LLY5.6%Palo Alto Networks, Inc. NASDAQ:PANW4.4%Take-Two Interactive Software, Inc. NASDAQ:TTWO4.3%Friday’s top performing stocks within the Nasdaq 100 index were:
Name1-day %chgThe Trade Desk, Inc. NASDAQ:TTD12.4%Palo Alto Networks, Inc.4.4%Take-Two Interactive Software, Inc.4.3%Monster Beverage Corporation NASDAQ:MNST2.3%Synopsys, Inc. NASDAQ:SNPS2.0%Read Next:
Illustration generated using artificial intelligence via MidJourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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tag:reuters.com,2024-08-09:newsml_NFC7hxPrZ:0 | 7203 | DEADLINE APPROACHING: Berger Montague Advises Toyota (TM) Investors to Inquire About a Securities Fraud Class Action by August 23, 2024 | reuters | https://www.tradingview.com/news/providers/reuters/ | 2024-08-09T20:06:00+00:00 | https://www.tradingview.com/news/reuters.com,2024-08-09:newsml_NFC7hxPrZ:0-deadline-approaching-berger-montague-advises-toyota-tm-investors-to-inquire-about-a-securities-fraud-class-action-by-august-23-2024/ | null | [{'symbol': 'NYSE:TM', 'base_logoid': 'toyota'}] | /news/reuters.com,2024-08-09:newsml_NFC7hxPrZ:0-deadline-approaching-berger-montague-advises-toyota-tm-investors-to-inquire-about-a-securities-fraud-class-action-by-august-23-2024/ | EN | Philadelphia, Pennsylvania--(Newsfile Corp. - August 9, 2024) - Berger Montague PC advises investors that a securities fraud class action lawsuit has been filed against Toyota Motor Corp. ("Toyota" or the "Company") NYSE:TM on behalf of purchasers of Toyota securities between June 23, 2022 and June… | Philadelphia, Pennsylvania--(Newsfile Corp. - August 9, 2024) - Berger Montague PC advises investors that a securities fraud class action lawsuit has been filed against Toyota Motor Corp. ("Toyota" or the "Company") NYSE:TM on behalf of purchasers of Toyota securities between June 23, 2022 and June 2, 2024, inclusive (the "Class Period").
Investor Deadline: Investors who purchased or acquired Toyota securities during the Class Period may, no later than August 23, 2024, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation, please contact Berger Montague: Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015, or Peter Hamner at phamner@bm.net or (215) 875-3048, or CLICK HERE.
Toyota is a Japanese car manufacturer.
On June 3, 2024, the New York Times published an article entitled "Toyota and Other Japanese Carmakers Say They Mishandled Safety Tests." This article stated that "Toyota [. . .] and other top Japanese automakers said on Monday that internal investigations found they had mishandled vehicle testing on dozens of models over the past decade." Further, "Toyota said it had failed to gather proper data when doing pedestrian and occupant safety tests for three models, including its popular Yaris Cross sport utility vehicle."
On this news, Toyota's American Depositary Shares ("ADSs") fell $5.34 per ADS, or 2.45%, to close at $212.17 per ADS on June 3, 2024.
The complaint alleges that, throughout the Class Period, Defendants misrepresented and/or failed to disclose that: (1) Toyota understated its malfeasance relating to certification of its cars and issues relating to overall legal compliance; and (2) as a result, defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Learn More About the Lawsuit
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
Berger Montague, with offices in Philadelphia, Minneapolis, Delaware, Washington, D.C., San Diego, San Francisco and Chicago, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Contact:
Andrew Abramowitz, Senior Counsel
Berger Montague PC
(215) 875-3015
aabramowitz@bm.net
Peter Hamner
Berger Montague PC
(215) 875-3048
phamner@bm.net
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/219413
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benzinga:1f8e48ae9094b:0 | MSFT | Palantir Technologies Shares Are Trading Higher Today: What's Going On | benzinga | https://benzinga.com/ | 2024-08-09T18:53:46+00:00 | https://www.tradingview.com/news/benzinga:1f8e48ae9094b:0-palantir-technologies-shares-are-trading-higher-today-what-s-going-on/ | null | [{'symbol': 'NYSE:PLTR', 'base_logoid': 'palantir'}, {'symbol': 'NASDAQ:MSFT', 'base_logoid': 'microsoft'}] | /news/benzinga:1f8e48ae9094b:0-palantir-technologies-shares-are-trading-higher-today-what-s-going-on/ | EN | Palantir Technologies Inc. NYSE:PLTR is seeing its stock surge Friday. Here’s what you need to know.What To Know: Palantir’s shares have been gaining traction this week, following the company's strong second-quarter earnings report released on Monday. The company posted better-than-expected financi… | Palantir Technologies Inc. NYSE:PLTR is seeing its stock surge Friday. Here’s
What To Know: Palantir’s shares have been gaining traction this week, following the company's strong second-quarter earnings report released on Monday. The company posted better-than-expected financial results, with total revenue increasing by 27% year-over-year, bolstered by a 55% surge in U.S. commercial revenue. Additionally, Palantir’s customer base grew by 41% year-over-year.
CEO Alex Karp expressed optimism about the company's future, noting that the growth of the business has been steadily re-accelerating, with significant opportunities ahead. This positive outlook was further reinforced by analysts, many of whom raised their price targets on Palantir stock.
What Else: The momentum continued midweek with Palantir announcing key strategic partnerships. On Wednesday, Palantir revealed a collaboration with Wendy's Quality Supply Chain Co-op (QSCC) to enhance digital transformation, AI adoption and operational decision-making. The partnership will see Wendy's utilizing Palantir's Artificial Intelligence Platform (AIP) for supply chain management and waste prevention.
On Thursday, Palantir also announced an expanded partnership with Microsoft Corp. NASDAQ:MSFT, aimed at deploying AI tools for U.S. government agencies. This collaboration will integrate Palantir's AIP with Microsoft's Large Language Models (LLMs) via Azure OpenAI Service, targeting the U.S. Defense and Intelligence Community.
PLTR Price Action: Palantir shares were up by 2.96% at $30.15 according to
See Also:
e.l.f. Beauty To Gain From Bold Expansion Efforts Internationally – Analysts Weigh InImage via press release.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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benzinga:24b6e40e5094b:0 | 7203 | Toyota Stock Trades In Bearish Territory: Investment Opportunity Or Red Flag? | benzinga | https://benzinga.com/ | 2024-08-09T18:07:11+00:00 | https://www.tradingview.com/news/benzinga:24b6e40e5094b:0-toyota-stock-trades-in-bearish-territory-investment-opportunity-or-red-flag/ | null | [{'symbol': 'NYSE:TM', 'base_logoid': 'toyota'}, {'symbol': 'OTC:BYDDF', 'base_logoid': 'byd-electronic'}, {'symbol': 'OTC:BYDDY', 'base_logoid': 'byd-electronic'}] | /news/benzinga:24b6e40e5094b:0-toyota-stock-trades-in-bearish-territory-investment-opportunity-or-red-flag/ | EN | Toyota Motor Corp NYSE:TM has seen its stock price tumble, now trading around $168, which is a significant 33% below its 52-week high of $255.23. In the last six months alone, the stock has dropped by 25%, with a steep 17% decline in the past month.This downturn in Toyota’s stock comes in the wake… | Toyota Motor Corp NYSE:TM has seen its stock price tumble, now trading around $168, which is a significant 33% below its 52-week high of $255.23. In the last six months alone, the stock has dropped by 25%, with a steep 17% decline in .
This downturn in Toyota’s stock comes in the wake of a broader sell-off in Japanese equities, which has resulted in the unwinding of roughly 70% of speculative yen carry trades, according to a J.P. Morgan Equity Strategy report.
Chief stock strategist Dubravko Lakos-Bujas notes that Japanese stocks are now trading at a price-to-earnings ratio of about 13x, below the 10-year average of 15x, and a relative discount compared to developed markets.
Toyota’s Tug-of-War: Carry Trades And Yen Woes
The carry trade phenomenon involves hedge funds borrowing in yen at near-zero interest rates to invest in higher-yielding assets. While this strategy can lead to investments in various global markets, including Japanese assets, it doesn’t necessarily involve direct investments in Japanese stocks.
However, when interest rates rise and the yen appreciates, the cost of repaying yen-denominated loans increases, which can trigger a panic-driven exit from investments in Japanese stocks, indirectly impacting companies like Toyota by affecting investor sentiment and stock prices.
However, a recent announcement from the Bank of Japan, indicating no immediate rate hikes during current market volatility, might offer some relief.
Despite these challenges, Toyota’s position remains uncertain. The company’s strategy, which heavily relies on conventional hybrid technology, contrasts with the industry’s shift towards Battery Electric Vehicles (BEVs). Additionally, ongoing certification irregularities raise concerns about Toyota’s compliance, Bloomberg reports.
However, its partnership with BYD Co Ld OTC:BYDDF OTC:BYDDY to develop BEVs for the Chinese market reflects an attempt to adapt.
Read Also:
Bearish Signals Abound For Toyota Stock
From a technical standpoint, Toyota’s stock is sending strong sell signals. The share price is below the 5, 20, and 50-day exponential moving averages, indicating a bearish trend.
Chart created using Benzinga Pro
The 8-day SMA at $173.55, 20-day SMA at $188.74, and 50-day SMA at $198.21 all position Toyota in bearish territory, according to market indicators.
With an of Hold and a price target of $179.41, Toyota’s current trading price at $167.26 raises the question: Is this an opportunity for bargain hunters, or a red flag for cautious investors?
Read Next:
Toyota Faces Government Sanctions Over Certification ScandalPhoto: RYO Alexandre/Shutterstock.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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benzinga:183eb5999094b:0 | QQQ | Wall Street Momentum Stalls After Thursday's Rally, Palantir Jumps To 3-Year Highs, Bonds Rally: What's Driving Markets Friday? | benzinga | https://benzinga.com/ | 2024-08-09T17:13:36+00:00 | https://www.tradingview.com/news/benzinga:183eb5999094b:0-wall-street-momentum-stalls-after-thursday-s-rally-palantir-jumps-to-3-year-highs-bonds-rally-what-s-driving-markets-friday/ | null | [{'symbol': 'NASDAQ:TLT', 'base_logoid': 'ishares'}, {'symbol': 'AMEX:SPY', 'base_logoid': 'spdr-sandp500-etf-tr'}, {'symbol': 'AMEX:DIA', 'base_logoid': 'spdr-sandp500-etf-tr'}, {'symbol': 'NASDAQ:QQQ', 'base_logoid': 'invesco'}, {'symbol': 'AMEX:IWM', 'base_logoid': 'ishares'}, {'symbol': 'AMEX:XLV', 'base_logoid': 'sector/health-care'}, {'symbol': 'AMEX:XLI', 'base_logoid': 'sector/industrial'}, {'symbol': 'NYSE:PLTR', 'base_logoid': 'palantir'}, {'symbol': 'NASDAQ:MSFT', 'base_logoid': 'microsoft'}, {'symbol': 'NYSE:LLY', 'base_logoid': 'eli-lilly'}, {'symbol': 'NASDAQ:CSCO', 'base_logoid': 'cisco'}, {'symbol': 'NASDAQ:AKAM', 'base_logoid': 'akamai'}, {'symbol': 'NASDAQ:CARG', 'base_logoid': 'cargurus'}, {'symbol': 'NASDAQ:DBX', 'base_logoid': 'dropbox'}, {'symbol': 'NYSE:ELF', 'base_logoid': 'e-l-f-beauty'}, {'symbol': 'NASDAQ:EVRG', 'base_logoid': 'evergy'}, {'symbol': 'NASDAQ:EXPE', 'base_logoid': 'expedia'}, {'symbol': 'NASDAQ:FIVN', 'base_logoid': 'five9'}, {'symbol': 'NASDAQ:GILD', 'base_logoid': 'gilead'}, {'symbol': 'NASDAQ:PODD', 'base_logoid': 'insulet'}, {'symbol': 'NASDAQ:NFE', 'base_logoid': 'new-fortress-energy-llc'}, {'symbol': 'NASDAQ:PARA', 'base_logoid': 'viacomcbs'}, {'symbol': 'NASDAQ:TTWO', 'base_logoid': 'take-two-interactive-software'}, {'symbol': 'NASDAQ:TTD', 'base_logoid': 'the-trade-desk'}, {'symbol': 'NYSE:U', 'base_logoid': 'unity'}, {'symbol': 'NYSE:YELP', 'base_logoid': 'yelp'}, {'symbol': 'NASDAQ:SATS', 'base_logoid': 'echostar'}, {'symbol': 'NYSE:AXL', 'base_logoid': 'american-axle-manufacturing'}] | /news/benzinga:183eb5999094b:0-wall-street-momentum-stalls-after-thursday-s-rally-palantir-jumps-to-3-year-highs-bonds-rally-what-s-driving-markets-friday/ | EN | After a blistering Thursday that saw the S&P 500 close with its best session in nearly two years — up 2.3% — Wall Street’s price action turned sluggish on a Friday lacking market-moving economic events.By midday in New York, major indices were slightly positive or hovering around the flat line, sig… | After a blistering Thursday that saw the S&P 500 close with its best session in nearly two years — up 2.3% — Wall Street’s price action turned sluggish on a Friday lacking
By midday in New York, major indices were slightly positive or hovering around the flat line, signaling a slowdown in the bullish sentiment compared to the previous session.
Since the beginning of the week, the S&P 500 is down 0.5%, with a few hours of trading left to determine whether the U.S. stock market can avoid closing in the red for the fourth consecutive week.
Meanwhile, there's a renewed demand for long-dated U.S. Treasury bonds, with yields declining by about 6 basis points on both the 10-year and 30-year notes. As a result, the popular iShares 20+ Year Treasury Bond ETF NASDAQ:TLT rallied 1%, snapping a three-session losing streak.
The dollar slightly weakened, slipping 0.5% against the Japanese yen after three consecutive days of gains.
Traders now see nearly equal odds of a 50-basis-point or a 25-basis-point rate cut by the Federal Reserve in September, according to the CME Group’s FedWatch tool.
In commodities, oil is up 0.7%, with West Texas Intermediate (WTI) light crude poised for its third consecutive session of gains.
Bitcoin plunged 2% after rallying nearly 12%, marking its best-performing day since February 2022.
Friday’s Performance In Major US Indices, ETFs
Major Indices Price1-day %chgS&P 5005,329.240.2%Nasdaq 10018,426.220.1 %Dow Jones39,435.120.0%Russell 20002,075.91-0.5%According to Benzinga Pro data:
The SPDR S&P 500 ETF Trust AMEX:SPY rose 0.2% to $531.66.The SPDR Dow Jones Industrial Average AMEX:DIA was flat at $394.74.The tech-heavy Invesco QQQ Trust Series NASDAQ:QQQ inched 0.2% higher to $448.94.The iShares Russell 2000 ETF AMEX:IWM fell 0.5% to $205.88.The Health Care Select Sector SPDR Fund AMEX:XLV outperformed, up by 0.4%. The Industrial Select Sector SPDR Fund AMEX:XLI lagged, down by 0.2%.Friday’s Stock Movers
Palantir Technologies Inc. NYSE:PLTR climbed 1.5%, building on the previous day’s 11% surge following the announcement of a partnership with Microsoft Corp. NASDAQ:MSFT to deliver advanced cloud, artificial intelligence, and analytics capabilities to U.S. defense and intelligence agencies. Shares of Palantir are on track to close at the highest level since February 2021.Eli Lilly & Co. NYSE:LLY surged over 6% after several investment banks raised their price targets, following a strong earnings report last quarter. Cisco Systems Inc. NASDAQ:CSCO declined over 1% after revealing plans for thousands of job cuts, marking its second round of layoffs this year, as the company redirects its focus toward fast-growing sectors such as cybersecurity and artificial intelligence, Reuters reported.Stocks reacting to company earnings are:
Akamai Technologies, Inc. NASDAQ:AKAM up 10%,CarGurus, Inc. NASDAQ:CARG up 18%, Dropbox, Inc. NASDAQ:DBX up 2.3%,elf Beauty, Inc. NYSE:ELF down 15%,Evergy Inc. NASDAQ:EVRG down 0.7%,Expedia Group, Inc. NASDAQ:EXPE up 9%,Five9, Inc. NASDAQ:FIVN down 26%,Gilead Sciences, Inc. NASDAQ:GILD down 3%,Insulet Corporation NASDAQ:PODD down over 7%,New Fortress Energy Inc. NASDAQ:NFE down 26%,Paramount Global NASDAQ:PARA up 0.5%,Take-Two Interactive Software, Inc. NASDAQ:TTWO up 2.5%,Trade Desk, Inc. NASDAQ:TTD up 9.7%,Unity Software Inc. NYSE:U up 11%,Yelp Inc. NYSE:YELP up 2.6%. Read Now:
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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tag:reuters.com,2024-08-09:newsml_RSI9764Za:0 | MSFT | REG - Bango PLC - Director/PDMR Shareholding | reuters | https://www.tradingview.com/news/providers/reuters/ | 2024-08-09T17:08:37+00:00 | https://www.tradingview.com/news/reuters.com,2024-08-09:newsml_RSI9764Za:0-reg-bango-plc-director-pdmr-shareholding/ | null | [{'symbol': 'NASDAQ:AMZN', 'base_logoid': 'amazon'}, {'symbol': 'NASDAQ:GOOG', 'base_logoid': 'alphabet'}, {'symbol': 'NASDAQ:MSFT', 'base_logoid': 'microsoft'}, {'symbol': 'LSE:BGO', 'logoid': '', 'base_logoid': ''}] | /news/reuters.com,2024-08-09:newsml_RSI9764Za:0-reg-bango-plc-director-pdmr-shareholding/ | EN | RNS Number : 9764Z Bango PLC 09 August 2024 BANGO PLC("Bango" or the "Company")Share Purchase and Director/PDMR DealingsCambridge, UK, 9 August 2024 - Bango (AIM: BGO), has been notified that on 9 August 2024, Rachel Ellis, PDMR, General Counsel and Company Secretary of Bango, purchased 3,538 O… | RNS Number : 9764Z Bango PLC 09 August 2024 BANGO PLC
("Bango" or the "Company")
Share Purchase and Director/PDMR Dealings
Cambridge, UK, 9 August 2024 - Bango (AIM: BGO), has been notified that on 9 August 2024, Rachel Ellis, PDMR, General Counsel and Company Secretary of Bango, purchased 3,538 Ordinary Shares for herself and her children at an average price of 119 pence per share.
Following this share purchases, Ms Ellis has a total beneficial interest in 23,988 Ordinary Shares in the Company, equivalent to 0.03 per cent. of the Company's issued share capital.
Contact Details:
Bango PLC
Singer Capital Markets (Nominated Adviser and Broker)
+44 1223 617 387
+44 20 7496 3000
investors@bango.com
Paul Larbey, CEO
Jen Boorer
Matt Garner, CFO
Asha Chotai
About Bango
Bango enables content providers to reach more paying customers through global partnerships. Bango revolutionized the monetization of digital content and services, by opening-up online payments to mobile phone users worldwide. Today, the Digital Vending Machine® is driving the rapid growth of the subscriptions economy, powering choice and control for subscribers.
The world's largest content providers, including Amazon NASDAQ:AMZN, Google NASDAQ:GOOG and Microsoft NASDAQ:MSFT trust Bango technology to reach subscribers everywhere.
Bango, where people subscribe. For more information, visit www.bangoinvestor.com
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
1
Details of the person discharging managerial responsibilities/person closely associated
a)
Name
Rachel Christine Ellis
2
Reason for notification
a)
Position/Status
PDMR, General Counsel and Company Secretary
b)
Initial notification/Amendment
Initial Notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
Bango PLC
b)
LEI
213800V5MWHQCL7RF574
4
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)
Description of the financial instrument, type of instrument
Identification code
Ordinary Shares of 20 pence each
GB00B0BRN552
b)
Nature of the transaction
Purchase of Ordinary Shares
c)
Price(s) and volume(s)
Price(s)
Volume(s)
119 pence
2,892
d)
Aggregated information
- Aggregated volume
- Price
N/A Single Transaction
e)
Date of the transaction
9 August 2024
f)
Place of the transaction
London Stock Exchange XLON
1
Details of the person discharging managerial responsibilities/person closely associated
a)
Name
Madeleine Grace Greenhalgh
2
Reason for notification
a)
Position/Status
PCA of Rachel Ellis, PDMR, General Counsel and Company Secretary
b)
Initial notification/Amendment
Initial Notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
Bango PLC
b)
LEI
213800V5MWHQCL7RF574
4
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)
Description of the financial instrument, type of instrument
Identification code
Ordinary Shares of 20 pence each
GB00B0BRN552
b)
Nature of the transaction
Purchase of Ordinary Shares
c)
Price(s) and volume(s)
Price(s)
Volume(s)
122 pence
198
d)
Aggregated information
- Aggregated volume
- Price
N/A Single Transaction
e)
Date of the transaction
9 August 2024
f)
Place of the transaction
London Stock Exchange XLON
1
Details of the person discharging managerial responsibilities/person closely associated
a)
Name
Samuel Ayton Greenhalgh
2
Reason for notification
a)
Position/Status
PCA of Rachel Ellis, PDMR, General Counsel and Company Secretary
b)
Initial notification/Amendment
Initial Notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
Bango PLC
b)
LEI
213800V5MWHQCL7RF574
4
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)
Description of the financial instrument, type of instrument
Identification code
Ordinary Shares of 20 pence each
GB00B0BRN552
b)
Nature of the transaction
Purchase of Ordinary Shares
c)
Price(s) and volume(s)
Price(s)
Volume(s)
119 pence
224
d)
Aggregated information
- Aggregated volume
- Price
N/A Single Transaction
e)
Date of the transaction
9 August 2024
f)
Place of the transaction
London Stock Exchange XLON
1
Details of the person discharging managerial responsibilities/person closely associated
a)
Name
Charlotte Alice Greenhalgh
2
Reason for notification
a)
Position/Status
PCA of Rachel Ellis, PDMR, General Counsel and Company Secretary
b)
Initial notification/Amendment
Initial Notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
Bango PLC
b)
LEI
213800V5MWHQCL7RF574
4
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)
Description of the financial instrument, type of instrument
Identification code
Ordinary Shares of 20 pence each
GB00B0BRN552
b)
Nature of the transaction
Purchase of Ordinary Shares
c)
Price(s) and volume(s)
Price(s)
Volume(s)
119 pence
224
d)
Aggregated information
- Aggregated volume
- Price
N/A Single Transaction
e)
Date of the transaction
9 August 2024
f)
Place of the transaction
London Stock Exchange XLON
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy. END DSHDKLFBZVLBBBE
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benzinga:b71708c3c094b:0 | QQQ | Power Of Oversold Bounce Overcomes Another Weak Treasury Auction | benzinga | https://benzinga.com/ | 2024-08-09T16:01:29+00:00 | https://www.tradingview.com/news/benzinga:b71708c3c094b:0-power-of-oversold-bounce-overcomes-another-weak-treasury-auction/ | null | [{'symbol': 'AMEX:SPY', 'base_logoid': 'spdr-sandp500-etf-tr'}, {'symbol': 'NASDAQ:MSFT', 'base_logoid': 'microsoft'}, {'symbol': 'NASDAQ:NVDA', 'base_logoid': 'nvidia'}, {'symbol': 'NASDAQ:AMZN', 'base_logoid': 'amazon'}, {'symbol': 'NASDAQ:AAPL', 'base_logoid': 'apple'}, {'symbol': 'NASDAQ:GOOG', 'base_logoid': 'alphabet'}, {'symbol': 'NASDAQ:META', 'base_logoid': 'meta-platforms'}, {'symbol': 'NASDAQ:TSLA', 'base_logoid': 'tesla'}, {'symbol': 'NASDAQ:QQQ', 'base_logoid': 'invesco'}, {'symbol': 'AMEX:GLD', 'base_logoid': 'spdr-sandp500-etf-tr'}, {'symbol': 'AMEX:SLV', 'base_logoid': 'ishares'}, {'symbol': 'AMEX:USO', 'base_logoid': 'uscf-fund'}] | /news/benzinga:b71708c3c094b:0-power-of-oversold-bounce-overcomes-another-weak-treasury-auction/ | EN | To gain an edge, this is what you need to know today.Weak Treasury AuctionPlease click here for an enlarged chart of SPDR S&P 500 ETF Trust AMEX:SPY which represents the benchmark stock market index S&P 500 (SPX).Note the following:Magnificent Seven Money FlowsIn the early trade, money flows are po… |
To gain an edge, this is what you need to know today.
Weak Treasury Auction
Please click here for an enlarged chart of SPDR S&P 500 ETF Trust AMEX:SPY which represents the benchmark stock market index S&P 500 (SPX).
Note the following:
The chart shows that the stock market is consolidating around the support zone.RSI on the chart shows that the stock market has moved out of the oversold zone.The price action in the stock market today will depend on the battle between smart money and the momo crowd. The momo crowd is buying on the belief that the correction is over and the Fed will come to the rescue.Smart money is trying to reduce risk ahead of the weekend.If a short squeeze starts, the market can go much higher. Today is a Friday. Short squeezes tend to start on Fridays. The pattern traced by the volatility index VIX suggests a fair probability of the correction being over.We shared with you yesterday that the stock market was oversold and oversold markets tend to bounce.The chart shows that yesterday the oversold bounce was so strong that it overcame a weak Treasury auction. Here are the results of the Treasury auction: $25B 30-year Treasury bond auctionHigh yield: 4.314% (When-Issued: 4.283%)Bid-to-cover: 2.31Indirect bid: 65.3%Direct bid: 15.5% The price action on Thursday on a weak Treasury auction was directly opposite of the price action on Wednesday. On Wednesday, the stock market fell out of bed after weak Treasury auction results were reported.In anticipation of weak Treasury results on Thursday, many investors sold short.On Thursday when the stock market did not immediately fall on weak Treasury results, short sellers started covering. This buying led to a short squeeze, causing the stock market to go higher. In The Arora Report analysis, in view of the rising national debt and high deficits, from a macro perspective, prudent investors should be concerned about weak Treasury auctions. This is especially important because, under Yellen, the U.S. Treasury is manipulating the issuance to prevent weak Treasury auctions. This is one of the elements that go into determining the protection band. Investors should pay attention to the protection band. Overnight, futures were higher based on the momentum from yesterday. As we get closer to the opening, there is wider recognition that yesterday's rally was short covering and an oversold bounce. This is bringing in selling and stock futures have turned negative as of this writing.The foregoing illustrates that there are a number of crosscurrents that move the stock market. For example, those who predicted on Thursday that the Treasury auction would be weak were correct but the market reaction was opposite to what would have been expected by less informed investors.At least two Fed officials are not onboard with the market's demands for an emergency rate cut. Fed President Tom Barkin expressed that there is time for the Fed to determine if action is required.Fed President Jeffrey Schmid said that because inflation is still above the target and the labor market is healthy it is not time for a rate cut. Magnificent Seven Money Flows
In the early trade, money flows are positive in Microsoft Corp NASDAQ:MSFT and NVIDIA Corp NASDAQ:NVDA.
In the early trade, money flows are neutral in Amazon.com, Inc. NASDAQ:AMZN.
In the early trade, money flows are negative in Apple Inc NASDAQ:AAPL, Alphabet Inc Class C NASDAQ:GOOG, Meta Platforms Inc NASDAQ:META, and Tesla Inc NASDAQ:TSLA.
In the early trade, money flows are mixed in SPY and Invesco QQQ Trust Series 1 NASDAQ:QQQ.
Momo Crowd And Smart Money In Stocks
Investors can gain an edge by knowing money flows in SPY and QQQ. Investors can get a bigger edge by knowing when smart money is buying stocks, gold, and oil. The most popular ETF for gold is SPDR Gold Trust AMEX:GLD. The most popular ETF for silver is iShares Silver Trust AMEX:SLV. The most popular ETF for oil is United States Oil ETF AMEX:USO.
Bitcoin
Bitcoin has moved above $60,000 on hopes that bitcoin whales will run up bitcoin this weekend.
Protection Band And What To Do Now
It is important for investors to look ahead and not in the rearview mirror.
Consider continuing to hold good, very long term, existing positions. Based on individual risk preference, consider a protection band consisting of cash or Treasury bills or short-term tactical trades as well as short to medium term hedges and short term hedges. This is a good way to protect yourself and participate in the upside at the same time.
You can determine your protection bands by adding cash to hedges. The high band of the protection is appropriate for those who are older or conservative. The low band of the protection is appropriate for those who are younger or aggressive. If you do not hedge, the total cash level should be more than stated above but significantly less than cash plus hedges.
A protection band of 0% would be very bullish and would indicate full investment with 0% in cash. A protection band of 100% would be very bearish and would indicate a need for aggressive protection with cash and hedges or aggressive short selling.
It is worth reminding that you cannot take advantage of new upcoming opportunities if you are not holding enough cash. When adjusting hedge levels, consider adjusting partial stop quantities for stock positions (non ETF); consider using wider stops on remaining quantities and also allowing more room for high beta stocks. High beta stocks are the ones that move more than the market.
Traditional 60/40 Portfolio
Probability based risk reward adjusted for inflation does not favor long duration strategic bond allocation at this time.
Those who want to stick to traditional 60% allocation to stocks and 40% to bonds may consider focusing on only high quality bonds and bonds of five year duration or less. Those willing to bring sophistication to their investing may consider using bond ETFs as tactical positions and not strategic positions at this time.
The Arora Report is known for its accurate calls. The Arora Report correctly called the big artificial intelligence rally before anyone else, the new bull market of 2023, the bear market of 2022, new stock market highs right after the virus low in 2020, the virus drop in 2020, the DJIA rally to 30,000 when it was trading at 16,000, the start of a mega bull market in 2009, and the financial crash of 2008. Please click here to sign up for a free forever Generate Wealth Newsletter.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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urn:newsml:mtnewswires.com:20240809:A3201675:0 | MSFT | Palantir Technologies' AI Partnership With Microsoft a Potential Game Changer, Wedbush Says | mt-newswires | https://www.tradingview.com/news/providers/mt-newswires/ | 2024-08-09T14:50:09+00:00 | https://www.tradingview.com/news/mtnewswires.com:20240809:A3201675:0/ | null | [{'symbol': 'NYSE:PLTR', 'base_logoid': 'palantir'}, {'symbol': 'NASDAQ:MSFT', 'base_logoid': 'microsoft'}] | /news/mtnewswires.com:20240809:A3201675:0/ | EN | Palantir Technologies' NYSE:PLTR and Microsoft's NASDAQ:MSFT recently announced partnership to offer enhanced cloud, artificial intelligence and analytics capabilities to the US defense and intelligence communities is a potential game changer, Wedbush Securities analysts said in a note Friday. "Wit… | Palantir Technologies' NYSE:PLTR and Microsoft's NASDAQ:MSFT recently announced partnership to offer enhanced cloud, artificial intelligence and analytics capabilities to the US defense and intelligence communities is a potential game changer, Wedbush Securities analysts said in a note Friday.
"With an enhanced product portfolio of advanced AI capabilities that will be safely, securely, and responsibly deployed for the US government, this was a major partnership deal to continue generating further momentum within the federal sector over the coming years with many government agencies seeking to integrate AI models to improve operational workloads," the analysts, including Daniel Ives, said.
The analysts said Palantir can now implement AI faster while it continues to accelerate the adoption of its AI Platform within the federal sector.
"The company's federal cloud service is authorized to deploy on [Microsoft] Azure for impact level 5 environments while deploying its suite of products in Azure Government and Azure Government Secret to continue supporting defense and intelligence communities by operationalizing AI," the analysts said. "While the availability of these services is subject to agency authorization and accreditation, this is a major step towards generating more durable revenue streams."
Wedbush maintained Palantir's outperform rating and $38 price target.
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urn:newsml:mtnewswires.com:20240809:A3201457:0 | MSFT | Delta's 'Willful Misconduct' Claim Against CrowdStrike Over Tech Outage Difficult to Prove, Wedbush Says | mt-newswires | https://www.tradingview.com/news/providers/mt-newswires/ | 2024-08-09T14:37:34+00:00 | https://www.tradingview.com/news/mtnewswires.com:20240809:A3201457:0/ | null | [{'symbol': 'NYSE:DAL', 'base_logoid': 'delta-air-lines'}, {'symbol': 'NASDAQ:CRWD', 'base_logoid': 'crowdstrike'}, {'symbol': 'NASDAQ:MSFT', 'base_logoid': 'microsoft'}] | /news/mtnewswires.com:20240809:A3201457:0/ | EN | Delta Air Lines' NYSE:DAL claim that CrowdStrike NASDAQ:CRWD engaged in "gross negligence" and "willful misconduct" related to the July global tech outage would be difficult to prove, Wedbush Securities said in a Friday client note. CrowdStrike's legal counsel, Michael Carlinsky, said in a July 29… | Delta Air Lines' NYSE:DAL claim that CrowdStrike NASDAQ:CRWD engaged in "gross negligence" and "willful misconduct" related to the July global tech outage would be difficult to prove, Wedbush Securities said in a Friday client note.
CrowdStrike's legal counsel, Michael Carlinsky, said in a July 29 letter to David Boies, who is representing Delta, that any liability by CrowdStrike is contractually capped at an amount in the single-digit millions. Boies rejected that cap in a Thursday letter.
"The contract does not cap liability or damages for gross negligence or willful misconduct," according to Boies' letter.
Proving an entity engaged in gross negligence and willful misconduct has a high bar, according to Wedbush, citing discussions with legal experts. "That said, the situation remains fluid," analysts led by Taz Koujalgi wrote in the note.
Wedbush has an outperform rating on CrowdStrike's stock with a 12-month price target of $315.
The July 19 outage stemmed from an update CrowdStrike deployed for its Falcon sensors on Microsoft NASDAQ:MSFT Windows systems, affecting several industries, banks, health care organizations and airlines. The incident caused the carrier to cancel about 7,000 flights over five days, Delta said in a Thursday filing with the Securities and Exchange Commission.
The carrier estimates a third-quarter direct revenue impact of $380 million from the outage, mainly due to refunds for cancelled flights. Non-fuel expenses and the subsequent operational recovery are expected to cost at $170 million, while fuel costs are set to be $50 million lower as a result of the flight cancellations, according to Delta. Annual capacity growth for the September quarter is anticipated to be impacted by roughly 1.5 points.
In the filing, Delta Chief Executive Ed Bastian reiterated the airline's intention to pursue legal action against CrowdStrike and Microsoft to recover damages of "at least $500 million." Neither CrowdStrike nor Microsoft responded to MT Newswires' requests for comment.
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benzinga:2712fa6e2094b:0 | QQQ | EXCLUSIVE: Which Magnificent 7 Stock Could Best Weather A Recession? Benzinga Readers Split On Pick, With A Tie For The Win | benzinga | https://benzinga.com/ | 2024-08-09T14:03:02+00:00 | https://www.tradingview.com/news/benzinga:2712fa6e2094b:0-exclusive-which-magnificent-7-stock-could-best-weather-a-recession-benzinga-readers-split-on-pick-with-a-tie-for-the-win/ | null | [{'symbol': 'AMEX:SPY', 'base_logoid': 'spdr-sandp500-etf-tr'}, {'symbol': 'NASDAQ:QQQ', 'base_logoid': 'invesco'}, {'symbol': 'NASDAQ:AMZN', 'base_logoid': 'amazon'}, {'symbol': 'NASDAQ:NVDA', 'base_logoid': 'nvidia'}, {'symbol': 'NASDAQ:MSFT', 'base_logoid': 'microsoft'}, {'symbol': 'NASDAQ:AAPL', 'base_logoid': 'apple'}, {'symbol': 'NASDAQ:GOOG', 'base_logoid': 'alphabet'}, {'symbol': 'NASDAQ:GOOGL', 'base_logoid': 'alphabet'}, {'symbol': 'NASDAQ:TSLA', 'base_logoid': 'tesla'}, {'symbol': 'NASDAQ:META', 'base_logoid': 'meta-platforms'}, {'symbol': 'NASDAQ:MAGS', 'base_logoid': 'roundhmetave-aeoa'}] | /news/benzinga:2712fa6e2094b:0-exclusive-which-magnificent-7-stock-could-best-weather-a-recession-benzinga-readers-split-on-pick-with-a-tie-for-the-win/ | EN | A large drop in the market on Monday sparked fears of a recession. While the stock market has recovered in the days since, investors are factoring concerns of a recession and high valuations for stocks including the Magnificent 7 members.What Happened: The SPDR S&P 500 ETF Trust AMEX:SPY, which fol… | A large drop in the market on Monday sparked fears of a recession. While the stock market has recovered in the days since, investors are factoring concerns of a recession and high valuations for stocks including the
What Happened: The SPDR S&P 500 ETF Trust AMEX:SPY, which follows the S&P 500 Index, and the Invesco QQQ Trust NASDAQ:QQQ, which tracks the Nasdaq 100 of 3% due to economic uncertainties and global fears.
With many stocks down on Monday, the Magnificent 7 stocks were also hit and some investors chose to buy the dip on these stocks that have typically outperformed the broad market.
Benzinga asked readers their opinion on the outlook for the Magnificent 7 stocks.
"Which of the following Magnificent 7 stocks do you believe will be best able to weather a recession?" Benzinga asked.
Here are the results:
Amazon.com Inc NASDAQ:AMZN: 27%
NVIDIA Corp NASDAQ:NVDA: 27%
Microsoft Corp NASDAQ:MSFT: 22%
Apple Inc NASDAQ:AAPL: 8%
Alphabet Inc NASDAQ:GOOGNASDAQ:GOOGL: 6%
Tesla Inc NASDAQ:TSLA: 6%
Meta Platforms NASDAQ:META: 4%
The poll found readers think Amazon and Nvidia are best positioned to weather a potential recession. Amazon is a leader in e-commerce and has its AWS cloud business that has increased revenue and earnings. Nvidia has been a top-performing stock in recent years and is viewed as a leader in artificial intelligence by many.
Ranking close behind the winners was Microsoft, a company that operates in cloud, search, video games, business software and more segments.
Read Also:
Why It's Important: While fears of a recession have shrunk in the days since Monday, investors should be aware that August and September are traditionally weak months for the stock market.
Investors could be looking for hedges against market underperformance or for the coming years of growth from trends such as artificial intelligence.
Here's a look at the year-to-date, one-year and five-year performances of the Magnificent 7 stocks as of Aug. 8:
Apple: +11.0% YTD, +19.5% 1-Year, +320.2% 5-YearMicrosoft: +7.7% YTD, +22.7% 1-Year, +199.3% 5-YearAlphabet: +16.9% YTD, +24.1% 1-Year, +177.7% 5-YearAmazon: +9.4% YTD, +16.9% 1-Year, +85.4% 5-YearNvidia: +112.4% YTD, +131.6% 1-Year, +2,557.9% 5-YearMeta: +42.9% YTD, +59.7% 1-Year, +165.9% 5-YearTesla: -19.6% YTD, -20.5% 1-Year, +1,184.4% 5-YearFor comparison, the SPDR S&P 500 ETF Trust is up 11.5% year-to-date, up 15.1% over the last year and up 80.5% over the past five years. Only three of the Magnificent 7 stocks are ahead of the SPY year-to-date.
Looking longer-term, six of the seven Magnificent 7 stocks have outperformed the SPY over the past year and all seven have outperformed the SPY over the past five years.
Benzinga recently asked readers if they thought markets would hit new highs in 2024. The poll found that 72% of readers don't think the market has peaked for 2024, suggesting more gains coming in the final four months of the year.
For investors looking for exposure to the Magnificent 7 stocks without having to choose one or two winners, there is the Roundhill Magnificent Seven ETF NASDAQ:MAGS, which holds all seven stocks.
The study was conducted by Benzinga on Aug. 6 and Aug. 7, 2024, and included the responses of a diverse population of adults 18 or older. Opting into the survey was completely voluntary, with no incentives offered to potential respondents. The study reflects results from 113 adults.
Read Next:
Fed Rate Cuts Could Avert Recession, Say 75% In Benzinga Poll: Majority See Market Dip As TemporaryPhoto: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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tag:reuters.com,2024-08-09:newsml_NFC2PMhSm:0 | 7203 | SHAREHOLDER NOTICE: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of Toyota | reuters | https://www.tradingview.com/news/providers/reuters/ | 2024-08-09T13:45:00+00:00 | https://www.tradingview.com/news/reuters.com,2024-08-09:newsml_NFC2PMhSm:0-shareholder-notice-faruqi-faruqi-llp-investigates-claims-on-behalf-of-investors-of-toyota/ | null | [{'symbol': 'NYSE:TM', 'base_logoid': 'toyota'}] | /news/reuters.com,2024-08-09:newsml_NFC2PMhSm:0-shareholder-notice-faruqi-faruqi-llp-investigates-claims-on-behalf-of-investors-of-toyota/ | EN | Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Toyota To Contact Him Directly To Discuss Their OptionsIf you purchased or acquired securities in Toyota between June 25, 2022 and June 2, 2024 and would like to dis… | Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Toyota To Contact Him Directly To Discuss Their Options
If you purchased or acquired securities in Toyota between June 25, 2022 and June 2, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/TM.
New York, New York--(Newsfile Corp. - August 9, 2024) - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Toyota Motor Corporation ("Toyota" or the "Company") NYSE:TM and reminds investors of the August 23, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, this Complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts, about the Company's business and operations. Specifically, Defendants misrepresented and/or failed to disclose that: (1) Toyota understated its malfeasance relating to certification of its cars and issues relating to overall legal compliance; and (2) as a result, defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On June 3, 2024, The New York Times published an article entitled "Toyota and Other Japanese Carmakers Say They Mishandled Safety Tests." This article stated, in pertinent part, that "Toyota [. . .] and other top Japanese automakers said on Monday that internal investigations found they had mishandled vehicle testing on dozens of models over the past decade." Further, "Toyota said it had failed to gather proper data when doing pedestrian and occupant safety tests for three models, including its popular Yaris Cross sport utility vehicle."
On this news, Toyota's American Depositary Shares ("ADSs") fell $5.34 per ADS, or 2.45%, to close at $212.17 per ADS on June 3, 2024.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Toyota's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the Toyota class action, go to www.faruqilaw.com/TM or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
Follow us for updates on LinkedIn, on X, or on Facebook.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/219297
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benzinga:8c6517c55094b:0 | QQQ | Harris Vs. Trump: Expert Says S&P 500 Trends Could Predict 2024 Presidential Election Outcome | benzinga | https://benzinga.com/ | 2024-08-09T13:00:25+00:00 | https://www.tradingview.com/news/benzinga:8c6517c55094b:0-harris-vs-trump-expert-says-s-p-500-trends-could-predict-2024-presidential-election-outcome/ | null | [{'symbol': 'AMEX:SPY', 'base_logoid': 'spdr-sandp500-etf-tr'}, {'symbol': 'NASDAQ:QQQ', 'base_logoid': 'invesco'}] | /news/benzinga:8c6517c55094b:0-harris-vs-trump-expert-says-s-p-500-trends-could-predict-2024-presidential-election-outcome/ | EN | In the run-up to the U.S. Presidential election, the stock market’s performance could serve as a reliable predictor of the election results, as per the chief technical strategist at LPL.What Happened: Adam Turnquist, LPL’s chief technical strategist, stated that the S&P 500 has an 83% success rate… | In the run-up to the U.S. Presidential election, the stock market’s performance could serve as a reliable predictor of the election results, as per the chief technical strategist at LPL.
What Happened: Adam Turnquist, LPL’s chief technical strategist, stated that the S&P 500 has an 83% success rate in forecasting the victorious political party in the Presidential elections since 1928, Business Insider reported on Thursday.
Turnquist emphasized the stock market’s performance in the three months preceding the election as the key predictor.
“Since 1928, whenever the S&P 500 was positive during the three months leading up to an election, the incumbent party remained in control of the White House 80% of the time,” he explained.
For example, a 24.8% fall in the S&P 500 in the three months before the 2008 election indicated the Democrats’ victory, led by President Barack Obama, ending the Republican’s eight-year control of the White House. Likewise, a 2.3% decline in the S&P 500 before the 2016 election signaled President Donald Trump‘s win, ending the Democrats’ eight-year rule.
See Also:
Why It Matters: The stock market predictor, though not perfect, is noteworthy. The S&P 500 is currently down about 0.5% since the three-month window opened on Monday, hinting at the Republicans as the likely winners in November. However, with 88 days left before the election, the market’s performance and its influence on the election result are still uncertain. Earlier this year, Trump credited his lead in the polls for the market’s success but later blamed Vice President Kamala Harris for its crash.
The on Sep. 10 between Trump and Harris could further influence the market and, potentially, the election outcome.
The SPDR S&P 500 ETF Trust AMEX:SPY that tracks the S&P 500 was trading 0.34% lower at $528.85 during Friday’s pre-market while Invesco QQQ Trust, Series 1 NASDAQ:QQQ was down 0.48% and was trading at $445.93 at the same time, according to .
Read Next:
Trump Vs. Harris: Veteran Pollster Says This Candidate Is Building ‘Real Lead,’ Riding High On Momentum Despite Economic HeadwindsImage via Shutterstock
This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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urn:newsml:mtnewswires.com:20240809:A3201290:0 | MSFT | Microsoft Warns of Iran's 'Intent to Influence' November Elections | mt-newswires | https://www.tradingview.com/news/providers/mt-newswires/ | 2024-08-09T11:45:01+00:00 | https://www.tradingview.com/news/mtnewswires.com:20240809:A3201290:0/ | null | [{'symbol': 'NASDAQ:MSFT', 'base_logoid': 'microsoft'}] | /news/mtnewswires.com:20240809:A3201290:0/ | EN | Microsoft NASDAQ:MSFT said Thursday that its monitoring of cyber activity "increasingly points to Iran's intent to influence" the US presidential election in November. The company said groups connected with the Iranian government have started working on influence campaigns focused on trending elect… | Microsoft NASDAQ:MSFT said Thursday that its monitoring of cyber activity "increasingly points to Iran's intent to influence" the US presidential election in November.
The company said groups connected with the Iranian government have started working on influence campaigns focused on trending election-related topics to either spark controversy or sway voters, and launched operations to gather intelligence on political campaigns.
According to Microsoft, a group connected with the Islamic Revolutionary Guard Corps, or IRGC, sent a phishing email in June to a high-ranking official on a presidential campaign. The same group also attempted to log into an account of a former presidential candidate, the company added.
Other groups have launched news sites using artificial intelligence for some of their content and targeted government organizations in swing states, Microsoft said.
These are contained in a new report released by the Microsoft Threat Analysis Center Friday, Microsoft added.
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DJN_DN20240809005776:0 | MSFT | Google's Antitrust Ruling Is Not the Biggest Problem It Faces. — Barrons.com | dow-jones | https://www.tradingview.com/news/providers/dow-jones/ | 2024-08-09T11:40:00+00:00 | https://www.tradingview.com/news/DJN_DN20240809005776:0/ | 2024 Dow Jones & Company, Inc. All rights reserved. | [{'symbol': 'TSE:9984', 'base_logoid': 'softbank'}, {'symbol': 'NASDAQ:GOOG', 'base_logoid': 'alphabet'}, {'symbol': 'NASDAQ:MSFT', 'base_logoid': 'microsoft'}] | /news/DJN_DN20240809005776:0/ | EN | By Adam ClarkGoogle is facing the biggest threats to its dominant position in the search-engine market for years.Traders are still digesting the consequences for Google and its parent Alphabet from a federal judge's finding that the company monopolized internet search, a ruling that the company is… | By Adam Clark
Google is facing the biggest threats to its dominant position in the search-engine market for years.
Traders are still digesting the consequences for Google and its parent Alphabet from a federal judge's finding that the company monopolized internet search, a ruling that the company is expected to appeal.
But, as Barron's has written, Google is unlikely to lose its dominant market share directly as a result of any changes caused by the antitrust ruling. And Apple, which receives generous payments from Google to have at as its default engine on the iPhone, could be the bigger loser from the case.
There's a more fundamental problem on the horizon — AI-powered rivals usurping Google as the the tool of choice for navigating the internet.
While Microsoft would dearly love for its Bing search engine to become a serious challenger to Google, the buzz in the AI world has centered instead around Perplexity. The AI-powered search start-up offers a free product as well as a $20-a-month subscription option, allowing users to choose their preferred AI model and upload files to be analyzed, among other services. It said in April that it was serving 169 million queries a month.
Perplexity looks to have grown steadily since then. It answered roughly 250 million questions in the last month and has increased its monthly revenue and usage sevenfold since the start of the year, according to a Financial Times report on Friday, citing an interview with the company's chief business officer.
That's still minuscule compared with Google's volumes of billions of queries a day and 91% market share (Bing has close to 4%), according to data provider Statcounter GlobalStats. However it does indicate that Perplexity has momentum on its side.
That momentum was enough for Perplexity to recently raise $250 million, valuing the company at around $3 billion, with investors including Japan's SoftBank, according to the FT. Its previous backers include former Amazon.com boss Jeff Bezos, chipmaker Nvidia, venture-capital firms, and other individual investors.
The next test will come with Perplexity's intention to start displaying advertising alongside its searches in the coming months, bringing it into more direct competition with Google. The company hopes that a revenue-sharing program with news publishers will help soothe previous criticism on its use of copyrighted content in its AI-generated results.
Google might well be able to see off its much smaller competitors, but it could still lose out if can't put as many adverts next to AI-generated results or is forced into higher capital spending to improve its technology.
Antitrust isn't the only thing Alphabet stockholders should be keeping an eye on.
Write to Adam Clark at adam.clark@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
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benzinga:f707d82c4094b:0 | QQQ | Nasdaq, S&P 500 Futures Climb After Thursday's Strong Rebound, Bitcoin Sizzles: Analyst Predicts A Roller Coaster Ride For Stocks Until This Happens | benzinga | https://benzinga.com/ | 2024-08-09T11:35:40+00:00 | https://www.tradingview.com/news/benzinga:f707d82c4094b:0-nasdaq-s-p-500-futures-climb-after-thursday-s-strong-rebound-bitcoin-sizzles-analyst-predicts-a-roller-coaster-ride-for-stocks-until-this-happens/ | null | [{'symbol': 'NASDAQ:PARA', 'base_logoid': 'viacomcbs'}, {'symbol': 'NASDAQ:TTWO', 'base_logoid': 'take-two-interactive-software'}, {'symbol': 'NYSE:DOCS', 'base_logoid': 'doximity'}, {'symbol': 'NASDAQ:EXPE', 'base_logoid': 'expedia'}, {'symbol': 'NASDAQ:TTD', 'base_logoid': 'the-trade-desk'}, {'symbol': 'NASDAQ:CARG', 'base_logoid': 'cargurus'}, {'symbol': 'NYSE:AXL', 'base_logoid': 'american-axle-manufacturing'}, {'symbol': 'NASDAQ:AKAM', 'base_logoid': 'akamai'}, {'symbol': 'NASDAQ:FIVN', 'base_logoid': 'five9'}, {'symbol': 'NYSE:ELF', 'base_logoid': 'e-l-f-beauty'}, {'symbol': 'NASDAQ:SATS', 'base_logoid': 'echostar'}, {'symbol': 'NASDAQ:QQQ', 'base_logoid': 'invesco'}] | /news/benzinga:f707d82c4094b:0-nasdaq-s-p-500-futures-climb-after-thursday-s-strong-rebound-bitcoin-sizzles-analyst-predicts-a-roller-coaster-ride-for-stocks-until-this-happens/ | EN | Sentiment continues to remain upbeat as stocks look to close out a volatile week on a positive note. The major index futures traded modestly higher in early trading, and given the absence of any major catalysts, the market could most likely consolidate its recent gains. Traders may dread to take hu… | Sentiment continues to remain upbeat as on a positive note. The major index futures traded modestly higher in early trading, and given the absence of any major catalysts, the market could most likely consolidate its recent gains. Traders may dread to take huge positions ahead of next week’s inflation reports and retail sales data.
The CBOE Volatility Index, commonly called VIX, fell toward the 23 level, extending its slide from Thursday. The yen has strengthened slightly against the greenback, potentially stirring anxiety among traders. Bond yields are flatlining, while the rest of global markets have fed off the strength of Wall Street.
FuturesPerformance (+/-)Nasdaq 100+0.24%S&P 500+0.14%Dow+0.03%R2K+0.40%Cues From Last Session:
U.S. stocks turned in a stellar performance on Thursday, as a report showing a bigger-than-expected decline in jobless claims, some positive earnings reports and the yen’s weakness set in motion a wave of buying in beaten-down stocks. The jobless claims data mitigated concerns regarding the weakening of the labor market and in turn, allayed recession worries.
The averages opened higher, moved roughly sideways and took a leg-up in the afternoon before moving sideways yet again. The S&P 500 had the best outing since Nov. 30, 2022, in terms of the percentage of gains, according to Marketwatch.
The buying was across the board, with IT stocks spearheading the advance.
IndexPerformance (+/)ValueNasdaq Composite+2.87%16,660.02S&P 500 Index+2.30%5,319.31Dow Industrials+1.76%39,446.49Russell 2000+2.42%2,084.42Image Via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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urn:newsml:mtnewswires.com:20240809:A3201223:0 | MSFT | Stock Futures Rise as Rebound Continues; Asia, Europe Up | mt-newswires | https://www.tradingview.com/news/providers/mt-newswires/ | 2024-08-09T11:25:32+00:00 | https://www.tradingview.com/news/mtnewswires.com:20240809:A3201223:0/ | null | [{'symbol': 'NYSE:PLTR', 'base_logoid': 'palantir'}, {'symbol': 'NASDAQ:MSFT', 'base_logoid': 'microsoft'}, {'symbol': 'NASDAQ:TTD', 'base_logoid': 'the-trade-desk'}, {'symbol': 'NASDAQ:TTWO', 'base_logoid': 'take-two-interactive-software'}, {'symbol': 'NASDAQ:EVRG', 'base_logoid': 'evergy'}, {'symbol': 'NASDAQ:LEGN', 'base_logoid': 'legend-biotech'}, {'symbol': 'NASDAQ:NFE', 'base_logoid': 'new-fortress-energy-llc'}, {'symbol': 'NASDAQ:ROAD', 'base_logoid': 'construction-partners'}, {'symbol': 'NYSE:GETY', 'base_logoid': 'getty-images'}, {'symbol': 'NYSE:ENV', 'base_logoid': 'envestnet'}, {'symbol': 'NYSE:HE', 'base_logoid': 'hawaiian-electric-industries'}, {'symbol': 'NASDAQ:IXIC', 'base_logoid': 'indices/nasdaq-composite'}, {'symbol': 'CBOE:SPX', 'base_logoid': 'indices/s-and-p-500'}, {'symbol': 'DJ:DJI', 'base_logoid': 'indices/dow-30'}] | /news/mtnewswires.com:20240809:A3201223:0/ | EN | The benchmark US stock measures were tracking in the green before Friday's open, extending the prior session's gains as markets are poised to end a turbulent trading week on a positive note. The S&P 500 rose 0.2%, the Dow Jones Industrial Average edged up 0.1% and the Nasdaq added 0.3% before the b… | The benchmark US stock measures were tracking in the green before Friday's open, extending the prior session's gains as markets are poised to end a turbulent trading week on a positive note.
The S&P 500 rose 0.2%, the Dow Jones Industrial Average edged up 0.1% and the Nasdaq added 0.3% before the bell. Asian exchanges were mostly trending higher, while European bourses were heading north midday on the continent.
Shares of Palantir Technologies NYSE:PLTR gained 1.5% pre-bell after closing Thursday's trading session up 11% as it expanded its partnership with Microsoft NASDAQ:MSFT to offer various cloud, artificial intelligence and analytics services to the US defense and intelligence communities. The Trade Desk NASDAQ:TTD jumped 7.2% and Take-Two Interactive Software NASDAQ:TTWO climbed 6.4% after reporting quarterly results.
Evergy NASDAQ:EVRG, Legend Biotech NASDAQ:LEGN, New Fortress Energy NASDAQ:NFE, Construction Partners NASDAQ:ROAD and Getty Images NYSE:GETY post their latest earnings before the bell, among others. Envestnet NYSE:ENV and Hawaiian Electric Industries NYSE:HE are scheduled to post results after markets close.
Friday's thin economic calendar has the weekly Baker Hughes domestic oil-and-gas rig count at 1 pm ET.
Before the opening bell, bitcoin increased 1.5% to $60,595, West Texas Intermediate crude oil nudged 0.2% higher to $76.35 a barrel, yields on 10-year Treasuries dropped 4.2 basis points to 3.96% and gold rose 0.2% to $2,469 an ounce.
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urn:newsml:mtnewswires.com:20240809:A3201229:0 | 7203 | Toyota Motor Submits Report to Japanese Ministry on Certification Process Improvements | mt-newswires | https://www.tradingview.com/news/providers/mt-newswires/ | 2024-08-09T11:02:51+00:00 | https://www.tradingview.com/news/mtnewswires.com:20240809:A3201229:0/ | null | [{'symbol': 'TSE:7203', 'base_logoid': 'toyota'}] | /news/mtnewswires.com:20240809:A3201229:0/ | EN | Toyota Motor TSE:7203 said Friday it submitted a report to Japan's Ministry of Land, Infrastructure, Transport and Tourism detailing its plans to address issues related to model certification. The moves follow a corrective order issued by the ministry on July 31. The company said it recognized that… | Toyota Motor TSE:7203 said Friday it submitted a report to Japan's Ministry of Land, Infrastructure, Transport and Tourism detailing its plans to address issues related to model certification.
The moves follow a corrective order issued by the ministry on July 31.
The company said it recognized that management was not sufficiently involved in certification operations and that there were many areas for improvement, such as the data management system and establishing clearer rules and procedures.
It pledged to improve its certification processes by reviewing and enhancing its systems to detect and address issues quickly.
The company also said it would streamline workflows and apply continuous improvement principles using the Toyota Production System, adding that improvement progress will be reported to the ministry quarterly.
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urn:newsml:mtnewswires.com:20240809:A3201153:0 | MSFT | Delta Air Lines to Pursue Legal Claims Against CrowdStrike, Microsoft for $500 Million Hit From Cyber Outage | mt-newswires | https://www.tradingview.com/news/providers/mt-newswires/ | 2024-08-09T10:33:56+00:00 | https://www.tradingview.com/news/mtnewswires.com:20240809:A3201153:0/ | null | [{'symbol': 'NYSE:DAL', 'base_logoid': 'delta-air-lines'}, {'symbol': 'NASDAQ:CRWD', 'base_logoid': 'crowdstrike'}, {'symbol': 'NASDAQ:MSFT', 'base_logoid': 'microsoft'}] | /news/mtnewswires.com:20240809:A3201153:0/ | EN | Delta Air Lines NYSE:DAL said Thursday it would pursue legal claims against CrowdStrike NASDAQ:CRWD and Microsoft NASDAQ:MSFT for the global outage that caused mass flight cancellations, costing the airline at least $500 million. "An operational disruption of this length and magnitude is unacceptab… | Delta Air Lines NYSE:DAL said Thursday it would pursue legal claims against CrowdStrike NASDAQ:CRWD and Microsoft NASDAQ:MSFT for the global outage that caused mass flight cancellations, costing the airline at least $500 million.
"An operational disruption of this length and magnitude is unacceptable, and our customers and employees deserve better," Delta Chief Executive Ed Bastian said in a statement on Thursday.
The direct revenue impact of the incident, which caused the Atlanta-based carrier to cancel 7,000 flights over five days, is estimated to be $380 million. The figure comes mostly from refunds and compensations to affected customers, Delta said.
Neither CrowdStrike nor Microsoft immediately responded to MT Newswires' requests for comment.
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benzinga:a426de890094b:0 | MSFT | Delta Bleeds Money After Tech Disaster, Pursues Legal Claims Against CrowdStrike And Microsoft | benzinga | https://benzinga.com/ | 2024-08-09T10:16:39+00:00 | https://www.tradingview.com/news/benzinga:a426de890094b:0-delta-bleeds-money-after-tech-disaster-pursues-legal-claims-against-crowdstrike-and-microsoft/ | null | [{'symbol': 'NYSE:DAL', 'base_logoid': 'delta-air-lines'}, {'symbol': 'NASDAQ:CRWD', 'base_logoid': 'crowdstrike'}, {'symbol': 'AMEX:JETS', 'base_logoid': 'u-s-global-investors'}, {'symbol': 'AMEX:CRUZ', 'base_logoid': 'differential-series-solutions'}, {'symbol': 'NASDAQ:MSFT', 'base_logoid': 'microsoft'}] | /news/benzinga:a426de890094b:0-delta-bleeds-money-after-tech-disaster-pursues-legal-claims-against-crowdstrike-and-microsoft/ | EN | Yesterday, Delta Air Lines, Inc. NYSE:DAL disclosed that it expects the latest operational disruptions resulting from the outage incident to have a direct revenue impact of $380 million for the September quarter due to flight cancellations and customer compensation in cash and SkyMiles.As Delta has… | Yesterday, Delta Air Lines, Inc. NYSE:DAL disclosed that it expects the latest operational disruptions resulting from the outage incident to have a direct revenue impact of $380 million for the September quarter due to flight cancellations and customer compensation in cash and SkyMiles.
As Delta has previously communicated, CrowdStrike Holdings, Inc. NASDAQ:CRWD induced outage on July 19 led to significant operational disruptions, including about 7,000 flight cancellations over five days.
Also See:
The company anticipates non-fuel expenses related to the outage and recovery of $170 million, covering customer reimbursements and crew costs.
Also, Delta Air Lines projects fuel expenses of $50 million lower due to flight cancellations, which will reduce the projected Y/Y capacity growth for the September quarter by about 1.5 percentage points.
Ed Bastian, Delta’s Chief Executive Officer, said, “An operational disruption of this length and magnitude is unacceptable, and our customers and employees deserve better.”
“We are pursuing legal claims against CrowdStrike and Microsoft to recover damages caused by the outage, which total at least $500 million,” Bastian added.
Related:
Yesterday, the company was reportedly being sued by passengers who allege the carrier refused to issue full refunds
According to Benzinga Pro, DAL stock has lost around 12% in the last 12 months. Investors can gain exposure to the stock via the U.S. Global Jets ETF AMEX:JETS and the Defiance Hotel, Airline, and Cruise ETF AMEX:CRUZ.
Price Action: DAL shares are up 0.20% at $39.69 premarket at the last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock
Read Next:
Delta Will Have To ‘Explain’ Why It Didn’t Take Responsibility — Security Company’s Lawyers Fireback At Tech Crash-Hit Airline After It Threatens To Sue Microsoft And CrowdStrike© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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benzinga:7d0553f04094b:0 | QQQ | As Nvidia Leads Magnificent 7 Volatility, Analyst Says These Mega-Caps Are Poised To Outperform Small-Caps — But There's A Catch | benzinga | https://benzinga.com/ | 2024-08-09T10:03:25+00:00 | https://www.tradingview.com/news/benzinga:7d0553f04094b:0-as-nvidia-leads-magnificent-7-volatility-analyst-says-these-mega-caps-are-poised-to-outperform-small-caps-but-there-s-a-catch/ | null | [{'symbol': 'NASDAQ:NVDA', 'base_logoid': 'nvidia'}, {'symbol': 'NASDAQ:MSFT', 'base_logoid': 'microsoft'}, {'symbol': 'NASDAQ:META', 'base_logoid': 'meta-platforms'}, {'symbol': 'NASDAQ:AAPL', 'base_logoid': 'apple'}, {'symbol': 'NASDAQ:GOOGL', 'base_logoid': 'alphabet'}, {'symbol': 'NASDAQ:GOOG', 'base_logoid': 'alphabet'}, {'symbol': 'NASDAQ:AMZN', 'base_logoid': 'amazon'}, {'symbol': 'NASDAQ:TSLA', 'base_logoid': 'tesla'}, {'symbol': 'NASDAQ:QQQ', 'base_logoid': 'invesco'}, {'symbol': 'NASDAQ:MAGS', 'base_logoid': 'roundhmetave-aeoa'}, {'symbol': 'AMEX:IWM', 'base_logoid': 'ishares'}] | /news/benzinga:7d0553f04094b:0-as-nvidia-leads-magnificent-7-volatility-analyst-says-these-mega-caps-are-poised-to-outperform-small-caps-but-there-s-a-catch/ | EN | Mega-cap stocks, led by the Magnificent Seven companies, continue to be at the forefront, whether it is a rally or a pullback, underlining their undue influence on the market. Against this backdrop, Morgan Stanley analysts led by Erik Woodring on Wednesday delved into the damage the sell-off has in… | Mega-cap stocks, led by the Magnificent Seven companies, continue to be at the forefront, whether it is a rally or a pullback, underlining their undue influence on the market. Against this backdrop, Morgan Stanley analysts led by Erik Woodring on Wednesday delved into the damage the sell-off has inflicted on the mega-cap space and the outlook for these stocks.
Valuation Not So Depressed? The Magnificent Seven valuations are now 30% off the trailing five-year peak but still 50% above the trailing five-year trough, said Morgan Stanley analysts in the note. “This compares to the NASDAQ 100 that is 20% off its T5Y valuation high and 37% above its T5Y valuation low, and the Russell 2000 that is 56% off its T5Y valuation highs but 50% above its T5Y valuation low,” the analysts said.
The group comprises seven of the biggest mega-cap stocks, belonging to the IT and communication services sectors, as well as the electric-vehicle industry. The constituents are:
Nvidia Corp. NASDAQ:NVDAMicrosoft Corp. NASDAQ:MSFTMeta Platforms, Inc. NASDAQ:METAApple, Inc. NASDAQ:AAPLAlphabet, Inc. NASDAQ:GOOGL NASDAQ:GOOGAmazon, Inc. NASDAQ:AMZNTesla, Inc. NASDAQ:TSLASee Also:
Attractive On Future Growth: While adjusting for future earnings per share growth, the group traded at a 40% discount to the trailing five-year price-earnings growth ratio, said Woodring. This, according to the analyst, is the critical distinction in a soft-landing scenario and supports the case for the Magnificent Seven stocks outperforming small-caps.
Following the recent stock market sell-off, the Magnificent Seven stocks were down 9% month-to-date through Aug. 5, on average, the analyst noted. This compared to the S&P 500’s 6% decline and the Nasdaq’s 8% decline, he said.
The analyst noted that Tesla and Nvidia were the relative underperformers in the group, flat for the month-to-date period.
“As a result, we’d conclude that while Mag 7 valuations still face significant downside valuation risk in a black swan or recession scenario, current Mag 7 valuations relative to future growth prospects are attractive after the recent drawdown,” Morgan Stanley said.
The view comes amid expectations that the mega-cap momentum will moderate, potentially giving the lead to small-caps, as the beginning in September. Morgan Stanley’s analysis suggests the Mag 7 rally may have further leg as long as the economy averts a recession or hard landing.
The Invesco QQQ Trust NASDAQ:QQQ climbed 0.64% to $450.94 in premarket trading Friday and the Roundhill Magnificent Seven ETF NASDAQ:MAGS rose 1.35% to $420.70, according to Benzinga Pro data. The iShares Russell 2000 ETF AMEX:IWM gained 0.72% to $208.38.
Read Next:
Photo via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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tag:reuters.com,2024-08-09:newsml_RSI8801Za:0 | 7203 | REG - Toyota Motor Corpn - Submission report on measure to prevent recurrence | reuters | https://www.tradingview.com/news/providers/reuters/ | 2024-08-09T07:00:00+00:00 | https://www.tradingview.com/news/reuters.com,2024-08-09:newsml_RSI8801Za:0-reg-toyota-motor-corpn-submission-report-on-measure-to-prevent-recurrence/ | null | [{'symbol': 'TSE:7203', 'base_logoid': 'toyota'}] | /news/reuters.com,2024-08-09:newsml_RSI8801Za:0-reg-toyota-motor-corpn-submission-report-on-measure-to-prevent-recurrence/ | EN | RNS Number : 9367Z Toyota Motor Corporation 09 August 2024 August 9, 2024TOYOTA MOTOR CORPORATIONThe headline for the Toyota Motor Corporation announcement released on August 9, 2024 at 08:00 under RNS No 8801Z should read "Submission report on measure to prevent recurrence".The following amend… | RNS Number : 9367Z Toyota Motor Corporation 09 August 2024 August 9, 2024
TOYOTA MOTOR CORPORATION
The headline for the Toyota Motor Corporation announcement released on August 9, 2024 at 08:00 under RNS No 8801Z should read "Submission report on measure to prevent recurrence".
The following amendment has been made.
Before amendment: Corrective Order Issued to Model Certification Applications
After amendment: submission report on measures to prevent recurrence
The full amended text is shown below.
English translation of the registrant's announcement with respect to submission report on measures to prevent recurrence, as filed by the registrant with the Tokyo Stock Exchange on August 9, 2024.
http://www.rns-pdf.londonstockexchange.com/rns/9367Z_1-2024-8-9.pdf
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tag:reuters.com,2024:newsml_FWN3JV1WS:0 | 7203 | Toyota: Submitted Report To Transport Ministry After Correction Order | reuters | https://www.tradingview.com/news/providers/reuters/ | 2024-08-09T03:04:56+00:00 | https://www.tradingview.com/news/reuters.com,2024:newsml_FWN3JV1WS:0-toyota-submitted-report-to-transport-ministry-after-correction-order/ | Copyright Thomson Reuters 2024. Click For Restrictions - https://agency.reuters.com/en/copyright.html | [{'symbol': 'TSE:7203', 'base_logoid': 'toyota'}] | /news/reuters.com,2024:newsml_FWN3JV1WS:0-toyota-submitted-report-to-transport-ministry-after-correction-order/ | EN | Toyota Motor Corp TSE:7203: | Toyota Motor Corp TSE:7203:
TOYOTA - SUBMITTED REPORT TO TRANSPORT MINISTRY AFTER CORRECTION ORDER
TOYOTA - REPORT OUTLINES MEASURES TO PREVENT RECURRENCE OF MODEL CERTIFICATION APPLICATION ISSUES
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benzinga:e23da091f094b:0 | QQQ | S&P 500 Closes 2.3% Higher, Notches Best Session Since January 2023: Fed's Barkin Downplays Unemployment Concerns | benzinga | https://benzinga.com/ | 2024-08-08T20:26:58+00:00 | https://www.tradingview.com/news/benzinga:e23da091f094b:0-s-p-500-closes-2-3-higher-notches-best-session-since-january-2023-fed-s-barkin-downplays-unemployment-concerns/ | null | [{'symbol': 'AMEX:SPY', 'base_logoid': 'spdr-sandp500-etf-tr'}, {'symbol': 'NASDAQ:QQQ', 'base_logoid': 'invesco'}, {'symbol': 'NASDAQ:ARM', 'base_logoid': 'arm'}, {'symbol': 'NASDAQ:MRVL', 'base_logoid': 'marvell-tech'}, {'symbol': 'AMEX:IWM', 'base_logoid': 'ishares'}] | /news/benzinga:e23da091f094b:0-s-p-500-closes-2-3-higher-notches-best-session-since-january-2023-fed-s-barkin-downplays-unemployment-concerns/ | EN | Wall Street ended Thursday’s session on a positive note, extending midday gains and breaking the recent trend of afternoon declines. Investor sentiment was bolstered by lower-than-expected initial jobless claims last week, alleviating fears of a more structural increase in unemployment potentially… | Wall Street ended Thursday’s session on a positive note, extending midday gains and breaking the recent trend of afternoon declines. Investor sentiment was bolstered by lower-than-expected initial jobless claims last week, alleviating fears of a more structural increase in unemployment potentially
The S&P 500 index, as tracked by the SPDR S&P 500 ETF Trust AMEX:SPY, closed Thursday’s session up 2.3%, marking its best daily performance since January 2023.
The tech-heavy Nasdaq 100 index, tracked by the Invesco QQQ Trust NASDAQ:QQQ, closed 3.1% higher, marking its best daily performance since February 2023. Despite this rise, the Nasdaq 100 remains 5% below last Thursday’s opening levels but has rallied 5.7% from Monday’s lows.
Within tech stocks, Arm Holdings plc NASDAQ:ARM and Marvell Technologies Inc. NASDAQ:MRVL were the day’s top performers, up 10.6% and 8.9%, respectively.
Strong gains were also observed in both blue-chip stocks, with the Dow Jones Industrial Average up 1.8%, and small caps, with the iShares Russell 2000 ETF AMEX:IWM up 2.4%.
Chart: S&P 500 Marks Best Session In 19 Months
Fed’s Barkin Pushes Back Against Labor Market Crisis
Richmond Fed President Tom Barkin, a voting member of the Federal Open Market Committee in 2024, provided key insights during a National Association for Business Economics (NABE) call on Thursday.
Barkin highlighted while companies are slowing their hiring, they are simultaneously not engaging in significant layoffs.
This cautious approach by businesses is reflected in the jobless claims data, which indicate that layoffs are not increasing. Many employers are hesitant to lay off workers remembering the difficulties they faced in hiring two years ago.
Barkin described the economy as “gently moving into a normalizing state,” which he believes will allow for a steady and deliberate normalization of interest rates.
The Richmond Fed President observed that spending patterns are changing. Consumers are still spending but are becoming more selective. Businesses that have raised prices significantly are noticing a more discerning customer base.
“Consumers are still spending, but they’re choosing,” Barkin said, indicating a shift towards more value-based purchasing decisions.
“While inflation is down, prices are still high and I think there are indicators of a choosier customer. And that’s the solution to high prices.”
According to Barkin, inflation is still higher than desired. “The inflation numbers, if you look at those six months of the year, I would categorize them as too disappointing.”
He stressed that while there has been progress, the rate of inflation needs to decline further to align with the Federal Reserve’s targets. Barkin also cautioned about medium-term inflationary pressures. Potential conflicts in the Middle East could impact oil prices, and limited housing supply remains a concern.
Barkin highlighted the importance of monitoring the labor market and inflation data closely in the coming weeks, before making a decision on whether to cut rates in September.
Read Now:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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benzinga:39499f7e7094b:0 | MSFT | Elizabeth Warren, Lawmakers Press Sam Altman On OpenAI's Whistleblower Handling, AI Testing | benzinga | https://benzinga.com/ | 2024-08-08T19:59:04+00:00 | https://www.tradingview.com/news/benzinga:39499f7e7094b:0-elizabeth-warren-lawmakers-press-sam-altman-on-openai-s-whistleblower-handling-ai-testing/ | null | [{'symbol': 'NASDAQ:MSFT', 'base_logoid': 'microsoft'}, {'symbol': 'NASDAQ:GOOG', 'base_logoid': 'alphabet'}, {'symbol': 'NASDAQ:GOOGL', 'base_logoid': 'alphabet'}] | /news/benzinga:39499f7e7094b:0-elizabeth-warren-lawmakers-press-sam-altman-on-openai-s-whistleblower-handling-ai-testing/ | EN | In a letter addressed to Sam Altman, the CEO of OpenAI, Sen. Elizabeth Warren (D-MA) and Rep. Lori Trahan (D-MA) have raised concerns about the company’s treatment of whistleblowers and its safety review processes.What Happened: The lawmakers have expressed their concerns about the suppression of i… | In a letter addressed to Sam Altman, the CEO of OpenAI, Sen. Elizabeth Warren (D-MA) and Rep. Lori Trahan (D-MA) have raised concerns about of whistleblowers and its safety review processes.
What Happened: The lawmakers have expressed their concerns about the suppression of internal criticism at OpenAI in the letter shared exclusively with The Verge. They have cited instances where OpenAI’s safety procedures have been questioned, such as the unauthorized testing of an unreleased version of GPT-4 in India and Altman’s temporary removal due to concerns over commercializing advancements.
Warren and Trahan’s letter seeks information on OpenAI’s whistleblower and conflict of interest protections to determine if federal intervention is necessary.
Microsoft Corp NASDAQ:MSFT is an early investor of OpenAI, with some lawmakers questioning if the investment raises antitrust concerns. Alphabet Inc NASDAQ:GOOG NASDAQ:GOOGL, Google’s parent company, has alsofor its investment in AI-startup Anthropic.
See Also:
Other lawmakers have also sought answers about the company’s safety practices, including a group of senators led by Sen. Brian Schatz (D-HI). Warren and Trahan have requested further clarity on OpenAI’s responses to this group, including the establishment of a new “Integrity Line” for employees to report concerns.
Altman has been asked to provide information about the usage of the company’s new AI safety hotline for employees and how the company follows up on reports. The lawmakers are also seeking information on OpenAI’s conflicts policy, including Altman’s financial conflicts of interest.
Why It Matters: This letter adds to the mounting pressure on OpenAI, which has been facing a series of challenges. Earlier this month, Elon Musk filed a lawsuit against OpenAI and Altman for allegedly using his technology without permission. These legal and regulatory challenges could have a significant impact on the company’s future operations and its standing in the AI industry.
Read Next:
Matt Gaetz Who Proposed Bill To Collect Federal Income Taxes In Bitcoin Now Wants Blinken To Downgrade USThis content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Sheila Fitzgerald/Shutterstock.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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tag:reuters.com,2024:newsml_L4N3JV24D:0 | MSFT | デルタ航空、クラウドストライクの障害による3億8000万ドルの収益への打撃を警告 | reuters | https://www.tradingview.com/news/providers/reuters/ | 2024-08-08T19:28:00+00:00 | https://ja.tradingview.com/news/reuters.com,2024:newsml_L4N3JV24D:0/ | Copyright Thomson Reuters 2024. Click For Restrictions - https://agency.reuters.com/en/copyright.html | [{'symbol': 'NYSE:DAL', 'base_logoid': 'delta-air-lines'}, {'symbol': 'NASDAQ:CRWD', 'base_logoid': 'crowdstrike'}, {'symbol': 'NASDAQ:MSFT', 'base_logoid': 'microsoft'}] | /news/reuters.com,2024:newsml_L4N3JV24D:0/ | JA | デルタ航空 NYSE:DALは木曜日、クラウドストライクが引き起こした障害に起因する業務の混乱により、今四半期の収益に3億8000万ドルの打撃を受けると警告した。 世界的なサイバーセキュリティ企業であるクラウドストライク NASDAQ:CRWDによる先月のソフトウェア・アップデートは、 多くの航空会社を含む マイクロソフト >の顧客にシステム問題を引き起こした 。デルタ航空では、翌日に他の主要航空会社で問題が収まったにもかかわらず、混乱が続いた。 アトランタに本社を置くこの航空会社は、5日間で約7000便をキャンセルし、何十万人もの旅行者を足止めした。デルタ航空はまた、この混乱について米… | デルタ航空 NYSE:DALは木曜日、クラウドストライクが引き起こした障害に起因する業務の混乱により、今四半期の収益に3億8000万ドルの打撃を受けると警告した。
世界的なサイバーセキュリティ企業であるクラウドストライク NASDAQ:CRWDによる先月のソフトウェア・アップデートは、 多くの航空会社を含む マイクロソフト >の顧客にシステム問題を引き起こした 。デルタ航空では、翌日に他の主要航空会社で問題が収まったにもかかわらず、混乱が続いた。
アトランタに本社を置くこの航空会社は、5日間で約7000便をキャンセルし、何十万人もの旅行者を足止めした。デルタ航空はまた、この混乱について米運輸省の調査を受けている。
エド・バスティアン最高経営責任者（CEO）は規制当局に提出した書類の中で、この障害によって航空会社は少なくとも5億ドルの損害を被ったと述べ、クラウドストライク社とマイクロソフトに対して法的請求を行っていると述べた。
「このような長さと規模の業務停止は容認できず、我々の顧客と従業員はもっと良くなるべきだ」とバスティアンCEOは述べた。
CrowdStrike社もマイクロソフトも、フライトの混乱は自分たちの責任だとするデルタ航空の主張を否定している。
マイクロソフトは今週、デルタ航空が競合他社と異なり、ITインフラを近代化していなかったことを示唆する予備調査を行ったと述べた。
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tag:reuters.com,2024:newsml_L4N3JV23H:0 | MSFT | Delta rejects CrowdStrike criticism, sees $500 mln hit from cyber outage | reuters | https://www.tradingview.com/news/providers/reuters/ | 2024-08-08T19:27:57+00:00 | https://www.tradingview.com/news/reuters.com,2024:newsml_L4N3JV23H:0-delta-rejects-crowdstrike-criticism-sees-500-mln-hit-from-cyber-outage/ | Copyright Thomson Reuters 2024. Click For Restrictions - https://agency.reuters.com/en/copyright.html | [{'symbol': 'NYSE:DAL', 'base_logoid': 'delta-air-lines'}, {'symbol': 'NASDAQ:CRWD', 'base_logoid': 'crowdstrike'}, {'symbol': 'NASDAQ:MSFT', 'base_logoid': 'microsoft'}] | /news/reuters.com,2024:newsml_L4N3JV23H:0-delta-rejects-crowdstrike-criticism-sees-500-mln-hit-from-cyber-outage/ | EN | Delta Air Lines NYSE:DAL said on Thursday it is pursuing legal claims against CrowdStrike NASDAQ:CRWD and Microsoft NASDAQ:MSFT after a global outage last month caused mass flight cancellations, disrupting travel plans of 1.3 million customers and costing it at least $500 million. A software… | Delta Air Lines NYSE:DAL said on Thursday it is pursuing legal claims against CrowdStrike NASDAQ:CRWD and Microsoft NASDAQ:MSFT after a global outage last month caused mass flight cancellations, disrupting travel plans of 1.3 million customers and costing it at least $500 million.
A software update last month by global cybersecurity firm CrowdStrike triggered system problems for Microsoft customers, including many airlines. The disruptions persisted at Delta even as they subsided the next day at other major U.S. carriers.
The Atlanta-based carrier canceled about 7,000 flights over five days. It also faces an investigation from the U.S. Transportation Department for the disruptions.
"An operational disruption of this length and magnitude is unacceptable, and our customers and employees deserve better," Delta's CEO Ed Bastian said in an SEC filing on Thursday.
The dayslong disruptions have sparked a blame game. Bastian has faulted both CrowdStrike and Microsoft for failing to provide an "exceptional service."
Both the tech companies have rejected Delta's claim that they should be blamed for flight disruptions.
On Sunday, CrowdStrike said it would respond "aggressively" to protect its shareholders, employees, and other stakeholders if Delta filed a lawsuit.
Microsoft has also vowed to defend itself "vigorously," saying its preliminary review suggested that Delta, unlike its competitors, apparently had not modernized its IT infrastructure.
In a letter to CrowdStrike on Thursday, David Boies, who is representing Delta, said the airline was "surprised and disappointed by CrowdStrike's decision to try a 'blame the victim' defense."
"There is no basis — none — to suggest that Delta was in any way responsible for the faulty software that crashed systems around the world, including Delta's," Boies wrote.
He said Delta has invested billions of dollars in information technology and attributed the airline's struggle to restore operations to its reliance on CrowdStrike and Microsoft.
A CrowdStrike spokesperson said Delta was pushing a "misleading narrative." "CrowdStrike and Delta's teams worked closely together within hours of the incident," the spokesperson said.
Delta said it expects a direct revenue hit of $380 million from the outage in the current quarter due to refunds to customers for canceled flights and compensation in cash and frequent flyer miles.
The company reported additional expenses of $170 million as a result of customer expense reimbursements and crew-related costs. The flight cancellations, however, are estimated to lower its fuel bill by $50 million, Delta said.
Delta told U.S. lawmakers that CrowdStrike's faulty update "impacted more than half of Delta computers, including many of Delta’s workstations at every airport in the Delta network."
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tag:reuters.com,2024:newsml_L4N3JV244:0 | MSFT | オープンＡＩ、ベテランAI教授ジーコ・コルターを取締役に任命 | reuters | https://www.tradingview.com/news/providers/reuters/ | 2024-08-08T19:24:06+00:00 | https://ja.tradingview.com/news/reuters.com,2024:newsml_L4N3JV244:0/ | Copyright Thomson Reuters 2024. Click For Restrictions - https://agency.reuters.com/en/copyright.html | [{'symbol': 'NASDAQ:MSFT', 'base_logoid': 'microsoft'}, {'symbol': 'NYSE:AI', 'base_logoid': 'c3-ai'}] | /news/reuters.com,2024:newsml_L4N3JV244:0/ | JA | マイクロソフト NASDAQ:MSFTが支援するAIスタートアップであるオープンＡＩは木曜日、カーネギーメロン大学の教授で機械学習部門のディレクターであるジーコ・コルター氏を取締役に任命したと発表した。 C3.ai NYSE:AIのチーフ・データ・サイエンティストだったコルター氏は現在、ボッシュのチーフ・エキスパートと、AIの安全性とセキュリティに特化した新興企業グレイ・スワンのチーフ・テクニカル・アドバイザーを務めている。 主にAIの安全性を研究しているコルター氏は、サム・アルトマン最高経営責任者（CEO）、ブレット・テイラー、アダム・ダンジェロ、ポール・ナカソネ、ニコール・セリグマン各取… | マイクロソフト NASDAQ:MSFTが支援するAIスタートアップであるオープンＡＩは木曜日、カーネギーメロン大学の教授で機械学習部門のディレクターであるジーコ・コルター氏を取締役に任命したと発表した。
C3.ai NYSE:AIのチーフ・データ・サイエンティストだったコルター氏は現在、ボッシュのチーフ・エキスパートと、AIの安全性とセキュリティに特化した新興企業グレイ・スワンのチーフ・テクニカル・アドバイザーを務めている。
主にAIの安全性を研究しているコルター氏は、サム・アルトマン最高経営責任者（CEO）、ブレット・テイラー、アダム・ダンジェロ、ポール・ナカソネ、ニコール・セリグマン各取締役とともに、オープンＡＩ理事会の安全・セキュリティ委員会にも参加するという。
安全委員会は、オープンＡＩのすべてのプロジェクトの安全性とセキュリティに関する決定について勧告を行う。
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tag:reuters.com,2024:newsml_L4N3JV239:0 | MSFT | OpenAI appoints veteran AI professor Zico Kolter to board | reuters | https://www.tradingview.com/news/providers/reuters/ | 2024-08-08T19:24:01+00:00 | https://www.tradingview.com/news/reuters.com,2024:newsml_L4N3JV239:0-openai-appoints-veteran-ai-professor-zico-kolter-to-board/ | Copyright Thomson Reuters 2024. Click For Restrictions - https://agency.reuters.com/en/copyright.html | [{'symbol': 'NASDAQ:MSFT', 'base_logoid': 'microsoft'}, {'symbol': 'NYSE:AI', 'base_logoid': 'c3-ai'}] | /news/reuters.com,2024:newsml_L4N3JV239:0-openai-appoints-veteran-ai-professor-zico-kolter-to-board/ | EN | OpenAI appointed Zico Kolter, professor and director of the machine learning department at Carnegie Mellon University, to its board, the Microsoft-backed NASDAQ:MSFT AI startup said on Thursday.The ChatGPT maker's board of directors has undergone several changes amid rising concerns over the safety… | OpenAI appointed Zico Kolter, professor and director of the machine learning department at Carnegie Mellon University, to its board, the Microsoft-backed NASDAQ:MSFT AI startup said on Thursday.
The ChatGPT maker's board of directors has undergone several changes amid rising concerns over the safety of generative artificial intelligence as more businesses rush to adopt the booming technology.
Kolter, whose work predominantly focuses on AI safety, will also join OpenAI board's safety and security committee, alongside CEO Sam Altman and directors Bret Taylor, Adam D'Angelo, Paul Nakasone and Nicole Seligman, the company said.
The safety committee, set up in May, makes recommendations on safety and security decisions for all of OpenAI's projects.
OpenAI's chatbots with genAI capabilities such as engaging in human-like conversations and creating images based on text prompts have stirred safety concerns as AI models become powerful.
Kolter, formerly the chief data scientist at C3.ai NYSE:AI, currently serves as the chief expert at Bosch and chief technical adviser at Gray Swan — a startup specializing in AI safety and security.
In 2023, Kolter contributed to developing methods for automatically assessing the safety of large language models, demonstrating the potential to bypass existing model safeguards, according to OpenAI's blogpost.
Microsoft had given up its board observer seat at OpenAI in July, in a move aimed at easing U.S. and UK antitrust regulators' concerns about the extent of its control over the startup amid growing genAI adoption.
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tag:reuters.com,2024:newsml_L4N3JV23U:0 | MSFT | デルタ航空、CrowdStrikeの批判を拒否 ソフトウェア更新をめぐる法的措置の追求を表明 | reuters | https://www.tradingview.com/news/providers/reuters/ | 2024-08-08T19:18:28+00:00 | https://ja.tradingview.com/news/reuters.com,2024:newsml_L4N3JV23U:0/ | Copyright Thomson Reuters 2024. Click For Restrictions - https://agency.reuters.com/en/copyright.html | [{'symbol': 'NYSE:DAL', 'base_logoid': 'delta-air-lines'}, {'symbol': 'NASDAQ:CRWD', 'base_logoid': 'crowdstrike'}, {'symbol': 'NASDAQ:MSFT', 'base_logoid': 'microsoft'}] | /news/reuters.com,2024:newsml_L4N3JV23U:0/ | JA | デルタ航空 NYSE:DALは木曜日、ソフトウェアの欠陥アップデートによって引き起こされた先月の世界的な機能停止により、130万人のデルタ航空の乗客の旅行計画に支障をきたし、5億ドル以上の損害が発生したため、クラウドストライク NASDAQ:CRWDとマイクロソフト NASDAQ:MSFTに対して法的請求を行っていると発表した。 「デルタ航空を含む世界中のシステムをクラッシュさせた欠陥ソフトウェアについて、デルタ航空に何らかの責任があったとする根拠はない。彼はまた、同社の責任は "一桁万ドル "が上限であるというCrowdStrikeの主張を退けた。 | デルタ航空 NYSE:DALは木曜日、ソフトウェアの欠陥アップデートによって引き起こされた先月の世界的な機能停止により、130万人のデルタ航空の乗客の旅行計画に支障をきたし、5億ドル以上の損害が発生したため、クラウドストライク NASDAQ:CRWDとマイクロソフト NASDAQ:MSFTに対して法的請求を行っていると発表した。
「デルタ航空を含む世界中のシステムをクラッシュさせた欠陥ソフトウェアについて、デルタ航空に何らかの責任があったとする根拠はない。彼はまた、同社の責任は "一桁万ドル "が上限であるというCrowdStrikeの主張を退けた。
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tag:reuters.com,2024:newsml_L1N3JV10A:0 | MSFT | Delta rejects CrowdStrike criticism, says pursuing legal action over software update | reuters | https://www.tradingview.com/news/providers/reuters/ | 2024-08-08T19:10:59+00:00 | https://www.tradingview.com/news/reuters.com,2024:newsml_L1N3JV10A:0-delta-rejects-crowdstrike-criticism-says-pursuing-legal-action-over-software-update/ | Copyright Thomson Reuters 2024. Click For Restrictions - https://agency.reuters.com/en/copyright.html | [{'symbol': 'NYSE:DAL', 'base_logoid': 'delta-air-lines'}, {'symbol': 'NASDAQ:CRWD', 'base_logoid': 'crowdstrike'}, {'symbol': 'NASDAQ:MSFT', 'base_logoid': 'microsoft'}] | /news/reuters.com,2024:newsml_L1N3JV10A:0-delta-rejects-crowdstrike-criticism-says-pursuing-legal-action-over-software-update/ | EN | Delta Air NYSE:DAL said on Thursday it is pursuing legal claims against CrowdStrike NASDAQ:CRWD and Microsoft NASDAQ:MSFT after a global outage last month sparked by a faulty software update disrupted the travel plans of 1.3 million Delta passengers and cost the airline more than $500 million in da… | Delta Air NYSE:DAL said on Thursday it is pursuing legal claims against CrowdStrike NASDAQ:CRWD and Microsoft NASDAQ:MSFT after a global outage last month sparked by a faulty software update disrupted the travel plans of 1.3 million Delta passengers and cost the airline more than $500 million in damages.
"There is no basis — none — to suggest that Delta was in any way responsible for the faulty software that crashed systems around the world, including Delta’s," wrote lawyer David Boies, who is representing Delta, to CrowdStrike. He also rejected CrowdStrike's contention that the company's liability is capped at “single-digit millions."
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tag:reuters.com,2024:newsml_L4N3JV23D:0 | MSFT | デルタ航空、クラウドストライク批判を否定 サイバー障害で5億ドルの打撃と見る | reuters | https://www.tradingview.com/news/providers/reuters/ | 2024-08-08T19:10:29+00:00 | https://ja.tradingview.com/news/reuters.com,2024:newsml_L4N3JV23D:0/ | Copyright Thomson Reuters 2024. Click For Restrictions - https://agency.reuters.com/en/copyright.html | [{'symbol': 'NYSE:DAL', 'base_logoid': 'delta-air-lines'}, {'symbol': 'NASDAQ:CRWD', 'base_logoid': 'crowdstrike'}, {'symbol': 'NASDAQ:MSFT', 'base_logoid': 'microsoft'}] | /news/reuters.com,2024:newsml_L4N3JV23D:0/ | JA | デルタ航空 NYSE:DALは24日、先月発生 した世界的な障害（(link) ）により大量のフライトキャンセルが発生し、 130万人の顧客の旅行計画に支障をきたし、少なくとも5億ドルの損害を被った ことから、クラウドストライク NASDAQ:CRWDとマイクロソフト NASDAQ:MSFTに対して法的請求を行っていると発表した。 世界的なサイバーセキュリティ企業CrowdStrikeによる先月のソフトウェア・アップデートが、多くの航空会社を含むマイクロソフトの顧客のシステム問題を引き起こした。デルタ航空では、翌日に他の主要航空会社で問題が収まったにもかかわらず、混乱が続いた。 アト… | デルタ航空 NYSE:DALは24日、先月発生 した世界的な障害（(link) ）により大量のフライトキャンセルが発生し、 130万人の顧客の旅行計画に支障をきたし、少なくとも5億ドルの損害を被った ことから、クラウドストライク NASDAQ:CRWDとマイクロソフト NASDAQ:MSFTに対して法的請求を行っていると発表した。
世界的なサイバーセキュリティ企業CrowdStrikeによる先月のソフトウェア・アップデートが、多くの航空会社を含むマイクロソフトの顧客のシステム問題を引き起こした。デルタ航空では、翌日に他の主要航空会社で問題が収まったにもかかわらず、混乱が続いた。
アトランタを拠点とするこの航空会社は、5日間で約7000便をキャンセルした。デルタ航空は5日間で約7000便をキャンセルした。
「デルタ航空のエド・バスティアン最高経営責任者（CEO）は24日、証券取引委員会に提出した書類の中で、「このような長さと規模の運航中断は容認できない。
日間にわたる混乱は、責任のなすりあいの火種となった。バスティアンは、クラウドストライクとマイクロソフトの両社を、"卓越したサービス "を提供できなかったとして非難した。
両テクノロジー 企業は、フライトの混乱について非難されるべきだというデルタ航空の主張を拒否している。
日曜日に クラウドストライク (link) は、デルタ航空が訴訟を起こした場合、株主、従業員、その他の利害関係者を守るために「積極的に」対応すると述べた 。
マイクロソフトもまた 、 (link) 、「精力的に」自社を守ると 宣言した。予備的な検証の結果、デルタ航空は競合他社とは異なり、ITインフラを近代化していなかったらしいことが示唆されたとして いる。
デルタ航空の代理人を務めるデイビッド・ボイズ氏は、木曜日にクラウドストライク社に宛てた書簡の中で、同航空会社は「クラウドストライク社が "被害者を非難する "抗弁を試みたことに驚き、失望している」と述べた。
「デルタ航空を含む世界中のシステムをクラッシュさせた欠陥ソフトウェアについて、デルタ航空に何らかの責任があったとする根拠はない。
同氏は、デルタ航空は情報技術に数十億ドルを投資しており、業務復旧に苦労しているのはクラウドストライク社とマイクロソフトに依存しているからだと述べた。
クラウドストライクの広報担当者は、デルタ航空は "誤解を招くような物語 "を押し付けていると述べた。「CrowdStrikeとデルタ航空のチームは、インシデント発生から数時間以内に緊密に連携した。
デルタ航空は、キャンセルされたフライトの顧客への払い戻し 、現金とマイレージによる補償により、 今四半期の障害による 直接的な 収入への打撃を3億8000万ドルと 見込んで いると述べた。
また 、顧客に対する経費の 払い戻しや乗務員関連費用により、1億7000万ドルの追加 費用が発生するとしている 。デルタ航空は、欠航により燃料費が5000万ドル減少したと推定している。
デルタ航空は、クラウドストライクの欠陥アップデートにより、"デルタ航空のネットワークの各空港にあるデルタ航空のワークステーションの多くを含む、デルタ航空のコンピュータの半数以上に影響を与えた "と米国の議員に語った。
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tag:reuters.com,2024:newsml_L4N3JV236:0 | MSFT | オープンＡＩ、カーネギーメロン大学教授を取締役に任命 | reuters | https://www.tradingview.com/news/providers/reuters/ | 2024-08-08T19:07:03+00:00 | https://ja.tradingview.com/news/reuters.com,2024:newsml_L4N3JV236:0/ | Copyright Thomson Reuters 2024. Click For Restrictions - https://agency.reuters.com/en/copyright.html | [{'symbol': 'NASDAQ:MSFT', 'base_logoid': 'microsoft'}] | /news/reuters.com,2024:newsml_L4N3JV236:0/ | JA | マイクロソフトが支援する NASDAQ:MSFTのAIスタートアップであるオープンＡＩは木曜日、カーネギーメロン大学の教授で機械学習部門のディレクターであるジーコ・コルター氏を取締役に任命したと発表した。 | マイクロソフトが支援する NASDAQ:MSFTのAIスタートアップであるオープンＡＩは木曜日、カーネギーメロン大学の教授で機械学習部門のディレクターであるジーコ・コルター氏を取締役に任命したと発表した。
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tag:reuters.com,2024:newsml_L4N3JV231:0 | MSFT | OpenAI appoints Carnegie Mellon professor to board | reuters | https://www.tradingview.com/news/providers/reuters/ | 2024-08-08T19:07:00+00:00 | https://www.tradingview.com/news/reuters.com,2024:newsml_L4N3JV231:0-openai-appoints-carnegie-mellon-professor-to-board/ | Copyright Thomson Reuters 2024. Click For Restrictions - https://agency.reuters.com/en/copyright.html | [{'symbol': 'NASDAQ:MSFT', 'base_logoid': 'microsoft'}] | /news/reuters.com,2024:newsml_L4N3JV231:0-openai-appoints-carnegie-mellon-professor-to-board/ | EN | OpenAI appointed Zico Kolter, professor and director of the machine learning department at Carnegie Mellon University, to its board, the Microsoft-backed NASDAQ:MSFT AI startup said on Thursday. | OpenAI appointed Zico Kolter, professor and director of the machine learning department at Carnegie Mellon University, to its board, the Microsoft-backed NASDAQ:MSFT AI startup said on Thursday.
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DJN_DN20240808013486:0 | MSFT | Palantir and Microsoft Team Up on AI in Some Government Cloud Networks — Barrons.com | dow-jones | https://www.tradingview.com/news/providers/dow-jones/ | 2024-08-08T18:38:00+00:00 | https://www.tradingview.com/news/DJN_DN20240808013486:0/ | 2024 Dow Jones & Company, Inc. All rights reserved. | [{'symbol': 'NASDAQ:MSFT', 'base_logoid': 'microsoft'}, {'symbol': 'NYSE:PLTR', 'base_logoid': 'palantir'}] | /news/DJN_DN20240808013486:0/ | EN | By Emily DattiloPalantir Technologies' artificial-intelligence products are coming to some of the government's top-secret cloud networks.The software developer and Microsoft said in a release Thursday they are integrating their technology "to bring some of the most sophisticated and secure cloud, A… | By Emily Dattilo
Palantir Technologies' artificial-intelligence products are coming to some of the government's top-secret cloud networks.
The software developer and Microsoft said in a release Thursday they are integrating their technology "to bring some of the most sophisticated and secure cloud, AI, and analytics capabilities to the U.S. Defense and Intelligence Community."
Palantir launched an AI platform, AIP, last year. Its suite of products — which include software platforms Foundry, Gotham, Apollo, and AIP — will be deployed in the Microsoft Azure Government cloud, as well as the Azure Government Secret and Top Secret clouds, according to the release.
"Palantir will also be an early adopter of Azure's OpenAI Service in Microsoft's Secret and Top Secret environments," the companies said.
Palantir stock rose 11%, while Microsoft shares gained 1.5% in Thursday trading.
"This is a first-of-its-kind, integrated suite of technology that will allow critical national security missions to operationalize Microsoft's best-in-class large language models via Azure OpenAI Service within Palantir's AI platform in Microsoft's government and classified cloud environments," the release reads.
As part of the partnership, the two companies will be providing so-called bootcamp experiences to the defense and intelligence communities to test the technology.
Write to Emily Dattilo at emily.dattilo@dowjones.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
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benzinga:244dd06d5094b:0 | QQQ | Wall Street Rallies As Economic Concerns Recede, Tech Flexes Its Muscles, Semiconductors Soar: What's Driving Markets Thursday? | benzinga | https://benzinga.com/ | 2024-08-08T17:19:57+00:00 | https://www.tradingview.com/news/benzinga:244dd06d5094b:0-wall-street-rallies-as-economic-concerns-recede-tech-flexes-its-muscles-semiconductors-soar-what-s-driving-markets-thursday/ | null | [{'symbol': 'NASDAQ:SOXX', 'base_logoid': 'ishares'}, {'symbol': 'NASDAQ:TLT', 'base_logoid': 'ishares'}, {'symbol': 'AMEX:SPY', 'base_logoid': 'spdr-sandp500-etf-tr'}, {'symbol': 'AMEX:DIA', 'base_logoid': 'spdr-sandp500-etf-tr'}, {'symbol': 'NASDAQ:QQQ', 'base_logoid': 'invesco'}, {'symbol': 'AMEX:IWM', 'base_logoid': 'ishares'}, {'symbol': 'AMEX:XLK', 'base_logoid': 'sector/technology'}, {'symbol': 'AMEX:XLU', 'base_logoid': 'sector/utilities'}, {'symbol': 'NASDAQ:ARM', 'base_logoid': 'arm'}, {'symbol': 'NASDAQ:ON', 'base_logoid': 'on-semiconductor'}, {'symbol': 'NASDAQ:MCHP', 'base_logoid': 'microchip-technology'}, {'symbol': 'NASDAQ:MRVL', 'base_logoid': 'marvell-tech'}, {'symbol': 'NASDAQ:KLAC', 'base_logoid': 'kla-tencor'}, {'symbol': 'NASDAQ:SMCI', 'base_logoid': 'super-micro-computer'}, {'symbol': 'NASDAQ:APP', 'base_logoid': 'applovin'}, {'symbol': 'NASDAQ:BLNK', 'base_logoid': 'blink-charging'}, {'symbol': 'NASDAQ:BMBL', 'base_logoid': 'bumble'}, {'symbol': 'NYSE:CARS', 'base_logoid': 'cars-com'}, {'symbol': 'NASDAQ:CYBR', 'base_logoid': 'cyber-ark-software'}, {'symbol': 'NYSE:FSLY', 'base_logoid': 'fastly-inc'}, {'symbol': 'NASDAQ:FWRD', 'base_logoid': 'forward-air'}, {'symbol': 'NYSE:HBI', 'base_logoid': 'hanesbrands'}, {'symbol': 'NYSE:HUBS', 'base_logoid': 'hubspot'}, {'symbol': 'NASDAQ:DNUT', 'base_logoid': 'krispy-kreme'}, {'symbol': 'NYSE:MRO', 'base_logoid': 'marathon-oil'}, {'symbol': 'NASDAQ:MNST', 'base_logoid': 'monster-beverage'}, {'symbol': 'NASDAQ:PZZA', 'base_logoid': 'papa-johns-international'}, {'symbol': 'NASDAQ:PENN', 'base_logoid': 'penn-national-gaming'}, {'symbol': 'NASDAQ:PLUG', 'base_logoid': 'plug-power'}, {'symbol': 'NYSE:QSR', 'base_logoid': 'restaurant-brands-international'}, {'symbol': 'NASDAQ:HOOD', 'base_logoid': 'robinhood'}, {'symbol': 'NYSE:UA', 'base_logoid': 'under-armour'}, {'symbol': 'NASDAQ:VSAT', 'base_logoid': 'viasat'}, {'symbol': 'NASDAQ:WBD', 'base_logoid': 'warner-bros-discovery'}, {'symbol': 'NASDAQ:Z', 'base_logoid': 'zillow-group'}, {'symbol': 'NASDAQ:AKAM', 'base_logoid': 'akamai'}, {'symbol': 'NASDAQ:CARG', 'base_logoid': 'cargurus'}, {'symbol': 'NASDAQ:DBX', 'base_logoid': 'dropbox'}, {'symbol': 'NYSE:ELF', 'base_logoid': 'e-l-f-beauty'}, {'symbol': 'NASDAQ:EXPE', 'base_logoid': 'expedia'}, {'symbol': 'NASDAQ:FIVN', 'base_logoid': 'five9'}, {'symbol': 'NASDAQ:GILD', 'base_logoid': 'gilead'}, {'symbol': 'NASDAQ:PODD', 'base_logoid': 'insulet'}, {'symbol': 'NASDAQ:PARA', 'base_logoid': 'viacomcbs'}, {'symbol': 'NASDAQ:TTWO', 'base_logoid': 'take-two-interactive-software'}, {'symbol': 'NASDAQ:TTD', 'base_logoid': 'the-trade-desk'}, {'symbol': 'NYSE:U', 'base_logoid': 'unity'}, {'symbol': 'NYSE:YELP', 'base_logoid': 'yelp'}, {'symbol': 'NYSE:MUR', 'base_logoid': 'murphy-oil'}] | /news/benzinga:244dd06d5094b:0-wall-street-rallies-as-economic-concerns-recede-tech-flexes-its-muscles-semiconductors-soar-what-s-driving-markets-thursday/ | EN | Investor risk sentiment is showing greater conviction on Thursday, with all indices and major stock sectors in the green, after Wall Street failed to hold onto opening gains and closed in the red the previous day.Weekly jobless claims numbers, which came in at 233,000 last week — a significant drop… | Investor risk sentiment is showing greater conviction on Thursday, with all indices and major stock sectors in the green, after Wall Street failed to hold onto opening gains and closed in the
Weekly jobless claims numbers, which came in at 233,000 last week — a significant drop from the previous 250,000 and below the expected 240,000 —
Additionally, the notable decline in weekly claims in Texas suggests that a one-off event like Hurricane Beryl might have contributed to the increase in claims and the July unemployment rate, thus alleviating fears of a more structural trend.
Technology stocks are leading the charge, with the Nasdaq 100 showcasing a 2.2% rally. Among tech stocks, semiconductors are shining, with AI-linked trade back on track after significant
The iShares Semiconductor ETF NASDAQ:SOXX rallied 5.7%, returning above its 200-day moving average after falling below it last Friday. Industrial, consumer discretionary and energy stocks are also posting significant gains.
The dollar continues its recovery against the Japanese yen after being hit by the unwinding of the carry trade until Monday. The dollar-yen exchange rate is looking at its third consecutive day of gains, continuing to reflect the dovish remarks made by the Bank of Japan on Wednesday.
Bonds, which alongside the yen were favored during past sessions marked by recession fears, are now retracing as yields rise across the Treasury curve. The iShares 20+ Year Treasury Bond ETF NASDAQ:TLT tumbled by 0.8% on Thursday, eyeing its third straight session of declines. The yield on the 10-year Treasury note surged by 5 basis points to 4%.
Commodities are showing solid gains, with gold and silver up by 1.5% and 3.5%, respectively. Oil is up 0.8%, with West Texas Intermediate (WTI) light crude returning above the $75 per barrel level.
Cryptocurrencies are soaring, with Bitcoin posting a 7.9% daily gain, on track for its best session in about three months.
Thursday’s Performance In Major U.S. Indices, ETFs
Major IndicesPrice1-day %chgNasdaq 10018,267.702.2%S&P 5005,285.211.6%Russell 20002,063.971.5%Dow Jones39,231.861.2%According to Benzinga Pro data:
The SPDR S&P 500 ETF Trust AMEX:SPY rose 1.7% to $527.46.The SPDR Dow Jones Industrial Average AMEX:DIA increased by 1.2% to $392.63.The tech-heavy Invesco QQQ Trust Series NASDAQ:QQQ soared 2.4% to $445.17.The iShares Russell 2000 ETF AMEX:IWM gained 1.7% to $205.38.All the sectors of the S&P 500 saw gains, with the Technology Select Sector SPDR Fund AMEX:XLK leading the way, up by 2.8%. The more defensive Utilities Select Sector SPDR Fund AMEX:XLU witnessed the lowest surge, up by 0.4%.Thursday’s Stock Movers
Technology stocks rallying on improved risk sentiment are:
Arm Holdings NASDAQ:ARM up 7.8%,ON Semiconductor Corporation NASDAQ:ON up 7.1%,Microchip Technology Incorporated NASDAQ:MCHP up 6.2%,Marvell Technology, Inc. NASDAQ:MRVL up 6.1%,KLA Corporation NASDAQ:KLAC up 6%, Super Micro Computer, Inc. NASDAQ:SMCI up 5.9%Stocks moving on earnings reports are:
AppLovin Corporation NASDAQ:APP up 9.9%Blink Charging Co. NASDAQ:BLNK down 17%Bumble Inc. NASDAQ:BMBL down 31%Cars.com Inc. NYSE:CARS down 6%CyberArk Software Ltd. NASDAQ:CYBR up 7.2%Fastly, Inc. NYSE:FSLY down over 17%Forward Air Corporation NASDAQ:FWRD up nearly 22%Hanesbrands Inc. NYSE:HBI, up 15%HubSpot, Inc. NYSE:HUBS up 2.8%Krispy Kreme, Inc. NASDAQ:DNUT up 14,Marathon Oil Corp NYSE:MRO up 1.2%Monster Beverage Corporation NASDAQ:MNST down 11%Papa John’s International, Inc. NASDAQ:PZZA up 2.5%PENN Entertainment, Inc. NASDAQ:PENN up 7%Plug Power Inc. NASDAQ:PLUG down 0.5%Restaurant Brands International Inc. NYSE:QSR up 2.3%Robinhood Markets, Inc. NASDAQ:HOOD up 2.22%Under Armor, Inc. NYSE:UA up 18%Viasat, Inc. NASDAQ:VSAT up nearly 37%Warner Bros. Discovery, Inc. NASDAQ:WBD down nearly 9%Zillow Group, Inc. NASDAQ:Z up nearly 19%. Those reporting after the close are Akamai Technologies, Inc. NASDAQ:AKAM, CarGurus, Inc. NASDAQ:CARG, Dropbox, Inc. NASDAQ:DBX, elf Beauty, Inc. NYSE:ELF, Expedia Group, Inc. NASDAQ:EXPE, Five9, Inc. NASDAQ:FIVN, Gilead Sciences, Inc. NASDAQ:GILD, Insulet Corporation NASDAQ:PODD, Paramount Global NASDAQ:PARA, Take-Two Interactive Software, Inc. NASDAQ:TTWO, Trade Desk, Inc. NASDAQ:TTD, Unity Software Inc. NYSE:U, and Yelp Inc. NYSE:YELP.
Read Now:
Robinhood Is Doing ‘Everything Right’: Analysts Focus On New Products, Traders Taking Market Share From CompetitorsPhoto: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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benzinga:9cb1b2731094b:0 | QQQ | Tech Stocks Rally After 5-Day Slump As Recession Panic Eases: Nasdaq 100 Movers To Watch Thursday | benzinga | https://benzinga.com/ | 2024-08-08T15:38:53+00:00 | https://www.tradingview.com/news/benzinga:9cb1b2731094b:0-tech-stocks-rally-after-5-day-slump-as-recession-panic-eases-nasdaq-100-movers-to-watch-thursday/ | null | [{'symbol': 'NASDAQ:QQQ', 'base_logoid': 'invesco'}, {'symbol': 'NASDAQ:SMH', 'base_logoid': 'vaneck'}, {'symbol': 'NASDAQ:ON', 'base_logoid': 'on-semiconductor'}, {'symbol': 'NASDAQ:ARM', 'base_logoid': 'arm'}, {'symbol': 'NASDAQ:DDOG', 'base_logoid': 'datadog'}, {'symbol': 'NASDAQ:MRVL', 'base_logoid': 'marvell-tech'}, {'symbol': 'NASDAQ:CDNS', 'base_logoid': 'cadence-design-systems'}, {'symbol': 'NASDAQ:NVDA', 'base_logoid': 'nvidia'}, {'symbol': 'NASDAQ:AVGO', 'base_logoid': 'broadcom'}, {'symbol': 'NASDAQ:MSFT', 'base_logoid': 'microsoft'}, {'symbol': 'NASDAQ:META', 'base_logoid': 'meta-platforms'}, {'symbol': 'NASDAQ:AAPL', 'base_logoid': 'apple'}, {'symbol': 'NASDAQ:MCHP', 'base_logoid': 'microchip-technology'}] | /news/benzinga:9cb1b2731094b:0-tech-stocks-rally-after-5-day-slump-as-recession-panic-eases-nasdaq-100-movers-to-watch-thursday/ | EN | Tech stocks experienced a significant rebound at the opening of Thursday's session, driven by a sharper-than-expected decline in weekly jobless claims, which eased fears of imminent recession-like conditions in the U.S.The Nasdaq 100 index, tracked through the Invesco QQQ Trust NASDAQ:QQQ, surged 2… | Tech stocks experienced a significant rebound at the opening of Thursday's session, driven by a sharper-than-expected decline in weekly jobless claims, which eased fears of imminent recession-like
The Nasdaq 100 index, tracked through the Invesco QQQ Trust NASDAQ:QQQ, surged 2.4% by 10:30 a.m. in New York. This rally puts the index on track to end a five-session losing streak, the longest for the tech-heavy index since December 2022.
Within tech industries, chipmakers outperformed, with the VanEck Semiconductor ETF NASDAQ:SMH up 4.3%.
Initial jobless claims fell to 233,000 for the week ending Aug. 3, a decrease of 17,000 from the previous high of 250,000, and below market expectations of 240,000.
The four-week moving average, which smooths out week-to-week volatility in jobless claims, rose by 2,500 to 240,750, the highest in about a year. The outstanding claims increased by 6,000 to 1,875,000 for the week ending July 27, the highest since November 2021.
Analysts React To Unemployment Data
This unexpected drop in jobless claims provided a breath of fresh air for the market, propelling tech stocks upward and calming recession fears, at least for the moment.
"Some good news this morning with jobless claims coming in less than expected," said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. It’s hard to believe a recession has already begun, and “the panic that started earlier in the month was overblown, he said.
Ed Yardeni, president of Yardeni Research, echoed this sentiment, stating the decline in weekly jobless claims "should help to relieve fears that an employment-led recession is underway."
Traders adjusted their expectations for a 50-basis-point cut in September, with market-implied probabilities of such an outcome falling to 54%, down from 70% earlier this morning and nearly 100% following last Friday's weak labor market report.
The policy-sensitive two-year Treasury yield rose by 9 basis points to 4.06%, after hitting a level as low as 3.65% on Monday.
Nasdaq 100 Movers On Thursday
Leading the gains among Nasdaq 100 constituents were:
Name1-day %chgON Semiconductor Corporation NASDAQ:ON7.13%Arm Holdings plc NASDAQ:ARM6.52Datadog, Inc. NASDAQ:DDOG 6.08Marvell Technology, Inc. NASDAQ:MRVL5.74Cadence Design Systems, Inc. NASDAQ:CDNS5.65The major contributors to the broader tech index surge were:
NameWeight1-day %chgPercentage-point (pp)contributionNVIDIA Corporation NASDAQ:NVDA6.95%3.23%+0.22ppBroadcom Inc. NASDAQ:AVGO4.664.73+ 0.22ppMicrosoft Corporation NASDAQ:MSFT8.461.68+0.14ppMeta Platforms, Inc. NASDAQ:META4.872.84+0.14ppApple Inc. NASDAQ:AAPL9.191.22+0.11ppRead Next:
Photo via Shutterstock.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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zacks:744d73a69094b:0 | 7203 | Toyota (TM) Falls 13.6% Since Q1 Earnings & Sales Beat | zacks | http://www.zacks.com/ | 2024-08-08T14:39:00+00:00 | https://www.tradingview.com/news/zacks:744d73a69094b:0-toyota-tm-falls-13-6-since-q1-earnings-sales-beat/ | null | [{'symbol': 'TSE:7203', 'base_logoid': 'toyota'}] | /news/zacks:744d73a69094b:0-toyota-tm-falls-13-6-since-q1-earnings-sales-beat/ | EN | Shares of Toyota TM have declined 13.6% since it released its fiscal first-quarter 2025 results on Aug 1. This Japan-based auto giant posted earnings of $6.35 per share, which surpassed the Zacks Consensus Estimate of $4.01 but declined from the year-ago earnings of $7.05 a share. Consolidated reve… | Shares of Toyota TM have declined 13.6% since it released its fiscal first-quarter 2025 results on Aug 1. This Japan-based auto giant posted earnings of $6.35 per share, which surpassed the Zacks Consensus Estimate of $4.01 but declined from the year-ago earnings of $7.05 a share. Consolidated revenues came in at $75.9 billion, which beat the consensus mark of $72.5 billion but declined from $76.8 billion in the year-ago quarter.
Toyota had cash and cash equivalents of ¥7.59 trillion ($47.21 billion) as of Jun 30, 2024. Long-term debt was ¥22.19 trillion ($137.9 billion), up from ¥21.15 trillion as of Mar 31, 2024.
TM currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Toyota Motor Corporation Price, Consensus and EPS Surprise
Toyota Motor Corporation price-consensus-eps-surprise-chart | Toyota Motor Corporation Quote
Segmental Results
The Automotive segment’s net revenues for the fiscal first quarter increased 11% year over year to ¥10.76 trillion ($69.02 billion), outperforming our projection of ¥9.62 trillion. Operating profit came in at ¥1.11 trillion ($7.16 billion), rising from ¥945.6 billion generated in the year-ago quarter and exceeding our estimate of ¥1 trillion.
The Financial Services segment’s net revenues rose 30% from the prior-year quarter to ¥1 trillion ($6.45 billion). The metric outpaced our forecast of ¥796.6 billion. The segment registered an operating income of ¥159.7 billion ($1.02 billion), up from ¥147.3 billion in fourth-quarter fiscal 2023 and our estimate of ¥130.3 billion.
All Other businesses’ net revenues totaled ¥315.7 billion ($2.02 billion) in the reported quarter, rising from ¥306.4 billion in the comparable year-ago period but falling short of our projection of ¥345.6 billion. The unit generated an operating profit of ¥40.8 billion ($271 million), marking an improvement from ¥40.2 billion generated in the year-ago period but lagging our estimate of ¥44.2 billion.
FY25 Guidance
For fiscal 2025, Toyota projects total retail vehicle sales of 10.95 million units, indicating a decrease from 11.09 million units sold in fiscal 2024. Fiscal 2025 sales are expected to total ¥46 trillion, up from ¥45 trillion recorded in fiscal 2023. Operating income is projected to be ¥4.3 trillion, indicating a contraction of 19.6% year over year.
Pretax profit is estimated to be ¥5.07 trillion, implying a decline from ¥6.96 trillion generated in fiscal 2024. R&D expenses are envisioned to be ¥1.3 trillion, up from ¥1.2 trillion spent in fiscal 2024. Capex is forecast to be ¥2.15 trillion, signaling an uptick from ¥2.01 trillion spent in fiscal 2024.
Quarterly Releases of Other Legacy Automakers
General Motors GM reported second-quarter 2024 results on Jul 23. It posted adjusted earnings of $3.06 per share, which surpassed the Zacks Consensus Estimate of $2.67. The bottom line also increased from the year-ago quarter’s level of $1.91. Solid results from the GMNA segment led to the outperformance. Revenues of $47.97 billion beat the Zacks Consensus Estimate of $44.94 billion and increased from $44.75 billion recorded in the year-ago period. General Motors had cash and cash equivalents of $22.5 billion as of Jun 30, 2024. The long-term automotive debt at the end of the quarter was $15.4 billion.
Ford F reported second-quarter 2024 results on Jul 24. It posted adjusted earnings per share of 47 cents, which missed the Zacks Consensus Estimate of 64 cents and declined from 72 cents recorded in the year-ago quarter. The company’s consolidated second-quarter revenues came in at $47.8 billion, up 6.3% year over year.Ford had cash and cash equivalents of $19.95 billion as of Jun 30, 2024. Long-term debt, excluding Ford Credit, totaled $18.69 billion at the end of the second quarter of 2024.
Honda HMC reported first-quarter fiscal 2025 results on Aug 7. Itreported earnings of $1.57, which surpassed the Zacks Consensus Estimate of $1.19. The bottom line, however, declined from the year-ago profit of $1.60 per share. Quarterly revenues totaled $34.7 billion, surpassing the Zacks Consensus Estimate of $33.7 billion. The top line also increased from $33.7 billion recorded in the year-ago period. HMC’s consolidated cash and cash equivalents were ¥4.98 trillion ($30.93 billion) as of Jun 30, 2024. Long-term debt was around ¥6.16 trillion ($38.3 billion) as of Jun 30, 2024, up from ¥6.06 trillion as of Mar 31, 2024.
Zacks Investment Research
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benzinga:d01783cec094b:0 | MSFT | Amazon's $4B Stake In Anthropic Under UK Investigation For Anti-Competitive Concerns | benzinga | https://benzinga.com/ | 2024-08-08T14:14:16+00:00 | https://www.tradingview.com/news/benzinga:d01783cec094b:0-amazon-s-4b-stake-in-anthropic-under-uk-investigation-for-anti-competitive-concerns/ | null | [{'symbol': 'NASDAQ:AMZN', 'base_logoid': 'amazon'}, {'symbol': 'NASDAQ:GOOG', 'base_logoid': 'alphabet'}, {'symbol': 'NASDAQ:GOOGL', 'base_logoid': 'alphabet'}, {'symbol': 'NASDAQ:MSFT', 'base_logoid': 'microsoft'}] | /news/benzinga:d01783cec094b:0-amazon-s-4b-stake-in-anthropic-under-uk-investigation-for-anti-competitive-concerns/ | EN | A UK regulator is investigating a partnership between Amazon.com Inc NASDAQ:AMZN and Anthropic, a company it invested in back in September 2023.Here's a look at what's involved in the investigation and the timeline of events.What Happened: The Competition and Markets Authority, which is a leading U… | A UK regulator is investigating a partnership between Amazon.com Inc NASDAQ:AMZN and Anthropic, a company it invested in back
Here's a look at what's involved in the investigation and the timeline of events.
What Happened: The Competition and Markets Authority, which is a leading UK regulator, is investigating the partnership between Amazon and Anthropic, in a potential setback to the
On Thursday, the CMA said it had "sufficient information" about the partnership to start its investigation.
The CMA began investigating Amazon's $4 billion investment in Anthropic in April, seeking comment and investigating whether the partnership resembled a merger that could potentially involve anti-competitive behavior.
Amazon told the Financial Times it was "disappointed" by the CMA investigation probe. Amazon believes its investment and work with Anthropic "does not raise any competition concerns or meet the CMA's own threshold for review."
"By investing in Anthropic, Amazon, along with other companies, is helping Anthropic expand choice and competition in this important technology," Amazon told the Financial Times.
At the time of the investment, Amazon said Anthropic would leverage the company's custom-designed chips to develop and rollout its AI software. Amazon said it would utilize Anthropic's technology in its products.
Amazon is not Anthropic's exclusive cloud provider and does not have any seats on the company's Board of Directors, which are two items that could limit the investigation into anti-competitive behavior.
The investigation by the CMA follows the Federal Trade Commission launching an inquiry into Amazon and Alphabet Inc NASDAQ:GOOG NASDAQ:GOOGL for their investment in Anthropic.
Read Also:
Why It's Important: The deadline for a Phase 1 decision on whether the investigation moves forward is currently set for Oct. 4.
The investigation comes as the artificial intelligence sector has drawn increased focus on regulation and scrutiny over investments and partnerships. Concern from regulators and watchdog authorities centers on the potential large influence big tech companies could have on the AI sector with their investments and partnerships with AI startups.
An investment in ChatGPT parent and Anthropic competitor OpenAI by Microsoft Corporation NASDAQ:MSFT has also been the subject of several investigations.
CMA recently launched an investigation into Microsoft hiring staff from Inflection AI. The deadline for the investigation into Microsoft to be elevated currently sits at Sept. 11.
Read Next:
Jeff Bezos-Backed Anthropic And Menlo Ventures Team Up To Launch $100M Fund For AI Startups, Increasing Competition With OpenAIPhoto: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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benzinga:e45567ee2094b:0 | QQQ | Meta Succeeds At Achieving Payout From AI But Microsoft And Google Struggle – Nvidia Benefits | benzinga | https://benzinga.com/ | 2024-08-08T13:37:43+00:00 | https://www.tradingview.com/news/benzinga:e45567ee2094b:0-meta-succeeds-at-achieving-payout-from-ai-but-microsoft-and-google-struggle-nvidia-benefits/ | null | [{'symbol': 'NASDAQ:META', 'base_logoid': 'meta-platforms'}, {'symbol': 'NASDAQ:MSFT', 'base_logoid': 'microsoft'}, {'symbol': 'NASDAQ:GOOG', 'base_logoid': 'alphabet'}, {'symbol': 'NASDAQ:AMZN', 'base_logoid': 'amazon'}, {'symbol': 'NASDAQ:AAPL', 'base_logoid': 'apple'}, {'symbol': 'NASDAQ:NVDA', 'base_logoid': 'nvidia'}, {'symbol': 'NASDAQ:AMD', 'base_logoid': 'advanced-micro-devices'}, {'symbol': 'NASDAQ:ARM', 'base_logoid': 'arm'}, {'symbol': 'NASDAQ:QCOM', 'base_logoid': 'qualcomm'}, {'symbol': 'NASDAQ:TSLA', 'base_logoid': 'tesla'}, {'symbol': 'AMEX:SPY', 'base_logoid': 'spdr-sandp500-etf-tr'}, {'symbol': 'NASDAQ:QQQ', 'base_logoid': 'invesco'}, {'symbol': 'AMEX:GLD', 'base_logoid': 'spdr-sandp500-etf-tr'}, {'symbol': 'AMEX:SLV', 'base_logoid': 'ishares'}, {'symbol': 'AMEX:USO', 'base_logoid': 'uscf-fund'}] | /news/benzinga:e45567ee2094b:0-meta-succeeds-at-achieving-payout-from-ai-but-microsoft-and-google-struggle-nvidia-benefits/ | EN | To gain an edge, this is what you need to know today.Monetizing AIPlease click here for an enlarged chart of Meta Platforms Inc NASDAQ:META.Note the following:EnglandBank of England cut its interest rate to 5%. This is the first rate cut in over four years. England tends to precede the U.S.Middle E… | To gain an edge, this is what you need to know today.
Monetizing AI
Please click here for an enlarged chart of Meta Platforms Inc NASDAQ:META.
Note the following:
This article is about the big picture, not an individual stock. The chart of META stock is being used to illustrate the point.The chart shows the move up in META stock on earnings.The chart shows that as of this writing, the stock is trading above the top band of the support/resistance zone.RSI on the chart shows that there is more room for the stock to run.The resistance zone shown on the chart shows that if the stock runs from here, there is not far to go before selling may come in.Can companies monetize large capital expenditures on AI? This has been a key question for investors. META shows that it is successfully monetizing AI.Microsoft Corp NASDAQ:MSFT and Alphabet Inc Class C NASDAQ:GOOG earnings showed that they are having difficulty monetizing AI.Amazon.com, Inc. NASDAQ:AMZN and Apple Inc NASDAQ:AAPL will report earnings after the close. Prudent investors should carefully watch and see if Amazon and Apple are able to monetize AI. As a result of being able to successfully monetize AI, META reported strong earnings. Here are the key points: Earnings were better than the consensus and whisper numbers. Stocks move based on the difference between whisper numbers and the reported numbers. Whisper numbers are the numbers that analysts privately share with their best clients. Whisper numbers are often different from the publicly available numbers published by the same analysts.Revenues were up 22%.Earnings were up 73%.Meta is angling to make Meta AI the most used AI assistant by the end of the year.New AI based tools increased return on investment on advertisements by 22%.Meta is planning to spend $37B – $40B in capital expenditure this year vs. $35B – $40B prior.A capital spend of $37B means Meta is spending about 23% of its revenues on capital spend, most of which is on AI. As full disclosure, META is in the ZYX Buy Core Model Portfolio from The Arora Report. Previously Microsoft indicated that in spite of slowing Azure growth it would continue to spend heavily on AI.The big beneficiary of all of this AI spend continues to be NVIDIA Corp NASDAQ:NVDA. Nvidia has just added over $300B in market cap in one day.Earnings from Advanced Micro Devices, Inc. NASDAQ:AMD show that AMD is also making inroads.Of note is that Arm Holdings PLC – ADR NASDAQ:ARM which controls about 99% of the CPU designs for mobile phones is now striving to become an AI company. ARM gave a tepid forecast. ARM stock is falling. Also, Qualcomm Inc NASDAQ:QCOM gave a tepid forecast about smartphones.Jobless claims are increasing, indicating that the jobs picture is beginning to weaken. Jobless claims came at 249K vs. 233K consensus.Q2 Productivity – Preliminary came at 2.3% vs. 1.6% consensus.Unit labor costs have dramatically improved. This is good news for lower inflation. Unit Labor Costs – Preliminary came at 0.9% vs. 1.7% consensus.England
Bank of England cut its interest rate to 5%. This is the first rate cut in over four years. England tends to precede the U.S.
Middle East
Iran has reportedly issued orders to strike Israel in retaliation for killing a Hamas leader on its soil.
On the prospect of a wider war, money is flowing into gold and oil. Magnificent Seven Money Flows
In the early trade, money flows are positive in AAPL, AMZN, META, MSFT, and NVDA.
In the early trade, money flows are neutral in GOOG.
In the early trade, money flows are negative in Tesla Inc NASDAQ:TSLA.
In the early trade, money flows are positive in SPDR S&P 500 ETF Trust AMEX:SPY and Invesco QQQ Trust Series 1 NASDAQ:QQQ.
Momo Crowd And Smart Money In Stocks
Investors can gain an edge by knowing money flows in SPY and QQQ. Investors can get a bigger edge by knowing when smart money is buying stocks, gold, and oil. The most popular ETF for gold is SPDR Gold Trust AMEX:GLD. The most popular ETF for silver is iShares Silver Trust AMEX:SLV. The most popular ETF for oil is United States Oil ETF AMEX:USO.
Bitcoin
It appears that bitcoin whales used the strength generated by Trump's plan to drive Bitcoin to the moon to unload bitcoin to retail investors.
Protection Band And What To Do Now
It is important for investors to look ahead and not in the rearview mirror.
Consider continuing to hold good, very long term, existing positions. Based on individual risk preference, consider a protection band consisting of cash or Treasury bills or short-term tactical trades as well as short to medium term hedges and short term hedges. This is a good way to protect yourself and participate in the upside at the same time.
You can determine your protection bands by adding cash to hedges. The high band of the protection is appropriate for those who are older or conservative. The low band of the protection is appropriate for those who are younger or aggressive. If you do not hedge, the total cash level should be more than stated above but significantly less than cash plus hedges.
A protection band of 0% would be very bullish and would indicate full investment with 0% in cash. A protection band of 100% would be very bearish and would indicate a need for aggressive protection with cash and hedges or aggressive short selling.
It is worth reminding that you cannot take advantage of new upcoming opportunities if you are not holding enough cash. When adjusting hedge levels, consider adjusting partial stop quantities for stock positions (non ETF); consider using wider stops on remaining quantities and also allowing more room for high beta stocks. High beta stocks are the ones that move more than the market.
Traditional 60/40 Portfolio
Probability based risk reward adjusted for inflation does not favor long duration strategic bond allocation at this time.
Those who want to stick to traditional 60% allocation to stocks and 40% to bonds may consider focusing on only high quality bonds and bonds of five year duration or less. Those willing to bring sophistication to their investing may consider using bond ETFs as tactical positions and not strategic positions at this time.
The Arora Report is known for its accurate calls. The Arora Report correctly called the big artificial intelligence rally before anyone else, the new bull market of 2023, the bear market of 2022, new stock market highs right after the virus low in 2020, the virus drop in 2020, the DJIA rally to 30,000 when it was trading at 16,000, the start of a mega bull market in 2009, and the financial crash of 2008. Please click here to sign up for a free forever Generate Wealth Newsletter.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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benzinga:5d3340ed3094b:0 | MSFT | Raise Cash And Hedges, Selling In Apple, Amazon, Nvidia, And Tesla – Weak Jobs Report | benzinga | https://benzinga.com/ | 2024-08-08T13:37:28+00:00 | https://www.tradingview.com/news/benzinga:5d3340ed3094b:0-raise-cash-and-hedges-selling-in-apple-amazon-nvidia-and-tesla-weak-jobs-report/ | null | [{'symbol': 'NASDAQ:GOOG', 'base_logoid': 'alphabet'}, {'symbol': 'NASDAQ:MU', 'base_logoid': 'micron-technology'}, {'symbol': 'NASDAQ:AAPL', 'base_logoid': 'apple'}, {'symbol': 'NASDAQ:NVDA', 'base_logoid': 'nvidia'}, {'symbol': 'NASDAQ:META', 'base_logoid': 'meta-platforms'}, {'symbol': 'NASDAQ:AMAT', 'base_logoid': 'applied-materials'}, {'symbol': 'NASDAQ:QCOM', 'base_logoid': 'qualcomm'}, {'symbol': 'NASDAQ:AMZN', 'base_logoid': 'amazon'}, {'symbol': 'NASDAQ:MSFT', 'base_logoid': 'microsoft'}, {'symbol': 'AMEX:SPY', 'base_logoid': 'spdr-sandp500-etf-tr'}, {'symbol': 'NASDAQ:INTC', 'base_logoid': 'intel'}, {'symbol': 'NASDAQ:QQQ', 'base_logoid': 'invesco'}, {'symbol': 'AMEX:GLD', 'base_logoid': 'spdr-sandp500-etf-tr'}, {'symbol': 'AMEX:SLV', 'base_logoid': 'ishares'}, {'symbol': 'AMEX:USO', 'base_logoid': 'uscf-fund'}] | /news/benzinga:5d3340ed3094b:0-raise-cash-and-hedges-selling-in-apple-amazon-nvidia-and-tesla-weak-jobs-report/ | EN | To gain an edge, this is what you need to know today.Raise Cash And HedgesConsider slowly raising cash and hedges. It is especially important to hedge AI and tech stocks. As full disclosure, in addition to overall hedges, The Arora Report has existing additional hedges on positions such as Alphab… | To gain an edge, this is what you need to know today.
Raise Cash And Hedges
Consider slowly raising cash and hedges. It is especially important to hedge AI and tech stocks. As full disclosure, in addition to overall hedges, The Arora Report has existing additional hedges on positions such as Alphabet Inc Class C NASDAQ:GOOG, Micron Technology Inc NASDAQ:MU, Apple Inc NASDAQ:AAPL, NVIDIA Corp NASDAQ:NVDA, Meta Platforms Inc NASDAQ:META, Applied Materials, Inc. NASDAQ:AMAT, Qualcomm Inc NASDAQ:QCOM, NXPI, Amazon.com, Inc. NASDAQ:AMZN, and Microsoft Corp NASDAQ:MSFT.
Technology stocks and ETFs are very oversold. Oversold markets tend to bounce. The appropriate time to raise cash and increase hedges is on bounces – it should be done slowly.
Weak Jobs Report
Please click here for an enlarged chart of SPDR S&P 500 ETF Trust AMEX:SPY which represents the benchmark stock market index S&P 500 (SPX).
Note the following:
The chart shows that the stock market is falling after the release of the jobs report.The chart shows that the stock market is approaching the top band of the support zone.RSI on the chart shows that the stock market is oversold. Oversold markets tend to bounce.Going into the jobs report, stock futures were down with intense selling in Nasdaq futures.More intense selling came in after the release of the jobs report.The jobs report shows that the employment picture has unexpectedly worsened. Here are the details of the jobs report: Nonfarm payrolls came at 114K vs. 170K consensus.Nonfarm private payrolls came at 97K vs. 153K consensus.Average hourly earnings came at 0.2% vs. 0.3% consensus.Average work week came at 34.2 hours vs. 34.3 hours consensus.Unemployment rate came at 4.3% vs. 4.1% consensus. We shared with you yesterday that initial jobless claims were rising. Initial jobless claims is a leading indicator and carries heavy weight in the highly successful adaptive ZYX Asset Allocation Model with inputs in ten categories.We also shared with you yesterday that the ISM data was very weak.In The Arora Report analysis, taken together, the foregoing raises the specter of stagflation. Stagflation is an enemy of the stock market.Momo gurus persuaded their followers to aggressively buy stocks because they claimed they knew there would either be a soft landing or no landing. The latest data shows that there is a fair probability of a hard landing. Momo gurus being wrong is nothing new. Here is the key question for prudent investors: Will the momo crowd continue to follow momo gurus who are consistently wrong and risk more capital by continuing to aggressively buy stocks? The answer to this question will in large part determine the direction of the stock market over the next few weeks. In The Arora Report analysis, the rise in the Japanese yen is also partly responsible for selling in the stock market. As we previously shared with you, many funds have borrowed in yen and invested in the U.S. stock market. Earnings from Amazon (AMZN) and Intel Corp NASDAQ:INTC were below consensus and whisper numbers. This is contributing to selling pressure on the stock market.Apple (AAPL) earnings are better than the consensus and whisper numbers. However, business is poor in China and the growth rate given in the conference call for the current quarter was disappointing.As an actionable item, the sum total of the foregoing is in the protection band, which strikes the optimum balance between various crosscurrents. Please scroll down to see the protection band. The protection band is one of the large number of unique edges that are available to members of The Arora Report.Magnificent Seven Money Flows
In the early trade, money flows are negative in AAPL, AMZN, GOOG, META, MSFT, NVDA, and TSLA.
In the early trade, money flows are negative in SPDR S&P 500 ETF Trust AMEX:SPY and Invesco QQQ Trust Series 1 NASDAQ:QQQ.
Momo Crowd And Smart Money In Stocks
Investors can gain an edge by knowing money flows in SPY and QQQ. Investors can get a bigger edge by knowing when smart money is buying stocks, gold, and oil. The most popular ETF for gold is SPDR Gold Trust AMEX:GLD. The most popular ETF for silver is iShares Silver Trust AMEX:SLV. The most popular ETF for oil is United States Oil ETF AMEX:USO.
Bitcoin
Bitcoin is range bound.
Protection Band And What To Do Now
It is important for investors to look ahead and not in the rearview mirror.
Consider continuing to hold good, very long term, existing positions. Based on individual risk preference, consider a protection band consisting of cash or Treasury bills or short-term tactical trades as well as short to medium term hedges and short term hedges. This is a good way to protect yourself and participate in the upside at the same time.
You can determine your protection bands by adding cash to hedges. The high band of the protection is appropriate for those who are older or conservative. The low band of the protection is appropriate for those who are younger or aggressive. If you do not hedge, the total cash level should be more than stated above but significantly less than cash plus hedges.
A protection band of 0% would be very bullish and would indicate full investment with 0% in cash. A protection band of 100% would be very bearish and would indicate a need for aggressive protection with cash and hedges or aggressive short selling.
It is worth reminding that you cannot take advantage of new upcoming opportunities if you are not holding enough cash. When adjusting hedge levels, consider adjusting partial stop quantities for stock positions (non ETF); consider using wider stops on remaining quantities and also allowing more room for high beta stocks. High beta stocks are the ones that move more than the market.
Traditional 60/40 Portfolio
Probability based risk reward adjusted for inflation does not favor long duration strategic bond allocation at this time.
Those who want to stick to traditional 60% allocation to stocks and 40% to bonds may consider focusing on only high quality bonds and bonds of five year duration or less. Those willing to bring sophistication to their investing may consider using bond ETFs as tactical positions and not strategic positions at this time.
The Arora Report is known for its accurate calls. The Arora Report correctly called the big artificial intelligence rally before anyone else, the new bull market of 2023, the bear market of 2022, new stock market highs right after the virus low in 2020, the virus drop in 2020, the DJIA rally to 30,000 when it was trading at 16,000, the start of a mega bull market in 2009, and the financial crash of 2008. Please click here to sign up for a free forever Generate Wealth Newsletter.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
| stocks | null | null | null |
benzinga:2d16bcaf7094b:0 | MSFT | The Real Reason Behind Global Stock Carnage – Carry Trade Unwinds | benzinga | https://benzinga.com/ | 2024-08-08T13:37:20+00:00 | https://www.tradingview.com/news/benzinga:2d16bcaf7094b:0-the-real-reason-behind-global-stock-carnage-carry-trade-unwinds/ | null | [{'symbol': 'AMEX:FXY', 'base_logoid': 'invesco'}, {'symbol': 'NASDAQ:AAPL', 'base_logoid': 'apple'}, {'symbol': 'NYSE:KO', 'base_logoid': 'coca-cola'}, {'symbol': 'NYSE:AXP', 'base_logoid': 'american-express'}, {'symbol': 'NASDAQ:NVDA', 'base_logoid': 'nvidia'}, {'symbol': 'NASDAQ:TSLA', 'base_logoid': 'tesla'}, {'symbol': 'NASDAQ:AMZN', 'base_logoid': 'amazon'}, {'symbol': 'NASDAQ:MSFT', 'base_logoid': 'microsoft'}, {'symbol': 'NASDAQ:GOOG', 'base_logoid': 'alphabet'}, {'symbol': 'NASDAQ:META', 'base_logoid': 'meta-platforms'}, {'symbol': 'AMEX:SPY', 'base_logoid': 'spdr-sandp500-etf-tr'}, {'symbol': 'NASDAQ:QQQ', 'base_logoid': 'invesco'}, {'symbol': 'AMEX:GLD', 'base_logoid': 'spdr-sandp500-etf-tr'}, {'symbol': 'AMEX:SLV', 'base_logoid': 'ishares'}, {'symbol': 'AMEX:USO', 'base_logoid': 'uscf-fund'}] | /news/benzinga:2d16bcaf7094b:0-the-real-reason-behind-global-stock-carnage-carry-trade-unwinds/ | EN | To gain an edge, this is what you need to know today.Carry Trade UnwindsPlease click here for an enlarged chart of Invesco Currency Shares Japanese Yen Trust AMEX:FXY.Note the following:Magnificent Seven Money FlowsIn the early trade, money flows are negative in Amazon.com, Inc. NASDAQ:AMZN, NVDA… | To gain an edge, this is what you need to know today.
Carry Trade Unwinds
Please click here for an enlarged chart of Invesco Currency Shares Japanese Yen Trust AMEX:FXY.
Note the following:
The chart shows the rapid rise in the yen.The chart shows that the rapid rise occurred after the Bank of Japan raised rates.As full disclosure, ZYX Allocation by The Arora Report has a long position in yen ETF (FXY). Click here to read where we previously wrote that FXY would act as a hedge. That call has now proven spot on. FXY is rising while stocks are experiencing carnage.We have been sharing with you for a while to keep an eye on actions from the Bank of Japan as they may have a large impact on global stocks, including U.S. stocks.Last week we shared with you that the Bank of Japan raised rates and the carry trade was beginning to unwind. Funds have been borrowing money in yen and buying stocks across the globe. Most notably, funds have been using money borrowed in yen to buy AI related semiconductor stocks and the Magnificent Seven stocks. This is the reason the Magnificent Seven and other AI stocks are now seeing aggressive selling.There are several other factors entering into the mix to drive stocks lower. We have been sharing with you that sentiment had reached the extreme zone. We have also been sharing with you that when sentiment reaches the extreme, it is a contrary signal, i.e. a sell signal. Now we are seeing the aftermath of sentiment reaching the extreme.Warren Buffett has become defensive. Buffett's company, Berkshire Hathaway Inc Class B (NYSE:), sold about half of its Apple Inc NASDAQ:AAPL position.BRK.B has reached a record $277B cash position on June 30 vs. $189B on March 31. This largely reflects Buffett selling about half of the AAPL position.This is especially very important because it was only back in May when Buffett said AAPL was a core holding like Coca-Cola Co NYSE:KO and American Express Company NYSE:AXP. He has held KO and AXP for a very long time. Delay in NVIDIA Corp NASDAQ:NVDA next generation Blackwell chip.Economic data is beginning to show slowing U.S. growth as we shared with you in Morning Capsules last week. Please read last week's Morning Capsules, click here for details. The most notable pieces of data are: ISMJobless claimsJobs report The momo crowd is facing forced selling due to margin calls. Expect selling pressure to lift when early margin calls are done.Expect another couple of waves of margin calls during the day unless the market rallies substantially.Historically, the two times of heavy forced liquidation are around 10:30am ET and 1pm ET. In addition to the protection band that is protecting The Arora Report members' portfolios, there are additional hedges in the form of gold and silver, as well as hedges on semiconductor stocks and all of the Magnificent Seven stocks with the exception of Tesla Inc NASDAQ:TSLA. TSLA is not a portfolio holding. These additional hedges on semiconductor stocks and the Magnificent Seven stocks have now become profitable. Consider starting to book profits in small tranches on these hedges starting right now. The stock market is very oversold and can quickly bounce after forced selling is done.Magnificent Seven Money Flows
In the early trade, money flows are negative in Amazon.com, Inc. NASDAQ:AMZN, NVDA, Microsoft Corp NASDAQ:MSFT, Alphabet Inc Class C NASDAQ:GOOG, Meta Platforms Inc NASDAQ:META, TSLA, and AAPL.
In the early trade, money flows are negative in SPDR S&P 500 ETF Trust AMEX:SPY and Invesco QQQ Trust Series 1 NASDAQ:QQQ.
Momo Crowd And Smart Money In Stocks
Investors can gain an edge by knowing money flows in SPY and QQQ. Investors can get a bigger edge by knowing when smart money is buying stocks, gold, and oil. The most popular ETF for gold is SPDR Gold Trust AMEX:GLD. The most popular ETF for silver is iShares Silver Trust AMEX:SLV. The most popular ETF for oil is United States Oil ETF AMEX:USO.
Bitcoin
The Arora Report call that Bitcoin is not a hedge is being proven right now. Bitcoin is being aggressively sold and is now approaching $50,000. Bitcoin whales unloaded bitcoin to unsuspecting retail investors last month.
Protection Band And What To Do Now
It is important for investors to look ahead and not in the rearview mirror.
Consider continuing to hold good, very long term, existing positions. Based on individual risk preference, consider a protection band consisting of cash or Treasury bills or short-term tactical trades as well as short to medium term hedges and short term hedges. This is a good way to protect yourself and participate in the upside at the same time.
You can determine your protection bands by adding cash to hedges. The high band of the protection is appropriate for those who are older or conservative. The low band of the protection is appropriate for those who are younger or aggressive. If you do not hedge, the total cash level should be more than stated above but significantly less than cash plus hedges.
A protection band of 0% would be very bullish and would indicate full investment with 0% in cash. A protection band of 100% would be very bearish and would indicate a need for aggressive protection with cash and hedges or aggressive short selling.
It is worth reminding that you cannot take advantage of new upcoming opportunities if you are not holding enough cash. When adjusting hedge levels, consider adjusting partial stop quantities for stock positions (non ETF); consider using wider stops on remaining quantities and also allowing more room for high beta stocks. High beta stocks are the ones that move more than the market.
Traditional 60/40 Portfolio
Probability based risk reward adjusted for inflation does not favor long duration strategic bond allocation at this time.
Those who want to stick to traditional 60% allocation to stocks and 40% to bonds may consider focusing on only high quality bonds and bonds of five year duration or less. Those willing to bring sophistication to their investing may consider using bond ETFs as tactical positions and not strategic positions at this time.
The Arora Report is known for its accurate calls. The Arora Report correctly called the big artificial intelligence rally before anyone else, the new bull market of 2023, the bear market of 2022, new stock market highs right after the virus low in 2020, the virus drop in 2020, the DJIA rally to 30,000 when it was trading at 16,000, the start of a mega bull market in 2009, and the financial crash of 2008. Please click here to sign up for a free forever Generate Wealth Newsletter.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
| stocks | null | null | null |
benzinga:a678ec29e094b:0 | QQQ | No 'Back Up The Truck And Buy Stocks' Signal – CTAs' Positioned To Sell The Rallies | benzinga | https://benzinga.com/ | 2024-08-08T13:36:53+00:00 | https://www.tradingview.com/news/benzinga:a678ec29e094b:0-no-back-up-the-truck-and-buy-stocks-signal-ctas-positioned-to-sell-the-rallies/ | null | [{'symbol': 'NASDAQ:QQQ', 'base_logoid': 'invesco'}, {'symbol': 'NASDAQ:AMZN', 'base_logoid': 'amazon'}, {'symbol': 'NASDAQ:GOOG', 'base_logoid': 'alphabet'}, {'symbol': 'NASDAQ:META', 'base_logoid': 'meta-platforms'}, {'symbol': 'NASDAQ:MSFT', 'base_logoid': 'microsoft'}, {'symbol': 'NASDAQ:NVDA', 'base_logoid': 'nvidia'}, {'symbol': 'NASDAQ:TSLA', 'base_logoid': 'tesla'}, {'symbol': 'NASDAQ:AAPL', 'base_logoid': 'apple'}, {'symbol': 'AMEX:SPY', 'base_logoid': 'spdr-sandp500-etf-tr'}, {'symbol': 'AMEX:GLD', 'base_logoid': 'spdr-sandp500-etf-tr'}, {'symbol': 'AMEX:SLV', 'base_logoid': 'ishares'}, {'symbol': 'AMEX:USO', 'base_logoid': 'uscf-fund'}] | /news/benzinga:a678ec29e094b:0-no-back-up-the-truck-and-buy-stocks-signal-ctas-positioned-to-sell-the-rallies/ | EN | To gain an edge, this is what you need to know today.Carry Trade Unwind Not OverPlease click here for an enlarged chart of Nasdaq 100 ETF NASDAQ:QQQ.Note the following:Magnificent Seven Money FlowsIn the early trade, money flows are positive in Amazon.com, Inc. NASDAQ:AMZN, Alphabet Inc Class C NAS… | To gain an edge, this is what you need to know today.
Carry Trade Unwind Not Over
Please click here for an enlarged chart of Nasdaq 100 ETF NASDAQ:QQQ.
Note the following:
The chart shows that QQQ gapped down and opened yesterday below the support/resistance zone.The chart shows the dip was bought.The chart shows QQQ is now in the support/resistance zone.The chart shows that drop yesterday occurred on higher volume. This indicates conviction in selling.The chart shows there is buying this morning.There are ten different indications that combine together to show a capitulation. In The Arora Report analysis, nothing even close to a capitulation has happened. When a capitulation happens, it often leads to a ‘back up the truck and buy stocks' signal. There is no such signal at this time.The carry trade unwind was the primary cause of the sell off yesterday.There is a widespread mistaken belief among less informed investors that the carry trade unwind is over.In The Arora Report analysis, only those funds that were overstretched were forced to unwind yesterday.In The Arora Report analysis, those with deeper pockets will take advantage of rallies to unwind the carry trade.The buy the dip mentality is well and alive. It is on display in Japan, where stocks jumped about 10% overnight.Commodity Trading Advisors (CTAs) manage about $300B. These advisors primarily trade futures in a systematic manner. In The Arora Report analysis, CTAs were caught by surprise over the last three days. Positioning of CTAs is such that they are likely to sell the rallies. On the positive side, momo gurus have a new narrative. Their narrative is that the Fed will cut at least by 50 bps three times this year. The momo gurus are also demanding that the Fed cut interest rates by 75 bps in an emergency meeting. This narrative seems to be working. The momo crowd is back to aggressively buying stocks.In The Arora Report analysis, without further turbulence, there is almost zero probability of an emergency Fed meeting and an immediate 75 bps cut. However, if the Fed were to cut by 75 bps, there would likely be a rip roaring stock market rally, leading to new highs. The buying the dip mentality was so strong yesterday that Wall Street's fear gauge VIX (VIX) saw the biggest intraday drop ever in history. VIX dropped from the intraday high of 65 to close at 38. This indicates that fear evaporated among the momo crowd very quickly. Magnificent Seven Money Flows
In the early trade, money flows are positive in Amazon.com, Inc. NASDAQ:AMZN, Alphabet Inc Class C NASDAQ:GOOG, Meta Platforms Inc NASDAQ:META, Microsoft Corp NASDAQ:MSFT, NVIDIA Corp NASDAQ:NVDA, and Tesla Inc NASDAQ:TSLA.
In the early trade, money flows are negative in Apple Inc NASDAQ:AAPL.
In the early trade, money flows are positive in SPDR S&P 500 ETF Trust AMEX:SPY and Invesco QQQ Trust Series 1 NASDAQ:QQQ.
Momo Crowd And Smart Money In Stocks
Investors can gain an edge by knowing money flows in SPY and QQQ. Investors can get a bigger edge by knowing when smart money is buying stocks, gold, and oil. The most popular ETF for gold is SPDR Gold Trust AMEX:GLD. The most popular ETF for silver is iShares Silver Trust AMEX:SLV. The most popular ETF for oil is United States Oil ETF AMEX:USO.
Bitcoin
Bitcoin is being bought as bitcoin whales are promoting the idea that support at $50,000 held and now is the time to buy.
Protection Band And What To Do Now
It is important for investors to look ahead and not in the rearview mirror.
Consider continuing to hold good, very long term, existing positions. Based on individual risk preference, consider a protection band consisting of cash or Treasury bills or short-term tactical trades as well as short to medium term hedges and short term hedges. This is a good way to protect yourself and participate in the upside at the same time.
You can determine your protection bands by adding cash to hedges. The high band of the protection is appropriate for those who are older or conservative. The low band of the protection is appropriate for those who are younger or aggressive. If you do not hedge, the total cash level should be more than stated above but significantly less than cash plus hedges.
A protection band of 0% would be very bullish and would indicate full investment with 0% in cash. A protection band of 100% would be very bearish and would indicate a need for aggressive protection with cash and hedges or aggressive short selling.
It is worth reminding that you cannot take advantage of new upcoming opportunities if you are not holding enough cash. When adjusting hedge levels, consider adjusting partial stop quantities for stock positions (non ETF); consider using wider stops on remaining quantities and also allowing more room for high beta stocks. High beta stocks are the ones that move more than the market.
Traditional 60/40 Portfolio
Probability based risk reward adjusted for inflation does not favor long duration strategic bond allocation at this time.
Those who want to stick to traditional 60% allocation to stocks and 40% to bonds may consider focusing on only high quality bonds and bonds of five year duration or less. Those willing to bring sophistication to their investing may consider using bond ETFs as tactical positions and not strategic positions at this time.
The Arora Report is known for its accurate calls. The Arora Report correctly called the big artificial intelligence rally before anyone else, the new bull market of 2023, the bear market of 2022, new stock market highs right after the virus low in 2020, the virus drop in 2020, the DJIA rally to 30,000 when it was trading at 16,000, the start of a mega bull market in 2009, and the financial crash of 2008. Please click here to sign up for a free forever Generate Wealth Newsletter.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
| funds | null | null | null |
benzinga:da6d82fdd094b:0 | QQQ | Fed Rate Cuts Could Avert Recession, Say 75% In Benzinga Poll, As Majority Sees Market Dip As Temporary | benzinga | https://benzinga.com/ | 2024-08-08T13:04:59+00:00 | https://www.tradingview.com/news/benzinga:da6d82fdd094b:0-fed-rate-cuts-could-avert-recession-say-75-in-benzinga-poll-as-majority-sees-market-dip-as-temporary/ | null | [{'symbol': 'AMEX:DIA', 'base_logoid': 'spdr-sandp500-etf-tr'}, {'symbol': 'AMEX:SPY', 'base_logoid': 'spdr-sandp500-etf-tr'}, {'symbol': 'NASDAQ:QQQ', 'base_logoid': 'invesco'}] | /news/benzinga:da6d82fdd094b:0-fed-rate-cuts-could-avert-recession-say-75-in-benzinga-poll-as-majority-sees-market-dip-as-temporary/ | EN | The Federal Reserve can avoid a recession by cutting interest rates in the wake of an unnerving market drop that is most likely short-lived, according to a new Benzinga poll.A survey on the Fed possibly cutting rates showed that 75% of adults believe that lower rates would deter an economic downtur… | The Federal Reserve can avoid a recession by cutting interest rates in the wake of an unnerving market drop that is most likely short-lived, according to a new Benzinga poll.
A survey on the Fed possibly cutting rates showed that 75% of adults believe that lower rates would deter an economic downturn, while another poll revealed that 68% of people are confident that Monday’s plummet across global markets reflects a temporary slide.
On Monday, the Dow Jones Industrial Average, which is tracked by the SPDR Dow Jones Industrial Average ETF AMEX:DIA, lost 2.6%, the S&P 500, which is followed by the SPDR S&P 500 ETF Trust AMEX:SPY, shed 3%. The losses marked both indexes’ biggest drops since September 2022.
The Nasdaq-100 Index, which is tracked by the Invesco QQQ Trust NASDAQ:QQQ, dipped 3.4% during Monday’s session.
Read Also:
Monday’s drop occurred after the Fed announced it was keeping rates unchanged on July 31 and a U.S. jobs report revealed on Friday that unemployment had risen 0.2% to 4.3% in July.
Meanwhile, the Bank of Japan raised its interest rates from 1% to 2.5% on July 31, prompting the Nikkei 225 to drop 12.4% drop to 31,422 on Monday and a frenzied investor retreat from the Japanese yen carry trade.
Markets have since stabilized, as the Dow has lost 0.08%, or 34 points, since Monday’s closing bell to close at 38,764 on Wednesday. The S&P 500 closed at 5,200 on Wednesday, up a dozen points from Monday’s close.
The Nasdaq-100 has shed a few points since the end of trading on Monday to land at 17,867 on Wednesday.
The Nikkei 225 has rebounded 10% since Monday to reach 35,090 by Wednesday’s close in Tokyo.
The polls were conducted by Benzinga on Aug. 6 and Aug. 7 and included the responses of a diverse population of adults 18 or older. Opting into the surveys was completely voluntary, with no incentives offered to potential respondents. The survey on the market retreat reflects results from 157 adults, while the other one on Fed cutting rates is based on the opinions of 128 adults.
Read Next:
Image created using artificial intelligence via Midjourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
| funds | null | null | null |
tag:reuters.com,2024:newsml_L4N3JV18V:0 | MSFT | パランティア、米政府向けにAzure上でのAI製品展開を計画 | reuters | https://www.tradingview.com/news/providers/reuters/ | 2024-08-08T12:04:30+00:00 | https://ja.tradingview.com/news/reuters.com,2024:newsml_L4N3JV18V:0/ | Copyright Thomson Reuters 2024. Click For Restrictions - https://agency.reuters.com/en/copyright.html | [{'symbol': 'NYSE:PLTR', 'base_logoid': 'palantir'}, {'symbol': 'NASDAQ:MSFT', 'base_logoid': 'microsoft'}] | /news/reuters.com,2024:newsml_L4N3JV18V:0/ | JA | ** データ分析会社パランティア・テクノロジーズ NYSE:PLTRの株価は、プレマーケット取引で2.4％上昇し26.96ドル。 ** PLTRによると、 (link)、人工知能プラットフォーム（Artificial Intelligence Platform）(AIP) などの製品をマイクロソフト NASDAQ:MSFTのクラウドプラットフォーム上で提供する。 ** Coは、マイクロソフトのAzure GovernmentおよびAzure Government Secretクラウドプラットフォームに、戦場での標的の位置特定を支援する「Gotham」ソフトウェアなどの製品を展開する。… | ** データ分析会社パランティア・テクノロジーズ NYSE:PLTRの株価は、プレマーケット取引で2.4％上昇し26.96ドル。
** PLTRによると、 (link)、人工知能プラットフォーム（Artificial Intelligence Platform）(AIP) などの製品をマイクロソフト NASDAQ:MSFTのクラウドプラットフォーム上で提供する。
** Coは、マイクロソフトのAzure GovernmentおよびAzure Government Secretクラウドプラットフォームに、戦場での標的の位置特定を支援する「Gotham」ソフトウェアなどの製品を展開する。
** PLTRとMSFTはブートキャンプを実施し、防衛・情報コミュニティ向けの新サービスを推進する。
** 直近の終値まで、株価は前年同期比53.3%上昇
| stocks | null | null | null |
tag:reuters.com,2024:newsml_L4N3JV181:0 | MSFT | Palantir up as it plans to deploy AI products on Azure for US government | reuters | https://www.tradingview.com/news/providers/reuters/ | 2024-08-08T12:04:24+00:00 | https://www.tradingview.com/news/reuters.com,2024:newsml_L4N3JV181:0-palantir-up-as-it-plans-to-deploy-ai-products-on-azure-for-us-government/ | Copyright Thomson Reuters 2024. Click For Restrictions - https://agency.reuters.com/en/copyright.html | [{'symbol': 'NYSE:PLTR', 'base_logoid': 'palantir'}, {'symbol': 'NASDAQ:MSFT', 'base_logoid': 'microsoft'}] | /news/reuters.com,2024:newsml_L4N3JV181:0-palantir-up-as-it-plans-to-deploy-ai-products-on-azure-for-us-government/ | EN | ** Shares of data analytics firm Palantir Technologies NYSE:PLTR rise 2.4% to $26.96 in premarket trading** PLTR says will offer its products, including the Artificial Intelligence Platform (AIP) on Microsoft's NASDAQ:MSFT cloud platforms, which cater to the U.S. government and federal agencies suc… | ** Shares of data analytics firm Palantir Technologies NYSE:PLTR rise 2.4% to $26.96 in premarket trading
** PLTR says will offer its products, including the Artificial Intelligence Platform (AIP) on Microsoft's NASDAQ:MSFT cloud platforms, which cater to the U.S. government and federal agencies such as the Department of Defense
** Co will deploy products, including the "Gotham" software — which assists in locating targets on battlefields — on Microsoft's Azure Government and Azure Government Secret cloud platforms
** PLTR and MSFT will run boot camps to promote their new services for defense and intelligence communities
** Up to last close, stock had risen 53.3% YTD
| stocks | null | null | null |
benzinga:621879e12094b:0 | QQQ | Smart Money Sells Momo Crowd's Favorite AI Stock, Bank Of Japan Rescues The U.S. Stock Market | benzinga | https://benzinga.com/ | 2024-08-08T12:00:45+00:00 | https://www.tradingview.com/news/benzinga:621879e12094b:0-smart-money-sells-momo-crowd-s-favorite-ai-stock-bank-of-japan-rescues-the-u-s-stock-market/ | null | [{'symbol': 'NASDAQ:SMCI', 'base_logoid': 'super-micro-computer'}, {'symbol': 'NASDAQ:NVDA', 'base_logoid': 'nvidia'}, {'symbol': 'NASDAQ:MU', 'base_logoid': 'micron-technology'}, {'symbol': 'NASDAQ:MRVL', 'base_logoid': 'marvell-tech'}, {'symbol': 'NASDAQ:MSFT', 'base_logoid': 'microsoft'}, {'symbol': 'NASDAQ:AMZN', 'base_logoid': 'amazon'}, {'symbol': 'NASDAQ:GOOG', 'base_logoid': 'alphabet'}, {'symbol': 'NASDAQ:META', 'base_logoid': 'meta-platforms'}, {'symbol': 'NASDAQ:TSLA', 'base_logoid': 'tesla'}, {'symbol': 'NASDAQ:AAPL', 'base_logoid': 'apple'}, {'symbol': 'AMEX:SPY', 'base_logoid': 'spdr-sandp500-etf-tr'}, {'symbol': 'NASDAQ:QQQ', 'base_logoid': 'invesco'}, {'symbol': 'AMEX:GLD', 'base_logoid': 'spdr-sandp500-etf-tr'}, {'symbol': 'AMEX:SLV', 'base_logoid': 'ishares'}, {'symbol': 'AMEX:USO', 'base_logoid': 'uscf-fund'}] | /news/benzinga:621879e12094b:0-smart-money-sells-momo-crowd-s-favorite-ai-stock-bank-of-japan-rescues-the-u-s-stock-market/ | EN | To gain an edge, this is what you need to know today.BOJ Saves The U.S. Stock MarketPlease click here for an enlarged chart of Super Micro Computer Inc NASDAQ:SMCI.Note the following:SMCI has become a favorite of the momo crowd. The momo crowd incorrectly thinks SMCI has the same potential as NVIDI… |
To gain an edge, this is what you need to know today.
BOJ Saves The U.S. Stock Market
Please click here for an enlarged chart of Super Micro Computer Inc NASDAQ:SMCI.
Note the following:
This article is about the big picture, not an individual stock. The chart of SMCI stock is being used to illustrate the point.SMCI is a favorite AI stock of the momo crowd.The momo crowd was eagerly awaiting SMCI earnings, hoping it would run up back to over $1000 and take the rest of the AI stocks much higher along with it.In The Arora Report analysis, the average cost of the momo crowd for SMCI is above $1000. As of this writing in the premarket, SMCI is trading at $529.94.After the earnings release yesterday in the after market, the momo crowd immediately ran up SMCI stock to $727.70. The momo crowd was excited about the 10 for 1 stock split.Smart money took advantage of the strength generated by momo crowd buying to start selling SMCI. The reason smart money sold SMCI is that gross margins came at 11.3% vs. 14.1% consensus.Investors should note that after the drop caused by smart money selling, SMCI has not been able to significantly rally so far in spite of CEO Charles Liang saying that margins will rise to 14% – 17% in FY25.The chart shows that from its peak, SMCI stock has lost 56.4%.The chart shows that at least a modicum of sanity is beginning to set in in AI stocks after the unrestrained frenzy caused by incessant momo crowd buying.The chart should not surprise you because as readers of The Arora Report, you knew a drop was coming. The high in SMCI occurred on March 8. Four days before the high, on March 4, we wrote in the Morning Capsule,SMCI has become a favorite of the momo crowd. The momo crowd incorrectly thinks SMCI has the same potential as NVIDIA Corp NASDAQ:NVDA. Investors need to keep in mind the following:
SMCI moves a lot more than NVDA. SMCI is so volatile because of the small float.SMCI is an assembler of servers for artificial intelligence. It uses components from NVDA, Micron Technology Inc NASDAQ:MU, and Marvell Technology Inc NASDAQ:MRVL.NVDA has a large moat to protect it that includes IP for its GPUs. SMCI has no moat and the barrier to entry for competitors is low.SMCI sales are to hyperscalers like Microsoft Corp NASDAQ:MSFT, Amazon.com, Inc. NASDAQ:AMZN, and Alphabet Inc Class C NASDAQ:GOOG. The reason SMCI sales are booming is that they have availability of NVDA chips. As chips become more available to competitors, SMCI will not be able to sustain its sales growth rate.The momo crowd is buying SMCI due to lack of knowledge. However, there are many investors who understand and have the knowledge of SMCI’s business. Many such investors are short selling SMCI. For the time being, short sellers are being overwhelmed by the YOLO crowd.Taking all of the above into consideration with the quantitative analysis screen of the ZYX Change Method, in an optimistic case, the fair value of SMCI stock is $442 – $486. As we have previously written and has been demonstrated, a fortune is to be made in artificial intelligence between now and 2030. However, it is not going to be a straight line. At times, it is going to be treacherous. Based on the feedback from investors so far, it is clear that investors who are developing in depth knowledge of investing in AI are doing better than those who are not. The problem investors face is that it is very difficult to find objective investing information on AI as a vast majority of the content in the media is produced with an agenda that is not in investors' best interest.A number of indicators yesterday afternoon were showing that the bounce from Monday's low was running out of steam. When SMCI fell, other AI stocks also fell in the after market. Yesterday evening, it was evident that the most likely course for the stock market today would be to go down. At one point, Japanese stocks were down 2%.Bank of Japan (BOJ) saved markets across the world, including the U.S. stock market. BOJ Deputy Governor Shinichi Uchida said that BOJ will not raise interest rates if markets are unstable. Markets in Asia immediately rallied. The strength carried on to Europe and now to the U.S. The yen has fallen on Uchida's statement. As full disclosure, The Arora Report's ZYX Allocation has a position in FXY and gave a signal Monday to take partial profits near the high.With support from BOJ, the urgency among funds to unwind the carry trade has disappeared. In The Arora Report analysis, some funds may begin establishing new carry trade positions by borrowing in yen and investing the money in U.S. stocks. However, this is only for the short term. In the longer term, the carry trade will unwind again as the yen is very undervalued. The Arora Report call is that ultimately the yen can reach 120 yen to a dollar. As a reference, the yen is trading around 147 as of this writing. Magnificent Seven Money Flows
In the early trade, money flows are positive in Amazon (AMZN), Nvidia (NVDA), Microsoft (MSFT), Alphabet (GOOG), Meta Platforms Inc NASDAQ:META, Tesla Inc NASDAQ:TSLA, and Apple Inc NASDAQ:AAPL.
In the early trade, money flows are positive in SPDR S&P 500 ETF Trust AMEX:SPY and Invesco QQQ Trust Series 1 NASDAQ:QQQ.
Momo Crowd And Smart Money In Stocks
Investors can gain an edge by knowing money flows in SPY and QQQ. Investors can get a bigger edge by knowing when smart money is buying stocks, gold, and oil. The most popular ETF for gold is SPDR Gold Trust AMEX:GLD. The most popular ETF for silver is iShares Silver Trust AMEX:SLV. The most popular ETF for oil is United States Oil ETF AMEX:USO.
Bitcoin
Bitcoin is seeing buying on the drop in the yen.
Protection Band And What To Do Now
It is important for investors to look ahead and not in the rearview mirror.
Consider continuing to hold good, very long term, existing positions. Based on individual risk preference, consider a protection band consisting of cash or Treasury bills or short-term tactical trades as well as short to medium term hedges and short term hedges. This is a good way to protect yourself and participate in the upside at the same time.
You can determine your protection bands by adding cash to hedges. The high band of the protection is appropriate for those who are older or conservative. The low band of the protection is appropriate for those who are younger or aggressive. If you do not hedge, the total cash level should be more than stated above but significantly less than cash plus hedges.
A protection band of 0% would be very bullish and would indicate full investment with 0% in cash. A protection band of 100% would be very bearish and would indicate a need for aggressive protection with cash and hedges or aggressive short selling.
It is worth reminding that you cannot take advantage of new upcoming opportunities if you are not holding enough cash. When adjusting hedge levels, consider adjusting partial stop quantities for stock positions (non ETF); consider using wider stops on remaining quantities and also allowing more room for high beta stocks. High beta stocks are the ones that move more than the market.
Traditional 60/40 Portfolio
Probability based risk reward adjusted for inflation does not favor long duration strategic bond allocation at this time.
Those who want to stick to traditional 60% allocation to stocks and 40% to bonds may consider focusing on only high quality bonds and bonds of five year duration or less. Those willing to bring sophistication to their investing may consider using bond ETFs as tactical positions and not strategic positions at this time.
The Arora Report is known for its accurate calls. The Arora Report correctly called the big artificial intelligence rally before anyone else, the new bull market of 2023, the bear market of 2022, new stock market highs right after the virus low in 2020, the virus drop in 2020, the DJIA rally to 30,000 when it was trading at 16,000, the start of a mega bull market in 2009, and the financial crash of 2008. Please click here to sign up for a free forever Generate Wealth Newsletter.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
| funds | null | null | null |
benzinga:5352dff7d094b:0 | QQQ | Wall Street Set For Uneventful Start Ahead Of Jobless Claim Data, VIX Rises: Strategist Says Market May Remain Vulnerable Until... | benzinga | https://benzinga.com/ | 2024-08-08T11:50:25+00:00 | https://www.tradingview.com/news/benzinga:5352dff7d094b:0-wall-street-set-for-uneventful-start-ahead-of-jobless-claim-data-vix-rises-strategist-says-market-may-remain-vulnerable-until/ | null | [{'symbol': 'NASDAQ:SMCI', 'base_logoid': 'super-micro-computer'}, {'symbol': 'NASDAQ:BMBL', 'base_logoid': 'bumble'}, {'symbol': 'NASDAQ:BLNK', 'base_logoid': 'blink-charging'}, {'symbol': 'NYSE:FSLY', 'base_logoid': 'fastly-inc'}, {'symbol': 'NASDAQ:FWRD', 'base_logoid': 'forward-air'}, {'symbol': 'NYSE:HUBS', 'base_logoid': 'hubspot'}, {'symbol': 'NASDAQ:MNST', 'base_logoid': 'monster-beverage'}, {'symbol': 'NASDAQ:VSAT', 'base_logoid': 'viasat'}, {'symbol': 'NASDAQ:Z', 'base_logoid': 'zillow-group'}, {'symbol': 'NASDAQ:WBD', 'base_logoid': 'warner-bros-discovery'}, {'symbol': 'NYSE:CARS', 'base_logoid': 'cars-com'}, {'symbol': 'NASDAQ:CYBR', 'base_logoid': 'cyber-ark-software'}, {'symbol': 'NYSE:HBI', 'base_logoid': 'hanesbrands'}, {'symbol': 'NASDAQ:DNUT', 'base_logoid': 'krispy-kreme'}, {'symbol': 'NYSE:MUR', 'base_logoid': 'murphy-oil'}, {'symbol': 'NASDAQ:PZZA', 'base_logoid': 'papa-johns-international'}, {'symbol': 'NASDAQ:PENN', 'base_logoid': 'penn-national-gaming'}, {'symbol': 'NASDAQ:PLUG', 'base_logoid': 'plug-power'}, {'symbol': 'NYSE:QSR', 'base_logoid': 'restaurant-brands-international'}, {'symbol': 'NYSE:UA', 'base_logoid': 'under-armour'}, {'symbol': 'NASDAQ:AKAM', 'base_logoid': 'akamai'}, {'symbol': 'NASDAQ:CARG', 'base_logoid': 'cargurus'}, {'symbol': 'NASDAQ:DBX', 'base_logoid': 'dropbox'}, {'symbol': 'NYSE:ELF', 'base_logoid': 'e-l-f-beauty'}, {'symbol': 'NASDAQ:EXPE', 'base_logoid': 'expedia'}, {'symbol': 'NASDAQ:FIVN', 'base_logoid': 'five9'}, {'symbol': 'NASDAQ:GILD', 'base_logoid': 'gilead'}, {'symbol': 'NASDAQ:PODD', 'base_logoid': 'insulet'}, {'symbol': 'NASDAQ:PARA', 'base_logoid': 'viacomcbs'}, {'symbol': 'NASDAQ:TTWO', 'base_logoid': 'take-two-interactive-software'}, {'symbol': 'NASDAQ:TTD', 'base_logoid': 'the-trade-desk'}, {'symbol': 'NYSE:U', 'base_logoid': 'unity'}, {'symbol': 'NYSE:YELP', 'base_logoid': 'yelp'}, {'symbol': 'NASDAQ:QQQ', 'base_logoid': 'invesco'}] | /news/benzinga:5352dff7d094b:0-wall-street-set-for-uneventful-start-ahead-of-jobless-claim-data-vix-rises-strategist-says-market-may-remain-vulnerable-until/ | EN | U.S. stocks are set for a mixed start on Thursday as concerns regarding the economy and incremental yen carry trade unwinding remain an undercurrent. Traders may be keen to receive the jobless claims report, given the recent sell-off kickstarted last Thursday, partly due to a spike in the data. Rea… | U.S. stocks are set for a mixed start on Thursday as concerns regarding the economy and incremental yen carry trade unwinding remain an undercurrent. Traders may be keen to receive the jobless claims report, given the recent sell-off kickstarted last Thursday, partly due to a spike in the data. The CBOE Volatility Index, aka VIX, has resumed its climb above the 28 level.
With the uncertainty around the economy and rate trajectory abounding, in the absence of any major polarizing catalysts, the market could see back-and-forth movement in the near term.
FuturesPerformance (+/-)Nasdaq 100+0.08%S&P 500-0.02%Dow-0.18%R2K-0.32%Cues From Last Session:
The sell-off resumed Wednesday as early optimism regarding the worst being behind gave way to fears, taking the averages on a steady decline throughout the session. The positive start came after the Bank of Japan reassured that rate hikes are not imminent but techs dragged the market lower, as Super Micro Computer, Inc.’s NASDAQ:SMCI earnings miss weighed down on AI-levered stocks.
Reacting to Super Micros’ results, fund manager Louis Navellier said, “This has brought concerns regarding the profitability of building out AI networks despite the massive spending by the Mega Tech companies.”
The tech-heavy Nasdaq Composite suffered the most as it pulled back to a three-month low, while the Dow Jones Industrial Average and the S&P 500 Index held above Monday’s closing level.
Small-caps also experienced a strong sell-off, with the Russell 2,000 settling at a one-month low.
IndexPerformance (+/)ValueNasdaq Composite-1.05%16,195.81S&P 500 Index-0.77%5,199.50Dow Industrials-0.60%38,763.45Russell 2000-1.41%2,035.11Mike Wilson, Morgan Stanley's CIO and Chief US Equity, said in a podcast on Monday that he expects the markets to remain vulnerable in the near term until “we get better growth data or more comfort from Fed on policy support.” The strategist, however, does neither of these would be forthcoming soon.
He expects support to come from cheap valuations, although he doesn’t believe stocks have become so cheap to set in motion a buying spree. The S&P 500 still traded at 20 times the forward 12-month earnings estimate, he said, adding that “things aren't actually cheap until we reach 17-18x, which is more than 10 percent away from where we are trading.”
Upcoming Economic Data:
The Labor Department’s jobless claims report due at 8:30 a.m. EDT is expected to show that the number of individuals claiming unemployment benefits may have come in at 240,000 for the week ended Aug. 3, down from 249,000 in the previous week.The Commerce Department will release its wholesale inventories report for June at 10 a.m. EDT. Economists, on average, expect whole inventories to have increased by 0.2% month-over-month, slower than the 0.6% growth in May.The Treasury will auction four- and eight-week notes at 11:30 a.m. EDT and 30-year bonds at 1 p.m. EDT.Richmond Fed President Tom Barkin is scheduled to speak at 3 p.m. EDT.See Also: How To Trade Futures
Stocks In Focus:
Bumble Inc. NASDAQ:BMBL plunged about 40% following the online dating company’s quarterly results.Other stocks reacting to earnings are Blink Charging Co. NASDAQ:BLNK (down over 9.50%), Fastly, Inc. NYSE:FSLY (down over 22%), Forward Air Corporation NASDAQ:FWRD (up nearly 18%), HubSpot, Inc. NYSE:HUBS (up over 8%), Monster Beverage Corporation NASDAQ:MNST (down over 8%), Viasat, Inc. NASDAQ:VSAT (up nearly 7%), Zillow Group, Inc. NASDAQ:Z (up nearly 12%) and Warner Bros. Discovery, Inc. NASDAQ:WBD (down over 12%).Cars.com Inc. NYSE:CARS, CyberArk Software Ltd. NASDAQ:CYBR, Hanesbrands Inc. NYSE:HBI, Krispy Kreme, Inc. NASDAQ:DNUT, Murphy Oil Corporation NYSE:MUR, Papa John’s International, Inc. NASDAQ:PZZA, PENN Entertainment, Inc. NASDAQ:PENN, Plug Power Inc. NASDAQ:PLUG, Restaurant Brands International Inc. NYSE:QSR and Under Armor, Inc. NYSE:UA are among the key companies due to .Those reporting after the close are Akamai Technologies, Inc. NASDAQ:AKAM, CarGurus, Inc. NASDAQ:CARG, Dropbox, Inc. NASDAQ:DBX, e.l.f. Beauty, Inc. NYSE:ELF, Expedia Group, Inc. NASDAQ:EXPE, Five9, Inc. NASDAQ:FIVN, Gilead Sciences, Inc. NASDAQ:GILD, Insulet Corporation NASDAQ:PODD, Paramount Global NASDAQ:PARA, Take-Two Interactive Software, Inc. NASDAQ:TTWO, Trade Desk, Inc. NASDAQ:TTD, Unity Software Inc. NYSE:U, and Yelp Inc. NYSE:YELP.Commodities, Bonds And Global Equity Markets:
Crude oil futures were little changed after the advances in the previous two sessions, with a barrel of WTI-grade crude oil trading at the $75+ level. Gold futures were modestly higher. The 10-year Treasury note yield rose 5.4 points to 3.914%. Bitcoin was little changed above the $57K level.
Most Asian markets fell on Thursday, as stocks in the region tracked the negative performance of Wall Street overnight. Japan’s Nikkei 225 average led the declines, although the Chinese and Hong Kong markets ended little changed.
European stocks are declining in early trading.
Read Next:
Move Over Yen, Yuan Carry Trades Could Be Next Ticking Bomb, Warns Strategists: ‘But It’s Below The Danger Levels We Monitor’Image Via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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tag:reuters.com,2024:newsml_L4N3JV12K:0 | MSFT | パランティア、米政府機関向けにMicrosoft Azure上でAI製品を展開へ | reuters | https://www.tradingview.com/news/providers/reuters/ | 2024-08-08T10:59:07+00:00 | https://ja.tradingview.com/news/reuters.com,2024:newsml_L4N3JV12K:0/ | Copyright Thomson Reuters 2024. Click For Restrictions - https://agency.reuters.com/en/copyright.html | [{'symbol': 'NYSE:PLTR', 'base_logoid': 'palantir'}, {'symbol': 'NASDAQ:MSFT', 'base_logoid': 'microsoft'}] | /news/reuters.com,2024:newsml_L4N3JV12K:0/ | JA | パランティア・テクノロジーズ NYSE:PLTRは木曜日、人工知能プラットフォーム(AIP) を含む同社製品を、米政府や国防総省などの連邦政府機関向けにマイクロソフトのクラウドプラットフォーム上で提供すると発表した。 データ分析会社は、戦場での標的の位置特定を支援する「Gotham」ソフトウェアなどの製品を、マイクロソフトのAzure GovernmentおよびAzure Government Secretクラウドプラットフォームに展開する。 パランティアは「Microsoft Azure オープンＡＩ Serviceを機密環境で展開する業界初のパートナーとなる」とシャム・サン… | パランティア・テクノロジーズ NYSE:PLTRは木曜日、人工知能プラットフォーム(AIP) を含む同社製品を、米政府や国防総省などの連邦政府機関向けにマイクロソフトのクラウドプラットフォーム上で提供すると発表した。
データ分析会社は、戦場での標的の位置特定を支援する「Gotham」ソフトウェアなどの製品を、マイクロソフトのAzure GovernmentおよびAzure Government Secretクラウドプラットフォームに展開する。
パランティアは「Microsoft Azure オープンＡＩ Serviceを機密環境で展開する業界初のパートナーとなる」とシャム・サンカーCTOは声明で述べた。
Azure オープンＡＩサービスでは、顧客はマイクロソフトが支援するAIスタートアップの言語モデル、 GPT-4 (link) などに アクセスできる。
パランティアのAIPは、コードのテストやデバッグ、AI関連のシナリオの評価を支援するもので、防衛や諜報の分野全体で利用できると同社は述べている。
ただし、これらのサービスの利用には政府機関による認可と認定が必要である。
億万長者のピーター・ティールが共同設立したパランティアの収益の大部分は政府機関からのもので、 6月期には 米国政府が パランティアの総収益の40％以上（ (link) ）を 占めた。
同社の初期の資金援助者には、CIAのベンチャー部門であるIn-Q-Telが含まれている。
パランティアとマイクロソフトは、防衛・情報コミュニティ向けの新サービスを促進するため、ブートキャンプを実施する予定だ。
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tag:reuters.com,2024-08-08:newsml_NFC1R3TQV:0 | 7203 | TOYOTA (TM) CLASS ACTION DEADLINE APPROACHING: Berger Montague Advises Investors to Inquire About a Securities Fraud Class Action by August 23, 2024 | reuters | https://www.tradingview.com/news/providers/reuters/ | 2024-08-08T10:36:00+00:00 | https://www.tradingview.com/news/reuters.com,2024-08-08:newsml_NFC1R3TQV:0-toyota-tm-class-action-deadline-approaching-berger-montague-advises-investors-to-inquire-about-a-securities-fraud-class-action-by-august-23-2024/ | null | [{'symbol': 'NYSE:TM', 'base_logoid': 'toyota'}] | /news/reuters.com,2024-08-08:newsml_NFC1R3TQV:0-toyota-tm-class-action-deadline-approaching-berger-montague-advises-investors-to-inquire-about-a-securities-fraud-class-action-by-august-23-2024/ | EN | Philadelphia, Pennsylvania--(Newsfile Corp. - August 8, 2024) - Attention Toyota Motor Corp. ("Toyota" or the "Company") NYSE:TM Investors. A securities fraud class action lawsuit has been filed against Toyota on behalf of purchasers of Toyota securities between June 23, 2022 and June 2, 2024, incl… | Philadelphia, Pennsylvania--(Newsfile Corp. - August 8, 2024) - Attention Toyota Motor Corp. ("Toyota" or the "Company") NYSE:TM Investors. A securities fraud class action lawsuit has been filed against Toyota on behalf of purchasers of Toyota securities between June 23, 2022 and June 2, 2024, inclusive (the "Class Period").
CLICK HERE to learn more about the lawsuit.
Important deadline: Investors who purchased or acquired Toyota securities during the Class Period may, no later than August 23, 2024, seek to be appointed as a lead plaintiff representative of the class.
Toyota is a Japanese car manufacturer.
On June 3, 2024, the New York Times published an article entitled "Toyota and Other Japanese Carmakers Say They Mishandled Safety Tests." This article stated that "Toyota [. . .] and other top Japanese automakers said on Monday that internal investigations found they had mishandled vehicle testing on dozens of models over the past decade." Further, "Toyota said it had failed to gather proper data when doing pedestrian and occupant safety tests for three models, including its popular Yaris Cross sport utility vehicle."
On this news, Toyota's American Depositary Shares ("ADSs") fell $5.34 per ADS, or 2.45%, to close at $212.17 per ADS on June 3, 2024.
For additional information or to learn how to participate in this litigation, please contact Berger Montague: Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015, or Peter Hamner at phamner@bm.net or (215) 875-3048, or CLICK HERE.
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
Berger Montague, with offices in Philadelphia, Minneapolis, Delaware, Washington, D.C., San Diego, San Francisco and Chicago, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Contacts:
Andrew Abramowitz, Senior Counsel
Berger Montague PC
(215) 875-3015
aabramowitz@bm.net
Peter Hamner
Berger Montague PC
(215) 875-3048
phamner@bm.net
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/219217
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tag:reuters.com,2024:newsml_L4N3JU3BK:0 | 7203 | Toyota cuts 2024 global vehicle output forecast by 5%, Chubu Keizai newspaper reports | reuters | https://www.tradingview.com/news/providers/reuters/ | 2024-08-07T23:36:48+00:00 | https://www.tradingview.com/news/reuters.com,2024:newsml_L4N3JU3BK:0-toyota-cuts-2024-global-vehicle-output-forecast-by-5-chubu-keizai-newspaper-reports/ | Copyright Thomson Reuters 2024. Click For Restrictions - https://agency.reuters.com/en/copyright.html | [{'symbol': 'TSE:7203', 'base_logoid': 'toyota'}] | /news/reuters.com,2024:newsml_L4N3JU3BK:0-toyota-cuts-2024-global-vehicle-output-forecast-by-5-chubu-keizai-newspaper-reports/ | EN | Toyota Motor TSE:7203 has downgraded its global vehicle production plan for the calendar year 2024 by about 5% due to output suspension at domestic factories, Chubu Keizai newspaper reported on Thursday. The Japanese automaker has told major suppliers its worldwide vehicle production is expected to… | Toyota Motor TSE:7203 has downgraded its global vehicle production plan for the calendar year 2024 by about 5% due to output suspension at domestic factories, Chubu Keizai newspaper reported on Thursday.
The Japanese automaker has told major suppliers its worldwide vehicle production is expected to be 9.8 million units, versus 10.3 million expected previously, the newspaper reported without citing sources.
This is the first time Toyota's global car production for a calendar year is seen undershooting the previous year's level in four years, the newspaper reported.
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tag:reuters.com,2024:newsml_L4N3JU3B2:0 | 7203 | Toyota CY2024 Global Car Production Seen Undershooting Previous Year's Level For First Time In 4 Years - Chubu Keizai Shimbun | reuters | https://www.tradingview.com/news/providers/reuters/ | 2024-08-07T23:21:42+00:00 | https://www.tradingview.com/news/reuters.com,2024:newsml_L4N3JU3B2:0-toyota-cy2024-global-car-production-seen-undershooting-previous-year-s-level-for-first-time-in-4-years-chubu-keizai-shimbun/ | Copyright Thomson Reuters 2024. Click For Restrictions - https://agency.reuters.com/en/copyright.html | [{'symbol': 'TSE:7203', 'base_logoid': 'toyota'}] | /news/reuters.com,2024:newsml_L4N3JU3B2:0-toyota-cy2024-global-car-production-seen-undershooting-previous-year-s-level-for-first-time-in-4-years-chubu-keizai-shimbun/ | EN | Toyota Motor Corp TSE:7203: | Toyota Motor Corp TSE:7203:
TOYOTA CY2024 GLOBAL CAR PRODUCTION SEEN UNDERSHOOTING PREVIOUS YEAR'S LEVEL (NOT 10 MILLION) FOR FIRST TIME IN 4 YEARS - CHUBU KEIZAI SHIMBUN
TOYOTA HAS DOWNGRADED CY2024 GLOBAL CAR PRODUCTION PLANS TO 9.8 MILLION UNITS FROM 10.3 MILLION - CHUBU KEIZAI SHIMBUN
TOYOTA HAS TOLD MAJOR SUPPLIERS CY2024 DOMESTIC PRODUCTION TO BE 3.2 MILLION UNITS, OVERSEAS 6.6 MILLION UNITS - CHUBU KEIZAI SHIMBUN
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benzinga:63b7bce2d094b:0 | QQQ | What's Going On With AMD Stock? | benzinga | https://benzinga.com/ | 2024-08-07T17:56:41+00:00 | https://www.tradingview.com/news/benzinga:63b7bce2d094b:0-what-s-going-on-with-amd-stock/ | null | [{'symbol': 'NASDAQ:AMD', 'base_logoid': 'advanced-micro-devices'}, {'symbol': 'NASDAQ:QQQ', 'base_logoid': 'invesco'}, {'symbol': 'AMEX:SPY', 'base_logoid': 'spdr-sandp500-etf-tr'}] | /news/benzinga:63b7bce2d094b:0-what-s-going-on-with-amd-stock/ | EN | Advanced Micro Devices, Inc. NASDAQ:AMD shares are trading slightly higher by 0.82% to $131.25 during Wednesday’s session amid overall market strength. The stock has seen marked volatility after last week reporting second-quarter earnings exceeded expectations, with 69 cents per share and $5.835 bi… | Advanced Micro Devices, Inc. NASDAQ:AMD shares are trading slightly higher by 0.82% to $131.25 during Wednesday’s session amid overall market strength. The stock has seen marked volatility after last week reporting second-quarter earnings exceeded expectations, with 69 cents per share and $5.835 billion in sales, .
The continued drop in the CBOE Volatility Index since the beginning of the week has signaled a and uncertainty. Lower volatility often leads to more stable and positive trading environments, encouraging investors to buy into stocks, particularly those perceived as having strong growth potential like AMD.
The overall bullish sentiment in the market Wednesday, with futures for major indices like Invesco QQQ Trust, Series 1 NASDAQ:QQQ and SPDR S&P 500 ETF Trust AMEX:SPY showing significant gains, suggests a favorable environment for stocks in general. Investors are looking to position themselves for a strong rebound, indicating confidence in future growth, which can lift stocks broadly, including AMD.
Read Also:
How To Buy AMD Stock
By now you're likely curious about how to participate in the market for Advanced Micro Devices – be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy ‘fractional shares,' which allows you to own portions of stock without buying an entire share. For example, some stock, like Berkshire Hathaway, or Amazon.com, can cost thousands of dollars to own just one share. However, if you only want to invest a fraction of that, brokerages will allow you to do so.
In the the case of Advanced Micro Devices, which is trading at $134.63 as of publishing time, $100 would buy you 0.74 shares of stock.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to ‘go short' a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.
According to data from Benzinga Pro, AMD has a 52-week high of $227.30 and a 52-week low of $93.12.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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benzinga:305ae2fc7094b:0 | QQQ | Wall Street Poised For Second Day Of Gains While Bank Of Japan Makes Reassurances; Dollar Strengthens Against Yen, Crude Prices Surge: What's Driving Markets Wednesday? | benzinga | https://benzinga.com/ | 2024-08-07T16:46:55+00:00 | https://www.tradingview.com/news/benzinga:305ae2fc7094b:0-wall-street-poised-for-second-day-of-gains-while-bank-of-japan-makes-reassurances-dollar-strengthens-against-yen-crude-prices-surge-what-s-driving-markets-wednesday/ | null | [{'symbol': 'NASDAQ:TLT', 'base_logoid': 'ishares'}, {'symbol': 'AMEX:SPY', 'base_logoid': 'spdr-sandp500-etf-tr'}, {'symbol': 'AMEX:DIA', 'base_logoid': 'spdr-sandp500-etf-tr'}, {'symbol': 'NASDAQ:QQQ', 'base_logoid': 'invesco'}, {'symbol': 'AMEX:IWM', 'base_logoid': 'ishares'}, {'symbol': 'AMEX:XLE', 'base_logoid': 'sector/energy'}, {'symbol': 'AMEX:XLV', 'base_logoid': 'sector/health-care'}, {'symbol': 'NASDAQ:ENPH', 'base_logoid': 'enphase-energy'}, {'symbol': 'NASDAQ:AMGN', 'base_logoid': 'amgen'}, {'symbol': 'NASDAQ:ABNB', 'base_logoid': 'airbnb'}, {'symbol': 'NASDAQ:AXON', 'base_logoid': 'axon-enterprise'}, {'symbol': 'NYSE:CVS', 'base_logoid': 'cvs-health'}, {'symbol': 'NYSE:EMR', 'base_logoid': 'emerson'}, {'symbol': 'NASDAQ:FTNT', 'base_logoid': 'fortinet'}, {'symbol': 'NASDAQ:ILMN', 'base_logoid': 'illumina'}, {'symbol': 'NYSE:HLT', 'base_logoid': 'hilton-worldwide'}, {'symbol': 'NYSE:NVO', 'base_logoid': 'novo-nordisk'}, {'symbol': 'NYSE:RDDT', 'base_logoid': 'reddit'}, {'symbol': 'NASDAQ:RIVN', 'base_logoid': 'rivian'}, {'symbol': 'NYSE:SHOP', 'base_logoid': 'shopify'}, {'symbol': 'NASDAQ:SMCI', 'base_logoid': 'super-micro-computer'}, {'symbol': 'NYSE:DIS', 'base_logoid': 'walt-disney'}, {'symbol': 'NASDAQ:WYNN', 'base_logoid': 'wynn-resorts'}, {'symbol': 'NASDAQ:APP', 'base_logoid': 'applovin'}, {'symbol': 'NASDAQ:BMBL', 'base_logoid': 'bumble'}, {'symbol': 'NASDAQ:BYND', 'base_logoid': 'beyond-meat'}, {'symbol': 'NASDAQ:BLNK', 'base_logoid': 'blink-charging'}, {'symbol': 'NYSE:FSLY', 'base_logoid': 'fastly-inc'}, {'symbol': 'NASDAQ:FWRD', 'base_logoid': 'forward-air'}, {'symbol': 'NYSE:HUBS', 'base_logoid': 'hubspot'}, {'symbol': 'NASDAQ:KLIC', 'base_logoid': 'kulicke-and-soffa-industries'}, {'symbol': 'NYSE:MRO', 'base_logoid': 'marathon-oil'}, {'symbol': 'NASDAQ:MNST', 'base_logoid': 'monster-beverage'}, {'symbol': 'NYSE:OXY', 'base_logoid': 'occidental-petroleum'}, {'symbol': 'NASDAQ:HOOD', 'base_logoid': 'robinhood'}, {'symbol': 'NASDAQ:WBD', 'base_logoid': 'warner-bros-discovery'}, {'symbol': 'NASDAQ:META', 'base_logoid': 'meta-platforms'}, {'symbol': 'NASDAQ:NVDA', 'base_logoid': 'nvidia'}] | /news/benzinga:305ae2fc7094b:0-wall-street-poised-for-second-day-of-gains-while-bank-of-japan-makes-reassurances-dollar-strengthens-against-yen-crude-prices-surge-what-s-driving-markets-wednesday/ | EN | The U.S. stock market is poised for its second consecutive day of gains, aiming to reverse the sell-off that occurred through Monday as investors assess the ongoing earnings season and welcome reassuring comments from the Bank of Japan.Deputy Gov. Shinichi Uchida stated the central bank will avoid… | The U.S. stock market is poised for its second consecutive day of gains, aiming to reverse the sell-off that occurred through Monday as investors assess the ongoing earnings season and welcome reassuring comments
Deputy Gov. Shinichi Uchida stated the central bank will avoid raising interest rates during times of market volatility, easing fears sparked last week by a rate hike from the Bank of Japan coupled with growing concerns about a potential U.S. recession.
The U.S. dollar surged 2% against the Japanese yen, marking its largest one-day increase since June 2022 and reigniting trader interest in the yen-dollar carry trade strategy.
Both the S&P 500 and the Nasdaq 100 were 1% by midday trading in New York. The Dow Jones and the Russell 2000 notched smaller gains, up 0.7% and 0.5%, respectively.
Treasury yields rose again by about 5 basis points across the curve, sending bond-related assets down. The iShares 20+ Year Treasury Bond ETF NASDAQ:TLT fell 0.4% after tumbling 2.2% on Tuesday.
Oil shined among commodities, with the West Texas Intermediate (WTI) light crude soaring 3.6% to $75 a barrel, after the Energy Information Administration report showed a larger-than-expected drawdown in U.S. crude oil inventories last week. Natural gas prices were also up by over 4% amid forecasts of warmer weather leading speculators to expect higher electricity consumption for cooling. As a result, energy stocks rallied.
Gold inched 0.2% higher, while silver slightly eased by 0.1%. Bitcoin was flat for the day.
Wednesday’s Performance In Major U.S. Indices, ETFs
Major IndicesPrice1-day %chgNasdaq 10018,276.871.1%S&P 5005,296.841.1%Dow Jones39,279.710.7%Russell 20002,072.520.5%According to data:
The SPDR S&P 500 ETF Trust AMEX:SPY was trading 2.2% higher to $528.42.The SPDR Dow Jones Industrial Average AMEX:DIA rose 0.7% to $392.87.The tech-heavy Invesco QQQ Trust Series NASDAQ:QQQ rose 1.2% to $444.83.The iShares Russell 2000 ETF AMEX:IWM rose 0.6% to $205.57.10 out of 11 sectors of the S&P 500 saw gains, with the Energy Select Sector SPDR Fund AMEX:XLE leading the way, up by 2%. The Health Care Select Sector SPDR Fund AMEX:XLV was the only one in the red, down by 0.2%.Wednesday’s Stock Movers
Enphase Energy Corp. NASDAQ:ENPH rallied over 6%, after BNP Paribas upgraded the stock to Outperform with $144 price target.Stocks reacting to company earnings included:
Amgen Inc. NASDAQ:AMGN, down 4.3%. Airbnb Inc. NASDAQ:ABNB down over 12%, Axon Enterprises Inc. NASDAQ:AXON up over 18%, CVS Health Corp. NYSE:CVS down 0.4%,Emerson Electric Company NYSE:EMR down 5.6%, Fortinet Inc. NASDAQ:FTNT up over 25%, Illumina Inc. NASDAQ:ILMN up 8.9%, Hilton Worlwide Holdings Inc. NYSE:HLT down 1.7%, Novo Nordisk A/S NYSE:NVO down over 6%, Reddit Inc. NYSE:RDDT down over 5%, Rivian Automotive Inc. NASDAQ:RIVN down 3.6%, Shopify Inc. NYSE:SHOP up 23%, Super Micro Computer Inc. NASDAQ:SMCI down 16.04%Walt Disney Company NYSE:DIS, down 2.61%,Wynn Resort Ltd. NASDAQ:WYNN down 0.22%.Companies reporting after the close are AppLovin Corporation NASDAQ:APP, Bumble Inc. NASDAQ:BMBL, Beyond Meat, Inc. NASDAQ:BYND, Blink Charging Co. NASDAQ:BLNK, Fastly Inc. NYSE:FSLY, Forward Air Corp NASDAQ:FWRD, HubSpot, Inc. NYSE:HUBS, Kulicke and Soffa Industries, Inc. NASDAQ:KLIC, Marathon Oil Corp NYSE:MRO, Monster Beverage Corp NASDAQ:MNST, Occidental Petroleum Corp NYSE:OXY, Robinhood Markets, Inc. NASDAQ:HOOD and Warner Bros. Discovery, Inc. NASDAQ:WBD.
Read Now:
The image was made using artificial intelligence MidJourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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benzinga:8d2c4f17a094b:0 | QQQ | Apple Retains $3T Status, Nvidia Does Not As Market Overcomes Volatility | benzinga | https://benzinga.com/ | 2024-08-07T14:47:01+00:00 | https://www.tradingview.com/news/benzinga:8d2c4f17a094b:0-apple-retains-3t-status-nvidia-does-not-as-market-overcomes-volatility/ | null | [{'symbol': 'NASDAQ:AAPL', 'base_logoid': 'apple'}, {'symbol': 'NASDAQ:NVDA', 'base_logoid': 'nvidia'}, {'symbol': 'NASDAQ:MSFT', 'base_logoid': 'microsoft'}, {'symbol': 'AMEX:XLK', 'base_logoid': 'sector/technology'}, {'symbol': 'NASDAQ:AMZN', 'base_logoid': 'amazon'}, {'symbol': 'NASDAQ:QQQM', 'base_logoid': 'invesco'}, {'symbol': 'NASDAQ:QQQ', 'base_logoid': 'invesco'}] | /news/benzinga:8d2c4f17a094b:0-apple-retains-3t-status-nvidia-does-not-as-market-overcomes-volatility/ | EN | In the rollercoaster world of tech stocks, Apple Inc. NASDAQ:AAPL managed to keep its $3 trillion market cap.Nvidia Corp. NASDAQ:NVDA, a fellow trillion-dollar titan, fell short due to recent market turbulence.What Happened: Apple managed to hold its $3-trillion status since June 2023; its stock bo… | In the rollercoaster world of tech stocks, Apple Inc. NASDAQ:AAPL managed to keep its .
Nvidia Corp. NASDAQ:NVDA, a fellow trillion-dollar titan, fell short due to .
What Happened: Apple managed to hold its $3-trillion status since June 2023; its stock boasts a 15.87% increase over the past year and a 7.64% gain year-to-date. The Cupertino, California-based company’s market cap is currently hovering at around $3.2 trillion.
Nvidia, like Microsoft Corp. NASDAQ:MSFT, achieved the $3 trillion milestone this year. But its valuation currently sits at $2.59 trillion, despite a breathtaking 129.54% surge over the past year and a 110.51% increase year-to-date.
The Technology Select Sector SPDR Fund AMEX:XLK has declined 4.77% since the beginning of August, outpacing the S&P 500 Index‘s losses (at -3.80%).
Analysts and investors alike have been on edge, watching mega-cap tech earnings reports with bated breath. The sector’s initial optimism quickly faded as disappointing earnings and cautious outlooks from some key players triggered a sell-off.
The Nasdaq 100 Index, tracking the top 100 non-financial tech stocks, entered correction territory last week. From its intraday high of 18,671.07 on July 11, the index has plummeted over 10%, highlighting the severity of the pullback.
Read Also:
Why It Matters: The collective losses of Apple, Nvidia, Microsoft and Amazon.com Inc NASDAQ:AMZN equaled the entire U.S. spending for national defense and veterans in 2023.
The Nasdaq Composite has taken the brunt of the damage, shedding about 7.27% of its value over the past five days.
Wedbush analyst Daniel Ives aptly described the situation as a “Category 5 storm sell-off.”
“The perfect storm panicked tech sell-off has now gained steam after the weaker jobs report,” Ives noted. Despite the turbulence, some analysts see this as a natural market correction rather than a full-blown crisis. Ives reassured investors by calling it “just a white-knuckle moment in a multi-year bull run for tech stocks.”
ETF Watch: Track these tech behemoths via exchange-traded funds (ETFs): Invesco NASDAQ 100 ETF NASDAQ:QQQM and the Invesco QQQ Trust NASDAQ:QQQ.
Read Next:
Nvidia, Microsoft, Apple, Amazon Erase $1.1 Trillion In Monday Sell-Off: Bubble Burst Or Market Correction?Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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DJN_DN20240807008906:0 | 7203 | Toyota Motor North America Announces Executive Leadership Changes | dow-jones | https://www.tradingview.com/news/providers/dow-jones/ | 2024-08-07T14:01:00+00:00 | https://www.tradingview.com/news/DJN_DN20240807008906:0/ | null | [{'symbol': 'NYSE:TM', 'base_logoid': 'toyota'}] | /news/DJN_DN20240807008906:0/ | EN | Toyota Motor North America Announces Executive Leadership ChangesPR NewswirePLANO, Texas, Aug. 7, 2024PLANO, Texas, Aug. 7, 2024 /PRNewswire/ — Toyota Motor North America (TMNA) today announced executive leadership changes as David Wilson, group vice president and president of TRD, U.S.A. (Toyota R… | Toyota Motor North America Announces Executive Leadership Changes
PR Newswire
PLANO, Texas, Aug. 7, 2024
TRD, U.S.A. President David Wilson announces retirement Appointment of Tyler Gibbs to TRD, U.S.A. President PLANO, Texas, Aug. 7, 2024 /PRNewswire/ — Toyota Motor North America (TMNA) today announced executive leadership changes as David Wilson, group vice president and president of TRD, U.S.A. (Toyota Racing Development), will retire on December 16 after 35 years with the organization. General Manager Tyler Gibbs will succeed Wilson as president of TRD, a subsidiary of Toyota Motor North America (TMNA).
During his long-standing career at TRD, Wilson has held many roles, including design engineer; track support engineer; vice president, operations and engineering; vice president, production and strategic planning; vice president, sales, operations and planning; and vice president, finance, operations and planning. Wilson was appointed to the position of TRD president in January 2014, where he has led Toyota's U.S. motorsports arm for the past 11 years.
"It's been such an honor to be a member of this Team and work alongside so many dedicated, talented and passionate men and women," said Wilson. "I'm humbled and grateful for the trust, support and friendship afforded me throughout my career by my colleagues at TMNA, the Toyota Motor Corporation, our industry and team partners and our athletes. But now, I've completed my lap and I'm proud to hand the keys over to my friend and 'brother in arms', Tyler Gibbs. I have every confidence that Tyler and his team will continue to grow and strengthen TRD's world-class legacy on and off the track."
Wilson played a significant role in many championships and race wins with Toyota, Lexus and Toyota Gazoo Racing North America (TGRNA) teams and drivers during his 35-year tenure, including championships in CART, CORR, Grand-Am, IMSA, Indy Racing League, MTEG, NASCAR, NHRA, SCORE and USAC. He has also been a part of many noteworthy victories in iconic races across motorsports, including wins in the 12 Hours of Sebring, Baja 500 and 1000, Rolex 24 at Daytona, Daytona 500, Indianapolis 500, Petit Le Mans, Chili Bowl, and Pikes Peak International Hill Climb. Additionally, Wilson played an integral role with the Toyota and TRD leadership team that planned, supported and executed the company's momentous entries into both CART/INDYCAR and NASCAR.
Prior to joining TRD, Wilson was employed by Johnson & Johnson and was an officer in the U.S. Army 101st Airborne Division, where he was awarded the Meritorious Service Medal, Army Achievement Medal, Parachutist's Badge and the Air Assault Badge. Wilson earned a mechanical engineering degree from Virginia Tech in Blacksburg, Virginia.
In his new role, Gibbs will be responsible for all TRD operations and activities in North America. These include engine engineering, chassis engineering, manufacturing, administration and operations. He will oversee all TRD facilities, including the organization's headquarters and engine operations in Costa Mesa, California, the chassis and team support operation in Salisbury, North Carolina, and the GR Garage and Toyota Performance Center (TPC) in Mooresville, North Carolina.
"I have big shoes to fill," said Gibbs. "Dave has been the cornerstone of TRD's growth and culture over the last 35 years. During my 28 years working for Dave, he has given me countless opportunities to learn and grow, and this is another one of those opportunities. I'm excited and grateful for the privilege to work with so many incredible people at TRD and TMNA, along with our many partners, and together we'll seek to continue TRD's history of success."
Gibbs joined TRD in 1996 and has held various roles during his nearly 30-year tenure with the organization. He currently oversees competition, engineering, commercial and administration activities at TRD. In addition, he works closely with TMNA and Toyota Racing as well as with race team relationships and key motorsports partners.
A Westmont College graduate, Gibbs began his career with Cosworth Engineering in 1992. He later earned his MBA from the Wharton School at the University of Pennsylvania.
Gibbs will assume his new role as TRD President in late December.
About Toyota
Toyota NYSE:TM has been a part of the cultural fabric in North America for more than 65 years, and is committed to advancing sustainable, next-generation mobility through our Toyota and Lexus brands, plus our more than 1,800 dealerships.
Toyota directly employs more than 63,000 people in North America who have contributed to the design, engineering, and assembly of nearly 47 million cars and trucks at our 12 manufacturing plants. By 2025, Toyota's 13th plant in North Carolina will begin to manufacture automotive batteries for electrified vehicles. With more electrified vehicles on the road than any other automaker, Toyota currently offers 29 electrified options.
For more information about Toyota, visit www.ToyotaNewsroom.com
Media Contacts:
Toyota PR Contact
Sam Mahoney
980-900-8573
Samuel.Mahoney@toyota.com
Toyota NASCAR PR Contacts:
Pam Jansen, Golin for Toyota Racing
386-631-2489
pjansen@golin.com
Cody Poor, Golin for Toyota Racing
323-578-7159
cpoor@golin.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/toyota-motor-north-america-announces-executive-leadership-changes-302216443.html
SOURCE Toyota Motor North America
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tag:reuters.com,2024:newsml_S0N3JU02S:0 | 7203 | Brazil's auto production, sales jump in July | reuters | https://www.tradingview.com/news/providers/reuters/ | 2024-08-07T13:00:07+00:00 | https://www.tradingview.com/news/reuters.com,2024:newsml_S0N3JU02S:0-brazil-s-auto-production-sales-jump-in-july/ | Copyright Thomson Reuters 2024. Click For Restrictions - https://agency.reuters.com/en/copyright.html | [{'symbol': 'EURONEXT:RNO', 'base_logoid': 'renault'}, {'symbol': 'KRX:005380', 'base_logoid': 'hyundai'}, {'symbol': 'NYSE:GM', 'base_logoid': 'general-motors'}, {'symbol': 'TSE:7203', 'base_logoid': 'toyota'}, {'symbol': 'TSE:7267', 'base_logoid': 'honda'}, {'symbol': 'XETR:VOW', 'base_logoid': 'volkswagen'}] | /news/reuters.com,2024:newsml_S0N3JU02S:0-brazil-s-auto-production-sales-jump-in-july/ | EN | Brazil's auto production rose 16.9% in July from June, to 246,721 units, automakers association Anfavea said on Wednesday.Vehicle sales in Latin America's largest economy were up 12.6% month-on-month to 241,336 units. | Brazil's auto production rose 16.9% in July from June, to 246,721 units, automakers association Anfavea said on Wednesday.
Vehicle sales in Latin America's largest economy were up 12.6% month-on-month to 241,336 units.
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benzinga:4c0fd642e094b:0 | QQQ | What's Going On With AMC Stock? Entertainment Sector Gleans Consumer Spending As Market Sentiment Shifts | benzinga | https://benzinga.com/ | 2024-08-06T19:37:17+00:00 | https://www.tradingview.com/news/benzinga:4c0fd642e094b:0-what-s-going-on-with-amc-stock-entertainment-sector-gleans-consumer-spending-as-market-sentiment-shifts/ | null | [{'symbol': 'NYSE:AMC', 'base_logoid': 'amc-entertainment-holdings'}, {'symbol': 'AMEX:SPY', 'base_logoid': 'spdr-sandp500-etf-tr'}, {'symbol': 'NASDAQ:QQQ', 'base_logoid': 'invesco'}] | /news/benzinga:4c0fd642e094b:0-what-s-going-on-with-amc-stock-entertainment-sector-gleans-consumer-spending-as-market-sentiment-shifts/ | EN | AMC Entertainment Holdings Inc NYSE:AMC shares are trading higher by 2.73% to $5.08 at last check Tuesday afternoon. What Happened: The stock has been volatile after the movie theater company reported its second-quarter financial results.AMC revealed losses of 43 cents per share and sales of $1.03… | AMC Entertainment Holdings Inc NYSE:AMC shares are trading higher by 2.73% to $5.08 at .
What Happened: The stock has been volatile after the movie theater company reported its .
AMC revealed losses of 43 cents per share and sales of $1.03 billion, both aligning with analyst expectations. Sales decreased by 23.5% from the previous year.
CEO Adam Aron attributed a slow start to the quarter to the Hollywood writers’ and actors’ strikes. Still, he highlighted a strong finish due to the success of Walt Disney Co’s “Inside Out 2.”
June 2024 marked AMC’s highest-ever June Adjusted EBITDA. The momentum continued in July thanks to hits like "Despicable Me 4" and "Deadpool & Wolverine."
Aron says he is optimistic about the future, citing an extended debt maturity to 2029-2030. He also promises that a slate of blockbuster releases through 2026 will ensure a secure financial position for AMC.
Read Also:
Why It Matters: The cinema industry is directly affected by consumer confidence and discretionary spending.
However, a positive market sentiment and reduced recession fears could lead to expectations of higher consumer spending on entertainment, potentially boosting AMC's revenue prospects.
The recent recovery in the stock market as indicated by the CBOE Volatility Index’s sharp decline might spur increased trading activity among these investors, resulting in continued, heightened volatility for AMC shares.
This optimism can drive the stock price up as investors anticipate better financial performance.
Conversely, any negative economic news or changes in sentiment could quickly reverse this optimism.
The overall market volatility this week, as indicated by the sharp movements in the SPDR S&P 500 ETF Trust AMEX:SPY, Invesco QQQ Trust, Series 1 NASDAQ:QQQ and the VIX, can significantly impact AMC shares.
Read Also: Why Genius Group Stock Is Down 26%
Even if the general market shows a recovery, unpredictable swings happen to stocks, like AMC, that are already prone to volatility.
AMC has a large retail investor base that often drives significant trading volume. These investors, influenced by platforms like Reddit, tend to react quickly to market news and broader economic indicators.
Price Action: Besides going to a brokerage platform to purchase a share, or fractional share, of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, in AMC Entertainment’s case, it is in the Communication Services sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
According to data from Benzinga Pro, AMC has a 52-week high of $54.60 and a 52-week low of $2.38.
Read Next:
Should You Buy or Hold Occidental Ahead of Q2 Earnings?© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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benzinga:ddc15bcf3094b:0 | QQQ | Wall Street Rebounds After Selloff, VIX Falls, Dollar Surges Against Yen: What's Driving Markets Tuesday? | benzinga | https://benzinga.com/ | 2024-08-06T18:29:26+00:00 | https://www.tradingview.com/news/benzinga:ddc15bcf3094b:0-wall-street-rebounds-after-selloff-vix-falls-dollar-surges-against-yen-what-s-driving-markets-tuesday/ | null | [{'symbol': 'AMEX:SPY', 'base_logoid': 'spdr-sandp500-etf-tr'}, {'symbol': 'AMEX:DIA', 'base_logoid': 'spdr-sandp500-etf-tr'}, {'symbol': 'NASDAQ:QQQ', 'base_logoid': 'invesco'}, {'symbol': 'AMEX:IWM', 'base_logoid': 'ishares'}, {'symbol': 'AMEX:XLK', 'base_logoid': 'sector/technology'}, {'symbol': 'AMEX:XLV', 'base_logoid': 'sector/health-care'}, {'symbol': 'NASDAQ:NVDA', 'base_logoid': 'nvidia'}, {'symbol': 'NASDAQ:META', 'base_logoid': 'meta-platforms'}, {'symbol': 'NASDAQ:ADTN', 'base_logoid': 'adtran'}, {'symbol': 'NYSE:CAT', 'base_logoid': 'caterpillar'}, {'symbol': 'NASDAQ:CEG', 'base_logoid': 'constellation-energy'}, {'symbol': 'NASDAQ:CSX', 'base_logoid': 'csx'}, {'symbol': 'NYSE:DUK', 'base_logoid': 'duke-energy'}, {'symbol': 'NYSE:EXPD', 'base_logoid': 'expeditors'}, {'symbol': 'NASDAQ:FOXA', 'base_logoid': 'fox-corporation'}, {'symbol': 'NASDAQ:GFS', 'base_logoid': 'globalfoundries'}, {'symbol': 'NYSE:H', 'base_logoid': 'hyatt-hotels'}, {'symbol': 'NASDAQ:LCID', 'base_logoid': 'lucid-group'}, {'symbol': 'NYSE:TAP', 'base_logoid': 'molson-coors'}, {'symbol': 'NYSE:PLTR', 'base_logoid': 'palantir'}, {'symbol': 'NYSE:UBER', 'base_logoid': 'uber'}, {'symbol': 'NYSE:TDC', 'base_logoid': 'teradata'}, {'symbol': 'NYSE:KLG', 'base_logoid': 'wk-kellogg-co'}, {'symbol': 'NYSE:YUM', 'base_logoid': 'yum-brands'}, {'symbol': 'NASDAQ:ZI', 'base_logoid': 'zoominfo'}, {'symbol': 'NASDAQ:ABNB', 'base_logoid': 'airbnb'}, {'symbol': 'NYSE:CPNG', 'base_logoid': 'coupang'}, {'symbol': 'NYSE:DVN', 'base_logoid': 'devon-energy'}, {'symbol': 'NASDAQ:AMGN', 'base_logoid': 'amgen'}, {'symbol': 'NASDAQ:CRUS', 'base_logoid': 'cirrus-logic'}, {'symbol': 'NASDAQ:EXEL', 'base_logoid': 'exelixis'}, {'symbol': 'NASDAQ:FTNT', 'base_logoid': 'fortinet'}, {'symbol': 'NASDAQ:GPRO', 'base_logoid': 'gopro'}, {'symbol': 'NASDAQ:ILMN', 'base_logoid': 'illumina'}, {'symbol': 'NASDAQ:JACK', 'base_logoid': 'jack-in-the-box'}, {'symbol': 'NASDAQ:IAC', 'base_logoid': 'iac-interactivecorp'}, {'symbol': 'NASDAQ:TRIP', 'base_logoid': 'tripadvisor'}, {'symbol': 'NYSE:RDDT', 'base_logoid': 'reddit'}, {'symbol': 'NASDAQ:RIVN', 'base_logoid': 'rivian'}, {'symbol': 'NASDAQ:RUN', 'base_logoid': 'sunrun'}, {'symbol': 'NASDAQ:WYNN', 'base_logoid': 'wynn-resorts'}, {'symbol': 'NASDAQ:SMCI', 'base_logoid': 'super-micro-computer'}, {'symbol': 'NYSE:YUMC', 'base_logoid': 'yum-china-holdings'}] | /news/benzinga:ddc15bcf3094b:0-wall-street-rebounds-after-selloff-vix-falls-dollar-surges-against-yen-what-s-driving-markets-tuesday/ | EN | U.S. stock markets saw a strong recovery on Tuesday, with both the S&P 500 and the Nasdaq 100 climbing over 2%, nearly offsetting Monday’s losses. Investors took advantage of recent volatility to buy the dip, showing continued confidence in the U.S. economy’s ability to avoid a recession. Gains wer… | U.S. stock markets saw a strong recovery on Tuesday, with both the S&P 500 and the Nasdaq 100 climbing over 2%, nearly offsetting Monday’s losses. Investors took advantage of recent volatility to buy the dip, showing continued confidence in the U.S. economy’s ability to avoid a recession.
Gains were observed in both small-cap and blue-chip stocks, reflecting broad improvement in market sentiment.
The CBOE Volatility Index (VIX), often referred to as the market’s fear gauge, decreased by almost 40% on Tuesday after spiking 65% on Monday.
According to the FedWatch Tool, the likelihood of a 50-basis-point interest rate cut decreased to 90% Monday to 64% Tuesday.
As traders reassess Fed rate cuts, Treasury yields increased during the day, with the 10-year yield rising by 11 basis points to 3.9% and the two-year yield climbing 9 basis points to 4.01%.
The rebound of the U.S. dollar was supported by rising yields and diminished expectations of a larger Federal Reserve rate cut in September. The dollar increased by 0.8% against the low-yielding Japanese yen, breaking a streak of five consecutive days of losses.
In terms of macroeconomic data, the day was relatively quiet, with only June’s trade figures making news. The U.S. trade deficit narrowed to $73.1 billion in June 2024 from a revised 20-month high of $75 billion in May, slightly above market forecasts of a $72.5-billion gap. Exports increased by 1.5% to $265.9 billion, the second-highest on record, while imports grew by a more modest 0.6% to $339 billion.
Gold and oil prices both decreased by 0.7% and 0.8%, respectively, marking their fourth consecutive session of declines.
Bitcoin rebounded by 4.9% after experiencing a 7% drop on Monday.
Tuesday’s Performance In Major US Indices, ETFs
Major IndicesPrice1-day %chgNasdaq 10018,312.032.3%S&P 5005,295.412.1%Russell 20002,081.011.9%Dow Jones39,301.111.5%According to data:
The SPDR S&P 500 ETF Trust AMEX:SPY was trading 2.2% higher to $528.42.The SPDR Dow Jones Industrial Average AMEX:DIA rose 1.7% to $393.21.The tech-heavy Invesco QQQ Trust Series NASDAQ:QQQ rose 2.4% to $445.63.The iShares Russell 2000 ETF AMEX:IWM rose 1.9% to $206.06.All 11 sectors of the S&P 500 saw gains, with the Technology Select Sector SPDR Fund AMEX:XLK leading the way, increasing by 3.1%. The Health Care Select Sector SPDR Fund AMEX:XLV witnessed the smallest gain, up 1.4%.Tuesday’s Stock Movers
Nvidia Corp. NASDAQ:NVDA rallied over 6%, snapping three straight session of losses. Meta Platforms Inc. NASDAQ:META soared over 5%, marking its best one-day surge in a month. Stocks reacting to company earnings included:
ADTRAN Holdings, Inc. NASDAQ:ADTN, down by nearly 18%, Caterpillar, Inc. NYSE:CAT, up 3.8%,Constellation Energy Corporation NASDAQ:CEG, up 6.9%,CSX Corp. NASDAQ:CSX, up 3.7%,Duke Energy Corporation NYSE:DUK, up 2.3%,Expeditors International of Washington, Inc. NYSE:EXPD, down 4.4%,Fox Corporation NASDAQ:FOXA, up 6.7%,GLOBALFOUNDRIES Inc. NASDAQ:GFS, down 1%,Hyatt Hotels Corporation NYSE:H, down 0.7%,Lucid Group, Inc. NASDAQ:LCID up 9%, Molson Coors Beverage Company NYSE:TAP, up 6.8%,Palantir Technologies Inc. NYSE:PLTR up 12.3%, Uber Technologies, Inc. NYSE:UBER, up 11%Teradata Corporation NYSE:TDC down about 14%,WK Kellogg Co NYSE:KLG down 6.7%,Yum! Brands, Inc. NYSE:YUM up 3.7%,ZoomInfo Technologies Inc. NASDAQ:ZI, down nearly 19%.Companies reporting after the close are Airbnb, Inc. NASDAQ:ABNB, Coupang, Inc. NYSE:CPNG, Devon Energy Corporation NYSE:DVN, Amgen, Inc. NASDAQ:AMGN, Cirrus Logic, Inc. NASDAQ:CRUS, Exelixis, Inc. NASDAQ:EXEL, Fortinet, Inc. NASDAQ:FTNT, GoPro, Inc. NASDAQ:GPRO, Illumina, Inc. NASDAQ:ILMN, Jack in the Box Inc. NASDAQ:JACK, IAC Inc. NASDAQ:IAC, Tripadvisor, Inc. NASDAQ:TRIP, Reddit, Inc. NYSE:RDDT, Rivian Automotive, Inc. NASDAQ:RIVN, Sunrun Inc. NASDAQ:RUN, Wynn Resorts, Limited NASDAQ:WYNN and Super Micro Computer, Inc. NASDAQ:SMCI.
Read now:
Photo via Shutterstock.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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zacks:d4afc8ef7094b:0 | 8306 | 5 Reasons to Add Mitsubishi UFJ (MUFG) to Your Portfolio Now | zacks | http://www.zacks.com/ | 2024-08-06T14:57:00+00:00 | https://www.tradingview.com/news/zacks:d4afc8ef7094b:0-5-reasons-to-add-mitsubishi-ufj-mufg-to-your-portfolio-now/ | null | [{'symbol': 'TSE:8306', 'base_logoid': 'mitsubishi-group'}] | /news/zacks:d4afc8ef7094b:0-5-reasons-to-add-mitsubishi-ufj-mufg-to-your-portfolio-now/ | EN | Mitsubishi UFJ Financial Group, Inc. MUFG stock looks like an attractive investment option now. The company is well-positioned for organic and inorganic growth, given its solid balance sheet and liquidity position, and strategic partnerships and acquisitions. Analysts seem optimistic regarding the… | Mitsubishi UFJ Financial Group, Inc. MUFG stock looks like an attractive investment option now. The company is well-positioned for organic and inorganic growth, given its solid balance sheet and liquidity position, and strategic partnerships and acquisitions.
Analysts seem optimistic regarding the company’s earnings growth prospects. Over the past 60 days, the Zacks Consensus Estimate for MUFG’s 2024 earnings has been revised 11.4% upward. Mitsubishi UFJ currently sports a Zacks Rank #1 (Strong Buy).
In the past year, shares of MUFG have gained 18.8% on the NYSE compared with the industry’s 8.8% growth.
A few factors mentioned below make the stock worth betting on now.
Earnings Growth: Mitsubishi UFJ witnessed earnings growth of 2.6% in the past three to five years. While the company’s earnings are projected to decline in fiscal 2025, the trend will reverse after that. In fiscal 2026, earnings are expected to grow 13.64%.
Moreover, the company’s long-term (next five years) projected earnings growth rate is 13.30%, which is higher than the industry’s 11.8%.
Synergies From Opportunistic Buyouts and Partnerships: Over the last several years, Mitsubishi UFJ has been expanding inorganically and continues to pursue growth opportunities globally. Since 2016, the bank has completed several acquisitions and partnerships to expand its footprint.
On Aug 2, 2024, MUFG and its consolidated subsidiary, MUFG Bank, announced their plans to invest in Globe Fintech Innovations, Inc., the firm that manages GCash. Through this strategic investment, Mitsubishi UFJ aims to reap the benefit of fast-growing digital finance in the Asia Pacific (APAC) region. It will also enhance the bank’s business franchise value over the medium to long term. Through this investment, MUFG intends to grow its customer base while seeking further business collaboration opportunities within its network.
In May 2024, MUFG’s subsidiary, Mitsubishi UFJ Trust and Banking Corporation, completed the buyout of Link Administration Holdings Limited by acquiring all issued shares of the latter. This expands its operations globally via access to Australian funds and corporate clients worldwide.
In 2023, the company, through MUFG Bank and PT Adira Dinamika Multi Finance Tbk, announced the acquisition of 80.6% shares in PT Mandala Multifinance Tbk. With this, the company expands its auto loan business in Indonesia. These, along with prior deals, will continue to be accretive to the company’s earnings.
Business Transformation Efforts: MUFG is focused on its updated Medium-term Business Plan (2024 to 2026), which emphasizes on improving social and environmental progress and accelerating transformation and innovation. With this, it aims to increase return on equity to around 9% in fiscal 2026.
MUFG aims to boost product offerings, expand distribution channels, strengthen the balance sheet and drive growth through seven strategic initiatives. These include strengthening the domestic retail customer base, reinforcing corporate and wealth management segments, and evolving the integrated business model of its Global Corporate & Investment Banking and Global Markets groups. Additionally, the company aims to fortify its APAC operations and enhance platform resilience.
Steady Capital Distributions: Mitsubishi UFJ is rewarding its investors handsomely. The company increased its dividend for fiscal 2024 to ¥50 per share from ¥41 and aims to maintain a payout ratio of 40%. Apart from this, it has a share repurchase program in place.
In May 2024, the bank announced a share repurchase program worth ¥100 billion valid from May 16 to Jun 30, 2024. Progressing on the share buybacks, it bought back 370.3 million shares of its common stock at an aggregate price of ¥59.8 billion between Jun 1, 2024, and Jun 21, 2024. Thus, by leveraging the capital surplus, the bank aims to attract investors by progressive increases in dividends and executing flexible share repurchases.
Strong Balance Sheet Position: As of Jun 30, 2024, MUFG had cash and due from banks of ¥107.5 trillion. The company’s borrowed money totaled ¥25.5 trillion during the same period. Hence, given a strong liquidity profile, MUFG seems well-positioned to continue meeting debt obligations and sustain its capital distribution activities.
Other Finance Stocks to Consider
Some other top-ranked finance stocks are NatWest Group plc NWG and BNP Paribas SA BNPQY, each sporting a Zacks Rank #1 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
NatWest Group’s earnings estimates for 2024 have been revised 7.1% upward in the past 30 days. NWG’s shares have gained 49.6% over the past six months.
BNP Paribas’s 2024 earnings estimates have revised 1% upward in the past 30 days. BNPQY’s shares have gained 8.2% over the past six months.
Zacks Investment Research
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benzinga:c3bd06050094b:0 | QQQ | Jamie Dimon Confident In Economy As Markets Retreat: 'We're Going To Get Through It' | benzinga | https://benzinga.com/ | 2024-08-06T13:11:21+00:00 | https://www.tradingview.com/news/benzinga:c3bd06050094b:0-jamie-dimon-confident-in-economy-as-markets-retreat-we-re-going-to-get-through-it/ | null | [{'symbol': 'NYSE:JPM', 'base_logoid': 'jpmorgan-chase'}, {'symbol': 'AMEX:SPY', 'base_logoid': 'spdr-sandp500-etf-tr'}, {'symbol': 'AMEX:DIA', 'base_logoid': 'spdr-sandp500-etf-tr'}, {'symbol': 'NASDAQ:QQQ', 'base_logoid': 'invesco'}] | /news/benzinga:c3bd06050094b:0-jamie-dimon-confident-in-economy-as-markets-retreat-we-re-going-to-get-through-it/ | EN | Despite the recent stock market downturn that sent the Dow Jones Industrial Average plummeting nearly 1,000 points, Jamie Dimon, Chairman and CEO of JPMorgan Chase & Co NYSE:JPM, remains unfazed.U.S. stocks fell sharply on Monday as concerns over a weakening economy emerged after a disappointing jo… | Despite the recent stock market downturn that sent the Dow Jones Industrial Average plummeting nearly 1,000 points, Jamie Dimon, Chairman and CEO of JPMorgan Chase & Co NYSE:JPM.
U.S. stocks fell sharply on Monday as concerns over a weakening economy emerged after a disappointing jobs report. The Dow dropped 2.6%, S&P 500 index fell 3%, and Nasdaq declined 3.4%, marking their largest losses since September 2022.
The S&P 500 index-tracking SPDR S&P 500 ETF AMEX:SPY closed lower by 2.91% while the Dow Jones Industrial average-tracking SPDR Dow Jones Industrial Average ETF AMEX:DIA closed lower by 2.60%. Over the past month, these ETFs are down 6.72% and 1.75%, respectively. A big drag on the S&P 500 index has been tech stocks which, as represented by the Invesco QQQ Trust, Series 1 NASDAQ:QQQ, are down 12.25% over the past month.
Speaking in Des Moines on Monday, Dimon brushed off recession fears, emphasizing the importance of focusing on long-term growth rather than short-term market fluctuations.
Dimon was in town to cut the ribbon on a new JPMorgan Chase branch, with plans to open 25 more in the next five years. Although his visit coincided with significant market turbulence, Dimon promptly dismissed the ensuing panic.
Read Also:
Jamie Dimon On Market Swings, Soft Landings
Dimon has seen it all before and is no stranger to the ebbs and flows of economic cycles. “OK, I’m going to tell you the truth, right? People overreact to short-term things. And so, like, we’re overreacting to things that were so good for so long,” he said, according to the Des Moines Register.
While acknowledging the challenges of market downturns, Dimon is confident in the resilience of the U.S. economy, saying that whether it faces a “soft landing or a mild recession or harder recession, we’re going to get through it.”
Dimon also addressed the Federal Reserve’s attempts to curb inflation, which he believes may not come without some economic pain. "I always thought the chance of a soft landing was a lot less than other people. There are just too many variables out there including the geopolitical stuff which is really dangerous," he said.
‘A Lot Of Things... Are Going To Add To Inflation’
While Dimon remains optimistic about the U.S. economy’s ability to weather short-term market volatility, he did express concern over certain economic factors, including high budget deficits, energy supply disruptions, and persistent inflation. He noted, "I look at a lot of things in front of us that are going to add to inflation, so maybe the surprise would be that inflation comes down but doesn't stay down."
On the topic of foreign trade, Dimon defended its value but acknowledged the need for policy adjustments. “If you just close down trade, that would be a really tough thing for America,” he said, according to the Register.
Read Next:
Image created with a photo from Steve Jurvetson from Flickr.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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benzinga:2c3f5dc44094b:0 | QQQ | China-Related ETFs Take A Hit In Tuesday's Premarket Despite Global Markets Showing Signs Of Recovery: What's Going On? | benzinga | https://benzinga.com/ | 2024-08-06T11:53:04+00:00 | https://www.tradingview.com/news/benzinga:2c3f5dc44094b:0-china-related-etfs-take-a-hit-in-tuesday-s-premarket-despite-global-markets-showing-signs-of-recovery-what-s-going-on/ | null | [{'symbol': 'AMEX:KWEB', 'base_logoid': 'kraneshares'}, {'symbol': 'NASDAQ:MCHI', 'base_logoid': 'ishares'}, {'symbol': 'AMEX:FXI', 'base_logoid': 'ishares'}, {'symbol': 'AMEX:SPY', 'base_logoid': 'spdr-sandp500-etf-tr'}, {'symbol': 'NASDAQ:QQQ', 'base_logoid': 'invesco'}] | /news/benzinga:2c3f5dc44094b:0-china-related-etfs-take-a-hit-in-tuesday-s-premarket-despite-global-markets-showing-signs-of-recovery-what-s-going-on/ | EN | In the wake of China stocks plummeting to a six-month low, China-related ETFs in the U.S. saw a decline in pre-market trading on Tuesday.What Happened: Despite an overall regional relief rally, China stocks suffered a blow on Tuesday, causing the yuan to ease from Monday’s seven-month high against… | In the wake of China stocks plummeting to a six-month low, China-related ETFs in the U.S. saw a decline in pre-market trading on Tuesday.
What Happened: China stocks suffered a blow on Tuesday, causing the yuan to ease from Monday’s seven-month high against the dollar, Reuters reported. This shift challenges the view of Chinese assets as a haven amid global market turmoil.
ETFs such as KraneShares CSI China Internet ETF AMEX:KWEB and iShares MSCI China ETF NASDAQ:MCHI saw a decrease of 0.27% and 0.81% respectively in trading. The iShares China Large-Cap ETF AMEX:FXI also experienced a 1.16% decline.
China’s long-term yields surged due to concerns of government-led bond selling to cool down a heated rally, rather than a positive economic outlook. The blue-chip CSI 300 Index ended the session flat, hitting its lowest since February. The Shanghai Composite Index closed up 0.2%, while Hong Kong’s Hang Seng closed down 0.3%.
See Also:
Why It Matters: On Monday, U.S. stock markets , with the Nasdaq and S&P 500 each falling over 3%. This was a continuation of the previous week’s sell-off, driven by fears of weak economic data and a soft U.S. payrolls report.
However, the U.S. stocks look to bounce back on Tuesday. In premarket trading on Tuesday, the SPDR S&P 500 ETF Trust AMEX:SPY gained 0.78% to $521.40, and the Invesco QQQ ETF NASDAQ:QQQ rose 0.82% to $438.95, according to Benzinga Pro data. The Japanese market, which was the epicenter of Monday's sell-off, rebounded strongly, with the Nikkei 225 average climbing over 10%. The Taiwanese and South Korean markets also rose notably.
Read Next:
Researchers Identify ‘Trump Dump’ Effect: Ex-President Is Already Causing Deep Stock Losses In CompaniesImage via Shutterstock
This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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tag:reuters.com,2024-08-05:newsml_NFC6xk6wx:0 | 7203 | DEADLINE ALERT: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of Toyota | reuters | https://www.tradingview.com/news/providers/reuters/ | 2024-08-05T23:57:00+00:00 | https://www.tradingview.com/news/reuters.com,2024-08-05:newsml_NFC6xk6wx:0-deadline-alert-faruqi-faruqi-llp-investigates-claims-on-behalf-of-investors-of-toyota/ | null | [{'symbol': 'NYSE:TM', 'base_logoid': 'toyota'}] | /news/reuters.com,2024-08-05:newsml_NFC6xk6wx:0-deadline-alert-faruqi-faruqi-llp-investigates-claims-on-behalf-of-investors-of-toyota/ | EN | Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Toyota To Contact Him Directly To Discuss Their OptionsIf you purchased or acquired securities in Toyota between June 25, 2022 and June 2, 2024 and would like to dis… | Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Toyota To Contact Him Directly To Discuss Their Options
If you purchased or acquired securities in Toyota between June 25, 2022 and June 2, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/TM.
New York, New York--(Newsfile Corp. - August 5, 2024) - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Toyota Motor Corporation ("Toyota" or the "Company") NYSE:TM and reminds investors of the August 23, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, this Complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts, about the Company's business and operations. Specifically, Defendants misrepresented and/or failed to disclose that: (1) Toyota understated its malfeasance relating to certification of its cars and issues relating to overall legal compliance; and (2) as a result, defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On June 3, 2024, The New York Times published an article entitled "Toyota and Other Japanese Carmakers Say They Mishandled Safety Tests." This article stated, in pertinent part, that "Toyota [. . .] and other top Japanese automakers said on Monday that internal investigations found they had mishandled vehicle testing on dozens of models over the past decade." Further, "Toyota said it had failed to gather proper data when doing pedestrian and occupant safety tests for three models, including its popular Yaris Cross sport utility vehicle."
On this news, Toyota's American Depositary Shares ("ADSs") fell $5.34 per ADS, or 2.45%, to close at $212.17 per ADS on June 3, 2024.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Toyota's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the Toyota class action, go to www.faruqilaw.com/TM or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
Follow us for updates on LinkedIn, on X, or on Facebook.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/218880
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tag:reuters.com,2024:newsml_L1N3JS0GK:0 | 7203 | Resurgent yen brings high-flying Japan Inc back to earth | reuters | https://www.tradingview.com/news/providers/reuters/ | 2024-08-05T23:00:00+00:00 | https://www.tradingview.com/news/reuters.com,2024:newsml_L1N3JS0GK:0-resurgent-yen-brings-high-flying-japan-inc-back-to-earth/ | Copyright Thomson Reuters 2024. Click For Restrictions - https://agency.reuters.com/en/copyright.html | [{'symbol': 'TVC:NI225', 'base_logoid': 'indices/nikkei-225'}, {'symbol': 'FX_IDC:USDJPY', 'logoid': 'country/JP', 'base_logoid': 'country/US'}, {'symbol': 'TSE:7203', 'base_logoid': 'toyota'}, {'symbol': 'TSE:TOPIX', 'base_logoid': 'indices/topix-small'}] | /news/reuters.com,2024:newsml_L1N3JS0GK:0-resurgent-yen-brings-high-flying-japan-inc-back-to-earth/ | EN | A resurgent yen helped bring Japanese stocks crashing back to earth on Monday, leaving investors scrambling to gauge the potentially diminished outlook for earnings, and snuffing out a months-long dramatic run by the Tokyo market.In just three trading sessions the Nikkei share average TVC:NI225 has… | A resurgent yen helped bring Japanese stocks crashing back to earth on Monday, leaving investors scrambling to gauge the potentially diminished outlook for earnings, and snuffing out a months-long dramatic run by the Tokyo market.
In just three trading sessions the Nikkei share average TVC:NI225 has lost a fifth of its value. On Monday it tumbled 12.4%, marking its second-largest decline on record and its biggest since the Black Monday crash of October 1987.
In part, the sell-off has been driven by the recent turnaround in the yen FX_IDC:USDJPY after the Bank of Japan began to raise rates for the first time in decades, most recently last week.
Now investors are forced to size up Japan Inc's prospects without the extra cushion from the currency, which has helped many heavyweight exporters. Up until a few days ago, the Japanese stock market was seen as a global stand-out, having gained almost 30% last year and touching a lifetime high last month.
"All the benefits, all the tailwinds from forex that have been propping up Nikkei 225 stocks and exporters, multinationals, it's all gone," said Amir Anvarzadeh of Asymmetric Advisors, a Japan-focused equity advisory firm.
Now, companies now will have to do well on their own merits, he said.
A weaker yen drives up cost for small businesses and households, but it is largely positive for big exporters, such as Toyota Motor TSE:7203, because it makes their products cheaper overseas and boosts profits when foreign earnings are brought home.
The yen traded around its strongest level in seven months on Monday, at 142 to the dollar. It has gained about 14% over the last month, recovering after months of losses.
To get a sense of the size of the potential disruption for Japan's industrial giants, one need look no further than Toyota. The world's largest automaker says every 1 yen change against the dollar means a difference of 50 billion yen ($350 million) in profit.
At Toyota's latest quarterly earnings, announced last week, the currency contributed 370 billion yen to operating profit.
The selling has spread beyond exporters, with banks and other industries also shredded, casting a cloud over the Japanese market's recent comeback, which was seen as a triumphant revival after years in deflationary doldrums.
FUNDAMENTALS SOLID
While corporate Japan's fundamentals remain largely solid, analysts said, the sell-off is a reminder that markets - at least in the short-term - do not always reflect fundamentals.
With many exporters assuming a yen exchange rate of 140 or 145 to the dollar, investors had been expecting to see stronger earnings ahead given the yen traded at 160 a few weeks ago, said Kei Okamura, a portfolio manager at Neuberger Berman in Tokyo.
"A lot of global investors have been looking for Japanese companies to announce upward revisions" due to the currency, he said.
"That's why from some people's perspective the upward revisions might not be there, but from our perspective, the fundamentals still look okay."
Exporters' shares were also hit by concerns about a slowdown in the United States, one of Japan's biggest export markets, and one absolutely vital to its auto industry.
"If the U.S. economy slows down, cars won't sell," said Takatoshi Itoshima, a strategist at Pictet Asset Management Japan.
Automakers are also heavyweight components of the Nikkei and the broader Topix TSE:TOPIX index, Itoshima said, something that adds to the overall pain for markets.
Subaru, which reported that almost 80% of its revenue came from North America in the first quarter, on Monday said it was sticking by its forecast for a 142 yen exchange rate for the full year.
Chief Financial Officer Katsuyuki Mizuma told an earnings briefing the automaker would have to take a look at the incentives it offers in the United States. Every 1 yen increase in the exchange rate meant a shift in 10 billion yen of operating profit, he said.
Printer maker Epson last week said it was revising its exchange rate assumption to 151 yen to the dollar from 144 yen previously - and lifting its profit outlook as a result, which now may look in doubt.
The market turmoil may come with a silver lining for investors who look beyond a group of Japan's export champions.
The yen's reversal could offer relief to the broader economy after its months-long decline has pushed up consumer prices, raising deep concerns about the outlook for spending in Japan.
The yen's decline has even prompted the founder of Uniqlo parent Fast Retailing to warn there was "no merit" to a weaker yen, given that Japan imports raw materials from all over the world before manufacturing and exporting.
"A stronger yen might not be good for the Nikkei 225 stocks and the foreigners owning it," said Anvarzadeh of Asymmetric Advisors.
"But it's good for the country, it's good for the economy."
($1 = 142.7500 yen)
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zacks:b53d3490a094b:0 | 7203 | Toyota Motor Corporation (TM) is Attracting Investor Attention: Here is What You Should Know | zacks | http://www.zacks.com/ | 2024-08-05T13:00:12+00:00 | https://www.tradingview.com/news/zacks:b53d3490a094b:0-toyota-motor-corporation-tm-is-attracting-investor-attention-here-is-what-you-should-know/ | null | [{'symbol': 'NYSE:TM', 'base_logoid': 'toyota'}] | /news/zacks:b53d3490a094b:0-toyota-motor-corporation-tm-is-attracting-investor-attention-here-is-what-you-should-know/ | EN | Toyota Motor Corporation NYSE:TM has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future.Over the past month, shares of this company have returned -16.2%, compare… | Toyota Motor Corporation NYSE:TM has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future.
Over the past month, shares of this company have returned -16.2%, compared to the Zacks S&P 500 composite's -2.9% change. During this period, the Zacks Automotive - Foreign industry, which Toyota Motor falls in, has lost 14.2%. The key question now is: What could be the stock's future direction?
Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.
Revisions to Earnings Estimates
Here at Zacks, we prioritize appraising the change in the projection of a company's future earnings over anything else. That's because we believe the present value of its future stream of earnings is what determines the fair value for its stock.
We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For the current quarter, Toyota Motor is expected to post earnings of $4.85 per share, indicating a change of -25.8% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days.
The consensus earnings estimate of $21.61 for the current fiscal year indicates a year-over-year change of -14.8%. This estimate has changed -2.1% over the last 30 days.
For the next fiscal year, the consensus earnings estimate of $23.33 indicates a change of +8% from what Toyota Motor is expected to report a year ago. Over the past month, the estimate has changed +2.2%.
With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Toyota Motor.
The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:
12 Month EPS
Revenue Growth Forecast
While earnings growth is arguably the most superior indicator of a company's financial health, nothing happens as such if a business isn't able to grow its revenues. After all, it's nearly impossible for a company to increase its earnings for an extended period without increasing its revenues. So, it's important to know a company's potential revenue growth.
In the case of Toyota Motor, the consensus sales estimate of $79.39 billion for the current quarter points to a year-over-year change of +0.3%. The $319.48 billion and $324.12 billion estimates for the current and next fiscal years indicate changes of +2.4% and +1.5%, respectively.
Last Reported Results and Surprise History
Toyota Motor reported revenues of $75.94 billion in the last reported quarter, representing a year-over-year change of -1.2%. EPS of $6.35 for the same period compares with $7.05 a year ago.
Compared to the Zacks Consensus Estimate of $72.48 billion, the reported revenues represent a surprise of +4.78%. The EPS surprise was +58.35%.
The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates each time over this period.
Valuation
Without considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects.
While comparing the current values of a company's valuation multiples, such as price-to-earnings (P/E), price-to-sales (P/S) and price-to-cash flow (P/CF), with its own historical values helps determine whether its stock is fairly valued, overvalued, or undervalued, comparing the company relative to its peers on these parameters gives a good sense of the reasonability of the stock's price.
As part of the Zacks Style Scores system, the Zacks Value Style Score (which evaluates both traditional and unconventional valuation metrics) organizes stocks into five groups ranging from A to F (A is better than B; B is better than C; and so on), making it helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.
Toyota Motor is graded A on this front, indicating that it is trading at a discount to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.
Conclusion
The facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Toyota Motor. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.
Zacks Investment Research
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tag:reuters.com,2024:newsml_L4N3JS0YS:0 | 8306 | Japan's stock market faces a moment of truth | reuters | https://www.tradingview.com/news/providers/reuters/ | 2024-08-05T10:15:43+00:00 | https://www.tradingview.com/news/reuters.com,2024:newsml_L4N3JS0YS:0-japan-s-stock-market-faces-a-moment-of-truth/ | Copyright Thomson Reuters 2024. Click For Restrictions - https://agency.reuters.com/en/copyright.html | [{'symbol': 'TVC:NI225', 'base_logoid': 'indices/nikkei-225'}, {'symbol': 'TSE:TOPIX', 'base_logoid': 'indices/topix-small'}, {'symbol': 'TSE:8301', 'logoid': '', 'base_logoid': ''}, {'symbol': 'TVC:IXIC', 'base_logoid': 'indices/nasdaq-composite'}, {'symbol': 'SP:SPX', 'base_logoid': 'indices/s-and-p-500'}, {'symbol': 'TSE:8604', 'base_logoid': 'nomura'}, {'symbol': 'TSE:8306', 'base_logoid': 'mitsubishi-group'}, {'symbol': 'TSE:8316', 'base_logoid': 'sumitomo-mitsui'}] | /news/reuters.com,2024:newsml_L4N3JS0YS:0-japan-s-stock-market-faces-a-moment-of-truth/ | EN | Japan’s stock market rally this year - including the surpassing of a 1989 high - was welcomed as one of the clearest signs that policymakers’ more-than-decade-long push to improve the efficiency of the $4 trillion economy was working. Now the Nikkei 225 TVC:NI225 and Topix TSE:TOPIX indices are lea… | Japan’s stock market rally this year - including the surpassing of a 1989 high - was welcomed as one of the clearest signs that policymakers’ more-than-decade-long push to improve the efficiency of the $4 trillion economy was working. Now the Nikkei 225 TVC:NI225 and Topix TSE:TOPIX indices are leading a sharp global selloff of equities. The slump will reveal how much substance is beneath the froth in the Asian country.
An overhaul of global interest rates is underway that will reset money managers' risk appetites. The Bank of Japan TSE:8301 is hiking borrowing costs while the Federal Reserve is signalling that it may cut them as soon as September; the release on Friday of weak U.S. jobs data is fuelling fears of a hard landing for the economy. Overall, the yen has rallied 7% against the U.S. dollar in five trading sessions; the move is intensified by yen carry trades unwinding where investors borrowed in the Japanese currency to invest in higher-yielding assets.
The appreciation is crushing equities, particularly those helping Japan Inc to generate some 20% of revenue from overseas: the country’s benchmark indices have fallen as much as 15% over the past week, around four times as much as U.S. equivalents including the Nasdaq Composite TVC:IXIC and S&P 500 SP:SPX. Financial stocks ought to benefit from rising Japanese rates but Nomura TSE:8604, Mitsubishi UFJ Financial TSE:8306 and Sumitomo Mitsui Financial TSE:8316 each plunged about 16% on Monday, erasing about one third or so of their year-to-date gains.
Ultimately the fading stock rally will determine whether the government and Japan Exchange officials have put a floor under the market through reform initiatives. Their efforts to nudge companies to focus on high-return businesses, offload underperforming ones, and shrink the piles of cash are yielding fruit: share buybacks announced by Japanese companies this year have hit 9.3 trillion yen ($65 billion), almost equal to the total in 2023, a record year, per Fidelity.
One big question is where the yen will stabilise. Although its slump became a source of national angst, too rapid an appreciation could mess with the Bank of Japan's plans. The currency’s weakness has kept the price of imported goods high, supporting inflation above the central bank’s 2% target. Governor Kazuo Ueda sent surprisingly hawkish signals last week on the trajectory of Japanese monetary policy despite officials downgrading their GDP growth forecast. The yen could knock far more than just equities off course.
Follow @ugalani on X
CONTEXT NEWS
The Nikkei 225 and the Topix fell by more than 8% and 9% by early afternoon on Aug. 5, adding to losses in the latter half of the previous week that led to a broader global equity market selloff. Trading in the Nikkei 225 was also suspended twice after triggering circuit breakers.
The benchmark stock indices have fallen sharply following the Bank of Japan's decision to raise interest rates on July 31. On the same day Japan hiked rates, the U.S. Federal Reserve signalled it may cut rates as soon as September.
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tag:reuters.com,2024-08-05:newsml_RSE1389Za:0 | 7203 | REG - Toyota Motor Corpn - Repurchase of Shares of our Common Stock | reuters | https://www.tradingview.com/news/providers/reuters/ | 2024-08-05T07:00:01+00:00 | https://www.tradingview.com/news/reuters.com,2024-08-05:newsml_RSE1389Za:0-reg-toyota-motor-corpn-repurchase-of-shares-of-our-common-stock/ | null | [{'symbol': 'TSE:7203', 'base_logoid': 'toyota'}] | /news/reuters.com,2024-08-05:newsml_RSE1389Za:0-reg-toyota-motor-corpn-repurchase-of-shares-of-our-common-stock/ | EN | RNS Number : 1389Z Toyota Motor Corporation 05 August 2024 [Reference Translation]August 5, 2024To Whom It May Concern:Company Name: TOYOTA MOTOR CORPORATIONName and Title of Representative:Koji Sato, President(Code Number: 7203Prime of Tokyo Stock Exchange andPremier of Nagoya Stock Exchange)N… | RNS Number : 1389Z Toyota Motor Corporation 05 August 2024 [Reference Translation]
August 5, 2024
To Whom It May Concern:
Company Name: TOYOTA MOTOR CORPORATION
Name and Title of Representative:
Koji Sato, President
(Code Number: 7203
Prime of Tokyo Stock Exchange and
Premier of Nagoya Stock Exchange)
Name and Title of Contact Person:
Yoshihide Moriyama, General Manager,
Capital Strategy & Affiliated Companies Finance Div. (Telephone Number: 0565-28-2121)
Notice Concerning the Status of the Repurchase of Shares of our Common Stock
(Repurchase of Shares under our Articles of Incorporation pursuant to Article 165, Paragraph 2 of the Companies Act of Japan)
We hereby inform you of the repurchase of shares conducted in July pursuant to Article 156 of the Companies Act of Japan (the "Companies Act") as applied pursuant to Article 165, Paragraph 3 of the Companies Act, concerning which repurchase notifications were given on May 8, 2024, as follows:
1. Class of shares to be repurchased: Common stock of Toyota Motor Corporation ("TMC")
2. Total number of shares repurchased: 0 shares
3. Total purchase price: JPY 0
4. Period of repurchase: From July 1, 2024 to July 31, 2024
(Reference)
I. Repurchase of shares resolved at a meeting of the board of directors held on May 8, 2024
(1) Class of shares to be repurchased Common stock of TMC
(2) Total number of shares to be repurchased
410 million shares (maximum)
(3) Total purchase price for repurchase of shares
JPY 1 trillion (maximum)
(4) Period of repurchase From May 9, 2024 to April 30, 2025
II. Total number of shares of our common stock repurchased pursuant to the above resolution of the board of directors (as of July 31, 2024)
(1) Total number of shares repurchased: 0 shares
(2) Total purchase price for repurchased shares: JPY 0
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy. END POSEAFPSESALEEA
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urn:newsml:mtnewswires.com:20240805:G2397574:0 | 8306 | Ayala, MUFG Invest in GCash Parent Company Mynt, Boosting Valuation to $5 Billion | mt-newswires | https://www.tradingview.com/news/providers/mt-newswires/ | 2024-08-05T05:52:20+00:00 | https://www.tradingview.com/news/mtnewswires.com:20240805:G2397574:0/ | null | [{'symbol': 'PSE:GLO', 'base_logoid': 'globe-telecom'}, {'symbol': 'PSE:AC', 'base_logoid': 'ayala'}, {'symbol': 'TSE:8306', 'base_logoid': 'mitsubishi-group'}] | /news/mtnewswires.com:20240805:G2397574:0/ | EN | Globe Telecom PSE:GLO said Globe Fintech Innovations, which owns the digital cashless app GCash, has secured new strategic investments from Ayala Corporation PSE:AC and Mitsubishi UFJ Financial Group TSE:8306. As a result, Globe Fintech Innovations, also known as Mynt, has seen its valuation grow t… | Globe Telecom PSE:GLO said Globe Fintech Innovations, which owns the digital cashless app GCash, has secured new strategic investments from Ayala Corporation PSE:AC and Mitsubishi UFJ Financial Group TSE:8306.
As a result, Globe Fintech Innovations, also known as Mynt, has seen its valuation grow to $5 billion from $2 billion in 2021, according to a Friday Philippines bourse filing from Globe.
Ayala, through AC Ventures Holdings, committed to buy an additional 8% stake, while MUFG Bank will also obtain an 8% stake in Mynt.
The investment is subject to final transaction documents and customary closing conditions, the telecommunications firm said.
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urn:newsml:mtnewswires.com:20240804:G2397330:0 | 7203 | Elm Co. Posts Rise in H1 Net Profit, Revenue | mt-newswires | https://www.tradingview.com/news/providers/mt-newswires/ | 2024-08-04T06:12:58+00:00 | https://www.tradingview.com/news/mtnewswires.com:20240804:G2397330:0/ | null | [{'symbol': 'TADAWUL:7203', 'base_logoid': 'elm-co'}] | /news/mtnewswires.com:20240804:G2397330:0/ | EN | Elm Co. (SASE:7203) said Sunday that profit and revenue for the first half of 2024 increased year over year. Net profit for the six months ended June 30 was 831 million Saudi riyals, compared with 695 million riyals earlier. EPS moved to 10.7 riyals from 8.95 riyals. The Saudi Arabia-based digital… | Elm Co. (SASE:7203) said Sunday that profit and revenue for the first half of 2024 increased year over year.
Net profit for the six months ended June 30 was 831 million Saudi riyals, compared with 695 million riyals earlier. EPS moved to 10.7 riyals from 8.95 riyals.
The Saudi Arabia-based digital company's revenue was 3.41 billion riyals, compared with 2.69 billion riyals a year ago.
Meanwhile, the board declared an interim cash dividend of 3.5 riyals per share for the period, payable on Aug. 20 to shareholders on record Wednesday. It paid 3 riyals per share a year ago.
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tag:reuters.com,2024:newsml_FWN3JP2UK:0 | 7203 | Al Elm Co H1 Dividend Per Share SAR 3.5 | reuters | https://www.tradingview.com/news/providers/reuters/ | 2024-08-04T05:47:39+00:00 | https://www.tradingview.com/news/reuters.com,2024:newsml_FWN3JP2UK:0-al-elm-co-h1-dividend-per-share-sar-3-5/ | Copyright Thomson Reuters 2024. Click For Restrictions - https://agency.reuters.com/en/copyright.html | [{'symbol': 'TADAWUL:7203', 'base_logoid': 'elm-co'}] | /news/reuters.com,2024:newsml_FWN3JP2UK:0-al-elm-co-h1-dividend-per-share-sar-3-5/ | EN | Elm Company SJSC TADAWUL:7203: | Elm Company SJSC TADAWUL:7203:
AL ELM CO - H1 DIVIDEND PER SHARE SAR3.5
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tag:reuters.com,2024:newsml_FWN3JP3CR:0 | 7203 | Elm Company Qtrly Profit Rises | reuters | https://www.tradingview.com/news/providers/reuters/ | 2024-08-04T05:28:48+00:00 | https://www.tradingview.com/news/reuters.com,2024:newsml_FWN3JP3CR:0-elm-company-qtrly-profit-rises/ | Copyright Thomson Reuters 2024. Click For Restrictions - https://agency.reuters.com/en/copyright.html | [{'symbol': 'TADAWUL:7203', 'base_logoid': 'elm-co'}] | /news/reuters.com,2024:newsml_FWN3JP3CR:0-elm-company-qtrly-profit-rises/ | EN | ELM COMPANY TADAWUL:7203: | ELM COMPANY TADAWUL:7203:
QTRLY NET PROFIT 486 MILLION RIYALS VERSUS 373 MILLION RIYALS YEAR AGO
QTRLY SALES 1,767 MILLION RIYALS VERSUS 1,404 MILLION RIYALS YEAR AGO
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tag:reuters.com,2024-08-03:newsml_NFCbJ4Zs1:0 | 7203 | INVESTOR DEADLINE APPROACHING: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of Toyota | reuters | https://www.tradingview.com/news/providers/reuters/ | 2024-08-03T14:14:00+00:00 | https://www.tradingview.com/news/reuters.com,2024-08-03:newsml_NFCbJ4Zs1:0-investor-deadline-approaching-faruqi-faruqi-llp-investigates-claims-on-behalf-of-investors-of-toyota/ | null | [{'symbol': 'NYSE:TM', 'base_logoid': 'toyota'}] | /news/reuters.com,2024-08-03:newsml_NFCbJ4Zs1:0-investor-deadline-approaching-faruqi-faruqi-llp-investigates-claims-on-behalf-of-investors-of-toyota/ | EN | Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Toyota To Contact Him Directly To Discuss Their OptionsIf you purchased or acquired securities in Toyota between June 25, 2022 and June 2, 2024 and would like to dis… | Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Toyota To Contact Him Directly To Discuss Their Options
If you purchased or acquired securities in Toyota between June 25, 2022 and June 2, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/TM.
New York, New York--(Newsfile Corp. - August 3, 2024) - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Toyota Motor Corporation ("Toyota" or the "Company") NYSE:TM and reminds investors of the August 23, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, this Complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts, about the Company's business and operations. Specifically, Defendants misrepresented and/or failed to disclose that: (1) Toyota understated its malfeasance relating to certification of its cars and issues relating to overall legal compliance; and (2) as a result, defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On June 3, 2024, The New York Times published an article entitled "Toyota and Other Japanese Carmakers Say They Mishandled Safety Tests." This article stated, in pertinent part, that "Toyota [. . .] and other top Japanese automakers said on Monday that internal investigations found they had mishandled vehicle testing on dozens of models over the past decade." Further, "Toyota said it had failed to gather proper data when doing pedestrian and occupant safety tests for three models, including its popular Yaris Cross sport utility vehicle."
On this news, Toyota's American Depositary Shares ("ADSs") fell $5.34 per ADS, or 2.45%, to close at $212.17 per ADS on June 3, 2024.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Toyota's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the Toyota class action, go to www.faruqilaw.com/TM or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
Follow us for updates on LinkedIn, on X, or on Facebook.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/218692
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DJN_DN20240802007112:0 | 8306 | Mitsubishi UFJ Financial Down Over 11%, on Pace for Largest Percent Decrease Since March 2020 — Data Talk | dow-jones | https://www.tradingview.com/news/providers/dow-jones/ | 2024-08-02T15:08:00+00:00 | https://www.tradingview.com/news/DJN_DN20240802007112:0-mitsubishi-ufj-financial-down-over-11-on-pace-for-largest-percent-decrease-since-march-2020-data-talk/ | 2024 Dow Jones & Company, Inc. All rights reserved. | [{'symbol': 'TSE:8306', 'base_logoid': 'mitsubishi-group'}] | /news/DJN_DN20240802007112:0-mitsubishi-ufj-financial-down-over-11-on-pace-for-largest-percent-decrease-since-march-2020-data-talk/ | EN | Mitsubishi UFJ Financial Group, Inc. Sponsored ADR (MUFG) is currently at $9.82, down $1.23 or 11.13%All data as of 10:49:48 AM ETSource: Dow Jones Market Data, FactSet | Mitsubishi UFJ Financial Group, Inc. Sponsored ADR (MUFG) is currently at $9.82, down $1.23 or 11.13%
Would be lowest close since June 21, 2024, when it closed at $9.69On pace for largest percent decrease since March 12, 2020, when it fell 11.44%Currently down four of the past five daysCurrently down two consecutive days; down 15.49% over this periodWorst two day stretch since the two days ending Oct. 27, 2008, when it fell 21.58%Up 14.05% year-to-dateDown 64.6% from its all-time closing high of $27.74 on Oct. 25, 1993Up 23.68% from 52 weeks ago (Aug. 4, 2023), when it closed at $7.94Down 15.49% from its 52-week closing high of $11.62 on July 31, 2024Up 32.88% from its 52-week closing low of $7.39 on Aug. 16, 2023Traded as low as $9.79; lowest intraday level since June 21, 2024, when it hit $9.69Down 11.4% at today's intraday low; largest intraday percent decrease since March 12, 2020, when it fell as much as 12.17%All data as of 10:49:48 AM ET
Source: Dow Jones Market Data, FactSet
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zacks:3e9c4b653094b:0 | 8306 | Mitsubishi UFJ (MUFG) to Extend in APAC With New Investment | zacks | http://www.zacks.com/ | 2024-08-02T14:43:00+00:00 | https://www.tradingview.com/news/zacks:3e9c4b653094b:0-mitsubishi-ufj-mufg-to-extend-in-apac-with-new-investment/ | null | [{'symbol': 'TSE:8306', 'base_logoid': 'mitsubishi-group'}] | /news/zacks:3e9c4b653094b:0-mitsubishi-ufj-mufg-to-extend-in-apac-with-new-investment/ | EN | Mitsubishi UFJ Financial Group, Inc. MUFG and its consolidated subsidiary — MUFG Bank — are set to invest in Globe Fintech Innovations, Inc. (“Mynt”), the firm that manages GCash. MUFG will invest $393 million in Mynt as it extends its foothold in Asia’s booming digital financial market.Globe Finte… | Mitsubishi UFJ Financial Group, Inc. MUFG and its consolidated subsidiary — MUFG Bank — are set to invest in Globe Fintech Innovations, Inc. (“Mynt”), the firm that manages GCash. MUFG will invest $393 million in Mynt as it extends its foothold in Asia’s booming digital financial market.
Globe Fintech Innovations operates the Philippine mobile wallet GCash, specializing in QR code-based mobile payments with a user base of more than 60 million. With a valuation of $5 billion, the company is considered a ‘unicorn.’
MUFG's strategic investment in Mynt intends to accelerate growth in Asia-Pacific. The company aims to expand its customer base and promote financial inclusion by integrating Mynt into various online and offline channels. By accepting Mynt as a new member of MODE, MUFG hopes to expand its digital technology skills and collaborate with Mynt's significant partners, notably the Ayala Group.
Although underbanked and unbanked individuals in the Philippines lack access to traditional financial services, the country's high mobile phone and internet penetration provides a strong basis for the growth of digital financial services.
This investment supports MUFG’s strategy to expand in the Asia-Pacific (APAC) region, which it considers a second home market. Within this region, there is a growing trend for digital financial service providers to utilize the latest technological advancements. These advancements offer financial services to unbanked or underbanked consumers and SMEs.
Taking advantage of the growing market, MUFG invested in several digital startups and tech firms in the APAC region since 2020. These include investments in Grab, Home Credit, Akulaku, Garuda Fund and DMI Finance.
In June 2024, MUFG signed an investment agreement for $195 million in Ascend Money, which offers advanced payments and financial services to 30 million active users across seven Southeast Asian countries.
In 2023, the bank launched the MUFG Openly Connected Digital Ecosystem, intending to share knowledge among the companies that Mitsubishi UFJ invested in.
Through this strategic investment, MUFG aims to reap the benefit of fast-growing digital finance in the APAC region. It will also enhance the bank’s business franchise value over the medium to long term. Through this investment, MUFG intends to grow its customer base while seeking further business collaboration opportunities within its network.
In the past six months, shares of MUFG have gained 15.2% on the NYSE compared with the industry’s 13.1% growth.
Currently, Mitsubishi UFJ carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Foreign Bank Expanding Foothold in Asia
Similar to MUFG, HSBC Holdings plc HSBC has been undertaking measures to bolster its performance with a special focus on building operations across Asia. HSBC intends to position itself as a top bank for high-net-worth and ultra-high-net-worth clients in the region.
This June, the company completed acquisition of Citigroup's C retail wealth management business in China. As a result of the sale, portfolio of investment assets and deposits, and associated wealth customers, covering 11 major citiesi in mainland China has been integrated into HSBC China’s Wealth and Personal Banking (“WPB”) operations.
Earlier in April 2024, the bank planned to sell its various business units in Germany to focus more on core operations in Asia.
Zacks Investment Research
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urn:newsml:mtnewswires.com:20240802:A3194515:0 | 8306 | Mitsubishi UFJ Financial to Buy Stake in Philippines' Globe Fintech Innovations for $393 Million | mt-newswires | https://www.tradingview.com/news/providers/mt-newswires/ | 2024-08-02T14:19:25+00:00 | https://www.tradingview.com/news/mtnewswires.com:20240802:A3194515:0/ | null | [{'symbol': 'TSE:8306', 'base_logoid': 'mitsubishi-group'}] | /news/mtnewswires.com:20240802:A3194515:0/ | EN | Mitsubishi UFJ Financial Group TSE:8306 said Friday that its MUFG Bank unit will invest $393 million in the Philippines' Globe Fintech Innovations, parent company of the GCash e-wallet. Globe Fintech said in a separate statement that the investment translates to an 8% stake in Globe Fintech. The co… | Mitsubishi UFJ Financial Group TSE:8306 said Friday that its MUFG Bank unit will invest $393 million in the Philippines' Globe Fintech Innovations, parent company of the GCash e-wallet.
Globe Fintech said in a separate statement that the investment translates to an 8% stake in Globe Fintech.
The company also said that Ayala, through its AC Ventures Holdings unit, will acquire an additional 8% stake in Globe Fintech.
Ayala said in another statement that the additional stake, which it will buy for about 22.9 billion Philippine pesos ($395.7 million), increases its interest in Globe Fintech to about 13%.
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tag:reuters.com,2024-08-02:newsml_RSB0362Za:0 | 7203 | REG - Toyota Motor Credit - Publication of Supplementary Prospectus | reuters | https://www.tradingview.com/news/providers/reuters/ | 2024-08-02T12:41:57+00:00 | https://www.tradingview.com/news/reuters.com,2024-08-02:newsml_RSB0362Za:0-reg-toyota-motor-credit-publication-of-supplementary-prospectus/ | null | [{'symbol': 'TSE:7203', 'base_logoid': 'toyota'}] | /news/reuters.com,2024-08-02:newsml_RSB0362Za:0-reg-toyota-motor-credit-publication-of-supplementary-prospectus/ | EN | RNS Number : 0362Z Toyota Motor Credit Corp 02 August 2024 Toyota Motor Finance (Netherlands) B.V.Toyota Credit Canada Inc.Toyota Finance Australia Limited (ABN 48 002 435 181)Toyota Motor Credit Corporation2 August 2024Publication of Supplementary ProspectusToyota Motor Finance (Netherlands) B… | RNS Number : 0362Z Toyota Motor Credit Corp 02 August 2024 Toyota Motor Finance (Netherlands) B.V.
Toyota Credit Canada Inc.
Toyota Finance Australia Limited (ABN 48 002 435 181)
Toyota Motor Credit Corporation
2 August 2024
Publication of Supplementary Prospectus
Toyota Motor Finance (Netherlands) B.V., Toyota Credit Canada Inc., Toyota Finance Australia Limited and Toyota Motor Credit Corporation have published a Supplementary Prospectus dated 2 August 2024 in respect of their €60,000,000,000 Euro Medium Term Note Programme.
To view the Supplementary Prospectus, please click on the link below:
http://www.rns-pdf.londonstockexchange.com/rns/0362Z_1-2024-8-2.pdf
A copy of the Supplementary Prospectus will be submitted to the National Storage Mechanism and will be available shortly at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
This website is not provided for, or directed at, U.S. persons or persons in the United States. If you are a U.S. person or are viewing this page from the United States, you should exit this section of the website.
DISCLAIMER - INTENDED ADDRESSEES
Please note that the information contained in the Supplementary Prospectus may be addressed to and/or targeted at persons who are residents of particular countries (specified in the Programme Prospectus dated 15 September 2023) only and is not intended for use and should not be relied upon by any person outside these countries and/or to whom the offer contained in the Prospectus is not addressed. Prior to relying on the information contained in the Supplementary Prospectus, you must ascertain from the Prospectus whether or not you are part of the intended addressees of the information contained in the Supplementary Prospectus.
The Supplementary Prospectus does not contain or constitute an offer of, or the solicitation of an offer to buy, securities to any person in the United States or in any jurisdiction to whom or in which such offer or solicitation is unlawful. The securities referred to in the Prospectus may not be offered or sold in the United States absent registration under the US Securities Act of 1933, as amended (the "Securities Act") or another exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The offer and sale of the securities referred to in the Prospectus has not been and will not be registered under the Securities Act. There will be no public offer of the securities in the United States.
Your right to access this service is conditional upon complying with the above requirements.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy. END PSPUPURWRUPCGPP
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zacks:e9234efee094b:0 | 8306 | Mitsubishi UFJ's (MUFG) Q1 Earnings Increase Year Over Year | zacks | http://www.zacks.com/ | 2024-08-02T12:26:00+00:00 | https://www.tradingview.com/news/zacks:e9234efee094b:0-mitsubishi-ufj-s-mufg-q1-earnings-increase-year-over-year/ | null | [{'symbol': 'TSE:8306', 'base_logoid': 'mitsubishi-group'}] | /news/zacks:e9234efee094b:0-mitsubishi-ufj-s-mufg-q1-earnings-increase-year-over-year/ | EN | Mitsubishi UFJ Financial Group, Inc. MUFG reported profits attributable to owners of the parent for first-quarter fiscal 2025 (ended Jun 30) of ¥678.1 billion ($4.35 billion), up 21.8% year over year.Increased gross profits, a rise in net interest income (NII), and net fees and commissions acted as… | Mitsubishi UFJ Financial Group, Inc. MUFG reported profits attributable to owners of the parent for first-quarter fiscal 2025 (ended Jun 30) of ¥678.1 billion ($4.35 billion), up 21.8% year over year.
Increased gross profits, a rise in net interest income (NII), and net fees and commissions acted as tailwinds. Also, a rise in loan and deposit balances was positive. While a decline in net trading profit and a rise in credit costs acted as a spoilsport.
Gross Profits and G&A Expenses Increase
Gross profits (before credit costs for trust accounts) for the quarter under review were ¥1.54 trillion ($9.87 billion), up 19.2% year over year. The uptick was mainly driven by higher interest income from loans and a rise in fees related to the solution business and wealth management business. Also, the Merger and Acquisition activities outside of Japan, along with the Bank of Ayudhya Public Company Limited’s (“Krungsri”) impact of ¥163.5 billion led to the increase.
Results reflected a 40.9% increase in NII, which was ¥823.1 billion ($5.34 billion). Nonetheless, trust fees, along with net fees and commissions, totaled ¥483.1 billion ($3.1 billion), up 20.4%. Net trading profits (including net other operating profits) were ¥229.3 billion ($1.79 billion), down 10.3% year over year.
Mitsubishi UFJ’s total credit costs at the period end were ¥166.7 billion ($1.01 billion), up from ¥41.6 billion witnessed a year ago.
G&A expenses were ¥857.4 billion ($4.79 billion), which increased from ¥684.6 billion reported in the prior-year period.
The expense ratio was 55.8%, up from 55.1% in the prior-year period. A rise in this ratio indicates a decrease in profitability.
Balance Sheet Position Strong
As of Jun 30, 2024, Mitsubishi UFJ reported period-end loans of ¥122.7 trillion ($762 billion), up 5.1% sequentially.
Deposits rose 2% to ¥228.6 trillion ($1.42 trillion) as of Jun 30, 2024, compared with ¥224.04 trillion as of Mar 31, 2024.
Total assets were ¥407.3 trillion ($2.53 trillion), up nearly 1% on a sequential basis.
Changes in MUFG’s Reporting Segment
MUFG restructured its former Digital Service Business Group and Retail & Commercial Banking Business Group into Retail & Digital Business Group and Commercial Banking & Wealth Management Business Group. This change aimed at better leveraging strengths as a comprehensive financial services provider under the medium-term business plan, which was initiated in the three months ended Jun 30, 2024.
Beginning from the three months ended Jun 30, 2024, MUFG changed its strategy of allocating the net revenues and operational expenses among its reporting segments. In addition, the company also made adjustments in the calculation method for the operating profit (loss) of each reporting segment.
The business segment information for the last three months ending on Jun 30, 2023, is restated according to these new separation and calculation methods.
Our Viewpoint
MUFG’s strong liquidity position will keep supporting its organic growth strategies. The company remains focused on its business upgrade plans. However, high costs are likely to hurt the bottom line in the near term.
Mitsubishi UFJ Financial Group, Inc. Price, Consensus and EPS Surprise
Mitsubishi UFJ Financial Group, Inc. price-consensus-eps-surprise-chart | Mitsubishi UFJ Financial Group, Inc. Quote
Mitsubishi UFJ currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Performance of Other Foreign Banks
Royal Bank of Canada's RY second-quarter adjusted net income of C$4.2 billion ($3.09 billion) grew 11% from the prior-year quarter.
During the reported quarter, RY completed the previously announced deal to acquire HSBC Bank Canada for C$13.5 billion. Results were driven by higher revenues and loans and deposit balances. However, an increase in expenses and provisions acted as a headwind.
Barclays’ BCS second-quarter 2024 net income attributable to ordinary equity holders of £1.24 billion ($1.56 billion) declined 7% year over year.
BCS recorded a rise in credit impairment charges, which hurt the results. However, an increase in revenues, a decline in operating expenses (showing the success of efficiency initiatives) and a solid balance sheet aided the results to some extent.
Zacks Investment Research
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tag:reuters.com,2024:newsml_L4N3JP0EP:0 | 7203 | Stronger yen is the least of Toyota’s problems | reuters | https://www.tradingview.com/news/providers/reuters/ | 2024-08-02T11:00:00+00:00 | https://www.tradingview.com/news/reuters.com,2024:newsml_L4N3JP0EP:0-stronger-yen-is-the-least-of-toyota-s-problems/ | Copyright Thomson Reuters 2024. Click For Restrictions - https://agency.reuters.com/en/copyright.html | [{'symbol': 'TSE:7203', 'base_logoid': 'toyota'}, {'symbol': 'FX_IDC:USDJPY', 'logoid': 'country/JP', 'base_logoid': 'country/US'}, {'symbol': 'TSE:TOPIX', 'base_logoid': 'indices/topix-small'}, {'symbol': 'TSE:8301', 'logoid': '', 'base_logoid': ''}] | /news/reuters.com,2024:newsml_L4N3JP0EP:0-stronger-yen-is-the-least-of-toyota-s-problems/ | EN | Toyota Motor TSE:7203 will pay a price for the yen's FX_IDC:USDJPY turn in fortunes. The world’s largest automaker and Japan's biggest listed company has shed nearly $30 billion, or 11%, of market value in less than two trading sessions, leading a broader decline the country's benchmark Topix index… | Toyota Motor TSE:7203 will pay a price for the yen's FX_IDC:USDJPY turn in fortunes. The world’s largest automaker and Japan's biggest listed company has shed nearly $30 billion, or 11%, of market value in less than two trading sessions, leading a broader decline the country's benchmark Topix index TSE:TOPIX. However, the strengthening of the currency from spectacular lows against the U.S. dollar may be the least of Chair Akio Toyoda’s worries.
A change in global interest rates will certainly be painful. The Bank of Japan TSE:8301 surprised by raising borrowing costs on Wednesday and dangled the prospect of more hikes, prompting a yen rally. Hours later, the U.S. Federal Reserve signalled it may trim as soon as September. The narrowing of the spread between the two countries’ 10-year bond yields will fuel yen appreciation that will crush corporate earnings and equity prices: Japan Inc generates 20% of its revenue overseas, per Goldman Sachs.
At Toyota, yen weakness has masked some problems of its own making. Earnings on Thursday for the quarter ending in June showed operating profit climbed 17% year-on-year to 1.3 trillion yen ($8.7 billion); the benefit of the foreign exchange rates accounted for most of the increase.
A testing scandal is one self-inflicted headache. Sales volumes in Japan shrank by more than a quarter following revelations in June of certification irregularities dating back to 2014. That temporarily held up some production lines in its home market, which made up nearly a tenth of deliveries last year. The pain may intensify: the government has found more cases where models were not properly certified, and demanded what Toyota calls “drastic reforms”.
Meanwhile the company's late embrace of electric vehicles remains a strategic headache. Sales of pure battery-powered cars remain tiny, less than 2% of the total. And while it sells much larger numbers of hybrids, including models like the Prius, that business is still not big enough to power a turnaround.
Investors will have less patience for missteps if the company's share price is also being dragged down by currency moves. They have already expressed displeasure re-electing Toyoda to his post with just 72% of the vote at the annual general meeting in June; he acknowledges he won't be able to continue in his role if support continues to rapidly diminish. A stronger yen is a problem shared for Japan Inc and for companies like Toyota, it leaves little room to hide.
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Raised - https://www.breakingviews.com/considered-view/bank-of-japan-boldly-doubles-down-on-a-new-normal/
Expressed displeasure - https://www.breakingviews.com/considered-view/toyotas-chair-is-driving-with-l-plates-back-on/
CONTEXT NEWS
Toyota Motor’s operating profit rose 17% from a year earlier to 1.3 trillion yen ($8.7 billion) in the six months to June, while revenue rose 12.2% to 11.8 trillion yen over the same period, the company said on Aug. 1. The company noted that foreign exchange rates and cost reduction efforts had helped to achieve the increase in earnings despite falling production and sales volumes in Japan.
A day earlier, the Japanese government ordered Toyota to make "drastic reforms" after discovering new violations in the automaker's vehicle certification procedures. The transport ministry said on-site inspections had uncovered widespread, intentional misconduct and irregularities in seven additional models that had not been previously disclosed. In June, Toyota announced it had found six cases of testing irregularities.
Toyota’s shares fell over 3% in early trading on Aug. 2. In total the stock has fallen 11.5% since the close on July 31.
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tag:reuters.com,2024:newsml_L4N3JO10P:0 | 7203 | Hyundai, Tata, others lobby Indian state against hybrid support as Toyota rivalry deepens | reuters | https://www.tradingview.com/news/providers/reuters/ | 2024-08-02T10:27:37+00:00 | https://www.tradingview.com/news/reuters.com,2024:newsml_L4N3JO10P:0-hyundai-tata-others-lobby-indian-state-against-hybrid-support-as-toyota-rivalry-deepens/ | Copyright Thomson Reuters 2024. Click For Restrictions - https://agency.reuters.com/en/copyright.html | [{'symbol': 'TSE:7203', 'base_logoid': 'toyota'}, {'symbol': 'KRX:005380', 'base_logoid': 'hyundai'}, {'symbol': 'NSE:TATAMOTORS', 'base_logoid': 'tata'}, {'symbol': 'NSE:M_M', 'base_logoid': 'mahindra'}, {'symbol': 'NSE:MARUTI', 'base_logoid': 'maruti-suzuki-india'}] | /news/reuters.com,2024:newsml_L4N3JO10P:0-hyundai-tata-others-lobby-indian-state-against-hybrid-support-as-toyota-rivalry-deepens/ | EN | Hyundai, Kia Motors, Tata and Mahindra are lobbying India's most populous state not to offer incentives for hybrid cars, saying the move - set to help rivals Toyota and Maruti Suzuki - would hit targets on adopting electric cars and investment plans. Four separate company letters to Uttar Pradesh… | Hyundai, Kia Motors, Tata and Mahindra are lobbying India's most populous state not to offer incentives for hybrid cars, saying the move - set to help rivals Toyota and Maruti Suzuki - would hit targets on adopting electric cars and investment plans.
Four separate company letters to Uttar Pradesh, seen by Reuters, highlight the rivalry between automakers in a country where taxation is skewed in favour of EVs.
In a major lobbying win for Toyota TSE:7203, Uttar Pradesh, which alone accounts for 10% of India's car sales, waived registration taxes on some hybrid cars last month, making them 10% cheaper and resulting in savings of up to $5,200 on a Toyota Camry hybrid sedan, for instance.
Hyundai KRX:005380, Kia, Tata NSE:TATAMOTORS and Mahindra & Mahindra NSE:M_M have not publicly commented on Uttar Pradesh's move, but their letters to the state show they are opposing the tax waivers, citing the impact on India's goal of ensuring that 30% of new car sales are electric from 2030.
Hyundai, which is gearing up for a $3 billion Indian IPO, said in a July 12 letter that the move would "derail" electrification of transport, while Kia said promoting hybrid vehicles would negatively impact widespread EV adoption.
Mahindra's letter flagged concerns about disruption to the EV market.
Tata, which raised $1 billion from private equity firm TPG in 2021 for its EV business, said in its July 11 letter that favouring hybrids put at risk the industry's $9 billion committed for developing EVs. It added this investment was the result of a "clear focus" on the sector by Prime Minister Narendra Modi's government.
Hyundai declined to comment, while Tata, Mahindra and Kia did not respond to queries. None of these companies sells hybrids in India.
Vijay Kumar, an Uttar Pradesh transport official, told Reuters the state government was reviewing objections received from some companies and that no decision had been taken. An industry meeting will be held on Aug. 11, he said.
Modi's government imposes a federal tax of just 5% on EVs, while hybrids are taxed at 43% - just below the 48% tax for gasoline cars. Road and registration taxes in states - like the one Uttar Pradesh waived - are extra.
India registered 4.2 million car sales in its 2023-24 financial year, with hybrids and EVs accounting for fewer than 100,000 sales each.
Uttar Pradesh's tax move has triggered concerns among EV players that other states could follow suit, executives say.
Hybrid proponents, however, say there is not enough charging infrastructure for EVs in India and hybrids - which use both a battery and combustion engine - should be promoted as they are less polluting than fossil fuel-only cars.
In a statement, Maruti NSE:MARUTI said: "If in addition to EVs, hybrids get encouragement, it will bring major incremental gains towards national objectives of oil import reduction and CO2 reduction." Toyota did not respond to Reuters queries.
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urn:newsml:mtnewswires.com:20240802:G2397199:0 | 7203 | Market Chatter: Hyundai Motor Group Remains Third in Global Auto Sales for H1 2024 | mt-newswires | https://www.tradingview.com/news/providers/mt-newswires/ | 2024-08-02T10:11:23+00:00 | https://www.tradingview.com/news/mtnewswires.com:20240802:G2397199:0/ | null | [{'symbol': 'KRX:005380', 'base_logoid': 'hyundai'}, {'symbol': 'KRX:000270', 'base_logoid': 'kia'}, {'symbol': 'TSE:7203', 'base_logoid': 'toyota'}] | /news/mtnewswires.com:20240802:G2397199:0/ | EN | South Korea's Hyundai Motor Group retained its spot as the world's third-largest automaker by sales volume in the January-June period, Pulse News reported Thursday. The group held this position for three years, following its entry into the global top three spots, in terms of sales, in 2022, accordi… | South Korea's Hyundai Motor Group retained its spot as the world's third-largest automaker by sales volume in the January-June period, Pulse News reported Thursday.
The group held this position for three years, following its entry into the global top three spots, in terms of sales, in 2022, according to the report.
Hyundai Motor KRX:005380 and Kia KRX:000270 combined sold 3.6 million vehicles worldwide in H1 2024. Toyota Motor TSE:7203 led global sales with 5.2 million sold units, while Volkswagen was second with 4.3 million units, the report added.
The Renault-Nissan-Mitsubishi Alliance ranked fourth with 3.3 million units, followed by Stellantis at 2.9 million units and General Motors at 2.8 million units, the publication stated.
Shares of Hyundai Motor fell nearly 4% at market close while those of Toyota Motor declined more than 4% at market close on Friday.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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tag:reuters.com,2024:newsml_L1N3JP073:0 | 8306 | End of Japan deflation spurs 50% jump in SMFG's quarterly profit | reuters | https://www.tradingview.com/news/providers/reuters/ | 2024-08-02T07:08:40+00:00 | https://www.tradingview.com/news/reuters.com,2024:newsml_L1N3JP073:0-end-of-japan-deflation-spurs-50-jump-in-smfg-s-quarterly-profit/ | Copyright Thomson Reuters 2024. Click For Restrictions - https://agency.reuters.com/en/copyright.html | [{'symbol': 'TSE:8316', 'base_logoid': 'sumitomo-mitsui'}, {'symbol': 'TSE:8411', 'base_logoid': 'mizuho'}, {'symbol': 'TSE:8306', 'base_logoid': 'mitsubishi-group'}] | /news/reuters.com,2024:newsml_L1N3JP073:0-end-of-japan-deflation-spurs-50-jump-in-smfg-s-quarterly-profit/ | EN | Sumitomo Mitsui Financial Group TSE:8316 has proved a major beneficiary of the end of deflation in Japan, posting a rise in first-quarter profit of 49.7% on Friday as margins and volumes shot up at its core lending business.Japan's second-largest bank maintained its full-year profit target and cal… | Sumitomo Mitsui Financial Group TSE:8316 has proved a major beneficiary of the end of deflation in Japan, posting a rise in first-quarter profit of 49.7% on Friday as margins and volumes shot up at its core lending business.
Japan's second-largest bank maintained its full-year profit target and calculated an additional 70-billion-yen windfall over this financial year from the Bank of Japan's interest rate hikes in March and July this year.
The growth in the bank's quarterly profit exceeded that of fellow megabanks Mizuho Financial Group TSE:8411 and Mitsubishi UFJ Financial Group TSE:8306 (MUFG), which reported on Wednesday and Thursday respectively.
The end of deflation in Japan has spurred demand for loans and corporate action such as mergers and acquisitions among Japanese companies, while the Bank of Japan's first interest rate hike in 17 years in March pushed up loan spreads.
At Sumitomo Mitsui, large corporate clients drove the increase in loan volumes while the bank's retail businesses, including wealth management, consumer finance and payments, also performed well, with gross profit increasing more than 30%.
On Wednesday, the BOJ raised the short-term interest rate to 0.25%, fuelling expectations of yet higher profits to come due to wider spreads between deposit and lending interest rates.
Sumitomo Mitsui recorded a profit of 371.4 billion yen ($2.49 billion) in the April-June period, up from 248 billion yen a year earlier.
It maintained its record full-year net profit forecast of 1.06 trillion yen - the first time it will exceed the 1 trillion yen mark - in the 12 months to March 2025.
Mizuho's first-quarter profit rose 17.9% while Japan's largest lender by assets, MUFG, posted a rise of 11.7%, adjusted for a change in accounting period.
($1 = 149.0800 yen)
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