Equity Indexes Wrap: Netflix, ASML Lift the Nasdaq; Telecoms, Consumer Sta𒉰ples Slip

The Dow

Chevron (CVX) r🧸ose 2%, one of several oil companies ꦉto advance Wednesday.

Boeing (BA) gained 1.3% after it delivered its first 737 Max jet to China since 2019, ending a nearly 5-year nationwide grou😼nding of the model.

Microsoft (MSFT) climbed 0.9% to close just shy of a $3 trillion market cap. It became only 澳洲幸运5官方开奖结果体彩网:the second company in history to reach that milestone in intraday trading.

Intel (INTC) rose 0.4%. It is expected to report a 澳洲幸运5官方开奖结果体彩网:surge in earnings when 🐓it publishes its quarterly results tomorrow afternoon.

Visa (V) inched up 0.2% ahead of its earnings report after the bell tomorrow. The financial giant is 澳洲幸运5官方开奖结果体彩网:expected to report a more th🌞an 10% increase in earnings amid risi🍨ng transaction and payment volumes. 

3M (MMM) fell 3.5%, continuing to slide after it offered a 澳洲幸运5官方开奖结果体彩网:disappointing full-year 💞earnings outlook yesterday. 

Verizon (VZ) slipped 2.2%, giving up some of its gains from yesterday when the stock 澳洲幸运5官方开奖结果体彩网:surged almost 7% following a be🌠tter-than-expected earnings report✅. 

Dow (DOW) slid 1.5% ahead of its quarterly earnings report before the bell tomorrow. 

The S&P 500

Netflix (NFLX) led the index higher, climbing 10.7% after reporting a 澳洲幸运5官方开奖结果体彩网:surge in new subscribers in the fourth quarter. 

Cessna maker Textron (TXT) rose 7.9% following a better-thanℱ-expected earnings report. 

TE Connectivity (TEL) added 6.7% afte🌟r beating earnings estimates despite posting a decline in sales. 

Freeport-McMoRan (FCX) gained 4% after reporting better-than-exp🐠ected fourth-quarter earnings amid hi💟gher demand for copper.

DuPont de Nemours (DD) plummeted 14% after saying 澳洲幸运5官方开奖结果体彩网:weak sales in China would weigh on current-quarter earnings. 

Kimberly-Clark (KMB) slid 5.6% after the Kleenex maker reported sluggish sales growth and 澳洲幸运5官方开奖结果体彩网:lower fourth-quarter earnings than analysts expected. 

AT&T (T) lost 2.9% after 澳洲幸运5官方开奖结果体彩网:its quarterly earnings fell short of Wall Street estimates. 

Tesla (TSLA) slipped 0.6% ahead of its 澳洲幸运5官方开奖结果体彩网:quarterly earnings report after the bell. 

Intuitive Surgical (ISRG) shares slipped 0.4%, giving up early gains following its 澳洲幸运5官方开奖结果体彩网:betterౠ-t⛎han-anticipated earnings report. 

The Nasdaq 100

ASML Holding (ASML) jumped 8.8% after it 澳洲幸运5官方开奖结果体彩网:reported record orders in the fourth quarter as demand for its semiconductor fabrication equipment surged. Peers Applied Materials (AMAT) and KLA Corp. (KLAC) rose 4.2% and 3.2%, respectively. 

Chipmaker Advanced Micro Devices (AMD) climbed 5.8% after analysts at New Street Research upgraded the stock to “buy,” calling it a relatively lo♈w-risk data center and AI chip play. 

Nvidia (NVDA) gained 2.5🍌% to close with a ꦬmarket cap above $1.5 trillion for the first time. 

Meta (META) shares rose 1.4%, returning it to the ranks of𓃲 $1 tril💧lion companies. 

Baker Hughes (BKR) fell 4.8% after fourth-quarter revenue missed analyst estimates, overshadowing a beat on ea🐎rnings amid robust demand from natural gas and international producers.

Texas Instruments (TXN) slid 2.4% after the analog chipmaker reported revenue and earnings 澳洲幸运5官方开奖结果体彩网:fell in the fourth quarter amid weak demand from industrial and auto🅘motive clients.

DuPont Stock Plunges After Compa🤡ny Issues Profit Warning Amid Weak China Volumes

DuPont (DD) 澳洲幸运5官方开奖结果体彩网:shares plunged Wednesday af🀅ter the chemical conglomerate issued a profit warning, citing a slump in volumes due to weak demand in China.

The company said that the channel inventory destocking and weak demand from China would affect results for both the fourth quarter and the current quarter. Those factors, as well as the lack of one-off items that benefited EBITDA in the fourth quarter, would lead to a drop in sales and earnings in the first three months of 2024, the company said.

In a statement Wednesday, the company said it anticipates current quarter 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of between 63 cents and 65 cents, compared with analysts' expectation of 88 cents. First-quarter𓄧 revenue would be $2.8 billion, again behind the $3 billion projected by analysts.

The company’s preliminary fourth quarter 2023 financial report, meanwhile, showed a loss from continuing operations of between $220 million and $370 million. Preliminary full-year 2023 sales were $12.07 billion, below the company's guidance.

DuPont shares were down 13.2% at🍷 $64.82 Wednesday afternoon, trading at its lowest level since May.

-澳洲幸运5官方开奖结果体彩网:Bill McColl

AT&T Earnings Miss the Ma💟rk Despღite Revenue Growth

AT&T (T) shares slid Wednesday after reporting 澳洲幸运5官方开奖结果体彩网:fourth-quarter earnings that missed analyst expectations, despite a revenue beat.

The wireless carrier's adjusted earnings of 54 cents per diluted share came in lower than the 56-cent consensus among analysts surveyed by Visible Alpha. The company reported adjusted earnings ꩵof 61 cents a share in the year-ago quarter.

AT&T's quarterly revenue grew 2.2% from a year earlier to a better-than-expected $32 billion.

For the quarter, the company reported 5.9 million net adds, greater than the 5.4 million that analysts had expected. Postpaid wireless net additions came💖 in at 526,000 for the quarter, up from the prior quarter but lower than a year ago.

AT&T stock fell ꦐmore than 3% Wednesday, putting th🍒em down 13% in the last

-澳洲幸运5官方开奖结果体彩网:Mrinalini Krishna

ASML Stock Soars on Chipmaking Equipment Giant's Earnings Beat

ASML (ASML) 澳洲幸运5官方开奖结果体彩网:surged over 11% in intraday trading Wednesday after the chipmaking equipment giant reported earnings that beat expectations, witℱh record orders in the fourth quarter.

Europe's largest tech firm by 澳洲幸运5官方开奖结果体彩网:market capitalization said its net profit rose 9% from a year earlier to 2 billion euros ($2.2 billion) with sales of 7.2 billion euros ($7.8 billion) during the fourth quarter. Both exceeded analyst estimates.

Quarterly net bookings rose to a record 9.2 billion euros ($10 billion), driven by demand for some of ASML's most sophisticated equipment.

However, the company warned future sales to China could be impacted by new 澳洲幸运5官方开奖结果体彩网:export restrictions, with deliveries to China anticipaဣted to fall 10-15% in ♐2024.

With Wednesday's gains, ASML's stock price has risen more than 28% over the past year.

-澳洲幸运5官方开奖结果体彩网:Kevin George

Midday Movers

Netflix Inc. (NFLX): Shares soared more than 12% after the streamer reported adding 13 million subs😼cribers in the fourth quar🧸ter, well above analysts’ estimates. 

Textron Inc. (TXT): Shares of the Cessna maker jumped more than 8% to an intraday record after forecasting 2024 earnings above Wall Street estimates as the U.S. Army re💎places aging Black Hawk helicopters. 

Advanced Micro Devices (AMD): Sh🌞ares of the semiconductor maker jumped more than 6% after New Street Research upgraded the stock to “buy” on its AI outlook. 

Kimberly-Clark Corp. (KMB): Shares of the Kleenex maker slumped more than 4% after reporting disappointing fourth-quarter sales an💙d earnings as benefits from price hikes weakened. 

Baker Hughes Co (BKR): Shares of the oilfield ༒s🌼ervices provider fell 3% after fourth-quarter revenue fell short of analyst estimates, overshadowing a beat on earnings amid robust demand from natural gas and international producers. 

T💧exas Instruments Slides on Continued S🅺lump in Semiconductor Demand

Shares of analog chipmaker Texas Semiconductor (TXN) fell more than 2% Wednesday morning after the company reported revenue and earnings fell in the fourth quarter amid soft demand from i🐲ndustrial𝔍 and automotive clients.

Texas Semiconductors’ net income fell 30% year-over-year to $1.37 billion, or $1.49 per share. Revenue slid 13% to $4.08 billion, falling short of analyst estimates.

“Our results reflect increasing weakness in industrial and sequential decline in automotive, as customers work to reduce their inventory levels,” said head of Investor Relations Dave Pahl in a call with analysts. Texas Instruments derived 74% of its revenue in 2023 from industrial and automotive customers.

And the company i🦄s expecting that weakness to continue this quarter. Texas Instruments forecast first-quarter revenue of between $3.45 billion and $3.75 billion, down from $4.38 billion last year. And earnings per share are expected to fall to a range of $0.96 to $1.16, a much larger drop than analysts were expecting.

But the story at Texas Instruments, despite its array of semi💖conductor offering🌠s, isn’t that of the entire semiconductor industry. 

Netherlands-based ASML Holding (ASML) on Wednesday reported a surge in demand for its chipmaking equipment, which is used to make the sophisticated chips that run smartphones and data centers. The company, like Nvidia (NVDA), ha🌞s benefited from the artificial intelligence arms race, which has generated a tidal wave of inꦐvestment in advanced semiconductors and the means of making them.

Microsoft Becomes Only Second $3 Trillion Company

Microsoft (MSFT) shares rose more than 1% on Wednesday, pushing its share price above $400 and its market cap over $3 trillion for t🃏he first time. 

Microsoft is only the second company to ever reach the milestone, preceded by Apple (AAPL), which first hit $3 trillion in January 2022, but didn’t close above that mark until 澳洲幸运5官方开奖结果体彩网:last June. 

Microsoft briefly overtook Apple as the most valuable public company in the world earlier this month when a series of downgrades and fears about consumer spending in China sent Apple shares tumbling. Th🎉e iPhone maker has since recovered and retaken the title. 

Treasury Yields Rise on Strong PMI Print

Treasury yields jumped Wednesday morni𝔉ng after data showed U.S. business activity rose in January at its fastest pace in half a year, more evidence of the economy’s resilience in the face of high interest rates.

The yield on the benchmark 10-year Treasury note jumped 4 basis points to about 4.13% immediately following the release of S&P Global’s Flash U.S. 澳洲幸运5官方开奖结果体彩网:Purchasing Managers Index (PMI). Th𒐪e 2-year yield, which had fallen to about 4.27% before 🅰the release, leapt as high as 4.35%.

U.S. businesses, in both manufacturing and services, reported an increase in new orders in January. They also reported being more optimistic about their outlook, with they confidence reaching its highest level since May 2022.

Input prices, according to the purchasing managers surveyed by S&P Global, rose at their second-slowest pace sinceꦡ🍨 October 2020. And output prices rose at the slowest rate since May 2020.

eBay�ℱ� Stock Surges After Saying It Will Cut 9% of Its Workforce—Monitor These Key Levels

Shares of 澳洲幸运5官方开奖结果体彩网:online marketplace platform eBay (EBAY) gained as much as 3% early Wednesday after the comp🅺any announced on Tuesday that it intends to reduce its headcount by 1,000 roles, equating to roughly 9% of its workforce.

"While we are making progress against our strategy, our overall headcount and expenses have outpaced the growth of our business," eBay CEO Jamie Iannone said in a letter to staff.

The job losses at eBay come roughly 12 months after the company shed 500 roles across its global workforce and follow layoffs at other 澳洲幸运5官方开奖结果体彩网:tech giants, including Google (GOOGL) and Amazon (AMZN), with many companies in the sector scaling bac൲k after a hiring spree during the pa💟ndemic.

Shares of eBay have oscillated within a 澳洲幸运5官方开奖结果体彩网:descending channel since early June, establishing clear 澳洲幸运5官方开奖结果体彩网:mean reverting areas on the chart.

In early trading, the stock jumped to just under $43, where the price found resistance from a confluence of the channel’s top trendline and the 澳洲幸运5官方开奖结果体彩网:200-day moving average.

If the stock gives up its ear💟ly gains entirely, buyers could potentially step up to the plate near the lower portion of the pat♈tern that closely aligns with last year’s low around $36.

-澳洲幸运5官方开奖结果体彩网:Timothy Smith

Stocks Making the Biggest Moves Premarket

Gains:

• Netflix Inc. (NFLX): Shares of the streaming leader jumped about 10% after it reported a surge in new subscribers in the fourth quarter, helping it to top Wall Street’s revenue estimates and forecast current-quarter earnings above expectations. 
• ASML Holding N.V. (ASML): Shares of the Dutch semiconductor manufacturing equipment maker climbed more than 6% after it reported record orders in the fourth quarter amid surging demand for advanced microchips. 
• Elevance Health (ELV): Shares rose about 4% after the health insurer beat fourth-quarter earnings expectations and offered upbeat current-quarter guidance. 
  

Losses:

• DuPont de Nemours Inc. (DD): The chemical maker’s shares fell more than 11% after it warned soft demand in China would weigh on first-quarter sales, which it forecast below analyst estimates. 
• AT&T Inc. (T): Shares fell about 3% after the company’s quarterly earnings missed analysts’ estimates despite a surge in new wireless additions. The company’s forecast for full-year earnings also fell short of Wall Street’s expectations. 
• Texas Instruments Inc. (TXN): The semiconductor maker’s shares slid 3% after it reported disappointing fourth-quarter results amid a prolonged slump in industrial and automotive semiconductor demand. 

Stock Futures Ri𝓰se Following Netflix, ASML Earnings

Futures contracts connected to the Dow Jones Industrial Average were up 0.4% in premarket trading on Wednesday.⛄

S&P 500 futures gained nearly 0.6%.

Nasdaq 100 futures were up about 0.9% about an h♚our before m♕arkets opened.