Equity Indexes Wrap: Chip Sto🌃cks Get a Lift from Arm, TSMﷺC; PayPal Sinks

The Dow

Disney (DIS) jumped 11.5% after 澳洲幸运5官方开奖结果体彩网:beating earnings estimates and announc🧸ing a $1.5 billion partn🔯ership with Fortnite maker Epic Games.

Chevron (CVX) followed oil prices higher, rising 1.3%. 

Boeing (BA🙈) fell 1.3% after the Federal Aviation Administrat🥃ion formally mandated airlines carry out inspections Boeing recommended in December amid concerns about loose bolts. 

Goldman Sachs (GS) slipped 0.4% amid reports the Commodities Futures Trading Commission (CFTC) was investigating fees the firm charged for some futures 澳洲幸运5官方开奖结果体彩网:block trades.

The S&P 500

Ralph Lauren (RL) surged 16.8% to lead the index after reporting better-than-expected earnings and guidance amid strong growth in direct-to-consumer and Chinese sale🎐s. 

Monolithic Power Systems (MPWR) gained 14.2% after the power circuit maker said𓆉 it had acquired Netherlands♔-based fabless chipmaker Axign and raised its quarterly dividend.

News Corp. (NWS) topped Wall Street’s fiscal second-quarter earnings estimates thanks to 澳洲幸运5官方开奖结果体彩网:digital subscriber gains, sending its shares 6.8% higher. 

Coach owner Tapestry (TPR) rose 6.5% after it also reported🐭 bett🦋er-than-expected earnings. 

Wynn Resorts (WYNN) gained 6.3% after the company swung to a profit in the fourth quarter as revenue surged more than 8🐬0%.&nbsജp;

Hershey (HSY) added 4.2% after saying higher prices helped it beat earnings estimates despite softer-than-expe♓cted quarterly sale🍌s. 

PayPal (PYPL) sank 11.2% after 澳洲幸运5官方开奖结果体彩网:forecasting earnings would be flat in 2024.

S&P Global (SPGI) lost 5% after its f꧋ourth-quarter sales and earnings fell shor🃏t of estimates. 

O’Reilly Automotive (ORLY) fell 4.3% after issuing weaker-than-expected full-year guidance. Competitors AutoZone (AZO) and Advance Auto Parts (AAP) slumped 4% and 3%, respectively. 

The Nasdaq 100

Chip stocks got a lift from chip designer Arm’s (ARM) 澳洲幸运5官方开奖结果体彩网:better-than-expected earnings and news that contract chipmaker Taiwan Semiconductor’s (TSM) sales grew nearly 8% in January. Onsemi (ON) gained 4.9%, Global Foundries (GFS) rose 4.3%, and Marvell Technology (MRVL) added 2.4%. Giants Qualcomm (QCOM) and Broadcom (AVGO) added 1.6% and 1.4%, respectively. 

AstraZeneca (AZN) sank 4.6% after it missed fourth-quarter earnings estimates. Peer Moderna (MRNA) slid 5.7%.

News Corp Approaches Record as Surge in ⭕Digital Subs Offsets Weak Ad Revenue

News Corp (NWS) shares moved higher Thursday after the Wall Street Journal parent surpassed quarterly earnings and sales estimates, spearheaded by growth in the company’s Dow J♛ones business information arm.

The New York-based company—synonymous with Australian media mogul 澳洲幸运5官方开奖结果体彩网:Rupert Murdoch—posted fiscal second-quarter 澳洲幸运5官方开奖结果体彩网:adjusted earnings of 26 cents per share compared to analysts’ average estimate of 21 cents a share. Net revenue for the period also came in better than expected, growing 3% to $2.59 billion, ahead of the $2.55 billion consensus mark.

The media 澳洲幸运5官方开奖结果体彩网:conglomerate’s Dow Jones segment, which houses leading financial publications such as The Wall Street Journal, Barron's, and Market Watch booked $584 million in revenue for the December quarter, representingꦛ a 4% increase from the same quarter in 2♛022 as customers sought the unit’s bundled subscription options.

News Corp’s digital 澳洲幸运5官方开奖结果体彩网:real-estate services group also performed strongly, recording fiscal second-quarter revenue of $419 million, up 9% 澳洲幸运5官方开奖结果体彩网:year-over-year (YOY).

However, News Corp’s advertisin꧂g revenues fell by 5.6% to $438 million from the corresponding year’s quarter.

News Corp shares were up 6.8% at $26.99 late Thursday, putting th🌱e stock on track to close at a record high.

-澳洲幸运5官方开奖结果体彩网:Timothy Smith

AstraZeneca Revenue Hu🍌rt as Demand for COVID-1🅷9 Treatments Slumps; Stock Drops

AstraZeneca PLC's (AZN) 澳洲幸运5官方开奖结果体彩网:American depositary r🌞eceipts (ADRs) fell more than 4% Thursday after the drug maker reported i💟ts profit was hurt by falling demand for COVID-19 treatments.

The Anglo-Swedish pharmaceutical firm reported fourth-quarter core earnings per share (EPS) of $1.45, short of forecasts. Revenue rose 7% to $12.02 billion, basically in line with 澳洲幸运5官方开奖结果体彩网:analysts' estimates.

F𒈔or the full year, core EPS was $7.26, with revenue up 3% to $45.81 billion. The company noted that revenue was negatively affected by slumping sales of COVID-19 vaccines and immune therapies (V&I), which reduced the total by $3.74 billion.

AstraZeneca sees full-year core EPS and revenue increasing by a low-double-digit to a low-teens percentage at 澳洲幸运5官方开奖结果体彩网:constant exchange rates.

AstraZeneca ADRs were down 5% at $63.23 Thursda𝄹y aft🍸ernoon. The stock has slipped about 1% in the past year.

-澳洲幸运5官方开奖结果体彩网:Bill McColl

PayPal S🌳tock Slides as Company Transformation Weighs on Guidance

Shares in digital payments giant PayPal Holdings, Inc. (PYPL) tumbled 11% Thursday after the company issued a weaker-than-expected outlook as it undergoes a transformation to drive future growth.

The San Jose, California-based company said it projects first-quarter earnings growth in the mid-single digits, whereas analysts had expected 8.7%. For the full year, the payments giant forecasts earnings of $5.10 per share, falling short of the $5.48 consensus figure.

“We’re driving significant transformation across our company and are committed to making the necessary changes to our business to drive profitable growth in the years ahead," CEO Alex Chriss said in the earnings statement.

"It will take time for some of our initiatives to scale and move the needle," he added in a post-earnings call.

PayPal shares recently broke above a 12-month 澳洲幸运5官方开奖结果体彩网:descending channel and the 澳洲幸运5官方开奖结果体彩网:200-day moving average on increasing volume but have since failed to gain further upside traction. An earnings-driven sell-off creates a potential 澳洲幸运5官方开奖结果体彩网:bull trap pattern that may lead to further declines as investors repositioꦡn.

In the coming weeks, monitor the channel’s lower 澳洲幸运5官方开奖结果体彩网:trendline, wh𝓀ich currently sits around the $46.50 level, as a potential area of chart support.

-澳洲幸运5官方开奖结果体彩网:Timothy Smith

He🌸rshey Gains on Earnings Beℱat, but Warns of Cost of Historic Cocoa Inflation

Shares of Hershey (HSY) rose Thursday after the chocolate maker beat earnings esti🍒mates, overshadowing weaker-than-expected sales and full-year guidance. 

Hershey reported net income of $349 million, or $1.79 per share, an 11% decrease from the year-ago quarter but better than analysts had estimated. Net sales increased 0.2% to $2.66 billion, slightly less than Wall Street was expecting. 

The company forecast sales would increase 2% to 3% in 2024, d♊riven by higher prices. That increase, though, is ex🍷pected to be nullified by higher cocoa and sugar costs. 

“While historic cocoa prices are expected to limit earnings growth this year, we believe our strong marketing plans, innovation and brand investments will drive top-line growth and meet consumers' evolving needs,” said CEO Michele Buck in a statement.

Cocoa futures trading in New York surged to a record high of $5,600 a ton on Thursday. Prices have more than double💞d in the last year as West Africa, where the majority of the world’s cocoa is grown, has contended with extreme weather. 

Hershey’s has already raised pr🉐ices significantly to offset surging input costs. But those price hikes have come at a cost—shoppers are buying less chocolate. Despite prices rising 7.1% in the fourth quarter, confectionery sales increased just 2.1%.

Hershey's shares were up 5.5% midday Thursday, but they have lost nearly 13% of their value in the past year.

Ralph Lauren Leaps to 9-Ye𓆏ar High as෴ China Sales Surprise

Ralph Lauren (RL) shares jumped to a 9-year high ⛦Thursday morning after the apparel company reported better-than-expected fiscal third-quarter earnings and sale🍎s, driven by Chinese sales.

Ralph Lauren reported net income of $277 million, or $4.19 per share, on revenue of $1.9 billion. Both profit and sales exceeded analyst estimates.

The company said sales ran ahead of expectations in every region where it operates. But growth was fastest in China, where revenue increased 3ಌ0% year-over-year. The company also increased direct-to-consumer sales in every region while shrinking its department store presence. 🦩

Coach and Kate Spade owner Tapestry (TPR) also reported better-than-expected earnings on Thursday. Sales in China grew 19%, making it the company’s fastest-growing region in the quarter.

Shares of Ralph Lauren were up 14% Thursday morning, their largest intraday jump since Nov. 2020. The stock has gained 43% in﷽ the past twelve months. Tapestr💞y shares rose 8.2% to an 8-month high of $43.64. 

Arm Riღdes AI Wave to Record Revenue, Stock ♛Jumps 60%

Arm Holdings Plc (ARM) stock soared 60% Thursday after reporting strong earnings and a rosy outlook amid increasing demand for a✨rtificial intelligence processing.

The British semiconductor designer reported fiscal 2024 third-quarter adjusted 澳洲幸运5官方开奖结果体彩网:earnings per share of 29 cents, up from 22 cents a year earlier. Revenue rose 14% to $824 million as the company gained market share in the cloud and automotive space, and as AI boosted its licensing revenue. The top and bottom line figures both excಞeeded the guidan๊ce provided by the company in November.

Arm now expects fiscal fourth-quarter revenue of between $850 million and $900 million, which would pus🎉h full fiscal 2024 revenue to as much as $3.2 billion. In November, 💙the company had projected fiscal 2024 revenue of between $2.96 billion and $3.08 billion.

Arm shares were trading at $122.80 Thursday, 🌸putting them up 93% sin♉ce their IPO in September.

-澳洲幸运5官方开奖结果体彩网:Taylor Tompkins

Disney Sto♛ck Jumps on Earnings Beat, $1.5B Investment in Fortnite Maker Epic Games

Disney (DIS) shares surged Thursday after the entertainment giant reported 澳洲幸运5官方开奖结果体彩网:better-than-expected results and said it's investing $1.5 billion in Fortnite maker Epic Games, in its biggest push into video games yet.

Disney and Epic Games will work together to create a gaming "universe" that uses Disney characters and stories, according to a statement released in tandem with Disney's earnings Wednesday. This gaming experience will be interconnected with Epic's popular melee fighting game Fortnite.

The company also reported diluted earnings per share that topped analysts' expectations and revenue that was just shy of projections.

Disney earnings:

• Revenue: $23.5 billion vs. $23.72 billion expected, according to analyst estimates compiled by Visible Alpha
• Earnings per share: $1.04 vs. $0.84 expected

Iger said that Disney's cost-cutting initiatives were a key reason for the strong bottom-line performance. He said that Disney is on track to exceed the $7.5 billion cost-cutting target the company set a year ago, noting that cost cuts had a $500 million positive impact on the bottom line during the fourth quarter.

Disney shares jumped 9.8% Thursday morning to a nearly💛 one-year high of $108.80. The stock ha🥀s lost about 3% in the past year.

-澳洲幸运5官方开奖结果体彩网:Taylor Tompkins and 澳洲幸运5官方开奖结果体彩网:Stephen Wisnefski

Stocks Making the Biggest Moves Premarket

Gains:

• Arm Holdings Plc (ARM): Shares of the British chip designer soared more than 27% after it forecast current quarter earnings of between 28 cents and 32 cents a share on revenue of $850 million to $900 million, both much higher than Wall Street expected.
• The Walt Disney Co. (DIS): Shares of the entertainment giant jumped 8% after it reported better-than-expected earnings and raised its guidance amid shrinking streaming losses. 
• Unilever Plc (UL): Shares of the consumer goods giant rose more than 3% after it said sales volume increased for the first time in two years in the fourth quarter. The company also announced a $1.6 billion share buyback program.
  

Losses:

• PayPal Holdings Inc. (PYPL): Shares of the digital payments company fell more than 8% after it offered disappointing current-quarter guidance, overshadowing better-than-expected fourth-quarter earnings. 
• AstraZeneca Plc (AZN): The drug maker’s shares slipped more than 6% after it missed fourth-quarter earnings estimates as higher costs ate into profit. 
• Kenvue Inc. (KVUE): The Johnson & Johnson spin-off reported lower-than-expected fourth-quarter sales and offered disappointing full-year guidance, sending its stock nearly 2% lower. 

Stock Futures Dip Premarket

Futures contracts con🐻nected to the Dow Jones Industrial Average were little changed in premarket trading Thursday.

S&P 500 futures retreated 0.2%.

Nasdaq 💙100 futures were also trading about 0.2% lower an hour before markets opened.