Netflix stock removed from Wedbush's Best Ideas List
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Wedbush has removed Netflix from its Best Ideas List, but maintains an Outperform rating on the stock. The firm cites Netflix's 'year of significant growth' as the reason for the removal. However, analysts believe it will be harder for Netflix to impress investors in 2024 compared to 2023. Wedbush also notes a seasonal deceleration in subscribers but expects continued year-over-year growth. The firm raises its price target for Netflix to $725 and highlights the potential for the company to expand its advertising revenue in 2024 and beyond.
#Netflix #Wedbush #Stock #BestIdeasList #OutperformRating #Growth #Subscribers #AdvertisingRevenue
Robinhood debuts first credit card for US customers only
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Robinhood has launched its first credit card, the Robinhood Card, available to existing Robinhood Gold members. The card offers 3% cash back on purchases and 5% cash back on travel when booked through a new Robinhood travel portal. The card is only available to US customers. CEO Vlad Tenev stated that the card brings them closer to the goal of giving everyone better access to the financial system.
#Robinhood #CreditCard #FinancialSystem
Bowman Consulting sets price for public stock offering
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Bowman Consulting Group Ltd. has announced the pricing of its underwritten public offering at $34.00 per share. The offering consists of 1,323,530 shares sold by the company and 147,058 shares sold by certain executives, including President and CEO Gary Bowman and Executive VP and COO Michael Bruen. The company expects to raise approximately $45.0 million in gross proceeds before deductions for underwriting discounts, commissions, and estimated offering expenses. The closing date for the offering is anticipated to be April 1, 2024. The net proceeds from the company's share of the offering are intended for general corporate purposes, which may include organic growth, potential acquisitions, and repayment of outstanding borrowings under its credit facility. BofA Securities and Baird are the joint lead book-running managers for the offering, with Roth Capital Partners also serving as a joint book-running manager. D.A. Davidson & Co. and Craig-Hallum are involved as lead co-manager and co-manager, respectively. Bowman, headquartered in Reston, Virginia, operates over 90 offices across the United States and employs over 2,000 people. The firm offers a range of services including planning, engineering, geospatial, and environmental consulting to various regulated markets.
#BowmanConsulting #StockOffering #PublicOffering #UnderwrittenPublicOffering #Shares #Executives #GrossProceeds #UnderwritingDiscounts #Commissions #OfferingExpenses #ClosingDate #CorporatePurposes #OrganicGrowth #Acquisitions #CreditFacility #BookrunningManagers #Reston,Virginia #Engineering #Geospatial #EnvironmentalConsulting
Piper Sandler: Stock rally likely to continue on rising recession risks
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Piper Sandler's strategists believe that the stock market will continue to rise despite rising recession risks. They suggest that if macroeconomic data weakens, it could lead to lower interest rates, making stocks more attractive. The strategists point out that big drops in the market usually occur due to rising interest rates, higher unemployment, or global tensions. Piper Sandler sees rising interest rates as the most immediate threat. However, they note that the market has shown resilience and a nuanced response to economic signals. Overall, they remain constructive and expect stocks to have another leg higher in the coming quarters.
EnBW expects core profit to fall in 2024 on lower wholesale prices
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German regional utility EnBW expects its core earnings to fall by up to 28% in 2024, with adjusted EBITDA expected to be between 4.6 billion and 5.2 billion euros ($5.0-5.6 billion), down from 6.4 billion in 2023. The company attributes the decline to lower selling prices for the power it generates. EnBW plans to propose a dividend of 1.50 euros per share for 2023, an increase from the 1.10 euros paid for the prior year. Other European rivals have also forecast falling profits due to normalizing wholesale power prices following market disruption caused by the Ukraine war.
#Enbw #CoreProfit #WholesalePrices #Earnings #Ebitda #Dividend
Fashion retailer H&M's Q1 operating profit rises more than expected
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H&M, the world's second-biggest listed fashion retailer, reported a larger-than-expected operating profit of 2.08 billion crowns ($196.3 million) for the December-February period, up from 725 million a year earlier. The company aims to reach a 10% operating profit over the course of this year. H&M's sales from March 1 to 25 increased by 2% in local currencies. The Swedish fashion retailer is known for its affordable clothing items, such as $19.99 jeans and dresses under $15, but also sells higher-priced items like leather trousers for over $300 and coats for as much as $1,190.
#H&m #FashionRetail #OperatingProfit #Sales #FinancialResults
Hedge funds pulled out of Asian ADRs in March- Morgan Stanley
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Hedge funds pulled out of Asian American Depository Receipts (ADRs) in March, with net outflows of $5.6 billion, according to Morgan Stanley. Hedge fund outflows amounted to $7.2 billion during the month. Asia-based hedge funds were leading the net selling in ADRs, with most of the selling coming as hedge funds unwound positions built up earlier in the year. U.S. and European funds did not participate much in ADRs. Quarter-to-date net inflows into Asian ADRs remained strong at $15.7 billion. Short interest on China H-shares has been picking up quickly over the last week, indicating a cooling sentiment from recent rallies. ADRs of Taiwan Semiconductor Manufacturing Corp, Sumitomo Mitsui Financial Group Inc, HDFC Bank, Sea Ltd, and New Oriental Education And Tech Inc saw the biggest outflows in March. Short interest in PDD Holdings Inc, Alibaba Group Holdings Ltd, and NetEase Inc was the highest amongst Asian ADRs in March.
#HedgeFunds #AsianAdrs #MorganStanley
HSBC setting up $1 billion growth fund to scale up digital platform businesses in Southeast Asia
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HSBC is establishing a $1 billion growth fund called ASEAN Growth Fund to provide lending to companies scaling up via digital platforms in Southeast Asia. The fund aims to support the growth of digital platform businesses in the region. HSBC is targeting companies that have a proven track record and are looking to expand their operations. The fund will provide financing to these companies to help them scale up and achieve their growth objectives. The establishment of the fund reflects HSBC's commitment to supporting the digital economy in Southeast Asia and its belief in the growth potential of digital platform businesses in the region.
#Hsbc #DigitalPlatformBusinesses #SoutheastAsia #GrowthFund
LG Group to invest $74.4 billion over next 5 years
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South Korean conglomerate LG Group plans to invest 100 trillion won ($74.42 billion) within the country over the next five years. The investment will focus on future technologies such as artificial intelligence, clean technology, batteries, auto parts, and next-generation displays. LG Group aims to remain competitive by allocating half of the investment to these growth fields. The breakdown of the investment by affiliate companies, including LG Electronics, LG Chem, and LG Energy Solution, was not immediately provided.
Big hotel chains and unbranded-hotel owners find they need each other
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Independent hotel operators and global chains are forming franchise agreements as high-interest rates slow down new hotel construction. Big chains are turning to conversions to open new hotels in the short term and keep investors happy. Independent hotels are switching to franchise agreements to gain access to potential bookings and cheaper financing. Marriott International saw conversions account for 40% of organic room signings in 2023, double the rate from the previous year. The surge in revenge travel has benefited hotel operators, but higher interest rates have made it difficult for smaller operators to secure capital borrowing. Approximately $217 billion in hotel loans are set to mature globally by 2025, and refinancing at higher interest rates is expected. Brand-affiliated hotels have lower cash-flow risk than independent hotels. Large operators have launched soft and conversion brands to attract independent hotels and boost net unit growth. Hilton's franchise and licensing fee revenue rose 14.6% YoY in 2023, while Marriott's rose 13%.
#HotelIndustry #FranchiseAgreements #HighinterestRates #Conversions #IndependentHotels #BigChains
Baidu reportedly in talks with Apple over AI tie-up, shares surge
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Baidu is reportedly in talks with Apple over a potential AI tie-up, which has caused Baidu's shares to surge. Chinese media reports suggest that Baidu's AI model will be used in Apple's iPhone 16 and IOS 18 in China. The move would help Apple address U.S. regulatory concerns over using proprietary AI technology in China. Baidu's AI ambitions have been a major focus for the company, and the potential partnership with Apple presents brighter prospects. Apple has also been in discussions with Google over the potential use of its Gemini AI in its iPhones. Apple and Baidu representatives have not yet commented on the reports.
#Baidu #Apple #Ai #Technology #Partnership
German Bundesbank president warns against extremism, euro exit - FUNKE
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Bundesbank President Joachim Nagel warns against right-wing extremism and an exit from the euro in an interview with Funke Media group. He emphasizes that right-wing extremism threatens Germany's prosperity and deters investors and skilled workers from coming to Germany. Nagel also highlights that Germany's labor market remains stable and almost fully employed. He warns against Germany leaving the monetary union or the European Union, describing them as cornerstones of Germany's prosperity.
Asia stocks nudge higher, dollar steady ahead of US inflation report
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Asian stocks inched higher and the dollar held steady on Tuesday ahead of a key U.S. inflation report that could help shape the Federal Reserve's rates outlook and determine the timing of interest rate cuts. MSCI's broadest index of Asia-Pacific shares outside Japan was 0.15% higher in early trading. Japan's Nikkei rose 1.7% to hit a fresh 34-year high. China's financial markets are closed for the Lunar New Year holiday. On Monday, the S&P 500 slipped in the afternoon session after briefly surpassing its record closing high from November 2021. Investor attention this week will be on crucial reports on January's U.S. Consumer Price Index (CPI) and Producer Price Index. Economists expect CPI to rise 2.9% on a year-on-year basis. Traders are still pricing in 111 basis points of cuts this year versus 75 bps of easing projected by the Fed. The yield on 10-year Treasury notes was at 4.172%. The dollar index was little changed at 104.16. U.S. crude rose 0.03% to $76.94 per barrel and gold was at $1,813.50, down 0.01% on the day.
#AsiaStocks #UsInflationReport #FederalReserve #InterestRateCuts
Crude Oil Could Gain Further Ground This Week as Ceasefire Hopes Diminish
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Crude oil starts the week on a subdued note after recent volatility tied to the Israel-Hamas conflict. Middle East tensions continue to influence oil prices significantly, overshadowing other factors. Improving US demand outlook and positive technical analysis signal potential long-term gains despite short-term fluctuations. The main driver of volatility remains the Israel-Hamas conflict. Hopes over a ceasefire had calmed the market last week. However, as it appears now that such an agreement may not materialize in the short term, oil prices may well continue to rise. Meanwhile, the charts of crude oil suggest prices may have formed a long-term low and that more gains could be on the way this week, despite Monday’s weaker start. Crude oil prices continue to display a heightened sensitivity to developments in the Middle East, overshadowing nearly all other factors. While there remains a slim possibility of a ceasefire, the situation is tense, which should keep oil prices highly volatile and vulnerable to headline risk. The extent to which a risk premium should be applied to the Middle East situation remains uncertain, as oil supplies have yet to be significantly impacted by the crisis. Improving US demand outlook and positive technical analysis signal potential long-term gains despite short-term fluctuations. On the demand side of the equation, we are seeing mixed global signals, with the US economy showing resilience while other regions struggle to keep pace. The spotlight is particularly on China as a significant cause for worry, though concerns in the Eurozone also contribute to the uncertainty. Due to Chinese markets being closed for Lunar New Year celebrations, assessing demand from the largest importer of oil and second-largest consumer will be challenging this week. In contrast, the US, as the world's largest oil consumer, will release key data to provide insights into demand dynamics this week. This week’s key data is the Consumer Price Index (CPI), crucial for FX and stock market investors. But its impact on oil prices is expected to be moderate. Following the CPI release, investor attention will shift towards gauging the health of the US consumer. Retail sales data, scheduled for Thursday, will be pivotal in this regard. Recent months have seen retail figures consistently surpassing expectations, with December marking a notable 0.6% increase in retail sales and a 0.4% rise in core sales. These robust retail figures align with a broader trend of growing consumer sentiment, low unemployment, robust wage growth, and gradual inflation moderation in the US. Such indicators of economic strength in the US are likely to provide support for oil prices, assuming no significant external disruptions or a significant rise in non-OPEC crude oil supplies. The technical analysis of crude oil suggests that prices may have formed a long-term low and that more gains could be on the way this week. A daily close above the 200-day average could potentially pave the way for further short-term gains. Short-term support is now seen at around $76.00, with $74.50 as the next key support level. The weekly chart of WTI shows that prices are trying to form a long-term bottom, with a series of higher lows having been created around $70 in recent months. The monthly chart is also starting to turn positive after oil prices ended a 3-month losing streak in January. Prices have now turned flat in February, recovering from earlier weakness. This suggests a potential end to the prolonged bearish trend initiated in April 2022. The long-term bearish trend has abated, and this could mark the beginning of a new long-term uptrend.
#CrudeOil #Ceasefire #MiddleEastTensions #UsDemandOutlook #TechnicalAnalysis
Futures muted; U.S. CPI, earnings ahead this week - what's moving markets
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U.S. stock futures were little changed on Monday, with markets taking some caution ahead of a week of major economic data and company results. The S&P 500 closed above 5,000 for the first time ever to end the prior trading week. The monthly U.S. consumer price index (CPI) is expected to show that headline price growth in the world's largest economy slowed on both an annual and monthly basis in January. Over 60 firms in the S&P 500 are due to unveil results this week. Diamondback Energy and Endeavor Energy Resources are reportedly closing in on a merger that would create an oil-and-gas giant worth over $50 billion. Oil prices fell in European trade on Monday as investors locked in some profits after stellar gains over the prior week.
#StockMarket #U.s.Cpi #Earnings #Mergers #OilPrices
Gold prices rangebound as rate cut fears persist
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Gold prices remained rangebound as concerns about potential rate cuts persisted. The dollar eased from three-month highs, providing some relief for gold prices. However, waning bets on early U.S. interest rate cuts kept the outlook for gold uncertain. Bullion prices were negatively impacted by expectations of higher interest rates, which increase the opportunity cost of investing in gold. Gold prices steadied at $2,035.12 an ounce, while gold futures expiring in April were flat at $2,050.95 an ounce. The market is awaiting more cues on the U.S. economy, particularly the upcoming U.S. inflation data for January, to guide price movements in gold.
#GoldPrices #RateCuts #Dollar #InterestRates #InflationData
Marketmind: Powell's prudence spurs a sell-off
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Federal Reserve Chair Jerome Powell's interview with CBS news show '60 Minutes' and a strong U.S. jobs report have dampened expectations of early rate cuts by the Fed, leading to a sell-off in Asian stocks and higher bond yields. Powell stated that the central bank can be 'prudent' in deciding when to cut interest rates, emphasizing the need to balance the risk of moving too soon or too late. Traders had previously priced in March as the starting point for the Fed's expected easing cycle, but strong labor data and Powell's recent statements have raised doubts. The dollar has strengthened, Asian equities have slid, and investors are now pricing in an 82% chance of the Fed keeping rates unchanged in March. European bourses are expected to open muted, with PMI releases providing insight into the health of Europe's economy and the outlook for the European Central Bank's rate moves.
#FederalReserve #JeromePowell #InterestRates #StockSell-off #AsianStocks #BondYields #U.s.JobsReport #RateCuts #Cbs #60Minutes #March #Dollar #AsianEquities #EuropeanBourses #PmiReleases #EuropeanCentralBank
https://uk.investing.com/news/economy/marketmind-powells-prudence-spurs-a-selloff-3323040
Earnings call: SKF reports record sales and strategic shifts for 2023
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SKF, a Swedish engineering company, reported record sales exceeding SEK100 billion for the first time in its history during an earnings call. The company achieved organic growth of around 4% and an adjusted operating profit of SEK13 billion, resulting in an adjusted operating margin of 12.5%. Despite a decrease in demand during the fourth quarter, SKF delivered strong performance with net sales of SEK24 billion and an adjusted operating profit of nearly SEK3 billion. The company plans to propose a dividend increase to SEK7.5 per share. SKF anticipates a mid-single digit decline in organic sales for Q1 2024 and a low-single digit decline for the full year. Strategic initiatives for 2024 include supply chain optimization, portfolio management and restructuring, and sustainability leadership. The company expects a softer start in demand for 2024, with improvements expected in the second half of the year. SKF's performance in 2023 was marked by significant achievements and strategic realignments, demonstrating resilience in the face of market challenges.
#Skf #EarningsCall #RecordSales #StrategicShifts #DividendIncrease #OrganicSalesDecline #SupplyChainOptimization #PortfolioManagement #Restructuring #SustainabilityLeadership
Earnings call: OpenText reports record revenues and bullish cloud growth
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OpenText Corporation (OTEX) reported record revenues of $1.3 billion, a 71% YoY growth, and a 63% YoY growth in enterprise cloud bookings totaling $236 million for the second quarter of fiscal year 2024. The company's strategic focus on cloud offerings, AI integration, and partnerships with key industry players has positioned it well for continued growth. OpenText has raised its fiscal year 2024 cloud revenue outlook and expects a cloud growth range of 6% to 8%. The company is targeting 7% to 9% cloud organic revenue growth by 2026 and expects a total cloud revenue range of $5.85 billion to $5.95 billion for fiscal year 2024. OpenText is focused on embedding AI in all products and plans to complete the AMC divestiture by the end of the fiscal year. The company's Q3 EBITDA margin is expected to be lower due to seasonality and investments in AI and cloud infrastructure. OpenText's strong financial performance and strategic advancements position it well for continued growth in the information management industry.
Earnings call: Houlihan Lokey reports steady growth in Q3 FY2024
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Houlihan Lokey, Inc. (NYSE:) reported a solid performance for the third quarter of fiscal year 2024, with revenues reaching $511M, marking a 12% increase, and adjusted earnings per share rising by 7% to $1.22 compared to the same period last year. The company highlighted its recent acquisitions, including 7 Mile Advisors and the pending acquisition of Triago, as strategic moves to bolster its investment banking services in IT and private funds. The corporate finance, financial restructuring, and financial and valuation advisory businesses all contributed to the quarter's revenue growth, with restructuring revenue hitting a post-COVID peak.
#HoulihanLokey #Q3Fy2024 #EarningsCall #RevenueGrowth #Acquisitions #InvestmentBanking #It #PrivateFunds #CorporateFinance #FinancialRestructuring #FinancialAndValuationAdvisory