Goldman Sachs (GS) has expressed that predicting the peak of the S&P 500 (SP500) is nearly "impossible," highlighting the current state of euphoria in U.S. equities. Financial institutions are frequently revising their year-end targets for the index, with recent adjustments including Sanctuary Wealth's increase from 5,400 to 5,800 and Barclays' jump from 4,800 to 5,300. UBS also raised its target from 5,100 to 5,200, while Piper Sandler and Citi have set their sights on 5,050 and 5,100, respectively.
Nippon Steel (NPSCY) is seeking common ground with the United Steelworkers (USW) regarding its proposed acquisition of United Steel (X). The signing of a non-disclosure agreement has paved the way for more in-depth discussions between the two parties, moving beyond preliminary talks handled by their attorneys.
Paramount Global (PARA, Financial) reported its Q4 earnings, with a Non-GAAP EPS of $0.04, surpassing expectations by $0.04. However, the revenue of $7.64 billion, down by 6% year-over-year, fell short by $250 million against projections.
Okta (OKTA, Financial) released its Q4 results, boasting a Non-GAAP EPS of $0.63, which beat estimates by $0.12. The company's revenue of $605 million also exceeded expectations, marking a 19% growth year-over-year. Okta's subscription revenue grew by 20%, and the company reported record operating cash flow and free cash flow figures.
Arrowhead Pharmaceuticals (ARWR, Financial) saw its shares jump by 10% amidst takeover speculation. Reports suggest that Arrowhead may have rejected a preliminary acquisition offer of around $45 per share from an unnamed U.S.-based pharmaceutical company.
Tesla (TSLA, Financial) CEO Elon Musk has announced that the new Tesla Roadster is expected to ship next year, with an official unveiling planned for later this year. The Roadster, a collaboration between Tesla and SpaceX (SPACE), has been highly anticipated since its initial announcement in 2017.
Large-cap dividend stocks have been performing well, with some notable year-to-date gains. Stellantis N.V. (STLA), Corebridge Financial (CRBG), and Credicorp Ltd (BAP) are among the top performers, showcasing the strength of dividend-paying large-cap stocks in the current market.
Google (GOOG, Financial) (GOOGL, Financial) is facing a significant lawsuit in Europe, with media groups demanding approximately $2.3 billion in damages, alleging losses due to Google's digital advertising practices. The lawsuit was filed in Amsterdam, with plaintiffs from various European countries.
Shift4 Payments (FOUR, Financial) experienced a 10% increase in its stock price following reports that Fiserv (FI) and Amadeus IT Group (AMADF) are competing to acquire the company. Shift4 Payments has been exploring strategic opportunities, and final offers are expected soon.
3D Systems (DDD, Financial) shares plummeted by 24% after the company's Q4 earnings and 2024 guidance failed to meet market expectations. The company cited lower sales from dental orthodontic market customers and reduced printer sales due to macroeconomic factors.
Salesforce (CRM, Financial) released its Q4 earnings, with a Non-GAAP EPS of $2.29, slightly beating estimates. The company's revenue of $9.29 billion, up by 10.9% year-over-year, also surpassed expectations. Salesforce has initiated a quarterly dividend and increased its share repurchase program authorization by $10 billion.
Morgan Stanley (MS, Financial) is reportedly considering offering spot bitcoin (BTC-USD) exchange-traded funds to its broker-dealer platform clients, following the SEC's approval of U.S.-listed ETFs that invest directly in bitcoin.
Inter Parfums (IPAR, Financial) shares tumbled after the company's 2024 guidance and Q4 results indicated that higher costs are impacting profits. Despite strong holiday sales, increased costs and interest expenses led to a 37% drop in net income.
SoundHound AI (SOUN, Financial) stock declined following a downgrade by Northland Capital Markets, which cited valuation concerns. However, the firm raised its price target on the stock, maintaining SoundHound as a top pick for 2024.
Ted B. Miller, co-founder of Crown Castle (CCI, Financial), has filed a lawsuit seeking to invalidate the agreement between Crown Castle's board and Elliott Investment Management, which he claims infringes on the board's powers and responsibilities.
Cleveland-Cliffs (CLF, Financial) was downgraded by BNP Paribas to Sell from Hold, with the analyst citing uncertainty around the potential impact of the upcoming U.S. presidential election on the steel industry.
Constellation Energy (CEG, Financial) shares surged following Q4 earnings that exceeded expectations and an FY 2024 guidance that was well above Wall Street estimates. KeyBanc upgraded the stock to Overweight, highlighting the company's growth strategy and market trends.
U.S. stock index futures indicated a lower open as investors awaited key inflation data. Cryptocurrencies, particularly bitcoin (BTC-USD), continued to attract significant attention, with its all-time high now within reach.
TJX (TJX, Financial) shares fluctuated after the company reported a 5% increase in FQ4 2024 comparable sales, driven by higher customer transactions during the holiday quarter. The retailer also announced plans to increase its quarterly dividend.
Easterly Government Properties (DEA, Financial) filed a prospectus related to a mixed shelf offering, indicating potential future securities sales.
