UBS has raised its price target for Advanced Micro Devices (AMD) to $220 from $135, citing confidence in the company's data center GPU revenue opportunity and increased CY24/CY25 estimates. AMD's stock saw a premarket rise of about 2%. Similarly, UBS also increased its price target for Microchip Technology (MCHP, Financial) to $105 from $90. Analysts have confirmed strong demand for AMD's MI300A/X units for the coming year, aligning with previous demand levels but with a cautious approach to potential double ordering and supply concerns.
Blackstone (BX, Financial) announced a quarterly dividend of $0.94 per share with a forward yield of 3.12%, payable in February. The company's stock gained traction after Q4 earnings surpassed expectations, aided by a boost in fundraising. Blackstone's strategic acquisitions and stable growth have been highlighted as key factors in its financial performance, despite some analysts suggesting that the easiest gains have already been made.
Initial jobless claims saw an unexpected rise to 214K, exceeding the anticipated 200K and the previous week's revised figure of 189K. Despite this increase, the four-week moving average showed a slight decrease. Continuing claims were slightly above expectations, and the insured unemployment rate held steady at 1.2%. These labor market indicators suggest continued scrutiny of the economic landscape.
December's durable goods orders remained flat, defying expectations of a 1.1% increase, although core durable goods orders exceeded forecasts. The stability in durable goods orders, excluding defense and transportation, indicates a tempered but ongoing investment in heavy equipment and machinery, which is critical for long-term economic growth.
U.S. GDP growth for Q4 was reported at 3.3%, surpassing expectations and reflecting a robust economy driven by consumer spending, exports, and government spending. The increase in personal income and a higher personal saving rate during the quarter provided consumers with additional financial leeway, contributing to the overall economic resilience.
Boeing (BA, Financial) faced a downgrade to Neutral from Buy by Bank of America Securities, citing increased scrutiny from aviation authorities and concerns over the quality and safety of its planes. This comes as the FAA limits Boeing's 737 Max jetliner production, reflecting heightened regulatory oversight.
NextEra Energy (NEE, Financial) reported Q4 earnings that beat expectations, with revenue showing a significant year-over-year increase. The company maintains its long-term financial expectations, projecting steady growth in adjusted earnings per share and dividends through at least 2024.
Tesla (TSLA, Financial) is bracing for a potential fourth consecutive post-earnings decline after its latest financial report and earnings call failed to meet analyst expectations and lacked clear guidance for the future. The company's stock valuation is under pressure as growth concerns persist.
Macy's (M, Financial) shares rose following reports that Sycamore Partners is considering a bid for the department store chain. This news comes after Macy's rejected a previous offer and continues to attract interest from potential buyers.
Stock futures pointed to a higher open, with notable premarket movers including Nokia (NOK, Financial) and IBM (IBM, Financial), both experiencing share price increases due to strategic announcements and strong earnings reports, respectively.
NextEra Energy Partners (NEP, Financial) reported a GAAP EPS loss but missed revenue expectations. The partnership outlined its distribution growth targets and financial expectations for the coming years, emphasizing a sustainable growth strategy without the need for acquisitions in the near term.
RedHill Biopharma (RDHL, Financial) announced a new patent grant for Talicia, extending its protection through 2042. This development strengthens the company's intellectual property position and market exclusivity for its H. pylori treatment.
Lam Research (LRCX, Financial) impressed Wall Street with its fiscal second-quarter results, beating expectations and showcasing its strong position in the semiconductor equipment market, particularly in AI-related sectors.
LAVA Therapeutics (LVTX, Financial) saw a significant premarket increase after entering into a collaboration with Merck (MRK, Financial) to evaluate a combination treatment for prostate cancer, highlighting the potential of LAVA's drug candidate LAVA-1207.
