Markets
Yiwen Lu

US stocks gain momentum in a four-day winning streak

The S&P 500 was up 0.8% on Thursday, while the Nasdaq 100 added 1%. It was the fourth straight session where both indices gained. Small caps led major indices, as the Russell 2000 advanced 1.2%. 

All major S&P sector ETFs rose. Communications services gained the most, up 1.9%. Mega cap stocks outperformed the market, with all Magnificent Seven stocks closed higher. Both Meta and Googleclimbed more than 2%.

Warner Bros. Discovery was the best-performing S&P 500 stock, up 10.4%. This came after Warner Bros. announced a multi-year distribution partnership with Charter Communications. Kroger rose 7.2%, after signaling confidence about its merger with Albertsons.

Conversely, Moderna dropped a whopping 12.4%, making it the worst performer within the S&P 500. The pandemic darling earlier slashed its research and development budget and cut its sales outlook.

The US producer index was up slightly in August, in line with expectations. Traders now bet on a 67% chance that the Fed would cut rate by 25 basis points next week, according to CME’s FedWatch Tool.

Gold hit another all-time high. Oil continued its recovery after a sell-off earlier this week.

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markets
Max Knoblauch

Archer Aviation plunges on $650 million share sale following its third-quarter results

Air taxi maker Archer Aviation is deep in the red on Friday morning after reporting its third-quarter results after the bell Thursday. The stock is down more than 12%.

Investors don’t appear to be thrilled about the company’s $650 million direct stock offering, announced alongside its results.

The move marks at least the third major equity raise, and dilution, for Archer this year. The company raised $300 million from a new stock sale in February, and sold $850 million worth of shares in June.

On Archer’s earnings call Thursday, interim CFO Priya Gupta said the company came to the decision after “substantial inbound interest.” According to Gupta, the company has heard from government and commercial partners that liquidity is a “key driver to their decisions of who to partner with.” With its latest share sale, Archer said its total liquidity is more than $2 billion.

Archer Aviation sinks after reporting better-than-expected Q3 loss, announces it will acquire LA’s Hawthorne Airport

Archer Aviation sinks after reporting better-than-expected Q3 loss, announces it will acquire LA’s Hawthorne Airport

The move marks at least the third major equity raise, and dilution, for Archer this year. The company raised $300 million from a new stock sale in February, and sold $850 million worth of shares in June.

On Archer’s earnings call Thursday, interim CFO Priya Gupta said the company came to the decision after “substantial inbound interest.” According to Gupta, the company has heard from government and commercial partners that liquidity is a “key driver to their decisions of who to partner with.” With its latest share sale, Archer said its total liquidity is more than $2 billion.

Matt Phillips
55m
Top AI energy trade Constellation Energy slips on earnings

The largest nuclear power provider in the US has soared on the prospect of relentless demand from data centers.

Constellation Energy reports earnings
Claire Yubin Oh
The solace of quantum
2h
Quantum computing companies are stacking up piles of cash, capitalizing on their booming stock prices

IONQ, RGTI, QUBT, and QBTS have raised a total of ~$4.5 billion this year as the battle for commercialization heats up.

Money grab - Multiple hands clutching dollar bills
markets
Nia Warfield

Expedia soars as travel demand fuels big Q3 beat and price target hikes across Wall Street

Shares of Expedia leapt in early trading Friday after the travel platform posted a strong third quarter.

Adjusted earnings per share came in at $7.57, surpassing the consensus estimate of roughly $6.98. Meanwhile, revenue climbed to $4.41 billion, also topping forecasts and driven by strong room-night growth in the US and Asia. 

“Our strong third quarter results exceeded both our top- and bottom-line expectations, reflecting an improved demand environment, disciplined execution and tangible progress on our strategic priorities,” CEO Ariane Gorin said in a statement. “Notably, US room-night growth hit its fastest pace in over three years, we posted our 17th consecutive quarter of double-digit B2B growth — and consumer bookings grew 7%.” 

For the full year, Expedia now expects revenue growth of 6% to 7%, up from its previous estimate of 3% to 5%. Wall Street welcomed the results:

  • Evercore ISI maintained its “outperform” rating and lifted its target to $350 from $280.

  • Piper Sandler upgraded the stock to “neutral” and hiked its target to $250 from $190.

  • Wells Fargo maintained its “equal weight” rating and raised its price target to $272 from $212.

  • UBS kept its “neutral” rating and raised its target to $234 from $209.

  • Truist reiterated its “hold” rating and increased its target to $210 from $168.

Luke Kawa
The Art of the Science Deal
2h
D-Wave CEO’s pitch to the Trump administration: Buy our quantum computers in exchange for an equity stake

“I want them to get something of value in return, not just equity in the company, but I want them to get products that they can actually use to solve their hard problems,” said D-Wave CEO Dr. Alan Baratz.

Collision 2019 - Day One

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