Yiwen Lu9/10/24

US stocks rally as tech strength offsets big bank slump

The S&P 500 closed up 0.5% after a whipsaw on Tuesday. The Nasdaq 100 gained 0.9%, while the Russell 2000 remained unchanged.

Sector ETFs were mixed. A solid showing from the tech sector, up 1.5%, was the key to today’s gain in the S&P 500. The real estate sector was the biggest winner and rose 1.8%. Energy lost the most and retreated 1.7%.

A few financial stocks tumbled. JPMorgan Chase was down 5.2%, its biggest decline since April 2024, a time when stock fell 6.5% after earnings. The shares slid more than than 7% during intraday trading, as bank President Daniel Pinto said that Wall Street forecasts on how much the bank will make in net interest income next year are overly optimistic. It’s just the 12th time the stock has lost 5% on a day the S&P 500 gained in the past 44 years.

Goldman Sachs lost 4.4%. The S&P financial sector ETF decreased 1%.

Oracle was up 11.4% and hit a record high after reporting better-than-expected results on Monday after the bell.

WTI crude oil futures were down as much as 5% during intraday trading on Tuesday. Global benchmark Brent futures also declined, hitting their lowest levels since December 2021. In a report released on Tuesday, OPEC trimmed its forecast for oil demand in 2024 and saw slower growth in store for 2025.

With the upcoming presidential debate on Tuesday night, politics may take center stage. Basket of stocks that stand to benefit from Republican policies (per Goldman Sachs analysts) took a lead after the first presidential debate but fell behind the Democratic policy basket after Biden announced his withdrawal from the race.

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Max Knoblauch39m

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.

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

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

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.

The Art of the Science Deal

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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