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'Barbie' takes the box office crown and 'Oppenheimer' soars in a historic weekend 2023-07-24 - This image released by Universal Pictures shows Cillian Murphy as J. Robert Oppenheimer in a scene from "Oppenheimer." (Melinda Sue Gordon/Universal Pictures via AP) This image released by Universal Pictures shows Cillian Murphy as J. Robert Oppenheimer in a scene from "Oppenheimer." (Melinda Sue Gordon/Universal Pictures via AP) This image released by Universal Pictures shows Cillian Murphy as J. Robert Oppenheimer in a scene from "Oppenheimer." (Melinda Sue Gordon/Universal Pictures via AP) This image released by Universal Pictures shows Cillian Murphy as J. Robert Oppenheimer in a scene from "Oppenheimer." (Melinda Sue Gordon/Universal Pictures via AP) “ Barbenheimer ” didn’t just work – it spun box office gold. The social media-fueled fusion of Greta Gerwig’s “ Barbie ” and Christopher Nolan’s “ Oppenheimer ” brought moviegoers back to the theaters in record numbers this weekend, vastly outperforming projections and giving a glimmer of hope to the lagging exhibition business, amid the sobering backdrop of strikes. Warner Bros.’ “Barbie” claimed the top spot with a massive $155 million in ticket sales from North American theaters from 4,243 locations, surpassing “The Super Mario Bros. Movie” (as well as every Marvel movie this year) as the biggest opening of the year and breaking the first weekend record for a film directed by a woman. Universal’s “Oppenheimer" also soared past expectations, taking in $80.5 million from 3,610 theaters in the U.S. and Canada, marking Nolan’s biggest non-Batman debut and one of the best-ever starts for an R-rated biographical drama. It’s also the first time that one movie opened to more than $100 million and another movie opened to more than $80 million in the same weekend. When all is settled, it will likely turn out to be the fourth biggest box office weekend of all time with over $300 million industrywide. And all this in a marketplace that increasingly curved towards intellectual property-driven winner takes all. The “Barbenheimer” phenomenon may have started out as good-natured competition between two aesthetic opposites, but, as many hoped, both movies benefitted in the end. Internationally, “Barbie” earned $182 million from 69 territories, fueling a $337 million global weekend. “Oppenheimer” did $93.7 million from 78 territories, ranking above “Barbie” in India, for a $174.2 million global total. The only real casualty was “Mission: Impossible: Dead Reckoning Part I,” which despite strong reviews and a healthy opening weekend fell 64% in weekend two. Overshadowed by the “Barbenheimer” glow as well as the blow of losing its IMAX screens to “Oppenheimer,” the Tom Cruise vehicle added $19.5 million, bringing its domestic total to $118.8 million. “Barbenheimer” is not merely counterprogramming either. But while a certain section of enthusiastic moviegoers overlapped, in aggregate the audiences were distinct. Women drove the historic “Barbie” opening, making up 65% of the audience, according to PostTrak, and 40% of ticket buyers were under the age of 25 for the PG-13 rated movie. “It’s just a joyous time in the world. This is history in so many ways," said Jeff Goldstein, Warner Bros.' president of domestic distribution. “I think this marketing campaign is one for the ages that people will be talking about forever.” “Oppenheimer” audiences meanwhile were 62% male and 63% over the age of 25, with a somewhat surprising 32% that were between the ages of 18 and 24. Both “Barbie” and “Oppenheimer” scored well with critics with 90% and 94% on Rotten Tomatoes, respectively, and audiences who gave both films an A CinemaScore. And social media has been awash with reactions and “takes” all weekend – good, bad, problematic and everywhere in between – the kind of organic, event cinema, watercooler debate that no marketing budget can buy. “The ‘Barbenheimer’ thing was a real boost for both movies,” Goldstein said. “It is a crowning achievement for all of us.” “Oppenheimer” had the vast majority (80%) of premium large format screens at its disposal. Some 25 theaters in North America boasted IMAX 70mm screenings ( Nolan’s preferred format ), most of which were completely sold out all weekend — accounting for 2% of the total gross. Theaters even scrambled to add more to accommodate the demand including 1 a.m. and 6 a.m. screenings, which also sold out. “Nolan’s films are truly cinematic events,” said Jim Orr, Universal's president of domestic distribution. IMAX showings alone made up 26% of the domestic gross (or $21.1 million) from only 411 screens and 20% of the global gross, and “Oppenheimer” will have at least a three-week run on those high-demand screens. “This is a phenomenon beyond compare,” said Rich Gelfond, the CEO of IMAX, in a statement. “Around the world, we’ve seen sellouts at 4:00 a.m. shows and people travelling hours across borders to see ‘Oppenheimer’ in IMAX 70mm.” This is the comeback weekend Hollywood has been dreaming of since the pandemic. There have been big openings and successes – “Spider-Man: No Way Home,” “Top Gun: Maverick,” “Avatar: The Way of Water” among them, but the fact that two movies are succeeding at the same time is notable. “It was a truly historic weekend and continues the positive box office momentum of 2023,” said Michael O’Leary, President & CEO of the National Association of Theatre Owners. “People recognized that something special was happening and they wanted to be a part of it.” And yet in the background looms disaster as Hollywood studios continue to squabble with striking actors and writers over a fair contract. “Barbie” and “Oppenheimer” were the last films on the 2023 calendar to get a massive, global press tour. Both went right up to the 11th hour, squeezing in every last moment with their movie stars. “Oppenheimer” even pushed up its London premiere by an hour, knowing that Emily Blunt, Matt Damon and Cillian Murphy would have to leave to symbolically join the picket lines by the time the movie began. Without movie stars to promote their films, studios have started pushing some falls releases, including the high-profile Zendaya tennis drama “Challengers." But for now, it's simply a positive story that could even continue for weeks to come. “There could be a sequel next weekend,” said Paul Dergarabedian, the senior media analyst for Comscore. “The FOMO factor will rachet up because of this monumental box office event centered around the movie theater experience.” Estimated ticket sales for Friday through Sunday at U.S. and Canadian theaters, according to Comscore. Final domestic figures will be released Monday. 1. “Barbie,” $155 million. 2. “Oppenheimer,” $80.5 million. 3. “Sound of Freedom,” $20.1 million. 4. “Mission: Impossible-Dead Reckoning Part I,” $19.5 million. 5. “Indiana Jones and the Dial of Destiny,” $6.7 million. 6. “Insidious: The Red Door,” $6.5 million. 7. “Elemental,” $5.8 million. 8. “Spider-Man: Across the Spider-Verse,” $2.8 million. 9. “Transformers: Rise of the Beasts,” 1.1 million. 10. “No Hard Feelings,” $1.1 million.
Myanmar Central Bank will issue its highest denomination banknote as the economy suffers 2023-07-24 - The Central Bank of army-ruled Myanmar will issue a new banknote worth twice as much as the current highest denomination BANGKOK -- The Central Bank of army-ruled Myanmar will issue a new banknote worth twice as much as the current highest denomination, state-run media reported Sunday, in a possible reaction to the economy becoming more unstable since the generals seized power in 2021. The reason for issuing a higher denomination note of 20,000 kyats (about $9.50) was not explained. Since the military ousted the elected government of Aung San Suu Kyi, economic boycotts and sanctions imposed by Western nations have hurt both big businesses and ordinary people, many of whose lives have already been disrupted by civil war and the coronavirus pandemic. The issuance of new, higher denomination currency is associated in popular belief with a risk of inflation, though there isn’t necessarily a link. Older Myanmar residents are especially sensitive to changes affecting the currency, recalling the sudden demonetization of banknotes in 1987 during an earlier dictatorship, which reportedly affected around 80% of the money in circulation. The action spurred discontent that contributed to a 1988 uprising against military rule that failed but also led to the birth of the Suu Kyi's National League for Democracy party. A report on state-run MRTV television said the 20,000-kyat notes will be issued in a limited number beginning July 31. The state media reports said the new banknotes would be available only by exchanging damaged lower denomination notes with the same value at branches of the central bank in the capital Naypyitaw and the cities of Yangon and Mandalay. The notes show an albino elephant on the front and two bridges, a symbol of infrastructure development, on the back. Albino elephants are usually dubbed white elephants, symbols of good luck in several Southeast Asian cultures. The banknotes commemorate the first birthday of one such elephant and the construction of a giant Buddha statue in Naypyitaw.
One year old, US climate law is already turbocharging clean energy technology 2023-07-24 - Brian Hoeppner connects a panel as he installs a solar array on the roof of a home in Frankfort, Ky., Monday, July 17, 2023. Since passage of the Inflation Reduction Act, it has boosted the U.S. transition to renewable energy, accelerated green domestic manufacturing, and made it more affordable for consumers to make climate-friendly purchases, such as installing solar panels on their roofs. (AP Photo/Michael Conroy) Brian Hoeppner connects a panel as he installs a solar array on the roof of a home in Frankfort, Ky., Monday, July 17, 2023. Since passage of the Inflation Reduction Act, it has boosted the U.S. transition to renewable energy, accelerated green domestic manufacturing, and made it more affordable for consumers to make climate-friendly purchases, such as installing solar panels on their roofs. (AP Photo/Michael Conroy) Brian Hoeppner connects a panel as he installs a solar array on the roof of a home in Frankfort, Ky., Monday, July 17, 2023. Since passage of the Inflation Reduction Act, it has boosted the U.S. transition to renewable energy, accelerated green domestic manufacturing, and made it more affordable for consumers to make climate-friendly purchases, such as installing solar panels on their roofs. (AP Photo/Michael Conroy) Brian Hoeppner connects a panel as he installs a solar array on the roof of a home in Frankfort, Ky., Monday, July 17, 2023. Since passage of the Inflation Reduction Act, it has boosted the U.S. transition to renewable energy, accelerated green domestic manufacturing, and made it more affordable for consumers to make climate-friendly purchases, such as installing solar panels on their roofs. (AP Photo/Michael Conroy) Excessive heat continues to bear down on sections of the United States, a reminder of the impetus for the The Inflation Reduction Act, the significant climate legislation that turns one year old on August 16 FRANKFORT, Ky. -- On a recent day under the July sun, three men heaved solar panels onto the roof of a roomy, two-story house near the banks of the Kentucky River, a few miles upstream from the state capitol where lawmakers have promoted coal for more than a century. The U.S. climate law that passed one year ago offers a 30% discount off this installation via a tax credit, and that's helping push clean energy even into places where coal still provides cheap electricity. For Heather Baggett’s family in Frankfort, it was a good deal. “For us, it's not politically motivated,” said Baggett. “It really came down to financially, it made sense.” On August 16, after the hottest June ever recorded and a scorching July, America's long-sought response to climate change, the Inflation Reduction Act, turns one year old. In less than a year it has prompted investment in a massive buildout of battery and EV manufacturing across the states. Nearly 80 major clean energy manufacturing facilities have been announced, an investment equal to the previous seven years combined, according to the American Clean Power Association. “It seems like every week there’s a new factory facility somewhere” being announced, said Jesse Jenkins, a professor at Princeton and leader of the REPEAT Project which has been deeply involved in analysis of the law. “We’ve been talking about bringing manufacturing jobs back to America for my entire life. We’re finally doing it, right? That’s pretty exciting," he said. The IRA is America’s most significant response to climate change, after decades of lobbying by oil, gas and coal interests stalled action, while carbon emissions climbed, creating a hotter, more dangerous world. It is designed to spur clean energy buildout on a scale that will bend the arc of U.S. greenhouse gas emissions. It also aims to build domestic supply chains to reverse China's and other nations' early domination of this vital sector. One target of the law is cleaner transportation, the largest source of climate pollution for the U.S. Siemens, one of the biggest tech companies in the world, produces charging stations for EVs. Executives say this alignment of U.S. policy on climate is driving higher demand for batteries. “When the federal government makes an investment, we get to the tipping point faster,” said Barbara Humpton, CEO of Siemens USA, adding that the company has invested $260 million in battery or battery storage projects in recent years. The law also encourages more of the type of batteries that feed electricity to the grid when the wind is slack, or at night when the sun isn't hitting solar panels. It could put the storage business on the same upward trajectory that solar blazed a decade ago, said Michael McGowan, head of North American infrastructure private markets for Mercer Alternatives, a consulting firm. Derrick Flakoll, North America policy associate at Bloomberg NEF, pointed out that sales at the largest manufacturer of solar panels in the U.S., First Solar, skyrocketed after the law passed, creating a big backlog of orders. “This is years and years of manufacturing capacity that is already booked out because people are bullish about the U.S.-produced solar market,” he said. The IRA is also helping technologies that are expensive, but promising for near-term decarbonization. Jason Mortimer is senior vice president of global sales at EH2, which makes large, low-cost electrolyzers — machines that split hydrogen from water. Hydrogen as clean energy is still in its infancy. "The IRA accelerates the implementation of hydrogen at scale by about four to five years,” making the U.S. competitive with Europe, he said. But these changes, significant as they are, may just be the beginning, experts say. “I think we’re about to see a quite a flood of investment in wind and solar-related manufacturing in the U.S.,” Jenkins said, adding that 2026 to 2028 is when the country will see the law's full impact. Other countries, some of them ahead of the U.S. in addressing climate change, have enacted their own further efforts to speed the changeover to clean energy. Canada has announced a matching policy and Europe has its own measures to attract manufacturing, similar to the IRA. "European and Japanese automakers are trying to think about how to change supply chains in order to try and compete,” said Neil Mehrotra, assistant vice president and policy advisor at the Federal Reserve Bank of Minneapolis and contributor to a report about the U.S. law published by the Brookings Institution. The Congressional Budget Office initially estimated the IRA’s tax credits would cost about $270 billion over a decade, but Brookings says businesses might take advantage of the credits far more aggressively and the federal government could pay out three or four times more. The law is supposed to reduce the emissions of the U.S. — the country most responsible for greenhouse gases historically — by as much as 41% by 2030, according to a new analysis by Princeton researchers. That's not enough to hit U.S. goals, but is a significant improvement. But those crucial greenhouse gas cuts are partially at risk if the U.S. electric grid cannot grow enough to connect new wind and solar farms and handle new demands, like mass vehicle charging. Despite the new investment in red states, not everyone likes it. Republicans recently proposed repealing major elements of the law. And Frankfort resident Jessie Decker, whose neighbor has solar panels, said he wouldn’t consider them, and doesn’t think the federal government should be “wasting money” on dubious climate programs. Nor does the law mean climate-warming oil and gas are going away. “Frankly, we are going to be using fossil fuels for many decades to come,” said Fred Eames, a regulatory attorney with the law firm Hunton Andrews Kurth. Up on Baggett’s roof, Nicholas Hartnett, owner of Pure Power Solar, is pleased that business is up and homeowners are opening up to solar once they see how they can financially benefit. “You have the environmental side, which handles the left, and then you have the option to use your own tax money that the government would have otherwise taken, which gets the right checked off,” he said. ___ The Associated Press receives support from the Walton Family Foundation for coverage of water and environmental policy. The AP is solely responsible for all content. For all of AP’s environmental coverage, visit https://apnews.com/hub/climate-and-environment
Musk says Twitter to change logo to "X" from the bird. Changes could come as early as Monday. 2023-07-24 - FILE - A Twitter app icon on a mobile phone is displayed in Philadelphia, U.S.A., April 26, 2017. Elon Musk plans to change the logo of Twitter to an “X” from the bird, marking what would be the latest big change since he bought the social media platform for $44 billion last year. (AP Photo/Matt Rourke, File) FILE - A Twitter app icon on a mobile phone is displayed in Philadelphia, U.S.A., April 26, 2017. Elon Musk plans to change the logo of Twitter to an “X” from the bird, marking what would be the latest big change since he bought the social media platform for $44 billion last year. (AP Photo/Matt Rourke, File) FILE - A Twitter app icon on a mobile phone is displayed in Philadelphia, U.S.A., April 26, 2017. Elon Musk plans to change the logo of Twitter to an “X” from the bird, marking what would be the latest big change since he bought the social media platform for $44 billion last year. (AP Photo/Matt Rourke, File) FILE - A Twitter app icon on a mobile phone is displayed in Philadelphia, U.S.A., April 26, 2017. Elon Musk plans to change the logo of Twitter to an “X” from the bird, marking what would be the latest big change since he bought the social media platform for $44 billion last year. (AP Photo/Matt Rourke, File) Elon Musk plans to change the logo of Twitter to an “X” from the famous blue bird, marking what would be the latest big change since he bought the social media platform for $44 billion last year NEW YORK -- Elon Musk said Sunday that he plans to change the logo of to an “X” from the famous blue bird, marking what would be the latest big change since he bought the social media platform for $44 billion last year. In a series of posts on his Twitter account starting just after 12 a.m. ET, Twitter's owner said that he's looking to make the change worldwide as soon as Monday. “And soon we shall bid adieu to the twitter brand and, gradually, all the birds,” Musk wrote on his account. The change isn't surprising given Musk's long history with the name “X," says Allen Adamson, co-founder of marketing consultancy Metaforce. The billionaire Tesla CEO tweeted last October that “buying Twitter is an accelerant to creating X, the everything app.” Musk’s rocket company, Space Exploration Technologies Corp., is commonly known as SpaceX. And in 1999, Musk founded a startup called X.com, an online financial services company now known as PayPal. “Not sure what subtle clues gave it way, but I like the letter X,” Musk tweeted Sunday. Hours later on Sunday, Linda Yaccarino, the longtime NBC Universal executive Musk appointed as Twitter CEO in May, weighed in on the move. “It’s an exceptionally rare thing – in life or in business – that you get a second chance to make another big impression,” she wrote on her Twitter account. “Twitter made one massive impression and changed the way we communicate. Now, X will go further, transforming the global town square.” Yaccarino wrote on Twitter that X would be “the future state of unlimited interactivity – centered in audio, video, messaging, payments/banking – creating a global marketplace for ideas, goods, services, and opportunities.” But the change on Twitter was met with skepticism on the social media platform. The change will be very confusing to a huge chunk of the Twitter's audience, which has been already souring on the social platform given a slew of other major changes Musk has made, Adamson said. “They won't get it,” he said. “It's a fitting end to a phenomenal unwinding of an iconic brand and business.” Earlier this month, Musk put new curfews on his digital town square, a move that met with sharp criticism it could drive away more advertisers and undermine its cultural influence as a trendsetter. The higher tweet-viewing threshold is part of an $8-per-month subscription service that Musk rolled out earlier this year in an attempt to boost Twitter revenue. Revenue has dropped sharply since Musk took over the company and laid off roughly three-fourths of the workforce to slash costs and avoid bankruptcy. Luring advertisers is essential for Musk and Twitter after many fled in the early months after his takeover of the social media platform, fearing damage to their brands in the enveloping chaos. Advertisers have cut back on spending partly because of changes Musk has made that has allowed for more hateful content to flourish and that has offended a wider part of the platform's audience. Musk said in late April that advertisers had returned, but provided no specifics. Musk's move to change Twitter's logo to an “X” also comes as Twitter faces new competition from Meta's new app, Threads, launched earlier this month. It has been seen as an alternative for those who have been upset with Twitter. Threads is being billed as a text-based version of Meta’s photo-sharing app Instagram that the company has said offers “a new, separate space for real-time updates and public conversations.” In the first five days of its launch, 100 million people had signed up for Threads, according to a post on Threads by Instagram head Adam Mosseri. _____ Follow Anne D’Innocenzio: http://twitter.com/ADInnocenzio
MarketBeat Week in Review – 7/17 - 7/21 2023-07-24 - Key Points Investors continue to climb the wall of worry as earnings reports are coming in better than expected. However, economic data continues to point to a weakening economy. All eyes now turn to the Federal Reserve which is expected to increase interest rates by 25 basis points on July 26. Here are some of the most popular articles from this week. 5 stocks we like better than Microsoft Investors face a moment where the irresistible force may soon meet the immovable object. Bullish momentum continues to drive the indexes higher. Case in point, 75% of the companies that have reported earnings have beaten expectations. That’s a relatively small sample size, but at a time when an earnings recession is being predicted, it’s impossible to ignore. However, investors shouldn’t quickly dismiss economic data that continues to be negative. The index of leading economic indicators and the Philly Fed manufacturing survey out this week both point to a recession. Next week, the earnings season really picks up steam. Investors will hear from Microsoft Corporation NASDAQ: MSFT, Meta Platforms, Inc. NASDAQ: META, and Alphabet Inc. NASDAQ: GOOGL among others. And the Federal Reserve will almost assuredly raise interest rates by 25 basis points when it meets next week. That’s a lot of news that can move markets, and the MarketBeat team will be on top of all of it to help you make the right decisions for your portfolio. Here are some of the most popular articles from this week. Articles by Jea Yu The intersection of AI and biotech may be a blockbuster for investors. And as Jea Yu writes, this week’s announcement by Nvidia Corporation NASDAQ: NVDA of its $50 million investment in Recursion Pharmaceuticals, Inc. NASDAQ: RXRX may be the beginning of what is likely to be more profitable pairings in the two sectors. And speaking of biotech partnerships, Yu explains how two key partnerships are likely to boost the stock of OPKO Health Inc. NASDAQ: OPK. The company recently received FDA approval of NGELA, a long-acting medicine for treating growth hormone deficiency in children that it has been developing as part of a partnership with Pfizer, inc. NYSE: PFE. Jea Yu helped investors understand the significance of the special rebalancing which the Nasdaq 100 will do after the markets close on July 21. This will reduce the overconcentration of the index on its most heavily weighted stocks. As Yu writes, the index rebalances every quarter, but this special rebalancing was triggered by the recent run-up in Tesla, Inc. NASDAQ: TSLA stock. Articles by Thomas Hughes Apple, Inc. NASDAQ: AAPL is one of the “Magnificent 7” stocks that has led the rally in 2023. And although it’s due for some reweighting, Thomas Hughes gives investors four reasons why the tech giant may be ready to power up to new highs. That’s in contrast to Tesla, Inc. NASDAQ: TSLA which Hughes believes has topped and may be ready for a correction even after reporting solid earnings. Investors still can’t seem to get enough of EV startups. The flavor of this week, at least, was GreenPower Motor Company, Inc. NASDAQ: GP which moved up sharply after reporting better-than-expected earnings. Hughes explains why the stock may have nowhere to go but up. If you’re looking for a safer stock in the midst of all this volatility, Hughes recommends Johnson & Johnson NYSE: JNJ which is at an inflection point that may support a breakout opportunity for this dividend king. Articles by Sam Quirke Sam Quirke had his eye on value this week and offered one large-cap and one small-cap for investors to consider. The big banks are finished reporting for the quarter, and while all eyes are on some of the usual suspects, Quirke suggests investors look at the stock of this hidden gem that is performing just as well but with a smaller market cap. Turning to the semiconductor space, Quirke put Cohu, Inc. NASDAQ: COHU on the radar of investors. The chipmaker’s stock is up 30% in 2023, but Quirke explains why this inexpensive chipmaker stock may have more upside ahead. Another small-cap stock that has recently taken flight (pun intended) is Joby Aviation, Inc. NYSE: JOBY. After outperforming for much of the year, JOBY stock has been in a tailspin. But Quirke explains why a recent downgrade may present an opportunity. Articles by Chris Markoch Dividend stocks can be less attractive in a risk-on market. However, Chris Markoch explains why investors shouldn’t give up on dividend stocks so soon and offered three dividend stocks that continue to offer good value for investors. Markoch was also identifying an opportunity that could be presenting itself for three mid-cap stocks. These stocks typically offer investors a compelling middle ground between large- and small-cap stocks. And when these stocks get upgraded by analysts as these three stocks do, it could set up a nice opportunity for investors. And as the market sentiment turns more risk-on, penny stocks become more attractive to speculative investors. Markoch gave investors two penny stocks that appear to be buying opportunities and one that investors should continue to avoid. Articles by Kate Stalter Investors hoping for a shallow recovery were dealt another blow when housing starts came in lower than expected. And with interest rates expected to go up next week, Kate Stalter wrote about why investors have to be cautious if considering investing in homebuilding stocks. Stalter offered investors a more bullish outlook on Celsius Holdings, Inc. NASDAQ: CELH. The energy drink providers is outperforming a key rival and is expected to beat on earnings when it reports earnings in August. And as Stalter notes, the stock recently pulled back into a buy zone. And Stalter explained how the recent rally in Uber Technologies Inc. NASDAQ: UBER may continue to have legs after an analyst upgrade. The stock recently hit a two-year high despite an ongoing legal battle in California that continues to be a headwind for UBER stock. Articles by Ryan Hasson Ryan Hasson was helping investors understand the recent price action with Unity Software, Inc. NYSE: U. The stock was outpacing the NASDAQ with a 55% gain in 2023 before a recent pullback. Hasson explains why the stock chart is offering mixed signals and suggests investors look at other metrics to size up the opportunity. Hasson sees a clearer technical outlook for Hewlett Packard Enterprise Company NYSE: HPE. The chart is showing a likely breakout if the stock can get past a key area of resistance. And while cryptocurrency is not for every investor, Hasson explains why the recent price action in Bitcoin CCC: BTC may create an opportunity for risk-tolerant investors. Although the price of these two crypto stocks is highly sensitive to the price movement of Bitcoin, they are up over 400% and could have further to run. Articles by Gabriel Osorio-Mazilli Now that bank earnings are in the books; it’s time to assess winners and losers. Gabriel Osorio-Mazilli looked at the earnings report for Wells Fargo & Company NYSE: WFC and explains why the company’s earnings report may be the catalyst WFC stock needs to break out of a year-long sideways pattern. Osorio-Mazilli also wrote about the pullback in American Airlines Group, Inc. NASDAQ: AAL despite a bullish earnings report. As Osorio-Mazilli explains why seemingly contradictory price action like this can be an opportunity for momentum investors to buy AAL stock before it takes the next leg higher. Osorio-Mazilli was also looking at the geopolitical concerns that hang, perhaps uniquely, over Taiwan Semiconductor Manufacturing NYSE: TSM. The company faces the same cyclical issues as other chip makers. However, its proximity to China and concerns over a possible invasion of Taiwan add extra risk and potentially an opportunity for clever value investors. Articles by MarketBeat Staff The MarketBeat staff was looking at Canoo, Inc. NASDAQ: GOEV. It’s been a difficult year for the EV start-up. However, recent contracts with the United States Department of Defense and NASA may offer speculative investors an opportunity to buy the news on GOEV stock. Acumen Pharmaceuticals, Inc. NASDAQ: ABOS is another speculative stock that risk-tolerant investors may want to consider. Many biopharmaceutical companies are developing drugs and therapeutics to combat Alzheimer’s disease. And ABOS stock spiked after recent news about positive Phase 1 trial results. Now investors have to decide if the gains will hold. For investors looking for more of a sure thing, the staff explained the opportunity for The Hershey Company NYSE: HSY. Despite posting stellar earnings last quarter along with raising its guidance, HSY stock is down 10% from its high in May. However, the fundamentals show that investors are missing the value that’s present in HSY stock which presents a sweet buying opportunity. Before you consider Microsoft, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Microsoft wasn't on the list. While Microsoft currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
AutoNation Beats Earnings Expectations, Stock Down? 2023-07-24 - AutoNation NYSE: AN has reported its second quarter 2023 earnings results to end a tumultuous week in the stock market, sending the stock plummeting upon the release. Investors may be scratching their heads when seeing that all the KPIs (Key Performance Indicators) in the business came out all right, blowing past analyst expectations. Key Points AutoNation stock suffers from a sharp decline during Friday's trading session. This reaction follows the company's release of quarterly earnings. Investors who need help figuring out how to react can follow this simple guideline for best practices—reassured by the fact that the price action is not an accurate reflection of what happened during the quarter. These fundamental metrics can close the loop as to why AutoNation is a value play in the making. Short-term pain? Long-term capital gains could be made. You bet. 5 stocks we like better than AutoNation The stock is down by as much as 7.8% during Friday's trading session, which is not a good look for a stock with a lot of downside, considering it is still next to its all-time high price. Nonetheless, investors can remain calm and do the best thing that a long-term shareholder can sometimes do: nothing. Selling upon mere adverse price action would be foolish; looking to buy immediately after the decline can also be risky, calling for a typical Wall Street critique of 'Trying to catch a falling knife.' Understanding where a potential bottom may be and why today's earnings results directly contrast the way the stock is reacting can act as another pillar of confidence for scared participants. When to Pull the Checkbooks Considering that the stock reached a recent all-time high price of $182.08, investors can begin to point toward the 'Bear Market' definition of a 20% retracement from this price. This simple calculation would suggest that the next support level, where markets may be looking to accumulate or consolidate before finding direction, is $145.66. Remembering that stocks tend to go down out the window and then recover by climbing steep staircases, what seems to be a remote price level could become a reality sooner than later. Current - and potential - investors should consider sitting on the sidelines until these support ranges are reached and then see what the market is thinking regarding the stock. Now, a theoretical purchase solely based on this support price level would be a foolish investment unless the strategy is to gamble money away, in which case AutoNation stock would be ill-suited. Understanding what happened in today's earnings results that made the stock drop and why the future is still bright for the company is critical to moving forward. Revenues increased by a negligible 0.3% during the past twelve months. However, other drivers in the business have taken the spotlight. Gross margins expanded by 13% during the period, supported by inside and outside factors pertaining to management. The easing of the vehicle market's supply chain, which had suffered dislocations during COVID-19, and management initiatives to cut unnecessary expenses have brought on a new wave of profitability for the company. A gross profit of $543 million will mark a record quarter for the firm, leading directly to management's reward to shareholders. Value Awaits Management has repurchased up to 1.6 million shares from the open market during the quarter, at an estimated value of $207 million. Now, why else would insiders be buying back their stock? Surely they must think it is undervalued today or that the future prospects are as bright as ever. Not only is the stock a gauge of the future, but other management decisions are also a sounding board of a resilient recovery in the underlying sector demand. AutoNation acquired five dealerships and opened a new AutoNation USA store; this can be another subtle hint of a new demand wave coming soon. AutoNation stock is confirming these signs of undervaluation in other ways when placed next to other competing names in the space. CarGurus NASDAQ: CARG is seemingly overextended from a valuation standpoint, offering investors a forward price-to-earnings ratio of 22.2x. Perhaps CarGurus is being valued above AutoNation due to today's decline in stock. Markets are typically forward-looking, so they were expecting a bearish reaction to earnings today, undervaluing the perceived future earnings for the company. However, as investors will see, this is good for those willing to wait. Sporting a significantly lower forward P/E of 8.4x will make AutoNation a direct value play. Now that the worst seems to be behind and a new bottom in sight for investors to add - or start - positions, there is only one more thing to be added to this perfect mix: time. Looking out for press releases, further buybacks, or even the following quarterly results can supplement the above-mentioned support level in the stock. Lining up as many catalysts as possible can guide investors to a less bumpy ride back up. Before you consider AutoNation, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and AutoNation wasn't on the list. While AutoNation currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
U.S. Bancorp Shares Rally As Analysts Get Bullish After Q2 Report 2023-07-24 - Key Points U.S. Bancorp shares climbed 6.46% after Q2 earnings report, with the key catalyst for buying spree being a successful capital ratio raise. Raymond James, Goldman Sachs, and Wedbush upgrade ratings or raise price targets. U.S. Bancorp is categorized as a super-regional bank; the company has diversified revenue streams from various business lines. Wall Street expects 2% earnings decline in 2023, followed by growth in 2024, but investors are focused on capital build, not just earnings growth. 5 stocks we like better than U.S. Bancorp Analysts have been vocal lately about U.S. Bancorp’s NYSE: USB potential, emphasizing that shares have been undervalued as investors focused on requirements for capital holdings. U.S. Bancorp shares climbed 6.46% in heavy volume on July 19, following the bank’s second-quarter earnings report. Investors liked what they heard, but the top and bottom-line results were essentially in line with expectations, as you can see using MarketBeat’s U.S. Bancorp earnings data. What was the catalyst for the buying spree? It’s a bit of arcane jargon unique to the banking industry, but in the second quarter, U.S. Bancorp successfully raised its common-equity tier 1 (CET1) capital ratio. That’s a measure of a bank's essential capital compared to its risk-weighted assets, indicating its ability to absorb potential losses. Risk-weighted assets are a way to measure a bank's assets, adjusted based on their potential risk level, to ensure sufficient capital is held to cover potential losses. Boost In Capital Raise Addressed Investor Concerns That boost in CET1, achieved earlier than anticipated, addressed investor concerns about the bank's capital levels. Following the earnings report, Raymond James, Goldman Sachs and Wedbush either boosted their price targets or upgraded their ratings, as U.S. Bancorp’s analyst ratings. The consensus view of the stock is “moderate buy,” with a price target of $48.47, a significant upside of 23.85%. The stock has returned 17.76% in the past month and 9.39% in the past three months, showing the strength of the rally that began in early May. That’s when the stock found a floor above its May 4 low of $27.27 and gradually began trending higher. On the U.S. Bancorp chart, you can see the trend of higher lows that started after May 4. In the most recent quarter, the company earned $1.12 a share, a year-over-year increase of 3%. Revenue came in at $7.141 billion, up 19%. Shares Up Despite Slowing Growth Rates Here’s what’s interesting about the U.S. Bancorp post-earnings rally: Both earnings and revenue growth declined, and Wall Street expects earnings to fall by 2% this year before growth returns in 2024. But blowout earnings growth isn’t what analysts and investors wanted to see. It was all about that capital build. Bank of America was early to the upgrade party, bumping the stock up to “buy” on July 11. In their note, analysts wrote, “We believe investor focus on capital build has distracted attention away from what is among the highest quality franchises in the US banking industry. USB's scale, earnings defensibility and strong execution should drive superior EPS growth and stock outperformance.” Similarly, after the second-quarter report, Morningstar’s Eric Compton wrote that despite the bank reporting what he called an average quarter, “We believe the shares have been materially undervalued, and when they are as cheap as they have been, sometimes it only takes an average quarter to encourage some rerating by the market.” Analysts Pleased With Company's Guidance Compton added that he believed the market was most enthusiastic about management’s increased specificity and guidance with regard to the capital build process. U.S. Bancorp, with a market capitalization of $60 billion is categorized as a super-regional bank. Its balance sheet included the following assets at the end of the second quarter: Earning assets: $619.9 billion Total loans: $379.4 billion Total deposits: $521.6 billion The bank also has a number of business lines, allowing it to diversify its revenue streams. Those lines include corporate and commercial banking, consumer and business banking, wealth management and investment services, and payment services. Watching For Golden Cross While the stock is still in the process of climbing its way out of a steep correction, exacerbated by the regional banking panic in March, the current upward trend line suggests the stock is actionable. More cautious investors might prefer to wait until the stock’s 50-day moving average crosses above its 200-day line. When that occurs, it’s known as the golden cross and is frequently a precursor to further price gains. Before you consider U.S. Bancorp, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and U.S. Bancorp wasn't on the list. While U.S. Bancorp currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
American Express Hiccups After Earnings, Time To Buy? 2023-07-24 - Key Points American Express stock is trading lower after its earnings report, despite posting optimistic growth rates and record quarterly volume. Is there a disconnect here that value investors can take advantage of? The superior moat around the business model offsets these potential risks, calming some investor worries. Missed expectations? Sure, increased management guidance? Absolutely. These valuation metrics and outlooks can reassure investors that the whole market is cheering for a new run in the stock. 5 stocks we like better than American Express Shares of the credit card and services giant American Express NYSE: AXP are trading lower by as much as 5.5% during Friday's trading session, scaring some investors and exciting some as well; patient value investors need to decide which side of the emotional spectrum they will fall on today. Markets may be reacting in this negative shade due to the company missing some revenue expectations; however, when investors eat away at the meat within the earnings presentation, the truth of the actual results can help them land on the excited edge rather than the panic edge. Hi, My Name is American Express Getting to know the stock before making assumptions is critical for investors - and traders - who are on the fence about a potential purchase, whether for the long-term or the short-term. Considering that the stock reached an all-time high not too long ago (first half of 2022), marking the classic Wall Street definition of a 'Bear Market' can help determine some buying levels, especially after today's decline. The stock reached an all-time high price of $199.55. Thus a 20% decline from this level (the definition of a bear market) can become a sensible first target for investors to consider buying after some more due diligence. The price of $159.64, rounded up to an even $160 per share, can be the initial and perhaps the last support level for accumulations. Considering that stocks go down faster than they tend to go up, investors could see this massive support level sooner than later, so they better prepare by arming themselves with the correct information. With American Express's earnings release, bulls can begin to cancel out cries from bears around a 'missed' revenue expectation. According to Bloomberg, analysts were expecting volumes for the company's network to reach $441.6 billion. Management reported a figure shy of expectations at $426.6 billion, a quarterly record for the firm despite the media's focus on an expectations miss. Breaking down the growth drivers in the business and the growth rates over the past twelve months can help investors - and potential investors - understand why today's reaction is severely disconnected from reality. Even analysts can be critiqued for being over-conservative in the price targets they are laying out today. Buy the Hiccup? Check this First Net revenue for the company grew by a staggering 12% over the past year; how many companies can say this when their market capitalization (stock price multiplied by the number of shares) is over $130 billion? That's right, only a few. Companies of all sorts typically slow down their growth across the board once they reach a specific size, not Amex. The company did increase its provision for credit losses expense, which can be seen as a warning sign of a weakening consumer. A 192% increase in this provision account can worry some investors. However, as was mentioned, American Express reported record volume to offset these viewpoints. This quarter's volume growth has been the slowest in the past year, going from 28% a year ago to only 9% today. However, development of any kind today should be valued at a higher multiple since there are many questioning dynamics around whether the economy will fall into a new recession. As always, the point is this; total loans are at a three-year high for Amex, and with a rising interest rate environment thanks to the United States FED, NII (Net Interest Income) is set to rise to mouthwatering levels. Management is getting ahead of the curb by providing optimistic guidance for 2023, and markets agree. Revenue is set to grow at another 15% to 17% clip, again a massive feat for a company this big. Earnings per share are expected to fall between the $11.0 to $11.4 range, equating an 11.6% to a 15.7% annual growth rate. As seen in the stock's forward price-to-earnings ratio, markets are having difficulty showing their excitement toward these growth rate expectations. American Express trades at a 14.3x forward P/E, while competitors like Capital One Financial NYSE: COF and Discover Financial Services NYSE: DFS trade at inferior valuations of 8.3x and 7.4x, respectively. This means that the broader market is placing a higher perceived value on the future perceived earnings of American Express over competitors. If this is not a sign of favoritism and preference, investors may be disappointed. Before you consider American Express, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and American Express wasn't on the list. While American Express currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
ISRG Stock Sinks After Strong Earnings: Is the Growth Priced In? 2023-07-24 - Timing is everything. Intuitive Surgical, Inc. NASDAQ: ISRG delighted investors by beating revenue and earnings expectations when it reported second-quarter earnings after the market closed on July 20. However, the stock dropped nearly 5% after the report. Key Points Intuitive Surgical beat on the top and bottom lines in its second quarter earnings report, but the stock is drifting lower. Initial commentary suggests the dip is due to an expected decline in bariatric surgery for the remainder of the year. ISRG stock is up approximately 55% over the last 12 months, so investors may simply believe the stock is overvalued. Intuitive Surgical is also part of the Nasdaq 100 so some of the volatility is likely due to the ongoing unscheduled rebalance. Analysts are raising their price targets after the earnings report so this may be a buying opportunity for patient investors. 5 stocks we like better than Intuitive Surgical Revenue came in at $1.76 billion, which was approximately 1% above expectations of $1.74 billion. On the bottom line, however, the company posted $1.42 in earnings per share, a 6.7% increase over the $1.33 EPS that was expected. The company also reported strong year-over-year growth in procedures and in placements for its da Vinci robotic surgical system. So Why is ISRG Stock Falling? Diving into the report, the strongest growth in procedures came in the areas of cholecystectomy, hernia repair, and bariatric surgery. However, in the latter category, the company did report that growth was slower on a year-over-year basis as some patients are opting to take drugs over surgery. That nugget of information by itself doesn’t justify a nearly 5% decline in the stock. After all, Intuitive Surgical still forecasts its 2023 procedure growth rate will be in a range of 20% to 22%, up from 18% to 21%. But at a time when ISRG stock is up 55% in the last 12 months, some investors may have been looking for a reason to take a little profit. However, it’s also likely that ISRG stock is experiencing volatility as part of the unscheduled rebalance of components of the Nasdaq 100 to which Intuitive Surgical belongs. As Kate Stalter reported for MarketBeat earlier this week, ISRG stock is one of the stocks expected to have greater weight in the index. That means ETFs that hold ISRG must buy enough shares to correlate with the heavier weighting. Is Intuitive Surgical an AI Play? As a company that specializes in robotic surgery, it was natural for the company to get a question of how Intuitive Surgical is applying artificial intelligence (AI) in its operations. And the answer is that the company has been involved in AI for over a decade. On the call, Intuitive Surgical touted its suite of digital tools, which the company says can be expanded upon with machine learning, including its Computer Vision technology. The company sees itself in the early stages of a process that includes getting secure access to data, collaborating with customers to aggregate meaningful data, and then analyzing the data to look for correlation. Analysts Remain Bullish on ISRG Stock According to the Intuitive Surgical analyst ratings on MarketBeat, three analysts boosted their price targets for ISRG stock after the earnings report. And that’s in addition to Truist Financial, that boosted its price target for the stock on July 19. Notably, all of the new price targets are above the consensus price target for the stock. In early trading the morning after the company’s earnings report, the analysts may be right. ISRG stock appears to have found support and is starting to climb higher. That would set investors up for new highs later this year. Before you consider Intuitive Surgical, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Intuitive Surgical wasn't on the list. While Intuitive Surgical currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Winners And Losers In The Oilfield Supercycle 2023-07-24 - Key Points Halliburton is clearly leading the oilfield operators to new highs. Baker Hughes has a solid quarter but carries the highest valuation. Schlumberger makes money and is on track to increase its dividend. 5 stocks we like better than Halliburton There are no losers in the oil field super cycle, only winners, but winning is relative. While the signs are good that the spending in upstream, natural gas, and efficiency will continue, 1 oilfield services company stands out as the clear winner. Halliburton NYSE: HAL offers a value relative to its peers and a more substantial opportunity for income and growth investors. The company’s results show it can do more with less, which is a lever for shareholder returns. The company’s outperformance is best seen in its ability to generate substantial cash. The takeaway is that Halliburton, Baker Hughes NYSE: BKR, and Schlumberger NYSE: SLB stocks are set to move higher, but Halliburton will likely lead the way. The Oilfield Supercycle Has Long Legs Among the many takeaways from the Q2 reporting period is that the oilfield supercycle has legs. Baker Hughes says upstream spending should remain solid in 2023, and the LNG market is good. In their eyes, the LNG upswing has several more years to unfold, and international markets are strong for crude and LNG operations. Looking forward, they see 2024 producing more of the same and execs at Halliburton and Schlumberger echoes that. Halliburton’s CEO is confident in the strength and direction of the supercycle. At the same time, Schlumberger’s Olivier Le Peuch is “excited about the opportunities for our business, with international- and offshore-led growth fueling strong pretax segment operating margin expansion and cash flows as highlighted in this quarter’s results.” The Q2 results are solid across the board. The takeaways here are double-digit top-line growth, but the analysts expected it. Baker Hughes outperformed by a slim margin while the other both came up slightly short. The best news is the margin and the bottom lines, which expanded and outperformed the Marketbeat.com consensus. All 3 experienced operating leverage in the quarter to produce GAAP and adjusted earnings above targets. The takeaway is that Halliburton produced the strongest bottom-line growth and delivered the strongest free cash flow. Halliburton generated $0.798 billion in FCF for an FCF margin of 14.25%. That compares to only 9.8% at Baker Hughes and 12% at Schlumberger. Schlumberger produced more FCF, but the company’s business is almost double the size; it would be a surprise if it didn’t. The takeaway is that both companies can make significant dividend increases over the next few years, and Halliburton is in the best shape of all. While Baker Hughes maintained and even grew its distribution since 2020, both HAL and SLB made suspensions that have yet to be corrected. Value Makes The Difference Schlumberger would have to increase its dividend by 100% to reach its prepandemic level compared to only 12.5% for Halliburton, but there is a difference. Halliburton is better positioned to continue raising its dividend beyond the 2019 levels and trades at a value. It trades at only 12X its earnings compared to 19X for SLB, which implies a substantial dividend hike is already priced in. Baker Hughes, which pays out twice as much of its earnings, yields 2.2% but trades at 23X earnings. This suggests that Halliburton stock could see a significant price multiple expansion and distribution increases over the next few years. A look at the chart is telling. Halliburton stock is clearly leading the market since 2018. If confirmed, the stock price is waving a Bullish Flag that could lead to another 50% upside. That is consistent with the analysts' consensus target and rating of Buy; the consensus target is about 30% above the current price action, with a high target that’s another 15% higher. Before you consider Halliburton, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Halliburton wasn't on the list. While Halliburton currently has a "Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Joby Downgraded: Is This The Buying Opportunity We’ve Wanted? 2023-07-24 - Key Points Joby’s planes have been cleared for production, with U.S. Air Force set to be their first customer. They have raised a ton of cash to ensure they have the runway to get to market. Any further selling is only increasing the longer-term opportunity for investors. 5 stocks we like better than Joby Aviation Our regular readers will be well familiar with Joby Aviation Inc NYSE: JOBY, whose massive potential we first wrote about last November. We flagged fresh upside potential in late February and again at the start of June, and so far, it hasn’t let us down. Shares of the electric aircraft startup have rallied as much as 275% since the start of the year, but so far in July, their wings have been clipped. The stock is down about 30% in the past three weeks, but the good news is there’s nothing really fundamental behind the drop. In fact, we’re leaning towards this being a buying opportunity for any investors who’ve been chasing the bid. The company has a lot more tailwinds than headwinds right now, so let’s jump in. For starters, key updates in recent weeks have shown the company to be a lot closer to generating revenue than many were giving them credit for. Joby is still a very early-stage aviation tech startup and one whose revenue, not to say profits, are, for the most part, all theoretical for now. However, despite this and in a sign of just how serious their plans are being taken, both Toyota and the U.S. Air Force have already signed contracts with them. The latter partnership, in particular, would have convinced many of the skeptics, with its $131 million contract securing Joby’s path to commercialization and real-life planes. In fact, nine are scheduled to be delivered in the first half of next year. Strong Runway Beyond these high-profile partnerships, Joby’s leadership has been strategic in making sure they have enough cash to get all the way down the runway. They took advantage of the stock’s rally to raise an additional $180 million in May and made a point of highlighting the impact this is going to have on their R&D capabilities. Further funding of $100m was announced earlier this month. In addition, there’s been from the regulation side of things, with the Federal Aviation Administration (FAA) issuing them a certificate for their first production prototype last month. This news alone sent the stock up nearly 100% and helped arrest a run of red days as investors had started to take profits after the recent high. It feels like we’re going through that again right now, and it may be no bad thing in the long run. Whenever an early-stage stock commands the kind of hype that Joby does, there’s always going to be volatility in its share price. This current dip has been accelerated by the team at JP Morgan downgrading their rating on the stock. They moved it from Neutral to Underweight earlier this week over concerns about its current valuation relative to its peers. Interestingly they remained bullish on the company’s prospects to deliver and went so far as to say the upside has been significantly de-risked, but the recent rally has made them nervous. Taking Advantage For those of us who find ourselves buying into the company’s mission and vision, this means there are always buying opportunities, even if we miss getting in on the ground floor. Joby’s RSI, an indication of how overbought or oversold a stock is, was above 80 after the FAA update, indicating the former. It’s only natural that short of further groundbreaking updates, there will be a drop in volume on the bid, leading to investors with a shorter-term view selling to lock in profits. Investors keen to take advantage of the dip should watch for the current bout of selling to lose momentum and for shares to consolidate with some sideways action. Joby’s RSI is already back in the 40s, so we could soon see the momentum starting to swing again. One thing’s for sure, Joby isn’t going anywhere but up, which counts for both their prototypes and stock. Before you consider Joby Aviation, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Joby Aviation wasn't on the list. While Joby Aviation currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
British manufacturers’ share of EU business falls despite global trade boom 2023-07-24 - Factories in England and Wales are seeing a downward trend in the share of their trade going to the EU, an analysis from the manufacturers’ trade body shows. Make UK said that between Britain’s divorce from the EU in 2020 and 2022, only Scotland and Northern Ireland increased their share of exports to the EU, leaving the majority of English regions and Wales suffering a decline in the proportion of sales going to the bloc. Research by the business advisory firm BDO for Make UK indicated that a structural shift in the UK’s trade patterns was hurting factories in north-west England and the West Midlands that had previously forged strong connections with firms inside the single market and customs union. The study of official data found that the UK’s share of manufacturing exports to the EU had increased slightly in 2022, to 52% from 50% in 2019, but put this down to an increase in tariff-free trade across the land border in Ireland owing to the Northern Ireland protocol and a jump in the value of Scottish oil and gas exports after Russia’s war in Ukraine sent wholesale prices soaring. “This [rise] was a result of sharp increases in the share of exports to the EU from Northern Ireland and Scotland over the same period, without which the overall UK share of goods exports would also be on a downward trend,” the report said. “Furthermore, given the share of goods exports to both Asia and Oceania and North America has remained relatively stable at around 16% since 2019, this would indicate that UK manufacturers are looking at opportunities outside their traditional big three markets.” According to the analysis, London and the south-east and east of England were the only English regions to have experienced an increase in their share of goods to the EU since 2019. The share of goods exported by London and south-east England increased from 49% to 50%, while the east of England’s share rose from 49% to 54%. Meanwhile, the north-west recorded a drop in its share from 52% to 50%, the West Midlands slipped one percentage point to 45%, and the north-east, which depends heavily on its relationship with northern Europe, suffered a fall from 60% to 57%. By contrast, in the same period Northern Ireland’s share increased from 59% to almost two-thirds (64%), while Scotland recorded an even sharper increase, from 50% to 59%. The figures follow separate data from the UN Conference on Trade and Development (Unctad) last month that showed Britain endured the worst exports record of any member of the G7 besides Japan over the last decade. Unctad said the UK’s goods and services exports had a value of $813bn in 2012 and rose by just 6% to $862.6bn by 2021, compared with the double-digit increases, calculated in US dollars, enjoyed by Canada (10.2%), France (16.1%), Germany (22.7%), Italy (15.9%) and the US (13.8%). skip past newsletter promotion Sign up to Business Today Free daily newsletter Get set for the working day – we'll point you to all the business news and analysis you need every morning Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion Make UK said the figures for 2022 showed that England’s small and medium-sized factory owners, which face the biggest burden of extra costs from customs checks, needed more government support for exporting to countries outside the EU. Verity Davidge, director of policy at Make UK, said: “Given the EU remains the most important market for manufacturers, efforts still need to be made to improve the existing agreement with the EU to reduce barriers to trade. “However, UK trade patterns may be undergoing a gradual shift, with many companies continuing to look for opportunities in other markets. This has significant implications for export support and government policy must reflect this.”
Twitter will change logo from bird to 'X' on Sunday, Elon Musk says 2023-07-24 - Twitter owner Elon Musk announced Sunday that the app's world-renowned bird logo would be switched to an "X" later in the day. Musk had said the change would happen Monday, but he tweeted hours later that the "Interim X logo goes live later today." Early Sunday, Musk posted a short video of a flickering “X." Later in a Twitter Spaces audio chat, he replied “Yes” when he was asked whether the logo will change. "Yeah we’re cutting the Twitter logo off the building with blow torches," he told an unknown speaker. By Sunday afternoon the web address x.com, a domain returned to Musk in 2017 after it was relinquished under the merger that became PayPal, redirected to Twitter. The shift from bird imagery to that of a capital letter will be the latest big change since he bought Twitter for $44 billion last year. Musk tweeted that the idea of changing the logo to "X" is "To embody the imperfections in us all that make us unique." “And soon we shall bid adieu to the twitter brand and, gradually, all the birds,” Musk wrote. On Sunday, Twitter CEO Linda Yaccarino said the branding change will introduce a major pivot for the microblogging platform, which she said will become a marketplace for "goods, services, and opportunities" powered by artificial intelligence. "It’s an exceptionally rare thing — in life or in business — that you get a second chance to make another big impression," the chief tweeted. "Twitter made one massive impression and changed the way we communicate. Now, X will go further, transforming the global town square." She continued, "X will connect us all in ways we’re just beginning to imagine." Musk put new curfews on his digital town square this month, a move that met with sharp criticism that it could drive away more advertisers and undermine its cultural influence as a trendsetter. The higher tweet-viewing threshold is part of an $8-per-month subscription service Musk rolled out this year to boost revenue. Revenue has dropped sharply since he took over the company and laid off roughly three-fourths of the workforce to slash costs and avoid bankruptcy. In May, Musk hired Yaccarino, then the chairman of advertising and partnerships at NBC Universal, to lead the platform. Luring advertisers is essential for Musk and Twitter after many fled in the early months after his takeover, fearing damage to their brands in the enveloping chaos. Advertisers have cut back on spending partly because of changes Musk has made that have allowed more hateful content to flourish and offend a wider part of the platform’s audience. Musk said in late April that advertisers had returned, but he provided no specifics. Twitter also faces competition from Meta’s new app, Threads, launched this month. It has been seen as an alternative for those who have been souring on Twitter. Threads is being billed as a text-based version of Meta’s photo-sharing app, Instagram, that the company has said offers “a new, separate space for real-time updates and public conversations.” In the first five days of its launch, 100 million people signed up for Threads, Instagram head Adam Mosseri said on Threads.
Stock market today: Asian shares mostly higher after winning week on Wall Street 2023-07-24 - BANGKOK (AP) — Asian shares advanced on Monday after Wall Street closed out another winning week. Hong Kong declined but other major markets in the region were higher. U.S. futures edged lower and oil prices also fell. The Federal Reserve is widely expected to raise its federal funds rate on Wednesday to its highest level since 2001. Investors are hoping that might be the final increase of the tightening cycle because inflation has been cooling since last summer. The federal funds rate started 2022 at virtually zero. This week markets also are watching for the outcome of a major political meeting in China that might bring more measures to prop up slowing growth in the world’s second largest economy. “Recent stimulus measures to boost consumption of automobile and electronics items failed to provide much conviction that they will be sufficient to uplift the downbeat growth conditions, with mounting hopes on the China Politburo meeting this week for more follow-through,” Yeap Jun Rong, a market analyst at IG, said in a commentary. The Bank of Japan will hold a policy meeting which is not expected to yield major changes to the country’s ultra-lax monetary stance. Tokyo’s Nikkei 225 index added 1.2% to 32,696.65, while the Hang Seng in Hong Kong dropped 1.4% to 18,808.59. The Shanghai Composite index edged 0.1% higher to 3,170.30. In Seoul, the Kospi gained 0.4% to 2,621.56. Australia’s S&P/ASX 200 was up 0.1% at 7,319.60. The SET in Bangkok picked up 0.2% and the Sensex in India was up less than 0.1%. On Friday, stocks on Wall Street found some stability after sliding the day before. The earnings reporting season has been gaining momentum, with the majority of companies reporting better results than expected. The S&P 500 edged up by 0.1%, to 4,536.34, capping its eighth winning week in the last 10. The Dow Jones Industrial Average added less than 0.1% to 35,227.69, its 10th gain in a row. The Nasdaq composite slipped 0.2% to 14,032.81 a day after tumbling to its worst loss in more than four months. Roper Technologies rallied 3.7% for one of the larger gains in the S&P 500 after it reported better profit and revenue for the spring than analysts expected. The company, which looks to dominate niche tech markets, also raised its financial forecasts for the full year. On the losing side of Wall Street was American Express, which fell 3.9%. It reported stronger profit for the spring than expected, but its revenue fell short of forecasts. The stock market has generally been on a tear this year, with the benchmark S&P 500 up 18.1%, as the economy has defied predictions for a recession. It’s so far powered through much higher interest rates meant to bring down inflation, and the hope is that it may outlast the Federal Reserve’s rate-hike campaign. The Fed is widely expected to raise its federal funds rate on Wednesday to its highest level since 2001. But the hope is that will be the final increase of the cycle because inflation has been cooling since last summer. The federal funds rate started last year at virtually zero. This week, three of the “Magnificent Seven” companies behind the majority of the S&P 500’s gains this year, Alphabet, Facebook parent company Meta Platforms and Microsoft will report their earnings. Expectations are high after they all soared more than 35% so far this year. The top stocks have become so big and their movements have become so influential over the market that Nasdaq was rebalancing its Nasdaq 100 index before trading was to begin Monday to lessen the impact some stocks have on the overall index. The seven stocks, which also include Amazon, Apple and Nvidia, are collectively trading with stock prices that are 44 times higher than their earnings per share over the last 12 months, according to Savita Subramanian, equity strategist at Bank of America. In other trading Monday, U.S. benchmark crude oil slid 14 cents to $76.93 per barrel in electronic trading on the New York Mercantile Exchange. It picked up $1.42 on Friday to $77.07 per barrel. Brent crude, the pricing basis for international trading, declined 15 cents to $80.92 per barrel. The dollar fell to 141.47 Japanese yen from 141.68 yen. The euro slipped to $1.1120 from $1.1128.
This Week: Consumer confidence, Fed policy, inflation update 2023-07-24 - A look at some of the key business events and economic indicators upcoming this week: Staying confident The Conference Board releases its gauge of consumer confidence for July on Tuesday. Economists project that confidence remains high following a surprising jump in June, when The Conference Board’s consumer confidence index reached 109.7, its highest level in 18 months. The measure is expected to rise to 110.3 in July. A reading of 90 or better reflects a healthy economy. Consumers remain confident amid a strong labor market that has acted as a bulwark to slower economic growth elsewhere. Consumer confidence, by month: Feb. 103.4 March 104.0 April 103.7 May: 102.5 June: 109.7 July (est.): 110.3 Source: FactSet. Fed peaks interest The Federal Reserve delivers its latest update on interest rates Wednesday. The central bank is widely expected to raise its benchmark interest rate a quarter percentage point to between 5.25% and 5.50% after forgoing a rate increase at its previous meeting. Wall Street is betting that the central bank will then hold rates steady at that level for the rest of 2023, ending its aggressive policy that brought rates up from near zero since early 2022. Measuring inflation The Commerce Department releases its June snapshot of U.S. consumer spending and inflation Friday. The personal consumption expenditure price index, a gauge of inflation that’s closely monitored by the Federal Reserve, has been easing over the last few months. The Fed has been raising interest rates for more than a year to tame inflation. Wall Street is betting that the central bank will raise rates one more time this year, then pause. Consumer spending, monthly percent change, seasonally adjusted: Jan.: 0.6 Feb.: 0.3 March: 0.1 April: 0.4 May: 0.1 June: (est.): 0.2 Source: FactSet
Hike and then?: Five questions for the ECB 2023-07-24 - LONDON, July 24 (Reuters) - The European Central Bank looks set to pull the rate-hike trigger on Thursday, but what it will do after July is less certain and financial markets are craving some guidance. Euro zone interest rates have risen 400 basis points in the last year to 3.5%, their highest in 22 years, and are now close to peaking as headline inflation cools and the economy weakens. "The difference (from past meetings) is that until now they've given at least quite precise guidance vis-a-vis the next meeting," said Barclays head of European economics research Silvia Ardagna. "And we expect that to become more loose." Here are five key questions for markets. 1/ How much will the ECB hike rates? A quarter percentage point increase to 3.75% is priced in by markets and forecast by economists. Headline inflation is cooling but remains high enough to justify a modest increase. The ECB has flagged a July move. "The ECB will hike again and anything else would be a major surprise," said RBC Capital Markets global macro strategist Peter Schaffrik. Reuters Graphics 2/ What signals is the ECB likely to send about future policy? Market consensus for one more hike after July is no longer rock solid after some ECB hawks suggested that a September rise is not certain, so the ECB could turn more cautious in its signalling, while confirming it will be data dependent. "(ECB President Christine) Lagarde will stress uncertainty and conditionality (when and if she mentions further tightening)," said Massimiliano Maxia, senior fixed income specialist at Allianz Global Investors. Some analysts expect the ECB to pause in September, when updated staff forecasts will give it an opportunity to signal that inflation is set to reach its 2% target. They added that they wouldn't be surprised if the ECB paused then and hiked later if needed, as the U.S. Federal Reserve has done. Money markets price in one more hike after July, suggesting rates will peak at around 4%. Reuters Graphics Reuters Graphics 3/ When does the ECB expect core inflation to fall? While headline inflation fell for a third straight month in June, so-called core prices, such as those for services, have risen stubbornly and are not expected to relent soon. Core inflation, seen as a better gauge of the underlying trend, only edged lower to 6.8% from 6.9% - far from the sustained drop rate-setters want to see. ECB chief Lagarde will likely be pressed on this question but may not give too much away before September's fresh economic projections. "Underlying inflation will be very, very slow to come down so this is a worry for the ECB," said UBS chief European economist Reinhard Cluse, noting a tight labour market and wage pressures. Reuters Graphics 4/ What does a weakening economy mean for policy? Well, rate-setters have reiterated that the main focus remains inflation, even if monetary tightening hurts the economy. "I think (the weakening of the economy) will have minimal impact on monetary policy," said Ruben Segura-Cayuela, Europe economist at BofA. "What matters for the September meeting will be core inflation." Still, slowing growth could strengthen the hands of doves. Euro zone business activity stalled in June as a manufacturing recession deepened and a previously resilient services sector barely grew. BofA reckons the ECB's forecasts are too optimistic; Barclays expects a stagnation for several quarters starting from the second half of 2023. Reuters Graphics 5/ What impact is tighter policy having on financing conditions? Bank lending data suggests the steepest surge in borrowing costs in the ECB's history has started to take a toll on credit conditions and latest numbers on July 25 are in focus. The ECB's chief economist Philip Lane says loan volumes have weakened sharply and that this may generate a "substantial" decline in economic output. This dovish message, if reinforced by latest bank lending data, may fuel speculation that rates are close to peaking. "The peak impact of tightening financing conditions is going to be at the end of this year and the first half of 2024. So a lot of the effect still has to come," said BofA's Segura-Cayuela. Reuters Graphics Reporting by Naomi Rovnick and Dhara Ranasinghe in London and Stefano Rebaudo in Milan, Graphics by Vincent Flasseur, Sumanta Sen, Pasit Kongkunakornkul, Kripa Jayaram, Editing by Catherine Evans Our Standards: The Thomson Reuters Trust Principles.
Ryanair quarterly profit soars, cautious about winter travel 2023-07-24 - Summary Companies April-June profit jumps to 663 million euros Fares to rise by low double digit percentage this quarter CEO concerned about impact of macroeconomic trends DUBLIN, July 24 (Reuters) - Ryanair (RYA.I) on Monday struck a cautious tone about travel demand for the rest of the year and cut its passenger growth forecast due to Boeing (BA.N) delivery delays after its quarterly profit flew past pre-pandemic levels. The Irish airline, Europe's largest by passenger numbers, posted a 663 million euro ($737.26 million) after-tax profit for the three months ending in June after traffic rose by 11% year-on-year and average fares jumped by 42%. That was a four-fold increase on the 170 million euros a year ago when air travel began to take off following COVID-19 lockdowns and beat the previous high for the first quarter of its fiscal year, 397 million euros in 2017. A company poll of analysts had expected a 620 million euro profit. Ryanair, which flew a record number of monthly passengers both in May and June, said demand looked robust for the rest of the summer with fares expected to rise year-on-year by a low double digit percentage between July and September. However it noted a softening in close-in fares in late June and early July and Chief Executive Michael O'Leary said the low cost carrier would likely have to stimulate demand through lower prices this winter when it will have 25% more seats to fill than in 2019. "We're concerned about the impact of these macroeconomic trends. Consumer price inflation, higher interest rates, higher mortgage rates might affect consumer spending in the second half of the year," O'Leary said in an analyst presentation. He added that this would ultimately be good for Ryanair's growth because customers will keep flying but become more price sensitive. Ryanair said it remained cautiously optimistic about a modest increase in full year profit and that it hoped to be in a position to provide more meaningful guidance in November. However, it now expects traffic in the year to March 2024 to grow by 9% to around 183.5 million compared to the 185 million originally expected, citing Boeing delivery delays. The planemaker has indicated that some new aircraft deliveries may be delayed from April 2024 to June 2024, O'Leary said, adding that Ryanair was working closely with Boeing and Spirit AeroSystems (SPR.N) to ensure no further delays beyond that. Chief Financial Officer Neil Sorahan told Reuters he was not as concerned about the delays as he was a few months ago, that Boeing had improved significantly and deliveries were more recently hit by factors outside the planemaker's control. ($1 = 0.8993 euros) Reporting by Padraic Halpin; Editing by Christian Schmollinger, Kirsten Donovan Our Standards: The Thomson Reuters Trust Principles.
'More than just idols': Behind the scenes with K-pop boyband Treasure 2023-07-24 - Treasure — the latest boyband out of YG Entertainment — may be quite new to the K-pop scene, but its members already have big dreams. "I want [us] to be more than just idols. I want each and every member of the group to be an artist of their own," said co-leader Choi Hyun Suk, sharing his vision with The CNBC Conversation. His dream has always been to perform at the U.S. Superbowl halftime show, said the 24-year-old artist, the oldest member of the band. "I know it's really hard, but that sort of dream, even if I just reach the brink of that dream, I really want us to hold on to that dream and not let it fade away — just like how I envision our group, Treasure." Treasure made its debut in 2020 while Covid-19 was spreading wildly around the world. It started out as a 12-member band but two of them left in November last year, leaving the boy band with just 10 members. Three of its members — Choi and his co-leader Park Jihoon (who goes by the stage name Jihoon), as well as rapper Yoshinori Kanemoto, better known as Yoshi — spoke to CNBC about the humble beginnings of the group.
Goldman Sachs expects 'all time high' oil demand to spur large deficits, boosting prices 2023-07-24 - In this article GSBD GS Follow your favorite stocks CREATE FREE ACCOUNT Oil storage tanks stand at the RN-Tuapsinsky refinery, operated by Rosneft Oil Co., at night in Tuapse, Russia. Andrey Rudakov | Bloomberg | Getty Images Goldman Sachs expects record demand in oil markets to drive crude prices higher in the near term. "We expect pretty sizable deficits in the second half with deficits of almost 2 million barrels per day in the third quarter as demand reaches an all-time high," Goldman's head of oil research Daan Struyven told CNBC's "Squawk Box Asia" on Monday. He added that the bank forecasts Brent crude to rise from just above $80 per barrel now to $86 per barrel by year-end. Global benchmark Brent futures traded 0.39% lower at $80.75 a barrel, while U.S. West Texas Intermediate futures stood 0.42% at $76.75 per barrel. 'Elevated demand uncertainty' While Struyven acknowledged that U.S. crude oil production has risen significantly over the past year to 12.7 million barrels per day, he said that pace of growth will slow throughout the rest of 2023. "We expect U.S. crude supply growth to slow down pretty significantly to a sequential pace of just 200 barrels per day from here," he said, pointing to the decline in rig counts. That metric, which tallies the number of active oil rigs, is used as an indicator of drilling activity and future output. watch now
Officials confirm 4 dead in Alaska helicopter crash 2023-07-24 - Alaska officials confirmed Sunday that all four people on a helicopter that crashed into a remote lake near the city of Utqiaġvik died. The state Department of Natural Resources identified them as employees Ronnie Daanen, Justin Germann and Tori Moore. Pilot Tony Higdon also died, it said. No ages were given. The crash happened about 7 p.m. Thursday roughly 51 miles south-southwest of Utqiaġvik, which claims to be the northernmost city in the U.S. It was formerly known as Barrow. The Department of Natural Resources said the three state employees, described as geological survey workers, were conducting field research from the air when the aircraft went down in the large, shallow lake. Their remains were found Sunday, it said in a statement. Fog was the predominant weather feature in the region the evening of the crash, according to the National Weather Service. NBC affiliate KTUU of Anchorage reported that the aircraft was a Bell 206L-4 operated by Maritime Helicopters in Homer. The cause of the crash was being investigated by the National Transportation Safety Board. "The Department is beginning the process of grieving for our colleagues, supporting our team through this challenging time, and working with partner agencies to learn everything we can about this incident," the Department of Natural Resources said.