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Here are Friday's biggest calls on Wall Street: Bank of America reiterates Alphabet as buy Bank of America said it is sticking with its buy rating on Alphabet following earnings Thursday. Deutsche Bank reiterates Snap as buy Deutsche Bank said it is sticking with its buy rating on the stock following earnings on Thursday. " Goldman Sachs reiterates Intel as sell Goldman Sachs said it is standing by its sell rating on Intel shares following earnings Thursday. Benchmark upgrades Western Digital to buy from hold Benchmark upgrades Western Digital following the company's "major upside" earnings report. Bank of America reiterates Nvidia as buy Bank of America said Nvidia remains a top idea at the firm.
Persons: Goldman Sachs, prioritization, Maxim, Bank of America downgrades Hertz, Raymond James, Knight, Morgan Stanley downgrades Mobileye, Morgan Stanley, Piper Sandler, Wells, Dow Organizations: Bank of America, Deutsche, Deutsche Bank, Microsoft, Intel, TAM, Apple, Barclays, Enphase Energy, Digital, " Bank of America, Sonic Automotive, underperform Bank of America, Underperform, of America, Nvidia, AMD, MU, Caterpillar, Air Defense, Swift Transportation, EPAM, IT Services, Materials, Compass Minerals, JPMorgan, Dow, Teledyne, HSBC Locations: China, underperform, Israel
Morgan Stanley reiterates Apple as overweight Morgan Stanley lowered its price target on the stock to $210 per share from $220 but says it's sticking with Apple. Bank of America reiterates Amazon as buy Bank of America said it's bullish heading into Amazon earnings next week. Bank of America reiterates Tesla as neutral Bank of America said it's sticking with its neutral rating on Tesla shares. Morgan Stanley upgrades Alcoa to equal weight from underweight Morgan Stanley said it sees a more balanced risk/reward for shares of Alcoa. Bank of America reiterates Apple as buy Bank of America says Apple is a top pick at the firm.
Persons: Goldman Sachs, Goldman, Morgan Stanley, it's, Piper Sandler, Piper, Apple, Q, Q revs, Papa, Stifel, Papa John's, Jefferies, Mizuho, JPMorgan, Raymond James downgrades, Raymond James, TD Cowen, BRBR, BMO downgrades, Tesla, Oppenheimer Organizations: Nvidia, NVIDIA, RBC, Apple, Microsoft, Meta, Bank of America, JPMorgan, Cisco, Deutsche Bank, Realty Trust, Deutsche, Brands, BMO, of America, Alcoa, Kymera Therapeutics, " Bank of America Locations: Singapore, Asia, Brazil
Companies that are spending big internally to grow their businesses should start outperforming if the economy remains on strong footing, according to Goldman Sachs. The Wall Street bank is advising clients consider buying companies with a high level of capital expenditure and research and development expenses. Those companies have outperformed those returning cash to shareholders via buybacks and dividends this year by 2 percentage points, Goldman said. In this environment, investors typically reward companies investing for growth when economic growth is accelerating, if history is any guide, Goldman said. The firm found a slew of stocks in the S & P 500 with the highest percentage of capex and R & D per market cap.
Persons: Goldman Sachs, Goldman, David Kostin Organizations: Norwegian Cruise Line, United Airlines, American Airlines, Delta Air Lines, Meta, Intel, HP, Western Digital Locations: Norwegian, United
The Nasdaq sank 2% on Friday as Netflix dropped nearly 11% post-earnings and Club stock Nvidia fell 10%, entering bear market territory but still up more than 50% in 2024. Following a much stronger-than-expected March retail sales report last month, fresh economic data and six Club stock earnings will take center stage in the week ahead. While lower rates may help stock multiples, that is not a sustainable path to higher equity prices over time. Earnings : The latest quarterly reporting season is starting to ramp into high gear with six Club names set to report next week. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.
Persons: Dow, Jerome Powell, Jim Cramer, Mark, Meta, Bing, Ford, Vimal, Lockheed Martin, Clark, Philip Morris, Sherwin, Williams, Baker Hughes, Lam, Northrop, Dr Pepper, CARR, Edwards Lifesciences, Jim Cramer's, Jim, Michael M Organizations: Nasdaq, Netflix, Nvidia, Dow Jones, Federal, Fed, Hamas, Gross, Google, Reality Labs, General Motors, Honeywell, Microsoft, Verizon Communications, Albertsons Companies, SAP, Cadence Design Systems, United Parcel Service, General Electric, GE, PepsiCo, Lockheed, Spotify Technology, RTX Corporation, JetBlue Airways, Halliburton, HAL, Philip Morris International, Quest Diagnostics, Texas Instruments, Seagate Technology, Mattel, Veralto Corporation, Boeing, General Dynamics, Boston, Hilton, Fisher, Otis Worldwide, IBM, Grill, Viking Therapeutics, Lam Research, Whirlpool, WM, Honeywell International, Royal Caribbean Cruises, American Airlines, Altria, Newmont, Caterpillar, Southwest Airlines, Myers Squibb, AstraZeneca, Mobileye, Northrop Grumman, CNBC, Comcast, Merck, Dow Inc, Carrier Global, Union Pacific, Intel, Western, Mobile, L3Harris Technologies, Exxon Mobil, Chevron, Colgate, Palmolive, HCA Healthcare, Charter Communications, Newell Brands, Jim Cramer's Charitable, Traders, New York Stock Exchange, Santiago, Getty Locations: Israel, Iran, Ukraine, destocking, China, Cleveland, Freeport, McMoRan, Kimberly, Masco, Bristol, New York City
The Big Tech earnings next week could revive a flagging market, or at least give investors direction into where stocks are going from here. Wall Street is hoping next week's megacap tech results will give investors insight into where the artificial intelligence trade is going from here, as a bounce in tech could lift the indexes. They're also hoping a slew consumer commentary will give investors insight into the state of the economy. However, he said any pullback in the tech names could give investors an opening to start "nibbling away" at additional exposure. Personal Income 10 a.m. Michigan Sentiment NSA final Earnings: T. Rowe Price Group , Colgate-Palmolive , Exxon Mobil , Chevron , AbbVie , Phillips 66
Persons: Tesla, They're, Kim Forrest, Elon Musk, Emily Leveille, Scott Ladner, Ladner, Horizon's Ladner, FactSet, Baker Hughes, Philip Morris, Lockheed Martin, Raymond James Financial, Rowe Price, Phillips Organizations: Big Tech, Google, Microsoft, Bokeh, Nasdaq, Investors, Deutsche Bank, Reuters, Thornburg Investment Management, Meta, Consumer, Visa, Chicago, Verizon Communications, Ameriprise, Truist, PMI, New, Richmond Fed, Enphase, Tesla, NextEra, Philip Morris International, Halliburton, United Parcel Service, PepsiCo, Lockheed, Raytheon Technologies, GE Aerospace, Grill, Business Machines, Lam Research, Ford Motor, Technology, Waste Management, Universal Health Services, Raymond, Boeing, Hilton Worldwide Holdings, . Kansas City Fed Manufacturing, Mobile, Capital, Financial Corp, Intel, Western Digital, Comcast, American Airlines Group, Southwest Airlines, Valero Energy, Caterpillar, Tractor Supply, Royal Caribbean Group, GE, PCE, NSA, Rowe Price Group, Colgate, Palmolive, Exxon Mobil, Chevron Locations: China, Europe, U.S, NextEra Energy, Freeport, McMoRan, . Kansas, Michigan, AbbVie
Shockwave Medical — The medical device stock rose 1.6% after Johnson & Johnson announced it would buy the company for $12.5 billion. Krispy Kreme — Shares of the doughnut chain surged 5% in premarket trading after Piper Sandler upgraded the stock to overweight from neutral. Fox Corporation Class A — The stock rose 1% following an upgrade to buy from neutral at Seaport Research. Western Digital — The semiconductor stock rose nearly 3.5% after an upgrade to buy from neutral by Rosenblatt Securities. Agilent Technologies — The life sciences applications company rose more than 1% after receiving an upgrade to buy from hold at Stifel.
Persons: Johnson, Piper Sandler, Krispy Kreme, McDonald's, Omar Mejias, Wells, Steven Cahall, Ollie's, Gro —, Rosenblatt, Daniel Arias, — CNBC's Michelle Fox, Hakyung Kim, Yun Li, Sarah Min, Jesse Pound Organizations: Johnson, USA, Scotts Miracle, Gro, Fox Corporation, Seaport Research, Rosenblatt Securities, Western, Technologies, Stifel Locations: Wells Fargo
"We are raising our YE'24 NFLX target price $65 to a street-high $765 driven primarily by a combo of higher '24 and beyond subscriber/ARPU forecasts." "We are upgrading Ollie's Bargain Outlet to a Buy from a Hold rating while raising our price target to $90 from $80, implying 26% upside from current levels." We cut our price target from $2 to $1, still giving ATUS the highest multiple in Cable as optionality. "We are raising our already Street High $330 YE'24 target price $60 to $390 driven primarily by higher premium and to a lesser extent ad supported ARPU forecasts." Jefferies adds Pepsi to the franchise picks list Jefferies said it sees opportunity internationally for Pepsi and raised its price target to $209 per share from $199.
Persons: Marvell, it's, Bernstein, Mizuho, Wells, Piper Sandler, Krispy, JPMorgan, Eli Lilly, LLY, Stifel, Rosenblatt, Snowflake, Jefferies, underperform KBW, Daiwa, Tesla, KBW, Monness Crespi Hardt Organizations: Netflix, Bank of America, Apple, Amazon Web Services, RBC, Eaton, Piper, JPMorgan, Technologies, Cable, Spotify, BMO, Royal Bank, Pepsi, Fox, Fox News, Digital, Citi, Express, American Express Locations: NY, McDonald's, USA, Toronto, Snowflake, U.S
Cameco — Shares rose more than 5% after Goldman Sachs initiated coverage of the uranium producer with a buy rating, saying there is more than 25% upside. Microsoft — Microsoft shares rose 0.7% following a report from The Information, citing unnamed sources, saying Microsoft and OpenAI are planning a $100 billion data center project. Super Micro Computer shares rose 2.5%. Universal Health Services — Shares fell after Universal Health Services said in a regulatory filing its subsidiary Pavilion Behavioral Health was ordered to pay $60 million in compensatory damages and $475 million in punitive damages. MicroStrategy — Shares slipped more than 3% after Michael Saylor, executive chairman of MicroStrategy, sold nearly 4,000 shares of MicroStrategy stock last week, according to a regulatory filing .
Persons: Cameco, Goldman Sachs, Semtech, Robinson, Brandon Oglenski, Bill Holdings, Wells, Bill, Tesla, Tommy Bahama, Michael Saylor, InterDigital's, — CNBC's Brian Evans, Lisa Kailai Han, Alex Harring, Tanaya Macheel, Jesse Pound Organizations: Micron Technology —, Bank of America, Microsoft, Western Digital, Micro Computer, Hunt Transport, C.H, Barclays, . Oxford Industries, Citi, Universal Health Services, Behavioral Health Locations: North America
"Royal Gold's valuation is now more compelling under our new commodity price assumptions and with modest relative underperformance of Royal Gold share price year to date." Citi reiterates Tesla as neutral Citi lowered its price target on the stock to $196 per share from $224 ahead of the company's delivery numbers in early April. We rate the shares Overweight." Citi reiterates Nvidia as buy Citi said it's sticking with its buy rating on shares of Nvidia. HSBC initiates Spotify as buy HSBC initiated the stock with a buy and said it's "hitting the right notes."
Persons: Morgan Stanley, Tesla, Evercore, Raymond James, GoDaddy, BIL, Baird, Tesla Baird, it's, Wells, Mizuho, Cabot, OEC, Needham, DraftKings, Davidson downgrades Lowe's, UBS downgrades Linde Organizations: Western Digital, KBW, BMO, Royal, Royal Gold, Netflix, JPMorgan, Apple, Deutsche Bank, Citi, Visa, Marvell Citi, UBS, Disney, GE, Nvidia, AMD, HSBC, Spotify, Barclays, JetBlue, LIN Locations: Wells Fargo, GDDY, China, 473.3k
Technology stocks have been driving the market's rally to record highs, but there are still a number of hidden-gem cheap names in the sector for investors to take advantage of. That is, we sought to find stocks that are cheaper than their peers based on their stock price relative to their future earnings power. Chipmakers have been riding on the tailwind of the enthusiasm of artificial intelligence, and Wall Street analysts still think these two stocks have significant upside ahead. The database software stock surged 12% Tuesday after fiscal fourth-quarter results topped analysts' earnings estimates. Investors might also want to take a closer look at First Solar, according to the screen.
Persons: Belden, TD Organizations: CNBC Pro, Western, Skyworks, Wall Street, Oracle Locations: Corning
Moore named Nvidia , Western Digital and Microchip Technology as the investment bank's favorite names coming out of the conference. Computer drive maker Western Digital is the firm's top pick. Western Digital announced in late October that it will split its hard disk drive and NAND memory businesses into two separate public companies. "Every semiconductor equipment company that we talked to highlighted that NAND spending will remain at minimal levels through CY24, even as DRAM spending and cutting edge fab spending hit new highs," he said. Western Digital shares are up 17.9% so far this year.
Persons: Morgan, Joseph Moore, Moore, Morgan Stanley's Organizations: Media, Telecom, Nvidia, Western Digital, Technology, Computer, Western, Digital Locations: CY25
Dollar Tree — Shares of the discount retail chain popped 1% following an upgrade to overweight from neutral at JPMorgan. SoFi Technologies — Shares of the financial services provider surged 21% after the company reported its fourth-quarter financial results. ZoomInfo Technologies — Shares jumped more than 6% after Bank of America upgraded shares to buy from neutral on revenue growth acceleration. The firm cited tailwinds including improving market share and volume trends, as well as an attractive valuation and strong top-line growth. Flywire — Shares of the fintech company gained 3.75% after being upgraded by Morgan Stanley to overweight from equal weight.
Persons: McGrath RentCorp, McGrath, SoFi, iRobot, Koji Ikeda, Wells, Flywire, Morgan Stanley, Beam, , Samantha Subin, Yun Li, Michelle Fox, Alex Harring, Lisa Kailai Han, Sarah Min, Pia Singh, Tanaya Macheel Organizations: WillScot Mobile, JPMorgan, Wall, Amazon, Bain Capital, Western Digital, Kioxia Holdings, Bloom Energy, Bank of America, ZoomInfo, Hershey —, AllianceBernstein, Warner Bros, , Beam Locations: Japan, AATD
Notably, Morgan Stanley is also calling for similarly solid growth this quarter despite a slew of negative revisions for fourth-quarter earnings in recent months. Post-earnings moves are top of mind for Morgan Stanley, which noted that they've been subdued throughout 2023. Its strategists are also eyeing corporate guidance and subsequent earnings revisions, which could determine whether analysts' pessimism will continue. Morgan Stanley's S&P 500 profit estimate of $229 is well below the market's projection of $243. 8 stocks that stand out nowA better-than-feared fourth-quarter earnings season will be especially friendly to eight companies that can surprise to the upside after reporting, according to Morgan Stanley.
Persons: Morgan Stanley, Michelle Weaver, they've, Weaver, Morgan Stanley's Organizations: Business, Bank of America, Western Digital
On Thursday, Capital One posted fourth-quarter revenue of $9.51 billion, while analysts polled by LSEG called for $9.46 billion. Booz Allen Hamilton — Shares soared 12% after the company reported an earnings and revenue beat for its fiscal third quarter, per FactSet. Booz Allen Hamilton also raised its full-year earnings and revenue guidance, and raised its quarterly dividend by 8.5%. Colgate-Palmolive — The consumer products company rose more than 2% after posting an earnings and revenue beat in the fourth quarter. Visa — The stock slipped nearly 2% even though Visa beat estimates on the top and bottom lines in the fiscal first quarter.
Persons: LSEG, Booz Allen Hamilton, Horacio Rozanksi, Coinbase, Oppenheimer, CNBC's Lisa Kailai Han, Pia Singh, Samantha Subin, Michelle Fox, Tanaya Macheel Organizations: Capital, Spirit Airlines, JetBlue, Booz, Colgate, Palmolive, LSEG, Intel, KLA Corporation, Visa, Western Digital
The company now expects revenue in the range of $12.2 billion to $13.2 billion, while analysts polled by LSEG forecast $14.16 billion. American Express — Shares added 3% after the company issued full-year guidance that topped expectations, although its fourth-quarter results were weaker than expected. American Express is anticipating full-year earnings between $12.65 to $13.15 per share, versus the StreetAccount consensus estimate of $12.38 per share. T-Mobile — The telecommunications company declined 2% after posting mixed fourth-quarter results. T-Mobile posted $20.48 billion in revenue, ahead of a $19.67 billion forecast.
Persons: Levi Strauss –, Coinbase, Oppenheimer, Macheel, Brian Evans, Sarah Min, Michelle Fox, Jesse Pound Organizations: Intel, LSEG, American, Mobile, FactSet, Western Digital, KLA Corporation, Wall, Deutsche Bank, Colgate, Palmolive, Capital, Federal Deposit Insurance Corporation
T-Mobile — The telecommunications stock shed 2.9%% after T-Mobile missed on earnings expectations for the fourth quarter, but beat on revenue. The company posted $1.67 per share in earnings, while analysts polled by LSEG expected $1.90 per share. Anticipated revenue of $12.2 billion to $13.2 billion also came short of analysts' expectations of $14.15 billion in revenue for the period. Fourth-quarter earnings also came out Thursday, with Levi's adjusted earnings per share beating estimates, but falling short on expectations for revenue. Western Digital beat revenue expectations in the second quarter, posting $3.03 billion, while analysts called for $2.99 billion, per LSEG.
Persons: LSEG, Levi Strauss —, Levi Strauss, , Darla Mercado Organizations: Mobile, Revenue, Intel —, Intel, KLA, Western, Western Digital
Stock futures were little changed as investors readied for the fourth-quarter gross domestic product report. Futures tied to the S&P 500 and Nasdaq 100 futures flickered near the flat line. In after-hours action, electric vehicle maker Tesla slumped more than 5% after the company missed fourth-quarter estimates on the top and bottom lines. During regular trading Wednesday, a post-earnings surge in Netflix shares helped carry the S&P 500 and the Nasdaq Composite to a fifth winning day. On the earnings front, health-care giant Humana is expected to report before the bell, along with Southwest Airlines and American Airlines.
Persons: Tesla, I've, Ed Yardeni Organizations: Dow Jones Industrial, Nasdaq, IBM, Netflix, Dow Jones, Yardeni Research, Southwest Airlines, American Airlines, Intel, Mobile, Western Digital
Northland downgrades Advanced Micro Devices to market perform from outperform Northland downgraded the stock mainly on valuation. " Bernstein reiterates Apple as market perform Bernstein said it expects "not great" Apple earnings on February 1. William Blair downgrades Vita Coco to market perform from outperform William Blair said it's concerned about higher costs for the beverage company. Raymond James downgrades Comerica to market perform from outperform Raymond James said the earnings outlook looks too challenging for Comerica. "We are downgrading CMA shares from Outperform to Market Perform and reducing our 2024 EPS estimate to reflect its initial 2024 outlook."
Persons: Bernstein, Hunt, KeyBanc, Key, it's, Morgan Stanley, Oppenheimer, Lowe's, Goldman Sachs downgrades Archer, Daniels, Goldman, Vikram Luthar, William Blair downgrades Vita Coco, William Blair, Wolfe, NiSource, Tesla, Goldman Sachs, Stone, Evercore, Raymond James downgrades, Raymond James Organizations: Bernstein, Pacific, Norfolk, Union Pacific, NSC, UBS, Devices, Northland, AMD, Western, Home Depot, Apple, HSBC downgrades Lululemon, Daniels Midland, ADM, TAM, Airlines, Barclays, Netflix, JPMorgan, Xerox JPMorgan, Raymond James downgrades Comerica, Comerica, CMA Locations: Norfolk Southern, Northland, Brazil
Fortunately, we'll get useful information in the coming weeks as earnings season ramps up and updated inflation data is released. We really want to see more supply come into the market to provide some relief on shelter costs. Looking to next week, we'll get a several key economic updates and a ramp up of earnings releases. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.
Persons: Morgan Stanley, we'll, Procter & Gamble, we've, We're, we're, We'll, Forex, Brown, BRO, Zions, CrossFirst, Johnson, Lockheed Martin, Horton, ERIC, Baker Hughes, Abbott, ABT, Clark, BOK, Monro, Simmons, United Community Banks, Lam, Ethan Allen Interiors, Raymond James Financial, Sherwin, Williams, Northrop, Murphy, Arthur J, Levi Strauss, LEVI, Booz Allen, Jim Cramer's, Jim Cramer, Jim, John Gress Organizations: Nasdaq, Microsoft, Nvidia, Tesla, Apple, Bank of America, Reserve, Procter, Gross, Citigroup, of Hawaii, United Airlines, Logitech International S.A, AGNC Investment, Agilysys Inc, Great Southern Bancorp, Enterprise Financial Services, Independent Bank, Home Bancorp, RBB Bancorp, TrustCo Bank Corp, Gamble Co, Verizon Communications, 3M Company, General Electric Co, GE, RTX Corporation, Halliburton Company, HAL, Lockheed, Ericsson, Bank, GATX Corporation, MakeMyTrip, National Bancorp, Synchrony, Webster, Atlantic Union Bankshares Corporation, Invesco PLC, Peoples Bancorp Inc, Sandy Spring Bancorp, Netflix, Texas Instruments Incorporated, Steel Dynamics, Canadian National Railway Company, NBT Bancorp, East West Bancorp, Covenant Logistics Group, Inc, Hanmi, National Bank Holdings Corporation, Premier Financial, QCR Holdings, Renasant Corporation, Triumph, Veritex Holdings, ASML, SAP, Textron, Oriental Education, Technology Group, First BanCorp, General Dynamics, OFG Bancorp, Prosperity, TE Connectivity, United Community, Blue Foundry Bancorp, Capitol Federal, HBT, Teledyne Technologies, Business Machines, IBM, Las Vegas Sands Corp, Lam Research, United Rentals, Berkley Corp, Crown, International, Packaging Corporation of America, Seagate Technology plc, CACI, Swift Transportation Holdings, Ameriprise Financial, Concentrix Corporation, First Bank, Liberty Energy, Pathward Financial, Columbia Banking, CSX, American Airlines Group, NextEra Energy Inc, Alaska Air Group, Dow Chemical Co, Valero Energy, Southwest Airlines Co, Nextera Energy, Williams Co, Union Pacific, Applied Industrial Technologies, Mobileye, Northrop Grumman, Comcast, Nokia, TAL Education, McCormick & Company, Intel, Visa Inc, Gallagher, Co, KLA Corporation, Western Alliance, Mobile, L3Harris Technologies, Western, Olin Corporation, American Express Co, Booz, Booz Allen Hamilton Holding, Colgate, Palmolive Co, Norfolk Southern Corporation, Jim Cramer's Charitable, CNBC, Gamble's Locations: Procter &, U.S, China, ZION, Freeport, Kimberly, Las, W.R, Chicago
We're seeing tons of great deals on gaming gear, including solid-state drives (SSDs) that can be used to expand your PS5's storage capacity. One of the best Cyber Monday PS5 SSD deals you can grab right now is $100 off the WD Black SN850X with 1TB of storage. If you're shopping for extra PS5 storage, we recommend picking up this deal while it's still kicking. For more M.2 SSD options, be sure to check out our guide to the best SSDs for PS5. You can also find more of the holiday's best deals in our guide to the best Cyber Monday deals.
Persons: — it's, it's Organizations: Sony, Western
Learn moreBlack Friday is going strong with tons of great deals on gaming gear, including solid state drives (SSDs) that are perfect for expanding your PS5 console's storage. One of the best Black Friday PS5 SSD deals right now is on the WD Black SN850X with 1TB of storage. The WD Black SN850X more than doubles the PS5's built-in storage, and it exceeds the required speeds needed to play PS5 games. It comes with a heatsink as well, which Sony recommends for all PS5 drives. If you're looking for more M.2 SSD options, check out our guide to the best SSDs for PS5.
Organizations: Sony
The result at Bain Capital-backed Kioxia, formerly Toshiba Memory, compares with a loss of 130.8 billion yen three months earlier. Merger talks between Kioxia and Western Digital (WDC.O) have stalled, Reuters reported previously, after Kioxia investor SK Hynix (000660.KS) said it did not back the deal. Selling prices have bottomed out, Kioxia said, pointing to expected higher shipments of smartphones and PCs next year. Revenue fell quarter-on-quarter with Kioxia saying the smaller loss was because of higher average selling prices with a boost from the weaker yen. Separately, Toshiba (6502.T), which holds a stake in Kioxia after selling its chip unit to the Bain-led consortium in 2018, posted a 26.7 billion yen net loss in the second quarter.
Persons: Kioxia, Bain, Sam Nussey, Tom Hogue Organizations: Taipei, REUTERS, Rights, Bain Capital, Toshiba, Western, Reuters, SK Hynix, Samsung Electronics, Revenue, Japan Industrial Partners, Thomson Locations: Taipei, Taiwan, Kioxia, KS
Western Digital to separate into two companies
  + stars: | 2023-10-30 | by ( ) www.reuters.com   time to read: +1 min
The logo of Western Digital Corporation is displayed at the company's headquarters in Tokyo, Japan, May 27, 2019. REUTERS/Yoshiyasu Shida/File Photo Acquire Licensing RightsOct 30 (Reuters) - Western Digital (WDC.O) said on Monday it would split itself into two companies that would focus on the hard drive and flash memory markets, days after talks of a merger with Japan's Kioxia stalled. Western Digital shares were up nearly 10% before the bell. The company launched a review of alternatives last year after activist investor Elliott Management disclosed a stake of nearly $1 billion in Western Digital and pushed it to separate those businesses. Reports last week said merger talks between Western Digital and Japan's Kioxia Holdings had stalled as opposition from Kioxia investor SK Hynix (000660.KS) complicated the on-again, off-again deal.
Persons: Yoshiyasu, Japan's Kioxia, Elliott, Samrhitha, Shounak Dasgupta Organizations: Western Digital Corporation, REUTERS, Western Digital, Elliott Management, Japan's Kioxia Holdings, SK Hynix, Thomson Locations: Tokyo, Japan, Bengaluru
SoFi Technologies — Shares seesawed as traders digested the company's latest quarterly results. McDonald's — Shares gained 2.3% after the company beat both top and bottom lines for the third quarter. Western Digital — Shares of the data storage company jumped 6% after the company performed better than analysts polled by LSEG expected in the fiscal first quarter. Invitation Homes — The home leasing company rose nearly 1% following an upgrade to outperform by Oppenheimer. Saia — The transportation stock rose 3.4% on the back of an upgrade to outperform from peer perform by Wolfe Research.
Persons: SoFi, originations, McDonald's, Stellantis, LSEG, Revvity, FactSet, Oppenheimer, L3Harris, Raymond James, Eastman, AbbVie, Tesla, Bernstein, TD Cowen, , Femsa, Saia, Jesse Pound, Samantha Subin, Pia Singh, Hakyung Kim, Justin Sullivan Organizations: General Motors, GM, CNBC, Ford, Spirit Realty Capital, Realty, Western Digital, Semiconductor, FactSet, Eastman Chemical —, JPMorgan, Barclays, Citi, Wolfe Research, SoFi Technologies Locations: U.S, San Francisco , California
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