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☆ A resilient economy and strong earnings are overpowering normal election worries
▼ + stars: | 2024-11-04 | by ( Bob Pisani | ) www.cnbc.com time to read: +8 min

.SPX YTD mountain S & P 500, YTD It's because the economy and earnings remain resilient. That is the main reason the S & P 500 is less than 2% from its historic high. Third quarter earnings for the S & P 500 are up 8.4%, well above the 6.0% estimated at the start of October. It's fourth quarter earnings that matter Remember, the most important thing to watch is the trend and whether it is accelerating or decelerating. The S & P 500 is up 50% in those two years.

Persons: There's, Tom Lee, Phil Mackintosh, Mackintosh, John Butters, Scott Chronert, Alec Young, MapSignals.com, Young, We're Organizations: Tech, Nasdaq, Democrat, Republican, Citigroup Locations: backwardation

☆ Jefferies says this tax software name can jump nearly 20% as it sustains cloud revenue growth
▼ + stars: | 2024-11-04 | by ( Pia Singh | In | ) www.cnbc.com time to read: +2 min

Vertex is set to deliver strong cloud growth over the next few years, according to the firm. The company's management expects 28% cloud growth this year, and Samana thinks it can see compounded annual growth of more than 20% through at least 2027. Samana said Vertex's cloud revenue growth opportunity is supported by its September acquisition of e-invoicing provider Ecosio. Vertex could also see continued strong customer migration from on-premise software to the cloud, benefitting its revenue growth and margins, he said. Eight of 12 analysts covering Vertex have a buy or strong buy rating on the stock, LSEG data shows.

Persons: Samad Samana, Samana, mgmt Organizations: Jefferies Locations: Samana

☆ Morgan Stanley upgrades Roblox, says game platform's shares could more than double
▼ + stars: | 2024-11-04 | by ( Pia Singh | In | ) www.cnbc.com time to read: +2 min

Roblox is at an inflection point and could see its stock price more than double from here, according to Morgan Stanley. Analyst Mathew Cost upgraded the online game platform to overweight from equal weight and lifted his price target by $27 to $65, suggesting 26.4% upside. The analyst thinks consensus expectations "underappreciates the potential" for Roblox to exceed it 20% bookings growth targets as it continues to grow its audience. That's nearly 10 times faster than the game market this year and the highest level since peak Covid in 2021, he noted. LSEG data shows Roblox is has buy or strong buy ratings from 20 of 33 analysts covering it.

Persons: Morgan Stanley, Mathew, That's Organizations: PlayStation

☆ Earnings playbook: Nearly 100 S&P 500 names are set to report, including three AI plays
▼ + stars: | 2024-11-03 | by ( Fred Imbert | ) www.cnbc.com time to read: +5 min

Artificial intelligence plays Palantir, Qualcomm and Super Micro Computer are among the 96 S & P 500 names on deck. Monday Palantir is set to report earnings after the bell, with a call scheduled for 5 p.m. This quarter: Earnings are expected to have soared more than 20% from the year-earlier period, per LSEG. Tuesday Super Micro Computer is set to report earnings after the close, followed by a call at 5 p.m. Qualcomm is set to report earnings after the close, with a call set for 4:45 p.m.

Persons: PLTR, SMCI, Ernst & Young, TD Cowen, Andrew Charles doesn't, Karen Lynch, David Joyner, Ross Seymore Organizations: Qualcomm, Apple, Microsoft, Meta, Investment, LSEG, Micro, Yum Brands, Brands, CVS, Revenue, VanEck Semiconductor, Deutsche Bank

☆ Chevron beats earnings expectations, returns more than $7 billion to shareholders
▼ + stars: | 2024-11-01 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Chevron beat third-quarter earnings and revenue expectations, returning a record amount of cash to shareholders. The company is also targeting $2 billion to $3 billion in cost reductions from 2024 through the end of 2026. When adjusted for foreign currency impacts, the company reported earnings of $2.51 per share, solidly topping Wall Street's expectations for the quarter. Chevron booked revenue of $50.67 billion, also beating Street expectations but declining 6% from the $54.1 billion reported in the third quarter last year. The oil major returned a record $7.7 billion to shareholders in the quarter, including $4.7 billion in share buybacks and $2.9 billion in dividends.

Persons: Hess, John Hess Organizations: Chevron, LSEG, Federal Trade Commission, Exxon Mobil, Hess Corp Locations: Canada, Congo, Alaska, Guyana

☆ CNBC Daily Open: For Big Tech, beating earnings expectations is not enough
▼ + stars: | 2024-11-01 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The 12-month inflation rate was 2.1%. The core inflation rate, which excludes food and energy prices, came in at 2.7%. Big Tech drags down marketsMajor U.S. indexes slumped on Thursday, weighed down heavily by losses in Big Tech shares.

Persons: Dow Jones, Europe's, Jesse Pound Organizations: CNBC, U.S . Commerce Department, Big Tech, U.S, Apple, Amazon, Boeing, Bank of America Locations: U.S, Cupertino

☆ Super Micro's 44% plunge this week wipes out stock's gains for the year
▼ + stars: | 2024-11-01 | by ( Ari Levy | ) www.cnbc.com time to read: +4 min

Charles Liang, chief executive officer of Super Micro Computer Inc., during the Computex conference in Taipei, Taiwan, on Wednesday, June 5, 2024. The company's recent challenges date back to August, when Super Micro said it would not file its annual report on time with the SEC. Super Micro disclosed on Wednesday that Ernst & Young had resigned as its accounting firm just 17 months after taking over from Deloitte & Touche. That's up from $2.1 billion a year earlier and $1.9 billion in the same fiscal quarter of 2023. WATCH: I don't know if Super Micro is guilty or innocent, says Jim Cramer

Persons: Charles Liang, Dow Jones, Ernst, Young, Ernst & Young, Jim Cramer Organizations: Super, Computer Inc, Super Micro, Nasdaq, U.S, SEC, Hindenburg Research, Street, Department of Justice, Deloitte, Touche, CNBC, Ernst, Argus Research, Justice Department, Micro Locations: Taipei, Taiwan

☆ Stocks making the biggest moves midday: Intel, Amazon, Boeing, Chevron and more
▼ + stars: | 2024-11-01 | by ( Pia Singh | In | ) www.cnbc.com time to read: +4 min

The company posted earnings of $1.88 per share, excluding items, on revenue of $52.28 billion. Analysts polled by FactSet called for adjusted earnings per share of $1.62 on revenue of $50.90 billion. Intel — Shares popped 9% after the chipmaker topped third-quarter earnings estimates and shared upbeat quarterly guidance. The company posted adjusted earnings of 17 cents per share on $13.28 billion in revenue. Chevron also returned a record of more than $7 billion to shareholders in the quarter through buybacks and dividends.

Persons: Health —, Cardinal, FactSet, Atlassian, Donald Trump, Ernst, Ernst & Young, Avis, —, Alex Harring, Brian Evans, Michelle Fox Theobald, Sean Conlon, Samantha Subin Organizations: Health, Boeing —, Intel, Amazon, Web Services, Apple —, Trump Media & Technology Group, Communications, Abbott Laboratories, Abbott, Ernst &, Avis Budget, LSEG, Chevron Locations: Europe, buybacks

☆ Treasury yields rise as investors look to key jobs data
▼ + stars: | 2024-11-01 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

ET, the yield on the 10-year Treasury was up by over one basis point to 4.2947%. The 2-year Treasury yield was last trading at 4.1806% after rising by more than one basis point. U.S. Treasury yields were higher on Friday as investors awaited the all-important October jobs report and digested key economic data released throughout the week. Investors weighed a series of key economic reports published throughout the week, including Thursday's personal consumption expenditures price index, the Federal Reserve's favored inflation gauge. It is also some of the last key economic data before the U.S. election next week.

Persons: Dow Jones, nonfarm payrolls, payrolls Organizations: Treasury, Federal, PCE, Fed, Bureau of Labor Statistics

☆ Amazon shares jump 7%, approach record after earnings beat
▼ + stars: | 2024-11-01 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +3 min

Amazon shares jumped 7% on Friday and neared an all-time high after the company reported better-than-expected earnings, driven by growth in its cloud computing and advertising businesses. Revenue increased 11% in the quarter to $158.9 billion, topping the $157.2 billion estimate of analysts surveyed by LSEG. Sales in the Amazon Web Services cloud business increased 19% to $27.4 billion, coming in just shy of analysts' estimates, according to StreetAccount. That was an acceleration from 12% a year ago, but trailed growth at rivals Microsoft and Google , where cloud revenue increased 33% and 35%, respectively. The midpoint of that range, $185 billion, fell short of the average analyst estimate of $186.2 billion, according to LSEG.

Persons: Roth MKM, Brian Olsavsky, Andy Jassy, Jassy, we're, — CNBC's Ari Levy Organizations: Amazon, Revenue, LSEG, Services, Microsoft, Google, Nvidia, Meta

☆ Coterra Energy posted a mixed quarter, but delivered beats where it matters most
▼ + stars: | 2024-11-01 | by ( ) www.cnbc.com time to read: +6 min

Coterra Energy Why we own it: Formed by the merger of Cabot Oil & Gas and Cimarex, Coterra Energy is an exploration-and-production company with a high-quality, diversified asset portfolio. It's committed to returning 50% or greater of annual free cash flow to shareholders. However, shares are moving lower Friday after management cut its discretionary cash flow outlook for the remainder of the year. So far this year, Coterra has returned 100% of its free cash flow to shareholders. As a reminder, management's stated commitment is to return 50% or more of annual free cash flow via dividends and buybacks.

Persons: —, It's, Coterra, management's, We're, Daniel Guffey, Jim Cramer's, Jim Cramer, Jim, Brandon Bell Organizations: Coterra Energy, LSEG, Coterra, Cabot Oil & Gas, EQT Corp, Devon Energy, Oil, CNBC, Getty Locations: Nolan , Texas

☆ CNBC Daily Open: Big Tech needs to go beyond beating earnings expectations
▼ + stars: | 2024-11-01 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Big Tech drags down marketsMajor U.S. indexes slumped on Thursday, weighed down heavily by losses in Big Tech shares. While the company's cloud division missed revenue expectations, it's growing faster than it had in the same period last year. CNBC Pro checked in with Teng again to find out how his picks have performed, and if he has changed his mind on the stocks he's betting on.

Persons: Kevin Teng, Teng Organizations: CNBC, Big Tech, U.S, Japan's Nikkei, CSI, Apple, Amazon, P Global, PMI, Boeing, Wrise Private Singapore Locations: Asia, Pacific, Cupertino, China

☆ Exxon earnings beat, increases fourth-quarter dividend
▼ + stars: | 2024-11-01 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

An Exxon gas station is seen in the Brooklyn borough of New York City on Oct. 6, 2023. Exxon Mobil beat third-quarter earnings expectations, as the oil major reached its highest liquids production level in more than four decades. Revenues: $90 billion, vs. $93.94 billion expectedThe oil major booked net income of $8.61 billion in the quarter, or $1.92 per share, down about 5% compared to $9.1 billion, or $2.25 per share, in the year-ago period. The company returned $9.8 billion to shareholders in the quarter and increased its fourth-quarter dividend to $0.99 per share. Exxon said it has reached its high production level in more than 40 years at 3.2 million barrels per day.

Organizations: Exxon, Exxon Mobil, LSEG Locations: Brooklyn, New York City

☆ Stocks making the biggest moves premarket: Amazon, Apple, Atlassian and more
▼ + stars: | 2024-11-01 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

Apple — Shares dropped 1.6% even after the technology giant surpassed top-and-bottom line estimates for the recent quarter, and showed 6% revenue growth. Avis Budget — The car rental company slipped 1.5% after posting third-quarter earnings that fell short of Wall Street's estimates. Chevron topped Wall Street's third-quarter estimates and returned more than $7 billion to shareholders during the period through buybacks and dividends. Juniper Networks posted preliminary third-quarter earnings and revenue that topped estimates, but did not provide financial guidance for 2024, citing its pending acquisition by Hewlett Packard Enterprise . Revenue of $1.33 billion topped the FactSet estimate of $1.26 billion.

Persons: Atlassian, FactSet, Abbott, Ernst, Young, Wall, LSEG, —, Jesse Pound, Sean Conlon, Pia Singh, Sarah Min Organizations: Amazon Web Services, Apple —, Intel —, LSEG, Abbott, Boeing —, . Avis Budget, Chevron, Exxon Mobil —, Exxon, Juniper Networks, Hewlett Packard Enterprise Locations: Europe, Missouri

☆ Amazon set to report Q3 earnings after the bell
▼ + stars: | 2024-10-31 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +5 min

Amazon will report results for the third quarter after the bell Thursday. Earnings are growing much faster, due largely to Amazon CEO Andy Jassy's widespread cost-cutting efforts. Amazon is expected to report operating income of $14.7 billion during the quarter, up more than 31% from a year earlier, according to StreetAccount. During the third quarter, Amazon held its annual Prime Day megasale in July. WATCH: What to expect from Meta and Amazon earnings

Persons: Brian Olsavsky, Donald Trump, Olsavsky, Andy, Jassy, Jeff Bezos, Jassy's, Brad Erickson, CNBC's, megasale, Amazon, Oppenheimer, Jason Helfstein, SpaceX's, Helfstein, hasn't Organizations: LSEG, LSEG Revenue, Web, Paris Olympics, Amazon, CNBC, Nasdaq, RBC Capital Markets, Apple, Microsoft, Meta, Adobe Analytics, United Launch Alliance, . Space Force, Olsavsky Locations: U.S

☆ Merck tops earnings estimates on strong demand for Keytruda, new drugs even as HPV vaccine sales fall
▼ + stars: | 2024-10-31 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

Merck on Thursday reported third-quarter revenue and adjusted earnings that topped expectations as the company saw strong sales from its top-selling cancer drug Keytruda, recently launched treatments and its animal health business. But Merck's vaccine that prevents cancer from HPV, the most common sexually transmitted infection in the U.S., posted another quarter of lighter-than-expected sales. Revenue from the shot, Gardasil, fell 11% compared to the year-earlier period, mainly due to lower demand in China. The company booked $16.66 billion in revenue for the third quarter, up 4% from the same period a year ago. The loss of exclusive rights to the medicine will likely cause sales to fall, forcing the company to draw revenue from elsewhere.

Persons: Keytruda, Curon, Merck Organizations: Merck, LSEG Locations: Rahway , New Jersey, U.S, China

☆ We're hiking our price target on an industrial whose earnings benefit from AI data center boom
▼ + stars: | 2024-10-31 | by ( Zev Fima | ) www.cnbc.com time to read: +9 min

Electrical components and power systems company Eaton delivered mixed third-quarter results Thursday morning, and its stock paid the price. Eaton management raised its full-year guidance for both operating margin and earnings per share (EPS). However, we're increasing our price target to $375 per share from $350, implying over 9% upside from Wednesday's close. 2025 outlook Looking to next year, management didn't provide formal sales or earnings guidance, but they did provide growth assumptions for the company's key end markets. Industrial facilities (12% of sales), defense aerospace (6% of sales), and commercial and institutional (20% of sales) are expected to realize "modest growth."

Persons: Eaton, it's, we've, Oliveri Leonetti, Parker, wouldn't, Craig Arnold, Jefferies, Jim Cramer's, Jim Cramer, Jim Organizations: Revenue, LSEG, Boeing, Electrical, Aerospace, Hannifin, DuPont, Honeywell, CNBC, Eaton Corporation, NYSE Locations: Florida, Eaton, Americas, North America

☆ Microsoft's stock heads for worst day in two years after disappointing forecast
▼ + stars: | 2024-10-31 | by ( Jordan Novet | ) www.cnbc.com time to read: +2 min

Microsoft CEO Satya Nadella speaks at a company event on artificial intelligence technologies in Jakarta, Indonesia, on April 30, 2024. Microsoft 's better-than-expected earnings report wasn't enough to prevent the stock's steepest selloff in two years, as investors instead focused on the company's forecast for the current period. Microsoft shares fell more than 5% on Thursday and headed for their worst day since Oct. 26, 2022, when they dropped 7.7%. Amazon , which leads the cloud infrastructure market, is scheduled to report results after the close on Thursday. Net income rose 11% to $24.67 billion from $22.29 billion in the year-ago quarter.

Persons: Satya Nadella, Amy Hood Organizations: Microsoft, Revenue, Google, BofA Global Research Locations: Jakarta, Indonesia

☆ Intel shares jump 9% on earnings beat, uplifting guidance
▼ + stars: | 2024-10-31 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

Intel shares rose 9% in extended trading on Thursday after the chipmaker reported better-than-expected earnings and issued quarterly guidance that topped estimates. Intel called for fiscal third-quarter adjusted earnings of 12 cents per share and revenue between $13.3 billion and $14.3 billion. Analysts had expected 8 cents in adjusted earnings per share and $13.66 billion in revenue. During the quarter, Intel announced the launch of Xeon 6 server processors and Gaudi artificial intelligence accelerators. As of Thursday's close, Intel shares were down about 57% in 2024, while the S&P 500 index had gained 20%.

Persons: Pat Gelsinger, Dave Zinsner, Gaudi, Harvest's Paul Meeks Organizations: Intel, CNBC, Qualcomm, Computing, StreetAccount, Revenue, Data Center Locations: Taipei, Taiwan

☆ Bristol Myers Squibb tops earnings estimates and hikes outlook, helped by Eliquis and new drugs
▼ + stars: | 2024-10-31 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

The Bristol Myers Squibb research and development center at Cambridge Crossing in Cambridge, Massachusetts, US, on Wednesday, Dec. 27, 2023. Bristol Myers Squibb on Thursday reported third-quarter earnings and revenue that blew past Wall Street's expectations thanks to its blockbuster blood thinner Eliquis and a portfolio of drugs it expects to deliver long-term growth. Bristol Myers previously said it expected sales to rise in the "upper end" of the low single-digit range. The results come as Bristol Myers moves to cut $1.5 billion in costs by 2025 and funnel that money into key drug brands and research and development programs. Notably, the Food and Drug Administration approved Bristol Myers Squibb's highly anticipated schizophrenia drug Cobenfy during the quarter.

Persons: Bristol Myers, Joe Biden's, Bristol Myers Squibb's Organizations: Bristol Myers Squibb, LSEG, Food and Drug Administration, Bristol Locations: Cambridge, Cambridge , Massachusetts, Eliquis

☆ Uber reports third-quarter results that beat Wall Street's revenue expectations
▼ + stars: | 2024-10-31 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +2 min

Uber reported third-quarter results on Thursday that beat Wall Street's expectations for revenue but missed on analysts' projections for gross bookings. Revenue: $11.19 billion vs. $10.98 billion expected by LSEGUber's revenue grew 20% in its third quarter from $9.3 billion a year prior. Uber reported adjusted EBITDA of $1.69 billion, up 55% year over year and slightly above the $1.64 billion expected by analysts polled by StreetAccount. For its fourth quarter, Uber said it expects gross bookings between $42.75 billion and $44.25 billion, compared with StreetAccount estimates of $43.68 billion. Uber anticipates adjusted EBITDA of $1.78 billion to $1.88 billion, compared with the $1.83 billion expected by analysts.

Persons: Uber, LSEG, Dara Khosrowshahi Organizations: LSEG, LSEG ., StreetAccount, Mobility

☆ Beaten-up Nextracker provides investors a reason to believe. But timing is key here
▼ + stars: | 2024-10-31 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +7 min

Nextracker lost around 32% of its value in between its August earnings report and Wednesday's close — a frustrating decline. It's too early to act, given the results of next week's contests could move shares of Nextracker and its peers considerably. "We were pleasantly surprised and gratified that this was the best solar earnings we've seen this quarter," Jim Cramer said Thursday. Nextracker Why we own it: Nextracker makes industry-leading tracking technology, which enables large-scale solar panel installations to follow the sun's movement and increase their power generation. Guidance Nextracker reaffirmed its fiscal 2025 guidance for revenue while upping its outlook for a pair of profitability metrics.

Persons: Nextracker, Jim Cramer, We're, Howard Wenger, Chuck Boynton, Jim Cramer's, Jim, Peter Cade Organizations: NXT, Club, Mizuho Securities, CNBC, Stone Locations: Nextracker

☆ Don't be alarmed by conservative guidance after a solid quarter, Jim Cramer says
▼ + stars: | 2024-10-31 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer on Thursday told investors not to get scared off when a company posts good earnings results but issues more modest guidance, as it doesn't always mean that management is worried about the future. "Some money managers are dumbfounded when a very good company reports a very good quarter but then issues a very conservative forecast," Cramer said. Sometimes, he said, it's worth it to hold on to a company with good earnings while others on Wall Street panic about guidance. For the current quarter, Microsoft predicted revenue between $68.1 billion and $69.1 billion, while analysts surveyed by LSEG were hoping for $69.83 billion. Despite the disappointing guidance, Cramer was appeased by management's explanation for the weaker guidance, particularly commentary from CFO Amy Hood.

Persons: CNBC's Jim Cramer, Cramer, management's, LSEG, Amy Hood, Hood, she's Organizations: Microsoft

☆ Stocks making the biggest moves after hours: Amazon, Apple, Intel and more
▼ + stars: | 2024-10-31 | by ( Alex Harring | ) www.cnbc.com time to read: +1 min

Amazon — The e-commerce giant popped 4.7% after beating earnings expectations on both lines in the third quarter. Amazon reported $1.43 earned per share on revenue of $158.88 billion, while analysts polled by LSEG expected $1.14 and $157.2 billion, respectively. For the period, Intel posted revenue of $13.28 billion, while analysts surveyed by LSEG were expecting $13.02 billion. Apple — Shares slid 1.8% despite earnings and revenue topping Wall Street expectations for the fourth fiscal quarter. Analysts polled by StreetAccount expected a profit of 64 cents per share on revenue of $1.16 billion.

Persons: LSEG, Avis, —, Atlassian, StreetAccount, — CNBC's Sean Conlon Organizations: Amazon, Intel –, Intel, Apple, Avis Budget, FactSet

☆ Roblox lifts annual bookings forecast as in-game spending booms; shares jump
▼ + stars: | 2024-10-31 | by ( ) www.cnbc.com time to read: +2 min

Roblox gift cards are seen at a store in Krakow, Poland on July 5, 2023. Videogame platform Roblox raised its forecast for full-year 2024 bookings on Thursday, as it continues to benefit from robust spending within its virtual worlds, sending its shares up over 17%. Roblox's free-to-play model has been attracting significant consumer spending on its platform despite a wider slowdown in gaming activity. The company reported third-quarter bookings, which represents the sale of virtual currency, of $1.13 billion, beating the average analysts' estimate of $1.02 billion, according to data compiled by LSEG. It raised its forecast for full-year 2024 bookings to between $4.34 billion and $4.37 billion from its earlier projection of between $4.18 billion and $4.23 billion.

Persons: Michael Guthrie, That's, Guthrie, Roblox Organizations: Reuters, Hindenburg Research, LSEG Locations: Krakow, Poland, DAUs

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