Tag Archives: WDC

Dow Jones Today Pops 57 Points as Facebook Beats Earnings

The Dow Jones today jumped 57 points in pre-market trading after Facebook Inc. (Nasdaq: FB) posted better-than-expected earnings. Facebook beat revenue estimates by 4% and announced that it had increased its workforce by 48%. Much of the market expected Facebook to report losses on the heels of the multiple scandals that plagued the company throughout the first quarter.

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Here are the numbers from Wednesday for the Dow, S&P 500, and Nasdaq:

Index Previous Close Point Change Percentage Change
Dow Jones 24,083.83 59.70 0.25%
Nasdaq 7,003.74 -3.61 -0.05
S&P 500 2,639.40 4.84 0.18%

Now here’s a closer look at today’s Money Morning insight, the most important market events, and stocks to watch.

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Money Morning Insight of the Day

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The Top Stock Market Stories for Thursday
Markets are still trying to make sense of yesterday’s surprise suspension of trading on shares of Amazon.com Inc. (Nasdaq: AMZN) and Alphabet Inc. (Nasdaq: GOOGL). Amazon will lead another busy day of earnings reports. Wall Street projects that the e-commerce giant will report earnings per share (EPS) of $1.22 on top of a whopping $50.19 billion in revenue.

Shares of Apple Inc. (Nasdaq: AAPL) may face additional pressure today after another surprise update from one of its biggest suppliers. Austria-based supplier AMS, a maker of optical sensors for the iPhone X, warned that sales for the second quarter will fall by roughly 50% from the first quarter. This comes not long after Taiwan Semiconductor Manufacturing Co. Ltd.(ADR) (NYSE: TSM) offered a lower-than-expected Q2 revenue forecast. Now, Wall Street analysts could soon follow with cuts to iPhone sales forecasts, especially after rival Samsung warned of a slowdown in display panel sales.
This morning, the European Central Bank announced it will maintain its record-low interest rates and accommodating monetary policy. At a time when the U.S. central bank is raising rates, the ECB failed to provide a timeline on when it will end its massive stimulus package, which features monthly bond purchases of $37 billion.
Four Stocks to Watch Today: DNKN, QSR, GM, FB
Hedge fund manager and notable short-seller Jim Chanos is lining up positions against two of the restaurant industry’s best-known firms. Shares of Dunkin Brands Group Inc.(Nasdaq: DNKN) and Restaurant Brands International Inc. (NYSE: QSR), which owns Burger King, were both sliding after Chanos said he was short the firms over sales concerns. The news comes the same morning that DNKN topped Wall Street profit estimates of $0.62 by $0.11. However, DNKN quarterly revenue fell short of expectations.
Facebook Inc. (Nasdaq: FB) stock doesn’t appear to be facing any significant fallout due to its ongoing data scandal. The social media giant shattered revenue expectations after the bell Wednesday. Shares popped 7% after the company reported a 50% year-over-year revenue surge. The firm reported 1.45 billion daily active users and 2.2 billion monthly users. This was the first earnings report since the Cambridge Analytica scandal that happened in March. Shares are rebounding, as the firm had lost billions in market cap.
Shares of General Motors Co.(NYSE: GM) fell 0.5% in pre-market hours after the automotive giant reported earnings before the bell. GM topped profit and revenue expectations with an EPS of $1.43 on top of $36.1 billion in revenue. Wall Street analysts forecasted $1.22 on top of $34.1 billion. The company cited record revenue levels for its Chinese business and a strong performance from its financial division.
Look for additional earnings reports from Microsoft Corp.(Nasdaq: MSFT), Intel Corp.(Nasdaq: INTC), Starbucks Corp.(Nasdaq: SBUX), Baidu Inc. (Nasdaq: BIDU), First Solar Inc. (Nasdaq: FSLR), Pepsico Inc. (NYSE: PEP), Southwest Airlines Inc. (NYSE: LUV), and Western Digital Corp.(NYSE: WDC).

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Monday’s Biggest Winners and Losers in the S&P 500

Source: ThinkstockNovember 27, 2017: The S&P 500 closed flat at 2,601.45. The DJIA closed up 0.1% at 23,580.71. Separately, the Nasdaq was down 0.15% at 6,878.52.

Monday was mixed day for the major U.S. exchanges, although each major index hit a new all-time high at some point during the session. Crude oil backed off to start the week. The S&P 500 sectors were mostly positive in the session with two big exceptions. The best performing sectors were utilities and industrials, up 0.5% and 0.2%, respectively. The worst performing sectors were energy and materials, down 1% and 0.6%, respectively.

Crude oil was down 1.8% at $57.89.

Gold was up 0.5% at $1,294.00.

The S&P 500 stock posting the largest daily percentage loss ahead of the close Monday was Western Digital Corp. (NASDAQ: WDC) which traded down about 7% at $86.55. The stocks 52-week range is $60.78 to $95.77. Volume was over11 million versus the daily average of 3.8 million shares.

The stock posting the largest daily percentage gain in the S&P 500 ahead of the close Monday was Signet Jewelers Limited (NYSE: SIG) which rose about 5% to $52.34. The stocks 52-week range is $46.09 to $99.19. Volume was4 million compared to its average volume of 2 million.

Monday’s Biggest Winners and Losers in the S&P 500

Source: ThinkstockNovember 27, 2017: The S&P 500 closed flat at 2,601.45. The DJIA closed up 0.1% at 23,580.71. Separately, the Nasdaq was down 0.15% at 6,878.52.

Monday was mixed day for the major U.S. exchanges, although each major index hit a new all-time high at some point during the session. Crude oil backed off to start the week. The S&P 500 sectors were mostly positive in the session with two big exceptions. The best performing sectors were utilities and industrials, up 0.5% and 0.2%, respectively. The worst performing sectors were energy and materials, down 1% and 0.6%, respectively.

Crude oil was down 1.8% at $57.89.

Gold was up 0.5% at $1,294.00.

The S&P 500 stock posting the largest daily percentage loss ahead of the close Monday was Western Digital Corp. (NASDAQ: WDC) which traded down about 7% at $86.55. The stocks 52-week range is $60.78 to $95.77. Volume was over11 million versus the daily average of 3.8 million shares.

The stock posting the largest daily percentage gain in the S&P 500 ahead of the close Monday was Signet Jewelers Limited (NYSE: SIG) which rose about 5% to $52.34. The stocks 52-week range is $46.09 to $99.19. Volume was4 million compared to its average volume of 2 million.

15 Biggest Mid-Day Losers For Monday

First NBC Bank Holding Company (NASDAQ: FNBC) shares dipped 92.5 percent to $0.200. First NBC Bank was closed by the Louisiana Office of Financial Institutions. AEterna Zentaris Inc. (USA) (NASDAQ: AEZS) shares tumbled 60 percent to $1.34 after the company disclosed that its Phase 3 Zoptec study did not achieve primary endpoint. Neurotrope Inc (NASDAQ: NTRP) shares declined 52.8 percent to $8.88 after a planned release of clinical data failed to impress investors. Neurotrope saw its shares gain more than 15 percent on Friday on high anticipation of Monday's results. But the company, unfortunately, revealed around 90 patients who received a 20mg dose of bryostatin did not see any statistically significant improvement. ITI Inc (NASDAQ: ITCI) shares dropped 36.8 percent to $8.74 after the company issued a corporate update on its schizophrenia program. Orchids Paper Products Company (NYSE: TIS) fell 23.4 percent to $18.65. Orchids Paper Products reported a Q1 loss of $860,000 on revenue of $35.4 million. Wesco Aircraft Holdings Inc (NYSE: WAIR) declined 17.5 percent to $10.02. Wesco Aircraft named Todd Renehan as CEO and Alex Murray as President and COO. The company also issued a weak forecast for the second quarter. Anthera Pharmaceuticals Inc (NASDAQ: ANTH) dropped 12.1 percent to $2.32. On Friday, Anthera Pharma reported a 1-for-8 reverse stock split. Xerium Technologies, Inc. (NYSE: XRM) declined 11 percent to $6.33 as the company posted weak Q1 earnings. Broadwind Energy Inc. (NASDAQ: BWEN) shares fell 10.8 percent to $8.20. DryShips Inc. (NASDAQ: DRYS) shares slipped 10.4 percent to $1.16. Insperity Inc (NYSE: NSP) dropped 8.4 percent to $83.70. Insperity posted upbeat Q1 earnings, but sales missed estimates. The company also issued a weak earnings forecast for the current quarter. Genworth Financial Inc (NYSE: GNW) fell 7.8 percent to $3.72. Genworth and Oceanwide have withdrawn and re-filed their joint voluntary notice to the CFIUS to permit more time for review and discussion with the CFIUS in connection with the proposed merger. Monotype Imaging Holdings Inc. (NASDAQ: TYPE) dropped 6.9 percent to $18.95. B. Riley downgraded Monotype Imaging from Buy to Neutral. Seaspan Corporation (NYSE: SSW) shares declined 4.8 percent to $6.70. Credit Suisse downgraded Seaspan from Neutral to Underperform. Western Digital Corp (NASDAQ: WDC) fell 2.6 percent to $86.78. Jefferies downgraded Western Digital from Buy to Hold.

The Hot Stock: Western Digital Climbs 8.3%

Western Digital (WDC) surged to the top of the S&P 500 after raising its sales and earnings guidance at its first analyst meeting in four years.

Getty Images

Shares of Western Digital gained 8.3% to $69.15 today, while the S&P 500 rose 1.3% to 2,241.35, a record high.

Barclays analysts Mark Moskowitz and Daniel Gaide offer their thoughts:

Western Digitalhosted its first analyst meeting in four years. The company provided near-term and long-term discussion points that are likely to have more bulls than bears cheering.Western Digital updated its Dec-Q guidance following the resolution of IP negotiations with Samsung and updated its strategic road map for the HDD and SSD businesses….

Western Digitalnow expects Dec-Q revenue of $4.75Bn, gross margin of 36%, tax rate of 13%, and EPS between $2.10-$2.15; versus ~$4.71Bn, 36%, 14-16%, and $1.85-$1.95, respectively. We believe that the Dec-Q guidance update is mostly attributed to the resolution of IP disputes with Samsung and better-than-expected execution by Western Digital; meaning, we do not expect much read-through benefit forSeagate Technology (STX) or HP Inc (HP) (both Equal Weight-rated stocks)…

The company also provided extensive details around its revenue and margin growth prospects, which we think are more attractive than most investors were anticipating. We think the companys pragmatic yet confident approach to its 3D NAND 64 layer roll-out, alongside a new initiative to enter systems, should auger well with the models long-term hedge against HDD displacement. Our PT rises to $75.

Western Digital’s market capitalization rose to $19.7 billion today from $18.2 billion yesterday.