Tuesday, November 26, 2024
Markets rebounded from early sluggishness, with three of the four major indexes closing positively today. The Dow and the S&P 500 both achieved new historical closing highs, increasing by +0.28% and +0.57%, respectively. The Nasdaq saw a rise of +0.63%, while the small-cap Russell 2000 fell by -0.73% during the session.
We observed an unexpected decline in Case-Shiller home prices for September, showing a growth of +4.6% in the 20-city index. New York City reported the highest change, at +7.5%, followed closely by Cleveland at +7.1% and Chicago at +6.9%. The South experienced its slowest sales growth of the year, recording an increase of only +2.8%.
Meanwhile, Consumer Confidence for November exceeded expectations, coming in at 111.7, above the anticipated 111.0 and up from 108.7 reported a year ago.
The minutes from the last Federal Open Market Committee (FOMC) meeting were released today, reflecting the Fed’s recent decision to lower interest rates to a range of 4.50-4.75%.
Earnings Reports Bring Mixed Results
Technology firm Ambarella (AMBA) saw its shares soar by +25% after reporting Q3 earnings of 11 cents per share, surpassing the Zacks consensus of 4 cents. Revenue also impressed, coming in at $82.7 million — above the expected $79 million — marking a remarkable +63% increase year to date. Prior to this announcement, shares had gained only +13% this year, demonstrating strong investor interest today.
Crowdstrike (CRWD) delivered better-than-expected results on both earnings and revenue fronts. Earnings reached 93 cents per share, exceeding the 81 cents forecast and rising from 82 cents in the previous year. Sales hit $1.1 billion for the quarter, and despite an upgraded sales outlook for the current quarter, shares fell by -3% in late trading. Year-to-date, Crowdstrike shares are up +45%.
Dell Technologies (DELL) reported mixed results today. The company beat earnings forecasts with $2.15 per share, a 9-cent advantage, but revenues of $24.37 billion slightly fell short of the expected $24.56 billion. Although Dell noted a $4 billion backlog in AI business, shares decreased by -5%, likely due to the revenue miss.
Hewlett-Packard (HPQ) experienced a decline as well, falling -10% after missing both earnings and revenue estimates. The company earned 93 cents per share, just below the expected 94 cents, with revenues at $1.4 billion, under the anticipated $1.411 billion. Full-year guidance remained consistent with previous estimates, but shares recovered slightly to -7% later in the session.
On a brighter note, Urban Outfitters (URBN) shares climbed +6% after reporting strong performance, with earnings of $1.10 per share, significantly surpassing the expected 83 cents, and revenues of $1.36 billion, above the forecast of $1.33 billion. Notably, its Anthropologie and Free People brands outperformed the Urban Outfitters brand itself.
Nordstrom (JWN) also posted robust results for Q3, with earnings of 33 cents per share beating expectations by 10 cents. Their revenue of $1.36 billion also exceeded the projected $1.33 billion. Despite a slight decline of -1% in late trading, shares remain up +34% for the year.
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HP Inc. (HPQ) : Free Stock Analysis Report
Dell Technologies Inc. (DELL) : Free Stock Analysis Report
Nordstrom, Inc. (JWN) : Free Stock Analysis Report
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