Key Stock Stories for Friday: Anticipated Market Movers in the Upcoming Trading Session
Editor Thenews24.net
3 min read
On August 8, 2024, traders were active on the floor of the New York Stock Exchange in New York City. Brendan McDermid captured the scene for Reuters. “Stocks @ Night” is a daily newsletter that provides a recap of the day’s market activities and a preview of the next trading session. You can subscribe for free to receive it in your inbox.
Here’s a summary of what CNBC TV’s producers were monitoring during the market rebound and what to watch for in the next session:
E.l.f. Beauty exceeded Wall Street expectations with a 50% increase in sales for its fiscal first quarter, following a 76% rise in the previous year. Despite this, the company warned of higher container and transportation costs in FY25. Shares rose 3.4% during regular trading but dropped 10% after hours.
Paramount Global saw a 5% increase after hours, despite a 2.4% decline during the day. The company’s streaming division reported its first-ever profit, and Paramount announced a 15% reduction in its U.S. workforce as part of cost-saving measures. CNBC TV’s Julia Boorstin will provide more details.
Sweetgreen’s stock surged over 20% after hours as the company raised its full-year sales forecast. Although earnings missed expectations with a loss of 13 cents per share compared to the anticipated 10 cents, revenue exceeded estimates at $185 million.
Dropbox gained 3% in after-hours trading after surpassing earnings and revenue expectations.
Archer Aviation’s stock fell after hours following its quarterly results and the announcement of plans for a Los Angeles air taxi network by 2026. CNBC TV’s Phil LeBeau will cover this story on Friday.
In real estate news, CNBC’s Diana Olick will report on an increase in home renovations in the U.S. Home Depot shares are down 2% this week, 12% below their 52-week high from March. Lowe’s shares are down 1.7% for the week but up 6% for the year, 10% below their 52-week high.
Darla Mercado from CNBC.com reports that with the Federal Reserve potentially preparing for a rate cut, investors may need to seek new yield sources beyond short-term bonds. She suggests several bond funds, including Vanguard’s Core Bond Fund (VCORX) with a 30-day SEC yield of 4.47%, Fidelity’s Intermediate Bond Fund (FTHRX) at 4.32%, Vanguard’s Core-Plus Bond Fund (VCPIX) at 4.66%, Baird Aggregate Bond Fund (BAGIX) at 4.32%, and BlackRock’s Total Return ETF (BRTR) at 4.97%.
The “Magnificent Seven” stocks saw significant gains: Nvidia rose 6%, Meta Platforms increased by 4.2%, Tesla added 3.7%, Alphabet was up nearly 2%, Amazon gained 1.86%, Apple rose about 1.7%, and Microsoft closed 1% higher. Thursday marked the S&P 500’s best session since November 2022, with the tech sector leading the gains, followed by Communication Services.
Delta Air Lines reported that a tech outage caused by CrowdStrike last month cost it $380 million. CrowdStrike disputed this, calling Delta’s narrative “misleading.” “Fast Money” trader Karen Finerman announced a new position in CrowdStrike, believing the sell-off was excessive. CrowdStrike’s stock rose 4.27% on Thursday but remains 40% below its July 9 high. The stock’s relative strength index (RSI) is at 30.8, indicating it may be oversold.
E.l.f. Beauty’s sales jumped 50% last quarter, but cautious guidance led to an 11% drop in after-hours trading. The stock is up 13% over four days, 30% year-to-date, and 15% below its March high. Ulta Beauty is 43% below its March high, Estee Lauder is down 45% over the past year, and Coty is 30% below its February high.