The Nasdaq hits a record close ahead of profits from big tech companies. Bitcoin approaches all-time highs

Tuesday's biggest S&P 500 gainers

2 hours 9 minutes ago

progressive

• shares of cadence design system CDNS soared 12.5% ​​on Tuesday, making it the top daily performer among S&P 500 stocks after the electronic design automation company reported better-than-expected quarterly results and raised its full-year earnings forecast. Revenue from the company's Cadence.AI portfolio, which incorporates generative AI and big data analytics into the design process, more than tripled year over year.
• nevertheless insight (INCY) reported third-quarter earnings that were below analysts' expectations, while the pharmaceutical company's revenue for the same period beat expectations and the company's stock price rose 12.0%. Insight said both the company's flagship products, cancer drug Jakafi and topical eczema treatment Opzerla, enjoyed strong demand and sales trends during the period.
• App distribution company F5 (FFIV) posted quarter-over-quarter sales and profits in its fourth quarter results, and its stock price rose 10.1%. F5's CEO highlighted the company's transformation from a hardware focus to a provider of security and software solutions better suited to today's hybrid and cloud-based technology environments.
• Leidos Holdings (LDOS) stock rose 9.5% after the IT services provider beat consensus estimates for third-quarter revenue and profit results. Strong booking numbers for the quarter suggest Leidos is poised for further growth, and the company raised its full-year outlook. Major US defense contract wins contributed to the strong performance and positive outlook.

refuser

• Tool manufacturer stock price stanley black and decker (SWK) fell 8.8%, the biggest decline in the S&P 500, after disappointing quarterly results. The company said weak demand from consumers and the auto industry weighed on its results, leading to missed sales and profits for the quarter. Tuesday's decline puts Stanley Black & Decker's 2024 earnings into negative territory.
• ford motor (F) stock fell sharply on Tuesday, dropping 8.4% after the automaker reported lower-than-expected third-quarter profits. JPMorgan and Bank of America lowered their price targets for Ford stock after the earnings slump. But analysts pointed to several reasons for optimism, including high warranty costs contributing to the profit shortfall and highlighting the potential of the Ford Pro division.

• home builder DR Horton (DHI) reported year-over-year declines in revenue and net income, which were below expectations for revenue and bottom line. The company also issued a weaker-than-expected full-year sales outlook, indicating it believes prospective homebuyers are under pressure to lower mortgage rates. DR Horton stock fell 7.2%.

–Michael Bromberg

Alphabet stocks soar in after-hours trading after earnings announcement

2 hours 29 minutes ago

Google's parent company Alphabet (GOOGL) reported third-quarter results that beat analysts' expectations, sending its stock higher after the bell on Tuesday.

Alphabet's third-quarter revenue rose 15% from a year earlier to $88.27 billion, beating the Visible Alpha analyst consensus. Net income was $26.3 billion, or $2.12 per share, up from $19.69 billion, or $1.55 per share, in the year-ago period and beat Street estimates.

Google Cloud posted revenue of $11.4 billion, beating analysts' expectations and posting 35% year-over-year growth as demand for artificial intelligence (AI) soared. Google Cloud's AI infrastructure and generative AI solutions drove growth, along with other core cloud products.

Alphabet's stock rose 5% in after-hours trading after the announcement. It had risen nearly 22% since the beginning of the year through Tuesday's close.

–Andrew Kessel

AMD stock falls after hours as profits fall below expectations

2 hours 36 minutes ago

Advanced Micro Devices (AMD) reported lower-than-expected third-quarter results, and its stock fell after Tuesday's close.

The company's third-quarter revenue rose 18% year-over-year to $6.82 billion, beating Visible Alpha's analyst consensus. Net income was $771 million, or 47 cents per share, up from $299 million, or 18 cents per share, in the year-ago period, but was below street expectations due to higher costs.

AMD's revenue increase came as data center revenue more than doubled to a new high of $3.5 billion, driven by demand for the company's AI chips.

AMD announced its next-generation AI chips at its Advancing AI event earlier this month, but didn't raise its AI sales outlook or announce new customers as many investors had hoped, weighing on its stock price. It became.

AMD said Tuesday it expects fourth-quarter revenue to be between $7.2 billion and $7.8 billion, up from $6.2 billion in the year-ago period. Analyst consensus was at the high end of that range, at $7.6 billion, according to Visible Alpha.

AMD stock fell more than 7% in extended trading Tuesday after the announcement.

–Andrew Kessel

Bitcoin soars above $73,000, nearing all-time high

3 hours 40 minutes ago

Bitcoin (BTCUSD) traded above $73,000 on Tuesday for the first time since March, gaining momentum ahead of the U.S. presidential election as investors poured billions into spot Bitcoin exchange-traded funds.

This momentum has pushed the most-traded cryptocurrency close to its all-time high of $73,798, set earlier this year. Also on Tuesday, shares of MicroStrategy (MSTR), which had over 252,000 Bitcoins on its books as of September 19th, hit a 52-week high of $267.89.

Shares of other Bitcoin-related companies also rose, including Coinbase Global (COIN), Marathon Digital's parent company MARA Holdings (MARA), and Riot Platforms (RIOT). MicroStrategy and Coinbase will report earnings tomorrow.

Bitcoin trading activity is increasing as Election Day approaches. Both Republican candidates, former President Donald Trump and Democratic Vice President Kamala Harris, have sought to engage with the crypto community. Trump, who was previously more skeptical, began embracing cryptocurrencies earlier this year, while Harris has been discussing her approach in recent months.

Since Oct. 11, the Spot Bitcoin ETF has had nearly $4 billion in net inflows, with just one day of outflows, according to data from Pharcyde Investors. The Spot Bitcoin ETF holds Bitcoin, and increased demand for the product helped push Bitcoin to an all-time high earlier this year.

–Mrinalini Krishna

Crocs stock price falls as Heydude sales continue to decline

5 hours 2 minutes ago

Crocs Inc. (CROX) stock tumbled Tuesday after the company's third-quarter profit growth was overshadowed by weak sales of its smaller Heydude brand.

The company had revenue of $1.06 billion, slightly above expectations compiled by Visible Alpha, and profit of $199.8 million, beating estimates of $187.3 million.

Investor concerns appear to stem from sales of Heydude Shoes, a company Crocs acquired in 2022.

Haydude sales fell short of expectations of $204 million, and the company also updated its full-year forecast, expecting Haydude sales to be significantly lower than previously reported.

CEO Andrew Rees said Crocs was seeing good results from the brand's new marketing investments, but Heydude's “recent performance and current operating environment suggest that the brand is turning a corner.” This indicates that it will take longer than originally planned.” ”

The company expects fourth-quarter sales to be flat to slightly up compared to the same period last year, as a 2% increase in Crocs sales will likely be offset by a 4% to 6% decline in Heydude sales. He said he expected it.

Crocs stock fell 19% late Tuesday, trading at its lowest level since February.

–Aaron McDade

Stanley Black & Decker's performance deteriorates due to poor performance

7 hours 15 minutes ago

Stanley Black & Decker (SWK) shares plunged after the tool maker reported weaker-than-expected earnings and cut guidance, citing weaker consumer demand and a slowdown in the auto sector.

The company reported third-quarter diluted earnings per share (EPS) of $0.60 and revenue of $3.75 billion, down 5.1%. Analysts surveyed by Visible Alpha had expected sales of $87 million and $3.8 billion, respectively.

Tools & Outdoors segment sales decreased 3% to $3.26 billion due to lower volumes due to weak consumer and do-it-yourself (DIY) demand. Industrial sales fell 18% to $488 million, due to what the company called “a soft automotive market.”

Stanley Black & Decker now expects adjusted EPS to be in the range of $3.90 to $4.30, compared to its previous guidance of $3.70 to $4.50.

Stanley Black & Decker shares fell 8% in afternoon trading, falling into negative territory since the beginning of the year.

–Bill McCall

DR Houghton down due to weak results and outlook

8 hours 48 minutes ago

Shares of homebuilder DR Horton (DHI) fell on Tuesday morning, leading the decline in the S&P 500 after its quarterly results and fiscal year 2025 outlook both fell short of analysts' expectations.

DR Horton reported fourth-quarter 2024 revenue of $10 billion, down from $10.5 billion in the year-ago quarter and the $10.22 billion consensus estimate from analysts compiled by Visible Alpha. below. The homebuilder reported net income of $1.28 billion, down from $1.51 billion and also below analysts' expectations of $1.37 billion.

DR Horton's sales forecast for fiscal 2025 was also lower than analysts' expectations. The company said it expects sales to be between $36 billion and $37.5 billion, significantly lower than its forecast of $39.39 billion.

Executive Chairman David Auld said sales for the quarter were lower than the company expected. “Mortgage rates have fallen from their highs earlier this year, but many prospective home buyers expect rates to fall in 2025,” Auld said.

DR Horton shares fell 10%, trading at their lowest since July.

–Aaron McDade

Ford stock falls after earnings – key levels to watch

11 hours 17 minutes ago

Ford (F) shares fell 7% in premarket trading late Monday after the company reported third-quarter profits that fell short of Wall Street expectations and lowered its full-year outlook.

The stock price has stabilized within an ascending triangle, a chart pattern that can signal a decline if formed within an established downtrend.

Investors should keep an eye on the key support levels around $9.50, $8.70, and $7.50 on the Ford chart. A breakout above the major resistance level at $11.30 could catalyze a bullish trend reversal.

Read the full technical analysis here.

–timothy smith

Futures are expected to lower the opening prices of major indexes

11 hours 48 minutes ago

Futures, which track the Dow Jones Industrial Average, fell 0.4%.

S&P 500 futures fell 0.2%.

Nasdaq 100 futures fell 0.1%.