Traders service the flooring on the New York Stock Exchange (NYSE) in New York City, UNITED STATE, September 9, 2024.
Brendan Mcdermid|Reuters
Stocks @ Night is an on a regular basis e-newsletter provided after hours, providing you an preliminary think about tomorrow and final think about right now. Sign up for cost-free to acquire it straight in your inbox.
Here’s what tv’s producers have been seeing as provides rallied Monday and what will get on the radar for the next session.
Apple’s giant apple iphone launch
- Apple unveiled its latest slate of iPhones, Apple Watches and AirPods at its much-watched “Glowtime” event Monday, but investors didn’t seem impressed. The stock fell as the event kicked off, but staged a late-day rally to close in the green.
- Shares hit an all-time high in mid-July, and they are almost 7% from those levels.
- Still, Apple has been the second-best performing “Magnificent Seven” stock over the last three months.
- The group has been led to the downside by Google-parent Alphabet, which is down almost 15% in three months, and Nvidia, down nearly 12%.
- Apple, meanwhile is up more than 12% in the past three months. It’s trailing only Tesla, which is up 22% in that period.
Apple’s performance in the past month
Oracle earnings
- The “old school” tech giant reported earnings after the bell tonight.
- Shares were up in after-hour trading after the company posted earnings and revenue that beat expectations.
- The day after its last earnings report in June, ORCL shares jumped 13.3%. The stock is up 11% in the last three months, and it’s up nearly 33% this year.
- By comparison, the iShares Expanded Tech-Software Sector ETF (IGV) is up about 5% in the last three months, and it’s up 4% this year.
- The Technology Select Sector SPDR Fund (XLK) is down about 4% in three months, and it’s up 7% this year.
- The Nasdaq Composite is down about 1.5% in three months and up a little more than 12% this year.
Tall order
- Monday marked Brian Niccol’s first day as CEO of Starbucks. Shares were up a little over 1%.
- Niccol takes over from embattled former chief Laxman Narasimhan, who became CEO in March of last year. Under Narasimhan, SBUX shares were down 7.6%. Shares are down 14% from their 52-week high hit last November.
- Niccol had previously been CEO of Chipotle, a role he took in March 2018. Under his tenure, CMG shares were up nearly 750%.
- Chipotle shares hit an all-time high in June, just before a 50-for-1 stock split went into effect. The stock is down 21% from that high.
Starbucks’ 2024 performance
Cancer drug results
- Shares of Summit Therapeutics soared 56% on very heavy volume after its lung cancer drug showed significantly better results than Merck’s Keytruda in Phase 3 trials.
- It was the stock’s best day since just May, when it jumped more than 270%.
- Shares are trading at an all-time high, up more than 630% this year.
- Merck, meanwhile, was down 2% Monday.
- Summit was the best performing stock in both the SPDR S&P Biotech ETF (XBI) and iShares Biotechnology ETF (IBB).
- The second best biotech stock on Monday was Relay Therapeutics, which was up 52% on positive results for its breast cancer drug.
Taking off
- Airlines among the best performing stocks Monday, with the US Global Jets ETF (JETS) gaining 2.6%, and posting its highest close since July 31.
- JetBlue was the biggest gainer, up over 7%. The latest move came after Bank of America upgraded the stock to neutral from underperform. The company had raised revenue guidance last week.
- United Airlines was up about 6%, the biggest gainer in the S&P 500. It posted its highest close since late June.
- American Airlines, which will move from the S&P 500 to the midcap S&P 400 as of Sept. 23, was up nearly 4%.
JETS ETF performance in the past month
New S&P companies
- Speaking of S&P shake ups, two of the three newest members of the benchmark S&P 500 closed higher on Monday.
- Palantir was up 14%, its best day since February. It posted its highest close since February 2021. It has more than doubled in price this year.
- Dell Technologies rose almost 4%. It’s up nearly 40% this year, but down 40% from its record high hit in late May.
- Insurance company Erie Indemnity shed 0.6%. It’s still up more than 50% this year, and hit an intraday record during the session, dating back to its 1995 IPO.
—Kavitha Shastry
will interview several big market-moving CEOs Tuesday
- AT&T’s John Stankey is on in the 10 a.m. hour, Eastern time. The stock shot up 2.5% Monday, hitting a new 52-week high. It is up 8% in a week. The dividend on AT&T is 5.2%.
- Michael Arougheti of Ares Management is also in the 10 a.m. hour. The stock is 10% from the July 31 high.
- Larry Culp of GE Aerospace is live in the 1 p.m. hour. The stock is 7% from a 52-week high. It jumped 2.5% Monday, but it’s down 5.3% so far in September.
GE Aerospace’s performance in 2024
Apple’s suppliers
- Apple’s event regarding the new iPhone left the stock flat.
- But some of the suppliers moved.
- Arm Holdings will be a big player in the new iPhone. The stock was up 7% on Monday. It remains 33.5% from the July high.
- Taiwan Semiconductor was up 3.8%. The stock is 16% from the 52-week high hit in July.
- Broadcom was up 2.8% Monday. The stock is 24% from the June high.
- AMD was up 2.8% as well. It is 40% from the March high.
- Cirrus Logic was up 1.7% Monday. It is 8.7% from the August 29 high.
GameStop reports after the bell Tuesday
- The video game retailer with a lot of ups and downs reports Tuesday afternoon.
- Shares are 63% from the May high.
- GameStop is up about 11% in the last month.
GameStop’s one-month performance
Basel III
- ‘s Leslie Picker will report on what could be big news for the banks on Tuesday.
- Ahead of the possible news, Wells Fargo is 12.7% from the 52-week high hit in May.
- Citigroup is 12.2% from the July 17 high.
- Bank of America is 11% from the 52-week high, also hit July 17.
- Morgan Stanley is 10% from the July 16 high.
- JPMorgan is 3.85% from the Aug. 30 high. We will hear from CEO Jamie Dimon in the morning.
Boeing August orders and deliveries
- ‘s Phil LeBeau will be watching for the numbers when they come out at 11 a.m.
- Shares are 39% from the high hit back on Dec. 21.
- Boeing was up 3.36% on Monday.
- It is down 6.2% so far in September.
—Jason Gewirtz
The publish What’s almost certainly to relocate {the marketplace} appeared first on Economy Junction.