Stocks Slump as GDP Data Adds to Economic Woes; Meta Tumbles

Published

8 months ago

2 June, 2024

FinCrypto Staff

Stock Indexes Wrap: Meta Earnings Torpedo Cloud Providers But Boost Chip Stocks

April 25, 2024 04:11 PM EDT

The Dow

Merck (MRK) rose 2.9% after topping first-quarter earnings estimates amid strong demand for its cancer treatment Keytruda and HPV vaccine Gardasil.

Intel (INTC) rose 1.8% ahead of its earnings report after the bell.

International Business Machines (IBM) tumbled 8% after it posted first-quarter revenue that fell short of Wall Street’s estimates.

Caterpillar (CAT) dropped 7% after also missing sales estimates in the first quarter.

Microsoft (MSFT), which reports earnings after the bell, shed 2.5% as Meta’s earnings raised concerns about soaring AI spending. Amazon (AMZN) slid 1.7% on the same worries.

The S&P 500

Newmont (NEM) jumped 12.5% after reporting better-than-expected earnings, with revenue getting a boost from surging gold prices in March.

Chipotle (CMG) climbed 6.5% after its earnings blew past analyst estimates amid a 7% increase in same-store sales in the first quarter.

Super Micro Computer (SMCI) gained 4.3%, with the server and data center services provider getting a boost from Meta’s forecast that spending on AI infrastructure would surge this year. AI investment also lifted Nvidia (NVDA), up 3.7%, and Broadcom (AVGO), up 3%.

GE Vernova (GEV) ticked up 0.6% after reporting, in its first report since being spun-off from GE Aerospace (GE), that revenue increased 6% and its loss narrowed from the year-ago quarter.

Meta (META) tumbled 10.6% after increasing its full-year capital expenditures forecast while offering a disappointing revenue estimate for the current quarter.

Bristol Myers Squibb (BMY) fell 8.6% after reporting it swung to a loss in the first quarter; it also announced plans to cut 2,200 jobs as part of a $1.5 billion cost-cutting effort.

Southwest Airlines (LUV) dropped 7% after reporting a wider-than-expected loss in the first quarter and saying delayed Boeing deliveries would limit capacity growth this year.

The Nasdaq 100

AstraZeneca (AZN) gained 5.4% after exceeding Wall Street’s expectations on the top and bottom lines.

Tesla (TSLA) rose 5%, continuing to gain after surging yesterday on Elon Musk’s assurances that the electric vehicle maker will release new models, including a low-cost option, by early next year.

Marvell Technology (MRVL) rode the AI chipmaker wave, closing 4.1% higher. It was trailed by Advanced Micro Devices (AMD) and ASML Holding (ASML), up 1.3% and 1.1%, respectively.

Comcast (CMCSA) fell 5.8% after reporting losing broadband and cable subscribers in the first quarter, overshadowing its better-than-expected earnings.

Alphabet (GOOGL) slid 2%, weighed down by Meta’s quarterly results ahead of its earnings report after the bell.

Why Comcast Stock Is Tumbling Despite an Earnings Beat

April 25, 2024 03:17 PM EDT

Comcast (CMCSA) beat analyst estimates for first-quarter revenue and profit Thursday but shares fell as cable and broadband subscriber numbers continued to decline.

The company generated $30.06 billion in revenue in the first quarter, above the $29.87 billion analysts expected, according to estimates compiled by Visible Alpha. Comcast also reported $3.86 billion in net income, or earnings per share (EPS) of 97 cents, beating estimates of $3.63 billion and 91 cents per share, respectively.

The company reported solid subscriber growth in its mobile service division, adding 289,000 wireless lines in the quarter, but cable and broadband customers fell by 487,000 and 65,000, respectively.

Peacock continued to grow, reaching 34 million paid subscribers in the quarter. However, the streaming service still isn’t profitable; Peacock generated $1.1 billion in revenue for the quarter, but Comcast reported an adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) loss of $639 million for the service.

Shares initially rose in premarket trading after the earnings report was released, but reversed course and were down more than 5% with less than an hour left in the session.

–Aaron McDade

Analysts Stand By Meta, Praising AI Investment

April 25, 2024 02:29 PM EDT

Meta’s stock is down more than 10% after it disappointed investors with a sales forecast that missed expectations and news that spending is on the rise.

But analysts aren’t nearly as fazed as investors. Wedbush’s Dan Ives sees Meta’s AI investment as the right move at the right time.

“Meta is [in] a position of strength,” Ives said in a message to Investopedia. “Investors are in a risk-off mode but betting against Zuck and Meta has been the wrong move over the last decade.”

Ives said it was reasonable to expect other tech companies in similar positions to report increasing costs because of AI.

“It’s a high-class problem with the AI Revolution and this arms race,” Ives said.

Bank of America analysts took a similar tack. “What is different on this investment cycle is that AI investments are already driving business results, and the Street is constructive on the AI opportunity,” analysts Justin Post and Nitin Bansal wrote.

They expect Meta to maintain strong ad growth in the second quarter, and posited that AI improvements could power double-digit growth through 2025. The analysts reiterated their “buy” rating and maintained their $550 price target, representing 24% upside from Thursday’s levels.

-Reporting contributed by Christiana Sciaudone

Merck Rises as Cancer Drug and Vaccine Sales Drive Better-Than-Expected Results

April 25, 2024 01:48 PM EDT

Merck (MRK) shares advanced in intraday trading Thursday after the pharmaceutical firm reported better-than-expected quarterly results, and raised and narrowed its guidance on strong sales of its blockbuster cancer-fighting treatments.

The company posted first-quarter adjusted earnings per share (EPS) of $2.07, with revenue up 8.9% to $15.78 billion. Both easily beat forecasts.

Sales of its popular cancer drug, Keytruda, gained 19.9% to $6.95 billion. Revenue from Gardasil, its vaccine to prevent cancers caused by human papillomavirus (HPV), advanced 14.0% to $2.25 billion on rising sales in both China and by the U.S. public sector, along with higher prices.

The company sees full-year adjusted EPS of $8.53 to $8.65, versus its prior outlook of $8.44 to $8.59. It anticipates sales in the range of $63.1 billion to $64.3 billion, compared with its earlier estimate of $62.7 billion to $64.2 billion.

Shares of Merck were up 3.1% Thursday afternoon and have climbed about 20% in 2024.

–Bill McColl

Newmont Soars as Record Gold Prices Boost Earnings

April 25, 2024 12:47 PM EDT

Shares of Newmont (NEM) soared on Thursday after the gold miner topped Wall Street’s estimates with its first-quarter earnings on the back of robust product and higher gold prices.

Newmont reported adjusted net income of $630 million, or 55 cents per share, on revenue of $4 billion. Gold production increased 32% year-over-year to 1.68 million ounces, beating analyst estimates, while the average realized gold price rose to $2,090. Production got a boost in the most recent quarter from Newmont’s acquisition of Australian mining giant Newcrest in November.

Gold futures traded near record highs throughout the first two months of the year and surged in March as tensions in the Middle East reached a fever pitch and central banks, particularly the People’s Bank of China, scooped up the precious metal for their reserves.

Newmont reiterated its full-year production and cost outlook on Thursday. It expects to produce 6.93 million ounces of gold, which it forecast will cost about $1,400 per ounce to produce. That’s slightly below the first quarter’s production costs of $1,439 an ounce.

Though higher gold prices, which surged to a record above $2,400 per ounce last week, could offset higher-than-forecast production costs.

Newmont shares were up 11.3% Thursday afternoon, propelling them into positive territory for the year.

Caterpillar Stock Sinks as Lower Sales Offset Profit Beat

April 25, 2024 11:50 AM EDT

Caterpillar (CAT) shares fell sharply in intraday trading Thursday as lower-than-expected sales offset a stronger profit than analysts estimated.

The construction vehicle and engine manufacturer reported $15.8 billion in total revenue, short of analyst estimates compiled by Visible Alpha of $16.16 billion, but posted a profit of $2.86 billion, or $5.75 per share, topping estimates of $2.53 billion, or $5.02 per share.

Revenue across Caterpillar’s equipment divisions was down $139 million compared with the first quarter of 2023. The company’s sales especially suffered internationally, with construction equipment sales falling in Europe, Africa, and the Middle East (EAME) by 25% year-over-year, and 14% in the Asia/Pacific region.

For the current quarter, Caterpillar projects sales to decrease year-over-year, but adjusted operating margins should stay relatively the same thanks to higher prices.

Shares sank 7.2% to $337 midday Thursday. Still, the stock has gained 14% so far this year and 54% in the past 12 months.

–Aaron McDade

Nvidia Gains on Surging AI Hyperscaler Spending

April 25, 2024 11:12 AM EDT

One clear beneficiary of Meta’s spending spree: Nvidia (NVDA), shares of which climbed on Thursday as those of its hyperscaler customers tumbled amid concerns about spending on artificial intelligence offerings that are still years from meaningfully adding to the bottom line.

Meta (META) on Wednesday evening raised its full-year capital expenditure (capex) forecast to a range of $35 billion to $40 billion from a prior range of $30 billion to $37 billion. The high end of the new range would represent a 50% year-over-year increase in spending. Between 2020 and 2023, full-year capex averaged less than $23 billion.

And Meta plans to increase spending further in 2025, as “we invest aggressively to support our ambitious AI research and product development efforts,” said Chief Financial Officer Susan Li on the company’s earnings call.

Much of Meta’s expenses will come from investments in servers and data centers required to train large language models and run Meta AI, the company’s answer to OpenAI’s ChatGPT. That will benefit Nvidia and other advanced semiconductor makers, whose products and services are the building blocks of AI systems.

Nvidia shares were up 3% Thursday morning, while Meta tumbled nearly 12%. Microsoft (MSFT) and Alphabet (GOOGL), two of Meta’s biggest competitors in the AI arms race, traded 4.4% and 2.7% lower, respectively. Meanwhile, shares of Nvidia peers Broadcom (AVGO) and Advanced Micro Devices (AMD) were up 2.3% and 0.6%, respectively.

IBM Stock Drops After Confirming $6.4B HashiCorp Acquisition, Posting Q1 Revenue Miss

April 25, 2024 10:23 AM EDT

Shares in IBM (IBM) plunged more than 9% in early trading Thursday after the computing and consulting giant confirmed it will acquire cloud software maker HashiCorp (HCP) for $6.4 billion and posted quarterly revenue that came in short of Wall Street expectations.

The company said it plans to acquire HashiCorp for $35 per share in a cash deal, valuing the transaction at $6.4 billion, confirming a report in The Wall Street Journal on Tuesday that the two firms were closing in on a deal.

Turning to Big Blue’s quarterly results, the company posted first-quarter adjusted earnings of $1.68 per share, above analysts’ forecast of $1.60 a share. While revenue in the period of $14.46 billion improved 1.5% from a year earlier, it came in below the $14.55 billion consensus view.

Source: TradingView.com.

IBM’s share price broke out from a multi-month rising wedge in late January but has failed to remain above the pattern’s top trendline, recently falling to its lower trendline. Amid news-related selling, investors should closely monitor the $165 level, an area on the chart that may attract buying interest near the prior December 2023 swing high and rising 200-day moving average.

–Timothy Smith

GDP Data Shows Economy Slowing, Inflation Accelerating

April 25, 2024 09:42 AM EDT

The U.S. economy as measured by the inflation-adjusted Gross Domestic Product (GDP) grew at an annualized rate of 1.6% in the first quarter, down from 3.4% in the fourth quarter of last year, the Bureau of Economic Analysis said Thursday. That was below the median forecast of 2.2% according to a survey of economists by Dow Jones Newswires and the Wall Street Journal.

And in a setback in the fight against inflation, the report showed consumer price increases accelerated, rising to a 3.4% annual rate from 1.8% in the fourth quarter.

Consumer spending, the main engine of the U.S. economy, decelerated in the first quarter according to the GDP report, slowing to a 2.5% annual growth rate from 3.3% in the fourth quarter. Decelerating state and local government spending and exports also contributed to the slowdown.

Treasury yields jumped following the report as accelerating inflation shrank the odds the Federal Reserve will lower interest rates as soon as previously forecast. The 10-year yield, which influences rates across the economy, soared as high as 4.74%, its highest since October.

–Diccon Hyatt

Stocks Making the Biggest Moves Premarket

April 25, 2024 09:03 AM EDT

Gains:

Union Pacific (UNP): Shares of the railroad operator rose more than 4% after its quarterly results topped Wall Street estimates on the top and bottom lines despite what it called a “challenging freight environment.”

American Airlines (AAL): Shares rose more than 3% after the airline reported a first-quarter loss but gave upbeat current-quarter guidance.

Merck & Co. (MRK): Shares of the pharmaceutical giant rose more than 2% after it beat expectations with its first-quarter earnings and raised its full-year outlook after a strong quarter for sales of its blockbuster cancer drug Keytruda.

Losses:

Meta Platforms (META): Shares tumbled 15% after the Facebook parent offered a so-so current-quarter revenue forecast and raised its full-year capital expenditures forecast as it spends to build out artificial intelligence infrastructure.

International Business Machines (IBM): Shares of the computing company fell nearly 10% after it missed first-quarter sales estimates and confirmed its plans to acquire cloud software maker HashiCorp (HCP) for $6.4 billion.

Caterpillar (CAT): Shares of the industrial equipment maker shed more than 5% after its first-quarter revenue came up short of forecasts amid a decline in sales volume.

Stock Futures Lower as Meta Drags on Tech

April 25, 2024 08:31 AM EDT

Futures contracts connected to the Dow Jones Industrial Average were down about 0.6% in premarket trading on Thursday.

S&P 500 futures were off about 0.8%.

Nasdaq 100 futures traded 1.1% lower about an hour before markets opened.

Source

Breakfast on Wall Street: The Week Ahead

Published

6 months ago

14 July, 2024

FinCrypto Staff

The spotlight next week will shift somewhat to the Federal Reserve’s second-quarter earnings season and monetary policy. Market watchers will be treated to results from several major names, including Dow 30 components Goldman Sachs (GS), UnitedHealth (UNH), Johnson & Johnson (JNJ) and American Express (AXP), along with streaming giant Netflix (NFLX).

The Fed will still attract some attention as investors will be eager to hear from a packed lineup of central bank speakers just before the policy meeting lockout period.

In terms of the economic calendar, after fifteen days of labor market and inflation indicators, activity data will gain momentum in the form of the latest retail sales and industrial production reports.

Earnings Highlight: Monday, July 15 – Goldman Sachs (GS) and BlackRock (Black). See the full earnings calendar.

Earnings Highlight: Tuesday, July 16 – UnitedHealth (UNH), Bank of America (BAC), Progressive (PGR), Morgan Stanley (IN), PNC Financial (PNC) and JB Hunt Transport (JBHT). See the full earnings calendar.

Earnings Highlight: Wednesday, July 17 – Johnson & Johnson (JNJ), US Bancorp (USB), Morgan Children (KMI), United Airlines (UAL) and Ally Financial (ALLY). See the full earnings calendar.

Earnings Highlight: Thursday, July 18 – Netflix (NFLX), Abbott Laboratories (ABT), Black stone (BX), Domino’s pizza (ZDP) and Taiwan Semiconductor Manufacturing (TSM). See the full earnings calendar.

Earnings Highlight: Friday, July 19 – American Express (AXP), Halliburton (THANKS) and Travelers (VRT (return to recoverable value)) See the full earnings calendar.

IPO Observation: Hospital and healthcare clinic operator Ardent Health Partners (TARDT), insurance service provider Twfg (TWFG) and the biotechnology company Lirum Therapeutics (LRTX) are expected to price their IPOs and begin trading next week. The analyst quiet period ends at Rectitude (RECT) to free up analysts to publish ratings.

Source

News

Trump shooting: Gold could hit record high, dollar and cryptocurrencies set to jump

Published

6 months ago

14 July, 2024

FinCrypto Staff

Police cars outside the residence of Thomas Matthew Crooks, the alleged shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. In the aftermath of the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being killed by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)

Police cars outside the residence of Thomas Matthew Crooks, the suspected shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. Following the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being shot dead by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)

Investors will initially favor traditional safe-haven assets and may lean toward trades more closely tied to former President Donald Trump’s chances of winning the White House after he survived an assassination attempt, according to market watchers.

“There will undoubtedly be some protectionist or safe-haven flows into Asia early this morning,” said Nick Twidale, chief market analyst at ATFX Global Markets. “I suspect gold could test all-time highs, we’ll see the yen being bought and the dollar, and flows into Treasuries as well.”

Early market commentary suggested Trump’s shooting at a rally in Pennsylvania on Saturday could also prompt traders to increase his likelihood of success in the November election. His support for looser fiscal policy and higher tariffs is generally seen as likely to benefit the dollar and weaken Treasuries.

An indicator of market sentiment heading into the weekend: Bitcoin surged above $60,000, likely reflecting Trump’s pro-crypto stance.

Other assets positively linked to the so-called Trump trade include stocks of energy companies, private prisons, credit card companies and health insurers.

Traders will also be closely watching market measures of expected volatility on Monday, such as those in the tariff-sensitive Chinese yuan and Mexican peso, which have begun to price in the U.S. vote.

Trump said he was shot in the right ear after a shooting at his rally. His campaign said in a statement that he was “fine” after the incident, which prompted him to rush off the stage.

“Currencies will be the first major market on Monday in Asia to react to the weekend’s shots. There’s potential for extra volatility, and getting a clear reading could be especially difficult because liquidity will be hurt by Japan’s national holiday,” said Garfield Reynolds, Asia team leader for Bloomberg Markets Live.

Strategists had already expected a volatile run-up to the election, particularly as Democrats are still agonizing over President Joe Biden’s candidacy after his poor performance in last month’s debate raised questions about his age. Investors were also grappling with the possibility that the election could end in a drawn-out dispute or political violence.

But there is little precedent for events like those in Pennsylvania. When President Ronald Reagan was shot four decades ago, the stock market plunged before closing early. The next day, March 31, 1981, the S&P 500 rose more than 1% and benchmark 10-year Treasury yields fell 9 basis points to 13.13%, according to data compiled by Bloomberg.

Bond investors should pay particular attention as the attack is likely to boost Trump’s election chances and ultimately lead to concerns about the fiscal outlook, according to Marko Papic, chief strategist at California-based BCA Research Inc.

“The bond market must at some point become aware of President Trump’s greater chances of winning the White House than any of his rivals,” Papic wrote. “And I continue to believe that as his chances increase, so too must the likelihood of a bond market revolt.”

Kyle Rodda, senior financial markets analyst at Capital.com, said he was seeing client flows into Bitcoin and gold following the shooting.

“This news marks a turning point in American policy norms,” he said. “For markets, it means safe-haven trades, but more tilted toward non-traditional safe-havens.”

Source

News

Latest Business News Live Updates Today, July 11, 2024

Published

6 months ago

14 July, 2024

FinCrypto Staff

Latest Business News Live Updates Today, July 11, 2024

Follow us for stories on Bill Gates, Elon Musk, Mukesh Ambani, Gautam Adani as we bring you everything that’s happening in the business world. Follow the latest gold and silver prices here too. Stay in the know on all things business with us.

Latest news on July 11, 2024: Airtel says its new Xstream Fiber plans bundle over 350 live TV channels (Official Photo) (Reuters) Disclaimer: This is an AI-generated live blog and has not been edited by Hindustan Times staff.

Follow all the updates here:

Thu, 11 Jul 2024 08:44 PM

Business News LIVE Updates: Decoding Airtel’s new Xstream Fiber packages, finding value with Live TV and OTT
- Airtel confirms to HT that the live TV proposition is being delivered using its DTH network, while the bundled streaming subscriptions are an extension of its Xstream Play platform.
Read the full story here
Thu, 11 Jul 2024 03:58 PM

Business News LIVE Updates: TCS Q1 results meet estimates: Net profit up 9%, ₹10 dividend declared
- TCS’s consolidated revenue rose 5.4% to Rs 626.13 billion in the June quarter. Analysts had expected revenue of Rs 622.07 billion, as per LSEG data.
Read the full story here
Thu, 11 Jul 2024 03:51 PM

Business News LIVE Updates: Indian companies falsified generic Viagra data to get approval, says US FDA: Report
- Synapse Labs Pvt. Ltd may have been used in hundreds of drugs that are still available for sale, the report said.
Read the full story here

Thu, 11 Jul 2024 03:09 PM

LIVE Business News Updates: Namita Thapar’s emotional post on Emcure IPO listing: ‘Mirza Ghalib sums up my feelings’
- Emcure Pharmaceuticals was listed at ₹1,325.05, up 31.45% on the BSE and NSE on July 10.
Read the full story here
Thu, 11 Jul 2024 02:39 PM

LIVE business news updates: Amazon could face investigation over treatment of UK food suppliers, watchdog says
- An Amazon spokesperson said the company has made several improvements for food suppliers since last year’s results.
Read the full story here
Thu, 11 Jul 2024 01:39 PM

LIVE Business News Updates: This Bengaluru company aims to launch a ‘space habitat’ by 2027, in talks with SpaceX
- AkashaLabdhi calls itself a “home among the stars” as it says the company’s area of expertise is signal processing and continuous automation.
Read the full story here

Thu, 11 Jul 2024 01:10 PM

Business News LIVE Updates: Amazon India employees on working conditions: Made to stand for hours, bathroom breaks not allowed
- A survey conducted by UNI Global Union with the Amazon India Workers Association had 1,838 participants who alleged appalling working conditions at Amazon facilities in India.
Read the full story here
Thu, 11 Jul 2024 12:44 PM

LIVE Business News Updates: UK overhauls listing rules in bid to attract IPOs to London: What has changed?
- The new rules allow companies to carry out more activities without putting them to a shareholder vote, the UK’s Financial Conduct Authority said.
Read the full story here
Thu, 11 Jul 2024 12:18 PM

Business News LIVE Updates: Want to send money abroad? Open foreign currency accounts at GIFT City
- Foreign currency accounts will be like a bank account in India, but instead of rupees, you hold foreign currency like US dollars.
Read the full story here

Thu, 11 Jul 2024 11:30 AM

Business News LIVE Updates: First Abu Dhabi Bank denies interest in acquiring stake in Yes Bank: Report
- The report said the Yes Bank stake sale has attracted interest from Japan, including Mitsubishi UFJ Financial Group Inc. and Sumitomo Mitsui Financial Group Inc.
Read the full story here
Thu, 11 Jul 2024 11:04 AM

LIVE Business News Updates: TCS Share Price Surges Ahead of Q1 Results: What Brokers Say About the Stock
- TCS Share Price: The stock opened at ₹3,944.65 against its previous close of ₹3,909.90. It then rose 1.8 percent to ₹3,979.90 level.
Read the full story here
Thu, 11 Jul 2024 10:22 AM

LIVE Business News Updates: Reliance Jio IPO listing likely in 2025 at $112 billion valuation: Jefferies
- Jio “could list at a valuation of $112 billion” and add “7-15 percent upside” to Reliance Industries’ share price, Jefferies said.
Read the full story here

Thu, 11 Jul 2024 09:42 AM

LIVE Business News Updates: Yes Bank shares rise after Moody’s revises outlook to ‘positive’ from ‘stable’
- Global rating agency Moody’s has raised its outlook on Yes Bank to positive from “stable” despite expectations of a gradual improvement in its depositor base.
Read the full story here
Thu, 11 Jul 2024 09:16 AM

Business News LIVE Updates: Sahaj Solar IPO opens today: All you need to know before subscribing to the issue
- Sahaj Solar IPO: The block issue aims to raise ₹52.56 crore through issuance of 2.92 million new shares and will close on July 15.
Read the full story here
Thu, 11 Jul 2024 08:40 AM

LIVE Business News Updates: Why Analysts Believe India’s Earnings Season May Disappoint Stock Market Investors
- Investors in Indian stocks hoping for a robust earnings season to justify expensive valuations are likely to be disappointed.
Read the full story here

Thu, 11 Jul 2024 08:35 AM

LIVE Business News Updates: Elon Musk Says Second Neuralink Brain Implant Will ‘Give People Superpowers’ Within a Week
- Elon Musk said Neuralink will make some changes to try to alleviate the problem of its electrode wires retracting from brain tissue.
Read the full story here
Thu, 11 Jul 2024 07:59 AM

LIVE Business News Updates: Apple warns Indian iPhone users of possible Pegasus-like ‘spyware attack’
- In April this year, the Indian Computer Emergency Response Team (Cert-In) flagged several vulnerabilities in Apple’s operating system for iPhone and iPad.
Read the full story here
Thu, 11 Jul 2024 07:45 AM

Business News LIVE Updates: US stock markets at record highs led by world’s biggest tech companies
- The Philadelphia Semiconductor Index rose 2.4% to a record high after Taiwan Semiconductor Manufacturing Co. reported strong quarterly revenue.
Read the full story here

News / Business / Latest Business News Live Updates Today, July 11, 2024

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News

Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?

Published

6 months ago

14 July, 2024

FinCrypto Staff

Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?

Q1 2024 Results: Jio Financial Share Price will be in focus on Monday as the Reliance Group company has a fixed board meeting on July 15, 2024 to consider and approve the company’s unaudited standalone and consolidated financial results. Trust Group company informed about the Q1 2024 Results date on Wednesday last week via an exchange filing. According to stock market experts, Jio Financial Services Limited is poised to deliver impressive Q1 results for FY25 on solid operating income. They have forecast a healthy QoQ PAT for the company in Q1 FY25.

Jio Financial Services News

Speaking on the Jio Financial Services Q1 2024 results, Manish Chowdhury, Head of Research, StoxBox, said, “We believe Jio Financial Services is poised to deliver impressive results in Q1FY25 aided by its operating income, which is likely to show robust growth driven by strong investment income, which in turn should lead to healthy PAT growth on a sequential basis. Jio Financial Services continues to make strategic moves such as launching digital products and expanding its ecosystem, with a clear focus on future growth. The company has announced plans to introduce products for lending against stocks and mutual funds, leveraging Jio’s large user base, which could be a significant growth driver in the coming quarters.”

“Furthermore, with the NBFC receiving RBI approval to become a primary investment company, Jio Financial Services is well-positioned to unlock value from its investments. Overall, we expect the company to report robust numbers in the upcoming quarter,” the StoxBox expert added.

Jio Financial Stock Target Price

Speaking about the technical outlook of Jio Financial share price, Ganesh Dongre, Senior Manager, Technical Research at Anand Rathi, said, “Jio Financial Services share price is poised to make a fresh high at the ₹260 apiece level. If the stock breaks above this mark, the Reliance Group stock could make a fresh high by touching the ₹290-₹295 zone. Hence, those with Jio Finance stock in their portfolio are advised to stick to the script by keeping a stop loss at ₹205. If the stock breaks above ₹260 decisively, then one can upgrade the stop loss at ₹240 for the near-term target of ₹295.”

On the advice to new buyers regarding Jio Financial stock, Ganesh Dongre said, “New buyers are advised to wait for the breakout. Once the stock breaks above ₹260, one can buy this Reliance Group stock at the short term target of ₹295, keeping a stop loss of ₹240 apiece.”

Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. Investors are advised to consult with certified experts before making any investment decisions.

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