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Markets rose again in Thursday’s session, kicking off the early market with more positive Jobless Claims and Q3 GDP revision. The Dow gained +306 points, +0.63%, while the S&P 500 +37 points +0.55%. The Nasdaq led the way today, +211 points, +0.91%, and the small-cap Russell 2000 grew +17, +0.64%.
Market participants shrugged off the delayed November Personal Consumption Expenditures (PCE) report this morning, which noted Personal Spending increased +0.3%, 10 basis points (bps) lower than expected, following a drop of 30 bps to +0.1% in the previous print. Personal Spending remained slightly elevated, +0.5%, in-line with the October result. The PCE Index month over month was +0.2% on both headline and core.
Year over year PCE moved back up to +2.8% after dipping 10 bps the prior month, and the same results met core (ex-food and energy expenditures) PCE from a year ago. Ultimately, these figures remain in the sweet spot, though it would behoove us to pay attention to the Income/Spending gap, which has widened over the past two prints.
Earnings Results After the Close
Chipmaking major Intel INTC beat estimates on both top and bottom lines this afternoon — earnings of 15 cents per share nearly doubled the 8 cents anticipated, on $13.67 billion in revenues which were ahead of the Zacks consensus $13.37 billion — but shares are selling off -6.5% on the news. Revenue guidance for the current quarter was pulled down a bit on the low end, as Intel continues to see supply constraints in their future.
Data Center grew +9% year over year to $4.7 billion, augmented a bit by a -7% drop in Cloud computing. Intel stock had been growing gangbusters as of the start of the year, +47%, so we look at most of this late-trading activity as being a relatively normal level of profit-booking.
Capital One COF broke its five-quarter positive earnings surprise streak, missing Q4 estimates to $3.86 per share, from $4.12 in the Zacks consensus. Revenues of $15.58 billion, on the other hand, amounted to a healthy beat over the $15.37 billion expected. The company also announced it has purchased AI-based FinTech Brex for $5.15 billion in cash and stock. Shares of COF are -3.5% at this hour.
Transportation major CSXCSX sees its share price increase in late trading on its Q4 miss on both top and bottom lines. Earnings of 39 cents per share missed consensus (and the prior-year tally) by 3 cents, while $3.51 billion in revenues came up a tad short of the Zacks consensus $3.55 billion. The rail company cited subdued industrial demand for the weakness in the quarter.
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West Pharmaceutical Services (WST)Upgraded: 01/21/26
Strong HVP momentum, rising GLP-1 exposure, and expanding margins position WST for durable growth, cash flow strength, and long-term value creation despite near-term industry and macro headwinds.
Bath & Body Works’ strong brand, cost savings and Amazon entry support its transformation, expanding growth opportunities while strengthening retail productivity and financial flexibility.
Strategic alliances and Morgan Stanley’s increased focus on less capital markets-dependent operations are expected to aid growth. Enhanced capital distribution activities reflect a solid balance sheet
Macroeconomic uncertainty and inflationary pressures are expected to impact Zillow’s performance. High competition, and rising sales and marketing spending will keep its margins under pressure.
Celanese faces headwinds from demand weakness in certain markets. Increased competition is also affecting prices. Inventory actions may also hurt earnings.
Strength in the Energy Generation/Storage business, balance sheet strength, and focus on autonomous driving and artificial intelligence are set to drive Tesla.
Kroger drives growth with digital expansion, private label success, fresh offerings and strategic partnerships, while investments in AI and value creation fuel long-term scalability.
Robust vehicle offerings, a growing software and services business, progress in China restructuring, and strong liquidity are expected to support General Motors’ growth.
Intel’s leading position in PC market, strength in servers, growing clout in software, IoT & ADAS domains and headway in process technology are positive indicators of future growth prospects.
