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Markets start the week in the green. It’s the third-straight up-day for both the S&P 500 and the Nasdaq, fourth straight for the blue-chip Dow. We’re just about back to breakeven over the past month (the Nasdaq has already gotten there), which is notable considering where we were a couple weeks ago. The Dow gathered +176 points in today’s session, while the S&P gained +1.03% and the tech-heavy Nasdaq +1.19%. The small-cap Russell 2000 performed just as well: +1.16% for the day.
We’re taking something of a break this week from key economic data. This follows Jobs Week last week, which also had the latest Fed meeting and was the single-busiest week of calendar Q1 earnings season. That said, we still will have heard from around 2000 companies reporting by the opening bell on Friday, with some notable — if less impactful — data out this week. A plethora of Fed members are also making public appearances throughout the week. We expect a united front in messaging from the various Fed members.
Intelligence software firm PalantirPLTR is out with Q1 earnings this afternoon. The company met the expected 8 cents per share on $634 million in revenues, ahead of the $615 million in the Zacks consensus. Full-year revenue guidance has bumped slightly higher than previously anticipated, to a range of $2.68-2.69 billion, as U.S. commercial revenue is expected to come in stronger, with its artificial intelligence platform — A.I.P. — leading the way forward for the Denver-based firm.
Microchip Technology MCHP released fiscal Q4 earnings after today’s close. It also met expectations on its bottom line, to 57 cents per share, on in-line $1.33 billion for the quarter. This top-line figure is -40% from the year-ago period and -25% sequentially, as the firm said low business visibility due to short lead times is manifesting as more conservative revenue guidance. That said, the company did crank up its dividend yield +18%, but share are still down -4.5% in the late trading session.
Tomorrow morning, The Walt Disney Co. DIS reports fiscal Q2 earnings results. The entertainment conglomerate is expected to come in +19% on quarterly earnings, on +1.3% revenue growth. Disney is currently riding a five-quarter positive earnings streak, and the stock is up +28% year to date (only +13% from a year ago). The stock enters its earnings date in the middle of the road: with a Zacks Rank #3 (Hold) and a Value-Growth-Momentum score of C.
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Strong backlogs, strength in the Water Infrastructure segment and the Evoqua buyout are expected to fortify Xylem’s growth. The shareholder-friendly policies spark optimism.
Growing customer base are driving rapid adoption of Cloudflare’s subscription-based solutions, which along with collaborations are expected to significantly drive the top line.
Focus on regulated energy delivery, strategic acquisitions, planned investments in the electric and natural gas utility and ample liquidity will act as tailwinds.
Strong demand and booking volume growth bode well for Norwegian Cruise. Fleet-expansion efforts and improving occupancy are helping the company gain traction.
Garmin’s focus on delivering innovative products across all business segments, namely fitness, marine and outdoor, and contribution from acquisitions remain positives.
The J. M. Smucker is progressing well with its core priorities, which include driving commercial excellence; reshaping portfolio; streamlining cost structure and unleashing an organization to win
Whirlpool’s Q1 sales was hurt by the sluggish demand environment and adverse price/mix, mainly in Europe and North America. Management provided a bleak view for 2024.
Reimbursement uncertainties and stiff competition are major headwinds for Accuray. Other issues like overdependence on technologies and macroeconomic instability prevail.
The rising cost of vehicle financing may dampen car demand, thus hurting Lithia’s sales. A huge debt pile and rising SG&A as a percent of gross profit remain a concern.
Charter operates in a saturated & competitive multi-channel U.S. video market. Intense competition, eroding video subscriber base and leveraged balance sheet are key concerns.
The impressive Disney+ user growth rate driven by expanding international footprint and solid content portfolio should be the key performance driver for Disney.
Google has shown good execution to date. Its dominant search market share is a positive. Its expanding cloud footprint and strengthening presence in the smart home market remain noteworthy.
Hormel Foods intends to strengthen its business on the back of strategic acquisitions. The company is investing in growth, innovation, cost savings and automation.
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.
