Thursday, February 15th, 2024
Forget Tuesday’s selloff — we’re back, baby! Markets brushed off the dirt from the post-CPI wariness among market participants the other day, and have now swung back into positive territory in the past week of trading. The S&P 500 even closed at a brand new all-time high — 5029 — as it gained +0.58% on the session. The Nasdaq treaded lightest, up only +0.30%, while the blue-chip Dow grew +348 points, +0.91% and the Russell 2000 won the day for the second consecutive time, +2.1%.
The small-cap Russell now leads the way in the past five days of trading, and has pushed its way back into the green year-to-date. Moving up +5.5% off Tuesday afternoon lows, the Russell rides small real estate and energy stocks to victory today. For 2024 thus far, the Russell is +2.4%, the Dow +2.8%, the S&P 6% and the Nasdaq +7.7%. All major indices are well above their October 30 lows of last year.
Coinbase (COIN - Free Report) shares are up over +7% in late trading after crushing Q4 estimates on both top and bottom lines. Earnings of $1.04 per share positively stomped the -$0.09 loss expected in the Zacks consensus, on revenues of $954 million which swept past the $731.9 million anticipated. Operating expenses came down -45% year over year while Trade Volume tipped $154 billion in the quarter. Transaction revenues grew +83% — +79% from the Consumer segment and +161% from Institutional. This marks the fourth-straight earnings beat for the crypto platform.
Applied Materials (AMAT - Free Report) are also having a healthy late session today, +12%, following strong beats on earnings — $2.13 per share versus $1.90 forecast, and swinging to growth from a year ago. Revenues were also very good: $6.71 billion from $6.47 billion expected in the quarter. Further, the high-end of revenue estimates for next quarter is now $6.9 billion from $6.28 billion previously expected in the Zacks consensus. The company has high hopes on its next-generation chip technology.
DoorDash (DASH - Free Report) , on the other hand, badly missed expectations on its bottom line: a loss of -39 cents per share was reported, down more than double the -15 cents anticipated. Heavy stock-based compensation obligations hampered the company’s bottom line, while quarterly sales came in at $2.3 billion, ahead of the $2.24 billion expected and representing +27% growth year over year. The company has now posted a negative earnings surprise in each of the last two quarters. Shares are down -7% in after-market activity.
And DraftKings (DKNG - Free Report) swung to a loss of -10 cents per share from expectations of a gain of +6 cents. Revenues of $1.23 billion in the quarter narrowly outperformed the Zacks consensus. Adjusted EBITDA came in lighter than expected while a +37% gain in new monthly unique players surprised to the upside. Shares had initially dropped -1% on the Q4 news, but have subsequently climbed back into positive territory.
Questions or comments about this article and/or author? Click here>>
Research Chief Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
Free: See Our Top Stock And 4 Runners Up
Thursday, February 15th, 2024
Forget Tuesday’s selloff — we’re back, baby! Markets brushed off the dirt from the post-CPI wariness among market participants the other day, and have now swung back into positive territory in the past week of trading. The S&P 500 even closed at a brand new all-time high — 5029 — as it gained +0.58% on the session. The Nasdaq treaded lightest, up only +0.30%, while the blue-chip Dow grew +348 points, +0.91% and the Russell 2000 won the day for the second consecutive time, +2.1%.
The small-cap Russell now leads the way in the past five days of trading, and has pushed its way back into the green year-to-date. Moving up +5.5% off Tuesday afternoon lows, the Russell rides small real estate and energy stocks to victory today. For 2024 thus far, the Russell is +2.4%, the Dow +2.8%, the S&P 6% and the Nasdaq +7.7%. All major indices are well above their October 30 lows of last year.
Coinbase (COIN - Free Report) shares are up over +7% in late trading after crushing Q4 estimates on both top and bottom lines. Earnings of $1.04 per share positively stomped the -$0.09 loss expected in the Zacks consensus, on revenues of $954 million which swept past the $731.9 million anticipated. Operating expenses came down -45% year over year while Trade Volume tipped $154 billion in the quarter. Transaction revenues grew +83% — +79% from the Consumer segment and +161% from Institutional. This marks the fourth-straight earnings beat for the crypto platform.
Applied Materials (AMAT - Free Report) are also having a healthy late session today, +12%, following strong beats on earnings — $2.13 per share versus $1.90 forecast, and swinging to growth from a year ago. Revenues were also very good: $6.71 billion from $6.47 billion expected in the quarter. Further, the high-end of revenue estimates for next quarter is now $6.9 billion from $6.28 billion previously expected in the Zacks consensus. The company has high hopes on its next-generation chip technology.
DoorDash (DASH - Free Report) , on the other hand, badly missed expectations on its bottom line: a loss of -39 cents per share was reported, down more than double the -15 cents anticipated. Heavy stock-based compensation obligations hampered the company’s bottom line, while quarterly sales came in at $2.3 billion, ahead of the $2.24 billion expected and representing +27% growth year over year. The company has now posted a negative earnings surprise in each of the last two quarters. Shares are down -7% in after-market activity.
And DraftKings (DKNG - Free Report) swung to a loss of -10 cents per share from expectations of a gain of +6 cents. Revenues of $1.23 billion in the quarter narrowly outperformed the Zacks consensus. Adjusted EBITDA came in lighter than expected while a +37% gain in new monthly unique players surprised to the upside. Shares had initially dropped -1% on the Q4 news, but have subsequently climbed back into positive territory.
Questions or comments about this article and/or author? Click here>>
Research Chief Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
Free: See Our Top Stock And 4 Runners Up
Get the latest research report on AMAT - FREE
Get the latest research report on DKNG - FREE
Get the latest research report on DASH - FREE
Get the latest research report on COIN - FREE