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Markets Flattish; Zoom, Workday Different Directions Post-Q4
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Monday, February 26th, 2024
We were mildly negative at the close for three of the four top market indices today — nothing really to write home about, ands without a ton of consequential data with which to weigh down near-term investment decisions. The Dow dipped -0.16% on the session, the S&P 500 was -0.38% and the Nasdaq -0.13%. Only the small-cap Russell 2000 was in the green today: +0.69%. All indices are up over the past month and year-to-date: +8.2% on the Nasdaq since early January, and +0.9% on the Russell.
New Home Sales for January came in lighter than expected this morning, posting 661K seasonally adjusted, annualized single-family homes — down from the 680K projected but ahead of the downwardly revised 651K the previous month. Now emerging as the strongest region is the Northeast, +72%, followed by +38.7% in the West and +7.7% in the Midwest. Only the South — coming in at -15.6% — was lower, and this is after being among the regional leaders in new home sales over the past several years. We’re notably off the July 2023 high of 728K new home sales.
Once know as the leader of the “pandemic stocks,” Zoom Video (ZM - Free Report) reported Q4 earnings after today’s market close. As always, the company beat on the bottom line — to earnings of $1.42 per share, above expectations for $1.15 and swinging to year-over-year growth from $1.22 per share in Q4 of last year. Revenues of $1.15 billion were also somewhat higher than the Zacks consensus, even though next-quarter revenue guidance is a tad below where analysts had been expecting. Shares are up +4% in late trading, however, on a $1.5 billion buyback program and the fact that the stock is still -40% from its peak back in March 2020.
Workday (WDAY - Free Report) shares are suffering a different fate this afternoon, down -7% on beats for both top and bottom lines in its fiscal Q4: earnings of $1.57 per share versus expectations on $1.44 (and $0.99 per share in the year-ago quarter) on $1.92 billion in quarterly sales that was a smidge better than estimates. The company also announced the acquisition of software A.I. company Hiredscore this afternoon, with vital details to follow. Shares are up +12% year to date and +66% from a year ago. Late traders are selling the news.
Durable Goods Orders for January and Case-Shiller home prices for December are on deck for Tuesday morning. Neither is expected to shock the market in either direction too severely; more likely, we’ll garner some articulation on how inflation is coursing through our present economy. The biggest economic print for the week comers out Thursday morning, with the latest Personal Consumption Expenditures (PCE) on Thursday, with a new Jobs Week starting a week from Wednesday with the ADP (ADP - Free Report) private-sector payrolls.
Image: Bigstock
Markets Flattish; Zoom, Workday Different Directions Post-Q4
Monday, February 26th, 2024
We were mildly negative at the close for three of the four top market indices today — nothing really to write home about, ands without a ton of consequential data with which to weigh down near-term investment decisions. The Dow dipped -0.16% on the session, the S&P 500 was -0.38% and the Nasdaq -0.13%. Only the small-cap Russell 2000 was in the green today: +0.69%. All indices are up over the past month and year-to-date: +8.2% on the Nasdaq since early January, and +0.9% on the Russell.
New Home Sales for January came in lighter than expected this morning, posting 661K seasonally adjusted, annualized single-family homes — down from the 680K projected but ahead of the downwardly revised 651K the previous month. Now emerging as the strongest region is the Northeast, +72%, followed by +38.7% in the West and +7.7% in the Midwest. Only the South — coming in at -15.6% — was lower, and this is after being among the regional leaders in new home sales over the past several years. We’re notably off the July 2023 high of 728K new home sales.
Once know as the leader of the “pandemic stocks,” Zoom Video (ZM - Free Report) reported Q4 earnings after today’s market close. As always, the company beat on the bottom line — to earnings of $1.42 per share, above expectations for $1.15 and swinging to year-over-year growth from $1.22 per share in Q4 of last year. Revenues of $1.15 billion were also somewhat higher than the Zacks consensus, even though next-quarter revenue guidance is a tad below where analysts had been expecting. Shares are up +4% in late trading, however, on a $1.5 billion buyback program and the fact that the stock is still -40% from its peak back in March 2020.
Workday (WDAY - Free Report) shares are suffering a different fate this afternoon, down -7% on beats for both top and bottom lines in its fiscal Q4: earnings of $1.57 per share versus expectations on $1.44 (and $0.99 per share in the year-ago quarter) on $1.92 billion in quarterly sales that was a smidge better than estimates. The company also announced the acquisition of software A.I. company Hiredscore this afternoon, with vital details to follow. Shares are up +12% year to date and +66% from a year ago. Late traders are selling the news.
Durable Goods Orders for January and Case-Shiller home prices for December are on deck for Tuesday morning. Neither is expected to shock the market in either direction too severely; more likely, we’ll garner some articulation on how inflation is coursing through our present economy. The biggest economic print for the week comers out Thursday morning, with the latest Personal Consumption Expenditures (PCE) on Thursday, with a new Jobs Week starting a week from Wednesday with the ADP (ADP - Free Report) private-sector payrolls.
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