Big Tech earnings, Economy data – market today (April 25th)

Today’s main global market news –

1. Nasdaq underperforms due to concerns about future tech profits
2. First Republic Bank shares sank more than 20% after deposits plunged by more than $100 billion
3. McDonald’s earnings and revenue beats Wall Street’s estimates.
4. UPS expects full-year revenue to be at the lower end and stock fell 4.4%
5. Spotify stock climbed 4.8% after the report monthly active users crossed the half-billion mark for the first time.
6. Japan’s ispace is getting ready for the first commercial lunar landing in history.
7. London’s Q1 financial job openings are down 31% from last year.
8. China’s equities investment team is closed by Ontario Teachers’ Fund of Canada.
9. Hyundai Motor doubles Q1 earnings and completes $5 billion US battery venture.
10. Nestle surpasses quarterly sales projections with price increases.
11. Current Data Indicate a Rate Increase on May 4, According to ECB’s Lane
12. Amid geopolitical concerns, Alibaba erases the benefits of the spinoff hype.
13. Inflation in Japan’s corporate services reaches an 8-year high in fiscal 2022.
14. To add a fifth American rocket launch site, SpaceX receives clearance.
15. After Q1 earnings and liquidity shares, Credit Suisse’s stock increases.
16. After several years of low interest rates, banks are rewarding savers again.
17. Computer scientist’s claim regarding AI-generated innovations is dismissed by the US Supreme Court.
18. Disney starts its second wave of job cuts as it intends to eliminate 7,000 positions by summer.
19. After consumers pay more for sodas, juices, and energy drinks, Coca-Cola sales increase.
20. Supreme Court rejects Oil Companies’ Climate Cases
21. Canadian consumer confidence is rising as housing optimism returns.
22. First-quarter Subway revenue increased 12.1% due to shop remodelling.
23. Merz, the CEO of Thyssenkrupp, is in discussions to quit the industrial giant, which lowers shares.
24.   In advance of Q1 earnings, analysts believe Uber stock presents a buying opportunity.
25. As willing lenders become scarcer, cryptocurrency startups race for banking partners.
26. IWhether public leaders can ban critics on social media will be decided by the U.S. Supreme Court.
27. The Russian Central Bank will maintain its rate at 7.5% despite impending inflation.
28. Euro gains as yen declines ahead of the BOJ meeting.
29. After the most recent 737 manufacturing issue, Boeing investors are seeking explanations.

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U.S. market today

Market Technical -by Gurmeet Sohi

Market closed in green yesterday

Market staying in range bound

Trend is still up in short term

Resistance is near 34320 

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MARKET MOVERS

STOCKS IN NEWS 

• Expedia Group Inc. (EXPE) was noted favourably in Barron’s, noting that the travel agency trades at a valuation of around $14.4 billion, but that one study places the company’s Vrbo home renting business at $16 billion.

  Carvana (CVNA) and CarMax (KMX): According to Mannheim, wholesale used-vehicle prices fell by 4% sequentially in the first half of April; Pickups are doing well, but luxury automobiles are down 8.6% year over year.

  Philips (PHG) announced considerably stronger 1Q results than anticipated and said it has put aside 575 million euros ($631 million) relating to litigation over its recall of respiratory equipment. Q1 adj EPS EU0.22 vs. EU0.15 y/y on improved ales EU4.17B.

   UBS:-  Underscoring the difficulty UBS was facing, Credit Suisse said that assets worth 61 billion Swiss francs ($68 billion) had fled the bank in the first quarter and were still leaving. 

  Coca-Cola Co KO+1%; EPS $0.68 exceeded estimate, beating top and bottom lines. $0.65 in revenue $11.0B compared to the estimate. $10.8B and organic revenues +12% vs. expectations of +9.62%; anticipates FY adj. organic revenues +7% to +8% vs. expectations of +7.84%.

  Koninklijke Philips NV PHG (+14%) reported Q1 adj EPS of EUR0.22 vs. EUR0.15 y/y on higher sales of EUR4.17B and disclosed that it has set aside $631M for lawsuits relating to the recall of respiratory equipment.

  Super Micro Computer Inc SMCI -5% Due to critical new component shortages for Supermicro’s transition to next generation product lines, which have mostly been resolved, Q3 revenue was roughly $1.28B, which was lower than the Q3 midpoint of expectations of $1.47B.

  Baltic Dry Index In London, the Baltic Dry Index Increases 0.86% to 1,517, Up for a Fourth Day. Additional dry cargo indices, in dollars per day: Supramax 58k tonnes +0.95% to $13,336; Capesize +1.57% to $16,526; Panamax -0.28% to $13,850.

        Tuesday, April 25, 2023

•  TIME                           EVENT

  09:00                House Price Index (Feb)

  09:00               S&P/CS HPI Composite – 20 s.a. (MoM) (Feb)

  09:30               Building Permits (MoM)

  10:00               New Home Sales (Mar)

  10:00               Richmond Services Index (Apr)

  10:30              Dallas Fed Services Revenues (Apr)

  13:00              2-Year Note Auction

  16:30              API Weekly Crude Oil Stock

  Major Events for This week

• Megacap earnings

All three companies are expected to report, with Microsoft (NASDAQ:MSFT), Alphabet, the parent company of Google (NASDAQ:GOOGL), and Amazon (NASDAQ:AMZN) doing so on separate days (Tuesday and Thursday, respectively). Wednesday’s sandwich features Meta Platforms, parent company of Facebook (NASDAQ:META).

• Earnings of European banks

The following week will see the release of earnings reports from many renowned European banks, including UBS (SIX:UBSG), Deutsche Bank (ETR:DBKGn), Santander (BME:SAN), and Barclays (LON:BARC).

• GDP for Europe

On Friday, the Eurozone will reveal preliminary figures on first-quarter GDP, and the same day, the region’s three major economies—Germany, France, and Spain—will issue their April inflation numbers.

• The BOJ will be headed by a new governor.

Despite not anticipating any changes to the ultra-dovish monetary policy of the central bank, new Bank of Japan Governor Kazuo Ueda will preside over his maiden policy meeting on Friday.

• Major economic events

TUESDAY

NEW HOME SALES, BUILDING PERMITS (MAR)

S&P CASE-THIRILLER HOME PRICE (FEB)

WEDNESDAY 

API & EIA CRUDE OIL STOCK CHANGE,

MBA MORTGAGE APPLICATIONS (FOR) WEEK ENDED APR 21:

DURABLE GOODS ORDERS (MAR)

THURSDAY 

GDP GROWTH, PCE PRICES

REAL CONSUMER SPENDING (ADVANCES ESTIMATES Q1CY23)

INITIAL JOBLESS CLAIMS (FOR WEEK  ENDED APR 22)

PENDING HOME SALES (MAR)

EURO AREA :- ECONOMIC, INDUSTRIAL

SERVICES SENTIMENT,

CONSUMER CONFIDENCE (APR)

FRIDAY 

PERSONAL INCOME & SPENDING (MAR),

EMPLOYMENT COST INDEX (Q1),

CHICAGO PMI (APR)

EURO AREA:-  GDP GROWTH FLASH (Q1CY23)

EARNING BEFORE THE  OPENING :

VERIZON, UPS , HALLIBURTON,GM, MCDONALD, G.E. 3M, PEPSICO, SPOTIFY, RAYTHEON TECH. Nestle ADR (NSRGY),  Novartis ADR (NVS), McDonald’s (MCD), Danaher (DHR), United Parcel Service (UPS), NextEra Energy (NEE), Verizon (VZ), Raytheon Technologies (RTX), General Electric (GE), Fiserv (FISV), ABB ADR (ABB), UBS Group (UBS), Sherwin-Williams (SHW), 3M (MMM), Moody’s (MCO), Kimberly-Clark (KMB), General Motors (GM) . Archer-Daniels-Midland (ADM) , MSCI (MSCI), Biogen (BIIB), Dow (DOW), Anglo American ADR (NGLOY)Centene (CNC), Halliburton (HAL), Coca-Cola European (CCEP), Corning (GLW),Spotify Tech (SPOT), Laboratory America (LH), Banco Santander Brasil ADR (BSBR),  Northern Trust (NTRS), Akzo Nobel ADR (AKZOY), PulteGroup (PHM), TransUnion (TRU), Hubbell (HUBB), Stora Enso Oyj PK (SEOAY), Boliden ADR (BDNNY), Randstad Holdings NV (RANJY), Sensata Tech (ST), Tenet Healthcare (THC), Asbury Automotive (ABG), GATX (GATX), Old National Bancorp (ONB), Community Bank System (CBU), Site Centers (SITC), Atlantic Union (AUB), Shutterstock (SSTK), JetBlue (JBLU), Stepan (SCL), Xerox (XRX), Simmons First National (SFNC), First Bancorp (FBP), First Merchants (FRME), CureVac NV (CVAC), Geo (GEO), Netlist (NLST),  Cambridge Bancorp (CATC), Camden (CAC), Dallasnews (DALN). 

EARNING AFTER THE CLOSE:   

MICROSOFT, ALPHABET, ENPHASE, VISA, CHIPOTLE, PUBLIC WESTREN BANK, TEXAS INTRUMENT, JUNIPER, BOYD, STRIDE :-  Chubb (CB), Chipotle Mexican Grill (CMG), llumina (ILMN), Enphase (ENPH), CoStar (CSGP), Equity Residential (EQR), Avangrid Inc (AGR), First Quantum Minerals (FQVLF), Universal Health Services (UHS), Boston Properties (BXP), Ternium ADR (TX), EastGroup Properties (EGP), Boyd Gaming (BYD),Matador (MTDR),John Bean Tech (JBT), O-I Glass (OI), Rush B (RUSHB), Rush A (RUSHA), Encore Wire (WIRE), Albany (AIN), UMB Financial (UMBF), Grupo Televisa ADR (TV), TFI Intl (TFII)

Economic data

• Other Key Events:

  •     American Academy of Neurology, 4/24-4/27, in Boston, MA
  •     RSA Conference 2023, 4/24-4/27, in San Francisco, CA

   

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Indian Market 

FII AND DII 

FII SOLD             412.27 CR

DII BOUGHT      1,177.18 CR

According to preliminary statistics from the National Stock Exchange, on April 24, foreign institutional investors (FII) sold shares worth Rs 412.27 crore while domestic institutional investors (DII) purchased shares worth Rs 1,177.18 crore. 

Indian market news 

1. 1. At Rs. 68 crore, Elecon Engineering Company reported a 47% increase in Q4 net profit.
   2. In Q4FY23, Lloyds Metals reported a profit of Rs. 269 crore.
   3. Q4 earnings for HDFC Asset Management Company increases to Rs 376.2 crore.
   4. Mahindra Holidays’ Q4 net profit increased from 16.2 to 56.4 crores, year over year.
   5. Meghmani Finechem reports a 22.6% decline in Q4 net profit at Rs 76.7 crore.
   6. LIC increases its ownership of L&T Technology to more than 5%.
   7. As investors consider results and data, Asian equities sway and the dollar weakens.
   8. To Rs 2,040 crore, IndusInd Bank’s Q4 earnings increased by 50%.
   9. IIFL Securities rises 8% as a result of the March quarter’s strong profit increase.
   10. UPL drops 3% as mood is damaged by the disappointing results of global agrochemical leader Adama.
   11. Nestle India surpasses expectations, increasing first-quarter net profit by 25% to Rs 736 crore.
   12. Nelco stock increases 9% as net profit increases 86%.
   13. Anupam Rasayan achieves a 52-week high after winning a Rs 380 crore order
   14. Mahindra Lifespace celebrates after winning a renovation project worth Rs 850 crore.
   15. Under a new agreement, Serum Life Sciences will increase its $300 million investment in Biocon Biologics.
   16. Shares of Crompton Greaves CE plunge almost 13% to a 52-week low

Indian market Today  

INDIAN MARKET MOVERS  

STOCK IN NEWS

INFOSYS:- The second-largest exporter of IT services in the nation, Infosys, has partnered with oil and chemical firm Aramco in a Memorandum of Understanding (MoU) to advance HR technology. By utilising AI, Infosys hopes to improve Aramco’s staff learning and development opportunities and close skill shortages.

HDFC Bank  In light of the proposed combination, the Monetary Authority of Singapore (MAS) has awarded HDFC Bank permission to purchase shares in Griha Pte. Therefore, HDFC Bank will purchase 20% or more of Griha Pte. The proposed merger is contingent upon receiving final Sebi clearances on the change of control of specific HDFC subsidiaries.

Ipca Laboratories: For a price of Rs 440 per equity share, or Rs 1,034.06 crore, the pharmaceutical business would buy a 33.38% stake in Unichem Laboratories from one of its promoter shareholders. The Competition Commission of India must approve this proposed deal. 

Mahindra Logistics: Despite excellent topline and operating performance, the Mahindra Group firm posted consolidated profit of Rs 0.20 crore for Q4FY23, down 97% from Rs 6.28 crore in the same quarter previous year. This decline was caused in part by increased financing costs and reduced other income. For the March FY23 quarter, operating revenue increased by 17% YoY to Rs 1,272.5 crore, while EBITDA increased by 24% to Rs 63.72 crore and had a margin expansion of 30 basis points at 5%. 

Life Insurance Corporation of India has purchased extra 21,367 equity shares, or 0.02% of L&T Technology Services, through open market transactions. With this, LIC’s ownership of L&T Technology rose to 5.008% from 4.988% previously.

IIFL Securities: The company’s consolidated profit for the quarter ended March FY23 increased by 9.4% year over year to Rs 86.3 crore. With Rs 402 crore, operating revenue for the quarter increased by 15.9% compared to the same period last year. 

Century Textiles:- In the March quarter, Century Textiles recorded sales of 1,208 crore and a net profit of Rs 145 crore.

Nelco:- For the three months ending in March, Nelco recorded a net profit of Rs 5.7 crore and sales of Rs 82 crore.

Tata Teleservices:- For the March quarter, Tata Teleservices reported a net loss of Rs 277 crore. The operating revenue for the fourth quarter increased slightly to Rs 280 crore.

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