Equity Indexes Wrap: U⛄ber, Tech Boost Major Indexꦍes

The Dow

Salesforce (CRM) led the index, gaining 2.9%. 

Intel (INTC) added 2.4% amid reports it was seeking $2 billion in equity to build a semiconductor faꩲctory in Ireland. 

Cisco (CSCO) g♕ained 1.3% ahead of its earnings report after the bell. 

Boeing (BA) led the index’s laggards, falling 0.6%. It was trailed by Johnson & Johnson (JNJ) and Apple (AAPL), both down 0.5%. 

The S&P 500

Uber (UBER) soared 14.7% after announcing a 澳洲幸运5开奖号码历史查询:$7 billion share buyback authorization,🐽 its first sh🔯are repurchase program. 

IQVIA (IQV) shares jumped 13.1% after its quarterly earnings topped analyst estimates. Shares of peers Charles River Laboratories (CRL) and Illumina (ILMN) gained 11.3% and 5.2%, respectively. 

Most big tech stocks gained ground. Meta (META) added 2.9%, Tesla (TSLA) gained x%, and Amazon (AMZN) rose x%.

Nvidia (NVDA) added 2.3%, taking Alphabet’s (GOOGL) title as America’s 澳洲幸运5开奖号码历史查询:third-most valuable company. Alphabet shares rose 0.6%   

Shares of Akamai Technologies (AKAM) fell 8.2% after its quarterly resul🎀t🧸s disappointed investors. 

MGM Resorts (MGM) lost 6.2% after reporting margins contracted at its Las Vegas and Detroit operations amid higher employment costs. 

The Nasdaq 100

CrowdStrike Holdings (CRWD) jumped 3.8% after analysts at HSBC and KeyBanc raised thei🔯r price targets on the cybersecurity stock. 

Kraft Heinz (KHC) fell 5.5% after reporting 澳洲幸运5开奖号码历史查询:sales declined in the fourth quarter as consume𝔍rs pulled back amid price incre✃ases. 

Biogen (BIIB) slipped 2.6%, continuing to fall after yesterday’s 澳洲幸运5开奖号码历史查询:disappointing earnings report.

Airbnb (ABNB) slipped 1.7% after topping Wall Street’s earnings expectations but warning of slowing growt🙈h.

M🧸GM Resorts Leads S&P 500 Laggards Following Q🍃4 Earnings

MGM Resorts (MGM) was the S&P 500’s worst-performing sto꧒ck on Wednesday despite reporting 𝔍better-than-expected fourth-quarter earnings and record net revenue at its Las Vegas properties. 

MGM said net revenue increased 22% to $4.4 billion. Revenue was boosted by favorable comparisons after the lifting of COVID-19 restrictions in Macau and higher daily rates in Las Vegas. Operating income increased to $419 million from a loss of $2 million in the year-ago quarter. Adjusted earnings per share of $1.06 exceeded Wall Street’s expectations. 

However, higher expenses and labor disputes weighed on profitability. Adjusted property EBITDAR at MGM’s regional operations decreased 555 澳洲幸运5开奖号码历史查询:basis points to 26.7%, primarily due to lower revenue amid a union strike at its Detroit location. Adjusted EBITDAR at its Las Vegas properties decreased 173 basis points to 26.7% as hig🃏her compensation expenses offset slightly higher💧 revenue. 

MGM in December reached a 5-year deal covering 1,700 employees at its MGM Grand Detroit. The contract, the result of a 47-day strike, included an immediate $3/hr pay increase, locked in health plans at a set cost for employees for the duration of the contract, and established a $1,000 401k matching program.

The company narrowly avoided a strike at its Las Vegas properties in November when it negotiated a 5-year contract giving 25,000 employees “the largest wage increases ever negotiated in Culinary Union’s 88-year history,” according to the union.

Investors Have Piled Into 'Magnificent Seven' Stocks—Why That May Not Be Good

Investors have been piling into the '澳洲幸运5开奖号码历史查询:Magnificent Seven'—driving their stocks to sky-high valuations and major indexes to record highs—on expectations that 澳洲幸运5开奖号码历史查询:artificial intelligence (AI)-related busin🍰ess growth will support continued g꧙ains.

But Mag Seven's success isn't without its risks.

"The Mag 7’s rise has left the S&P 500 at around its most concentrated in at least the last 100 years. Perhaps not since the bubble of 1929 have so few stocks had such high weightings to the overall market," Deutsche Bank analysts led by Jim Reid wrote in a research note Tuesday. "In turn, their future performance will likely impact the majority of global assets to some, or to a great, degree going forward."

澳洲幸运5开奖号码历史查询:Read more about what analysts think today's market concentration does and doesn't have i🙈n common with past bubbles.

-澳洲幸运5开奖号码历史查询:Christiana Sciaudone

Kraft Heinz Stock Slides as Higher Prices and Indu🌠stry Headwinds Send Sales Tumbling

Kraft Heinz (KHC) shares dropped over ℱ6% Wednesday after the food giant reported higher prices and falling demand pulled down sal🌼es.

The maker of Heinz ketchup and Kraft macaroni and cheese reported fourth-quarter revenue declined 7.1% from a year ago to $6.86 billion, missing estimates. Earnings per share came in at 78 cents, slightly higher than expected.

Sales in North America were down 9.1% to $5.17 billion, and international sales fell 0.2% to $1.69 billion. 澳洲幸运5开奖号码历史查询:Organic net sales slipped 0.7%, as the company raised prices to offset inflation. Kraft Heinz noted it was particularly impacted by cuts in the federal 澳洲幸运5开奖🦩号码历史查询:Sup⛄plemental Nutrition Assistance Program (SNAP)🅠 program, which helps low-income Americans purchase food. 

Kraft Heinz anticipates full-year organic net sales growth for 2024 to be flat to up 2%, slowing from a 3.4% gain in 2023. It projects adjusted gross 澳洲幸运5开奖号码历史查询:profit margin to be up 25 to 75 澳洲幸运5开奖号码历史查询:basis points (bps), well below last year’s jump of 240 bps.

Kraft Heinz shares were down 6% at $33.98 Wednesday afternoon, their lowest level since November. They've lost more than 15% over the past year.

-澳洲幸运5开奖号码历史查询:Bill McColl

Uber Sh⭕ares Surge After Unveiling $7 Billion Buyback in First For Ride-Hailin🐻g Firm

Uber Technologies (UBER) shares surged Wednesday morning after the ride-hailing firm said it is planning to buy back up to $7 billion in shares in its first-ever buyback program.

Uber Chief Financial Officer Prashanth Mahendra-Rajah said in a statement that "the authorization of the company's first-ever 澳洲幸运5开奖号码历史查询:share repurchaseඣ programܫ is a vote of confidence in the company’s strong financial momentum."

Last week, the 澳洲幸运5开奖号码历史查询:leading ride-hailing company reported its first annual net profit since going public in 2019. Along with the earnings release, the company said it planned to 澳洲幸运5开奖号码历史查询:announce a plan to return capital to shareholders꧃—opening the door to today's buyback announcement. Uber said last week it had free cash flow of $3.4 billion in 2🐲023, up from $390 million a year earlier.

Uber shares were up 11.8% at $77.13 early Wednesday afternoon. With today's gains, the stock has risen more than 118% in the last year.

-澳洲幸运5开奖号码历史查询:Fatima Attarwala

Bitcoin Puts Wind in the Sails of Crypto Stocks

Shares of cryptocurrency-adjacent companies surged Wednesday as the price of Bitcoin soa♔red past $51,000 to its highest level since December 2021. 

Bitcoin miners Marathon Digital (MARA) and Riot Platforms (RIOT) climbed more than 12% and 10%, respectively, on Wednesday. Crypto exchange Coinbase (COIN) rose more than 11%. All thre🌠e have risen more than 150% in the last year, outpacing Bitcoin i🎉tself, which is up about 120%. 

Bitcoin has risen relatively steadily 澳洲幸运5开奖号码历史查询:for the last week as inflows to new spot Bitcoin ETFs have picked up pace. Investors are also looking forward to an imminent halving, which is expected to happen sometime in April.&nb♔sp;

Lyft Stock Goes 🍌On Wild Ride After Q4 Earnings Beat and Error

Lyft (LYFT) shares, which initially skyrocketed following a reporting error by the ride-hailing company, 澳洲幸运5开奖号码历史查询:settled nearly 32% higher in intraday trading on Wednesday as fourth-quarter earnings and first-quarter bookings guidance surpassed analysts’ expectations.

The San Francisco-based company disclosed fourth-quarter 澳洲幸运5开奖号码历史查询:adjusted earnings of 18 cents per share, more than double the 8 cents a share Wall Street had forecast. Reven﷽ue in the period of $1.22 billion increased 4% from the prior year, sitting in line with analy☂sts’ estimates.

Looking ahead, Lyft projects gross bookings in the current quarter to range between $3.5 billion and $3.6 billion, ahead of the $3.46 billion consensus. Moreover, the company sees 2024 adjusted 澳洲幸运5开奖号码历史查询:profit margin as a percentage of bookings increasing 50 澳洲幸运5开奖号码历史查询:basis points (BPS) to 2.1%, up from 1.6% in 2023.

The company’s initial press release mistakenly projected annual margin expansion of 500 BPS, instead of 50 BPS, which Lyft’s chief financial officer, Erin Brewer, corrected on the earnings call.

-澳洲幸运5开奖号码历史查询:Timothy Smith

Nvidia Overtakes Al💯phabet as Third-Largest 🌜Public U.S. Company

Nvidia (NVDA) shares rose more than 2.5% in early trading Wednesday, launching it past Alphabet (GOOGL) into the 🌳position of America’s third-most valuable company. 

Nvidia’s market cap surged to $1.821 tr💙illion Wednesday, while Alphabet’s value ticked up $1.81ꦡ7 trillion. 

It is the second time this week the chipmaker has leapfrogged a fellow tech giant to claim a new position among the country’s public behemoths. Nvidia’s market cap soared past Amazon’s (AMZN) on Monday. 

Nvidia has been the largest beneficiary of the AI boom that has sent investors piling into the 澳洲幸运5开奖号码历史查询:Magnificent Seven. Its stock has gained more t𒉰han 220% in the past year alone. 

Robinhood Stock Jumps as Trading Rebound Hꦛelps Drive Earnings Beat

Shares in Robinhood Markets (HOOD) 澳洲幸运5开奖号码历史查询:soared in early trading Wednesday after the commission-free brokerage firm reported a surprise profit in the December quarter amid higher-than-expected 澳洲幸运5开奖号码历史查询:interest income on customer loans and a rebound in retail trading activity.

The online brokerage at the center of the pandemic-era 澳洲幸运5开奖号码历史查询:meme stock trading frenzy posted fourth-quarter 澳洲幸运5开奖号码历史查询:adjusted earnings of 3 cents a share, whereas analysts had expected the company to report a 1 cent loss. Revenue of $471 million grew 24% year-over-year and also came in ahead of forecasts, which Wall Street had modeled at $455 million.

The company’s net interest revenue in the period grew 41% from a year earlier, driven by higher short-term borrowing rates, while its transaction-based revenue of $200 million improved 8% from the prior year, benefiting from increased trading activity across its 澳洲幸运5开奖号码历史查询:cryptocurrency and equity offerings.

The 澳洲幸运5开奖号码历史查询:online broker pointed to a 6% fourth-quarter sequential jump in its monthly active user count as a sign that retail traders were wading back into the markets.

Robinhood shares♔ jumped more than 14% Wednesday, putting them on track to have their best day since ꦬJune 2022.

-澳洲幸运5开奖号码历史查询:Timothy Smith

Stocks Making the Biggest Moves Premarket

Gains:

• Lyft Inc. (LYFT): Shares of the ride-hailing company jumped 20% after it forecast better-than-expected bookings in the current quarter and said it would generate positive cash flow this year. The stock had gained more than 60% late Tuesday after it accidentally forecast margins would increase 500 basis points, rather than 50 basis points, this year.
• Robinhood Markets Inc. (HOOD): Shares of the trading platform surged 14% after it reported an unexpected profit in the fourth quarter.
• Uber Technologies Inc. (UBER): Shares of Lyft’s larger rival rose 8% after it announced a $7 billion share buyback authorization, its first initiative to return capital to shareholders following its first profitable year as a public company. 
  

Losses:

• Instacart (CART): Shares of the grocery delivery company fell more than 5% after it reported fourth-quarter results that were roughly in line with expectations and announced it would lay off 250 employees, or about 7% of its staff. 
• Airbnb Inc. (ABNB): Shares of the vacation rental company slipped about 4% despite reporting better-than-expected sales and offering upbeat guidance. The company reported a loss in the quarter due to one-time tax expenses.
• Kraft Heinz Co. (KHC): Shares of the packaged food giant fell more than 2% after its quarterly revenue of $6.86 billion fell short of analyst estimates. 

Stock Futures Up as▨ Indexes Rebound fr🏅om CPI Sell-Off

Futures contracts connected to the Dow Jones Industrial Average were up𓂃 0.4% in premarket trading on Wednesday.

S&P 500 futures were 0.6% higher.

Nasdaq 100 futures gained nearly 0.8%.