Your Evening Recap for Wednesday, January 31st
Equity markets closed out a strong January on a sour note, falling more than 1.5% at the session low on the last trading day of the period. While the January Indicator is bullish, the plunge on the last day of the month could mark a top for the market that stays in place until the 2nd half. The plunge was caused by a double dose of bad news that included an expectation for earnings weakness and high interest rates in the first half before improvement in both for the 2nd.
On the earnings front, reports from Google, Microsoft and Advanced Micro Devices failed to spark rallies. All three reported as expected for Q4 2023, providing no catalyst for higher share prices now, while weakness in the first-half 2024 outlook helped to undermine sentiment. Regarding interest rates, the FOMC held rates steady as expected but told the market a cut was unlikely in March and there may be fewer cuts this year than hoped.
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Humana EPS shocker. Are Medicare Advantage plans in jeopardy?
Health insurance carrier Humana Inc. (NYSE: HUM) reported a bombshell when it released its fourth-quarter 2023 earnings report. The company not only missed its estimated EPS by a mile but also slashed its 2024 and 2025 EPS guidance by more than 50% to 75%, respectively. The culprit was increased medical costs for its Medicare Advantage plan members. This completely blindsided analysts and investors as shares collapsed over 10%, taking other healthcare insurers in the medical sector down with it. Could this jeopardize Medicare Advantage plans moving forward? Traditional Medicare Traditional Medicare is a federal government-sponsored health insurance plan for Americans aged 65 or older. Read The Full Story >
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Boeing cuts its 4Q loss to $30 million, but that was before one of its jets lost a panel in flight
Boeing narrowed its fourth-quarter loss to $30 million and increased production of its best-selling plane just before one of them suffered a blowout of a side panel during a flight, an accident that has raised new safety concerns about the aircraft manufacturer.The loss reported Wednesday was smaller than Wall Street expected, and revenue beat forecasts.However, the company declined to offer its own forecast of 2024 results — an indication of the uncertainty swirling around Boeing since a 737 Max 9 operated by Alaska Airlines suffered a midflight blowout of a panel called a door plug on Jan. 5…Read The Full Story >
Advanced Micro Devices is at a significant turning point
Advanced Micro Devices (NASDAQ: AMD) share price imploded following the Q4 release, but investors should not fear the move. The decline is a knee-jerk reaction to expected news, setting the market up for another run. The Q4 results did not catalyze a rally but highlighted a bifurcation in the semiconductor market. On the one hand, end-market normalization continues to impact some segments while the cloud and AI are driving growth in others. This bifurcation is creating a headwind to growth, seen in the Q1 outlook, below the analysts’ consensus forecast, but a turning point is at hand. End-market inventory normalization is expected by the end of the year, and data center/AI sales are ramping. Read The Full Story >
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Tunisia wants to borrow billions from its central bank to address deficits. Experts call that risky
Cash-strapped Tunisia wants to take the unprecedented step of borrowing billions from its central bank to address budget deficits and bandage its economic crisis, a step that experts warn could bring inflation and lessen faith in institutions.In an emergency meeting behind closed doors, parliament’s finance committee on Wednesday considered a request from President Kais Saied’s government to borrow the funds after it previously overhauled laws designed to guarantee the bank’s autonomy.Those laws added the central bank to a growing list of institutions that critics say Saied has sought to undermine since taking power in the North African nation, along with briefly suspending parliament and rewriting Tunisia’s constitution. Read The Full Story >
7 best bear market ETFs to battle a decline
During unprecedented times in financial markets, the term “bear market” can strike fear into even the most seasoned investor’s heart. As economic tides come and go, the need for strategic planning becomes paramount, and that’s where bear market ETF comes into play. These financial instruments could be the key to weathering market downturns with finesse. Imagine having a tailored financial tool that shields your investments during challenging times and provides opportunities for potential growth. But with so many options available, ranging from bear ETFs to defensive stock ETF l…Read The Full Story >
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PGA Tour strikes $3 billion deal with Fenway-led investment group. Players to get equity ownership
The PGA Tour is getting a $3 billion investment from Strategic Sports Group in a deal announced Wednesday that would give players access to more than $1.5 billion as equity owners in the new PGA Tour Enterprises.The launch of PGA Tour Enterprises, with SSG as a minority partner, comes eight months after the PGA Tour signed a framework agreement with the Saudi backers of LIV Golf for a commercial venture, which ultimately led to private equity groups wanting to join.The Public Investment Fund of Saudi Arabia is not part of the deal yet, though the tour said negotiations with the PIF are ongoing for it to also become a minority investor.“The coolest thing about it is the players are now owners,” said Jordan Spieth, one of six players on the PGA Tour board. Read The Full Story >
The Night Owl is an evening newsletter published by The Early Bird and powered by MarketBeat. The Night Owl covers top stories on the stock market and outlook on interesting stocks. If you give a hoot about the market, read your copy every Tuesday, Thursday, and Sunday evening.
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