Equity Indexes Wrap: Mag Seven (Min✨us Nvidia) Weighs on Indexes; Discount Retailers, Energy Gai🤪n

The Dow

Walmart (WMT) gained 1.2% after co𒐪mpetitor Target reported better-than-expected earningsꦰ. 

Intel (INTC) led the index lower, falling 5.4%. It was followed by tech peers Salesforce (CRM), down 5%, and Microsoft (MSFT), down 3%. Amazon (AMZN) shed 2%. 

Apple (AAPL) fell 2.8% after a report suggested 澳洲幸运5官方开奖结果体彩网:iPhone sales in China fell 24% year-over-year in the first six weeks of the year. 

The S&P 500

Target (TGT) soared 12% after its 澳洲幸运5官方开奖结果体彩网:quarterly earnings topped Wall Street estimates. 

Dialysis provider DaVita (DVA) gained 7.1% after data showed Novo Nordisk’s (NVO) Ozempic was a less effective treatment for kidney dis⛎ease than analy🍸sts had expected.

Regional bank stocks advanced. Citizens Financial Group (CFG) rose 5.2%, Zions Bancorp (ZION) advanced 4.5%, and Comerica (CMA) gained 3.8%.

Nvidia (NVDA) was the only stock in the 澳洲幸运5官方开奖结果体彩网:Magnificent Seven t🐓o rise on Tuesday. It rallied the last 30 minutes of the session to close 0.9% higher.

Albemarle (ALB) plummeted 17.9% after it ann🍎ounced a $ཧ1.75 billion depositary shares offering as it seeks to weather a prolonged slump in lithium demand and prices.

Meta Platforms (META) slipped 1.5% amid widespread Facebook, Instagram, and Threads outages. 

Advanced Micro Devices (AMD) ticked down 0.1% after the Commerce Department said the chip maker 澳洲幸运5官方开奖结果体彩网:would still need a license to sell to China a semiconductor that was specially designed to meet U.S. export controls.

The Nasdaq 100

Energy stocks advanced as investors shunned growth in favor of value. Baker Hughes (BKR) added 2.5% and Diamondback Energy (FANG) rose 0.7%. 

Dollar Tree (DLTR) gained 1.8% after G🔥uggenheim raised itsꦰ price target to $170 from $155 and reiterated its buy rating. 

The index’s highest-flying tech stocks were some of its largest losers on Tuesday. MongoDB (MDB), up more than 80% in the past year, fell 7.7% while CrowdStrike Holdings (CRWD), which ha🙈s seen its share price more than double iꦚn the last 12 months, tumbled 5.2%. 

Tesla (TSLA) fell 3.9% after a 澳洲幸运5官方开奖结果体彩网:suspected arson forced it to halt productio𓆏n at i✱ts Berlin factory. 

Starbucks (SBUX) dipped in the market sell-off even though a coalition of unions representing its workers 澳洲幸运5官方开奖结果体彩网:withdrew its board nominees, citing progress in negotiations. 

GitLab St🎃ock Plunges After Issuing Disappointing FY Earnings Guidance

GitLab (GTLB) shares plunged Tuesday after the software infrastructure company disappointed investors with weak full-year 澳洲幸运5官方开奖结果体彩网:earnings guidance.

The San Francisco-based company, which operates an open-source repository development platform for coders, said it expects full-year fiscal 2025 澳洲幸运5官方开奖结果体彩网:adjusted earnings of between 19 and 23 cents per share, with the high end of that forecast coming in significantly below Wall Street’s modeling of 35 cents a share.

For the fiscal 2024 fourth quarter, ending Jan. 31, the company disclosed adjusted earnings of 15🦩 cents per share on revenue of $163.8 million, surpassing analysts’ expectations of 8 cents a share on sales of $157.9 million.

GitLab shares have carved out a textbook 澳洲幸运5官方开奖结果体彩网:inverse head and shoulders pattern over the past 18 months—a chart formation that often signals a market bottom. However, the price looks set to break down below the pattern’s neckline after the company’s disappointing earnings outlooꦗk.

Investors should keep an eye on the $57.50 level, which may find support from a 澳洲幸运5官方开奖结果体彩网:trendline connecting the formation’s head and right shoulder. A close below the right shoulder would invalidate the pattern and could lead to a retest of the stock’s 澳洲幸运5官方开奖结果体彩网:record low at $26.24 set in May last year.

GitLab shares𝓡 were down 20.5% at $59.21 with about half an hour left in the sess𓆏ion.

-澳洲幸运5官方开奖结果体彩网:Timothy Smith

Albemarle Tumble🌠s on $1.75 Billion Depositary Shares Offerin𒀰g

Shares of lithium miner Albemarle (ALB) plummeted Tuꦡesday after the company said it would sell $1.75 billion of depositary shares in a public offering as it seeks to weather a prolonged slump in lithium prices.𝕴

Each depositary share will represent a 1/20th interest in a share of preferred stock, and holders of the depositary shares will be entitled to a proportional interest in the rights of preferred stockholders. The terms of the listing also give the offering's underwriters a 30-day option to purchase up to an additional $262.5 million of depositary shares. 

Albemarle said it would use🀅 the proceeds for general business purposes, which could include funding the construction and expansion of operations in Australia and China. 

Albemarle, one of the world’s largest lithium miners, has 澳洲幸运5官方开奖结果体彩网:ཧstruggled with lower lithium prices over the last year amid a slowdown in demand for electric vehicles, which often contain lithium-ion batteries. Prices began plunging in November 2022 as EV demand flag🎐ged under the weight of higher interest rates, leading carmak༒ers to scale back their EV ambitions.

On Tuesday, lithium carbonate traded in China at about 108,500 yuan ($15,076) per metric ton, down about 70% from a year ago. And experts see few signs of improvement. Goldman Sachs analysts on Tuesday forecast lithium prices would fall 25% in the next 12 months, suggesting they see lithium slipping as low as $10,000.

SoFi Slumps on Plan To Sell Up To $862.5 Mil𓂃lion in Convertible Bonds 

Shares of SoFi Technologies (SOFI) tumbled 13% Tuesday, after the online financial services provider said it was planning to sell up to $862.5 million in convertible bonds.

Convertible bonds are a fixed-income corporate debt security that pay interest but can also be converted into a predetermined number o♈f common stock or equity shares. SoFi's share price drop reflects the potential dilution to existing shareholders if the bonds are converted into stock, although SoFi said it will use part of the proceeds to pay for 澳洲幸运5官方开奖结果体彩网:capped call transactions to limit that dilution.

Essentially, it means SoFi will be buying a form of 澳洲幸运5官方开奖结果体彩网:call options on its own stock.

SoFi said it would be offering $750 million in convertible senior notes due in March 2029. In addition, initial investors will have the option to purchase another $112.5 million within a period of 13 daysꦉ from when the notes are first issued.

SoFi shares were down 14.3% at $7.35 Tuesday afternoon, and ꦜare about 26% lower🐠 this year.

-澳洲幸运5官方开奖结果体彩网:Bill McColl

Dialysis Stocks Soar After Ozempic Kidney🍌 Disease Data Disappoints

Shares of dialysis companies surged Tuesday after Novo Nordisk (NVO) reported results from a trial of Ozempic as a kidney disease treatment that fell short of some analyst❀s’ expectations. 

Novo Nordisk said on Tuesday that Ozempic reduced kidney disease progression and the odds of cardiovascular or kidney death by 24%. The trial, called FLOW, compared outcomes for 3,533 people with type 2 diabetes and chronic kidney disease, who were either given 1 mg injections of Ozempic or a placebo. The trial was 澳洲幸运5官方开奖结果体彩网:ended last October, a year ahead of schedule after preliminary data demonstrated the drug’s efficacy. 

The results add to a growing body of evidence that GLP-1 agonists, like Novo’s Ozempic and Wegovy and Eli Lilly’s (LLY) Mounjaro, have uses beyond diabetes treatment and weight loss. In August, Novo 澳洲幸运5官方开奖结果体彩网:published data showing Wegovy reduced paဣtients’ risk of major cardiovascꦦular events by 20%. 

The results, however, weren’t quite what analysts and investors were expecting. Novo Nordisk shares were down more than 2.7% Tuesday afternoon, while dialysis providers soared. DaVita (DVA) climbed 7% to $134, while Fresenius Medical Care (FMS) rose more than 11% to nearly $21. 

Apple🧸 Stock Slips as 𒊎China iPhone Sales Plunge 24% in First Six Weeks of Year

Apple’s (AAPL) sales of iPhones in China, 澳洲幸运5官方开奖结果体彩网:its biggest overseas market, fell by 24% over the first six weeks of this year, according to market research firm Counterpoint.

The data follows Apple's disclosure last month that its Greater China sales during the fiscal first qꩵuart🃏er fell 13%.

The iPhone maker's market share in China fell to 16% in the first weeks of 2024, falling to fourth place from second place in 2023, when it had a 19% share. Chinese retail giants JD.com, TMall, and Pinduoduo are offering steep discounts on Apple's iPhone 15 just five months after launch to generate demand.

Apple shares were down 2.7% 🍷midday Tuesday. They have lost about 11% of their value so far this year.

-澳洲幸运5官方开奖结果体彩网:Fatima Attarwala

Tesla Stock Slideꦆs as Arson Halts Production at Berlin Plant

Tesla (TSLA) shares slid in early trading on Tue📖sday after the electric vehicle maker was forced to halt production at its Berlin factory following an arson attack on a nearby electricity pylon.

The fire, which occurred in a field near Tesla’s Gigafactory Berlin-Brandenburg in Grünheide, cut off power to the plant and the surrounding area. The factory was evacuated and workers were sent home. 

The attack comes amid local opposition to Tesla’s efforts to expand the factory, its only assembly plant in Europe. Tesla last July 澳洲幸运5官方开奖结果体彩网:filed applications with local authorities to ex༺pand the plant, with plans to add a battery testing center and water treatment facilities. Tesla hopes the plant will eventually produce 1 million cars a year, about double its current output. 

But it has run into resistance from locals and environmental activists. Late last month, Grünheide residents voted against Tesla’s planned expansion in a non-binding vote. And last week nearly 100 activists set up camp in a forest near the factory that Tesla intends to fell as part of its expansion.

Residents and activists have also expressed concern about the factory's water consumption and its potential to contaminate the region’s groundwater.

Tesla shares were down about 4.7% at $179.38 as of 10:45 a.m. ET Tuesday. They have lost nearly 28% of their value so far this year.

Target Stock Surges on Q4 Earnings Beat

Target (TGT) shares surged in early trading Tuesday as the company posted 澳洲幸运5官方开奖结果体彩网:stronger-than-expected earnings for the fourth quarter of fiscal 2023.

The retail giant reported 澳洲幸运5官方开奖结果体彩网:net income of $1.38 billion, up 57.8% from the fourth quarter of 2022 and well above Target’s own guidance and analyst estimates compiled by Visible Alpha. 澳洲幸运5官方开奖结果体彩网:Earnings per share (EPS) at $2.98 also surpassed estimates as revenue rose 1.7% from a year ago to $31.9 billion, beating projections.

The company said that the higher profit came in part as a result of ಞlower costs and improved inventory management, and outlined plans to introduce a new membership program as part of its Target Circle rewards program.

Shares of Target were up 12.2% at $168.87 Tuesday morning. They’ve gained close to 1𒀰8% so far t꧒his year.

-澳洲幸运5官方开奖结果体彩网:Aaron McDade

Stocks Making the Biggest Moves Premarket

Gains:

• Target Corp. (TGT): Shares of the retailer jumped 8% after it reported fiscal fourth-quarter earnings of $2.98 a share, beating Wall Street’s consensus estimate of $2.41.
• Coinbase Global Inc. (COIN): Shares of the cryptocurrency exchange gained 2% as the price of Bitcoin rose above $68,000 to trade just shy of an all-time high.
• Newmont Corp. (NEM): Shares of the gold miner ticked up 1% as the price of gold continued to climb after hitting a record high yesterday. 
  

Losses:

• Gitlab Inc. (GTLB): Shares of the coding collaboration platform 澳洲幸运5官方开奖结果体彩网:tumbled 22% after it forecast full-year fiscal 2025 earnings of between 19 and 23 cents per share, far less than the 35 cents per share analysts were expecting. 
• Tesla Inc. (TSLA): Shares of the electric vehicle maker fell about 3% after it stopped production at its plant outside Berlin amid a suspected arson attack that cut off power to the factory. 
• Apple Inc. (AAPL): Shares of the tech giant slid about 2% amid reports iPhone sales in China 澳洲幸运5官方开奖结果体彩网:were 24% lower in the first six weeks of the year than in 2023. 

Stock Futures Slip in Premarket Trading

Futures contracts connected to the Dow Jones Industrial Average were down ab🅠out 0.3% in early trading on Tuesday.

S&P 500 futures were also off about 0.3%.

Nasdaq 100 futures tradeꦐd 0.5% lower about an hour before markets opened.