Select a category

Taiwan Semiconductor Manufacturing Company (TSM) American depositary receipts (ADRs) are gaining in premarket trading after the chipmaker reported continued strong demand for artificial intelligence (AI) products; Netflix (NFLX) is expected to report another jump in quarterly revenue after the bell today; United Airlines' (UAL) guidance comes in lower than expected; Nokia (NOK) shares are diving as the telecom equipment maker continues to contend with weak sales; and Novartis (NVS) raises its full-year core operating income guidance on strong drug sales. Nasdaq futures are rising as TSMC's results are lifting chip shares after the sector sank yesterday. Here's what investors need to know today.

Taiwan Semiconductor Manufacturing Company (TSM) shares are rising almost 2% in premarket trading after it reported better-than-expected profit and revenue in the second quarter, pointing to continued strong demand for artificial intelligence (AI) technology. The chipmaker’s quarterly net revenue of 673.51 billion New Taiwan dollars ($20.8 billion) was higher by 40% from a year ago, and earnings per share (EPS) of NT$9.56 ($1.48 per ADR) also beat estimates. TSMC’s premarket gains help it rebound from yesterday’s tech selloff, where fears of tightening restrictions on exports of semiconductor equipment to China helped sink chip stocks. 

Investors are watching Netflix (NFLX) ahead of its earnings report after the bell today, as the streamer is set to show if it can continue to grow its subscriber base while adding new programming. According to estimates compiled by Visible Alpha, Netflix is projected to report a 16% year-over-year rise in revenue to $9.51 billion, while its expected earnings of $4.74 per share would be well above the year-ago mark of $3.29. The streaming giant is looking to draw in new subscribers with sports programming, looking to improve on the 16% annual growth in subscribers that it reported in the prior quarter. Shares of Netflix are edging higher in premarket trading.

United Airlines (UAL) reported a 23% year-over-year jump in second-quarter profit as it capitalized on strong demand for international travel, though its third-quarter forecasts caused some concerns for investors. The air carrier reported adjusted earnings of $4.14 per share, better than expected, but its revenue of $14.99 billion came in just under analysts' estimates. The company said it expects to report adjusted EPS of between $2.75 and $3.25 a share in the current quarter, lower than analysts' projections. Shares of United Airlines are rising more than 1% in premarket trading.

Nokia (NOK) shares are falling more than 4% in premarket trading after the Finnish telecommunications firm reported a second-quarter loss of 142 million euros ($155 million), when analysts were looking for a profit of EUR264 million. Chief Executive Officer (CEO) Pekka Lundmark said the industry was stabilizing and projected a “significant acceleration in net sales growth in the second half,” noting that an expected recovery in sales was coming later than expected, potentially impacting 2024 revenue projections. The company reported a big drop in first-quarter revenue three months ago.

Drugmaker Novartis (NVS) raised its full-year core operating income guidance, with expectations that its sales would grow by a mid- to high-teen-percentage rate, up from a low-double-digit to mid-teen rate. The company reported second-quarter core operating income of $4.95 billion, an increase of 17% year-over-year, better than estimates. Sales of heart failure drug Entresto, arthritis medication Cosentyx, and multiple sclerosis treatment Kesimpta all came in better than expected. ADRs of Novartis fell by more than 2% in premarket trading.

Read more on Investopedia

A Dubai Princess, Sheikha Mahra bint Mohammed bin Rashid Al Maktoum, appears to have asked her husband for a divorce via Instagram.

On Wednesday, July 17, Sheikha Mahra bint Mohammed bin Rashid Al Maktoum — the daughter of the current ruler of Dubai — shared a post on her verified Instagram account that said “Dear Husband, As you are occupied with other companions, I hereby declare our divorce.”

“I divorce you, I divorce you, and I divorce you,” Sheikha Mahra, 30, added, seemingly referencing the Islamic practice known as triple talaq, which allows husbands to divorce their wives by saying “I divorce you” three times, according to the BBC. “Take care. Your ex-wife,” Sheikha Mahra concluded her post.

The post comes just over a year after she reportedly tied the knot with her partner Sheikh Mana bin Mohammed bin Rashid bin Mana Al Maktoum.

Sheikha Mahra is the daughter of Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum, 75, who is also vice president and prime minister of the United Arab Emirates (UAE).

Continue reading on Instablog

The iShares Semiconductor ETF (SOXX) slumped 7% on Wednesday as investors locked in profits amid growing concerns that chipmakers will face heightened U.S. trade restrictions and geopolitical tensions, irrespective of which candidate wins the November presidential election.

Below, we take a closer look the fund’s weekly chart while also pointing out important technical levels to watch out for amid uncertainty surrounding the sector.

Since bottoming out just below the 200-week moving average in October 2022, the SOXX ETF’s price has trended steadily higher, with investors using dips as buying opportunities.

Despite the bullish longer-term price action, more recent technicals on the chart signal weakening buying momentum, potentially indicating a tiring trend.

Firstly, as the ETF set a record high last week, the relative strength index (RSI) made a shallower higher to form a bearish technical divergence. Secondly, during the fund’s most recent leg higher, trading volumes have, for the most part, trended lower.

Amid further retracements in the ETF’s price, investors should keep an eye on three key areas where it may encounter support.

The first level sits around $230, a location on the chart that could attract buying interest near a peak that marked the end of an impulsive trending move between October 2023 and March this year.

A close below this level may see the fund fall to the key $180 level, where it would likely find significant support near a horizontal line connecting two prior record highs that formed in January 2022 and July 2023. Interestingly, this region also roughly aligns with the respected 50% Fibonacci retracement level when stretching a grid from the October 2022 low to this month’s high.

Further selling could lead to a retest of around $148, a region where buyers would look for entry points near a trendline linking multiple peaks and troughs from February 2021 to October last year.

If the ETF only has a minor pullback before moving higher, investors should monitor the $292 level.

We project this upside price target by taking the bars pattern from the fund’s impulsive move higher from October 2023 to March this year and apply it to April’s swing low. This provides a general area on the chart when the ETF may run into selling pressure, particularly if other technical indicators are pointing to overbought conditions at the same time.

Read more on Investopedia

Businessman Cubana ChiefPriest has told his bestie, Davido that he love him with every single air he breathe.

He said Chief David Chukwuma Adeleke, You Have Done It All, I Love You With every single air I breathe.

Continue reading on Instablog