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Major U.S. equities indexes pushed higher as the latest estimates from the Bureau of Economic Analysis showed that U.S. gross domestic product (GDP) growth slightly outpaced expectations in the second quarter of 2024.
The S&P 500 added 0.4% on Thursday, printing a new all-time closing high. The Dow gained 0.6%, ending just below the level of Tuesday's record close. The Nasdaq was also up 0.6%, boosted by strength in the tech sector and solid gains from semiconductor stocks.
Micron Technology (MU) shares secured Thursday's top performance in the S&P 500, skyrocketing 14.7% after the memory chip maker beat revenue estimates and provided higher-than-expected sales guidance for the current quarter. The Nvidia (NVDA) partner nearly doubled its revenue from the year-ago period, with strong artificial intelligence (AI) demand helping underpin the strong sales growth. The firm's CEO said Micron's competitive positioning has reached its highest point in company history.
Circuit board manufacturer Jabil (JBL) also reported strong quarterly results, topping sales and profit estimates for its fiscal fourth quarter. Like Micron, Jabil benefitted from strong AI demand during the quarter. The electronics manufacturer and Apple (AAPL) supplier also approved a $1 billion share repurchase plan and announced several cost-cutting initiatives. Jabil shares jumped 11.7% on Thursday.
Shares of beauty products company Estée Lauder (EL) popped 10.0% higher following the announcement of an economic stimulus in China. The makeup maker generates around a third of its revenue from the Asia/Pacific region. However, in its most recent earnings report, Estée Lauder pointed to softness in the prestige beauty market in China as a key factor behind its 2% year-over-year decline in organic net sales. Any improvement in consumer sentiment that results from the stimulus could flow through to increased consumer spending and help drive a sales recovery for Estée Lauder in the key market.
Super Micro Computer (SMCI) shares plunged 12.2%, falling further than any other S&P 500 stock on Thursday. According to a report in , the U.S. Department of Justice (DOJ) has launched an investigation into the server and data storage provider's accounting practices. News of the DOJ probe follows a report published last month by activist short-selling firm Hindenburg Research alleging that Supermicro had engaged in accounting manipulation.
Crude oil futures prices fell more than 3% amid reports that Saudi Arabia and other major producers are prepared to increase oil output in December, pressuring oil and gas stocks. Diamondback Energy (FANG) stock slid 6.5%, with news that insiders sold more than $2.3 billion worth of in the exploration and production company.
Softness in natural gas prices also dragged on companies in that part of the energy sector. Shares of natural gas players Targa Resources (TRGP) and Oneok (OKE) were down around 5.9%.
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VeryDarkMan has said if Fela could go to prison for speaking the truth, why wouldn’t he want to be like my role model?
He said he would like to go to prison like his role model, who is none for speaking the truth.
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Analysts Say Meta's Ambitions Make It A Top AI Pick
JPMorgan And Jefferies Analysts Sai...
Investopedia
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JPMorgan and Jefferies analysts said Meta's (META) AI and metaverse ambitions make it a top pick after the tech giant's Connect event keynote Wednesday, where Meta unveiled several new products and AI features.
The analysts said the event showcased Meta's progress in monetizing AI and made them more bullish on the stock, with JPMorgan analysts writing Thursday that they believe Meta has "earned the right to spend big on AI," given its "early AI benefits in both engagement and monetization."
Jefferies analysts added that Meta's "proven ability to successfully scale & monetize new products" added to their confidence in Meta's "new AI future."
JPMorgan lifted its price objective for Meta's stock to $640 from $610, while Jefferies maintained its target of $600, representing about a 5.7% to 12.7% premium above Thursday's closing price of $567.84. Both targets were higher than the analyst consensus of $587.66 compiled by Visible Alpha, though all but one of the 31 analysts surveyed held a "buy" or equivalent rating for the stock.
Meta shares finished slightly lower Thursday after hitting a record intraday high earlier in the session. They've gained about 60% since the start of the year.
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Actor Stan Nze has responded to a follower who criticized his wife, Blessing Obasi, for not using his surname on social media.
The follower said it’s unwise and lack of marital respect for her not to have her husbands name on her social media handles. But the husband responded by said it’s unwise to be in other people businesses without minding yours.
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Jabil (JBL) shares soared Thursday after the circuit board manufacturer posted better-than-expected results on artificial intelligence (AI) demand, authorized a stock buyback program, and launched a restructuring that includes job cuts.
The company, which supplies Apple (AAPL), reported fourth-quarter adjusted earnings per share (EPS) of $2.30, ahead of consensus forecasts of analysts polled by Visible Alpha. Revenue fell 17.7% year-over-year to $6.96 billion, reflecting the loss from the divestiture of its Mobility division last December, but that still beat estimates.
Chief Executive Officer (CEO) Mike Dastoor noted that during its fiscal year, along with the Mobility sale, Jabil saw growth in the AI datacenter sector while dealing with softness in multiple end-markets. He added that while short-term demand remains challenged in certain end-markets, "we are confident that in the mid-to-long term, we are well-positioned to capitalize on secular trends."
Jabil's board also approved a $1 billion share repurchase plan.
Along with the earnings news, the company announced a restructuring plan "to align our support infrastructure to further optimize organizational effectiveness." It explained that would entail layoffs across the selling, general and administrative (SG&A) and manufacturing cost base, and capacity realignment. Jabil explained that it expects to take a $150 million to $200 million charge in fiscal 2025 to implement the changes.
Despite Thursday afternoon's nearly 12% gains to $126.85, shares of Jabil remain slightly lower year-to-date.
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Hours after vowing to meet those trying to frame him up in court, Bobrisky has shared news of winning a legal case against someone named Tosin.
He said his winning begins from here, after the court awarded a fine of N500,000 against one Tosin and also asked that he should be investigated.
