Thursday, October seventeenth, 2024
Markets cooled off right now, rapidly dropping shortly after the opening bell this morning. In reality, the small-cap Russell 2000, which outshone the main indexes yesterday, fell into detrimental territory early and stayed there just about all session. Among the many 4 main indexes, it’s laborious to get flatter than this: the Dow was up +162 factors, +0.38% (to a contemporary all-time closing excessive of 43,240), however the Russell was -0.31%. The S&P 500 got here in -0.012% whereas the Nasdaq was up +0.035%.
Econ Stories from This Morning: Manufacturing/Utilization, Homebuilder Survey and Extra
Minutes earlier than this morning’s opening bell, Industrial Manufacturing for September swung to a deeper detrimental than anticipated: -0.3%, versus -0.2% consensus and a +0.3% notched for the earlier month. That is the third straight detrimental print on industrial manufacturing — one fewer than the four-month slide from January by way of April of this yr.
Capability Utilization, launched each month in tandem with Industrial Manufacturing numbers, fell to 77.5% — its lowest month-to-month degree since January of this yr, and notably off from the 77.8% reported the earlier month, which was what had been anticipated once more. We had been as excessive as 78.2% as just lately as June, however now appears to be sinking again towards these January lows.
Enterprise Inventories for August had been in-line with expectations: +0.3%, coming off a +0.3% for July. It’s good to see regular constructive numbers virtually wherever we are able to discover them, though stock progress is just about the least-desirable sort of progress there may be.
The Homebuilder Confidence Index for October continues to point out enchancment, to 43 this month from 41 final month, and above expectations for 42.
Netflix Storms Forward of Estimates in Q3
Streaming large and former FANG element Netflix NFLX reported stellar numbers in its Q3 report out this afternoon. Earnings of $5.40 per share surged previous the $5.09 within the Zacks consensus, demonstrating +45% progress yr over yr. Revenues within the quarter of $9.825 billion surpassed the $9.77 billion analysts had been anticipating, up +15% from a yr in the past.
Working Margins additionally outperformed within the quarter: +30% versus +22%, whereas International Streaming Paid Web Provides grew by +5.07% to 282.7 million whole. That is nonetheless a cool-down from 8.8 million a yr in the past, however one through which Netflix’s world outreach continues to increase.
Lastly, next-quarter income steering is as much as a spread of $43-44 billion. Shares are up +3.4% at this hour, including to the corporate’s +46% yr up to now.
Take a look at the up to date Zacks Earnings Calendar right here. https://www.zacks.com/earnings/earnings-calendar
Intuitive Surgical Outcomes Look Good
Medical units main participant Intuitive Surgical ISRG additionally posted a robust beat on her backside line: earnings of $1.84 had been effectively forward of the $1.65 analyst estimate, whereas revenues of $2.04 billion crept previous the consensus degree of $2.01 billion, for a +17% beat. That is now the seventh-straight earnings beat for Intuitive, as deliveries of 379 extra daVinci surgical programs had been made, up +18% yr over yr. Shares have been hopping round in late buying and selling, however are at the moment up +5% in late buying and selling.
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