The technology-heavy Nasdaq Composite suffered its sixth straight session of losses on Friday, with Nvidia stock dropping 10%. The Philadelphia Semiconductor Index also fell, mirroring declines in Asian markets. Geopolitical unrest and a disappointing earnings report from ASML Holding contributed to the negative sentiment.
A Citigroup managing director has filed an amended lawsuit alleging a culture of sexual harassment and gender discrimination at the bank. Ardith Lindsey claims that her supervisor, Mani Singh, subjected her to violent threats and abuse after she ended their relationship. According to Lindsey, the bank failed to protect her despite numerous complaints, and she is now on leave due to the psychological impact of the abuse. Citigroup has not yet responded to the allegations.
Institutional investors have placed significant bearish bets against Boeing (BA), with a notable 60% of options trades indicating a negative outlook. This sentiment contrasts with the more bullish 40% of trades, highlighting a divided market. The potential price range identified by these large traders extends from $145.0 to $250.0 for Boeing. Analysis of call and put volumes and open interest further supports this outlook, revealing growing activity within this price window. Despite the bearish sentiment, Boeing’s current trading position remains relatively stable, with moderate volume and an RSI indicator suggesting potential oversold conditions. The company’s upcoming earnings announcement in two days could influence the stock’s movement and provide further insights into its performance.
Recent options activity indicates a surge in bearish positions by institutional investors or high-net-worth individuals towards Snowflake (SNOW). This negative outlook, represented by 81% of large-scale trades, may signal potential upcoming events that could impact the company’s stock performance. Traders are advised to monitor these significant trades and consider their potential implications for SNOW’s future trajectory.
In a notable bearish move, financial giants have set their sights on Super Micro Computer. Our analysis of options history reveals substantial trades favoring bearish sentiments. As the trading activity suggests, investors anticipate price movements within a range of $360.0 to $1000.0 for SMCI over the past three months.
Verizon Communications (VZ) reported better-than-expected wireless subscriber additions and financial results in the first quarter of 2023. Despite losing 68,000 wireless subscribers, below analyst estimates, the company’s wireless service revenue grew 3.3% to $19.5 billion, driven by pricing adjustments and higher premium plans. Adjusted earnings per share (EPS) declined from $1.20 to $1.15, but surpassed expectations of $1.12. Total revenue increased slightly by 0.2% to $33 billion, shy of analyst expectations. Verizon remains optimistic about the future, expecting continued wireless service revenue growth and adjusted EPS within the range of $4.50 to $4.70.
Salesforce has officially ended acquisition negotiations with data management company Informatica due to a disagreement over pricing. According to sources, Salesforce offered a mid-$30s per share price, which fell short of Informatica’s expectations. The potential deal, if finalized, would have been one of Salesforce’s largest acquisitions since its purchase of Slack Technologies for nearly $28 billion.
U.S. stocks opened higher on Monday, with the Dow Jones gaining over 100 points. The S&P 500 and Nasdaq also rose. Leading the gains were information technology shares, while energy shares fell. The Chicago Fed National Activity Index increased to +0.15 in March, topping market estimates. Moolec Science SA, NewGenIvf Group Limited, and SuperCom Ltd. were among the top gainers, while Vaxxinity, Inc., Hepion Pharmaceuticals, Inc., and Connexa Sports Technologies Inc. were among the top losers.
Visa Inc. (V) is expected to report $2.44 in earnings per share (EPS) on $8.62 billion in revenue for its second quarter, exceeding analysts’ expectations. However, the stock has declined over 7% since March 21 due to factors such as Capital One Financial’s acquisition of Discover Financial Services and the settlement of a class action lawsuit, affecting Visa’s swipe fees. Technically, the stock’s bearish trend is supported by indicators such as the MACD and RSI. The consensus analyst rating remains Outperform, but recent ratings suggest a potential upside of 12.02% from its current trading price.
Tencent’s shares soared after announcing the earlier-than-expected release of the highly anticipated mobile game, ‘Dungeon and Fighter: Origin.’ The game, expected to generate substantial revenue, is part of Tencent’s efforts to offset regulatory headwinds in the gaming industry.
