Market Watch column provides a thorough analysis of stock market fluctuations and expert ratings.

Hourly Market Review - Oct 29, 2024 15 PM

Market BriefTuesday, Oct 29, 2024 3:00 pm ET

1min read

Movers of the hour:

Profire Energy is up 46.49% at $2.51.

GeneDx Holdings is up 45.06% at $80.96.

Lightbridge is up 43.39% at $13.04.

V.F. is up 23.93% at $21.10.

CommVault Systems is up 22.15% at $167.31.

Here are the top stocks upgraded by Wall Street analyst:

Apple has received a rating of Neutral from Piper Sandler with target price increased to $225 from $225.

Apple has received a rating of Neutral from Jefferies with target price increased to $213 from $205.

Apple has received a rating of Strong Buy from B of A Securities with target price increased to $256 from $256.

Apple has received a rating of Sell from Barclays with target price increased to $186 from $186.

Nvidia has received a rating of Strong Buy from B of A Securities with target price increased to $190 from $165.

Nvidia has received a rating of Strong Buy from Goldman Sachs with target price increased to $150 from $135.

Nvidia has received a rating of Buy from Morgan Stanley with target price increased to $150 from $150.

Nvidia has received a rating of Strong Buy from UBS with target price increased to $150 from $150.

Nvidia has received a rating of Buy from Cantor Fitzgerald with target price increased to $175 from $175.

Comments

Post

ev00rg

10/29

Stock market update: Google's stellar earnings and Alphabet's cloud revenue boost shares Stock markets have seen a boost today following stellar earnings reports from Google and strong revenue growth from Alphabet's Google Cloud division. The Nasdaq rose to new highs, while the S&P 500 edged up slightly. However, the Dow Jones Industrial Average remained cautious, with investors watching big tech stocks closely. Google's earnings exceeded expectations, with Alphabet driving the tech-heavy index higher. Meta, Microsoft, Amazon, and Apple will release their reports soon, and investors are keen to see if they can maintain the momentum. In the earnings winners' section, VF Corporation spiked 27.01% after beating earnings and revenue forecasts. Welltower rose 5.23% on a 23.7% revenue jump to $2.06 billion, with EPS rising to $1.11 from $0.24 year-on-year. Waste Management climbed 5.21% with a 5% revenue growth in Q3, while EBITDA rose 11% and cash from operations increased 16% over the past three quarters compared to the same period in 2023. Meanwhile, Broadcom increased 4.20% after reports of OpenAI collaborating with TSMC and Broadcom to develop an in-house AI chip. AMD shares rose 3.96% on the same news, with AMD chips now being used alongside Nvidia's for AI model training. CrowdStrike rose 3.19%. On the losers' side, Crocs dropped 19.17% after its Q4 outlook missed analyst forecasts, projecting adjusted earnings of $2.20 to $2.28 per share compared to the anticipated $2.72. Ford fell 8.44% despite beating Q3 revenue and earnings forecasts, while D.R. Horton slipped 7.24% after reporting earnings of $3.92 per share on $10.0 billion in revenue, missing estimates of $4.17 per share and $10.22 billion in revenue. Alphabet's stellar earnings were driven by strong Google Cloud revenue growth of 35% year-on-year to $11.35 billion, with CEO Sundar Pichai crediting their "full-stack" AI for attracting enterprise clients and gaining ground against cloud giants like Amazon and Microsoft. However, Google's ad revenues - its core business driver - grew slower than last quarter, impacted by the crowded ad market. TikTok, Amazon, and Netflix are all vying for screen time and ad dollars, putting pressure on Alphabet's ad growth. Alphabet is now focusing on cost-cutting measures to set the stage for long-term AI-driven growth, with new CFO Anat Ashkenazi highlighting AI-powered efficiencies and "strategic" workforce adjustments, while doubling down on data centers to fuel their expanding AI ambitions. Investors welcomed the news, pushing Alphabet shares up 5.82% in after-hours trading. Looking ahead, Apple has had a busy week, unveiling new features for its iPhone 15 and newer models, including an upgraded Siri and notification summaries. Later in the week, Apple will release a new iMac and MacBook Pro with M4 chips, along with various accessory upgrades. Waymo, Alphabet's self-driving vehicle arm, has raised $5.6 billion in its largest-ever funding round, aiming to expand its robotaxi services in cities like San Francisco, Phoenix, and LA. Additionally, KeyCorp and Fifth Third Bancorp are facing challenges with rising non-performing loans in their commercial real estate portfolios, particularly in office spaces, due to the impact of remote work on demand. Target has also made headlines by offering a budget Thanksgiving meal deal for $20, covering a frozen turkey and sides, as grocery inflation has slowed to 1.3% for September. Meanwhile, oil prices dropped after Israel's missile strike on Iran, which spared the country's oil production, alleviating supply disruption concerns. Volkwagen is planning massive layoffs and plant closures in Germany, raising labor unrest, and Boeing has announced a $19 billion stock sale to avoid a junk credit rating amid ongoing machinist strikes.

liano

Why did $AAPL drop 0.50% in after-hours trading?

Anklebreakers10

$AAPL Everything’s getting overexcited and overvalued in this market.

PlatHobbits7

$AAPL The current RSI levels suggest that the stock could be nearing overbought territory.