Stock futures dipped on Thursday following the record-high close of the S&P 500, as the market moved closer to the monumental 5,000 mark. Let’s take a look at some stocks that are poised to make moves today.
Walt Disney: Strong Earnings and Strategic Investments
Walt Disney reported fiscal first-quarter earnings that exceeded expectations, impressing investors. The entertainment giant also issued guidance for fiscal 2024, which surpassed Wall Street estimates. Additionally, Disney announced several strategic initiatives, including:
- Increasing its semi-annual dividend by 50%
- Establishing a new $3 billion stock buyback plan
- Investing $1.5 billion for an equity stake in Epic Games, the creator of the popular video game “Fortnite.”
As a result, Disney shares rose by a notable 5.9%.
PayPal Holdings: Profit Forecast Falls Short
PayPal Holdings provided its outlook for 2024, stating that it expects adjusted earnings to be roughly in line with the $5.10 per share posted in 2023. However, analysts had predicted a profit of $5.51 per share, leading to a decline in PayPal’s stock by 8.7% during premarket trading. CEO Alex Chriss reassured investors of the company’s commitment to driving profitable growth in the years ahead, with 2024 being a year focused on execution for long-term success.
Arm Holdings: Impressive Revenue Projections
U.S.-listed shares of Arm Holdings experienced a surge of 24% after the chip designer announced its anticipated revenue for the fiscal fourth quarter. Arm Holdings expects to generate $850 million to $900 million in revenue, surpassing the midpoint of analysts’ estimates, which was $779 million. CEO Rene Haas attributed the record revenues to increased adoption of Arm’s powerful and energy-efficient compute platform, particularly due to the growing demand for AI-focused devices.
These developments in the stock market present opportunities for investors to carefully analyze and potentially make profitable investments.
Confluent Exceeds Revenue Expectations, Anticipates Strong Growth
Confluent, a leading data-streaming company, experienced a remarkable surge of 24% in its stock price following an announcement about its projected revenue for 2024. The company anticipates generating approximately $950 million, surpassing analysts’ forecasts by 22%. This promising outlook has instilled confidence in Confluent’s Chief Financial Officer, Rohan Sivaram, who expressed optimism in achieving their revenue goals for 2024. Furthermore, Sivaram stated that Confluent is poised to achieve a significant milestone by attaining breakeven for both non-GAAP operating margin and free cash flow margin in the same year.
Wynn Resorts Surpasses Earnings Estimates, Driven by Strong Performance
Wynn Resorts, a prominent casino operator, reported exceptional financial results for the fourth quarter. With adjusted earnings amounting to $1.91 per share, surpassing analysts’ estimated figure of $1.15, the company showcased its robust performance. Net income attributable to Wynn Resorts reached an impressive $729.2 million, significantly higher than the $32.4 million recorded during the equivalent period the previous year. The rise in earnings was primarily driven by increased operating revenue from the company’s operations in Macau and Las Vegas. This positive development resulted in a commendable 5.2% increase in the stock price.
Blue Bird’s Remarkable Growth: Electric School Buses Drive Revenue Surge
Blue Bird, a renowned manufacturer of electric school buses, reported tremendous growth in its first-quarter revenue. Surpassing analysts’ expectations, the company achieved a substantial 35% jump, reaching $317.7 million. In addition to this impressive financial performance, Blue Bird also revised its guidance for fiscal 2024. The company now anticipates adjusted Ebitda between the range of $120 million and $140 million, up from the previous guidance of $105 million to $125 million. These positive developments led to a notable 13% increase in Blue Bird’s shares.
Noteworthy Earnings Reports Expected on Thursday
Several noteworthy companies are set to release their earnings reports on Thursday. Philip Morris International, ConocoPhillips, Expedia, Take-Two Interactive, Affirm Holdings, Pinterest, Duke Energy, Cloudflare, and Kenvue are among the companies that investors and financial analysts will be closely monitoring.
Leave a Reply