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Happy Thursday afternoon to everyone on The Street. Here's a snapshot of where markets ended the trading session, plus tomorrow's trade idea delivered to you today.
🟩 | US Stocks Rose on Thursday. The S&P 500 closed at a fresh high, marking the index’s fourth consecutive record close. New PPI data showing cooling inflation helped stocks rally today.
📈 | One Notable Gainer: Nvidia’s stock rose 4%, climbing to a new record high after Barclay’s analysts raised its price target from $120 to $145, believing that the transition from Hopper chips to Blackwell will be smooth.
📉 | One Notable Decliner: Shares of Signet Jewelers sunk 15% after its revenue and second-quarter guidance fell short of analysts’ expectations. The company expects operating income to range between $50 million to $75 million, significantly below the consensus estimate of $86 million.
🍎 | Tomorrow's Trade: Apple Is in on AI. Scroll down for more.
Plus, check out the THC gummies that work in just 5 minutes!
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YESTERDAY’S POLL RESULTS
🟩🟩🟩🟩🟩🟩 Bullish
🟨🟨⬜️⬜️⬜️⬜️ Bearish
S&P 500 Heatmap. Credit: Finviz
All Stock Heatmap. Credit: Finviz
Global ADR snapshot. Credit: Finviz
MARKET MOVERS
GME (+14%) Shares of GameStop surged amid the company’s 2024 online annual shareholder meeting, which crashed the servers due to high traffic (CNBC)
KMB (+3%) Bank of America gave a double upgrade to Kimberly-Clark, the maker of Huggies and Kleenex, citing improving margins and operations (YF)
ULTA (+2%) Beauty retailer Ulta saw its shares rise after being named a top stock pick by Oppenheimer (SA)
PARA (-7%) Shares of Paramount Global continue to slide after Shari Redstone killed the company’s potential merger with Skydance (YF)
GNRC (-5%) Janney Montgomery Scott downgraded generator manufacturer Generac from Buy to Neutral, believing additional expansion is unlikely (MB)
TOGETHER WITH MOOD
If you've ever struggled to enjoy cannabis due to the harshness of smoking or vaping, you're not alone. That’s why these new cannabis gummies caught our eye.
Mood is an online dispensary that has invented a “joint within a gummy” that’s extremely potent yet federally-legal. Their gummies are formulated to tap into the human body’s endocannabinoid system.
Although this system was discovered in the 1990’s, farmers and scientists at Mood were among the first to figure out how to tap into it with cannabis gummies. Just 1 of their rapid onset THC gummies can get you feeling right within 5 minutes!
OVERHEARD ON THE STREET
CNN: Coach USA, the operator of Megabus and other commuter bus lines in the US and Canada, filed for bankruptcy protection in Delaware.
FDIC: The number of banks on the Problem Bank List increased from 52 in the fourth quarter of 2023 to 63 in the first quarter of 2024.
FT: Crypto company Terraform Labs has agreed to pay $4.47 billion in a case brought by the US Securities and Exchange Commission for fraud.
AP: Waymo recalled its entire fleet of 672 self-driving vehicles after one of them struck a telephone pole in Arizona.
Axios: Yesterday, the Central Florida Tourism Oversight District board approved a $17 billion Walt Disney World development deal.
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TOMORROW’S TRADE IDEA, TODAY
The Most Wonderful Time of the Year
In the past, this time of year has been a good time to buy Apple (AAPL). That’s largely because the tech giant’s developer conference occurs this time each year, driving excitement surrounding the company.
According to Morgan Stanley (MS), around half of Apple’s outperformance versus the S&P 500 has happened in the three months following this conference.
A New Era
This year's conference was held on Monday. The tech company announced its entrance to the AI arena with its “Apple Intelligence” and an integration of ChatGPT into Siri.
According to D.A. Davidson, Apple’s AI plans represent a new era for the company. The new features are currently only available with the iPhone 15 Pro and Pro Max versions, so this could lead to a new round of iPhone upgrades.
Growing Expectations
As a result, analyst Gil Luria has raised his price target to $230 and upgraded Apple to a buy rating. That’s an 8% increase from yesterday’s close. He also raised his FY 2025 estimates above the Wall Street consensus, citing AI as a catalyst for significant growth.
Luria believes that the trust Apple has built with its customer base will allow it to deliver AI results that its competition can’t.
In a time when simply mentioning AI could boost a company’s stock, analysts are hopeful for Apple’s AI integration timeline and effectiveness. This, coupled with Apple’s historical performance following its Developers Conference, could provide investors with an opportunity.
TOGETHER WITH MOOD
If you've ever struggled to enjoy cannabis due to the harshness of smoking or vaping, you're not alone. That’s why these new cannabis gummies caught our eye.
Mood is an online dispensary that has invented a “joint within a gummy” that’s extremely potent yet federally-legal. Their gummies are formulated to tap into the human body’s endocannabinoid system.
Although this system was discovered in the 1990’s, farmers and scientists at Mood were among the first to figure out how to tap into it with cannabis gummies. Just 1 of their rapid onset THC gummies can get you feeling right within 5 minutes!
ON OUR RADAR
Bloomberg: US companies increased their cash stockpiles in the first quarter, bringing their holdings to a record $4.11 trillion.
CNBC: China’s top smartphone player, Honor, launched its first flip foldable phone in its latest challenge to Samsung.
YF: Remote work woes… Wells Fargo fired more than a dozen employees last month for simulating keyboard activity to create the impression of active work.
YF: Jamie Dimon says some private credit ratings “shocked” him, evoking memories of mortgages before the Great Recession.
WSJ: An EU court ruled yesterday that McDonald’s no longer has the exclusive right to call sandwiches sold in the European Union a “Big Mac.”
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