Source: ThinkstockFebruary 2, 2018: The S&P 500 down 2.2% at 2,761.44. The DJIA closed down 2.6% at 2,5511.39. Separately, the Nasdaq was down 2.0% at 7,240.95.
Friday was a catastrophic day for the U.S. markets. Right out of the gate all of the major exchanges were down and it only got worse over the course of the day. The Dow lost nearly 700 points, making this one of the 3 worst single day sell-offs in the history of the average. Crude oil sold off in the session after making a solid recovery Thursday. The S&P 500 sectors were entirely negative in Fridays session. The most positive sector was consumer discretionary down 0.6%. The worst performing sectors were energy, technology, and materials down 4.5%, 2.7% and 2.4%, respectively.
Top Tech Stocks To Invest In Right Now: Itron Inc.(ITRI)
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Three Stocks to Watch Today: COP, HD, HSBC
ConocoPhillips (NYSE: COP) has seized assets from the Venezuelan-owned firm PDVSA in the Caribbean. The company won a court case that will allow it to take over assets owned by the Venezuelan government. The court enabled the seizures as part of a broader plan to allow the firm to recoup roughly $2 billion following the 2007 nationalization of its assets in Venezuela by the huge Castro-led government.
Monday will be a quiet day on the earnings front. Investors are looking to Tuesday’s calendar, when The Home Depot Inc. (NYSE: HD) reports earnings. Tomorrow, Wall Street analysts expect that Home Depot will report earnings per share of $2.07 on top of $25.2 billion in revenue. Investors will be hoping that the company reports strong profits thanks to an improving U.S. economy and the recent tax reform law.
Expect a lot of chatter today about blockchain technology. That’s because ING Bank and HSBC Holdings Plc.(NYSE: HSBC) announced over the weekend that they engaged in their first trade ever using blockchain technology. The two engaged in a trade on behalf of Cargill to finance a shipment of soybeans from Argentina to Malaysia.
Today, look for earnings reports from Agilent Technologies (NYSE: A), Itron Inc.(Nasdaq: ITRI), Vipshop Holdings Ltd.(Nasdaq: VIPS), Amyris Biotechnologies Inc. (Nasdaq: AMRS), Sky Solar Holdings Ltd.(Nasdaq: SKYS), Mazor Robotics Ltd.(Nasdaq: MZOR), China Lodging Group Ltd. (Nasdaq: HTHT), and Mimecast Ltd.(Nasdaq: MIME).
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- [By Logan Wallace]
TheStreet cut shares of Itron (NASDAQ:ITRI) from a b rating to a c rating in a research note issued to investors on Monday morning.
Several other equities analysts also recently weighed in on ITRI. BidaskClub upgraded Itron from a hold rating to a buy rating in a research report on Friday, January 19th. Oppenheimer reiterated a buy rating and set a $78.00 price objective on shares of Itron in a research report on Monday, January 29th. Canaccord Genuity upgraded Itron from a hold rating to a buy rating and lifted their price objective for the stock from $78.00 to $84.00 in a research report on Tuesday, February 27th. Cowen upgraded Itron from a market perform rating to an outperform rating and lifted their price objective for the stock from $80.00 to $84.00 in a research report on Thursday, March 1st. Finally, JMP Securities set a $108.00 price objective on Itron and gave the stock a buy rating in a research report on Thursday, March 1st. Six equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus price target of $83.36.
- [By Lisa Levin]
Companies Reporting After The Bell
Agilent Technologies, Inc. (NYSE: A) is estimated to post quarterly earnings at $0.64 per share on revenue of $1.21 billion.
Vipshop Holdings Limited (NYSE: VIPS) is expected to post quarterly earnings at $0.18 per share on revenue of $3.10 billion.
Rexnord Corporation (NYSE: RXN) is projected to post quarterly earnings at $0.39 per share on revenue of $551.94 million.
Invitation Homes Inc. (NYSE: INVH) is estimated to post quarterly earnings at $0.03 per share on revenue of $423.13 million.
Switch, Inc. (NYSE: SWCH) is expected to post quarterly earnings at $0.05 per share on revenue of $99.83 million.
Itron, Inc. (NASDAQ: ITRI) is projected to post quarterly earnings at $0.13 per share on revenue of $579.85 million.
Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) is expected to post quarterly earnings at $0.44 per share on revenue of $119.06 million.
Amyris, Inc. (NASDAQ: AMRS) is estimated to post quarterly earnings at $0.07 per share on revenue of $68.14 million.
Dicerna Pharmaceuticals, Inc. (NASDAQ: DRNA) is projected to post quarterly loss at $0.38 per share on revenue of $1.87 million.
VOXX International Corporation (NASDAQ: VOXX) is expected to post quarterly earnings at $0.05 per share on revenue of $130.00 million.
Phoenix New Media Limited (NYSE: FENG) is estimated to post quarterly loss at $0.12 per share on revenue of $45.38 million.
Restoration Robotics, Inc. (NASDAQ: HAIR) is projected to post quarterly loss at $0.17 per share on revenue of $5.93 million.
YogaWorks, Inc. (NASDAQ: YOGA) is estimated to post quarterly loss at $0.22 per share on revenue of
- [By Ethan Ryder]
Get a free copy of the Zacks research report on Itron (ITRI)
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Top Tech Stocks To Invest In Right Now: Taiwan Semiconductor Manufacturing Company Ltd.(TSM)
- [By Daniel Sparks]
On Thursday, analysts from Merrill Lynch and JPMorgan Chaseboth expressed concern about Apple’s iPhone sales after Apple supplier Taiwan Semiconductor (NYSE:TSM) reported worse-than-expected guidance, saying, “Weak demand from our mobile sector will negatively impact our business despite strength in cryptocurrency mining.” Taiwan Semiconductor (TSMC) guided for second-quarter revenue between $7.8 billion and $7.9 billion.On average, analysts were expecting guidance for second-quarter revenue of about $8.8 billion.
- [By Ashraf Eassa]
Contract chip manufacturing giantTaiwan Semiconductor Manufacturing Company(NYSE:TSM) recently announced that for 2018, it expects to boost its capital expenditure budget to between $11.5 billion and $12 billion, up from a prior range of $10.5 billion to $11 billion.
- [By Garrett Baldwin]
Shares of Apple Inc. (Nasdaq: AAPL) may face additional pressure today after another surprise update from one of its biggest suppliers. Austria-based supplier AMS, a maker of optical sensors for the iPhone X, warned that sales for the second quarter will fall by roughly 50% from the first quarter. This comes not long after Taiwan Semiconductor Manufacturing Co. Ltd.(ADR) (NYSE: TSM) offered a lower-than-expected Q2 revenue forecast. Now, Wall Street analysts could soon follow with cuts to iPhone sales forecasts, especially after rival Samsung warned of a slowdown in display panel sales.
This morning, the European Central Bank announced it will maintain its record-low interest rates and accommodating monetary policy. At a time when the U.S. central bank is raising rates, the ECB failed to provide a timeline on when it will end its massive stimulus package, which features monthly bond purchases of $37 billion.
Four Stocks to Watch Today: DNKN, QSR, GM, FB
Hedge fund manager and notable short-seller Jim Chanos is lining up positions against two of the restaurant industry’s best-known firms. Shares of Dunkin Brands Group Inc.(Nasdaq: DNKN) and Restaurant Brands International Inc. (NYSE: QSR), which owns Burger King, were both sliding after Chanos said he was short the firms over sales concerns. The news comes the same morning that DNKN topped Wall Street profit estimates of $0.62 by $0.11. However, DNKN quarterly revenue fell short of expectations.
Facebook Inc. (Nasdaq: FB) stock doesn’t appear to be facing any significant fallout due to its ongoing data scandal. The social media giant shattered revenue expectations after the bell Wednesday. Shares popped 7% after the company reported a 50% year-over-year revenue surge. The firm reported 1.45 billion daily active users and 2.2 billion monthly users. This was the first earnings report since the Cambridge Analytica scandal that happened in March. Shares are rebounding, as the firm had lost billions in
- [By Ashraf Eassa]
DuringTaiwan Semiconductor Manufacturing Company’s (NYSE:TSM) most recent earnings conference call, the company’s management went into a lot of detail about its new 7nm chip manufacturing technology known as N7.
Top Tech Stocks To Invest In Right Now: Sapiens International Corporation N.V.(SPNS)
- [By Shane Hupp]
Sapiens International (NASDAQ:SPNS) issued its quarterly earnings results on Monday. The technology company reported $0.13 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.10 by $0.03, Briefing.com reports. Sapiens International had a net margin of 0.13% and a return on equity of 6.81%. The business had revenue of $71.09 million for the quarter, compared to analyst estimates of $67.68 million. During the same quarter in the prior year, the business posted $0.02 EPS. Sapiens International’s revenue for the quarter was up 25.8% compared to the same quarter last year.
- [By Logan Wallace]
Sapiens International Co. (NASDAQ:SPNS) – William Blair boosted their Q2 2018 earnings per share estimates for Sapiens International in a report issued on Tuesday, May 8th. William Blair analyst B. Suri now forecasts that the technology company will post earnings of $0.11 per share for the quarter, up from their prior forecast of $0.10. William Blair currently has a “Market Perform” rating on the stock. William Blair also issued estimates for Sapiens International’s FY2018 earnings at $0.47 EPS and FY2019 earnings at $0.54 EPS.
Top Tech Stocks To Invest In Right Now: AirMedia Group Inc(AMCN)
- [By Paul Ausick]
AirMedia Group Inc. (NASDAQ: AMCN) posted a 52-week low of $1.04 after closing down 23% on Wednesday at $1.35. The 52-week high is $3.30. Volume was about 4 million, nearly 20 times the daily average of around 230,000 million shares. The Chinese outdoor advertising company said yesterday that it is terminating a potential go-private transaction.
Top Tech Stocks To Invest In Right Now: Alnylam Pharmaceuticals Inc.(ALNY)
- [By Brian Orelli]
Alnylam Pharmaceuticals (NASDAQ:ALNY) released first-quarter results last week, but all eyes were looking forward as the company waits for a potential approval of its hereditary TTR amyloidosis (ATTR) drug, patisiran.
- [By Brian Orelli]
The delay in an FDA decision for Tegsedi puts it behind competitor Alnylam Pharmaceuticals (NASDAQ:ALNY), which expects to hear from the FDA by Aug. 11 for its hATTR drug patisiran. But Sarah Boyce, the president at Akcea Therapeutics, doesn’t think a few months will really matter: “We don’t really feel that’s going to have any impact and the drugs will be close enough together from a launch perspective. So not really [going] to make any adjustments, and we’re very well prepared to be ready to launch following approval.”