149 stories mentioning BroadcomUpdated 1d ago
Trading with chip stocks, whose recent surge lost momentum as semiconductors led the market lower amid US-Iran tensions before stabilizing on peace optimism.
Broadcom (AVGO) shares rose 3% on Tuesday after Citic Securities upgraded the stock to buy from add with a price target of $525 per share.Trading volume stood at over 18.6 million shares compared with a daily average of nearly 24.4 million.Price: $368.95, Change: $+11.06, Percent Change: +3.09%
Broadcom (AVGO) has an average rating of buy and mean price target of $538.47, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)
Broadcom (AVGO) has an average rating of buy and mean price target of $538.19, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)
(Updates with market moves at the end of the day, and other changes, if any.)The Dow Jones Industrial Average and the S&P 500 rose the most in more than four weeks on Thursday as traders tempered expectations for a September interest rate hike.The Dow advanced 1.2% to close at 53,686.11, while the S&P 500 climbed 1.1% to 7,747.71 -- both marking their biggest single-day percentage gains since Aug. 4. The Nasdaq Composite rose 1.4% to 26,584.06. Most sectors ended in the green, led by consumer discretionary, while energy saw the biggest drop.Fed Governor Christopher Waller said Thursday he would support keeping interest rates steady if further signs of disinflation emerge, though he seemed willing to tighten monetary policy if price pressures intensify.Markets are now almost evenly split between a tighter policy later this month and another Fed pause, according to the CME FedWatch tool. The probability of a 25-basis-point rate hike was 63% on Wednesday."The relatively quick and notable reaction in the market to the latest Fed commentary suggests investors were already skeptical of the Fed's intentions to move forward with firmer policy as early as later this month," Stifel Chief Economist Lindsey Piegza said in a note e-mailed to.Treasury yields were lower, with the two-year yield down 4.6 basis points at 4.34% and the 10-yield yield falling 2.2 basis points to 4.77%.West Texas Intermediate crude oil was up 0.8% at $91.72 a barrel in Thursday late-afternoon trade, while Brent edged up 0.2% to $95.80.The Kuwaiti military said Thursday it was confronting missile and drone attacks from Iran.Earlier this week, the US Central Command said that its forces completed a wave of strikes against Iranian military targets.In company news, shares of Broadcom (AVGO) fell 2.7% after releasing its latest financial results. The chipmaker's guidance that its artificial intelligence revenue will double in fiscal 2027 was slightly below Wall Street's consensus but the company is likely to "handily" top the projection, Truist Securities said in a note.Snowflake (SNOW) jumped nearly 17% as the cloud-based data platform lifted its full-year product revenue outlook.Ciena (CIEN) was the worst performer on the S&P 500, down 10%, despite raising its full-year revenue outlook as the networking systems and software company reported better-than-expected fiscal third-quarter results.Campbell's (CPB) guided for a soft fiscal 2027 outlook amid persistent inflation worries and cut quarterly dividend. The stock slumped 7%.In economic news, US job cut announcements in August hit the lowest total for the month in four years, Challenger, Gray & Christmas said, ahead of the official jobs report due Friday.The US economy likely added 55,000 nonfarm jobs in August, compared with a loss of 23,000 reported for the month prior, according to a Bloomberg poll. The unemployment rate seen holding at 4.1%.Spot gold rose 2.1% to $4,471.47 per troy ounce, while silver advanced 3.2% to $67.58 per ounce.
Tech stocks were higher late Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 1.2% and the State Street SPDR S&P Semiconductor ETF (XSD) up 0.1%.The Philadelphia Semiconductor Index was fractionally higher.In corporate news, Nvidia (NVDA) has agreed to buy AI platform Hugging Face in a deal worth up to $12.93 billion as the technology bellwether pledged to foster open-source models in the AI ecosystem. Nvidia shares were up 2%.Palantir (PLTR) and PwC expanded their strategic alliance to help companies deploy AI tools, PwC said Thursday. Palantir shares added 8.4%.Snowflake (SNOW) shares jumped 18% as the cloud-based data platform lifted its full-year product revenue outlook.Broadcom (AVGO) shares fell 2.3% after releasing its latest financial results. The chipmaker's guidance that its AI revenue will double in fiscal 2027 was slightly below Wall Street's consensus but the company is likely to "handily" top the projection, Truist Securities said in a note.
Broadcom (AVGO) reported incrementally bullish artificial intelligence commentary around its fiscal 2027 and 2028 revenue guidance and longer-term demand visibility, although the update does not fundamentally change the debate, as fiscal 2028 guidance came in only modestly above buy-side expectations heading into the print, UBS Securities said in a note Thursday.The company highlighted strong AI momentum across all six XPU customers and said it sees approximately 30 gigawatts of custom AI infrastructure demand across fiscal 2027 and 2028, according to the note.Consequently, management raised its fiscal 2027 AI revenue outlook to $115 billion from $100 billion and indicated that fiscal 2028 AI revenue could double to $230 billion, roughly $30 billion above UBS' earlier estimate, the note added.UBS models Broadcom's tensor processing unit share materially above MediaTek's, reaching approximately 6 million TPUs in calendar 2027 and potentially 6.5 million to 7 million in 2028.The company guided fiscal Q4 revenue to $34.8 billion, largely in-line with UBS and Street expectations, the brokerage said.UBS kept its buy rating and $470 price target on Broadcom.Price: $356.90, Change: $-10.34, Percent Change: -2.82%
Tech stocks were higher Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 1.1% and the State Street SPDR S&P Semiconductor ETF (XSD) up 0.2%.The Philadelphia Semiconductor index was down 0.3%.In corporate news, Nvidia (NVDA) has agreed to buy AI platform Hugging Face in a deal worth up to $12.93 billion as the technology bellwether pledged to foster open-source models in the AI ecosystem. Nvidia shares were up 1.3%.Snowflake (SNOW) shares jumped nearly 21% as the cloud-based data platform lifted its full-year product revenue outlook.Broadcom (AVGO) shares fell 3.5% after releasing its latest financial results. The chipmaker's guidance that its AI revenue will double in fiscal 2027 was slightly below Wall Street's consensus but the company is likely to "handily" top the projection, Truist Securities said in a note.
US benchmark equity indexes were advancing intraday and Treasury yields dropped as markets remained split over the Federal Reserve's next move.The Nasdaq Composite was up 1.3% at 26,569.6 after midday Thursday, while the Dow Jones Industrial Average rose 1.1% to 53,653.9. The S&P 500 climbed 1% to 7,744.5. The indexes finished the previous trading session higher, snapping a three-day losing streak.Except materials all sectors were in the green intraday Thursday, led by consumer discretionary.Treasury yield were lower intraday, with the two-year yield down 4.8 basis points at 4.34% and the 10-yield yield falling 3.8 basis points to 4.76%.Fed Governor Christopher Waller said Thursday he would support keeping interest rates steady if further signs of disinflation emerge, though he seemed willing to tighten monetary policy if price pressures intensify.Markets are now evenly split between a tighter policy later this month and another Fed pause, according to the CME FedWatch tool. The probability of a 25-basis-point rate hike was 63% on Wednesday.West Texas Intermediate crude oil rose 0.5% to $91.45 a barrel intraday, while Brent was little changed at $95.66.In company news, shares of Broadcom (AVGO) fell 2.9% intraday after releasing its latest financial results. The chipmaker's guidance that its artificial intelligence revenue will double in fiscal 2027 was slightly below Wall Street's consensus but the company is likely to "handily" top the projection, Truist Securities said in a note.Snowflake (SNOW) jumped nearly 21% as the cloud-based data platform lifted its full-year product revenue outlook.Ciena (CIEN) was the worst performer on the S&P 500, down 9.3%, despite raising its full-year revenue outlook as the networking systems and software company reported better-than-expected fiscal third-quarter results.Campbell's (CPB) guided for a soft fiscal 2027 outlook amid persistent inflation worries and cut quarterly dividend. The stock slumped 9.4%.Spot gold rose 2.4% to $4,487.83 per troy ounce, while silver advanced 3.4% to $67.66 per ounce.
Broadcom (AVGO) has an average rating of buy and mean price target of $537.54, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $350.74, Change: $-16.51, Percent Change: -4.49%
Broadcom's (AVGO) fiscal Q3 results beat expectations across the board, with revenue and EPS topping Street forecasts, RBC Capital said in a Thursday note.AI revenue surged year over year and exceeded the company's own guidance, while gross margin also came in stronger than expected despite a heavier mix of custom AI chips, according to the note.However, RBC flagged risks to that visibility chip supply, data-center readiness, and multi-supplier relationships could all affect how demand converts to revenue. Outside AI, networking grew strongly on switching and optical products, while software revenue rose 29% on steady recurring growth, the note said.The analysts said they expect the AI chip market hitting roughly $400 billion by 2028, with custom chips taking over $100 billion as cloud providers build more in-house silicon. OpenAI's chip deployment alone could be worth $200 billion to $250 billion, concentrated between 2027 and 2029.RBC maintained its sector perform rating on the stock, with a price target of $400.Shares of Broadcom fell more than 5% in Thursday trading.Price: $348.23, Change: $-19.01, Percent Change: -5.18%
Broadcom's (AVGO) guidance that its artificial intelligence revenue will double in fiscal 2027 was slightly below Wall Street's consensus but the company is likely to "handily" top the projection, Truist Securities said in a note emailed Thursday.Late Wednesday, the chipmaker reported a fiscal third-quarter beat amid a surge in AI semiconductor sales and projected that revenue in the ongoing quarter will top Street's views."In 2027, we have secured the supply to again double AI revenue to approximately $115 billion. Our demand actually exceeds this outlook and we will work to improve supply," Chief Executive Hock Tan said on an earnings conference call, according to a FactSet transcript. "We have line of sight for fiscal 2028 AI semiconductor revenue growth to again double to $230 billion.""We believe demand far exceeds this outlook but is constrained by land/power/shell, and memory," William Stein a Truist managing director said in a note to clients.Analysts expect fiscal 2027 and 2028 AI revenue of $123 billion and $177 billion, according to the note.Truist expects Broadcom to beat the guidance while citing pre-payments for materials and take-or-pay agreements as key factors supporting the reliability of the outlook.Broadcom's model points to a stronger growth trajectory over the next two years, while the scale of gigawatt data center deployments makes the guidance easily achievable, Stein said.The brokerage reduced its price target on Broadcom's stock to $520 from $550 and reiterated buy rating. Truist also lowered calendar year 2027 earnings per share estimate to $21.12 from $22.35.Every gigawatt of compute deployed by Anthropic and OpenAI can generate $30 billion in annual recurring revenue, making it a "great" investment, Tan said."Considering build costs of ($40 billion to $50 billion per gigawatt), the implication is that inference is hugely profitable for frontier labs, which leads them to continue to invest aggressively in training infrastructure," Stein wrote. "We view this as very constructive for the whole AI complex."Broadcom stock was down 5.4% Thursday morning and is 0.4% higher year-to-date.Rising data center demand is driving strong results, with Nvidia (NVDA) and chip designer Marvell Technology (MRVL) reporting quarterly revenue beats last month. Previously, chipmaker Advanced Micro Devices (AMD) posted fiscal second-quarter results above estimates and issued a strong third-quarter revenue outlook.Price: $346.66, Change: $-20.58, Percent Change: -5.60%
All three major US stock indexes were up in late-morning trading Thursday, while the rise in Treasury yields eased, after Federal Reserve Governor Christopher Waller said he would be "inclined to support" holding rates steady at the next meeting of the Federal Open Market Committee in September.In company news, Nvidia (NVDA) has agreed to acquire Hugging Face for $12.93 billion, Chief Executive Jensen Huang said Thursday in a blog post. Nvidia shares were up 1.1% around midday.Broadcom (AVGO) reported fiscal Q3 adjusted earnings late Wednesday of $3.32 per diluted share, up from $1.69 a year earlier and above the FactSet consensus analyst estimate of $3.22. Fiscal Q3 revenue was $29.59 billion, up from $15.95 billion a year ago and above the FactSet consensus of $29.24 billion. For fiscal Q4, the company expects revenue of about $34.8 billion, above the FactSet consensus of $34.68 billion. Broadcom shares were down 5.4%.Snowflake (SNOW) reported fiscal Q2 net income late Wednesday of $0.62 per diluted share, up from $0.35 a year earlier and above the FactSet consensus of $0.45. Fiscal Q2 revenue was $1.547 billion, up from $1.145 billion a year ago and above the FactSet consensus of $1.48 billion. For fiscal Q3, the company expects product revenue of $1.588 billion to $1.593 billion, above the FactSet consensus of $1.50 billion. For fiscal 2027, Snowflake expects product revenue of $6.07 billion, up from its prior forecast of $5.84 billion and above the FactSet consensus of $5.85 billion. Snowflake shares were up 21%.Blackstone (BX) Private Credit Fund received an estimated $4.3 billion of repurchase requests in Q3, representing roughly 10% of shares outstanding, but will fulfill buyback requests representing just 5%, the fund said Thursday in a letter to investors. Blackstone shares were down 0.7%.Campbell's (CPB) reported fiscal Q4 adjusted EPS Thursday of $0.39, down from $0.62 a year earlier and matching the FactSet consensus. Fiscal Q4 net sales were $2.14 billion, down from $2.32 billion a year ago and matching the FactSet consensus. For fiscal 2027, the company expects adjusted EPS of $1.65 to $1.80 and a decline in net sales of 2% to 4%. Analysts expect adjusted EPS of $1.83. Campbell's also lowered its quarterly dividend to $0.25 per share from $0.39 per share the prior quarter. Campbell's shares were down 10.6%.Price: $226.81, Change: $+2.40, Percent Change: +1.07%
Broadcom's (AVGO) valuation remains "compelling" for investors as its growth continues to be robust, Morgan Stanley said in a Thursday note.The company posted "impressive" fiscal Q3 results, despite Morgan Stanley's warning that market expectations could limit near-term upside, according to the note.Revenue from AI-related business in the second half will more than triple from last year, and projections that revenue will double next year are not surprising, the analysts said, noting that this is in line with their own forecast.Some optimistic investors are anticipating more than $150 billion in AI-related revenue for 2027, but Broadcom has been consistent in being conservative in public statements, guiding to $115 billion in 2027, the analysts said.The high expectations have caused concern among investors about the company's market share in the tensor processing unit ecosystem.However, Broadcom is expanding sales beyond TPU-focused customers, with six customers for its XPUs, including four that are classified as "very large," which should ease these concerns.Morgan Stanley reiterated its overweight rating on Broadcom and raised the price target to $505 from $502.Price: $342.91, Change: $-24.33, Percent Change: -6.63%
Broadcom (AVGO) has an average rating of buy and mean price target of $535.25, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $343.50, Change: $-23.74, Percent Change: -6.46%
Technology stocks were leaning lower premarket Thursday, with the State Street Technology Select Sector SPDR Fund (XLK) slightly declining and the State Street SPDR S&P Semiconductor ETF (XSD) down 0.3%.Snowflake (SNOW) shares were up more than 23% after the company reported higher fiscal Q2 adjusted net income and revenue, and raised its fiscal 2027 product revenue outlook.Broadcom (AVGO) stock was down more than 3% even after the company posted higher fiscal Q3 adjusted earnings and revenue.Nvidia (NVDA) has agreed to acquire Hugging Face for $12.93 billion, Chief Executive Jensen Huang said in a blogpost. Nvidia shares were 0.7% higher pre-bell.
(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were edging higher pre-bell Thursday as traders continued to monitor bond yields and oil prices.Dow Jones Industrial Average futures were 0.4% higher, S&P 500 futures were up 0.2%, and Nasdaq futures were 0.1% higher.The US 10-year Treasury note yield lingered around 4.78%. New York Federal Reserve President John Williams told CNBC Wednesday that the recent surge in Treasury yields is the product of a strong economy, not market dysfunction. He added that he is taking a "wait-and-see" approach on a potential interest rate hike.Traders digested the latest round of earnings, with Ciena (CIEN) posting higher fiscal Q3 adjusted earnings and revenue.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 1.4% at $97 per barrel and US West Texas Intermediate crude 2% higher at $92.79 per barrel.The US international trade deficit, released at 8:30 am ET, widened to $88.58 billion in July from the revised $71.18 billion gap in June, compared with a $90.2 billion gap expected in a survey compiled by Bloomberg. The weekly jobless claims bulletin showed 206,000 new unemployment claims for the week ended Aug. 29, compared with the upwardly revised figure of 204,000 in the prior week, and the 205,000 expected.Q2 nonfarm productivity increased at a 1.4% annual rate as expected, while unit labor costs increased 1.2%, compared with the 1.3% gain expected.The S&P Global purchasing managers' index composite final report for August is due at 9:45 am ET, followed by ISM's services data at 10:00 am ET.Federal Reserve Governor Christopher Waller and Cleveland President Beth Hammack are slated to speak on Thursday.In other world markets, Japan's Nikkei closed 0.2% lower, Hong Kong's Hang Seng ended 0.4% lower, and China's Shanghai Composite finished flat. Meanwhile, the UK's FTSE 100 was up 0.7%, and Germany's DAX index was 0.1% higher in Europe's early afternoon session.In equities, Tesla (TSLA) shares rose 1.7% after a Reuters report citing French Transport Minister Philippe Tabarot as saying that the company has begun on-road tests of its Full Self-Driving system in France. Snowflake (SNOW) stock was up more than 24% after the company posted late Wednesday better-than-expected fiscal Q2 results and raised its fiscal 2027 product revenue guidance. Ciena shares were 2.4% higher after the company reported a fiscal Q3 adjusted earnings and revenue beat.On the losing side, Broadcom (AVGO) stock was down 3% after the company reported its fiscal Q3 financial results on late Wednesday. Hewlett Packard Enterprise (HPE) shares dropped 4.7% despite the company posting higher fiscal Q3 non-GAAP earnings and revenue.
US equity markets were mostly pointing lower before the opening bell Thursday as traders continue to monitor the latest developments in the Middle East.The S&P 500 edged down 0.1%, and the Nasdaq was off 0.2% in premarket activity, while the Dow Jones Industrial Average nudged 0.1% higher. The indexes finished the previous trading session in the green, snapping a three-day losing streak.President Donald Trump told reporters on Wednesday that renewed attacks against Iran aren't likely to last "too long," according to multiple media outlets. US forces struck Iranian military targets earlier in the week."We took out all of the new equipment that they tried to build along the Strait of Hormuz -- some defensive, some offensive," Trump reportedly said, according to Bloomberg News. "It was a very heavy attack last night, and we're prepared to do another one any time we want."Top officials in the Trump administration are seeking to prevent the war with Iran from escalating ahead of November's midterm elections, while considering ramping up military action after the vote, Reuters reported Wednesday, citing people familiar with the discussions.Kuwait's army said Thursday it was intercepting missile and drone attacks from Iran targeting US bases in the country, CNBC reported.West Texas Intermediate crude oil rose 1.7% to $92.52 a barrel before the open, while Brent increased 1.6% to $97.16.Treasury yields were trending lower in premarket action, with the two-year rate retreating 1.1 basis points to 4.38% and the 10-year rate decreasing 0.8 basis points to 4.79%.Federal Reserve Bank of New York President John Williams told CNBC in an interview on Wednesday that the recent spike in Treasury yields reflects a strong economy, not market dysfunction.Employers in the US announced 52,881 layoffs in August, up 58% from the month prior but down 38% year over year, according to Challenger, Gray & Christmas' latest report. US private sector employment grew at its slowest pace in seven months in August, ADP (ADP) data showed Wednesday.Thursday's economic calendar also has the weekly jobless claims bulletin and the international trade in goods and services report for July at 8:30 am ET. The purchasing managers' index composite final report from S&P Global (SPGI) for August is out at 9:45 am, followed by the Institute for Supply Management's services index for the same month at 10 am.Federal Reserve Governor Christopher Waller is scheduled to speak at 8:30 am, while Cleveland Fed President Beth Hammack speaks at 3 pm.Shares of Broadcom (AVGO) and Hewlett Packard Enterprise (HPE) declined 3.3% and 3.7%, respectively, pre-bell after reporting their latest financial results. Snowflake (SNOW) jumped 24% as the firm lifted its full-year product revenue outlook.Ciena (CIEN), Toro (TTC), Campbell's (CPB) and Victoria's Secret (VSXY) are expected to release their quarterly earnings before the bell, among others. Zscaler (ZS), Guidewire Software (GWRE), Lululemon Athletica (LULU), DocuSign (DOCU) and UiPath (PATH) post their results after the markets close.Gold gained 1.2% to $4,469 per troy ounce, while bitcoin increased 0.5% to $77,597.
Broadcom's (AVGO) fiscal third-quarter results topped Wall Street estimates, driven by a surge in artificial intelligence semiconductor revenue, while the chipmaker guided current-quarter sales ahead of market expectations.Adjusted earnings rose to $3.32 a share during the quarter through Aug. 2 from $1.69 a year earlier, coming in ahead of the FactSet-polled consensus indicating $3.22. Revenue advanced 86% to $29.59 billion, above the Street's $29.24 billion view.AI semiconductor revenue soared 221% year-on-year to $16.7 billion, driven by strong demand for custom AI accelerators and networking, Broadcom Chief Executive Hock Tan said in a statement.The semiconductor solutions division's sales climbed 127% to $20.84 billion, while the infrastructure software segment increased 29% to $8.75 billion.For the fourth quarter, Broadcom anticipates total revenue growth of 93%, to about $34.8 billion, compared with the consensus estimate of $34.68 billion.AI semiconductor revenue is seen climbing 236% year-over-year to $21.7 billion in the fourth quarter, Tan said.Broadcom's stock fell 3.4% in after-hours trading, and had gained 6.1% this year through Wednesday's close.RBC Capital Markets expected the company to report solid quarterly results and raise its fiscal 2027 AI revenue guidance toward the $120 billion consensus view from its most recent guidance of more than $100 billion."Overall, we won't be surprised if the stock reacts slightly positively given the recent underperformance but are unsure if (fiscal 2027) estimates will move materially above consensus," the brokerage said in a note to clients last week.Nvidia (NVDA) said late last month that record data center sales drove a fiscal second-quarter beat. Chip designer Marvell Technology's (MRVL) latest quarterly results also beat market estimates amid a surge in data center revenue.Previously, chipmaker Advanced Micro Devices (AMD) posted fiscal second-quarter results above estimates and issued a strong third-quarter revenue outlook.
(Updates with latest market prices and developments.)US benchmark equity indexes were higher intraday as a rally in Treasury yields lost steam, while commodity traders continued to track developments in the US-Iran conflict.The S&P 500 was up 0.4% at 7,661.4 after midday Wednesday. The Dow Jones Industrial Average and the Nasdaq Composite gained 0.3% each to 52,947.5 and 26,182.3, respectively. The indexes finished Tuesday trading in the red for the third consecutive session.Most sectors were in the green intraday, led by materials, while real estate saw the steepest decline.Treasury yields were little changed intraday, with the two-year yield at 4.39% and the 10-year yield at 4.79%. Earlier Wednesday, the 10-year rate hit 4.818%, its highest level since November 2023, CNBC reported."While easing slightly after hitting multi-year peaks, yields remain elevated," Stifel said in a note on Wednesday.Iran has expanded the number of vessels it says must not sail through the Strait of Hormuz, Reuters reported Wednesday.The US Central Command said Tuesday that its forces completed a wave of strikes against Iranian military targets. Iran reportedly launched retaliatory attacks on Kuwait, Jordan and Bahrain.West Texas Intermediate crude oil was up 1.1% at $91.17 a barrel intraday Wednesday, while Brent advanced 1.2% to $95.81.In company news, shares of Dell Technologies (DELL) were up 9.2% intraday, the best performer on the S&P 500, after the company's fiscal second-quarter results beat Wall Street's estimates.Palo Alto Networks (PANW) slumped nearly 11%, the steepest decline on the S&P 500, as the cybersecurity firm's fiscal fourth-quarter adjusted gross margin declined year over year.Brown-Forman (BF.A, BF.B) reiterated its guidance for fiscal 2027 organic sales on Wednesday as it flagged continuing consumer headwinds that drove weaker-than-expected first-quarter top-line. The company's class A and B shares were up 3.2% and 3.4%, respectively.Broadcom (AVGO), Snowflake (SNOW), Hewlett Packard Enterprise (HPE) and Five Below (FIVE) are scheduled to release their quarterly results after markets close Wednesday.In economic news, US private sector employment grew at its slowest pace in seven months in August, ADP (ADP) data showed, ahead of the official jobs report due on Friday.Data from the Bureau of Labor Statistics are likely to show Friday that the US economy added 55,000 nonfarm jobs last month, compared with a drop of 23,000 for July, according to a Bloomberg-compiled survey. The unemployment rate is seen unchanged at 4.1%.Spot gold rose 0.9% to $4,368.15 per troy ounce, while silver edged up 0.1% to $65.44 per ounce.
(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were mostly flat pre-bell Wednesday as traders observed global bond yields continuing to increase amid inflation concerns.Dow Jones Industrial Average futures were 0.2% higher, but S&P 500 futures were up 0.1%, and Nasdaq futures were down 0.1%.The US 10-year Treasury note yield reached a high of 4.814%, while borrowing costs in the UK, Germany and France also increased.US Central Command said in a post on X that US forces completed a wave of strikes against Iranian military targets on Tuesday. Iran attacked US allies Kuwait and Bahrain in response.President Donald Trump said he was not trying to force Iran back into negotiations. "I like our position now much better, with almost total control of the Hormuz Strait, and their economy totally collapsing," Trump said in a post on Truth Social.Broadcom (AVGO) is scheduled to report its fiscal Q3 earnings after the market closes. Analysts polled by FactSet expect earnings of $3.22 per share on revenue of $29.24 billion.Oil prices are lower, with front-month global benchmark North Sea Brent crude down 0.4% at $94.29 per barrel and US West Texas Intermediate crude 0.7% lower at $89.55 per barrel.ADP's national employment report showed that private sector employment increased by 38,000 in August, below expectations for a 47,000 gain in a survey compiled by Bloomberg.July factory orders, due at 10 am ET, are expected to have gained 0.7%, compared with a decline of 0.3% previously. The Fed's Beige Book report will be released at 2:00 pm ET.In other world markets, Japan's Nikkei closed 2.9% lower, Hong Kong's Hang Seng ended 0.1% lower, and China's Shanghai Composite finished 1% lower. Meanwhile, the UK's FTSE 100 was down 0.3%, and Germany's DAX index was 0.5% lower in Europe's early afternoon session.In equities, Dell Technologies (DELL) stock rose 8.8% after the company posted higher fiscal Q2 adjusted earnings and revenue in addition to lifting its full-year guidance. Uber Technologies (UBER) shares were up 1.9% after Chief Executive Dara Khosrowshahi said in an email to employees that the company is laying off roughly 10% of its workforce as part of a restructuring effort. Hewlett Packard Enterprise (HPE) stock was 4.4% higher after Tottenham Hotspur Football Club said it has expanded its partnership with the company to modernize the technology infrastructure for the club's stadium, including hybrid cloud, networking and artificial intelligence-driven operations.On the losing side, Palantir Technologies (PLTR) shares fell 1.7% after former Ukrainian Defense Minister Mykhailo Fedorov said Tuesday in a post on X that Chief Executive Alex Karp will become the first lead investor in his defense tech startup. Manulife Financial (MFC) stock was 3.7% lower after company said Tuesday it priced a $750 million public offering in the US of 6.146% subordinated notes due 2041.
Showing 1-20 of 149
