$CPRT

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US Equity Markets End Higher Amid Pause in US-Iran Hostilities

US equity indexes were higher on Monday after the US and Iran paused hostilities, followed by gains in technology, communication services, and consumer discretionary stocks.* The United States and Iran on Monday separately announced they will send delegations to Qatar this week, though Tehran insisted it has not agreed to meet with the US "at any level" after attacks across the Persian Gulf over the weekend challenged negotiations to end the war, the Associated Press reported.* The Dallas Fed's monthly manufacturing index fell to 0.0 in June from 0.4 in May, missing expectations for an increase to 1.0.* August West Texas Intermediate crude oil rose $1.24 to settle at $70.47 per barrel, while August Brent crude, the global benchmark, was last seen up $0.87 at $72.86.* Astera Labs (ALAB) shares were up roughly 16%, the top gainer on the Nasdaq, after UBS adjusted the company's price target to $400 from $205 while maintaining its neutral stock rating.* Copart (CPRT) shares were down nearly 8%, the worst performer on the Nasdaq and among the worst on the S&P 500, after the company said that Jeff Liaw will step down as chief executive officer and director, effective July 31.

Dow JonesNasdaq CompositeS&P 500$ALAB$CPRT

Research34d ago

Research Alert: CFRA Maintains Strong Buy Opinion On Shares Of Copart, Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We maintain a 12-month target of $50, based on a FY 27 (Jul.) P/E of 28.6x, a justified discount to CPRT's five-year average forward P/E of 32.4x. We lower our adjusted EPS estimates to $1.60 from $1.65 for FY 26 and to $1.75 from $1.80 for FY 27. Following a much better-than-expected earnings release from CPRT, we are lowering our estimates but maintaining a Strong Buy and $50 price target. In our view, the biggest positive was CPRT's aggressive buyback activity ($1.41B of stock repurchased in the Apr-Q, a sharp increase from $218M in the prior two quarters) and the fact that both segments posted top-line growth following a quarter in which both service and vehicle sales were lower on a Y/Y basis. The share count reduction should help fuel stronger EPS going forward and set the stage for stronger bottom-line results. Importantly, CPRT's balance sheet still possesses $4.1B of net cash, and we think aggressive buybacks are likely to continue in the near-term. Meanwhile, fundamental headwinds appear to be easing.

$CPRT

Asia Markets38d ago

Easing Bond Yields Lift US Equity Futures Pre-Bell Amid Ongoing Middle East Peace Talks

US equity futures were higher pre-bell Friday as traders mulled easing bond yields and monitored developments in the Middle East peace negotiations.Dow Jones Industrial Average futures were 0.6% higher, S&P 500 futures were up 0.4%, and Nasdaq futures were 0.4% higher.Treasury yields declined after a spike earlier in the week. The yield on the 10-year US Treasury note fell more than 2 basis points to 4.56%.Iranian Foreign Minister Abbas Araghchi met with Pakistani Interior Minister Syed Mohsin Naqvi in Tehran to discuss proposals aimed at ending the US-Iran conflict, according to Iranian media reports. US and Iran are still in disagreement over the issue of uranium enrichment and control over the Strait of Hormuz.Traders noted the latest round of earnings, with BJ's Wholesale Club (BJ) posting lower fiscal Q1 adjusted earnings on higher revenue.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 1% at $103.58 per barrel and US West Texas Intermediate crude 0.3% higher at $96.64 per barrel.The final University of Michigan consumer sentiment report for May, scheduled at 10 am ET, is expected to show consumer sentiment index coming in at 48.2, unchanged from the preliminary reading, according to estimates compiled by Bloomberg.Federal Reserve Governor Christopher Waller is slated to speak on Friday.In other world markets, Japan's Nikkei closed 2.7% higher, Hong Kong's Hang Seng ended 0.9% higher, and China's Shanghai Composite finished 0.9% higher. Meanwhile, the UK's FTSE 100 was up 0.3%, and Germany's DAX index was 1.1% higher in Europe's early afternoon session.In equities, Workday (WDAY) shares rose 6.3% after the company's fiscal Q1 results surpassed market expectations. Dell Technologies (DELL) stock was up 4.4% after Wells Fargo raised its price target to $270 from $180. Nokia (NOK) shares were up 3.2% after the company said it launched an AI networking innovation lab in California.On the losing side, UBS (UBS) stock was down 0.9% after the company said it expects the voluntary review of historic World War II operations at Credit Suisse to conclude by the end of the year. NetEase (NTES) shares fell 2.6% after the company posted lower Q1 non-GAAP earnings. Copart (CPRT) stock was down 2.5% despite posting higher fiscal Q3 earnings and revenue.

Dow JonesNasdaq CompositeS&P 500$BJ$CPRT$DELL$NOK$NTES$UBS$WDAY

Research39d ago

Research Alert: Cprt: Earnings Ahead Of Expectations; Executes Massive Buybacks

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:CPRT posted Apr-Q EPS of $0.43 vs. $0.42 (+2%), ahead of the $0.41 consensus. The beat was driven by stronger-than-expected sales and gross margins, as revenue rose 2.1% to $1.24B ($40M above consensus) and gross margin expanded 70 bps to 46.3% (70 bps above consensus). Results reflected improved service and vehicle sales revenue growth, combined with effective cost management in a challenging operating environment. During the quarter, CPRT repurchased $1.41B of stock, a sharp increase from the $218M of buybacks it had made during the prior two quarters. CPRT continues to possess one of the industry's strongest balance sheets ($4.11B of net cash) and maintains ample capacity to buy back more stock - and is authorized to do so. CPRT shares are currently trading 1% lower after hours. We view the weakness as unjustified considering its better-than-expected sales and margins. The vehicle auction market has faced significant headwinds over the last few quarters, but we found CPRT's results encouraging.

$CPRT

Wire45d ago

Stephens Adjusts Copart Price Target to $33 From $35, Maintains Equal Weight Rating

Copart (CPRT) has an average rating of overweight and mean price target of $42.63, 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://www..com/contact-us)Price: $32.98, Change: $+0.33, Percent Change: +1.01%

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