Stock Markets

Wall St gains ground after Fed-driven selloff; Big Tech earnings in focus

Published

11 months ago

February 2, 2024

Wall St gains ground after Fed-driven selloff; Big Tech earnings in focus

By Ankika Biswas and Johann M Cherian

(Reuters) -Wall Street bounced back on Thursday, after a selloff in the previous session as the U.S. Federal Reserve dashed hopes for early interest rate cuts, with focus moving to Big Tech earnings due later in the day.

The and the Nasdaq on Wednesday notched their biggest one-day percentage declines since September and October, respectively, after the Fed reminded markets of its undeterred focus on battling inflation, smashing speculations of policy easing kicking off in March.

Consumer staples shares led gains with a 1.6% rise among the 11 major S&P 500 sectors, boosted by a 3.3% jump in Altria Group (NYSE:) after the tobacco giant posted a fourth-quarter profit beat and authorized a new share buyback plan.

Communication services shares gained 1.1%, while the financial sector was the only one in the red and down 0.4%.

A selloff in shares of U.S. regional banks continued on Thursday, with New York Community Bancorp (NYSE:) down 10.7%.

The KBW Regional Banking index fell 3.7%, on track for its steepest two-day decline since March last year.

On the data front, weekly jobless claims rose to a seasonally adjusted 224,000, higher than the expected 212,000, while a report showed job cut announcements in January rose to a 10-month high.

Separately, U.S. manufacturing stabilized in January amid a rebound in new orders, but inflation at the factory gate picked up.

“The Fed needed more time to explore incoming data and they didn’t feel the need to be in a hurry to cut. I was never expecting March,” said Todd Morgan, chairman of Bel Air Investment Advisors.

Focus moves back to Big Tech earnings that would shed light on whether megacap stocks can sustain their recent rally, fueled by the hype around artificial intelligence and hopes of early rate cuts.

Apple (NASDAQ:)’s iPhone sales are expected to have seen the best growth in five quarters, but analysts see a tough year for the company in China, while investors will monitor whether Amazon.com (NASDAQ:) can cash in on its delivery heft by boosting fee revenue from its “Buy With Prime” service.

Meta Platforms (NASDAQ:) is likely to see a muted impact from generative AI on its advertising business.

The three tech giants, up between 0.9% and 1.6%, will report earnings after the closing bell, a day after investors punished Alphabet (NASDAQ:) and Microsoft (NASDAQ:) on mounting costs of developing generative AI-powered products.

At 12:10 p.m. ET, the was up 225.17 points, or 0.59%, at 38,375.47, the S&P 500 was up 40.29 points, or 0.83%, at 4,885.94, and the was up 137.74 points, or 0.91%, at 15,301.75.

Merck climbed 3.5% following the drug maker’s upbeat fourth-quarter results, while Dow component Honeywell (NASDAQ:) dropped 3.1% after the diversified industrial firm forecast a weak first-quarter profit.

Qualcomm (NASDAQ:) fell 3.9% on concerns over Android sales in China.

Advancing issues outnumbered decliners for a 2.32-to-1 ratio on the NYSE and a 1.46-to-1 ratio on the Nasdaq.

The S&P index recorded 23 new 52-week highs and five new lows, while the Nasdaq recorded 51 new highs and 96 new lows.

Stock Markets

Binah Capital Recognized Among Industry Leaders in the Financial Planning’s Top Deal Makers List Top IBD Moves and M&A Deals of 2024

Published

31 mins ago

January 3, 2025

Recognition Underscores Binah’s Transformative Impact on the Financial Services Industry

NEW YORK, Jan. 02, 2025 (GLOBE NEWSWIRE) — Binah Capital Group, (NASDAQ: BCG) (“Binah” or the “Company”), a financial services enterprise that owns and operates a network of industry-leading firms empowering independent financial advisors, is honored to be recognized for its significant role in four of the most impactful financial transactions of the year, as featured in the Financial Planning’s premier “Top IBD Moves and M&A Deals of 2024” list. Through its affiliate, Binah Capital has solidified its position as a leader in driving transformative growth within the financial advisory sector. The highlighted transactions, in which a Binah subsidiary was involved, include Americana Partners, Merit Financial Advisors, Wentworth Management Services, and Perigon Wealth Management. These transactions exemplify Binah’s expertise in facilitating partnerships, scaling operations, and expanding market presence for its affiliates.

Craig Gould, CEO of Binah Capital, commented: These landmark transactions demonstrate Binah Capital’s dedication to empowering independent advisory firms with the strategies and tools needed to thrive in an evolving marketplace. Being recognized in the Financial Planning’s list, particularly in a year with significant industry consolidation, is a testament to the strength of our team and consistent execution of our vision.

This recognition highlights Binah Capital’s role as a transformative force in the financial services industry. The company remains committed to driving innovation and delivering strategic success for its affiliates and partners nationwide.

About Binah Capital
Binah Capital Group (NASDAQ: BCG) is a financial services enterprise that owns and operates a network of industry-leading firms that empower independent financial advisors. As a national broker-dealer aggregator, Binah specializes in delivering value through its innovative model, making it an optimal platform for RIAs navigating today’s complex financial landscape. Binah’s portfolio companies are built to help advisors run, manage, and execute their business seamlessly while providing best-in-class resources to support their practice. Binah Capital Group stands alongside RIAs as a trusted ally, delivering the structure, flexibility, and cutting-edge solutions they need to succeed in an increasingly competitive marketplace.

Contacts
ir@binahcap.com
media@binahcap.com

Stock Markets

Nikkiso Clean Energy & Industrial Gases Group promotes Jeff Mumford to Executive Vice President of Operations and Manufacturing

Published

31 mins ago

January 3, 2025

TEMECULA, Calif., Jan. 02, 2025 (GLOBE NEWSWIRE) — Nikkiso Clean Energy & Industrial Gases Group, part of Nikkiso Co. Ltd.’s Industrial Business segment, has appointed Jeff Mumford be its new Executive Vice President of Operations and Manufacturing, effective January 2, 2025. In this role, his responsibilities will include the oversight of global operations and manufacturing as well as management of corporate departments including IT, Facilities, Safety Health Environmental and Quality (SHEQ), and Project Management.

Mumford joined Nikkiso in 2016 as a project manager and has since been promoted several times into leadership roles including Procurement Director, Project Management Director and General Manager at the Group’s Las Vegas operations. During his tenure at Nikkiso Jeff has created efficiencies while continuing to grow the business.

Mumford has a bachelor’s degree in Literature and Linguistics from the University of Nevada, Las Vegas, and is certified Project Management Professional (PMP).

Jeff is a proven leader with an admirable dedication to continuous improvement. He is recognized for his ability to drive transformational change while maintaining focus on growing the business.

Adrian Ridge
President and CEO, Nikkiso Clean Energy & Industrial Gases Group

About Nikkiso Clean Energy & Industrial Gases Group
Nikkiso’s Clean Energy & Industrial Gases Group is a leading provider of cryogenic equipment and solutions around the world. It facilitates the cryogenic and liquid side value chains of hydrogen, ammonia, CO2, LNG, and other industrial gases for the energy, transportation, marine, aerospace, and industrial gas markets while remaining independent of the molecule. The Group is headed by Cryogenic Industries, Inc. in Southern California, U.S. ” a wholly owned subsidiary of Nikkiso Co., Ltd. (TSE: 6376).

Media contact
pr@nikkisoceig.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9ce420b1-d6ab-4dc1-af1f-4858d989f1d6

Jeff Mumford promotion announcement EVP Operations and Manufacturing

Effective Jan. 2, 2025, Jeff Mumford is Executive Vice President of Operations and Manufacturing for Nikkiso Clean Energy & Industrial Gases

Source: Cryogenic Industries

Stock Markets

Simon Property Group director Daniel Smith acquires $56,309 in stock

Published

31 mins ago

January 3, 2025

Daniel C. Smith, a director at Simon Property Group Inc. (NYSE:), a $64.8 billion market cap retail REIT with a GREAT financial health score according to InvestingPro, recently acquired additional shares of the company’s common stock. According to a Form 4 filing with the Securities and Exchange Commission, Smith purchased 334 shares on December 30, 2024, at a price of $168.59 per share. This acquisition, valued at approximately $56,309, was made through the reinvestment of dividends received on restricted stock, as part of the Simon Property Group, L.P. 2019 Stock Incentive Plan. The company currently offers a 4.88% dividend yield and has maintained dividend payments for 31 consecutive years. Following this transaction, Smith holds a total of 30,113 shares in the real estate investment trust. InvestingPro subscribers can access 8 additional key insights and a comprehensive analysis of Simon Property Group’s financial metrics.

In other recent news, Simon Property Group has seen noteworthy developments. The company’s third quarter performance showcased a solid financial and operational stance, with a real estate funds from operations (FFO) increase of 4.8% year-over-year to $3.05 per share, and a dividend hike to $2.10 per share, marking a 10.5% rise from the previous year. Despite a non-cash loss related to Klépierre exchangeable bonds, the company maintained strong occupancy rates and leasing momentum.

Analysts at Jefferies upgraded Simon Property Group’s stock from Hold to Buy, citing factors like the resilience of the consumer market and the company’s ability to convert temporary leases to permanent ones. Jefferies also projected a growth in the company’s occupancy rate to 96.7% by the fourth quarter of 2025, surpassing pre-pandemic levels.

However, Deutsche Bank (ETR:) initiated coverage on the company with a Hold rating, expressing concern over the impact of tariffs on trading multiples across the mall sector. This could potentially overshadow the company’s strong underlying business performance. These recent developments provide investors with a snapshot of Simon Property Group’s current position within the real estate market.

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