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All U.S. stock markets ended trading multidirectional

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All U.S. stock markets ended Tuesday’s trading without a single trend: the Dow Jones and S&P 500 declined, while the Nasdaq gained. The Dow Jones Industrial Average declined 0.46% to 3,4089.27 points. The Standard & Poor’s 500 fell 0.03% to 4136.13 points. Meanwhile, the Nasdaq Composite index rose 0.57% to 11960.15 points.

Factors affecting the U.S. stock markets

Traders assessed U.S. inflation data for January. U.S. consumer prices (CPI) rose 6.4% in January compared to the same month a year earlier, according to data from the nation’s Labor Department. Thus, inflation slowed down from 6.5% in December.

However, analysts had expected a much more significant weakening in price growth, to an average of 6.2%, according to Trading Economics.

Meanwhile, the index was better than the most pessimistic forecasts that called for inflation at 6.5% or higher, in which case the indicator S & P 500 would have fallen by 2.5%, experts say JPMorgan.

A day earlier, a member of the Board of Governors of the U.S. Federal Reserve (Fed) Michelle Bowman expressed the view that the need to further increase the Fed’s benchmark interest rates remains, despite the fact that inflation in the United States is slowing.

Tom Barkin, head of the Federal Reserve Bank (FRB) in Richmond, told Bloomberg in an interview Tuesday, after the release of statistical data that U.S. inflation may be falling more slowly than many people would like. Traders also continued to evaluate companies’ quarterly results.

Earlier, we reported that Asian stock indicators are down on US inflation data.

Stock Markets

Citi completes split of Mexico business ahead of Banamex IPO

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(Reuters) – Citigroup (NYSE:) has completed the separation of Banamex from its institutional banking business in Mexico as it prepares to list the retail bank, the Wall Street giant said on Monday.

The move to split Grupo Financiero Citi México from Grupo Financiero Banamex is part of Citi’s sweeping overhaul under CEO Jane Fraser aimed at simplifying its sprawling structure as it looks to improve the bank’s performance.

The New York-based bank is continuing to work on the proposed initial public offering of Banamex, the timing of which will depend on regulatory approvals and market conditions, Citi said.

“This separation represents an important milestone in our simplification,” Fraser said. “We will now prepare for the Banamex IPO.”

Citi has weighed a dual stock listing for the Banamex unit, possibly in Mexico City and New York, Reuters has reported.

The bank had previously said it planned to list its Banamex unit, which caters to nearly 20 million clients and has a network of 1,300 branches in Mexico, in 2025.

Citi was close to a $7 billion deal to sell Banamex to Mexican billionaire German Larrea’s conglomerate Grupo Mexico last year.

But tensions between the conglomerate and Mexican President Andres Manuel Lopez Obrador led to the two sides abandoning the deal, with Citi deciding to pursue an IPO instead.

Citi México will maintain a “significant” presence in the country and continue to serve the bank’s institutional clients with a team of roughly 3,000 employees.

© Reuters. FILE PHOTO: People stand outside a Citibanamex bank branch in Mexico City, Mexico January 30, 2023. REUTERS/Henry Romero/File photo

The bank has closed its consumer banking divisions in nine markets since announcing its intention to exit the business across 14 markets in Asia, Europe, the Middle East, and Mexico, it said. Citi currently has a sale process underway in Poland.

Citi said its previously announced wind-downs of consumer businesses in China and Korea and overall presence in Russia are also nearly complete.

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Select Energy Services Stock Hits 52-Week High at $14.88

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Select Energy Services Inc. (NYSE:) stock has reached a new 52-week high, trading at $14.88, with InvestingPro analysis showing strong financial health scores and a market capitalization of $1.77 billion. This milestone reflects a significant period of growth for the company, with the stock price doubling over the past year, marking an impressive 100.27% change. Investors have shown increased confidence in the company’s performance and future prospects, with analysts setting a high target of $19. The company maintains a healthy current ratio of 1.78 and has achieved 40% dividend growth. InvestingPro subscribers can access 12 additional key insights and a comprehensive Pro Research Report, part of the platform’s coverage of 1,400+ US stocks.

In other recent news, Select Water Solutions has reported significant growth in its third-quarter earnings call. The company has seen a 20% increase in third-quarter revenues and a 33% rise in gross profit before depreciation and amortization (D&A) compared to the previous quarter. Year-over-year figures are even more impressive, with revenue up by 40% and gross profit surging by 99% compared to the same period last year.

The company has secured 25,000 acres under long-term contracts in the Permian Basin and two pipeline agreements in the Bakken. In addition, a disposal acquisition in the Northern Delaware Basin has added 10,000 barrels per day of capacity. Despite expected seasonal declines in the fourth quarter, Select Water Solutions expects Q4 margins to remain strong at 51%-54%.

The company has increased its quarterly dividend by 17% to $0.07 per share and allocated approximately $150 million for growth capital in the water infrastructure segment. Select Water Solutions anticipates achieving record adjusted EBITDA for 2024 and significant growth in 2025. These recent developments highlight the company’s ongoing commitment to enhancing its service base and positioning itself for continued growth.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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Morgan Stanley shuffles cyber stock ratings

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Investing.com — Morgan Stanley made changes to its cybersecurity stock ratings on Monday, reflecting a more cautious stance for 2025 amid an evolving market environment. 

While long-term prospects for the industry remain positive, analysts are adopting a more selective approach due to near-term pricing pressures and a less favorable U.S. fiscal backdrop.

The firm remains “positive on long-term tailwinds in security,” driven by advancements like GenAI and public cloud, which expand the attack surface and create new security needs. 

However, Morgan Stanley (NYSE:) highlights several near-term risks. They note the spending environment is stable but still challenging, with tight budgets and increasing vendor consolidation putting pressure on pricing. 

“CIOs/CISOs [are] looking to consolidate multiple vendors,” which could negatively impact prices in 2025, according to the investment bank.

In light of these pressures, the firm upgraded two cybersecurity stocks while downgrading others. 

Morgan Stanley upgraded Cloudflare (NYSE:) and Okta (NASDAQ:) to Overweight, citing emerging AI product cycles and turnaround opportunities, respectively. 

The bank sees incremental upside in companies with emerging product cycles, such as NET’s growth in Edge AI and OKTA’s improving demand and product cycles.

On the other hand, SentinelOne (NYSE:) and Tenable were downgraded to Equal-Weight from Overweight. 

The downgrade of S reflects a “slower expected demand for core endpoint security in 2025” and pricing pressures from competitors. Meanwhile, TENB is said to face risks due to its high exposure to the U.S. public sector, which could see budget cuts.

Morgan Stanley also continues to favor “platform consolidators” like Palo Alto Networks (NASDAQ:) and CrowdStrike (NASDAQ:) in the long term but notes that near-term headwinds could limit their upside as they work through platformization challenges and above-average valuations. 

Overall, while cybersecurity remains a key priority for organizations, near-term risks ”may not be fully appreciated by investors heading into 2025,” the firm concludes.

 

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