Tuesday, November 26, 2024

Markets needed to fight off some early morning doldrums, closing in the green for three of the four major indexes today. The Dow and the S&P 500 both registered new all-time closes today, +0.28% and +0.57%, respectively. The Nasdaq grew by +0.63% while the small-cap Russell 2000 slid -0.73% on the session.

We saw Case-Shiller home prices come down unexpectedly for September to +4.6% in the 20-city survey. New York City reported the highest home price change for the month at +7.5%, followed by Cleveland at +7.1% and Chicago at +6.9%. The South saw its coolest sales growth of the year, at +2.8%. 

Consumer Confidence for November headlined surpassed expectations earlier today, posting 111.7 versus 111.0 expected and 108.7 reached in the year-ago quarter. 

Finally, minutes to the last Federal Open Market Committee (FOMC) were released from when the Fed last reduced interest rates to 4.50-4.75%.

Heavy Earnings Deluge at the Close

Shares of tech specialist Ambarella AMBA are up +25% following its Q3 earnings report this afternoon. Earnings of 11 cents per share was nicely ahead of the 4 cents in the Zacks consensus, of $82.7 million in sales which beat the $79 million anticipated, +63% year to date. Shares had been just +13% year to date and have already lapped this already in today’s late trading.

Check out the updated Zacks Earnings Calendar here.

Crowdstrike CRWD beat on both top and bottom lines this afternoon — earnings of 93 cents per share launched past the 81 cents expected and 82 cents per share reported in the year-ago period. Revenues of $1.1 billion in the quarter and upwardly revised sales guidance for the present quarter were not enough to keep the stock from skidding -3% in the red in late trading. Shares are up +45% year to date.

Dell Technologies DELL posted a mixed report today, beating on earnings by 9 cents to $2.15 per share on revenues of $24.37 billion which came in slightly beneath the $24.56 billion expected. The company reported it has $4 billion in AI business backlog and had earned an in-line $11.37 billion on infrastructure. Yet shares are down -5%, perhaps on the revenue miss.

Hewlett-Packard HPQ missed on both top and bottom lines by narrow margins today — earnings of 93 cents was short by a penny; $1.4 billion is just under the $1.411 billion expected. Full-year guidance is in line with previous estimates. However, shares had dumped -10% on the news and are back to -7% after the initial impact subsides.

Urban Outfitters URBN shares are up +6% on beats to both top and bottom lines. Earnings of $1.10 per share went notably beyond the 83 cents anticipated or $1.36 billion in revenues outpacing the $1.33 billion estimate. Anthropologie and Free People stores outperformed the namesake Urban Outfitters stores in the quarter.

And Nordstrom JWN posted healthy numbers for its Q3 this afternoon, with earnings of 33 cents per share surpassing expectations by a solid dime on revenues of $1.36 billion, ahead of the $1.33 billion in the Zacks consensus. Shares are down -1% in late trading at this hour, but +34% year to date.

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