Market News

Pfizer Inc (NYSE:PFE) reported first-quarter earnings Wednesday with adjusted EPS of 82 cents. That’s down 33% year-over-year, beating the consensus of 54 cents. The New York-based company witnessed a significant decrease in Comirnaty and Paxlovid revenues globally and an unfavorable impact of foreign exchange of $107 million, or 1%.  The U.S. drugmaker reported sales of $14.9 billion, down 20%, beating the consensus of $14.2 billion. Goldman Sachs maintains the Buy rating with a price target of $31. BMO Capital raises … Read more…

Semiconductor stocks were up on Thursday after largely having slipped this last month. Nvidia (NASDAQ:NVDA) was up over 2.0% at the time of writing. Advanced Micro Devices (NASDAQ:AMD) was up over 0.5%. Taiwan Semiconductor (NYSE:TSM) was up 0.2%. The lone drop came from Intel (NASDAQ:INTC), which shed 0.15%. Fed Decision The moves came in large part due to relief at the news that the Federal Open Market Committee (FOMC) did not intend to raise rates … Read more…

Eli Lilly And Co (NYSE:LLY) “could be on its way to becoming a $1 trillion market cap company,” according to analysts at Cantor Fitzgerald. The assessment comes on the heels of an earnings report that shows first-quarter revenue of $8.77 billion. That’s up 26% year-over-year, just marginally missing the consensus of $8.92 billion. The Indianapolis-based company saw increases of 16% in volume and 10% in higher realized prices. Eli Lilly posted an adjusted EPS of $2.58, beating the consensus of … Read more…

Jim Bianco of Bianco Research doubled down on his warning that spot Bitcoin (CRYPTO: BTC) ETF buyers might soon cause significant selling pressure for the market. What Happened: Bianco pointed out that the average purchase price of spot Bitcoin ETF buyers is between $57,000 and $58,000, implying that around $37 billion in spot BTC assets (excluding GBTC) are currently sitting at break-even or a small loss. 1/6 As this chart shows, the current BTC price … Read more…

Automatic Data Processing, Inc (NASDAQ:ADP) reported fiscal third-quarter 2024 revenues of $5.25 billion, beating the analyst consensus of $5.23 billion. Revenues increased 7% Y/Y. The company reported quarterly adjusted EPS of $2.88, beating the analyst consensus of $2.79. The stock price gained after the print. Adjusted EBIT increased 12% to $1.5 billion, and adjusted EBIT margin increased 140 bps to 29.3%. Net earnings increased 14% Y/Y to $1.2 billion, and adjusted net earnings increased 13% Y/Y to $1.2 billion. ADP held … Read more…

Wedbush analyst Matt Bryson upgraded Seagate Technology Holdings Inc (NASDAQ:STX) from Neutral to Outperform with a $100 price target. The re-rating reflected an improving nearline Hard Disk Drive (HDD) demand environment that creates a likely upside to Bryson’s near-term expectations and his increased conviction that Heat Assisted Magnetic Recording (HAMR) is a “good” technology, with the ramp of HAMR only likely to augment favorable nearline trends. According to the analyst, more certainty about HAMR progress creates intermediate to longer-term room for share, … Read more…