Business and Finance News - 11.18.24

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Alibaba reported a 58% year-on-year increase in net income to 43.9 billion yuan for the September quarter, driven by strong equity investment performance, but missed revenue expectations with a 5% annual growth to 236.5 billion yuan. The company saw growth in cloud services and overseas e-commerce sales despite a sluggish Chinese economy. (CNBC)

*Alibaba (BABA) - Alibaba Group is a Chinese multinational conglomerate specializing in e-commerce, retail, internet, and technology. Alibaba operates various businesses, including online marketplaces like Taobao and Tmall, payment platforms such as Alipay, cloud computing services with Alibaba Cloud, and more.

Applied Materials shares fell 10% after issuing a disappointing first-quarter revenue forecast of $7.15 billion, below analysts' $7.25 billion estimate, despite strong AI-related demand for advanced chip-making equipment. Revenue from China decreased to 30% of sales, reflecting stricter trade restrictions and slowing demand in some semiconductor sectors. (Yahoo! Finance)

*Applied Materials (AMAT) - Applied Materials, Inc. is a leading American company that supplies equipment, services, and software for the manufacturing of semiconductor chips, flat panel displays, and solar products.

Mike Tyson's Netflix boxing match against Jake Paul reached a record 65 million concurrent streams, spanning 60 million households globally, according to Most Valuable Promotions. Despite the massive turnout, Netflix faced significant streaming issues, including buffering and dropped connections, with over 100,000 complaints reported during the event. (The Verge)

*Netflix (NFLX) - Netflix is a streaming service that offers a vast library of movies, TV shows, documentaries, and original content, allowing subscribers to watch on-demand entertainment across various devices.

Palantir Technologies' stock rose 8% following its announcement to transfer its listing from the NYSE to Nasdaq, effective November 26, retaining its ticker symbol, PLTR. The move aligns Palantir with leading tech firms as it capitalizes on its growing role in AI-driven data analytics and strong market performance. (Quartz)

*Palantir (PLTR)-Palantir Technologies is a public American software company that specializes in big data analytics. It provides software solutions for data integration, analysis, and visualization to help organizations make informed decisions.

Samsung Electronics shares surged over 7% on Monday following its announcement of a 10 trillion won ($7.19 billion) stock buyback plan over 12 months. The rally continued after Friday's 7.21% increase, driven by news of a preliminary agreement with its workers' union and efforts to boost shareholder value. (CNBC)

*Samsung - Samsung is a multinational conglomerate headquartered in South Korea, known for its diverse range of products and services. The company's operations span various industries, making it one of the largest and most influential corporations globally.

A few companies expected to report earnings this week…

• Walmart (WMT) and Lowe’s (LOW) are expected to report on Tuesday.

• Nvidia (NVDA) is expected to report on Wednesday.

• Intuit (INTU) is expected to report on Thursday.

*Intuit (INTU) - Intuit provides financial software and services for individuals, small businesses, and accountants, including well-known products like TurboTax for tax preparation, QuickBooks for accounting, and Mint for personal finance management.

*Lowe’s (LOW) - Lowe's Companies, Inc. is a major American home improvement retailer that offers a wide range of products for home renovation, maintenance, and repair. Lowe's provides customers with tools, building materials, appliances, and gardening supplies.

*Nvidia (NVDA) - Nvidia Corporation is a leading technology company specializing in designing and manufacturing graphics processing units (GPUs) and related technologies for gaming, professional visualization, data centers, and automotive markets.

*Walmart (WMT) - Walmart Inc. is a multinational retail corporation that operates a chain of hypermarkets, discount department stores, and grocery stores. It offers a wide range of products, including groceries, apparel, electronics, and home goods, both in physical stores and online.

Here’s how the major indexes did on Friday:

• Dow Jones Industrial Average: 43,444.99 -305.87 (-0.70%)

• S&P 500: 5,870.62 -78.55 (-1.32%)

• Nasdaq Composite: 18,680.12 -427.53 (-2.24%)

• Russell 2000: 2,303.84 -33.10 (-1.42%)

Here’s how leading market ETFs did on Friday:

• SPDR S&P 500 ETF Trust (SPY): 585.75 -7.60 (-1.28%)

• iShares Core S&P 500 ETF (IVV): 588.66 -7.57 (-1.27%)

• Invesco QQQ Trust (QQQ): 496.57 -12.12 (-2.38%)

• Vanguard S&P 500 ETF (VOO): 538.50 -7.04 (-1.29%)

• Vanguard Total Stock Market ETF (VTI): 290.31 -3.73 (-1.27%)

Here’s how the The Magnificent Seven did on Friday:

• Nvidia (NVDA) [3.483T]: 141.98 -4.78 (-3.26%)

• Apple (AAPL) [3.401T]: 225.00 -3.22 (-1.41%)

• Microsoft (MSFT) [3.085T]: 415.00 -11.89 (-2.79%)

• Alphabet (GOOGL) [2.111T]: 172.49 -3.09 (-1.76%)

• Amazon (AMZN) [2.13T]: 202.61 -8.87 (-4.19%)

• Meta Platforms (META) [1.399T]: 554.08 -23.08 (-4.00%)

• Tesla (TSLA) [1.03T]: 320.72 +9.54 (+3.07%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $90,645.05 (8:00PM PST on 11/17/24)

• Ethereum (ETH): $3,109.58 (8:00PM PST on 11/17/24)

• Solano (SOL): $244.02 (8:00PM PST on 11/17/24)