Business and Finance News - 9.2.24

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Autodesk reported quarterly earnings of $2.15 per share, surpassing estimates of around $2.00, and posted revenues of $1.51 billion, exceeding estimates by 1.54%. The company has consistently beaten earnings and revenue estimates over the last four quarters, though its stock has underperformed the broader market this year. (Yahoo! Finance)

*Autodesk (ADSK) - Autodesk is a software company that creates applications for design, engineering, and entertainment, such as AutoCAD for drafting and 3D modeling.

Lululemon missed sales expectations and lowered its full-year guidance after struggling with product assortment and pulling its new Breezethrough leggings due to customer complaints. Despite these challenges, the company beat earnings estimates, improved its gross margin, and saw significant growth in international markets, particularly in China. (CNBC)

*Lululemon (LULU) - Lululemon is a company that designs and sells athletic apparel and accessories.

U.S. consumer spending increased by 0.5% in July, indicating economic strength and reducing the likelihood of a significant interest rate cut by the Federal Reserve next month. The Commerce Department report also showed moderate inflation and a decrease in the saving rate, while the unemployment rate rose to 4.3%, raising recession concerns. (Reuters)

*Personal Consumer Expenditures (PCE) - Personal Consumer Expenditures (PCE) refer to the measure of the value of goods and services purchased by households. PCE is an important indicator of consumer spending and overall economic health, often used to assess inflation and guide monetary policy.

Ulta Beauty shares dropped after missing quarterly estimates for the first time in four years, as increased competition in the beauty sector pressures the company. Some have noted that while overall demand is weakening, areas like fragrance remain strong, and competitor Sally Beauty is outperforming following its 2022 optimization plan. (Yahoo! Finance)

*Ulta Beauty (ULTA) - Ulta Beauty is the largest beauty retailer in the United States, offering a wide range of cosmetics, skincare, haircare products, and fragrances. The company operates stores nationwide and provides salon services, including haircuts, styling, and skincare treatments.

Brazil’s Supreme Court ordered a nationwide suspension of Elon Musk’s social network X after the company refused to comply with court orders regarding content moderation and appointing a legal representative in Brazil. The court also mandated daily fines for those using VPNs to access X while it remains banned, although some measures were later postponed pending compliance. (CNBC)

*X - X, formerly known as Twitter, is a social media platform that allows users to post and interact with short messages known as "tweets." Users can share text, images, videos, and links, follow other users, and engage in discussions on various topics.

A few companies expected to report earnings this week…

• Dollar Tree (DLTR) is expected to report on Wednesday.

• Broadcom (AVGO) is expected to report on Thursday.

*Broadcom (AVGO) - Broadcom Inc. is a global technology company that designs, develops, and supplies a broad range of semiconductor and infrastructure software solutions.

*Dollar Tree (DLTR) - Dollar Tree is a retail store that sells a wide variety of products, most of which cost one dollar or less.

Here’s how the major indexes did on Friday (the markets are closed today):

• Dow Jones Industrial Average: 41,563.08 +228.03 (+0.55%)

• S&P 500: 5,648.40 +56.44 (+1.01%)

• Nasdaq Composite: 17,713.62 +197.19 (+1.13%)

• Russell 2000: 2,217.63 +14.65 (+0.67%)

Here’s how leading market ETFs did on Friday (the markets are closed today):

• SPDR S&P 500 ETF Trust (SPY): 563.68 +5.33 (+0.95%)

• iShares Core S&P 500 ETF (IVV): 566.75 +5.30 (+0.94%)

• Invesco QQQ Trust (QQQ): 476.27 +5.61 (+1.19%)

• Vanguard S&P 500 ETF (VOO): 518.04 +4.83 (+0.94%)

• Vanguard Total Stock Market ETF (VTI): 278.38 +2.66 (+0.96%)

Here’s how the The Magnificent Seven did on Friday (the markets are closed today):

• Apple (AAPL) [3.512T]: 229.00 -0.79 (-0.34%)

• Microsoft (MSFT) [3.10T]: 417.14 +4.02 (+0.97%)

• Nvidia (NVDA) [2.941T]: 119.37 +1.78 (+1.51%)

• Alphabet (GOOGL) [2.039T]: 163.38 +1.60 (+0.99%)

• Amazon (AMZN) [1.858T]: 178.50 +6.38 (+3.71%)

• Meta Platforms (META) [1.322T]: 521.31 +3.09 (+0.60%)

• Tesla (TSLA) [682.83B]: 214.11 +7.83 (+3.80%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $57,314.26 (5:00PM PST on 9/1/24)

• Ethereum (ETH): $2,428.23 (5:00PM PST on 9/1/24)

• Solano (SOL): $128.59 (5:00PM PST on 9/1/24)