Market Summary
Today's trading session ended mixed, with minor gains and losses across major indices. The S&P 500 and Dow Jones Industrial Average each saw a slight increase of 0.1%, while the Nasdaq Composite dipped by 0.1%. The Russell 2000 index outperformed, registering a 0.5% gain. A notable uptick occurred around 3:00 PM ET without clear driving news, but indices failed to maintain those levels, closing lower. The upcoming extended holiday weekend led to lighter market participation, resulting in subdued index movements. Markets will remain closed tomorrow in observance of Good Friday, marking today as the quarter's last trading day.
Guru Stock Picks
Hennessy Japan Fund has made the following transactions:
Hennessy Japan Small Cap Fund has made the following transactions:
- Reduce in TSE:5440 by 27.64%
- Sold out in TSE:6941
- Add in TSE:2975 by 17.41%
- New position in TSE:3093
Today's News
Options trading volume on Trump Media & Technology (DJT, Financial) has seen a significant uptick, with short sellers facing intense pressure amid rumors of a potential gamma squeeze. The stock, previously associated with Donald Trump's hotel and casino company, had been delisted by the NYSE when its share price fell below $1.00.
Recent analysis highlights the most overbought and oversold stocks according to their 14-day Relative Strength Index. Seafarer Exploration (SFRX, Financial), Emcor (EME, Financial), and WK Kellogg (KLG, Financial) emerge as the most overbought, while Project Energy Reimagined Acquisition (PEGR), Sirius XM (SIRI, Financial), and Zevia (ZVIA, Financial) are listed as the most oversold.
This week, the market anticipates key data reports, including delivery updates from major electric vehicle manufacturers such as Tesla (TSLA, Financial), Nio (NIO, Financial), XPeng (XPEV), Rivian Automotive (RIVN), Li Auto (LI, Financial), and Lucid Group (LCID, Financial). Additionally, quarterly sales reports from automotive giants General Motors (GM, Financial) and Ford Motor (F, Financial) are expected.
Rexford Industrial Realty (REXR, Financial) has acquired approximately 3 million square feet of industrial properties from Blackstone (BX) for $1.0 billion. These properties, mainly located in Los Angeles and Orange counties, are expected to yield significant returns, underscoring Rexford's strategic expansion in key markets.
Semtech (SMTC, Financial) reported its Q4 results, missing on Non-GAAP EPS but beating revenue expectations with a 15.2% year-over-year increase. The company also highlighted its strong cash flow performance and debt prepayment actions, sending its shares up by 17.9%.
Liquidia (LQDA, Financial) saw a 4.2% rise in after-hours trading following a patent dispute victory over United Therapeutics (UTHR, Financial), potentially clearing the way for Liquidia's expanded drug indications.
Planet Labs (PL) shared its Q4 earnings, meeting EPS expectations and surpassing revenue forecasts. The company has set optimistic targets for the upcoming quarter, reflecting confidence in its growth trajectory.
Recent earnings reports from Carnival (CCL, Financial) and Walgreens (WBA, Financial) have provided mixed insights, with Carnival adjusting its full-year guidance due to unforeseen events and Walgreens trimming its outlook despite beating expectations.
Expedia Group (EXPE, Financial) announced significant leadership changes, with Jon Gieselman stepping down as president of Expedia Brands, signaling a strategic shift in the company's management.
Goldman Sachs has updated its "short duration" basket, adding stocks like Ford (F, Financial), Harley-Davidson (HOG), and Chesapeake Energy (CHK, Financial), reflecting a strategic rebalance towards companies with promising short-term prospects.
Reddit (RDDT, Financial) experienced a nearly 10% drop as the initial excitement of its IPO began to wane, with analysts highlighting potential overvaluation amid challenging financial performance.
Goldman Sachs analysts have provided a forecast for the equal-weight S&P 500, suggesting a moderate year-end P/E ratio amidst a tight labor market and inflation expectations.
Tesla (TSLA, Financial) is poised for a pivotal moment as it prepares to report Q1 deliveries, with recent challenges likely impacting its performance and influencing investor sentiment.
Palantir Technologies (PLTR, Financial) faced a premarket dip following a downgrade by Monness, which cited concerns over the company's valuation despite its potential to benefit from long-term AI trends.
Evolv Technologies (EVLV) saw a sharp increase in its share price following a demonstration of its weapons detection system by New York City Mayor Eric Adams, highlighting the potential for broader adoption.
Hudbay Minerals (HBM, Financial) filed a prospectus for a mixed shelf offering, signaling its intent to raise capital for future investments and operational needs.
Among the notable stock movers, RH (RH) and Akebia Therapeutics (AKBA) stood out with significant gains, driven by positive business outlooks and regulatory approvals, respectively.
Apple (AAPL, Financial) suppliers have ramped up production for the upcoming iPad refresh, indicating the tech giant's continued focus on innovation and market expansion.
Exact Sciences (EXAS, Financial) reported promising trial results for its esophageal cancer detection test, offering a non-invasive alternative to current screening methods.
Boeing (BA, Financial) received an optimistic assessment from Citigroup analysts, who believe the aerospace giant's long-term prospects remain strong despite recent challenges.
Oxford Industries (OXM, Financial) provided its fiscal 2024 guidance, projecting revenue growth and adjusted EPS, despite facing a challenging retail environment.
Hilton Grand Vacations (HGV, Financial) announced executive promotions and new appointments, aiming to strengthen its leadership team and drive future growth.
Kerrisdale Capital revealed its short position on MicroStrategy (MSTR) and long position on Bitcoin (BTC-USD), arguing that the former's valuation is unjustifiably high relative to the cryptocurrency's price.
Kodiak Sciences (KOD) missed Q4 GAAP EPS expectations but assured investors of a sufficient cash runway to support operations into 2026.
Labcorp (LH, Financial) has agreed to acquire select assets of BioReference Health from OPKO Health (OPK), enhancing its diagnostic and women's health services portfolio.
Torrid (CURV, Financial) reported Q4 earnings, beating EPS expectations but showing a slight decline in revenue, as the company navigates a shifting retail landscape.
HSBC made several rating changes among major banks, upgrading U.S. Bancorp (USB, Financial) and PNC Financial (PNC, Financial) while downgrading Bank of America (BAC, Financial) based on valuation considerations.
AMC Entertainment Holdings (AMC, Financial) experienced a significant premarket drop after announcing an equity distribution agreement, raising concerns about its financial stability.
Aldeyra Therapeutics (ALDX, Financial) announced plans to resubmit its marketing application for reproxalap, aiming for FDA approval in the treatment of dry eye disease.
The collapse of Baltimore's Francis Scott Key Bridge is expected to impact U.S. coal exports and bunker fuel usage, highlighting the importance of infrastructure resilience.
GuruFocus Stock Analysis
- Zscaler Is Attractively Valued Amid Growing Digital Reliance by Oliver Rodzianko
- Cheniere Energy May Be of Interest to Optimistic Investors by Horse Poor Investor
- Apple: A Compounding Machine Slowing Down by Pietro Lavisci, MD
- Why Apple Is Missing From Berkshire Hathaway's Permanent Holdings List by Grahamites
- Dell Technologies' Dividend Hike, FCF Make the Stock Look Cheap by Mark Hake, CFA
