SLB results give weight to energy sector
14 minutes ago
SLB (SLB) stock fell on Friday as a downward trend in oil and gas prices negatively impacted the oilfield services giant’s quarterly results.
SLB reported third-quarter revenue of $9.16 billion, up 10% from a year ago and about $100 million below the consensus estimate of analysts surveyed by Visible Alpha. Earnings per share (EPS) were 83 cents, 4 cents less than expected.
CEO Olivier Le Pouch said North American sales rose 3% to $1.69 billion, but that “gas prices and continued capital discipline by operators constrained the market.” “Drilling activity on U.S. lands has decreased as a result of the continued decline in drilling activity on U.S. lands.” Earnings have been posted.
“Commodity prices have been under pressure” over the past few months, Le Pouche said. He said this was due to “uncertainty surrounding OPEC+ supply releases, weak demand from China, and slowing economic growth in the United States and Europe.” Le Pouch said these factors “led to a cautious approach to many client activities and discretionary spending,” which was borne out in the financial results.
SLB stock was down about 4% on Friday afternoon. Year-to-date, it’s down 19%.
-Bill McCall
TradingView
What analysts are saying as Netflix gains profits and hits record highs
1 hour 24 minutes ago
Netflix (NFLX) stock soared to an all-time high on Friday, a day after the streaming giant’s third-quarter results beat expectations, and several analysts raised their price targets for the stock.
Bank of America raised its price target to $800 from $740, calling Netflix “one of the best-positioned companies in media” with multiple growth drivers, including a “fast-growing advertising business.” called. Netflix’s ad-supported memberships grew 35% quarter over quarter, and the company said it plans to launch an ad tech platform in 2025.
JPMorgan analysts further raised their price target to $850 from $750, calling Netflix a “top candidate” and citing the company’s “strong subscriber growth, revenue growth, and virtuous profit cycle.” “Strong leadership position.”
Roughly three-quarters of the 20 Netflix analysts tracked by Visible Alpha, including Bank of America, maintained a “buy” or similar rating on the stock as of Friday. However, their average price target of $774.58 was not far from Friday’s intraday price.
Netflix stock rose more than 10% to $759 in Friday afternoon trading, and is up more than 55% since the beginning of the year.
-Andrew Kessel
Stock prices rise on reports that Intel may sell stake in Altera business
2 hours 14 minutes ago
Intel (INTC) stock rose Friday on indications that Altera is seeking major outside investment in its programmable chip manufacturing unit.
CNBC reported late Thursday that the company is considering selling a minority stake in Altera, which values the business at about $17 billion. Intel acquired Altera in 2015 for $16.7 billion and launched it as an independent company in February with the intention of spinning it off in an initial public offering (IPO).
CNBC noted that the company reached out to multiple private equity and strategic investors about Altera this week. Additionally, Intel added that these investors have also discussed the possibility of acquiring a majority stake in the business.
Intel has taken steps to strengthen its finances, including considering selling parts of various divisions, but none of them have been fruitful. The stock has recently gained about 1%, but has lost more than half its value this year.
Intel declined to comment when contacted by Investopedia.
-Bill McCall
Sales of surgical robots are strong, and intuitive surgical inventory reaches record high
3 hours 12 minutes ago
Intuitive Surgical (ISRG) stock hit an all-time high on Friday, a day after the medical device maker announced better-than-expected results from expanded use of its Da Vinci minimally invasive surgical device.
The company reported third-quarter adjusted earnings per share (EPS) of $1.84 and revenue of $2.04 billion, an increase of 17% year over year. Both beat the consensus estimates of analysts surveyed by Visible Alpha.
The number of da Vinci surgeries worldwide increased by 18%, and sales of equipment and accessories reached $1.26 billion. Intuitive Surgical installed 379 da Vinci units during the quarter. This is an increase of 67 units compared to the same period last year, of which 110 were new da Vinci 5s.
Intuitive Surgical shares hit an all-time high of $517.61 shortly after the market opened on Friday, rising more than 8% to $515. Year-to-date, it’s up more than 50%.
-Bill McCall
TradingView
Apple stock rises on report of increased iPhone sales in China
4 hours 4 minutes ago
Apple (AAPL) stock was trading near all-time highs on Friday after reports that the iPhone 16 outperformed its predecessor in China by 20% in its first three weeks.
Additionally, sales of the more expensive Pro and Pro Max models are up 44% this cycle, according to data from Counterpoint Research cited by Bloomberg.
Counterpoint analyst Ivan Lam said the improved performance in China was due to the production issues that plagued the iPhone 15’s launch a year ago and likely affected early sales. He pointed out that this was the cause. Additionally, the iPhone 15 faced competition from Chinese rival Huawei’s Mate 60 device.
According to a report from Bloomberg, analysts believe that the iPhone 16, which Apple announced was the first to be developed around Apple Intelligence, will struggle in China due to the lack of domestic partners to enhance its artificial intelligence capabilities. There were concerns that this might not happen. Wedbush analysts now say Apple could sell more than 240 million iPhones in fiscal 2025, and 100 million Chinese-made iPhones could be upgraded next year. I think there is.
Apple stock rose more than 1% to $235 around midday Friday, just shy of the all-time high it hit on Tuesday when the company announced the new iPad mini.
-Andrew Kessel
CVS stock plummets amid CEO shake-up and grim outlook
4 hours 59 minutes ago
CVS Health (CVS) stock price: Pharmacy and healthcare giant CVS has replaced CEO Karen Lynch, a longtime company veteran, and most recently, CareMark, a pharmacy benefit manager (PBM). Shares fell about 8% on Friday morning after the company announced that it would replace David Joyner, who had led the company. ).
CVS said Mr. Joyner will take the top job immediately as the company has already revised downward its full-year outlook multiple times after overcoming a difficult year for sales at its namesake pharmacy and a gamble on Medicare coverage. That’s what it means.
In addition to the CEO change, CVS also provided preliminary guidance for third-quarter earnings, projecting earnings per share (EPS) of 3 cents to 8 cents and adjusted EPS of $1.05 to $1.10. Analysts expect EPS of $1.27 and adjusted EPS of $1.69, according to consensus estimates compiled by Visible Alpha.
Friday’s loss brings CVS stock down about 26% in value since the beginning of the year.
-Aaron McDade
Netflix stock soars to record high on strong earnings and outlook
6 hours 3 minutes ago
Netflix (NFLX) announced third-quarter financial results that exceeded analysts’ expectations for both revenue and bottom line, sending the stock soaring to record highs on Friday morning.
The streaming giant’s third-quarter revenue was $9.83 billion, up 15% year-over-year and beating Visible Alpha’s analyst consensus. Net income was $2.36 billion, or $5.40 per share, compared to $1.68 billion, or $3.73 per share, in the same period last year, also exceeding expectations. Total active subscribers rose 14% to 282.72 million, slightly ahead of street expectations, although the pace of growth was slower than the previous two quarters.
The company said it expects full-year sales to increase 15% from a year ago, at the high end of a previously announced range.
Netflix stock, up more than 41% year-to-date through Thursday’s close, was up more than 9% in early trading Friday.
-Andrew Kessel
Dow falls from record high; stock futures are mixed
6 hours 58 minutes ago
In premarket trading Friday, futures contracts tied to the Dow Jones Industrial Average fell about 0.2%.
S&P 500 futures rose 0.2%.
Nasdaq 100 futures rose about 0.6% Friday morning as Netflix stock soared.
