After the failure of the previous day, a new attempt to rise
(Boursier.com) – The indicative pre-session trend on Wall Street is positive on Wednesday, a day after a market correction. you are here and D’apple. The S&P 500 was up 0.5%, the Dow Jones was up 0.4% and the Nasdaq was up 0.8% in pre-market trading today. One barrel of WTI brand oil fell by 2.7% to 74.9 dollars on the Nymex exchange. An ounce of gold rose by 1.2% to $1,868. The dollar index fell by 0.4% against the basket of currencies. Apple and Tesla remain under scrutiny today, while Salesforce has just announced a layoff plan.
Operators will watch US monthly auto sales, December manufacturing ISM (4pm, FactSet consensus 48.3), November US JOLTS jobs report (4pm, consensus 10 million). As the minutes of the Fed’s last monetary meeting (20.00).
Elsewhere in the world on Wednesday, the final Japanese Markit / JMMA manufacturing index for December came out in contraction territory at 48.9. German import prices decreased by 4.5% in November compared to the previous month. In France, Europe’s adjusted consumer price index fell 0.1% in preliminary data for December and 0.1% from the previous month, compared with the FactSet consensus of +0.3%. Thus, inflation in adjusted data fell to 6.7% year-on-year against the consensus of 7.2%.
Final Markit European services PMIs were also released: Spain 51.6 vs 50 consensus, Italy 49.7 49.7, France 49.5, expected 48.1, Germany 49, 2, 49 vs consensus. Thus, the final composite Markit PMI index for the euro zone stood at 49.3, against the market consensus of 48.8 and the initial reading of 48.8.
Salesforce It announced plans to cut its workforce by around 10%, while the US software group said it was hiring too many people. Salesforce has approximately 80,000 employees. The restructuring should be completed by the end of fiscal year 2024. The group also plans to cut jobs in fiscal 2026, with revisions expected. That’s why Salesforce is reacting to the economic slowdown under pressure from investors, including activist Starboard Value. At the same time, the group is forecasting the weakest revenue growth for the quarter since its 2004 IPO. their departures.
“The environment remains challenging and our customers are taking a more measured approach to their purchasing decisions,” Salesforce CEO Marc Benioff said in a letter to employees. “Even though our revenues accelerated during the pandemic, we hired too many people before this economic downturn that we’re facing now, and I take responsibility for that,” the executive said. Salesforce, San Francisco’s largest private sector employer, has nearly tripled its workforce in the past five years.
you are here. Wedbush analyst Dan Ives calls Tesla stock “very oversold” in his note of the day. “Fears of the unknown” caused the electric carmaker’s stock to fall 65% in the past year, and a further 12% in the first session of the year on Tuesday. Ives, who previously criticized Elon Musk’s handling of Twitter and removed Tesla from his ‘best ideas’ list in November, now sounds a little more optimistic.
apple, which corrected 15% in a month and 30% in a year, fell below 2,000 billion bars in market capitalization on Wall Street, would that be a divine thing? The beloved technology group of Warren Buffett and his major shareholder Berkshire has troubled markets in recent months, especially due to the situation in China and a potential decline in demand for its flagship product, the iPhone. When it comes to brokers, opinions are divided. Exane BNP Paribas changed its recommendation from “outperform” to “neutral”. Other specialists are a little more offensive after cleaning. That’s the case with Wedbush analyst Dan Ives, who nevertheless maintains his positive recommendation at “outperform.”
Amazon announced yesterday that it had reached an agreement with certain lenders to provide it with an $8 billion unsecured loan. The duration of the term loan will reach 364 days with the possibility of extension for an additional 364 days, and the proceeds will be used for general corporate purposes. “Given the uncertain macroeconomic environment over the past several months, we have pursued a variety of financing options to support capital expenditures, debt repayments, acquisitions and working capital needs,” he said. Amazon’s word to Reuters. Toronto Dominion is the administrative agent for the loan agreement. DBS Bank and Mizuho Bank are among the lenders.
Rivian, the American electric car designer backed by Amazon, missed its 2022 production target, but the stock has so far outperformed the Wall Street market. Rivian produced 10,020 vehicles in the fourth quarter alone and 24,337 units for the whole of 2022, while the group was aiming for 25,000 units according to the latest estimates. The group has halved its previous target of 50,000 units by mid-2022. Its plant in Normal, Illinois, also delivered 20,332 vehicles last year. Rivian, like other industry players, is suffering from supply chain disruptions. The group was disappointed in December when it scrapped alliance plans with Mercedes-Benz in Europe for the time being.
Microsoft The Information understands that it is working on a version of the Bing search engine that uses artificial intelligence to answer search queries rather than just display a list of links. People with direct knowledge of the plans say Microsoft is working to integrate OpenAI’s ChatGPT chatbot into the Bing search engine. This could happen by the end of March as the company looks to outpace Google. Microsoft is still stumbling on Wall Street today. UBS downgraded Azure, the group’s growth engine, to ‘neutral’, judging it could suffer from an economic slowdown.
Ali Baba Ant Group, in which the Chinese e-commerce giant owns a third, is rising pre-market on Wall Street as it receives approval from Chinese regulators to raise funds.